Currently in LevFin but interviewing for RX associate positions in some EBs. Can anyone shed some light on what to expect in terms of interview questions? I went over a couple of RX guided but it would be helpful to get some color on case study questions, transaction overview modeling test etc.
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there are case studies, where they give you cap table and liquidity then prod you on why the companies bonds are trading at x, options available, etc. most case studies are just testing your general rx knowledge so hard to bs through them but if you know enough general rx you can get through. i'd imagine other than that its probs seeing how your experience lines up w rx, maybe some struc sub/lme/bond math.
Thanks! Is it critical to have RX specific modeling skills? Or general RX knowledge should be enough? I feel that my modeling skills are spot on, however I might have struggles with modeling a typical RX transaction (at least some components of it)
For your level definitely, very common to have a rx specific modelling test. you should be able to find typical ones online i think
If interviewing with EBs I think knowing the mechanics of all of the various LMEs, the credit baskets / amendments that facilitate them and the relevant blockers are going to expected. In my experience the assumption is going to be that standard accounting / rx 101 technicals are going to be an easy lift for anyone that contributes literally anything to their current seat/team but that the nuts and bolts of txns are where people are going to differentiate their 'interest'. Definitely have a case or two you can speak to (would choose one the bank hasn't worked on so you don't accidentally get the expert in the flesh)
Final round will be a case study where you will be asked to flesh out rx catalysts and/or model rx's for sure. So just getting comfortable with PF cap structures, exchange/participation rates, etc, then everything as normal / as you already do it from a modeling / intuition perspective.
And then obviously the most important component of the interviews comprehensively will be demonstrating an interest in rx. Can do that either by just having deep knowledge / clearly being up-to-date on the latest trends/talking points or by speaking to what's interesting about the work (i.e. more than "yeah uh I feel like it's more complex than M&A and uh I like that all the transactions are different" - not saying this to be chastising, but everyone is going to say that)
Regarind your last para, what would be a good answer as to "why rx"
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