Alvarez and Marsal -- Restructuring and Turnaround Consulting
I have a standing offer to join Alvarez and Marsal out of undergrad as an Analyst in their Restructuring and Turnaround Group. Can someone give me more information on what type of work I'll be doing? I understand much of it is mainly 13 Week Cash Flow Models, but is the work interesting? What is the lifestyle? Comp?
Also, what exit opps are there coming from an analyst position? Is PE attainable? How would you view this role, and is it worthwhile, for not just now during COVID but for the next 3-5 years.
bump
bump... anyone have thoughts or input of the M&A/ deal due diligence group at A&M?
I know the group essentially does Quality of Earnings reports and Net Working Capital analysis. In the end they provide an assessment that is about 20% qualitative and operational in addition to the aforementioned reports. Work heavily with P/E clients and is dominated by CPA's.
Take this with a grain of salt, have done my own networking with analysts in the group.... I don't work there. Look up Quality of earnings, NWC, and financial due diligence if you are interested.
thanks for the input.. any idea how the comp for this group shapes up with the RX and consulting groups? Are they similar/slightly lower? I’ve heard A&M has pretty good bonus structure.
bump
Great shop! It's a hot market right now.
I don't have any personal info to add, but I would recommend checking out the Fishbowl app to hear others' thoughts if you haven't already.
I work in RX consulting for a competitor of A&M. It's a solid place. What city will you be in? Here is a flavor for what you'll be doing (although you should have gotten this through the interview process?)
Debtor Side engagements: 1. Travel M-R to client site 2. Work with their treasury group to forecast a 13 week cash flow and be the CFO's primary point of contact to everything related to it. 3. Build a business plan - Work with their business groups and FP&A to build an operational business plan that links up to a 3 statement model + liquidity forecast 4. Access opportunities, cost take out, funding needs 5. If the project heads towards a BK, there are a ton of other reporting / analysis you'll be doing to help prep (learn about the BK timeline it'll help so you know what the sequence of events are) 6. Help through the diligence process for potential investors / lenders 7. Party hardy at the closing dinner 8. Rinse and repeat
Typically there are a couple people on the team depending on size of the project. You might get a piece of a work stream or the whole thing...just depends. A&M like many other firms have different groups like PEPI or CFO advisory. Dont be shy to jump on one of those projects. I hate when I see an analyst only live and breathe cash flows - total hardo move.
To your second question on exit ops. I've seen it all. IB, PE, industry, other specialized consulting groups. It all depends on how you tailor your experience there. You will have great access to IB/PE/Industry folks and that network is your key.
Thank you! This is great. I will be based out of NYC, why do you ask?
Hey thanks for all the great advice on this forum. Just to share a bit of my background for context, I have a CPA and began my career in public accounting, but have spent the past 6+ years in strategy/corporate development roles at fairly large companies in the O&G industry. My most recent position also took on all FP&A responsibilities addition to the M&A mandates.
I was hoping to get you input on a few matters:
1) What are your favorite aspects of the work in RX consulting and your least favorite?
2) Do the debtors typically respect your contribution or see you as another vulture feeding off a dead or nearly dead carcus (pardin the morbid metaphor) 3) Have you seen people with a similar backgroud to me enter into the space? If so have theyprovided any insight into things they like more or less?
To me it seems like a great way to add value to the O&G industry during an unprecedented time and I feel like I have several transferrable skills. However, what excites me most is the ability to expand my experience working on numerous engagements, industries, and potentially service lines and be able to work with management to dig in and gain a deep understanding of their processes, financial position, strategy and key performance drivers, while providing valuable advice to augment their performance. I suppose this is the "consulting" part of the equation?
Would love you thoughts. Thanks again.
Would rather breathe carbon monoxide than 13W CFs. For me personally, I find it by far the least interesting analytical work that falls w/in my job description.
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