Restructuring Consulting – Industry Outlook 2025 & Common Exit Opps

Hey all,

Looking for updated perspectives on the restructuring consulting industry in 2024/2025. Most posts here are pretty dated, so hoping to get fresh insights.

How’s deal flow looking given the current macro environment? Any major shifts in comp, career trajectory, or firm positioning?

Also, what are the most realistic / common / straightforward exit opportunities from a top restructuring consulting firm (A&M, Alix, FTI)? Obviously, RX IB is the golden ticket, but how frequent is the move to top RX IB really? What about PE (distressed/special sits), corporate restructuring/turnaround roles, or hedge funds/credit shops?

Would love to hear from anyone currently in the space or who has recently exited. Appreciate any insights!

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The big 3 players are A&M, FTI, and Alix. It’s important to note FTI does a lot of creditor work, A&M handles most of the big debtor mandates in the Rx space, and Alix rarely hires out of undergrad for its Rx group. From LinkedIn, you can see very few exits to Rx IB or PE (Distressed & Special Sits), and the ones that do happen tend to come from strong backgrounds and likely amazing networks. Comp for the big 3 is on par with banking nowadays, with A&M being the top since they make a percentage of billable hours. The high-visibility, more standard path for Rx consulting is just to stay and work your way up, which isn’t very appealing to the extreme Type A personalities that want the “higher path” people in this forum talk about. However, in my opinion, it’s a very good career for those interested in the field and management consulting work—hours are better than banking, but comp diverges from banking as you get more senior, and you are not moving to buyside like PE. This is where the specialized Rx consulting players make their case to me, the top of these being BRG, Province, and M3 Partners. BRG is growing to be very similar to FTI and Alix, with equivalent exits, trajectory, and comp. Lacking the brand name, however, it stands out because of how dominant they are in the retail restructuring game. Some big cases include Neiman Marcus, JC Penney, Ascena, Sears, and Toys R Us. There is a real lack of good exits to Rx IB and almost nothing to good buyside firms, but I expect that in the next 5-10 years, it will be completely on par with the big 3. They recruit from UG heavily.  Province is well known in the Rx space as being extremely strong on the creditor side. They fight tooth and nail for the UCC assignments and have been on many major bankruptcies like Intelsat, Revlon, WeWork, and Purdue Pharma. The firm is smaller and much more entrepreneurial from what I can see (founders own stuff like FaZe Clan and some interesting RE, and promotions seem to be extremely quick for good workers). Extremely strong exits to Rx IB (Moelis, Rothschild, Jefferies, Ducera, GLC, Piper, Greenhill, PJT) and good exits to buyside as well (UMM PE, MM PC). It seems comp here is incredibly high from what I have heard, especially higher up. I have heard some wild numbers, and I would love to get more insight from others as I am quite curious myself. They also seem to have just started hiring from UG. M3 Partners is the sweatiest of these in my opinion when it comes to the junior experience. They very rarely hire out of UG, if ever. Analyst base is 140k, and these guys work hard from what I have seen. They have fewer high-profile deals, but they still get on big cases (Sears, JC Penney, Seadrill, Kodak). The people at the firm all seem to come from banking, PE, or other advisors. Seems to be a good place for exits—I’ve seen people go everywhere from Rx IB to PE, but I have fewer data points on my end.  Ankura is more of a broad-based advisory firm with some exposure to restructuring, but they don’t dominate the space like the big 3 or even the specialized players. They do a mix of litigation consulting, disputes, and financial advisory, and while they’ve been on some restructuring cases, it’s not their main focus. Their comp is solid but below the top Rx players, and exits to Rx IB or PE are almost nonexistent. They do recruit from UG, but it’s not a high-visibility path to distressed finance. If anything, Ankura is a better fit for someone who wants to stay in consulting long-term rather than make the jump to Rx IB or investing. Teneo is primarily a strategic communications and crisis management firm rather than a pure restructuring player, though they do get involved in Rx situations. They are very connected at the C-suite and political levels, but their restructuring work is nowhere near the big 3 or even BRG/Province in terms of volume or prominence. Comp is below the top Rx firms, and exits to Rx IB or distressed PE are rare—more common to see people go into corporate strategy, government, or PR-related roles. They do recruit from UG but aren’t a strong restructuring feeder. Used to be Deloitte’s practice, fun fact. Portage Point Partners is an interesting firm because they blend turnaround consulting with investment banking. They’re definitely growing in the restructuring space and have been on some big deals, but they still lack the brand name and prestige of BRG, Province, or M3. Their comp is competitive, and they have some exits to Rx IB and PE, but the pipeline isn’t as established as the more well-known players. They don’t seem to hire as much from UG, and their team is more banking/PE heavy, which makes it an interesting place for someone who wants a mix of IB and consulting experience. Huron Consulting Group is barely a restructuring firm. They do some financial advisory work, but their main focus is healthcare, education, and general performance improvement consulting. They are very good at that as well. However, they aren’t on the big Rx cases, and their comp reflects that. They hire from UG, but exits to Rx IB or PE are almost nonexistent, with most people going into corporate finance, FP&A, or other consulting roles. If someone wants to do real restructuring, this isn’t the place. Riveron is more of an accounting and transaction advisory firm with some restructuring exposure, but it’s nowhere near the level of Province, BRG, or even Portage Point—and certainly not the big 3. Their focus is more on financial due diligence, technical accounting, and M&A support rather than true distressed advisory. They do recruit from UG, but they aren’t a strong exit platform for Rx IB or PE—most alumni go into corporate finance or CFO-track roles. Comp is decent but nowhere near the big 3 or top specialized Rx firms. Was Conway McKenzie, fun fact for this firm. B. Riley Advisory Services is a middle-market investment bank with a small restructuring practice, but they aren’t a major player in large-scale bankruptcies. They work on smaller/mid-market Rx deals, and while their comp is solid, it’s below the big 3 and the top specialized firms. They do recruit from UG, and some exits to Rx IB exist, but it’s not a consistent pipeline to the best distressed shops. Better for someone who wants to stay in middle-market finance rather than chase buyside exits. Overarching to all this is locations—New York is very, very hard to get into for any of these shops besides M3, where most of their team is. Like banking, you want to be in the city. Chicago is also a good location, but other office locations typically get more of the process and less interesting work from personal experience. There are other players, and I’m happy to comment on those. Overall, try getting into the big 3 if you want this as a career. If you really like Rx and want an "elite boutique" experience, I would just try for banking or M3/Province/Portage Point. 

 

Thanks for the detailed response! Most posts here mention RX IB and Distressed PE as common exits, but like you mentioned, LinkedIn seems to show otherwise. Is that because fewer RX consultants from top firms want to leave, or were past posts misinformed (I'm trying to make sense of why FTI / A&M / Alix are so sparse compared to Province etc)? Also, any insights on offer rates for RX consultants in spec sits / distressed PE, adjusted for lower application volume compared to RX / Generalist IB?

 

Few Rx consultants want to leave from what I have gathered - Its a byproduct of attracting different people, I have found PE/IB types to be very cookie cutter Type A polished, non creative, and incredibly hard working - the consultants typically enjoy the strategy aspect and creativity which for obvious reasons is not a skillset that is highly valued at the junior level for PE. PE at established firms is also very rigid (AKA come from IB analyst program) which can explain the lack of people from non traditional routes in corporate finance. Past posts are not misinformed generally, if you want to exit to distressed buyside you can get in there provided you can prove your value to these places. Its important to understand Rx already is an incredibly small space, its a highly specialized recession proof skillset - there is value in that which is why comp is so high, and also why the very top talents crows to places like PJT RSSG. There is also very very few seats in Distressed buyside which is why you dont see many consultants there, ie. lack of supply. Rx and generalist IB sets you up far better as the skillset and program is way more well known - I have no doubt the top guys at Rx consulting can go toe to toe with Rx IB, but explain that to a headhunter who has not heard of your shop.

 

What do you think is the possibility of going from a top rx consulting shop like A&M to distressed PE? Seems like some of the more operationally focused firms like KPS would value the rx consulting experience but the headhunters prefer someone from a traditional banking background.

 

Parse linkedin and the pages for well known distressed PE shops, you will notice a real lack of A&M folks. You will have a better shot from firms that give you more responsibility and more exposure to distressed M&A (363 sale). At the end of the day you can land where you want provided you create a reason for a firm to hire you - focus on that. 

 

Interesting, I honestly have not had much exposure to the folks over at Ankura besides the fact they all seem to be happy and courteous. Looking at it again they actually do pretty well for their size on debtor mandates as you said.

 

Also generally agree, but to add on:

Ankura: Not sure of tenured seniors', but Ankura pays better than BRG across entry to mid-levels by far.

Teneo: As you've mentioned, they are a communications firm at the core, hence the large number of exits you see being to strategy, government, IR, type roles - However, they've recently been building out a dedicated RX advisory (spanning both consulting and banking) practice organically and via acquisitions (Goldin US, Deloitte UK, KPMG Cayman), with the most recent notable deal being Northvolt, so should start to see what exit opps look like on an apples to apples basis soon.

 

Would you be able to touch upon big 4’s restructuring practice (I.e ey-p, kpmg, pwc, Deloitte)? I received an offer for one of these firms this upcoming summer and from my understanding it’s more court ordered receivership mandates. Just wondering if I should recruit for something else for FT or build my career here. TIA!

 

Could be off the mark here, but based on my (limited) experience, B4 restructuring (especially EY-P) is mostly court-driven stuff—think receiverships, bankruptcies, and admin-heavy mandates—whereas FTI, Alix, and A&M do more high-stakes financial advisory, operational turnaround, and lender-side work. Comp at Big 4 is lower (think ~$80-100K base vs. ~$120-150K+ at top shops), and exits are more limited—FTI/Alix/A&M set you up better for high finance / C-Suite. If you want a real shot at those exits, I'd recruit elsewhere for FT, but if you just want solid stability and decent work, you absolutely could build a career at a Big 4. Also, this doesn't mean B4 exits are bad by any means, just depends on what you want in life.

 

Really insightful. Thanks for sharing. Can you comment on more middle market advisory firms, like Carl Marx Advisors or Dundon Advisers?

 

FTI’s RX group is really solid—they led in total liabilities for FY '24, ahead of Alix, BRG and A&M. Everyone I’ve talked to says the culture is the best compared to other shops, and recent pay bumps have made comp pretty competitive. Plus, with all the different services FTI offers (econ consulting, forensic & litigation, PE advisory, FTI Capital Advisors (in-house IB)), there’s a lot of crossover between teams, which means more exposure and deal flow. They've also got a bunch of offices globally, and a growing strategy group (FTI Delta), if that matters. Exits are more or less the same as other top RX consultancies.

 

Hi I have an offer from Teneo and MSc Finance at Imperial. What do you think I should go with. Esentially I want to maximise my chances for a career within High Finance (whether thats IB, AM, IM) or am open to strategy consulting, the time taken to get there does not matter to me. This is my only current offer, would it me smart to leverage RX consulting at Teneo (do a little bit of work that overlaps with RX banking but mainly RX consulting) and work there and exit into RX at big 3 and then from there to RX IB. Or use RX consulting at Teneo to exit into strategy consulting (if possible). Or go Imperial, but playing my risk of not landing another offer specially the way the market is currently going and probably will head into a recession? From the solutions on the website seems like Teneo is involved in Accelerated M&A, Special Situations financings, debt for equity swaps and capital raising alongside lender and corporate advisory.

 

I mean most / virtually all of the details on this thread are regarding RX consulting in the U.S, so may not be applicable to the UK or non-stateside countries. To your question specifically, it won't hurt to try the Teneo path, it is definitely not a big player in the rx consulting world but again, recruiting dynamics are likely different outside of the usa, and it would be a bigger plus to have on your resume. Also, if it's your only offer, I don't think you have much of a choice regardless, something is better than nothing. Imho, imperial would be better if 1) you already have relevant finance internships 2) you’re confident of landing IB / RX during the MSc 3) you accept material downside risk, because I've heard that London IB recruiting is brutal right now, and if you miss IB / RX recruiting during Imperial, you're competing with LSE / Oxbridge / HEC / Bocconi, with no full-time experience, during a weak hiring cycle

I'm not in the UK so idk for sure, the above is just my best guess based on what I've heard. 

 

Absolutely, and it is what I am trying to hammer home here. This space is amazing and fun to work in + comp is extremely high at the right places too. Rx at A&M especially New York office is a very good outcome.

 

Bump. Any numbers on comp? Ik it is respective to billable hours, but what if you work the same number of hours as RX IB in a year, would it be more or less than IB? 

 

Prospect in IB - Gen

Bump. Any numbers on comp? Ik it is respective to billable hours, but what if you work the same number of hours as RX IB in a year, would it be more or less than IB? 

I've heard A&M is ~150k TC for people fresh out of school, but that they tend to comp higher than the rest of the industry.

FTI might be the biggest but known to underpay ... have heard comp is near $100k including bonus. 

Definitely would make less than you would in a reputable group in RX IB

 

If you are billing most of those hours, then More at A&M (variable comp based on billed hours). Roughly the same at FTI (variable but to a lesser degree than A&M, and will be less pay). You won't be at Alix out of UG.

 

I transitioned from non-RX IB to one of the firms mentioned above.

I work half the hours, make the same amount money (if not more based on the current deal market), and find the work significantly more interesting.

The RX bankers we worked with on a capital raise came in very late stages after we did all of the work, and simply just contacted investors. This is what brokers do and why they are licensed. They had a very high level understanding of the business, and relied on all of the information we spoon fed them to answer diligence questions from investors. We typically ran all of the conversations with third party financing sources. I am not saying this is the case for all deals, this was one isolated experience. 

We did all of the modeling. We even modeled the term sheets in the business plan and handled all lender negotiations. 

There have been exits from my firm to top distressed hedge funds, private credit shops, and RX IB outfits. We have employees who come from PE, IB and law backgrounds. Very diverse group that leads to interesting perspectives and engagements.  

Looking back on my time in IB, the work is extremely high level and about volume. RX consultants often do all of of the groundwork before hiring a broker. They need to accurately project a company's liquidity, size the cash need at emergence, and convince all stakeholders the path laid out is feasible. You need a very good understanding of a business to accomplish that and know every dirty little secret. Really trains you to think as an operator which is the most valuable type of experience, as operators are the ones who create actual value - not advisors or investors. 

My two cents.

 

I agree 90% with this but there are a few points I would raise to a would-be rx advisor in this role. 

1. Travel. It Might seem cool if you haven’t done it extensively but by your 3rd week in a row on the 6am Monday flight it won’t be enjoyable. Even short flights, travel is a production and it wears on you. Yes there is less travel post Covid but in a restructuring scenario you will be boots on the ground for a period of time at least. 
2. Timesheets. You have to bill every 10th of an hour and describe intricately how you spent that time. If you’re in a BK, that shit gets posted to the docket and there’s an omnipresent risk of the court asking questions, meaning ppl have to care its right. Not fun doing this for 2 hours on a Sunday night or after a long day. Do it enough and the scenario fee model starts to look nice. 
3. Other admin bull shit. At least at the “boutique” shops, if you’re on a BK, you might be staffed on everyone’s favorite ch 11 reporting. Sofa/Soal, MORs, other nonsense that is downright horrible (if someone knows how to automate this, pls let me know immediately).


It’s a unique position that equips you with great skills, but it’s not without downsides or risks. Consider also that any business remotely close to distress will do everything in their power to avoid a BK. It’s obscenely expensive, administrative and intrusive. Hence, liability mgmt. if you can find the right role that doesn’t expose you to ch 11 BS and involves pure analysis/strategy, that’s awesome. If not, just know what you’re getting yourself into.

 

One thing I can confirm is Province pays >250k for an1s. My cousin worked there. Said he worked hella hours but comp made up for it. 

 

Used to work at a larger RX consulting player (A&M/Alix/FTI). The work is not as exciting or glamorous as it sounds, particularly at the junior level. Of the advisors hired in a restructuring (banker, lawyer, RX consultant), the RX consultants are the lowest on the totem pole - not that this is important but just an observation.

You are essentially the outsourced finance department and a lot of the work is basically accounting. The most common workstreams are running 13-WK cashflow projections (which isn't interesting, stimulating or a useful skill like IB modeling), tracking payables (deciding which vendors to pay and which to push off) and managing / extending the liquidity runway. This is why many RX consultants have accounting backgrounds. 

The most interesting part is probably coming up with a business plan. But from my experience as a junior, its highly dependent on the team you are staffed on. Staffing dynamics are a common issue and have heard of juniors getting stuck doing the same work process over-and-over like rolling forward the 13-week projections or being the payables person for the entire case.

I found the culture to be much worse than traditional financial services, probably due to a combiation of the i) consulting aspect (people always on the road, no central unifying culture) and ii) since it's dealing with bankruptcy, the darker viewpoint / sharp elbows which attracts certain types.

For the big 3, the business model is to win the large bankruptcies each year and throw a bunch of consultants on it to bill a ton of hours. I'd imagine the work at the smaller shops could be more bespoke and interesting depending on the assignment.  

 

Interesting, thanks for the insights! I was told RX consulting is most similar to careers in RX IB /PE, management consulting, and some FP&A and legal work, so it's interesting to hear a different perspective.

 

Generally would agree on the big shops, especially if the office is not NYC which is a huge factor imo. Caveating this with the fact that the smaller shops provide a significantly better experience as they give you the full scope of work with loads of responsibility - hence why they are able to exit better than the big shops like A&M, FTI, Alix. Its really hard to get into the smaller shops at the junior level and have heard that they have disorganized processes that seem incredibly hard (at that skill level most EB RX IB's make more sense) 

 

Made an account to refute this a bit for anyone reading. People forced out of the big 3 shops go to the smaller RX shops. Some exceptions but Mostly not seen as an upgrade. Reason for exit discrepancy (if it even exists not sure) is largely because no one wants to leave the big 3.

 

Would you say the work gets more interesting as you move up the totem pole bc you get more responsibility?

 

Any info about exit opps to the buyside or corporate side?

I haven't really heard about many people going into distressed HFs, mainly PE ops or so. Please confirm this.

If you do RX Consulting for a good amount of time, could you jump ship to corporate and be like a EVP/VP/CFO? Have seen this happen, but am not sure whether this is common.

 

Based on what I've heard, A&M's got a modified comp structure, so based a lot on # hours billed. So, your base is gonna be low but bonus (around 20 - 25% for AN)  makes up for that. That being said, $190k - 210k TC first year isn't unreasonable, and the bonus percentages go up from there as well, so after 5 years around $450-550k-ish. This is all hearsay so take it with a grain of salt; one thing I know for sure is the comp's amazing for not working IB hours. I'd presume Alix would be around the same, and maybe FTI as well given the talk about comp bumps.

 

FifthAvenue

Based on what I've heard, A&M's got a modified comp structure, so based a lot on # hours billed. So, your base is gonna be low but bonus (around 20 - 25% for AN)  makes up for that. That being said, $190k - 210k TC first year isn't unreasonable, and the bonus percentages go up from there as well, so after 5 years around $450-550k-ish. This is all hearsay so take it with a grain of salt; one thing I know for sure is the comp's amazing for not working IB hours. I'd presume Alix would be around the same, and maybe FTI as well given the talk about comp bumps.

This is true, and maybe even on the lowend as people progress. People can push 7 figures relatively early in their careers at A&M (though thats a luck dependent tail outcome). IDK Alix, but a friend at FTI complained that this latest comp cycle was very weak even versus their weaker v peers comp history, so do not think the comp bumps are real.

 

Gonna add this as a resource for ppl who're browsing this thread, and are wondering about the hours, bc I haven't seen any insights on that:

Normal / Non-Active period : 65 - 75 hours | pretty manageable

Active Engagements (filings / early stages) : 75 - 95+ hours | strap in, shit's getting real

Crisis / Meltdown / General shit hitting the fan : 95 - 115+ hours | usually lasts days or weeks, this is when everything, everywhere, all at once is happening

You usually do have a cooldown period after a meltdown, so it's maybe better than IB, but when you're really deep in thick of things, it's arguably worse, because in addition to sheer hours, the stress is multidirectional. Meltdowns are relatively less common, but they do happen enough that it's helpful to be cognizant of the fact before considering a career in the industry

 

Kinda dated thread, sorry, but how does comp compare to IB, at the analyst level (assume T1 RX co vs T1 IB)? I know comp shouldn't be the primary concern so early on but curious to know. 

 

Really not that easy to answer, but if for the sake of simplicity we take the T1 RX consulting firms as FTI, Alix, A&M, and the banks as Goldman etc, here's how it'd stack up, based on my personal experience:

FTI: Definitely underpays, end of story. "Better" wlb and culture than the other two though

Alix: On par with the banks i'd say, less if bonuses are bad. Comp ramps up pretty fast though. It's kind of a black box compared to FTI and Alix.

A&M: I'd say they pay higher, and as an analyst, it's actually pretty easy to calculate how much you could get paid. See the following as an example:

30 hours billed per week over a year = $140 - 170k roughly

50 hours billed per week over a year = 235k - 293k roughly

80 hours billed per week over a year = 375k - 469k roughly

and so on and so forth (used 52 weeks in a year; you could use 50 (accounting for holidays and stuff and it'd be around 10% lower across the board, but the RX consultants i know work on holidays as well), also not including firmwide bonuses etc). It goes up kind of exponentially as you advance in seniority due to the way it's calculated.

As for the smaller firms it's a mixed bag, but they usually pay really well the more specialized the firm is. The industry is pretty misunderstood on WSO especially, given how little people are in it in the first place, but the truth of the matter is at a good firm you won't worry about comp.

 

For A&M, I do know that the 50 hours per week bracket is more or less accurate, and I assume the rest are as well. Alix mostly hires experienced pros and if we normalize accordingly, yes it can be less than banking, but it can be on par as well. However, if you were looking purely for comp and had a banking vs alix offer, i'd take banking bc it's more consistent

 

Is there a list of everything restructuring consultants actually do? Would like to get an idea of what all can be expected.

 

I'm not going to distinguish between debtor and creditor stuff, and some of this stuff overlaps with the bankers and lawyers, but in general, in no particular order:

  • Liquidity, Cash & Control (13wcf, liquidity runways & stress tests, DIP budget creation and monitoring etc)
  • Business Plan & Feasibility (downside cases, EBITDA vs. cash disconnects, margin bridge analyses etc)
  • Operational RX and turnaround stuff
  • CRO / Interim Mgmt
  • BK process support (MOR, cash collateral analysis etc)
  • Stakeholder & Advisor support
  • Distressed M&A / Asset sales (overlaps with the bankers, the consultants do a lot of execution support and also build their own valuation models to sense check the bankers' assumptions and push back if they're not realistic)
  • Independent Business Review
  • Collateral & Recovery Analyses
  • Liquidity oversight and monitoring
  • Plan feasibility & creditor protection
  • Litigation & expert support
  • Non-banker negotiation support

Each of these above points have like 20 sub points so there's a lot of stuff that the RX consultants do. Think it'd be more helpful to know what they generally don't do:

  1. Pitch transactions
  2. Run auctions (bankers do)
  3. Provide fairness opinions
  4. Decide capital structure outcomes

Most everything else is fair game, which is why they tend to be pretty well rounded. Apologies for not elaborating on each point, but that'd take too much time; happy to clarify if needed. 

 

Ignore title, but as a reference point, moved from EB IB to Rx consulting, and the comp is on par with / sometimes beats what I'd be making in banking. Not all RX consulting firms have this luxury, but the moral of the story is that comp in general tends to be really good. 

 

Subjective question, and sorry for reviving this thread, but what makes RX consulting "interesting"? I've seen that being thrown around a lot when describing the field, but not too sure what that entails.

 

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