Why leave restructuring for M&A?
I'm generalist M&A and have been considering lateraling into Rx, mostly because you barely touch the other side of the cap structure in M&A and I feel like getting a wholistic understanding of the stack will best serve me for an investing role in the future.
Recently however, I've seen quite a few people go from PTJ/HL Rx into pure M&A roles... Can anyone shed some light on this, even a perspective from someone in an Rx seat atm would be much appreciated, as I have been second-guessing my decision.
Appreciate your time
You always deal with very tough situations, sponsors getting wiped, cost reductions at the company level, it’s a fancy finance job from outside in but if you need to deal with a liquidation and the entire employee base will be gone it’s not funny and many situations are super messy. M&A can give you better exit to corporate development and start up roles given the sales nature of the job
Ok cheers, I honestly just feel m&a is really simple… it's not complicated at all. Motst of the processes are the same, the valuation work means nothing as the models are just fit to whatever the top bidders are willing to pay.
In terms of intellectual stimulus Its just execution, and frankly as a result you end up with people who fit the sociallite stereotype of bureaucracy rather than people who are actually really intelligent. You end up with history and English and geography majors in the mix too. and if I really think about it, you don’t need to be from a top university to cope with any of the material - in terms of developing my brain I just see the only continued learning to be on the specific sector you’re in.
do you feel me or have I got this out of whack?
You didn’t place into mega fund pe or a hedge fund or top tier investing role!
With AI use being so prevalent across the street, cognitive decline has almost certainly shot up. This is why WSO user base has increase so sharply and Rx bankers are moving to M&A.
RX advisory generally, more dealflow over the last few years has shifted to LMEs from traditional in or out of court RX work, and people who missed that wave have been slower. Internal reallocation of resources could explain some of the movement, and I just heard someone with reason to know saying that HL RX is slow, but this theory wouldn't (shouldn't?) apply to PJT specifically as they've had great LME market share.
Intellectually, the job restructuring job is very interesting.
Spending your career surrounded by and advising clients whose goal in life is to squeeze every last cent out of a company going into bankruptcy is just... not for me...
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