Is RX banking even access for those not at a target school?
Go to a non-target, virtually no Rx IB alum. I rly like Rx banking, but know its hella comp, even harder with ~0 Rx alum.
How'd u guys from non-targets get Rx gigs? Would love to hear ur guys' thoughts, esp. if you've been in the same situation b4
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Probs extremely difficult if not impossible altogether. RX has the least number of available seats, and they tend to prefer laterals. Your best bet is joining a rx co shop or big4, get the acca/cpa and then lateral. There's a good portion of semi and target schools who themselves may not have a lot of people in rx as it is, and from exp at my bank most of the ones we have now are from masters programs or are from some sort of accounting background
Breaking into RX (restructuring) investment banking from a non-target school is undoubtedly challenging, but it's not impossible. Based on the most helpful WSO content, here are some strategies and insights:
Leverage Non-Target Advantages:
Non-target schools often have smaller alumni bases, which can work to your advantage. Alumni from non-targets tend to be highly motivated to help others from their school succeed. Networking is key here—reach out to alumni, even if they aren't in RX specifically, as they might connect you to someone who is.
Build Technical Skills Early:
RX banking is highly technical, so you need to stand out with strong financial modeling and restructuring knowledge. Take advantage of resources like free financial modeling lessons (if available at your school) or online courses. Demonstrating technical expertise can help offset the lack of a target school background.
Network Aggressively:
Networking is critical, especially when you lack direct alumni in RX. Use LinkedIn to identify professionals in RX banking and reach out with personalized messages. Highlight your interest in RX and ask for informational interviews. Even if they aren't from your school, showing genuine interest and persistence can open doors.
Target Specialized Programs:
Some non-target schools have selective investment banking clubs or programs that place students into top firms. For example, schools like Indiana University (IU) and the University of Georgia (UGA) have programs that consistently place students into firms like Goldman Sachs. While these may not be RX-specific, they can provide a pathway into the industry.
Consider Internships and Lateral Moves:
If RX is your ultimate goal, consider starting in a related field or a generalist IB role at a smaller firm. Once you gain experience, you can lateral into RX at a larger firm. Highlighting relevant experience and skills during the lateral move will be crucial.
Be Persistent and Strategic:
Breaking into RX from a non-target requires a "fight tooth and nail" mentality. Focus on networking, building technical skills, and being strategic about your applications. Tailor your resume and cover letter to highlight your interest in RX and your ability to handle its technical demands.
While the path is tough, many non-target students have successfully broken into competitive fields like RX banking by leveraging these strategies. Keep pushing, and don't hesitate to seek advice from those who've been in your shoes!
Sources: The Case for Choosing a Non-Target, Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, The Case for Choosing a Non-Target, Networking 101 – 8 tips from a “non-target” school student
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