Hello WSO,
I wanted to post a discussion about two offers I received in the past week:
PwC - TAS Valuations
-Valuation and modeling of companies in deal environments
-Providing value measurement and advisory
-80+ hours a week during busy season, travel is possible
-59k, no signing bonus, small percentage annual bonus
Deloitte Consulting - Federal Business Technology Analyst
-Conducting research and analysis for federal clients
-Due diligence on technology strategies and implementations
-40 to 60+ hours a week, travel to government client sites
-72.5k, 10k signing bonus, small percentage annual bonus
The only caveat is that I signed with PwC, as my deadline was before I would find out from Deloitte. The difference in pay is so significant though, that it has me gotten me thinking about the implications. My long term goals are to either lateral into an MM IB analyst program and/or move on to business school in my later 20s with management consulting to become my priority. I know that federal is looked down upon, but I was not sure on the overall reputation of Deloitte Consulting and the effects of staying with a relevant player in the consulting space. Some background about me:
-Non-Target Undergraduate w/ internships in corporate restructuring and assurance
-Finance and Economics
I would appreciate any advice and thanks for the time!
bump
Tough one, but I think Deloitte consulting wins. Even if Federal isn't considered desirable, they have an excellent reputation and I think it will give you better optionality in your career moving forward. All big 4 val shops do in the US (for the most part, there are a few exceptions) is PPA's and GWI's and review other peoples PPA's/GWI's. Probably around a 50/50 split would be what most people tell me. Never experienced it, but it sounds awful and from an interviewers perspective I'd be a lot more interested in talking to the person from Deloitte. Anyone can learn how to build a WACC.
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Mephistopheles,
Thanks for the response! Yea, I've had some tough thinking to do in the last week. I think you bring up an important point that "anyone can learn how to build a WACC." I have an undergrad in finance, so I could supplement desired technical skills with a CPA/CFA/modeling boot-camp/personal study of deal dynamics (Rosenbaum & Pearl). While the federal client base is not optimal, I feel the client exposure, project management skills, and data analysis that I would gain from Deloitte Consulting would much more powerful during a lateral recruiting process. From your experiences in investment banking and assuming I'm not stuck in federal consulting for six years, would it be possible to network into an IB analyst interview? Obviously a career path is hard to predict, but I want to get an idea of my future options if I eventually want to move on. Also, do you have an idea of what the MBA placement is like for analysts/consultants from Deloitte Consulting? Sorry about the long-winded reply and thanks again.
I knew a guy from gov consulting that reset with a top 20 MBA and went in as an associate in IB. I know another guy who got into a premier restructuring shop at the analyst level from Deloitte consulting (wasn't government, but same brand name). Basically what I'm saying is anecdotally, yes I have seen it happen. Will it be easy? No. Will it be easier than if you went the PwC route? Maybe, it depends on who you are interviewing with, what their background is and what they are looking for. In my mind though you will obtain more valuable experience from the Deloitte position that you can supplement on your own, but I think you've already come to that conclusion on your own. Good luck to you and let us know what you think about whichever experience you choose so others can make better informed decisions.
Not sure if you already signed....but I actually had similar offers on the table my senior year, among others - I went with the valuation gig instead of that consulting gig....mainly because there's a big gap between Federal and Commercial consulting at Deloitte. I had friends in that group who hated it - and it was impossible for them to transfer internally despite being highly rated. Additionally, you're not competitive for MBA sponsorship against the S&O kids - they'll maybe sponsor two kids amongst the many that apply. They both left for other gigs in less than two years.
PM me if you want info. on the val gig. The problem with these TS val. groups is that they cover different areas depending on the firm and sub-group. What Mephistopheles described above isn't incorrect in many cases - but it hasn't been my experience at all. I took this gig over a boutique IB offers/ consulting offers and haven't been disappointed.
Enim occaecati at nihil sit libero autem. Eligendi unde vero et aut earum.
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