M&A vs. RX

So I'm a sophomore at a target school. I am trying to decide if I should recruit for M&A or RX for my junior year summer internship. Any thoughts or advice? Would love to learn about how interesting the work is, exit opportunities (HF, PE), and how much I can learn through the experience. Thanks a lot!

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Rx is a no-brainer if you want to do distressed HF/PE.

Rx is still a better option overall if you get into a place like PJT, HL, LAZ, EVR, Moelis, Gugg, Greenhill, PWP, etc. since you can pretty easily exit to vanilla PE as well, especially from a generalist program.

 

I would say Rx provides more optionality (with respect to PE & HF) in the sense that they get looks from HF a bit more than M&A, whereas PE looks are roughly comparable between M&A/Rx. That being said, groups like EVR M&A still get a ton of HF looks.

In general, Rx leans more HF exits and M&A leans more PE exits.

 

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