How can I lateral to an experienced RX Analyst job at an EB as an incoming M&A Analyst at a T2 Bank (think DB/WF etc.)?
Hi all,
I was fortunate to recently receive an IB offer from a T2 bank, but am very interested in pursuing a career in RX IB and ultimately distressed debt investing based on the restructuring-related books (Caesar's Palace Coup right now)/media I consume and the interview prep I did for RX roles.
Hence, I was curious what steps I should take as a senior in college towards best positioning myself for lateral RX Analyst recruiting. As an example, I see that HL LA has an experienced RX Analyst opening which requires 6+ months of experience to apply for- should I reach out to Analysts/Associates there right now and start building relationships in case there are future experienced RX Analyst vacancies?
Thank you very much for your help! This forum has been very informative and motivating in getting my FT IB offer, and I'm hoping I can get to my next goal of getting an EB RX Analyst job with all of your advice :)
Lmao
Hey, thanks for the bump lol
Do your analyst stint then recruit for distressed PE, unlikely to be able to lateral into RX IB. Would have to rerecuit entirely so if distressed is the end goal there’s not necessarily a need to go via the rx route
Hey crimson, really appreciate the advice! With that said, I'm not so confident about the exit opportunities into distressed PE or debt investing (let alone anything above MM PE) based on the name of the shop I'm going to, which is why I am very interested in lateraling to RX IB at the analyst level.
I'm curious why you think it would be difficult to lateral to RX, and what I should do right now if I intend to proceed with lateral recruiting for RX IB anyways. Regarding having to re-recruit for RX, I've seen experienced analyst postings at top RX shops, so that doesn't seem to be the case.
Thanks again for the advice, and looking forward to responses from you and others!
Your issue with lateral hiring will be that RX jobs will look for previous RX experience - it is really very different to M&A at the analyst/associate level. Even lev fin is not really that transferable. The vast majority of lateral RX IB hires I have seen are ex big 4 RX or BB distressed desks which are obviously different, but still much more applicable to RX IB than M&A. I have not seen any M&A -> RX laterals at all.
If you’re willing to rerecruit it’d be fairly easy to explain that you’ve tried M&A but ultimately think you’d prefer distressed work - rx guys love to hate normal IB, and you’d be in a stronger position than most given you got the return.
However I still do think that recruiting directly for distressed funds is possible if you express the preference to HHs - you might not get as many looks as RX IB or BBs but it’s definitely possible and much more likely that you land that than a FT RX spot.
This is very late, but any idea if structured products origination experience (specifically in ABS, CLO) might help somewhat in lateraling to RX at the AN level?
bump. To add - aiming to end up at a non EB rx
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