Is MM IB SA to FT RX possible?
Going to prob start in top covg group (or M&A) at a well known MM. really have picked up on RX in my free time and was wondering if theres anyway I can rerecruit FT for a top rx shop (HL/EVR, etc.), granted I get the return offer and know my technicals and why rx cold? Im also at a target if that makes anything better. Ik FT recruting is already a shitshow but wanted some honest opinions.
note: is it better to aim for m&a instead of coverage?
Fellow prospect here, so take what I say w a grain of salt. From what I've heard (correct if I'm wrong), but most RX shops tend to have abnormally high retention rates for their SA classes, in part due to their smaller class size. Therefore, RX recruiting for FT will likely be incredibly hard, as there's just not as many spots available as there may be for regular M&A. Kids who go into RX are also more likely committed to the industry compared to M&A, since there's an extra layer of technical/niche knowledge that (for the most part) pigeonholes them into credit-related job fields, whereas M&A folks have a more open-book when it comes to exits. Compared to M&A, there's less likely to be kids who suddenly realize that RX isn't for them (as there's less total and more technically advanced interns) since they've been prepping very hard for the few spots. Perhaps in your networking calls, ask about the amount of spots available, and you'll likely be able to gauge if there's even a spot open for you, as it's likely will be on firm-by-firm basis whether there's availability for you. Shouldn't be too hard to gauge whether they have spots open, as it's a pretty easy question to throw in during a call
this is great, would love to hear other insights as well
Glad it helped! Sorry to be the bearer of bad news. Hopefully, if you're committed, you'll network your way into a shop since you're solid on technicals and why RX. It's certainly frustrating that since all RX firms are EB, the recruiting cycle tends to be super early (March-May of sophomore year), so it drastically reduces the competitive application pool (since a bunch of kids are throwing out applications to RX shops with little to no understanding of what RX is) and doesn't give kids a ton of opportunity to explore and/or find out that M&A, etc. isn't for them - essentially leading to the only full-time RX professionals being kids who knew to prep back in their first semester of sophomore year
Generally correct. Most RX groups may take ~1 FT analyst max since class sizes are small at around 8-9 analysts (with HL being an exception due to its other offices). For anyone else that comes across this thread in the future, RX doesn't really pigeonhole you into credit roles. It's just that people interested in RX are naturally more interested in credit. You can definitely get into PE as well from a top RX group if that's what you want.
It might be worth targeting good but not top RX groups, like Rothschild, Greenhill, Guggenheim, and Ducera.
Top answer is right, this will be an incredibly hard move from all but the GS TMT type groups, and next to impossible from a MM - simply because thare like 5-10 free FT spots total, and anyone who landed RX was likely a well-prepped early bird on recruiting who is extremely committed to banking.
If you really like RX you will be able to lateral after 1 or 2 years. Or if credit PE is the focus down the line, that is easy to get into from any M&A or coverage group
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