Great video, there ain't much about big 4 rx on youtube! I'm applying for EY's rx apprenticeship next year, and hope to get into rx consultancy long-term, so it's awesome to hear more about the space. Though from what I've heard, rx consultancy's comp is pretty decent- A&M, has a fairly low salary for graduates (as you mention), but has far variable higher (variable) bonuses (90%/ 120% MBB base/bonus). Also, as these firms use billable hours, in the US, A&M sets associates' bonuses as a % of billable hours. So, if there's a mega bankruptcy, and you bill 2000+ hours, you can make absolute bank there. That would when a year when the stars aligned on many levels tho! Before you get your hopes up, the bonuses are way lower in the UK unfortunately... If anyone's interested there's a load of great WSO threads on rx consultancy I can share :)
Thanks so much for the insightful comment bro 😅 Glad to hear you're enjoying the Rx content , defos a cool niche in this space Never knew that about A&M in US, could just be a US thing cos I have friends who work at A&M here yeah defos, point me in the direction of some articles, WSO is a great place for content
@@SohaibAshraf Hi mate (I'm on my other account). Unfortunately all my replies (on the other account) were deleted by by YT (I think posting links made me look like a spammer). I think you're able to manually approve comments? So would mind restoring mine? It would be good to share knowledge with others who find the video! Cheers
@@SohaibAshraf Hi mate, it's been a little while. I've just finished applying for apprenticeships, and just got an offer from EY today! Alvarez & Marsal have also started an apprenticeship scheme for this year, which I'm applying for too. If I manage to get an offer from both, what would you advise? A&M better comp/prestige or EY for the bigger intake/culture? You were right about analyst comp btw, . It seems like the bonus/ decent comp only kicks in after the associate level, and then only if you have good utilisation/ billable hours. But the comp is actually pretty good, not IB level, but around £120-180k for assoc senior assoc. Either way, I'm focusing on maximising experience/learning rather than comp, at least initially. Thanks for all your videos, I thought you might be interested in a little update.
Some of drawbacks working in RX: 1. Not strong financial modelling skills (comparing with Valuation). Bthw, even M&A guy in big4 is better in FM than guy from RX. Let put some numbers in my arguments (which is based on my experience of almost 2 years in val.big 4) : - Valuation guy will deal with 10-15 FM models (out of which 3-5 from SCRATCH) - M&A guy will deal with 5-10 (high level!) models in 1 year; - RX guy will just doing IBR (independent business review), which means even 15 models per year he/she will just check numbers in models. NO modellin in RX, guys. Keep in mind!! 2. Exit opps? Not such lucrative as in val/m&a. Distressed PE funds? In the country im living there are only 2-3 PE Distressed funds. And even these PE fund will invite va/m&a guy rather than RX guy. Only 1 pros to work in RX: When hard times comes (crysis, etc) RX department has lots of work. While m&a has no deals in a difficult times.
hey jacob, thanks for the detailed comment - i do agree there are positives and negatives when comparing to other divisions which i didndt touch on, thanks for bringing that up Defos agree that if traditional PE or Banking is what you wana do then Rx might not be the divisoin you wana be in due to the difference in skillset (and lack of modelling) not sure what country you're in , but I think everyone division has a skillset that they bring to the table and thats why they're sought after, like not everything is about financial modelling ability which is why they exit into things like Credit funds and distressed PE E.g TS has better exit ops into both Banking and PE than valuations in Big 4 London and they do 0 Financial modelling in that division ygm
Good question Big 4 Deals/TS/M&A to BB IB is not uncommon the only thing about coming from Big 4 Rx to BB IB is that #1 BB don't have a Rx division so there's not direct plug into them (although this isn't the case for Elite boutiques) #2 for moving into M&A the main focus has to be on modelling, but if you have an ACA and did a modelling course i don't think it'd be impossible but i reckoun your chances might be better for debt divisions like Levfin or DCM, worth having a search on LinkedIn to see if folk have made a similar jump and reaching out for advice hope that's useful :)
![BOWKYLION - วิงวอน (ex-change) [Official MV]](http://i.ytimg.com/vi/cLdnZWDaO-w/mqdefault.jpg)
Another Quality video...short and to the point! Keep up the great work
Cheers bro - appreciate that 🙏
Good luck with your interview 🤪
Great video, there ain't much about big 4 rx on youtube! I'm applying for EY's rx apprenticeship next year, and hope to get into rx consultancy long-term, so it's awesome to hear more about the space.
Though from what I've heard, rx consultancy's comp is pretty decent- A&M, has a fairly low salary for graduates (as you mention), but has far variable higher (variable) bonuses (90%/ 120% MBB base/bonus). Also, as these firms use billable hours, in the US, A&M sets associates' bonuses as a % of billable hours. So, if there's a mega bankruptcy, and you bill 2000+ hours, you can make absolute bank there. That would when a year when the stars aligned on many levels tho!
Before you get your hopes up, the bonuses are way lower in the UK unfortunately...
If anyone's interested there's a load of great WSO threads on rx consultancy I can share :)
Thanks so much for the insightful comment bro 😅
Glad to hear you're enjoying the Rx content , defos a cool niche in this space
Never knew that about A&M in US, could just be a US thing cos I have friends who work at A&M here
yeah defos, point me in the direction of some articles, WSO is a great place for content
Leme know what other stuff you Wana see or ping me on LinkedIn if you wana chat
@@SohaibAshraf Hi mate (I'm on my other account).
Unfortunately all my replies (on the other account) were deleted by by YT (I think posting links made me look like a spammer). I think you're able to manually approve comments? So would mind restoring mine? It would be good to share knowledge with others who find the video!
Cheers
Hey, thank you for the insight. Please could you share the WSO threads on rx consultancy.
@@SohaibAshraf Hi mate, it's been a little while. I've just finished applying for apprenticeships, and just got an offer from EY today! Alvarez & Marsal have also started an apprenticeship scheme for this year, which I'm applying for too. If I manage to get an offer from both, what would you advise? A&M better comp/prestige or EY for the bigger intake/culture? You were right about analyst comp btw,
. It seems like the bonus/ decent comp only kicks in after the associate level, and then only if you have good utilisation/ billable hours. But the comp is actually pretty good, not IB level, but around £120-180k for assoc senior assoc. Either way, I'm focusing on maximising experience/learning rather than comp, at least initially. Thanks for all your videos, I thought you might be interested in a little update.
Some of drawbacks working in RX:
1. Not strong financial modelling skills (comparing with Valuation). Bthw, even M&A guy in big4 is better in FM than guy from RX.
Let put some numbers in my arguments (which is based on my experience of almost 2 years in val.big 4) :
- Valuation guy will deal with 10-15 FM models (out of which 3-5 from SCRATCH)
- M&A guy will deal with 5-10 (high level!) models in 1 year;
- RX guy will just doing IBR (independent business review), which means even 15 models per year he/she will just check numbers in models.
NO modellin in RX, guys. Keep in mind!!
2. Exit opps? Not such lucrative as in val/m&a. Distressed PE funds? In the country im living there are only 2-3 PE Distressed funds.
And even these PE fund will invite va/m&a guy rather than RX guy.
Only 1 pros to work in RX:
When hard times comes (crysis, etc) RX department has lots of work. While m&a has no deals in a difficult times.
hey jacob, thanks for the detailed comment - i do agree there are positives and negatives when comparing to other divisions which i didndt touch on, thanks for bringing that up
Defos agree that if traditional PE or Banking is what you wana do then Rx might not be the divisoin you wana be in due to the difference in skillset (and lack of modelling)
not sure what country you're in , but I think everyone division has a skillset that they bring to the table and thats why they're sought after, like not everything is about financial modelling ability which is why they exit into things like Credit funds and distressed PE
E.g TS has better exit ops into both Banking and PE than valuations in Big 4 London and they do 0 Financial modelling in that division ygm
What screen holder are you using? Would be curious to know. Thanks.
sorry just seen this now - its VonHaus Dual Monitor Mount for 13-32” Screens
What are the exist options for restructuring consultants?
Another great video man!
Thanks my brother - glad you enjoyed!
Will you get the booster jag
Did you restructure anyone last night? The stuffed animal behind the headboard gives you away 😂😉
Brah😵💫
Can i break into IB BB from big 4 restructuring consulting? Any skillset that overlaps?
Good question
Big 4 Deals/TS/M&A to BB IB is not uncommon
the only thing about coming from Big 4 Rx to BB IB is that #1 BB don't have a Rx division so there's not direct plug into them (although this isn't the case for Elite boutiques)
#2 for moving into M&A the main focus has to be on modelling, but if you have an ACA and did a modelling course i don't think it'd be impossible but i reckoun your chances might be better for debt divisions like Levfin or DCM,
worth having a search on LinkedIn to see if folk have made a similar jump and reaching out for advice
hope that's useful :)
I love you so much
What if your mrs sees this comment?
#SubscriberGang
My real fans 🥰
Are you Irish?
Scottish
@@SohaibAshrafahh, thank you for clarifying that for me