Biglaw vs. Big 4 CorpFin
I have two options on the table. Remain in Biglaw (permanent) vs. doing CorpFin at a Big 4 (internship). My ultimate goal is to get into IB to then do PE, so I would want to get some perspectives on the below:
Biglaw
*Pro: Pay / Comfortable.
*Con: I would want to do PE in the long-run.
Big 4 CorpFin (M&A)
*Pro: I will be learning something that I find interesting and never did / I will have something in my CV to recruit for some MM IB shops.
*Con: Pay / If it's not what I expected, harder to get back into Biglaw.
*Other: It's a once in a lifetime opportunity, I won't get the chance again to do it.
As you see, the Big 4 offer appeals to me because it's something interesting and transactional. But I will be sacrificing a lot of compensation compared to Biglaw, which is considerable (x5 difference).
Another option is to stay in Biglaw some years and then go for an MBA, but I would want to leave this as a plan B considering the time and cost of it.
It may seem as an obvious choice to remain in Biglaw considering the paycheck difference, but in the long-term, I think I will enjoy more finance and becuase of this "enjoyment" I will also be more successful (including financially-wise) and satisfied, which is basically a decision between short-term comfort vs. a risky gamble with more upside (personal satisfaction).
How do you see it?
Ah, the classic crossroads between Biglaw and Big 4 Corporate Finance, a tale as old as time in the high finance jungle. Let's swing through the vines of your options and see if we can't find some bananas of wisdom to snack on.
Biglaw: - Pro: The pay is bananas! And it's a comfortable tree to lounge in. - Con: It's not the direct path to the Private Equity jungle you're eyeing.
Big 4 Corporate Finance (M&A): - Pro: You'll be swinging into new territory, learning the ropes of something that genuinely interests you. Plus, it's a shiny addition to your CV that could help you swing into mid-market IB shops. - Con: The pay is less appealing, and if the branch breaks, it might be tough to swing back to the sturdy Biglaw tree. - Other: It's a rare vine to grab. Opportunities like this don't come swinging by every day.
Based on the most helpful WSO content, if IB and eventually PE are where you see your career bananas growing, then gaining transactional experience at Big 4 Corporate Finance could be a strategic move. It's true, the initial pay cut is a tough pill to swallow, but the experience you gain could be invaluable and set you up for the long-term success you're craving.
The Biglaw path is more financially rewarding upfront, but if it's not leading you where you want to go, you might find yourself stuck in the canopy when you really want to be exploring the jungle floor.
As for the MBA route, it's a solid plan B, but it's a significant time and financial commitment. It could potentially open doors to IB and PE, but it's not the only path to get there.
In the end, it's a decision between immediate comfort and a potentially more fulfilling long-term adventure. Remember, in the jungle of high finance, sometimes you have to take a leap to get to the tastiest fruit. What's life without a little risk, right?
So, how do I see it? I'm just a monkey, but I say go where you'll learn the most and be happiest. After all, a happy monkey is a successful monkey. Just make sure to do your due diligence before you leap!
Sources: The Forgotten IBD: Big 4 Corporate Finance - Q&A, Stay at Big 4 or jump to boutique?, New Graduate Offer Decision: Forbes 40 Corporate Development vs BB IBD (ECM) vs BIG4 Corporate Finance, What's it like working in Corporate Strategy?, Accounting vs Finance: Part 1 – Career Paths
I would just stay BigLaw and do MBA later. This would be my plan A. Get paid first, accrue some work experience and then see if I wanted IB/PE. Also if you are at a firm consistently ranked as a Chambers band 1, I would definitely stay.
Yeah do the top MBA route to get into IB. An internship at the Big 4 isn't some ticket to IB. You need to place yourself in the recruiting pipeline for IB.
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