FDD/TAS Senior > Restructuring (Rx) analyst or associate (FAS/Banking) - Has anyone seen it done before? Would starting from Valuation instead of FDD be a better stepping stone to Rx banking. Also, I would imagine the best Rx banking exit would be to HL. Is FTI Rx (FAS) considered better than EY-P Restructuring consulting? How about compared to AM Rx (FAS). Thanks for any input!

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A&M/AP > FTI > EY on the RX consulting side.

Cannot speak to FDD to RX banking but have definitely seen ppl move over from FDD or valuation to RX consulting.

Also have seen ppl from RX consulting move to RX EBs. IMO, best RX banks in no particular order are PJT, Lazard, Evercore, PWP/TPH, Moelis, and HL (more creditor focused though).

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Thank you for the answer. I am interested in restructuring, but I have heard the skill set makes it somewhat easier to break into distressed pe. Unfortunately, if by the time I get to the AM Rx Advisory role, I’m an associate, then I move over to RX EB, I would likely be too old to be an analyst again, which appears to be the coveted experience for pe. Ahh! I’m stuck in audit now and contemplating my next move. Thanks for the insight! At least for the first stepping stone, FDD seems to give the broadest options, unless I got in HL valuation, as I’ve heard big 4 valuation from audit pigeonholes you into ppa stuff, and not necessarily the best valuation experience, which is why I’m leaning big 4 fdd. Thanks again!

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This is quite the question.. not that many restructuring folks in this bowl. Might be better to ask on LI

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What do you exactly do in restructuring?

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From what I’ve seen in a few job posting and some info on here, you get hired by a company in, or close to, bankruptcy to help coach them thru it. You build 13 week cash flow models on various scenarios (headcount reduction and business line spin off and etc) so that management understands their options and can guide the business out of ruin. Investors encourage the hiring of restructuring firms so that they know expert advice is coaching management and ensuring a return on value for stake holders.

This is just one type tho. There are other types like working capital management and etc. I have had a hard time differentiating job posting for the various types but am interested in the version that does 13 week cash modeling.

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Had a friend move internally from FDD to restructuring. It can be done - just have to be good at your job and prove yourself, then get connected with someone on the other side.

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