Heres a little background:
I started at a Big 4 accounting firm in September 2008. I work in the Asset Management indistry and my main client is one of the publicly listed pe/hf shops. My experience here has been with Global Macro, RV, and Commodity Funds. During last promotion period, I was in the top 5% of performance among my start class.
Ultimately, I don't want to stay in accounting. I want to make the move to finance and I feel the longer I wait to make this move, the more likely I'll be branded an accountant the remainder of my career.
So my question to you, how easy is it to make this move? I have limited contacts at my target companies (there are probably only 2 or 3 I'd leave for). I'm willing to take an entry level job and start at the bottom. I'm not really sure what part of an IB I'd want to get into but most likely research or S&T (honestly, whichever is easier to get my foot in the door).
Any advice or suggestions from people who have done something similar or could provide helpful feedback would be welcomed. Thanks.
Hey from what I know, most of the big 4 peeps will join the corp finance team.. I've seen a couple joining research but not SnT. hope that helps..
my 2 cents worth, Big 4 (3years) --------> Corp Finance. Its like a norm for the big 4 fellas
Honestly, the best thing you could do right now is start passing CFA I and II. The accouting parts shouldn't be bad since I'm assuming you already know about the dreaded pension accounting, and the rest isn't that bad. This will show people better than anything else that you've got a clear interest in finance.
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@ futurebanker09- dude you just started a post questioning how useful is it to get your cfa, and now you're giving out advices?
anyways... as many people on this board have pointed out, CFA isn't necessary a requirement to get into corporate finance or IB, it does however show your interest in the field.
Have you thought about going into the Corporate Finance or the Transaction Advisory Service at your big 4? Coporate finance group does middle market IB work, it will be a good way transition from pure accounting to finance function. From what I've hear, shops like Deloitte FAS preps you really well in terms of modeling. Maybe make a lateral transfer into a bigger shop when you gain some experience, or back into school.
TAS is the DD work, but you get exposure with working w bankers. since you are the top performer in your class, making a transfer into the corporate finance group shouldn't be a problem if there are positions available.
I hope this helps
Thanks for the advice. Anyone else have some input?
I'm in a similar situation with big 4, same start date but now a year behind after a military leave of absense. I've researched and come up with some options for a good transition. First though, I'm assuming you are looking for FO positions at an investment bank and not Corporate Finance for a regular company? I would avoid the latter unless it's a Corporate Development role.
1.) Look into Transaction Services positions for your firm or the other Big 4. The hiring environment is difficult right now, so I don't know how feasible this is but a couple of years in TS would help smooth a future transition to finance.
2.) Graduate School. Top MBA programs are difficult to gain acceptance to from a pure audit backround but would provide a career change opportunity. However, Masters in Finance might work. Unfortunately, there are not many good programs in the US. The UK has some great ones (LSE, Oxford ect..) but you would then likely need to work in the UK for a few years afterwords.
3.) Networking. Probably the most difficult to attain. CFA would likely help and might be worth pursueing regardless of your course of action. You probably already obtained your CPA correct?
Thanks for all the advice.
I haven't thought about getting into our TAS group here. The only issue I have is I'd want to leave sooner rather than later. I know it takes awhile to get put into the group and my client schedule is already full until Summer 2011.
I've considered obtaining my CFA but the earliest I'd take it would be December (don't really want to spend the extra 400 to take it in June). I consider myself very knowledgable about different markets and various financial products for someone my age. If the selling point of a CFA would be to show my true interest in finance, I'm sure I'd be able to express that in my interviews.
I'm leaning towards trying to break into research department and going from there. Since I can't utilize campus recruiting, what is the best way to get into a start class as a new hire?
do you have a CPA?
Took the last section first week in January. Should know next week, but I'm pretty sure I passed. But before I applied I would make sure I finished by CPA.
just a quick question regarding the cpa
in terms of adding value to your career, is passing the uniform exam+couple years of experience in big 4 enough? or do people only consider it legit when you get fully licence after your hours?
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