RX (Post-MBA Assoc) Starting in 2022 - No Prior RX exp. How To prep?

Ignore the Analyst 1 anon label, will get to update that soon hopefully.

Start as a post-MBA RX Assoc in 2022 but have not done any RX before this. Did just under 3 years of Analyst as an Analyst in the M&A and TMT teams of a well-known boutique (EB). So have a fair amount of exp. on LBOs, DCFs and Merger models but nothing on RX.

How can I best prepare for the transition? Will be an assoc so will be responsible for understanding and critiquing analysts' work - want to learn as much before hitting the desk to make their lives easy too (not worried about hours, being hands on etc. as have been in their shoes myself).

To anyone else who made a similar jump from M&A to RX with or without MBA, how was it? 

Eventual goal is to go to a distressed fund or perhaps some HF with a broad remit. 

Comments (21)

Dec 17, 2021 - 10:48am
ECM GUY, what's your opinion? Comment below:

Research Debt Products/ tranches (Bank Debt: TL Vs Mezz: PIK), learn Debt waterfall / schedule modeling online (basics), maybe read Distressed Debt Analysis by Moyer (350 pages or so, skip around to the relevant IB sections, as opposed to the "trading" sections), review recent deals/ goals.

These things will give you a good framework and understanding of the space/ work.

Dec 17, 2021 - 2:18pm
ENlGMA, what's your opinion? Comment below:

My comment here I think is relevant for you:


Most important thing is to come in without an ego and realize that the Analysts will know a lot more than you.  While you're responsible for their work, you're basically at or below their level on an experience and culture basis so work alongside them as teammates and offer to pick up a lot of Analyst-level work.  You should volunteer to take a first crack at spreading debt docs, modeling out cap tables / recap scenarios / covenant monitoring / make whole calcs and putting org charts together and run them past your experienced Analysts for comments / feedback.  It may even be beneficial to volunteer to do more menial work like fee / deal benchmarking so you get a handle for going through court filings and understand where things shook out on other processes.

  • Analyst 1 in IB-M&A
Dec 17, 2021 - 5:27pm

Thanks, this is really helpful! Have you seen people move from M&A to RX etc.? If so, how has their transition been? 

Are there any resources you may recommend looking at prior to starting. Apart from the actual job, what is the closest resource that gets me closest to the job (obviusly even the closest / best resource may be far removed from the actual job but I just want an idea). Thanks!

Most Helpful
Dec 17, 2021 - 5:51pm
ENlGMA, what's your opinion? Comment below:

If you have access to Debtwire as a student then I highly recommend that you just pick some random bankruptcy cases that have already emerged and read through the articles chronologically from start to finish to get a sense of what was involved and how it went.  Ratings agency releases are also posted to Debtwire so you can look pre-bankruptcy to see what led to them filing.  The best part about Rx for you is that for each case an enormous amount of information is public given that it's all revealed in court filings.  You'll be able to get a handle on the overall process, the key terms of the transactions, the dynamics between different parties / committees and everything else.  You can look up case info and docket filings on PrimeClerk to dig in further.  You can get a direct view of what Rx bankers put together by reviewing cases' cleansing materials (random example) which you will help put together for your client (or provide feedback on if you're creditor side) as an Associate.

Your experience managing a process and preparing marketing materials will be a huge benefit when you're going out to raise DIP / exit financing or if you're involved in a 363 sale.  Also Rx bankers don't really care about slide formatting nearly as much so your slides will probably look like a work of art in comparison to what's normally put together.  Biggest challenge with the transition is picking up on the technicals.

Also no more bs meeting materials for that MD's lunch with a prospective client that never gets opened...

  • Analyst 2 in IB-M&A
Dec 19, 2021 - 2:12pm

Just curious, but why get an MBA to switch to restructuring? A 3rd year M&A guy, even in LMM, shouldn't have much issue making a direct switch at a time when restructuring juniors are leaving in droves.

  • Analyst 1 in IB-M&A
Dec 20, 2021 - 4:38am

Why are RX juniors leaving in droves?

The plan wasn't to do RX after MBA. But as the goal started shifting towards SS / Distressed during MBA, felt that a short stint in RX would not harm me. 

  • Analyst 2 in IB-M&A
Dec 20, 2021 - 12:09pm

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