Rx Consulting to Rx banking lateral
I’m wondering how difficult this transition is. I have seen some people do it in the past, but how much of an uphill battle will it be to lateral from an rx consulting to rx banking role.
On the one hand, I feel like having rx experience will show that I am actually interested in rx, but on the other I understand there are some real technical differences between the consulting and banking sides of these deals.
A follow up question: which RX banks take laterals? It doesn’t seem like Moelis, PJT, Lazard, Evercore, HL have many at all. I have seen some more in T2/T3 rx groups.
Any insights would be appreciated, thank you in advance.
I know somebody who did it. Biggest hurdle is getting up to speed on the finance part of RX. The person I know needed to hit the ground running, so they had to be proficient going In.
Is this a modeling issue or conceptual issue? If modeling, any clue where I could get up to speed?
I bet RX good rn cuz they need to fix BANK OF SANTA CLARA
I did it.
Back office -> big 4 consulting -> rx consulting small shop -> rx ib at a boutique -> m&a at a mm.
It was really hard. Lots of interviews through networking but would never convert. For the rx consulting to IB, I tried to connect the story to the similarities which was tough because I got questions around modeling (not bad actually), transaction details like how many iois you got (kind of tough to know bc your less plugged in, your MDs are prob more aware), how do you write a CIP and do u have an exp (no), do you work the same hours (no), etc. I saw one guy do it as a senior manager at a big 4 in rx and took an associate role at Raymond James. The whole rx PwC team went over b Riley to start their rx IB practice which is pure luck. The “associate” became an “associate” and “manager” became a vp. In consulting those titles don’t tie and neither does the comp.
I understand looking back why it was challenging, the skills are very different. The boutique IB that hired me was building a quasi consulting and rx practice. They wanted to be able to do both. So it was luck. We only did rx ib deals and it was a learning curve. It wasn’t difficult - but I was learning it all from scratch and didn’t appreciate that dynamic going in. Was very humbling and fortunately my md was very patient, partially bc he was a good guy but also bc he was building a new practice and loyalty > excellence in those first few months, and I was hire number 1. As we had more success his patience got a lot lower and other rx consulting candidates weren’t going to cut it for him anymore.
I salute your tenacity, thats awesome man. Are you still at the MM? Associate level? Any plans to leave and do something else in the next few years?
Yup - vp now. Had a chance to go bulge but really like my current team and am at the point where that’s important and if I’m doing well, not start over. I think I’m going to just stick it out and try to make a career here
You must feel rich AF going from back office to VP in M&A lol. Good shit my boy
Lmaoo
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