A Big Decision to Make
Hello, right now I need to make some decisions as to where I want to work eventually. I am a freshman in college, a non-target (Top 50), but there are many opportunities.
The thing is, I could enroll in and leverage some programs at my school to where I definitely could get placed in top IB offices if I worked really hard. There are programs where the students consistently place well. The other route I could go is big 4 accounting, which my school is one of the best in the nation at recruiting. I know on this site that people really bash accounting and everything, mostly for the lack of huge salaries, but I need some help deciding what I want to do. I am definitely a family-oriented person, and I do not want to sacrifice that when I work. Obviously this work-life balance is wanted by everyone, but honestly I do not care if I need to work a buttload of hours for two years before I settle down. I just want to have decent hours by the time I am thirty.
I really cannot decide between an accounting/CPA route or IB/finance route. Actually I would be an accounting major both paths, just different clubs, programs, etc.
Either way, I want to end up in a stable job with some room for advancement as I get to my thirties. Obviously this is desired by everyone and hard to obtain. I am not necessarily fueled by the idea of massive money right out of school, just potential to make money eventually.
Anyway, my question is how can I find out if I like IB or accounting more? I definitely like the field of finance, but the culture of banking and finance in general seems so harsh. Any first or second year analysts on here? Can anyone describe how they felt when they first started working in IB?
And lastly, if my ultimate goal is a CFO type position, then is IB even worth it? Are IB exit ops pretty much into other finance jobs? And why are these other finance jobs so desirable? I really wish I could intern at ten places at once to see what it is like in each. Working at Goldman/Citygroup and the like is spoken of on the site like it is perfect, but what is it really like, for a normal person?
Thanks.
Do a case competition a la Deloitte; see if you like it/love it. Stable job, room for advancement may be Private Wealth Management years later (after you pay the dues). 9-5, 1% of your clients' assets or better, + transaction fees.
Read some Vault guides (search online on 4shared for free), talk to alums, go to company info sessions to get a feel.
Work hard, get high 3.7+ GPA, make a lot of friends, do things you've never done (pass out on a statue, study abroad)+ get laid. College years don't come back... unless you go MBA/MSF/PhD.
Big 4 accounting is not a 9-5 job by any means. You'll work less than banking but 9-8 is more likely and god help you during tax season.
If you're not fully intent on finance / banking, I would take the Accouting route. There are so many kids at top-20's who live, breathe, eat, & sleep finance and that's all they do. Hard to compete with them if you don't love it. Also, if you want to enter the corporate setting as a CFO or something similar, and accounting background is a must. A high percentage of corporate execs were CPA's and had a background in public accounting. Investment banking is more likely to lead you to private equity or a hedge fund.
I think you should go the accounting route. You gotta be hungry as fuck to go into IB. Accounting will provide a very good career with great exit ops, just don't expect to get paid like a baller. IB exit ops are 10x better in terms of pay and variety. IB experience is very valuable in any regard. I think you should take some accounting courses and see if you're willing to do audits and taxes all your life....in my personal opinion I would kill myself if I was told to do that shit for more than a year....
In any case make sure you straight KILL it in college, like someone said earlier you only get these years once in your life, enjoy yourself. Keep your grades really high and you should be able to do whatever you want....
if u wanna be rich but have no life til 30, do banking otherwise, accounting and also, pacman is right, u gotta be hungry as hell to do IB
I agree with the big 4 case competitions. Try an M&A case competition as well. I know some schools have that. Duff & Phelps definitely does. Honestly, I don't think you will know until a few years later. I didn't know that I wanted to do i-banking until the beginning of junior year. But it's different for everybody. You're going to have to figure it out by yourself.
Just do well in school and you can do whatever you want. And remember, there are opportunities outside of banking and accounting.
Explore and remember: this isn't high school. There are opportunities everywhere once you go to college. You better try more things than you did in high school.
People say accountants do not get rich, but is this a relative term? What do you consider rich?
according to obama's definition of wealth there are plenty of accountants out there that fall into the "millionaires and billionaires" bucket (not on food stamps/medicaid)
Haha +1
I feel like big 4 guys vs. guys who stay in banking, are maybe 5-10 years behind in income. Like the equivalent of a banking VP in accounting makes what an associate in banking makes, and the equivalent of a director in accounting makes what a VP makes in banking. Once you get to the partner level in big 4, I have no idea. It's probably more than you'll ever spend though.
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