18 Months - Need Some Direction

Hey Fellow Monkeys,

I could use some advice.

I'll try to keep this somewhat brief, and appreciate any and all input. In about 18 months from now I will be making some sort of career change as my wife will be finishing her grad school, but I am contemplating what this change will look like. I graduated with an accounting degree from a top liberal arts school, took a job with a big-4, got married, interviewed with a few boutique and MM IBs,received an offer, turned down said offer to instead live with my wife (still a decision I do not regret), and took another job at a big-4, which was the best option given the market.

Long story short, I'd like to get my finance career back on track, but I am unsure of how to do it. My dream job would be to run a family office that gives me the opportunity to dabble in all sorts of investments (equities, derivatives, other funds, real estate, hell, even timber if I felt like it). Barring that, I'd like to put the time in IB then explore options and make the decision of whether I want to pursue PE or maybe a Corp. Dev role.

By the time I make the move, I will have about 4 years of audit experience, be a licensed CPA, and have a fairly strong resume. Unfortunately (or maybe fortunately), I have been all over the map in terms of industry experience while auditing, so I am not "specialized" per se.

Here are my current options as I see them:

1. Network like hell for the next year and then start applying directly to lower MM PE shops in our target market (i'd call it a "tier-2" finance city--ie. Charlotte, Atlanta, etc.)

2, Study for the GMATs and complete a 1 year MBA at a top-25 school located in my target market... don't want to do the two year thing given that I'm already married and don't really want to take the loss of income / debt for the additional year. That said, I am concerned it will be tough to land an associate role without an internship...

3. Suck it up, apply for analyst positions at IBs, and essentially scrap my four years of experience, then try to transfer to PE or Corp Dev. -- Not my favorite option, mainly because after transferring, I will likely need an MBA to move up, and would probably have to do a E-MBA or night MBA around the same time my wife will probably want kids...

4. Take the CFA level 1, and apply to PE and argue that any monkey can learn the modeling (which I have already done a bit of on my own), but I already have experience in tearing apart financials, but take the CFA more to "learn to think like an investor."

Any and all insight is appreciated as always.

 

@"CPAExtraordinaire" You must be fun at parties.

I would pair both 1. and 2. Try to make a transition into IB while earning good money, and study GMAT in your other free time while you do that. Consider the next year sunk and try to get the best outcome for yourself. Worst case scenario - you have a strong network going into a MBA program. I will let wiser people answer re: 1 year vs. 2 year.

Good luck.

I

 

not gonna sugarcoat it, but what the OP wants are two conflicting things a. start a family and b. get into finance.

you often have to choose one or the other bud, or you'll have a hard time fulfilling the obligations of both. especially if you decide to have a kid in the near future.

 
CPAExtraordinaire:

not gonna sugarcoat it, but what the OP wants are two conflicting things a. start a family and b. get into finance.

you often have to choose one or the other bud, or you'll have a hard time fulfilling the obligations of both. especially if you decide to have a kid in the near future.

what the fuck are you talking about? don't ever reproduce, for humanity's sake.

 

have you considering taking a job at a corporation? i know a lot of very smart former big-4 accountants move into interesting finance roles (like corp dev) after proving themselves for a few years

 

1) Has promise but you are better off focusing on IBs. I can provide some insight into your target markets. PM me.

2) 1-year MBA is not taken too seriously in my experience. A 2-year MBA could give you a shot at a very small PE or Corp Dev job.

3) This is your best bet and should work. I would not necessarily assume you will need an MBA to move up. You can come in as a lateral analyst, work for 12 months and then you should be able to get another job.

4) Unlikely.

 

You got married and your wife wants to have kids. I would not do IB if I were you. Focus on your family, man. Not worth destroying a marriage working IB analyst hours.

Route #4 is unrealistic because you have no IB experience. CFA nowhere nearly replaces actual IB experience. It's the rite of passage to PE.

If you don't want to do audit, then get a two-year full MBA from a reputable program and get into a job with decent (not insanely glamorous) pay and more importantly reasonable work-life balance. You get to see your wife and kids. Hopefully you got some savings to carry through the two years without income.

 

Not all of the reactions on this thread are completely off base. Seriously consider: what are your priorities? It's hard to do finance while in a relationship but not impossible......but if that's what you really want then you should not have put it off.

But we all know all this, on some level.

Moving along.

Look at mutual funds, F500 corpfin, ER, etc...

The bottom line here is that you put family first in an industry that many people don't. So what. If you're playing the long game, you just need to find the right opportunity. Also look into accounting heavy consultancies like Grant Thornton.

The second you deviate from the lockstep IBD -> PE 'path' you realize that there are a hell of a lot of other ways to move around/up. Just don't get to fixated on any one thing.

Take every shot.

Get busy living
 
Best Response
mr_james:

ER.....Grant Thornton is an "accounting heavy consultancy?"

Just throwing out ideas with longer term implications, not really looking at short term prestige and/or clearly defined functions.

Realistically OP could do a bunch of things, just making the point that he's locked himself into one way of thinking.

None of this stuff is rocket science, especially at the entry level. Don't be fooled. Apply and talk to people. Are you going to get GS TMT? No. Don't be silly. Apply anyway. Hiring is a shit show.

You can argue with that, but then you're arguing with a guy who networked onto the street from behind a bar and has plenty of friends who did the same.

It's largely a function of how you think about things.

Take EVERY shot.

Get busy living
 

Agree with everything you say except the Grant Thornton idea. He would be MUCH better off staying in Big 4 vs. going to GT.

I'm sure GT does some "consulting" but they are just a lower tier accounting firm. If he's going to stick with accounting no reason not to do Big 4. GT would look like a down round.

OP you do have to decide what your realistic options are given your priorities. There were times when I was looking more at "high finance", but now I'm in my early/mid 30's with a wife, 2 kids and doing pretty well as a F500 FP&A Director. This is the right balance for me and I don't think there's a (reasonable) amount of money anyone could pay me to leave this and work IB hours.

twitter: @CorpFin_Guy
 

Just out of curiosity, what college did you go to? It was my understanding that most LACs don't offer vocational majors in things like accounting, engineering, nursing, etc. I ask the question because I have applied to a few LACs for next year (I'm a high school senior) and none of them offer a program in accounting, business admin, or finance (just econ).

Use more debt than your competition or get out of the business. Any other policy is either self-limiting, no-win, or a bet that the competition will go bankrupt before they displace you. - Bruce Henderson
 

The obvious move in Big 4 is due diligence or consulting. 14 months or whatever and you're allowed to request a teansfer. Or just apply to a lower tier IB. Again, you're out of the running for GS - KKR - HARVARD so you might as well capitalize on all of the other opportunities out there

Get busy living
 

It is instantly apparent that you don't really know what you want to do with your career. You mentioned "dabbling at a family office", IB, Corp. Dev, jumping straight to PE, getting an MBA, taking the CFA. Reading all of those options has got my head spinning. In my opinion you'd do yourself some good if you narrowed your focus a bit. If you've had offers in IB, you know the drill. Network, network, network. Score as many interviews as you can and prep for the technicals, prepare your story, and hope that they don't think you're an asshole on your day of reckoning (i.e., your interview day).

I suggest this because IB offers you optionality and transferability. And it seems like you are unsure of what you want at the moment. Honestly no one cares if you read Rosenbaum on the side and built out your own lbo model. Modelling is truly only learned through reps, and reps come with experience, transactional experience, studying the target, familiarizing yourself with the industry, understanding the deal, critically thinking through your assumptions and applying that thought to come up with a reasonable implied range of value. If you can get that experience, PE and corp. dev teams will be wanting to interview you rather than the other way around.

Ultimately you need to make the decision for yourself, but in my experience, IB has opened an unbelievable amount of doors. Yes the long hours can be daunting and stressful, but no other career can compare to pitching on a deal, beating those jackasses across the street at a competing shop, educating yourself on the business and industry of the target, researching buyers, taking the company to market, facilitating complex stages of the deal, nailing down the negotiations, and successfully selling a company. Selling a company. Yes I have oversimplified a complex process, but ultimately that is what you are doing in M&A. I probably went a bit overboard with this post, but hey, you said you needed some direction. PM me if you have any questions.

 

I appreciate all the feedback so far... thanks.

@cpaextrordinaire - Not to early when you know what you want. Getting married was the best decision I have ever made.

@Watchitburn - don't want to jump into Corp yet. most of my options are too accounting focused at this point. Also, unless I get lucky and I'm in on the ground floor of a growing company, progression can be slow, and you can hit a ceiling quickly.

alright-- on a plane. more to come later.

Thanks all

 

I may be able to shed some insight - currently an audit manager @ Big 4 specializing in Alts.

A few things are obvious from your post and this thread: 1- You are headstrong and know you what you. Both in a career and life. 2- There are some idiots who troll these threads, so I would advise utilizing your selective reading skills. 3- Family life is important to you, as it is to many working in accounting/operations.

If you would like to move into a Family office in the long term, and would like to transition into the investing side as well, I would recommend reading a lot about different areas of finance to get a realistic expectation of what you will be doing in a Family office vs IB as they're quite different. Strictly speaking about transitioning to a Family office and your current background in audit, I would recommend taking L1 and moving laterally into the Operations department of an investment company - Mutual Fund, HF, Investment Advisors, etc. Without getting a Masters and making a career switch all together, a lateral move into Ops and trying to transition to Middle office and eventually Front office is your best bet. That is not a conventional path, it is not easy by any means, nor will it be fast (budget 4-5 years) but it will allow you leverage your current background, not forego 2 years of schooling (if that's a consideration), and give you the best work-life balance. You would have a better chance if you worked at a smaller shop.

My 2 cents.

 

Can only comment on your reference for a direct move to the buyside.

I'm a a former banker who moved to an HF and spent some time dealing with auditors as of recent. Despite the fact these guys were supposedly "specialized" in my asset class, my impression is that they had a very high-level understanding of the assets they audit at and don't understand the assets from an investment perspective. This feeling is pervasive throughout my firm - I think it will be hard to shake the audit stigma without bschool. Not shitting on audit just making an observation of the headwinds I think you'll face if you go with #1. Good luck

 

@"NestoGrande" - I'll PM you this evening. I have some concern about the 1 year approach especially since I wouldn't have the opportunity to intern anywhere. Coming in a an analyst wouldn't be the worst thing, it jut seems like a waste to throw away four years. I think the accounting could help me in the next transfer if I go into the buy-side, though..

@"vanillathunder" - While my wife does want kids in a few years, she also has an offer at a top law firm in our target market and will likely be partner-track. We are both fairly driven and understand the first few years of her career will be tough. It is nice to see some emphasis on family, but I think we are both the kind of people who will find the balance we need. I don't mind putting the time in IB for a few years, if it means when I exit my options will be substantially better.

@"UFOinsider" - Appreciate the advice. One of my concerns is whether I will be limiting future opportunities if I "skip" the banking step. I know I am already on a non-traditional finance path, so I am definitely open to other means of moving around within the industry. Also - looking into the DD on the big-4 side. Might be doing a rotation this summer to see if it is something I would be interested in pursuing longer term. Even if I did that for a few years, any thoughts on exits? What that be sufficient for buyside?

Alright - jumping on another plane in a few. I'll get to everyone else a bit later.

Thanks

 

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