RX vs M&A at a NY boutique

I'm starting full-time this summer at a boutique with solid M&A and RX franchises and wanted to get some info and advice before training starts. The firm is pretty well known (Evercore/Moelis/Lazard/Greenhill) and I have the option of going with either M&A or RX. I did not summer at the firm and so can't really pick based on culture. I also have no specific industry interest. As someone who's undecided between PE/associate promote/b-school, which route would offer me the best experience and most opportunities?

Also can anyone speak to the differences between being in a dedicated RX team (LAZ/EVR) vs being in a generalist environment (MC/GHL)? It seems like RX is pretty technical and it would be difficult to get familiar with all the nitty gritty details if you're being staffed on M&A projects at the same time. Or are there pretty transferable skills between RX and M&A?

Finally, does anyone have any up to date info on how exits have been for EVR/MC/LAZ/GHL analysts this past recruiting cycle? Any trends?

Thanks!
Matt

Comments (12)

Mar 8, 2016

Bump

Mar 8, 2016

For RX Lazard / Moelis is the best. EVR is a decent option for RX as well.

For M&A Evercore / Lazard is probably the best. Moelis is great for M&A as well and has good sponsors relationships if interested in PE exit.

GHL is decent for M&A and not that good for RX.

All are good options I would say

1-Lazard (Most prestigious boutique brand name + strength of M&A and RX divisions)
3-Moelis (Excellent RX practice and M&A practice, tough culture, excellent HF / PE exits)
2-Evercore (Excellent M&A practice but 2nd-Tier RX group, great brand name but below Lazard)
4-Greenhill (M&A a little sub-par compared to other names on list and RX not that very good, decent exits)

RX skillset encompasses M&A skill set but not vice versa because of niche legal rules / valuations, etc.

Mar 8, 2016

Thanks for the input.

For Moelis/Lazard, would it be reasonable to say that a RX Analyst would get the same PE interviews as an M&A Analyst in addition to more niche exits like distressed debt?

You mention Evercore's RX practice as being second tier - would you mind elaborating on that and which firms you'd consider to be the top players?

Mar 9, 2016

As someone who has experience in Rx and M&A, I would suggest Rx if you want to learn technicals skills and how to model. Some days, you'll be going in to work and be like holy shit that was cool.

But in a srs note, I don't think you can go wrong with either. Go for the best exits I guess if that's what you're looking for. If you're at a top platform, your Rx group will still land you vanilla PE interviews. You may have to do some extra prep in terms of building models from CIMs, but I'm sure it's doable. There is a small pool of guys who are in Rx, so you'll get ton of distressed looks. I would also have an interest in energy / metals and mining and possibly retail if you're going to Rx

Mar 10, 2016

Hi gents do you think a Rx Internship at a big4 makes me competitive for summer recruiting into these top Rx groups next year or should i chase better brand names ?
I'm based in continental europe.

Mar 10, 2016
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