Chief restructuring officers work as salaried or freelance employees of corporations and other businesses that are facing significant financial and operational challenges. They also are employed by venture capital and private equity firms that have struggling portfolio companies, accounting firms or consulting firms with a corporate restructuring and turnaround practice, and restructuring firms that provide services to creditors of distressed borrowers.
Since this is not an entry-level position, you’ll need to first work as a restructuring analyst or in a related position to obtain experience. Additionally, retired CEOs, chief financial officers, and corporate lawyers with turnaround experience are also hired for CRO positions.
You can learn more about job opportunities by using professional networking sites such as LinkedIn, attending career fairs, obtaining job leads through contacts made during internships, and contacting potential employers directly about potential positions.
Chief restructuring officers who are hired on short-term contracts move on to a new position after one to three years. When they become “free agents,” they can advance by receiving higher salaries or by accepting CRO positions at larger or more prestigious companies or consulting firms. Some may be hired for top executive positions such as chief operating officer, chief financial officer, or chief executive officer. Restructuring professionals who are salaried employees of venture capital, private equity, accounting, and consulting firms can advance by receiving pay raises and performance bonuses and by being promoted to higher-level positions. Highly skilled CROs with a proven track record at large companies can launch their own consulting firms.
Read the Journal of Corporate Renewal (https://turnaround.org/jcr) and AIRA Journal (https://www.aira.org/journal) to learn more about the field.
Use social media such as LinkedIn and Twitter to stay up-to-date on industry developments, network, and learn about job openings. The Turnaround Management Association (TMA) has LinkedIn, Facebook, Twitter, and Instagram pages that you should check out.
Attend the TMA’s annual conference (https://annual.turnaround.org) and the Association of Insolvency & Restructuring Advisors’ Annual Bankruptcy and Restructuring Conference and Advanced Plan of Reorganization Conference (https://www.aira.org/aira/about_us) to network and participate in continuing education classes.