Big 4 Job offer - Manhattan
Hello all,
I am currently wrapping up my Junior year as an accounting and finance double major from a non target school. My cumulative gpa is 3.43 and my major gpa is 3.7. I have recently completed a Big 4 internship and have a job offer (for after graduation) pending my acceptance in manhattan with PwC (tax). I am not sure if I should accept it or not because my goal is to do investment banking. I am more passionate about finance and I do not want to accept a job that will not bring me closer to my goal, however the job security is nice and due to the fact that it is in the NYC office I am sure that I will be able to network and meet people that could help me get in IB. I am stressed out because I do not want to waste any time doing something that will not help me move forward. There are no more summer internships available and I have one busy year left of school. Has anyone been in this position? Can I accept the offer and decline it afterwards if I find a finance position before my start date without ruining my reputation? Advice?
You mentioned tax, but what tax group would you be joining?
The tax group that I have an offer with will not give me any experience that will be applicable in IB.
Did you do your other internships in a finance related field (e.g. TAS)? If not there's a VERY slim chance you'll get IBD FT without a name brand, outstanding ovr GPA, and no related work exp.
You don't have another job lined up, so accepting the PwC offer is your only option right now. You also lack the required experience to get a FT IB offer. I would accept the job offer.
My advice would be to do you best at PwC and try to move to their TAS group or a IB boutique (this would be the deal situation). From there, it would be possible to lateral to IB. I know a guy who moved directly from Big Four tax to IB, but that is extremely rare and almost impossible.
Take PwC.
Consider an extra semester... Can maybe justify the need since you are a double major.
Could help you get another internship.
Thank you guys, if I take an extra semester I will lose my offer because under the conditions I need to be eligible to sit for the cpa (150 credits) prior to starting. According to my recruiter, there should be opportunities for me to interview for audit and possibly Transaction Services (slim chance because getting in TS from undergrad is rare and it would be outside of NYC) in the fall. Would audit provide me with more relevant experience for IB? I know that most of the people that transfer into TS are top performers in audit. In order for me to explore other opportunities in PwC I would need to turn down the tax offer for sure. Is the risk worth it?
Getting into TAS is wayyy easier said than done and I don't think alot of people on this board honestly understand how difficult it is. It's not only a function of your ratings, and seniority, but also how much people like you. And if you are a op performer your service line will keep their hooks into you as long as they can. It's not unheard of for groups to put you on more difficult clients to keep you around longer. Again, it can happen but I wouldn't bank on it at all.
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You have an offer already? I thought those usually come at the end of the summer when you intern after your junior year. However, the answer depends on how risk averse you are. You can turn it down and commit to recruiting for IB full time. you should be able to get interviews at boutiques and regional firms (after which getting an offer is up to you) but it's definitely possible. I would also say its harder to switch once you're working full time. Lastly, if you take the PwC offer, don't renege. It reflects terribly on you and you don't want to burn bridges. Another alternative is to stay in tax for 3-4 years and go get an MBA.
Big 4 to IB happens, but not that common. Partially because there's a selection bias (most Big 4 can't wait to go into industry and stop working busy season hours, let alone would want to do 80 hours a week all year round), partially because you'd be competing for off cycle positions where IB employers have a strong preference for people with prior IB experience. You do see it, more often in MM than in BB/EBs.
Having said that, Audit is more relevant than Tax. Tax considerations are frankly an afterthought in most M&A transaction. Sure, the ability to achieve a step up based on how the deal is structured has relevance and can be heavily negotiated, but a lot has to happen before getting to that stage. And even then, in the eyes of the buyer/seller/advisor, it's either yes there's a step up or no there isn't, and then the actual details are ironed out later by the tax consultants. At least in audit, you can frankly learn a lot about companies and industries just by digging into GLs/TBs all day long (assuming you can look past the incredibly boring cash/AR/AP recs).
The way I see it, if you're set on IB eventually, you either (1) ask for an audit/valuation/TAS FT position and recruit once you've started, or (2) ask for an audit FT position and recruit while you're in school with the intentions of likely reneging if you secure an IB offer, and if not then follow option 1. In any case, Big 4 Audit will provide more flexibility than Tax.
My situation differed form yours in that I did an internship, which gave me options, but essentially thiw as my path:
Big 4 Audit Intern -> Big 4 Transaction Services Intern -> Big 4 Consulting full-time -> switch to a MM IB over a year ago.
Switching into TS is much easier said than done, but that's true with all the Big 4. They say there is internal mobility, but in order to actually receive it, you have to navigate it very well. That includes, getting goo ratings, networking with the right people (e.g. in the target group you want to be into), and a f*ck ton of luck.
Keep in mind that the Big 4 also have corporate finance departments, which is their own MM Investment banking division, from my experience and conversations though, the best chance of switching into a Big 4 IB group would be through their TS groups, since it is transaction-related, and tends to have some overlapping work/process in line with IB.
How long did you spend in full-time consulting before switching to MM IB?
Two and a half years. I didn't start contemplating switch until 18 months into the job, then began to slowly update my resume and reach out to people over the course of a year before switching.
Take the PwC, get into TAS and then try for IB if you still want to go down the path. I would steer clear of any human capital or pure compliance roles as those can be absolute sinkholes for your career outside of Big 4 or working for the state/fed.
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