Rx recruiting

To land a Restructuring (Rx) summer internship for your junior year, here's what you need to know based on the most helpful WSO content:

1. Are technicals the same as IB?

• Similarities: Many technicals overlap with traditional IB, such as accounting, valuation (DCF, comps), and financial modeling.
• Differences: Rx-specific technicals often include:
  • Understanding distressed debt and capital structures.
  • Bankruptcy processes (e.g., Chapter 11, liquidation).
  • Credit analysis and recovery rates.
  • Waterfall modeling and priority of claims.
• What to learn: Continue with Moyer’s book—it’s a great resource. You might also want to dive into case studies on distressed companies and familiarize yourself with legal aspects of restructuring.

2. Where can I find practice questions/mock interviews?

• WSO’s Investment Banking Interview Course is a great starting point for general technicals.
• For Rx-specific prep, look for:
  • Case studies on distressed companies.
  • Practice questions on bankruptcy scenarios and debt restructuring.
• Networking with Rx professionals can also help you access firm-specific mock interview resources.

3. Is networking as important?

• Absolutely. Networking is critical, especially for Rx roles, as they are niche and competitive.
• Focus on:
  • Alumni in Rx groups at top firms.
  • Professionals at boutiques specializing in restructuring.
  • Attending industry events or webinars related to distressed investing.
• High-quality, personalized outreach is key. Avoid generic emails and tailor your message to show genuine interest in Rx.

4. What firms hire international undergrads?

• Larger firms like Lazard, Houlihan Lokey, and PJT Partners are known to sponsor international candidates, especially in their Rx groups.
• Some boutiques may also hire international students, but it’s less common. Networking can help you identify these opportunities.

5. Any other tips to get an offer?

• Preparation:
  • Brush up on Excel and financial modeling skills.
  • Learn to take detailed notes and understand deal dynamics (as VPs and analysts often value this in interns).
• Timing: Start preparing early. Reach out to analysts or associates a few months before your internship to understand ongoing deals and trends.
• Training: If your firm offers Rx-specific training, make the most of it. It’s often brief but highly valuable.
• Responsibility: Be ready to take on more responsibilities when second-years leave (late June) and before new first-years arrive (late July).

Your current approach—reading Moyer’s book and watching YouTube videos—is a solid start. Pair that with networking and targeted technical prep, and you’ll be well-positioned for an Rx internship.

Sources: Why You Should Consider Restructuring – Common Misconceptions/Insight on RX Groups, Two Internships Later: What I wish I Knew While Recruiting! (Toronto), Non-Target Recruiting Guide Part I: Resume and Networking, How to prepare for summer ASSOCIATE internship, Can we get a list going of sophomore summer 2019 programs/internships? (Confused)