I am currently a rising senior at a large state university with a background in a T2 strategy shop looking to go MBB for FT. I recently received an offer from one of the top shops for restructuring and are now torn between consulting and restructuring. Does anyone have any insights into the long-term opportunities or developmental differences between consulting and RX?
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I just finished up a summer at a top 3 RX firm (Alvarez & Marsal/Alix/FTI) so hopefully I can provide some insight. Long term opportunities would be more open with work experience in strategy than restructuring. Restructuring is a fairly focused industry given the nature of the work and the skills you learn. Many RX professionals stay in the industry for a long time (some for their whole careers) because of this. From a career development/learning perspective I would expect that you will learn a broader variety of industries and business problems doing strategy than RX given the focused nature of it. That being said, comp can be very good in RX (especially at A&M, see other discussions in the forum to find a detailed breakdown of that) and it's a counter-cyclical industry, which could be very good for deal flow/job security in the upcoming years. If you feel that you have a good chance at MBB or can return to your T2 I think you should pursue that unless you're passionate about working in RX. Exit opps will be better and if you're unsure of exactly what you want to do it makes more sense to choose a firm that offers a wider breadth of experience and a bigger brand name.
Do you have an opinion about the Turnaround business lines of MBB?
I don't really know how/at what level they compete with RX firms or what kind of dealflow and prestige they have. I know Jay Alix has sued McKinsey's RX arm several times lol. From what I've heard they don't do the same kind of work as A&M/FTI/Alix. Those firms focus more on the finance/accounting aspects of RX like representing/working with debtors and creditors in the deal where McK would advise more on how to layoff, next steps, etc. I think I've seen some threads on here that discussed MBB turnaround, those may be worth checking out
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