FLDP Second Thoughts
Hello all,
To give some background, I am a senior accounting major and I interned with a F500 this past summer and was fortunate enough to receive an offer to their FLDP.
The deadline for acceptance is approaching and I am most likely going to end up asking for an extension. The reason for having second thoughts at this point is that corporate finance was what I thought I wanted to do, I have no desire nor the ability (GPA isn't bad but not stellar either) to obtain a role that most of the folks on these forums are interested in. I've read that for Corp Fin, the accounting information is the most important thing to have. Additionally, for my company, most of the people who go through the program wind up in an accounting role upon completion of the program. I am starting to have second thoughts about not attempting to get a Big 4 offer and give Public Accounting a shot and obtain a CPA license since it basically seems like any accounting gig that pays well prefers B4 experience. I'm really just looking for different thoughts and opinions on the matter so please feel free to chime in.
FWIW, FLDP experience + top MBA down the road would likely get you similar Corp. Fin opportunities to those of a Big 4 CPA. fldps give you critical experience through many departments, and the top MBA is adequate for any management ambitions. The only jobs you wouldn't be in the running for from a Corp. Fin perspective are Controller type roles.
If you enjoyed the internship and like the company, take the FLDP offer. Unless you're dead set on Accounting and obtaining a CPA, of course. Also, look into eventually moving to one of the known "Finance Academies" in the U.S. These are companies with robust training and/or rotational programs that often find their Finance employees poached by other F500s for top positions.
Not a comprehensive list, but the big players in that space are: GE, Honeywell, Raytheon, PepsiCo, General Motors.
Hope that helps and good luck.
Currently in a F200 FLDP. The one I'm in has only a few accounting rotations, and most roles are finance-focused rather than accounting. I guess it comes down to what you want: Do you want to go down the accounting track during your career? Or more down the finance track? What I've observed during my time here and in my internship at a different company last summer is that it is easier to move from finance to accounting than the other way around. Also, I want to challenge what you said about accounting being the most important thing to have. I have a list of previous FLDP graduates from my company, and they have gone on to be CFO's (business unit and corporate), directors, and managers. Looking at their career paths, none of the ones that I have heard from spent any time in strictly accounting roles. Accounting always helps, but I can tell you for sure that it is not a litmus test for advancing in the company, and I personally do not agree that it is the most important skill to have.
Comparing Big 4 to an FLDP, one of the biggest factors is going to be the hours. I'm not too familiar with Big 4, but from what I understand, 40 hours a week is the absolute minimum. 50-60 is more of the average. In Corp Fin, 40hrs is the average at the lower levels.
I was in a similar situation to you: non-target, odds hugely stacked against me for getting into an FLDP (let alone IB). I chose the FLDP because of the work-life balance, the feeling of being part of a company that creates things, and the ability to really make it rain if I can make it to higher levels (and the fact that the nature of an FLDP is to groom me to get to higher levels).
Feel free to PM me. I'm exactly one year ahead of you, and 2.5 months into my FLDP. I'd love to answer any questions.
FLDP graduate here, we have a substantial pipeline of experienced hires coming from Big4 associates / senior associates. Here's where I see the cards falling: Big4 is a primer to the audit / advisory industry, where career progression is paired with increases client interaction and P&L ownership, eventually ending in a partner level role. F500 may have the same genesis of skills (technical accounting in some areas, and be honest, "finance" roles all have their accounting elements), but the career progression is going to be pared with more product focus (or whatever your company does), because fldps are just supposed to be finance professionals. Many apire and go on to marketing, sales, or strategy roles.
While your near term skills may look similar, they take a huge divergence down the road. Something to keep in mind.
Pretty much agree. If you liked your internship, I say give it a shot. It's a good way to get a few diverse experiences in a short amount of time and see what you like and what you don't.
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