Public Accounting / Operational Finance transition to Investment Banking
Hello All,
So I am looking for advice from WSO users regarding a career move that I have been contemplating for some time. First- here is a quick background: Started my career in Big 4 public accounting (4 1/2 years)and had exposure to a broad base of clients (including audit work for a small broker-dealer). Then was recruited out of the firm for an operational finance role (4 years) for a $4B global building materials company. Last six years have been in a senior finance role for $225M engineering / commercial construction firm in Connecticut.
I hold a BS (Accounting) from Univ of Connecticut, and a MA (Finance) from Harvard. Note this is not an MBA from HBS.
Current compensation: Base- $135K; Bonus- $27K; Other (auto allowance & stock grants)- $17K; total comp = @180K.
My dilemma is that I am looking to make a transition to financial services... preferably with a top-tier Investment Bank, or with one of the many hedge funds or PE firms based in Fairfield County, CT, Metro NYC, or Boston.
Recognizing that I have no financial services experience (with the exception of auditing a few FS firms during my tenure in public accounting), what would you recommend for someone with my background? Is back-office the only in for the IB route? Would hedge funds be more receptive to someone with my background?
I've had one of the "experienced hire" recruiters for Goldman Sachs call me about a few opportunities in the Jersey City, NJ office, but they are looking for senior associates / VPs for back-office roles only. In addition to the role being less than enticing, the comp doesn't seem to make sense given where I'm at presently.
Any suggestions / comments would be greatly appreciated!
~B
you could always do b-school and get into the game that way
Or try middle market firms and see what possibilities are there...
~36 would be a little old for an MBA...no?
You have some great experience and education obviously. Your age is the only issue, if you were closer to 30 I'd say go for the MBA no question.
The fact that you haven't had any experience at all hurts you as far as front office roles are concerned. You really will struggle to get into IBD or S&T at this point in time.
I would look into operations/back office roles at Hedge Funds (DE Shaw has a good role: Finance and Operations Generalist, there are others too). I've heard the pay there is around 150K, not terribly far off from where you are, and you can only move up from there.
Anything is possible. Network your ass off and you never know what can happen. Don't overlook your job security either, realize that even if you were to get a FO role, it'd be a tough transition and may not work out.
Good luck. I'd start making calls ASAP. Crazier things have happen than you getting a FO position. Keep fightin'
I have a similar situation in that I work for a big 4 public accounting firm in a transactions group that does valuations and business modeling and am interested in investment banking. However, I am at a very different part of my career.
I am 24 and only a year and half into my job (straight from college), but have come to realize that investment banking work is the work I want to gear my career towards. Going into my senior year of college, I was unsure of my plan and didn't really get aggressive trying to find investment banking opportunities. I didn't really start my job search until the end of the fall.
What are my options on transferring over to banking? Is my only option going back to business school and getting an MBA and trying to apply for an associate position? I have a CPA... would this be helpful in a transition over? I know that banks typically hire only out of college for analysts positions, but do you think I would have any chance if I were to apply for an analyst role?
MBA is your best bet if you can't network your way in. A CFA is also something you should look at since you can get through at least a few levels of that, if not complete it, where you are.
What I Want -
If you can network your way in, that would be your only bet. Start calling now for SA or FT positions. I think recruting season is almost (if not) over now though. Big 4 looks great on the resume, take the GMAT get >700 and get into a good MBA program (Stern or better) I know it sounds bad, but it'll be two great years and you could definitely get into IB with that CPA background and an MBA.
If you REALLY want it, you can make it happen. Much better shape than a lot of other people on here.
Amet expedita ea tenetur laboriosam quo quia qui. Perspiciatis quis aut nam. Odio aspernatur reiciendis omnis tempora nihil.
Odit autem ab velit sit nam at. Ducimus quod quidem pariatur dolorem. Odit enim ut numquam consequatur est iste. Laboriosam aut debitis aut non.
Numquam mollitia quae excepturi temporibus. Quia qui et sequi ut sunt et culpa. Est id et quidem quia repellat. Tenetur autem suscipit eum enim et cupiditate voluptates repellat. Vel facilis labore itaque eaque soluta laudantium nemo. Minima enim repellat tempore et quas iste. Minima itaque laborum magni sunt nihil ullam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...