IB to Valuation Advisory...Rather than Valuation to IB. Thoughts?

Okay - so there's a good amount of threads that talk about why an individual would want to switch from Valuation Advisory to IB. However, what are some compelling reasons for the opposite transition? Would be very interested in hearing y'all's thoughts. Both roles have overarching traits/characteristics, but they're not the same by any means. Any ideas?

 

I can't really speak to the FT analyst/associate to valuation transition. In my case, I did an internship in IB and realized it wasn't really for me, and when I interviewed for my current firm, I communicated this. I think the key is expressing that you know valuation advisory isn't investment banking, and showing an interest in developing your technical skills, and especially understanding the work done in valuation. As long as you convey an interest and don't make it seem as if you're using it as a stepping stone to go back to banking, I think you should be fine.

 

I'm in a similar boat. Internships in IB and looking to move into Valuation for FT. I'm really interested in the technical aspect and found that in IB, a large amount of the work is marketing-focused, and want to make a switch because the technical aspects is more of what I'm interested in. If you don't mind me asking, what are some of the reasons that you conveyed? Very interested in hearing your thoughts.

 

Those were my thoughts exactly--and I'd definitely suggest you tell your interviewers that as well. Mine appreciated that I had worked on CIMs and the like but understood that I wanted to do more technical and challenging work (i.e. more excel, less PowerPoint and buyer's lists). I had also done my internship in New York and was really looking to move back to my hometown, and I think that helped my case as well because it helped show that I had no intentions of lateraling over to banking. I was an accounting major as well as finance, so one of the things I said was how I liked that valuation was sort of an intersection between the two areas. The models you do in valuation are for different purposes (usually regulatory/financial reporting) than IB (like you said, marketing), and a lot more in depth than what I saw during my internship. In my interviews I really tried to convey that I felt I'd get far better technical experience at the advisory firm than at the bank, and I liked how it was a very specialized form of consulting (which had been a field I was already drawn to). I would try to express how you're interested in really delving into financials, valuing intangibles, and working on fairness opinions (some groups do more of these than others). Let me know if you have any other questions and I'll help where I can.

 

So you have one IB internships and one valuation internship?

Sounds like you'll be fine some recruiting if you can explain the reason you went with valuation vs. IB for the second internship.

"It is better to have a friendship based on business, than a business based on friendship." - Rockefeller. "Live fast, die hard. Leave a good looking body." - Navy SEAL
 

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