Top BB M&A vs. EB RX
Hi all,
Just wanted perspective on M&A vs RX going into the incoming recession.
I go to a target with strong contacts at top BBs (MS M&A) and also strong RX contacts (PJT, HL, Laz). For some EBs, I have to choose between the two groups as the processes are mutually exclusive. I understand that there are distinct differences on the job, and that comes down to a personal decision, but objective I would like to inquire about the exit opportunities?
I see people go from regional coverage groups at BBs go on to top distressed PE/HF, so is it entirely necessary to go the RX route at an EB, where I know I will be crushed in the next few years? How would you guys compare a top BB in a top group (GS/MS/JPM) vs. RX at a top EB if I want to exit to a top PE or HF fund in the future and for BSchool placements?
Thanks in advance.
I think M&A & Rx analyst programs would be really interesting (Moelis, Greenhill, etc)
Greenhill no longer combines the two, they’re split now
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PJT too
PJT splits analysts into M&A and RSSG
agree with above poster. important notes to consider are culture and compensation, which at a high level (although each EB is different in this regard) favors the EBs, esp. for compensation. As for M&A vs RX, RX kids will get looks from the start PE and HF firms but also distressed shops, while M&A kids mostly don't exit to distressed.
however I think it's valid to consider the macro backdrop, esp because there's a lot of uncertainty regarding the economic future of the virus. RX work is already picking up and the lifestyle changes are showing, whereas at least in the short-term, M&A activity (and corresponding bonuses) will drop. but if you're still 2 years out from actually working this'll be less of an issue
Agreed. Even without considering the macro circumstances, I'd value RX at top EB more highly than M&A at top BB.
How hard is it to lateral to RX if you're coming from a group such as M&A, LevFin, or coverage groups like consumer/retail or industrials?
Honestly I think most people would take also LAZ RX over JPM, think who's technical enough to get LAZ RX would not enjoy as much JPM experience
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