Recruiting for RX FT after M&A virtual internship?

Incoming SA at a mid-tier bank doing M&A. Given the current economic climate and my personal interests, I think I want to try to lateral to RX. My bank doesn't have a RX program, so I think I would have to change banks to do this.

Are the best places to look just the big EB names (EVR/PWP/LAZ/Moelis/etc) and HL, or are there any other places that are known for RX?

How hard is it to make the jump from M&A to RX, especially if I'm trying to go upstream to a 'better' bank? I assume that RX places are swamped and might be looking to recruit for FT, but I also know that my M&A experience won't be very helpful, and my shortened virtual program probably won't even teach me much to start with. Assuming I can land a return offer, do I just start furiously calling RX teams and seeing if anyone needs a body?

Finally, people usually recommend to 'use your SA network' when recruiting for FT, but most of my SA recruiting was focused on banks that don't have RX practices, and thus I'm sort of starting from square one on that front.

Most Helpful

Everyone will probably be doing what you're doing right now. RX is already a very sought after space and given everything that's happening that's only going to increase ten fold. In a best case scenario, they may add some more junior level spots because of how much work they are getting slammed with right now. Another post mentioned that they are cross-staffing analysts from their M&A groups to handle the deal volume. Because of this I think there is a decent chance that they may increase their analyst class, but if you're not looking to exit into PE and want the A2A that will make it way more competitive. But I think it's more likely that they just keep the class they have now and each place will only have 1-2, maybe 3 at the most positions available, and trust me everyone is going to be after them in this climate.

Also, everyone will have the same reasoning of the Coronavirus crisis. You'd need to have a legitimate reason, because your reason is just as bad as saying I want to go to this team because you have the highest deal flow. That may be the truth, but people want to hear that you're genuinely interested in their group, not just because of the pay or the deal flow or whatever. If I were you I would read as much about restructuring as possible, starting with what everyone recommends here, the HL RX case and Moyer's textbook. And once you've read through those, if you get through them and still have an interest, you need to be genuinely interested in the field because they'll know if you're bullshitting them.

Career Advancement Opportunities

February 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 04 97.1%

Overall Employee Satisfaction

February 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 11 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

February 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 06 97.7%
  • Lincoln International 04 97.1%

Total Avg Compensation

February 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (81) $263
  • 3rd+ Year Analyst (12) $184
  • Intern/Summer Associate (32) $172
  • 2nd Year Analyst (60) $169
  • 1st Year Analyst (193) $159
  • Intern/Summer Analyst (142) $101
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”


redever's picture
Secyh62's picture
Betsy Massar's picture
Betsy Massar
BankonBanking's picture
dosk17's picture
GameTheory's picture
kanon's picture
CompBanker's picture
numi's picture
Linda Abraham's picture
Linda Abraham
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”