Interview Advice - Elite Boutique
Hi, I am looking for interview advice for an off-cycle analyst role within the restructuring and special opportunities team of an elite boutique. Are there any specific technical questions to consider for such interviews - outside of the typical DCF/M&A models related questions?
I have only interviewed for generalist IB roles before so I am trying to find out as to what extent the preparation would differ for this. This is for a regional office so I am expecting the interview to be more technical than usual.
Hi there! For an off-cycle analyst role within the restructuring and special opportunities team of an elite boutique, you should expect some differences in the interview process compared to generalist IB roles. Here are some key areas to focus on:
Restructuring Concepts: Understand the basics of restructuring, including the reasons for it, the different types of restructuring (e.g., operational, financial), and the roles of various stakeholders (e.g., debtors, creditors, advisors).
Bankruptcy and Distressed Debt: Familiarize yourself with bankruptcy concepts, such as Chapter 11 and Chapter 7, as well as the process of restructuring distressed debt. Understand the difference between senior and junior debt, and the implications for recovery rates.
Valuation in Distressed Situations: Be prepared to discuss valuation methodologies specific to distressed situations, such as the liquidation value and the going-concern value. You may also be asked about the use of multiples in distressed situations and how they differ from traditional valuation methods.
Credit Analysis: Brush up on credit analysis, including understanding credit ratios, credit ratings, and the factors that influence a company's creditworthiness.
Case Studies: Be prepared to discuss real-life examples of restructuring and special situations. Research recent high-profile cases and be ready to analyze the situation, the actions taken, and the outcomes.
Technical Questions: While you should still be prepared for typical DCF/M&A model-related questions, also expect questions related to restructuring, such as calculating enterprise value in a distressed situation, understanding the waterfall of claims, and analyzing the impact of different restructuring scenarios on various stakeholders.
Fit and Motivation: Be ready to explain your interest in restructuring and special opportunities, and how it aligns with your career goals. Be prepared to discuss your background and experiences that make you a good fit for this specific team.
By focusing on these areas, you'll be well-prepared for your off-cycle analyst interview within the restructuring and special opportunities team. Good luck!
Sources: https://www.wallstreetoasis.com/forum/private-equity/on-cycle-recruiting-2018-what-to-expect?customgpt=1, Off Cycle Recruiting Stories, Did on cycle just start?, Q&A - Offcycle offer from UMM fund ($9bn latest fund size)
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