Big4 Auditor in Hong Kong Interested in IB | Thoughts on Foreign CPA (HKICPA) Relevance?
Hey ALL,
I recently graduated from university and began working as an FS auditor at one of the big4 accounting firms in Hong Kong. My work is mainly to support audits on large institutional banking clients (also other financial services firms) and their operations in Asia. I have been interested in IB since my undergrad studies but did not end up getting an offer. Therefore, I want to try and do everything I can to get ready for IB during my future several years in big4. For example, I am considering the HKICPA designation (since the firm is paying for it), and making my way to the transactions group. Then I plan on making a move into IB either thru networking or doing an MBA in the States. My question is how relevant is a CPA designation from Hong Kong (HKICPA) during IB recruiting, especially in the US? My ultimate end goal is to be in New York working for a middle market or BB firm.
Cheers & thanks for your input in advance.
UK based and made a similar move all be it into Asset Management as opposed to IB.
I was interested in the path to IB myself but in the UK at least, the US banks & BB’s don’t look at accountants often. You could get looks from some EB’s (Evercore, Houlihan Lokey & Rothschild) who do have programs specificly for chartered accountants. In the UK they have specific ACA programs but these positions are generally quite competitive. Pretty much everyone I knew in accoutancy who was semi smart was gunning for roles in banking.
Going to the transactions team is a good route overall I can’t speak to the hong kong designation but can’t imagine it being well perceived as the CPA specifically is what’s known best in the USA. If they haven’t heard of it before they won’t take another look at it.
If I was in your situation I’d network my way into the TAS/corporate finance team at your B4 (B4 firms have their own internal IB working on MM deals) and continue to build the technical skills you need and the relevant background for IB. Then I’d say go for an MBA from a top 15 school in the USA which should set you up for a MM role in banking at the least. Don’t think that in the US would be possible without an MBA.
Again what I’ve said may not be completely accurate as I’m UK based and generally big 4 experience is respectable here whilst in the USA isn’t perceieved in the same light.
Thanks for the advice. A top MBA definitely sounds like the best way to enter the industry. I am considering the Hong Kong CPA also because my firm is optionally asking all of its auditors to take courses away from work and take exams. Although these are optional in nature, I feel like my decision to not take them could signal that I don’t intend on staying in the group/firm for much longer. Would that potentially look bad while networking with colleagues?
I’d take it regardless worth to note a lot of Big 4 firms require you to qualify before transferring service lines (exactly why I left) + you can get called back to audit any time if it’s particularly.
There’s no downside to having the designation but don’t think it will really matter to BB banks in the US. Accounting is essential for IB so having the designation will help from a knowledge perspective so it won’t hurt your chances. Again would help if some US folks chimed in as I’m not completely sure about how IB recruiting works there.
Got it. I will most likely go with the program then. However, another concern of mine is the accounting differences between Hong Kong and the US. Although a lot of the rules have converged, I don’t want to be seen as an outsider when I’m recruiting for US IBD.
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