Put yourself in my shoes (BIG 4 TS)
Hello Everybody,
I am a few years into my stint with BIG 4 TS group in a large SE market. I am at the point in my career here where I feel as if I need to make a move. My question for the group is:
What would you do if you were me? Try to break into some form of banking (corporate, IB, etc.), go do Corp. Dev., FP&A or PE? How soon would you try to leave and what avenues would you exploit to do so?
Thanks!
Shamefiul bump.. really curious to hear some of your thoughts.
What is your current level of experience (# of years, project focus, etc.)?
Do not do IB. Typically at this level, you will be brought in as an Associate, and it will be a total grind. When I was in banking, we had a new Associate join us from a Big 4 (5 years of experience).
Without knowing your background, I would recommend PE or Corp Dev, but it depends on your interests. I mostly enjoy strategy / M&A, so those would align with my passions. Also, you need to consider what kind of work / life balance you are looking for. On average, PE will require more work hours, but there is a lot of variation among funds given size and structural differences.
Happy to answer any questions!
Why is it bad to do IB after Big 4 TS? What if you're willing to grind, how are Big 4 TS people looked upon in IB? What is the background for the new associate you mentioned that joined from Big 4, what did he do there? I'm specifically interested in your thoughts on Big 4 TS Due Diligence group to PE/Corp Dev/IB. Do you think it's possible without an MBA? With an MBA (Rank 15-20 give or take)
Thanks.
Oh yes, absolutely possible!
I was just saying that if you have the option, I would choose one of the other options. It's not bad for your career, but it depends on your long-term goals. I also just wouldn't want to be an Associate in IB after doing three years as an analyst. However, if that's something you want to do, then by all means pursue it! A lot of banks have a shortage of associates now and are hiring quite a few people (my MM bank was).
The new associate I worked with did several years in transaction support services for a big 4.
I think you underestimate how difficult it would be to break into PE from his spot, even lower MM funds. There is already a large pool of young bankers and consultants that would take a PE job, even if they moved downstream.
Aside from that, there are many TAS/TS guys that are always looking to jump if they can to IB/PE. It obviously doesn't hurt to apply to a couple here or there, but I think the prestige of and demand for PE jobs makes them quite poor targets for those that are not in IB and MC.
I did the typical audit (2.5 years) to TS (2 years) route and now am an IBD associate. I skipped the MBA but was looking at going. I did get some offers for corp dev but decided that wasn't what I wanted to that point in my life.
Can you elaborate a bit more about your story? Especially about how you skipped the MBA. That's quite amazing! What did you do while you were at the Big 4 to get to where you are today? What group of TS were you in?
Thanks.
Started in audit doing the typical audit things. Ended up with a few key "opportunities" that jump started my career including a first year audit and seniored an IPO as a second year. Did well enough to get the referral to TS/FDD where I transferred. Killed it while I was there getting an early promotion to manager after only a year in FDD. Worked on multiple buy side and sell side advisory projects that had significant overlap with what someone in IB would do in terms of analysis.
To move into IB, I actually had recruiters reaching out to me. My deal experience allowed me to skip the MBA and has led to a fairly seamless transition.
Getting into PE is possible, but the fight will be fierce against IB and Consulting candidates. Our firm hired an EY TAS associate a few months ago.
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