Currently having to choose between RX at a tier two firm versus top group at a MM IBD (Blair HC/TECH, Piper FIG/Chemicals, Baird Industrials). Open to both RX & M&A/coverage - think both are equally interesting. Thoughts?
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Are Ducera and Gugg really an equivalent for RX? I thought Gugg, after its acquisition of Milstein, was considered one of the better RX shops.
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I would hands down to choose Ducera or Gugg RX over any other MM shop you listed. Having been in RX, starting at a restructuring shop opens doors to every single opportunity - distressed, private equity, venture capital, growth, corp dev, you name it. By far, you will be involved in way more technical and hands on processes. Though having friends that worked at Ducera - I would say that as a junior your experience is def going to be a shitshow if you go there haha.
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From traditional buyout perspective I think exits from Ducera are better on average not because Ducera helps as a brand but because Ducera picks a lot of rlly ambitious nontarget kids that have good technical skills. If you are an all star analyst at any of the MM shops, I think trad PE exits probs can be the same, so might save you some grief on the work life balance - but would close doors on distressed investing
Fwiw typical Ducera deal team will run as lean as a partner and an analyst - that can be both good and bad from a learning and exp perspective haha
Those are quite distinct career paths, so ultimately it will come down to your own interests. Heck, even within the MM banks you mention your career will vary depending on wether you do, say, FIG, or Tech.
1) RX is a niche area so exit opps will be more limited (yes, you can still technically exit to a classic PE, but so can anyone in finance if they play their cards right + get lucky). Work is more technical than the verticals you mention, hours are worse (def true for Ducera lmao). Countercyclical (but please don’t make a career choice based on that- you’ll be miserable). If you want to do Special Sits. or Distressed on the buyside, you have the clear edge.
2) Of the IBs you mentioned some verticals are quite niche in terms of learning experience (i.e., FIG), whereas some others have historically been quite attractive (i.e., tech, although they benefited from the low interest rate environment). Exit opps to corporate dev/ classic PE are much easier from here vs RX.
Without telling you what I would choose as I don’t want to influence your decision, my advice would be to divide your options into verticals vs MM/ RX. So you would have Tech, FIG, RX, and so on. From there, eliminate those you don’t see yourself doing, and once you have narrowed it down to one or maybe two verticals, decide taking into account the bank.
For example, if you are between Tech at WB or RX, to the point where you have strong interest in both (as in doing it for at least 2 years straight), I would then think of where I see myself in 2-3 years, and what kind of lifestyle do I want. Make a lot of $$$ at Ducera but work 6/7 days a week 10+ hours? Or perhaps become an expert in HC and then try to exit to corp dev?
This is extremely helpful! Thanks so much. I think my top choice in terms of a potential exit opp would be classic PE, so I will likely go with the MM IB here. Appreciate the help
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Don’t think I agree with this. Much easier time going traditional buyout route from an MM.
What is RX?
Medical prescriptions
Restructuring
T-Rex
OP is deciding between 2 toy companies
Sorry folks but this is laughable. Gugg Rx and Ducera Rx are far and away better options than any middle market M&A option regardless of the exit opp you are looking for
Don’t do the OP a huge disservice just to stroke your ego on an anonymous forum, cmon!
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lol
Former MMIB analyst - if the goal is MM/UMM PE, I think a top MMIB group can be very competitive vs a T2 RX.
Like others have said, look at LinkedIn. The top MM groups have very strong MMPE exits and UMM is very much on the table - probably not MF but certainly UMM. For example, if it’s Blair tech and you want to end up in Chicago PE, there’s a pretty decent number at GTCR/MDP/etc.
If it’s Piper FIG or something I would do RX just because FIG is pigeon holing. Tech/HC/etc probably options.
From a general prestige perspective, I’d agree that RX is better, but if the goal is classic PE why not go somewhere where you’ll be working on sell side PE deals. If you want credit/distressed/etc, this isn’t even a question and you should go do RX.
Blair Tech is only group that would be worth maybe deciding between the two.
As a VP, I'd say Blair Tech, HL Healthcare, HL Consumer, and Baird Industrials are all solid spots where you're very, very likely to find a great exit.
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I'd easily take the Rx offer especially if it's Ducera. To echo the above, you'd receive a much better technical experience and have a lot more to talk about during buy side interviews. I'd also keep in mind that Piper chemicals and healthcare IT are some of the biggest sweatshops in MM IB
How is this even a question? Obviously the Rx opportunity over banks that people outside of finance will never know exist.
You think people outside of this forum have heard of fucking Ducera?
Ducera well known for sucking the everliving soul out of their juniors, but pretty sure they get an absolute bag.
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