So for the guys who want to have a career in M&A/corp finance but also want to have a life/family....does it sound right to do i-banking for a couple years and move to a big 4 or decent valuation shop like alvarez, Duff, vrc? How will a banking background be perceived at big 4s?
how are the hours at big 4 corp finance at the management to partner level? do they get any better?
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Not worth it. Move in-house to a treasury/corp fin role in industry. Valuation groups in the Big 4 are over-worked, underpaid, and unappreciated by their clients and "real" finance professionals.
The hours aren't as bad as in banking but are often still brutal, and the pay is laughable compared to what you make as a banker.
Partners do ok hours-wise but it's a long grind to make partner and the pay is,again, not very good compared to a banker with comparable seniority and comparable to an internal corporate finance professional. Pay-wise internal valuation groups at banks, like HLHZ, do better but the few I know of/have experience with are sweatshops.
Thanks for the input KP...
Wouldn't moving to a big 4 after 2 years of IB put me into a management role? What hours are "still brutal"?.... 50-60?
Not too worried about pay and i know some senior managers and directors making 150K-250K which is not bad. just wondering about the trade off/benefits.
I have thought about corporate development but the progression taps out after 2-3 years as an analyst. the only way to move up is to get more experience in other functions on the company sales/operations. not sure where salary/bonuses tap out in the corp dev feild but from what I've heard its around $150k..someone correct me if I'm wrong.
Probably not management after 2 years-likely senior associate.
Managers and staff in the Big 4 valuation group I worked in regularly worked 60-80 hours a week year round and more during busy times.
You say 150k-250k isn't bad now, but senior managers and directors have (in my experience) minimum 7-8 years of experience, and a 1st-year analyst at a top bank could make 150k in a good year. I would be beyond shocked if you could move from a bank to the Big 4 without taking a serious pay cut. They call them the golden handcuffs for a reason, it's hard to go backwards in compensation.
I don't think you're correct about corporate development progression or compensation, but I'll let you ask that question to people with better knowledge than mine. Don't forget that it's not a cakewalk to keep progressing at the Big 4, either-you have to bring in business, suck up to the right people/work the internal politics, and have the right timing just like in any other job. A lot of Big 4 groups are "parking lots" right now with too many senior managers and other senior non-partner employees who can't all make partner.
IB Risk to Big4 M&A (Originally Posted: 06/15/2013)
Hi All,
I currently work at a bulge bracket investment bank (think JP Morgan, Macbank) within their Credit Risk team with particular focus on financial institution counterparties (annual reviews, credit limits etc) and debt markets/ treasury (incl primary market RMBS deals etc).
I've been with this ibank for over 2 years, with excellent experience, however I am really keen to work within M&A as a long-term career (given research, short internship in past with a tiny boutique, etc). After recent interviews I just had the final round with a big4 firm (think Deloitte, PwC) for a senior analyst M&A role with very positive vibes but just waiting on final response/ offer etc. From the job description and impression I got at the interviews, this role involves the full spectrum of IB work (financial modelling, pitchbook presos, due diligence, helping with legal doc prep, etc) but with particular focus on MM sized deals and, of course, no balance sheet positions.
If offered the role, should I take it? I know the pay will be at least 10% less than what i/m on now, but I see this as an excellent opportunity to build more industry specific relevant experience in M&A (esp for MM deals which seems to be still very active) and grow with the firm towards more senior levels. Or alternatively should I just wait to apply for an internal opp when something comes up (app >1 month wait plus interviews, note BB sized deals).
Please let me know your thoughts on this. Those with actual big4 M&A experience/ insight also appreciated.
Thanks in advance
There are many former accountants in M&A, especially in Europe.
Macq as a bb, ha
I think it's a great idea if you want to get some good M&A experience with MM companies.
bumpin this thread like its hot in the cribby ~
Did you just compare Macquarie to JP Morgan?
And yes, you should take it.
everyone knows ib risk = jpm. also curious how you compare jpm and macquarie
Thanks guys for the responses so far. Yes, you're right, comparing JPM and Macbank isn't really fair, I was just trying to not give away the company by proving a range of some sort. Not saying it is actually JPM or Macbank either.
Seems like if the M&A opportunity pulls through I should take it, which does make sense when consider my longer term goals. Are the exit opps solid if I consider BB down the track?
Also, those with M&A experience at big4, what has been your experience like thus far? Any other insight?
Thanks in advance
Your longer term goals are...?
You haven't received the offer yet either, so don't get too antsy.
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