I-Bankers that have worked with Accounting Firms 
(Senior Chimp, 17 
Points) on 7/18/06 at 12:49am
For those i-bankers that have experience working with the Transaction Advisory type services of Big Four accounting firms, do you think working in that division will help get a foot into i-banking more so than auditing?
Description of "Transaction Advisory" services:
"...helps clients understand the value of their business, their securities, intellectual property, capital equipment, real estate, intangibles, and other assets..."
Yes
by Anonymous MonkeyBeing in Transaction Advisory is much better experience then being in Tax/Audit and sometimes guys in TA are able to parlay their experience into Ibanking positions.
Thanks!
by lapslingI was hoping to hear something along those lines. Anyone else with experience with with TA folks?
AIM: joompers
I had an internship in TAS
by easybalI had an internship in TAS last summer and landed a job in a bank for this year. The experience i gained in TAS, particularly corporate restructuring definitely helped.
Easybal
by lapslingDo you mind mentioning what type of school you attended? State, strong in accounting, i-banking feeder, etc.?
Congrats on getting the bank job!
AIM: joompers
Rather have someone from the Corp Fin dept
by Ikonvarkbut even so, the question I always ask is why they didn't just go into banking in the first place. Have dinged a lot of qualified accts, particularly if they just worked in audit.
Ikonvark
by lapslingI think the answer would be somewhat obvious - they didn't attend the top-notch school that i-banking desires and/or they needed the experience before being accepted into a top mba program.
What answer are you looking for when you ask accountants that question?
AIM: joompers
None, really
by IkonvarkI suppose I'm just waiting for a good answer. Haven't had one yet. Get a lot of blather about experience in finance, being able to add value to an assoc program by knowing the accounting side well, blah.
I'm sure there are people who really wanted to be accountants initally and then realised they made a terrible mistake or something... but to me, it shows a lack of drive and determination to get into banking in the first place.
Ikonvark 2
by lapslingInteresting - this is definitely insightful.
Then, of the two, which would you find more impressive?
(1) Proven drive and ambition (based on job progression, advancement, and accomplishments) with relevant finance-related experience in an accounting firm and desires i-banking because accounting was no longer satisfying in dynamic?
(2) Someone with great auditing experience, just graduated from a top MBA program, and interviews very well (and you can sense their ambition).
AIM: joompers
The former
by Ikonvarkbut how does someone convince me that they have what it takes to work in a bank? I have friends who went from accounting (mainly corp fin) to small firms (Numis, Close Brothers), and we've just hired a couple of ACAs into our group here, but at a couple of years below where they would be if they had just started in banking to begin with.
If you were talking to me, you'd need to have a really good reason to have gone into accounting, or be willing to take a couple of years back (as well as convincing me that you're any good...)
As for 2, I don't like hiring MBAs, so I try not to. But I work in London, where it works differently.
re:
by corporatelaw637Do you guys think that it is easier to get into a BB job from a small unknown botique or a big 4 accounting firm ts departmen?
Response to Ikonvark
by lapslingIt's people like you that make me respect the i-banking field even more. Yes, I know the entrance standards are high and extremely difficult had you not started out at a top undergrad into an analyst position, but I don't think I'm being unrealistical when I'm not deterred by that barrier to entry; I suppose in a way in makes me all the more determined.
I will make my experience at the Big Four worthwhile and prepare incessantly.
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AIM: lapsling
AIM: joompers
great insights
by machariafi also have a public accounting background and was wondering about this
Big Four
by ibleedexcelI did two years at a Big 4 Transaction Services group (Valuation group) and then managed to get lucky and make the switch to banking. My modeling skills and general finance background were the main selling points for being able to make the transition. (I also kicked but at my valuation job and had good things to speak to about it.)
I also told them that I had always been interested in banking but that graduating from a non-target in a recessionary environment made it difficult to break in. I took what I felt was the next best thing that would prepare me for banking down the road.
Nice!! I'm so glad to hear
by lapslingNice!! I'm so glad to hear your story. I'm trying to get into a group similar to Valuation and was hoping to hear that there were some individuals that were successfully able to make the switch.
Did you go into Valuation right after college? What exactly did you to in Valuation? Is it challenging and pretty dynamic or a lot of Excel and data entry?
Also, last question, how did you make the switch? Did you make contacts with banking people or apply off the street?
Thanks!
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AIM: lapslinger
AIM: joompers
Answer
by ibleedexcelYes, I went into the Valuation group out of undergrad.
The Valuation group, naturally, did a lot of business valuations (DCF, comparables analysis, similar transaction analyis) for various purposes and valuations of intangible assets for purchase price allocations. Much of it is regulatory and tax driven so it is not as exciting as live banking deals but the core skill set gained at the analyst level was very similar.
Lots of modeling, industry research, management interviews and lots of valuation report writing (biz. description, industry overview, financial narrative, projections narrative, etc.)
I made the switch by talking to a handful of headhunters. (Didn't have any connections to work with.) One of them had an opportunity with a top MM bank. I think I was fortunate to get the shot because I get the feeling that hiring 1st or 2nd-year analysts is just not that common, especially outside of the pool of experienced banking analysts making lateral moves.
If it hadn't worked out I also figured that with my good grades, good work experience, good GMAT, etc. that I could have gotten into a top b-school and entered at that point.
Hope that helps.