How bad is RX really?
Asso 1 here who has the opportunity to join its RX Group internally coming from more of a M&A and Debt Advisory background.
It's one of the leading boutiques but I had limited touch points with this team and don't want to ask straight about the hours and WLB before joining.
So how bad is it? What should I expect between Monday to Friday, what to expect on the weekends? Will the Asso title save me even if I have to pick up some new stuff in the beginning?
bump
Mind sharing which bank?
Don’t want to disclose before deciding on the move but it falls in the EB category.
It can be horrendous at times. Other times not as bad. But mostly horrendous
I worked in Rx and did some debt advisory work, so I can opine on some of the differences. I obviously don’t know your team, so I cannot speak on hours
(1) Legal - In Rx, you will work with lots of legal documentation and processes- While ultimately lawyers do the drafting on transactions a lot of time is spent around working out the specific mechanisms of covenants, baskets, exchanges, etc., on which banker input is needed - You‘ll need to understand legal drivers of transactions (security, implementations, etc.) and „novel“ concepts like LMEs, etc. and be able to assess their risks- Depending which rating-spectrum of the debt advisory you worked on, some of these may not be new to you, but they will most likely take up more of your % time
(2) Messiness
- Restructurings can be very messy, with creditor-infighting, valuation disputes, etc.- Ultimately, both parties need to make concessions in some way, so there will always be loss, in addition to the pre-existing catalyst- In addition, Rx people (bankers, funds, lawyers, etc.) tend to be a bit on the spectrum- This creates a very messy and emotional environment
Consider these points when thinking about your choice. I ultimately thought the legal & credit work made it more interesting than pure DA, but YMMV
Thanks for sharing!
Idk man - why would you want to spend your life working with failed companies. You need something that fills your soul to wake up in the morning, at least one tiny bit. I think restructuring is the bottom of the barrel. I would stay in M&A
I have a friend who was at HL RX and life was horrendous, as well as extremely toxic environment.i was in a coverage team at an EB and while my team was already toxic, I remember thinking that was next levels (not helped by the fact that people go nuts on calls, because of course what do you expect when you’re working with a failed business)
Well I think being a product banker is a better fit for me if you can say like this. And it opens a lot of doors since I find credit interesting but pure debt advisory becoming boring after some time, feel like it’s the same all the time.
someone told me the hours are as follows:
mon-thu: 9am - midnight
fri: 9am - 8pm
sat + sun: 10 hrs
if its busy, 2am every day til done. I'm starting in a month myself so keep you posted if this is true lol
Do you mind sharing at which place? Seems to be light hours actually, would be happy about this
10 on each of sat and sun, not combined. So 90 hrs a week on average when its not busy lol. This is for HL/EVR/PJT London
EVR RX Typical (50-60%):
M-F: 9-10/11 + some wrap up work
Wkend: 10hr
When there are deal sprints/ unlucky timing/ working w inefficient team (40-50%):
M-F: 9-12
Wkend: 15-20hr
Is this similar to HL RX NY or PJT RSSG?
To me it feels hard to believe that those roles allow you to leave at midnight a lot of nights?
Looking at teams it seems to be rather frequent 3am nights and some weekend work which happens mostly on sundays. But I can be wrong
On the RX consulting side, but not bad. I think I get fairly compensated for the work I put in. It it extremely variable though, I've had a 100 hour or so week immediately followed by a 50 hour week on multiple engagements, so that can be a little disorienting. But, the work is interesting and varied, so I can't complain.
Have never worked on the consulting side but what’s your day to day like?
Had a few friends who worked for EBs and made the switch later on. Having the financial knowledge seemed to be appreciated by consulting firms even if not applicable in the day to day.
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