What are the exit opps for Big 4 EY Restructuring and Turnaround?
If I leave after I become chartered, what will the opps be?
And how do I go about finding them?
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Probably pretty limited, Big 4 is not good in restructuring, would lateral to a shop like A&M or Alix.
At what point in my career shall I lateral to A and M?
And after lateralling, what exit opps do i have?
What geography? B4 is fairly strong in RX outside the States. If in the US, then yes, I'd agree you should try to lateral to A&M, Alix, FTI, or Ankura (in that order). After leaving firms like these, exits at the junior level include IB, distressed PE PortCo Ops, corp dev, private credit, fp&a, and I’ve even seen PE deal team occasionally. I’ve also seen plenty of exits to top 15 MBA programs. At MD level, exits can be CEO, CFO, COO, & PE Operating Partner.
Exits opps for Big 4 in Europe/ UK are far better than the US. Lots of IBs look for recently chartered ACAs to replenish their analyst classes, not sure about moving from RX directly though, as that's a niche skillset, easier to make the move from Big 4 Corporate Finance or transaction services. Though, a few RX banks do hire ACAs now (e.g PJT), so it might be possible to do a move straight from Big 4 RX, but I don't think there aren't many of those types of opportunities. Otherwise there are standard accounting/ Financial analyst (FP&A) roles that all look for recently qualified ACAs.
Big 4 rx focuses more on the operational/ administrative side of restructuring, so it's not like RX banking which focuses on capital structure work. However, you could always move to an (ex) Big 4 RX shop: Interpath or Teneo or PWC, though comp will be in line or even worse! A&M is another option, and does similar work in the UK but gets more international cases. It's split into 3 RX groups: Insolvency (Big 4 type work), Operational/ Turnaround (turning around companies by becoming their finance dep- "debtor side"), and Financial Restructuring ( mainly advising lenders - "creditor side"). The closest to US type work would be their turnaround group. The UK office was only setup in 2017 so it doesn't have the reputation that it has in the US, so comp and quality of mandates are both inferior as a rule. Remember this when reading about A&M on here, 99% of comments are US focused. But, comp at A&M (even in the UK) smokes everyone else in their market, apart from at the analyst level. A bonus driven culture is the best way to describe it, but you will work hard for it, as their standards are much higher than the Big 4 (from what people have told me).
Rough Comp
Assoc (just completed ACA) = £65k base (40%-50% bonus, which can be higher in great years)
Senior Assoc = £80-100k (40%-50% bonus)
Discouragingly, I haven't seen A&M get staffed on a major case in UK in months, so they might be struggling for work at the moment, even while the UK insolvency market is red hot. I'm joining in Aug so, if I remember, I will update this post then once I can give a more accurate picture of what's going on there.
What's the exits from A&M Rx to IB Rx like? Or is the comp difference vs hours not make it that worth it
I don't think I've seen anyone make the switch directly. Comp at IBD will beat A&M at every level, especially at the Analyst level (A&M pays its 1st year grads a £35k base!) I believe A&M's hours are more in line with consulting- e.g. around 60 a week.
So, if you're an Assoc 1 in IB, you'll probably working 70-90 hours for a £100k and 80-90k bonus
At A&M, you'd likely be working around 60, with a £60-65k with a £25-30k bonus. So around 50% haircut for a marginal improvement in hours. But obviously this represents a 'standard' year. I've heard of 100% bonuses at A&M, but obviously that's the exception not the norm.
You'll have to make up your own mind as to the hours vs comp trade off.
a few people from A&M UK Debtor RX team moved to IBD both M&A and RX but not quite "EB" level shops but from Associate to Associate level in past few years. Dont know about Creditor team
sadly closer to what feels like years. lot of work done by the team supporting CTS, PEPI and doing European work on mandates won by NACR primarily (like FTX i believe) or simply supporting with head count
Sorry could you explain/expand on this? Do you mean that it take years to get to a solid comp level? Is this for the insolvency/ turnaround teams? I didn't think they supported NACR, but that might be not relevant for insolvency
Thank you so much for your help. Do many big 4 restructurers move over to IB?
Not many, it's a fairly niche department. Plus only PWC/ EY even have RX departments any more. Way more will go from Corp Fin/ Transaction Services.
All of the Big 4 accounting firms and even many of the next largest public accounting firms outside of the Big 4 have Rx departments. Agreed though that they are still really small groups in the US.
I met a guy in Roths Rx who came from a big 4 Rx
how did he do it...can u link his linkedin on here
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