It's safe to say that when most begin working in restructuring investment banking - or in some kind of distressed credit investing role - they have no idea what they're getting into.
That's because all keen students, whether undergraduates or graduates, go through the same traditional investment banking prep guides.
...These guides are great for making sure you know the basics of accounting and valuation, but they are narrowly catered toward those pursuing M&A work, not those pursuing anything remotely analogous to restructuring.
This has created an odd chasm; RX is perennially one of the most desired places in finance to work, but yet few have any idea what the job is all about before they actually start it.
Restructuring Interviews was created to shed some light on the industry for those who are looking to work in restructuring or are just curious about it. While the course contains hundreds of technical Q&A, one of the most important aspects of the course is where we go over what the day-to-day work is, what terms and concepts you must know, and what deals exist.
...What I personally found lacking in many traditional prep guide when I was in college was that you got the technicals, but you were always left wondering: so what do I do with this on the job? This course aims to bridge that gap.
Restructuring Interviews started as a collection of questions and answers that I made for my own benefit - as I was trying to get through the rather steep learning curve that exists in restructuring - but it has since been fleshed out into a nearly 100-page guide with examples and much more. I actually wrote down the first questions and answers while a summer analyst at an elite boutique.
Restructuring Interviews also provides a blogging platform to discuss the mechanics behind deals and generate industry trends.
...One thing that is painfully obvious is not just how little those in finance (outside of restructuring) know about restructuring, but how little the general public does as well.
Restructuring is an essential part of a healthy, thriving economy. Ensuring that a company is not bogged down by a capital structure that is ill-suited to the current state of the company. The capacity to avoid zombie corporations is a signal of economic vitality and overall health and that is directly attributable to the work of those in restructuring.
When I started Restructuring Interviews, I didn't even bother standing up a website. I figured there just wouldn't be enough interest to go through the hassle.
How wrong I was.
I've been blown away by how interested folks are in learning more about the world of restructuring. It seems quite obvious this is a reflection of there being such a dearth of practical information out there -- with the most highly prized restructuring / distressed debt book now being 16 years old.
Restructuring is a fascinating field; combining finance, law, and psychology in an often chaotic blend.
I do hope you find something of interest here and please feel free to reach out to me. However, I should note that I don't have much time in a given day, and prioritize those who have ordered the course, so my response may be slightly delayed. If you don't hear from me within a week, please just forward your e-mail along again as I likely missed it.