Traditional IB -> RX Lateral Difficulty
Curious how difficult it is to lateral after 1 year from traditional IB to RX. I'm trying for FT recruitment this cycle for RX and am curious how hard it would be to lateral from a MM doing something like Healthcare to a solid RX firm, should I receive the MM offer instead of RX.
It’s definitely doable if you know your stuff. Only problem is there is a pretty limited number of analyst seats and a lot of unemployed bankers. If you consider average rx class is 7 to 8, you are looking at sub 100 in any given analyst class (for solid firms) which means probably only a handful of opening,
Would it be better to shoot for RX consulting(something like A&M) over traditional IB for lateraling, or about the same?
If you want to do RX IB I would say shoot for IB. At the end of the day that will be the easier move (assuming you network, have a good why, etc) and you will face the same problems coming from RXCO (lots of unemployed for few spots).
A&M is a great career move tho, good pay (easily 200k+ first year if you hit billable), by far the leader in debtor mandates, easier hours compared to IB (~60 a week).
Mind you, that’s 60 billable hours. Which is closer to 80 - 90 in-office hours. While traveling. For these reasons, RX IB is actually not an uncommon exit (within the context set forth above re: few spots all around). But would recommend RX Consulting as a career overall
No way they are billing 60 hours a week. Maybe me during crunch time. Typically billables target is ~2,000 hours which is about 40 a week but they probably go a bit over that. At the rate they are billed out at (which is a lot, trust me i've seen the fees), with 60 hours a week and A&M uncapped bonus structure first years would easily clear 300k, closing in on 400k. And they don't get paid that much so...
But yes would agree traveling and site visits are the worst aspect of a job in RX consulting (unless that is your thing) and factoring that in it may be a bit more.
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