Who are the most common laterals? What do they look for experience wise?
Are there specific teams within these firms that would position someone well for an internal transition into Rx? Would an internal transfer be a nice way to break in?
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At a T2 RX consulting firm, and I came from a UMM buyout PE shop. I wasn't their first pick though, the No 1 choice dropped out of the process bc they had a T1 offer so I got the offer. Generally a lot of diverse backgrounds in my group, but generally more from IB, PE, Big 4 and other TAS / FDD and other RX consulting firms. A couple of ppl from HFs.
T1's have pretty much the same applicant pools, but "stronger" candidates. It's extremely hard to internally transfer to the RX groups, especially at the T1s. Have had single digits successfully make the move at the firm I'm at, through history, and that was after they had multiple seniors from the RX group interested in bringing them on, and multiple seniors in their group advocating for them.
Also, depends on the hiring cycle. If they're hiring a lot of people, the bar drops slightly. If it's only a couple of positions, it becomes very competitive.
Generally look for good personality, communication, top end analytical and reasoning skills, and willingness to get in the weeds and do the mucky stuff at times. Also obviously willingness to work long hours, even though it's significantly better than PE/IB most of the time. Finally, knowledge of the restructuring / turnaround process.
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Why did you leave UMM buyout for rxco? Did you do 2+2?
Wondering the same thing. And then didn't get a T1 offer??? Not doubting but plz explain.
Woke up one day and realized that I really didn’t want to wake up and do what I was doing. The work was definitely not what I had expected it to be, and everyone’s personalities were artificial. Also, realized pretty quickly that there was not that much opportunity for career advancement at my firm, the senior positions were filled up. That’s probably what did it for me. You could say I burnt out, I’d say I just got wiser.
RXCo was never supposed to be something I’d stay in the long term in, I was just curious. It’s been a couple years now and I’m still sticking on bc the people are nicer and the work’s more interesting, which I guess is where the value of a career lies in for me. The good thing is that at a pretty junior senior level in RXco, the aforementioned mucky stuff starts going down measurably, it’s usually the analysts / consultants who do that stuff. Levels above that have less (but there’s always some stuff that you just gotta do). Also more or less keeps my doors open.
I left halfway though my PE stint, but yes I did do IB
Helpful, thx
I have friends in this and they travel like fucking crazy. Have fun spending 13-hour days for 4-5 days a week in some shitty plant in the middle of nowhere Kansas. By the time they get home, they basically have like a day before they have to turn around and do it all again. I see shitloads of those guys dying to get into IB/RX. Pros and cons. Grass is always greener.
Was a fear of mine as well, but it's less travel post COVID. Before that it was absolutely insane apparently. I travel like 40-60% of the time now. The guys who want even less travel ususally move to creditor side, where there's very little traveling
You’re proving the “grass is always greener” point yourself. Sure some people in RXCo want IB/RX, and some people in IB/RX burn out and want something more hands-on. Listing downsides without context doesn’t really say much.
Idk feel like I'd like to travel to the middle of nowhere and spend a couple nights at a dingy motel. Makes for a more fun life than staring at a dual monitor setup at a desk in a city.
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