What Do I need to know for SA Restructuring Interviews?
First year at west coast school interested in restructuring next year. I know the process gets more and more competitive every cycle, so I want to ask the community what level of technical understanding is required to land a RX summer analyst role.
I am somewhat familiar with debt capital as I am interning right now in a public finance group, but this is only concerned with bonds, not too familiar with other types of debt.
I've heard of Moyer's distressed debt, and know that a lot of people consider this the gold standard, but have also heard talk that this isn't enough anymore. As restructuring is one of the more technical heavy groups at a bank, will technical understanding requirements be much higher than other groups?
What other resources can I use to prepare for interviews/get a good understanding of the restructuring process and debt capital?
Here's what I used. Got offers at top rx groups so this is definitely good enough for SA interviews.
1 - Moyer: don't just read it once, actually know it cold
2 - Houlihan lokey case study
3 - bond math/YTM formula
4 - Know how to calculate recoveries -> usually interviews will also throw different scenarios at you like structural subordination or undersecured debt so get comfortable with this
5 - Be able to talk about an RX deal and explain why the different creditor groups pursued certain strategies
6 - RX-specific accounting like what happens to the three statements when a company buys back its own debt, writes down the value of its assets
I also asked some upperclassmen who worked in restructuring for practice questions. Also, there's a website called restructuringinterviews.com that has a guide for rx interviews that's pretty helpful if you can get your hands on it although its not required by any means. Finally, you'll also get some basic technicals on valuation, accounting etc but you probably already know that.
This might sound like a lot but it isn't too bad and if you can get through this, there won't be any technical questions that you don't get. Most of the top rx specific internships (HL/EVR/PJT) will be pretty heavy on the technical side with the majority of technical questions being restructuring-related. Good luck!
awesome thanks for the info. Looks like i got my summer plans right here then lmao.
I'm sorry but you're wrong. Everyone who gets a top RX SA knows Moyer cold nowadays. OP gave a perfect overview and I will add that there are more candidates that check all those boxes than spots available so you can never be safe
That's fair but I think if you have ~1 year to prep, this should only take around an hour a week if you start in September and given how restructuring first rounds are 90% technical, you'll have an (almost) guaranteed shot at a superday by doing this. Also I found that knowing all of this gave me a certain level of confidence going into interviews that I didn't always have for other groups.
Maybe the reason you struck out is because you think that the required stuff is overkill
restructuringinterviews dot com is the gold standard and helped me land pjt/hl/laz SA
+SB this, helped me land offers/superdays from RX shops that are notorious for tough technicals. Alex is the absolute GOAT
awesome breakdown - would add some specifics on accounting- they definitely love asking about PIK debt, DTA's etc, and was also faced with a number of EBITDA questions (shortfalls, normalizations, OBS accounting etc). Would also think that beyond nailing techs, a really good why ib/rx story is critical given how selective these spots are. With the selectivity, a soph internship seems crucial as well (large uphill battle without), many seem to summer at buyside places like matrix, tiger, etc.
A good pitch is nice to have - got asked about it and probably good to keep in mind RX folks are probably more risk averse/value/cash flow oriented investors than say, a TMT group. cheers
How long did it take you to know Moyer cold?
I would start at least before Christmas if you want to take your time to understand it before recruiting kicks off
there is also a instagram page called restructuring__ that does nice/advanced content
Quisquam laboriosam voluptatem nemo ut. Qui blanditiis labore blanditiis doloremque qui omnis suscipit consequatur. Dolorum molestiae consequuntur facere ratione eos. Et aut inventore consectetur iste debitis assumenda dicta.
Nisi incidunt laboriosam ex fugit et reiciendis. Esse labore et dolorem quia molestiae iusto. Ut iste vero consequuntur omnis eligendi. Sunt consequatur delectus minima nemo.
Omnis commodi deserunt autem labore tenetur. Quo sed nemo quasi hic eum vitae. Quas cumque quia aut quisquam. Unde eaque quia in sequi ut in. Omnis officiis est nesciunt eos exercitationem recusandae.
Odit doloribus voluptate incidunt aut. Doloremque sint vitae est aut impedit ratione. Ullam eum id sunt. Molestias sunt labore suscipit dicta. Laboriosam ut consequatur voluptas earum odit nam. Molestiae est quod ducimus voluptatem. Minus culpa fuga omnis ea eos hic ipsam amet.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...