TLDR: Looking for resources on chapter 11 process and turnaround consulting -- personal experiences or opinions about the industry would be appreciated. As a counter-cyclical space it is especially top of mind with what looks to be a dryer job market coming out of school.
Hi Everyone --
During my quarantine I have been doing my share of informational interviews and have come across what seems to be a really interesting career path. There aren't many threads on RX consulting and the chapter 11 process. I was hoping if any industry professionals, bankers that work with RX consultants, etc. could give a student like me an understanding of the merits of the career, personal experience with the firms listed above, and the skills that are derived from the work.
I think WSO can at times be too heavy on IB and ER so I have been trying to understand some of the other interesting/challenging careers Finance has to offer. Personally, the idea of working for a company or creditor in restructuring debt and advising on improving operations seems like a great starting point for a career in finance. I know consultants typically do 13-week cash flow analysis along with qualitative input, but would love a more in depth analysis of the space and any resources I should check out to become more well versed in the vernacular and process before an interview.
Thanks!
bump
All I have experience of is corporate finance, from understanding the experiences of some people very close to me.Two key advantages I hear again and again are:
The training is extremely structured and creates a wealth of opportunities moving forward in your career.
As you work with a range of clients, you will be exposed to a variety of skills and experiences. This can be an excellent start to narrowing down your career path as you find what you enjoy and loathe within the Finance career,
I hope this helps a little!
absolutely, thank you!
What are common exits from turnaround consulting?
Bump
If anyone has any experience working in Rx consulting would love to hear more about the day to day and what the work is actually like
I spent a short period of time at one of the three firms OP mentioned and in my experience the more meaningful work (cash flow model, business planning, etc.) isn’t done until the senior consultant/VP level. A lot of the junior guys right out of college get stuck doing claims or other database management tasks... This is due to the high-stress environment of a company going through ch. 11, the clients want to see veterans with multiple restructuring under their belt, in contrast to a regular strategy/implementation project where McKinsey, Deloitte S&O, etc. can just throw out 5 college grads with a director and VP to babysit them. If you can get a few years of transferable experience and come in as an experienced hire you’ll enjoy your time in RX consulting.
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