DL vs RX
Does it make sense to ditch RX for DL? (both FT positions for Analyst level - Europe-based)
Reading online seems that DL has a better work-life balance but it's less technical and more market-driven vs junior credit
On the other hand, ending up at an RX shop I am not sure I will rule out in the future a DL exit, and therefore I am questioning if it makes sense or not to go straight to DL
If I realize that I don't like DL would be possible to exit either in Distressed/subordinated funds?
Many thanks for your help
I guess it depends on how well known the DL shop is, how good the rx group is, and how much you value WLB for the first 1.5 - 2 years of your career. But if you are not 100% sure what you want to do, then I would lean towards rx. Far more optionality and ability to exit to both PE and credit, and it would be pretty simple to exit to DL after a year at a decent rx shop if that is what you want. I am still only an analyst in rx, so take it with a grain of salt, but my opinion is that for distressed firms you will be competing for associate roles against rx analysts who likely have a better technical background and a far more structured recruiting process to these firms, so they will likely get more looks and from better funds.
RX Shop is top 2 in London, DL platform is $5-10bn AuM and the flagship strategy has been for many years PE (and for many more it will be - I think it's a tier 2 sort of player).
WLB is not too much of an issue as long as it's not a 9-5 (like those GS bankers) and I value more having some more free time during the weekend (DL apparently has been getting a lot sweatier due to absurd request by sponsors, and it's very common to do work Saturday/Sunday - sometimes a lot as sponsors ask for IC commitment after 4/5 days)
What would be great to know are some insights from people working in DL to understand if my impression of very qualitative vs quantitative work is just an impression or it's becoming reality (had a chat with a senior and told me that DL changed significantly in the last 2 years but wanted to get a perspective of a junior as well!)
Tough to say without knowing anything about the firms
thinking the same here, are there any credit shops (BX, Ares, Oak Hill etc) worth taking over an analyst stint at a PJT/HL RX spot? Mostly interested in PE/HF (both regularway buyouts and more distressed stuff)
Ares Special Opportunities - I'd take over any banking gig.
Not sure how Oak Hill pure distressed analysts place and not familiar enough with Blackstone's credit analyst placements (ie; if you are risk specific, etc.) to give an opinion there. Though I'd probably say TacOpps / BSOF if they take specific analysts, I'd do that over those banking seats.
I'd take PJT RSSG over performing Ares, Oak Hill, or Blackstone though.
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