Restructuring and Turnaround Consulting
How to get in, hours, pay, exit opps from Rx Consulting, etc?
Trending Content
| +26 | Nervous about MBB - incoming BA | 18 | 6h | |
| +17 | Switching from studying medicine to healthcare consulting. | 8 | 4d | |
| +9 | Chances at MBB - Reality Check | 1 | 3s | |
| +6 | How much do your MDs make? | 1 | 3d | |
| +5 | Restructuring market | 4 | 11h | |
| +1 | Business | 3 | 5h | |
| +1 | Portfolio Operations Group--DFW area | 2 | 9h |
Career Resources
You can become a drop in CRO (R=restructuring). I see no reason why that wouldn't be great pre-play for any and all senior management positions.
With my conversations I've had recently with multiple seniors at a restructuring firm....
A lot of what they do is accounting based work so having experience in accounting really helps. Depending on what all you're going to be doing, having field experience in the type of firms you're going to be restructuring helps a lot too. If you've worked in an engineering firm for 8 years and are going to be focused on restructuring those types of firms, that experience is definitely helpful.
How to get in? Pretty much the same way as any other firm. network.
Pay can be really well with some good bonuses depending on the firm and how many deals you can do.
Hours are generally 50-60 a week, with lots of travel as you'll probably be going on site to the company you are restructuring.
Exit ops? Don't know. Everyone I talked to is in the industry still and not looking to leave. I would assume PE or IB as one side of restructuring is setting up the company to be bought, or to merge with another company.
what firms do this?
do what, exactly?
I work in a big 4 consulting arm - corp restructuring group, would this lead to an opportunity at PE or IB?
maczack, no offense/sarcasm meant by this at all, just curious; if you work in big four rx already, why are you asking wso what the exits are?
Because I'm more interested in shops like Lazard, HL, Rothschild.. that's why I got into corp rx. But we do quite different work here, mostly chapter 11/chapter 7, receivership, bankruptcy.. wanted to know what my chances are of switch to the MM IB firms. Thanks.
If you are looking at the restructuring practice at consulting firms (such as big 4) then they typically hire internally or experienced CPAs. You might have to do a few years' audit first. But again depends on your experience.
Highly recommended student workshop on restructuring by Roland Berger: http://ies.fsv.cuni.cz/default/file/download/id/13630
Reading this thread - a quick word of caution: Big4 restructuring is doing somewhat different work from the strategy firms. Coming from audit, they have a stronger focus on the financial assessment and less so on the business model/ strategic realignment.
The working hours at a restructuring practice of any large strategy firm are pretty abysmal. (The restructuring guys at my firm e.g. have no office day.) That being said, it's a high-intensity work environment and you'll turn every stone at client site - I'd say the learning curve is basically unrivaled (though decidedly "hands-on").
24837, when you say the strategy firms, does that include, alix, fti, a&m, etc or are you focusing on MBB types that happen to have restructuring arms?
bump, anyone have insight as to alix/a&m/fti--> top MBA?
one more bump
I am sure you will have opportunities to attend a top business school. As a restructuring consultant you will get opportunities to work on a myriad of business issues, such as developing strategies to improve a company, selling non core assets, raising capital, improving cost structure, etc. Plus the majority of your projects you will be working with c-suite level employees, PE, investment and corporate bankers, and top tier lawyers. Overall, restructuring teaches you how to manage and turnaround business and prepares you for CEO and CFO level positions. All top business schools will find this experience valuable.
maczack, what do you make at a big 4 restructuring firm in the US right now? I work at a CDN one as a senior at $80K plus a lousy 4% bonus. What does FTI, AM, etc pay in Canada and in the US?
Can't speak for all of the firms you listed, but I do know at my firm nobody makes less than 90 - 100k at the most junior level.
I would think PE seems like a viable exit opp - agree/disagree?
I work at a boutique restructuring company, big players in the industry include A&M, FTI, huron, Alix. Nearly every accounting firm has groups that do this as well, big 4 and midtier firms. The hours depend very highly on the deal you are working on. Anywhere from 40-80 hours a week, just depends. Projects can vary significantly from strategy consulting, to bankruptcy work to investment banking. You need skills in accounting and modeling. While some shops hire directly our of undergrad, most firms hire employees out of public accounting, investment or commercial banking, usually three to five years experience at a minimum. high level employees will be post MBA or require C-level experience. Lower level employees will exit into investment banking, PE, top tier MBA. Have also seen exits into F500 strategy groups. Higher level employees may leave to become a CEO or CFO of former clients. Pay is competitive as people usually exit from investment banking, commercial banking, big 4 accounting.
Keep in mind the strategy work is very different from MBB, usually you are trying to right the ship at these companies and have to recommend layoffs, exits from certain business units, plant consolidation, sale of non-core assets, decide where to allocate capital, etc.
Voluptas quam nulla consequatur sequi et. Libero cumque modi expedita sit quos placeat aut. Ducimus asperiores laborum modi quos est quis aliquid. Sint cumque recusandae est tenetur corrupti ut. Vel optio sit dolores consectetur laboriosam cumque et doloremque.
Sunt et occaecati facilis et dolorem atque. Reiciendis dolor ullam quas quia dolorum sed. Recusandae autem quia aut at qui.
Quia velit ratione id et qui corrupti est. Aut laborum eum sint perferendis laudantium atque. Facilis ea ipsa quasi ut eos.
Fugiat qui et aut. Pariatur at molestiae qui molestiae facere. Sequi voluptas dolor dolores ut omnis corrupti explicabo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...