Wondering how possible it is to recruit for Rx FT after spending a summer at a MM PC firm (majority senior debt). Previously was a SA at a MM IB in coverage but wanted more technical experience with debt this summer and more interested in distressed and opportunistic roles (hence the motivation to pursue Rx FT).
Heard that top Rx spots are very limited FT but definitely interested in tier 2 and tier 3 shops.
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Based on the most helpful WSO content, here are some insights on recruiting for RX FT after a summer at a MM PC firm:
Transition Feasibility:
Top RX Spots:
Tier 2 and Tier 3 Shops:
Networking and Application Strategy:
Economic Climate:
Technical Preparation:
By focusing on these strategies and being open to a range of firms, you can improve your chances of securing a full-time role in restructuring.
Sources: Recruiting for RX FT after M&A virtual internship?, Thoughts on Restructuring Groups?, Advice on recruiting for Rx groups Post-MBA, Internal Lateraling Guide, Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups
Difficult but doable. Was at a MM PC shop and successfully re-recruited for a Tier 2 Rx team FT.
Need to have a good story on why Rx and banking, especially after doing IB previously (I had not). Will also need to have a resume that pops out more than other banking SA candidates looking to move to a better shop as those are traditionally the candidates that get FT looks, along with those that didn't get returns at better banks or buyside shops.
Thank you for the insight. Was also wondering if moving from MM IB SA coverage to Rx FT would be easier. Currently contemplating these two offers. Also, what resume aspects would really make it standout from other applicants?
Not sure about easier, given competitors in my superday had decent banks on their resume, but definitely more traditional of a move since you're technically still in banking. It's all about networking for FT though so you should be good either way if you have a solid story on how you got to your SA experience, why you want to re-recruit for Rx FT and how prepared are you to step into that role without Rx SA experience.
As far as resume, the usual (high GPA/SAT, good clubs, good experiences) but also good deal experience and the ability to speak in and out about stuff you worked on at every relevant past internship. Since you'll be a senior, they will expect you to be more polished, with decent reps under your belt and some sort of leadership role in school.
Thanks for advice I really appreciate it! I’m trying to frame the story as my interest in not only senior debt but the entire debt capital structure and analyze it in different scenarios.
In terms of networking, should I start reaching out now to different shops to start building a network and continuously keep in touch until the application/interview process?
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