Graduating from a non-target in the spring. Going into a business valuation group doing purchase price allocations and goodwill impairments with one of the Big 4 (not in NYC). Curious if MBA would be need to transition into IB/HF/PE.
Also, how do exit opps compare if one were to be at a different valuation firm (Duff & Phelps, HLHZ, etc.)?
Lastly, would any monkeys be willing to share their take on working in valuation (pros and cons, reputation)?
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You can definitely transfer to IBD after a year or so. I had a friend who worked in B4 Val., transitioned to another IB's valuation arm and then eventually into their IB division.
That on your resume would definitely set you up to move into IB if you networked a ton, it is a also good experience to have if you are looking at B school.
Big4 - Valuations and Transaction Servies - What after??? (Originally Posted: 02/02/2011)
Hey guys,
just wondering what exit opportunities are there for these finance type roles at the big4 accounting firms. its understandable where the M&A division can lead you, but what about transaction services and valuations?
TS is pretty much due diligence, so where can this lead you?
also what about valuations? i heard its useful for wealth management but not M&A.
thanks
Do a search.
that's a broad question, what do you want to know? will it lead to you money at the big 4, to PE, hedge funds, MBA programs...? what are you asking?
bump
I did a LinkedIn search of people who worked at a big 4 valuation group. Here is what I found.
Valuation at another firm/valuation at a PE/HF, which is a middle office role: 40%
IB: 20% (about 75% boutiques with some MMs and low tier BBs)
ER: 12%
CD: 8% (usually at large private or small public companies but some notable names like GE)
FP&A: 8%
Other like econ consulting, corporate strategy, HF, PWM: 12%
These exits exclude those who stayed at their big 4 firm, which is pretty common. Exit ops will vary based on projects you work on.
I think of a lot of people stay in valuation since the pay is decent (way below IB but better than most non high finance careers), hours are manageable, and some find the work interesting. Also, people in valuation tend not to be as focused on careers and care more about work life balance than those in IB/PE.
It seems like Duff and HL FAS have more IB exits than big 4, but I doubt the difference is significant. If you are willing to put in the effort to network, you should be able to break into a decent IB boutique/LMM. You could lateral again if you want a better name for recruiting since you will probably be going for off-cycle positions anyways.
If you want HF, I would consider looking into ER since they care less about your background, so you well have a better chances at getting into a top ER group compared to a top IB group if you are good.
I went from Big 4 TAS to boutique bank to EB, it is for sure doable, you just need to network a bunch and nail the interview...
TAS → IB is definitely doable. PE/HF not so much. Try to lateral in your first year or two. Once you pass the 3 year mark, things will get more challenging and I'd strongly recommend going for MBA.
What about trying to lateral after a valuations summer analyst gig for FT Ib recruiting? Would BBs like that experience or would MM's be the only hope.
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