Fortunate to be matriculating to a T15 MBA program. Planning on recruiting for investment banking. I am really interested in restructuring but I know how challenging placement is. I have 3yrs of valuation and transaction advisory experience at a reputable boutique. My work is mainly fairness opinions and general corporate buy/sell planning enagements for large sponsor backed private companies.
Is trying to recruit for restructing groups even feasible coming from a T15 MBA program (think Tuck/Anderson/Cornell/NYU)? Should I try to be more realistic and target M&A groups instead?
I took a look at most of the summer associates in PJT RSSG and the majority are Wharton and Harvard kids.
Would appreciate any advice. Thanks!
You should have a few options that come to your campus...reach out to the ones that don't. EBs are generally pretty lean so can't have a physical presence everywhere. It doesn't mean they won't consider you
PJT [and Lazard?] might be a little more difficult but the rest are fine
Thanks for the advice, I really appreciate it!
what would you say are key things to know for these interviews?
Restructuring is very valuation heavy plus EB's like Evercore, Moelis, Lazard demand the cream of the crop candidates; those interviews for me were harder than anything the BB's could throw at me. Better bring your A game and study your ass off on those technicals.
Thanks for the insight into the interviews. Besides the HL case study and studying Moyer's book inside and out. How would you recommend preparing for Rx interviews? Thanks again.
My memory's foggy on the details but I wasn't asked restructuring technicals at all from the Rx shops but more just really tricky share price calc questions from very limited variables/ratios and accretion/dilution logic questions.
Actually the restructuring questions I got weren't from the Rx shops but BB's; understanding the levers to pull in de-leveraging a company, levers to pull to increase EBITDA and lower the leverage multiple, improve interest coverage ratios.
Besides knowing 400 questions forwards and backwards (also the WSO guide is great too as a substitute if you don't have the 400 guide), I would play with some DCF or merger models and play with the inputs to understand changes can increase or decrease the valuation.
And don't underestimate behaviorals; I remember being asked, "what makes you think you'd work well with analysts?" "How would you handle a difficult analyst?"
Thanks again for more great advice!
You were asked about share prices in rx interviews? I don't think I got one equity / share question during my interviews
Aren't there a bunch of Dartmouth dudes at PJT? They must have all done their undergrads there if what you said is true. I would be very surprised if that place didn't hire associates beyond Wharton / Harvard given that they like never promote A2A.
Regardless, I would think hard about whether or not there's a clear career track at the firm you are considering. For example, a certain EB that all the kids here like to jerk off to is actually well known for having a clog of VPs in rx that are struggling to take the next step. Meanwhile there are firms like TRS where if you join now, you would probably have a very clear career path to MD (with the trade-off being near-term mandate quality and maybe exits). A happy medium might be something like PWP. They're not going to beat PJT every time on a pitch, but it's still an elite brand with an easily identifiable source of mandate growth (TPH acquisition -> energy rx mandates).
Also, assuming you graduated at 22, you're going to be in your late 20s by the time you come out of business school. If lifestyle is going to start being a concern, young, lean firms like TRS are almost always sweatshops (though obviously don't take my word for this and actually call someone at the firm to find out).
6 undergrads from Dartmouth and 1 MD who did his MBA at Tuck
Thanks for your perspective, makes a lot of sense.
As an alternative if you're really interested in RX and you don't place at an IB, I'd suggest consulting (AM,Alix,FTI) you'll get to know the in and out of RX, gain relationships n can move over to either banking or fund if you're good at connecting with that group on deals.
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