Houlihan Lokey Rx
Hey - I have heard that HL has separate Rx division. How is HL compared to other EB’s in Rx? How is HL Rx compared to Corp Fin?
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Hey there! You're right, Houlihan Lokey does have a separate RX division. Based on the most helpful WSO content, HL RX is often considered one of the best creditor side advisors on the street. It's known for its great culture and its reputation is still greater than some other elite boutiques like Moelis.
In terms of comparison with Corporate Finance, the RX division and Corporate Finance division have different exit opportunities. A lot of the RX bankers go the distressed PE / HF route, but regularly place at MFs as well. Corporate finance bankers tend to go vanilla MM PE firms, but you have a few go into HFs or the entrepreneurship route.
In terms of culture, HL RX is known for its great culture. But remember, the grass isn't always greener on the other side. It's always best to network and think about who were the analysts you'd rather work with.
Hope this helps! Let me know if you have any other questions.
Sources: Houlihan Lokey reputation (2020), HL RX vs Moelis, Houlihan Lokey RX Culture (NYC Office), Houlihan M&A to RX Lateral?
HL's RX is a top RX group up there with PJT and EVR. There are existing threads on this topic as heads up
It’s WITG approved
Half joking half serious, if ur in college and didnt know that HL had a separate rx team, ur prob not getting that rx offer lmaoo these roles r filled with hardos who knew that they wanted to do ib since hs
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We don't talk about the back office.
Probably a step below EVR/PJT and on par with Moe/laz/cvp/pwp/gugg in terms of deal flow relative to quality. MS me but I'm looking from reorg/debtwire/ what profesionals on the buyside were telling me this past summer.
It's a very good program and the analyst exits are honestly super impressive(I really honestly think exits are more of a function of the candidate vs. the brand). The one catch is they are always the earliest to kick off recruiting. They start mid/late february for their interview or whatever the term they use. If you're a sophomore probably best to network ASAP and try to get the foot in the door.
You didn't ask for this but here are the timelines for my rx interviews for 2024 SA so you can gauge timeline. I'm non diverse FWIW so timelines might be earlier for diversity.
Mid Late February
HL RX (Superday ~ a week later)
Gugg Rx (Second round after two weeks and superday the weekend after)
Beggining of March:
Laz Chicago (I applied to NY and accepted an offer by then, but Laz chicago kicked off ~ march per my friend who did the recruiting)
EVR (1 day turnaround for SD)
PJT (2 day for SD too)
Ducera (week turnaround for r2, I accepted something by then)
CVP (3 hr turnaround for SD( If you're diverse you'll be able to accelerate. Non-diverse candidates can't accelerate), I accepted something by then)
PWP (24 hour turnaround Call from random unknown number, quick process too, accepted something else by then)
MOE (last with LAZ NY. I did the 1R but I accepted smth by then. The turnaround was ~1 week for SD).
Now this is based on my friends that recruited still after me:
Late/Mid march:
MOE SD
Mid April:
LAZ NY SD and CVP NY SD
Sixth Street
PJT M&A
Gugg M&A
EVR M&A
GS
MS
BoFA
RBC
I didn't interview with greenhill but IIRC it was ~ mid march when they wrapped up. But i know people who interviewed ~april since someone reneged IIRC. not too sure though.
I interviewed with Blackstone Tac opps too it's a little hazy but it was like a pretty long process starting in early february all the way to mid march.
ASOF was ~ february with 1 week response for SD/2r.
Oak Hill Advisors turnaround time was ~1 week for SD.
Hope my info is helpful :) trying my best to give back to those who helped on this website. Best of luck in recruiting!
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Goddamn, how'd you get so many interviews
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