If you can't get an IB analyst job, how useful would Big 4 experience be, in a position like "Business Valuation Associate" or "corporate finance Associate?" After doing that for a few years, would one likely be able to get into equity research, or maybe even boutique IB? More generally, what are the exit ops like?
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I work in this arena so if you have any specific questions please feel free to PM me. I think if you go into a job focusing solely on exit opportunities you are setting yourself up to be frustrated. However, here is what I have seen. Over the course of several years, I have interviewed with multiple bulge bracket banks for equity research positions, with several private equity firms, etc. Obviously I have not yet received an offer or else I would no longer be at the firm I am with. There are a lot of former bankers, etc. that I am competing with and the job market sucks right now. The biggest complaint I have heard is that I lack direct transactional experience. Generally my group gets involved after a transaction has already occurred. The Corp Fin group is obviously more client facing and more involved in transactions. I would go with the latter group over the former. However, voluntary turnover has been very low. One business valuation individual that was fired possibly for performance reasons networked his way into a boutique IB job. A former Corp Fin staff ended up with a boutique PE firm out in Oregon of all places. Another business val staffer chose to go to a competitor, grant thorton. Lastly, one Corp Fin staffer ended up going to Wharton. That is all the relevant turnover at the staff level over 3+ years that I can think of, off the top of my head. Not too much, although I would expect things to pick up in the future as the job market thaws. Firm management has become noticeably worried about turnover due to a consecutive years of shitty raises.
what do you want to do? if you want to do banking, try hard to land a job there...you said you couldn't, but accepting the valuation role does provide a good background for transitioning over to banking. - i know a few people who have done it personally...PM me for more info if you're interested.
However, don't wait a few years to then transition over...even in the first few months, be networking and get your name and resume out there...you can get interviews and hopefully get a job in banking if you really want it. Just be sure to spin your story right...also, know that people might give you the "accounting" stigma and not the right personality label if you're at a Big 4...
good luck
Agree with Mitt Romney on the accounting stigma.
Prnz, interesting to hear how low your turnover has been, voluntary turnover has been over 50% for staff in my former group (Big 4 Valuation).
Check PMs.
Where have you seen most people moving to?
It's the closest you can get to finance in accounting. Firstly, if you have a CPA, this will help immensely whatever you do. Secondly, assuming you have time to do this and the money (since I don't the big 4 will pay for this), if you get a CFA, you look very attractive to equity research in particular, but also asset management and things like that.
If you want to go into investment banking, the economy is bad for it and will probably be bad for a while. But that doesn't mean there's no chance. Your safest route would be to go back to business school, and then apply to become an associate. If you know anyone in investment banking, try to remain in contact with them.
I'm not even interested in IB long-term. I'd like to do investment management actually. IB would just be a way to break into it.
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