Hey all, I'm currently a HY / Distressed credit analyst (A1) at a BB covering a couple sectors and the HY names in it. My medium to long-term goal is to become a credit investor. But I'm thinking about doing RX IB from this current seat first. How would I recruit for RX IB? Is there a specific pipeline? Any advice would be much appreciated.
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You should 100% speak with Analysts / Associates at the main RX shops.
I don’t think you’ll have a good shot at PJT given their analyst program is extremely hard to get into (pipelines isn’t from FT from other banks but rather direct from UG) and associates are hired out of JD/MBA programs - regardless would speak to them as they are the best in the business to see what’s possible.
HL / EVR / Moe / LAZ / Gugg you have a good shot. I’ve seen people go from distressed trading desks / MM or BB LevFin to these groups.
Places like Roths / GHL / MillerBuckfire will for sure give you looks too but I would leverage those offers for a shot at the firms mentioned prior.
Worst worst case scenario - do another year or two at your current shop and go get your MBA from Wharton / CBS / HBS work at PJT or EVR for another two and you’ll land at one of the big distressed/special sit funds like SilverPoint, SVP, Angelo Gordon, Oaktree, Fortresss, DKCM, etc.
Thanks for your reply. A lot of the names I cover are mostly HY/stressy. In a lot of cases we sell out before ch11 filing. Would that matter when I'm networking with these RX guys if they ask about my distressed experience?
Also, I went to non-target for context. Would you say it's doable to jump to a good credit seat (distressed or PC) without the RX route?
Would you recommend that I pursue RX from here anyway just to be more versatile?
Much appreciated!
Don’t think it matters a ton. I’m sure you’ve followed chapters or LME’s and can talk about that and or where you think the process is headed when you sell out of names.
I went to a non target as well and landed at one of the above Rx shops then a distressed shop. Very doable.
This field is as meritocratic as it can be - once they know you have an interest and you know what you’re talking about - where you went to school is an after thought. This is all assuming you still killed it at your school and don’t have like a 3.5 GPA lol
It may double to jump to one of these funds or PC shop from your current job - but they can put you in a trading oriented role vs. an investing one - given for the investing role you’ll need experience in going through chapters and LMEs etc.
Personally I’d go the Rx route first. I’ve had past coworkers who came from CS, DB, Nomura etc. who landed in Rx IB then a distressed shop
Very kind of you to reply! I'm super hungry for this RX role. I'm already going through the RX interview guide. Would you recommend anything else I do besides that? Also any tips on networking with these RX bankers?
My non-target GPA was 3.9+.
Rx interview guides are great. Give Michael Gatto’s book a flip as well.
Make sure your general banking technicals are solid as well (400 question guide stuff).
A lot of Rx IB shops processes are tougher now. I wouldn’t be suprised if you have a case study / model as part of the interview process so be prepared for that.
Know how to spread a cap stack, get from Rev to UFCF and then run various transaction scenarios to see how liquidity shakes out on stressy names to prep for case studies. Have a good understanding of the business you’re analyzing as well (the industry it’s in, competitors, etc.) I’m sure you’ve done some of this at your current job already.
Read up on the latest big transactions on Reorg, Debtwire, etc.
On the networking side - I mean most of these bankers are overworked and under slept. The space is very busy right now as I’m sure you know. So ask very good questions and don’t waste their time. Get an understanding of their background/story, their current role, the deals they’ve done (to the extent they can speak about it), culture of the firm they’re at and why they chose it etc.
Now don’t go make a list of a bunch of questions and tick through them on the call. Just have a normal conversation and it may naturally lead to some of the topics mentioned above. Obviously ask if they’re looking for analyst / associate talent. If the convo goes very well ask if they can refer you to someone else.
At the end of the day we’re all human - regardless of our job titles / where we work - so keep the “human element” during your calls. Good luck!
is it possible to land a role at ss/distressed funds from ib post mba? wso consesnsus is usually the buyside opps are limited if you enter ib post mba
If you’re at one of the top Rx groups I believe so. Its been done before - filter for people who have on LinkedIn. I’m sure you’ll find a handful.
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