Incoming Rx Consulting Intern Industry Slowdown Concerns
Hi all,
I'm an incoming Rx Consulting intern at a Big 3 Rx firm (FTI/A&M/AlixPartners) as a junior in undergrad. I'm very, very fortunate to have this opportunity but can't help and think about full-time conversion returns.
I'm sure over the last year or so, hiring for restructuring/turnaround was very necessary and so more likely than not many firms began increasing recruiting. Now, based off Rx slowdown, it seems that there is a lot of pitching and not a ton of work to be done (or as much as last year). Should this be something to concern myself with?
I understand whatever happens, happens although it would be nice to know how this would impact full-time outlook. Does anyone have any advice for this situation? Would it be recommended to begin/continue networking with individuals in the Rx space (i.e. speak to Rx IBs, other Rx consulting firms, even something like McKinsey RTS, BCG TURN, e.t.c.)?
Really appreciate all the help and insight!
bump
Personally, I would not worry too much if you are set on restructuring. Just keep your heads down and do your best during the summer. For example, my office does not have opening for experienced hire now but we are still on schedule for OCR recruiting.
This is exactly what I was looking for. Do you recommend networking at all with other Rx-related firms? McKinsey RTS or BCG TURN sounds really interesting especially coming from an Rx-focused background in undergrad.
Was gonna reply to ur message but it somehow got posted as a new comment. Please see comment below.
Got it. Super helpful thank you!
Just as an FYI, BCG TURN (possibly also McK RTS, but less sure about that) is much broader than just traditional Rx work.
They do a ton of that, but they also deploy a lot of specialized teams to support major growth/turnaround initiatives over the course of the TURN journey, and a lot of this work looks much more like a bread and butter consulting project. This is one of the major selling points of hiring MBB over someone like A&M/FTI/AlixPartners.
At least in North America, you can't join BCG's consulting team at the entry level as a TURN specialist. You'll have to start as a generalist, and then get on TURN projects. This isn't that hard to do, but you'll ultimately have to work on at least a few non-TURN cases before you can devote yourself entirely to TURN.
Overall, I'd say it's a bit of a different ball game than joining a firm that only does Rx.
Thanks for letting me know, I actually didn't know you couldn't dive straight into BCG TURN. Super helpful information!
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