Accountant Transitioning
Hello all,
I've been meaning to post this since joining, but I am just now getting around to it. I (like many others) am trying to make the enormous leap from accounting to finance. So far, I've compiled a few possible ways for myself to break in to the industry, and I was wondering if I could get some feedback/alternatives. Any advice is welcome (and cherished) though advice from someone who has followed the same path is especially valued.
I am a semi-senior (weird limbo between senior and associate due to an employer change) tax accountant. I was an accounting undergrad from the University of Washington (UW). I went on to complete my Master's in Tax at the UW as well. (3.46 and 3.79 GPAs, respectively). I have my CPA. I worked 1.5 years at Deloitte before switching to a (significantly!) smaller firm in NYC where I am currently (1.7 years total experience).
The way that I see it, there are three ways for me to attempt to get into investment banking.
1.) target and continue to apply to small firms while developing my own financial knowledge on the side.
a.) This, to me, is the most painful of the alternatives, and frankly, despite the prolific myths indicating the contrary, I'm not sure if it's even possible. Does anyone have actual success this way?
2.) I have applied for and have been accepted to Columbia's EMBA Saturday program.
b.) This is a huge financial commitment, and one that I'm very, very reticent to jump into. My understanding is that IB rarely pulls "career converts" from EMBAs. Basically: unless you're already in the field you want, an EMBA won't do much for you. Is there any insight into just how true this is, or general success stories from people who have pursued this route?
3.) Cycle back to Big 4, and gun for transaction services. Serve a couple of years in that department and then try again later.
b.) This alternative is only slightly better than the first, in that it's a little more accessible and I am MUCH more familiar with the needs of the employer/have a network in place. Still, jumping from tax to transaction services will be a minor feat in and of itself.
Unfortunately, I feel that all three of these methods have relatively low chances of success, and as such I'm getting a little discouraged. Even still, I know that I have to choose one and apply my efforts. My question becomes: If you were me, which of the three (or different) alternatives would you pursue?
Again, thank you for your feedback.
Plenty of ex-CPAs in IB - have personally seen a lot switch directly from their firms into smaller boutiques, and then make the leap into a MM/BB after a little while there.
Why are you only targeting the EMBA Saturday program? If you want the best chance of success, I've seen a lot of consultants and accountants who have attended full-time MBA programs and have had no issues breaking in at the Associate level. It's a financial commitment, so perhaps save a bit more then apply, but the salary you'd be expected to make afterwards should help in paying the loans back, in my opinion.
I would personally not make your decision based off of success stories that you hear about accountants moving into banking. Most of these success stories involve a heavy amount of luck and being at the right place at the right time and are tough to replicate.
I would first think about why you want to move into IB and whether or not you really want it. Then, start thinking about your moves with boutiques. Are you getting interviews? How are they going? What type of feedback are you getting overall?
I would cross that EMBA off of your list. That is not a proven method to break into IB. I would also strongly reconsider moving back to Deloitte. I imagine that if you move back, you'd spend a year in tax and then a year in TAS before moving to IB. Do you really want to have four years of work experience and then start as a first year analyst?
My suggestion would be to go off of the feedback that boutiques have given you so far and trying to find an in there. Work there for a year, re-evaluate your position, and then consider lateraling to a larger bank. If that is not an option, possibly consider an MBA, but I honestly find that to be a very costly move just to do IB, especially since those student loans will make it tough to walk away should you find IB not to be for you.
Thank you for the feedback.
My take away is to gun for boutiques as hard as I can and revisit an full time MBA in a year if I still can't get anything/really want in.
As for boutiques, I can't get even a nibble of interest...Though honestly I have only applied to 3 or 4. Do they often pull CPAs? I'm concerned that it might be my resume. Is an accounting resume something that could work for an entry level analyst position or should I rewrite it/pay for it to be reviewed?
How are you applying to these boutiques? Are you emailing a senior banker? Are you just applying online?
As far as your resume is concerned, I would frame it transactionaly/project-oriented and highlight your financial analysis abilities.
Hopefully that helps. Good luck.
SIL -- I am just applying online, should I be doing LinkedIn due diligence (stalking) someone at the bank and emailing them directly?
Also -- my tax accounting experience is largely non-transactional...i worked on two M&As, barely...Due diligence for one and a structuring analysis for another. I'll definitely add these though. The formatting will be as if these transactions were separate jobs? Also, what do you mean by project oriented, client compliance project? (I.e. x corporations return/provision)?
Thank you again!
We have a lot of ex-CPAs in Commercial banking. I would recommend a short cut- finance grad certificate instead of the big $ MBA if you truly feel you need more finance education. A leap from Commercial banking associate or portfolio manager to IB or PE is possible. I've seen it and the skills are similar. Based on what you wrote- I think you have a good shot and I would pass on the EMBA. Good luck!
Hey S_mba,
I hadn't even thought about this, I'm going to look into it today. If I search indeed for com.ercoal banking/portfolio management will that get me to the examples you're thinking of?
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