Realistic exit ops with B4 valuation experience
I have 2.5 YOE in B4 and have been trying to break into IB for the past year. With exposure to business valuation, financial modeling (ie work with dedicated modeling team), and transaction support services, where can I reasonably look to break into?
I've interviewed for a variety of different roles over the last 6-8 months (eg IB, corp dev, analyst programs, PE wind down ops role, etc.), but continue to fall short (yet usually get through model/case study rounds) to those with more experience and/or exposure. What are realistic exit opportunities provided this market, current recruitment cycle, and my experience?
Based on the most helpful WSO content, with 2.5 years of experience in Big 4 Valuation, you're already on a promising path with a solid foundation in business valuation, financial modeling, and transaction support services. Your experience is quite valuable, and it's understandable that breaking into investment banking (IB) or similar fields is a common goal. Here are some realistic exit opportunities and strategies to consider:
Investment Banking (IB): While you've faced challenges breaking into IB, your background in valuation and financial modeling is highly relevant. Boutique and middle-market (MM) banks might be more accessible than bulge bracket firms, given your experience level. Tailoring your application to highlight your direct experience with financial modeling and transaction support can make you a more attractive candidate.
Corporate Development (Corp Dev): Given your experience in transaction support services, corporate development roles within companies could be a natural fit. These positions often involve working on mergers and acquisitions (M&A), divestitures, and strategic planning, areas where your skills can be directly applied.
Private Equity (PE) Wind Down Operations: Although you mentioned falling short in this area, roles focused on the operational side of PE, including wind-down operations, can benefit from your valuation and transaction experience. Emphasizing any direct exposure to PE transactions or operational improvements in your past roles could enhance your candidacy.
Equity Research (ER): With a solid foundation in financial modeling and valuation, transitioning to equity research might be a viable path. Your ability to analyze companies, build financial models, and support investment decisions aligns well with the requirements of an ER analyst.
Strategy Consulting: While breaking into top-tier strategy consulting firms (MBB) might be challenging without an MBA from a top school, there are many other reputable consulting firms where your skills in financial analysis and modeling could be highly valued, especially in practices focused on financial services or transaction advisory.
Further Education/Certifications: Pursuing an MBA or relevant certifications like the CFA could enhance your profile and open up more opportunities in investment banking, private equity, or corporate strategy roles.
Networking and Skill Enhancement: Continue to build your network within the industries you're interested in. Attend industry events, connect with alumni, and engage with professionals on platforms like LinkedIn. Additionally, consider taking advanced financial modeling courses or certifications to further hone your skills and make your application stand out.
Given the competitive nature of the fields you're interested in, persistence and continuous skill development are key. Tailoring your resume and cover letter to highlight the most relevant experiences and skills for each role you apply to can also make a significant difference.
Sources: What're are realistic exit opps for Valuations (D&P, Big 4), MSF -->> Big 4 Valuation Q&A, Corporate Finance Q&A with accountingbyday, BJM85, STorIB, and djfiii
Hey mate sorry to hear that. The market is shit right now and with loads of banks firing, you are competing with more people who have more direct deal experience for less seats. If ur at B4, I would assume you are doing the ACA? Once you are ACA qualified, you are more sought after and perhaps have better luck then. Thus, in the mean time, I recommend internally transfer into Corporate Finance/M&A (or whatever your firm calls it) and collate as much deal experience as possible. Have seen the likes of JP and RBC having newly qualified ACA openings.
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