How to know if RX IB is right for me?
I go to a T20 with a good number of alumni in top RX shops. I'm struggling to pick between recruiting for RX and M&A/coverage for SA 2026. I've talked to a couple of seniors at my school who are returning to their respective RX shops, but I still can't decide if I want to commit to recruiting for RX. I understand that RX is industry-agnostic and that analysts get exposure to multiple industries during their stints. At the same time, I also like the idea of specializing in a specific sector like TMT, Consumer & Retail, and Industrials, where I get to learn more about the particular industry. Does anyone have advice on deciding if RX IB is right for me? Do people recruiting for RX also recruit for BB and EB M&A groups? Also, is RX recruiting significantly more brutal than BB and EB M&A? Thanks.
I would commit to RX given that their technicals are harder. I prepped on RX techs which unironically made me perform in EB M&A interviews.
Hi there, thanks for the reply. I hear mixed responses from this, does EB want you to choose either M&A or RX when you’re recruiting? I’m considering to cast a wider net when I’m recruiting.
PJT and EVR are indifferent. Moelis, LAZ, and CVP are generalist programs.
I think there is always time later to specialize. People can disagree but I think it's best to learn a lot of very important skills that can be applied across many problems first. Then, if a specific industry excites you, you can learn more about that industry.
Hypothetically, if you target and specialize in a niche and you end up hating that niche, getting washed out, wanting to switch, etc. it may be more difficult to go general.
I see that RX offers a great variety of exits, including PE buyouts and distressed investing. Would you say I should cast a wider net by recruiting to both BB/MMs M&A/coverage and EB RX? Is it a bad idea to recruit for both M&A/RX for EBs?
I came up very nontraditionally, so I may not be the ideal person to answer but I'll give it a shot. I don't think there is anything wrong with casting a wide net, generally always good to get more shots on goal.
I would say that you need to prep quite a bit for every role you're potentially interviewing for, so factor that in as well. I think there is likely significant crossover on the basic technicals so that's probably not a big issue.
Give it a shot and see what your results are - maybe someone else can be more precise though.
If you're interested in RX, I'd spend time reading about cases and how capital structures work. If you're interested in an industry, I'd spend time learning about the specific industry, etc.
If you can devote your time to both, let it rip.
Do RX if you like to look across the capital structure and think about creative solutions, including legal analysis. It's also industry agnostic, which I found pretty attractive to learn about different business models. If you do commit to RX recruitment, be prepared to dedicate significant time and effort because the technical bar is high and you have to stand out with a genuine passion for the field. Happy to chat more in DMs!
I would spend some time to read the Caesar Palace Coup. If that book doesnt speak to you then you will likely hate Rx
just curious - are rx bankers compensated more for the extra technical/legal skills they have?
Yes, at least where I work
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