What is the best way to break into AM from the Big 4??
Hello all!
I was just curious as the best way to break into AM (possibly hedge funds) down the road from the Big4. Would working at the big 4 for a few years and trying to network work? I do not want to get stuck being an "accountant" which I have read on multiple threads, if one is to stay too long in Public Accounting. Would obtaining a CFA be better than a MBA? Or possibly trying to get into ER prior? Just looking for answers and any help is appreciated!
Thanks,
MBA
Any particular reason why the MBA over the CFA?
CFA is not for a career change and it is not going to give you an opportunity to start over with OCR and build a new network...but a top business school will. Even though the CFA is usually highly regarded within AM/ER, it's more useful for people who are already working in the industry and want to advance or become more marketable/solidify their credentials.
Unless you are a networking god and you are very, very lucky, you will just be another dude at big 4/back office/middle office/whatever with a CFA who can't break out of his role (or passed level 3 but doesn't even have the relevant experience to get the charter).
+1 flake, dropin knowledge
Flake is correct.
What kind of network on the Street does your school have?
You can take CFA level 1 to show that you have an interest in the industry, etc, but don't expect it to be a silver bullet.
My recommendation would be to try to make your way into a IB/SS ER/BS ER position while having the understanding that an MBA (or even MSF, etc) will likely be your best shot.
My school has very little network on the street, and I have been getting into contact with those who are on the street. I do not expect it be very useful, therefore, I was relying on making it through CFA or MBA, something along those lines. I will be starting TAS this summer, and I have read that being in TAS is one of the better ways to get into finance while being in the Big 4. That is why I was looking at the CFA and trying to network from TAS to ER/AM. I have thought about the MSF, but I recently just got into Big 4 and was debating whether it was better to stay at the Big 4 and getting a few years of experience in Audit/TAS/ and CFA or doing an MBA down the road instead of going to do a MSF. I just was not sure what would be the better option. The MBA seems to be the preferred, but I was just looking at other options to forgo the expense/opportunity lost.
Also - my undergrad is in Finance - I just went an additional year and gained the hours for accounting for the CPA. Basically I have a dual major with Finance and accounting without the accounting bachelor, because I did it at a different school who was a top accounting undergrad after I graduated from my undergrad. Odd path I know.
Here is what I would do if I were you right now and was very aggressive about achieving my goal (which is basically what Simple said):
If you're not lucky, get ready for a very stressful 2-3 years of your life. The light version of this would be to NOT do the CFA and to work in TAS, network, apply to junior AM/ER roles, and if after 3 years you haven't moved then start focusing on applying to b-schools.
Flake gave you a really good breakdown/timeline. I'd add:
Also, is there any particular site/subscription/material you would recommend in regards to reading about investing/research process as you had previously mentioned?
I did a thread awhile back that outlined some books that I thought were helpful. It's not a comprehensive list, but I'd like to think it's not a bad start. Also, do a search on here too, lots of great recommendations.
In conclusion which are the business school that the greatest asset managment society used to recruit??
Flake's advice is always awesome
how difficult is it to break into AM post-MBA compared to IB/MC? I've heard that IB and MC are very friendly for career switchers, but haven't heard much about AM in that regard. my background is in audit and corporate finance so still within the realm of finance just not anything AM related.
Where in corp fin are you working? Did you try move to the TS group in your firm before you left?
i work in strategic finance and no, i went straight from audit
It's not as easy to career switch as IB/MC, but it's possible. There are just a lot fewer seats and a lot of the people who want those seats will be coming in with previous experience, which gives them a leg up. One thing I would add to Flake's timeline then is that you should be personally researching stocks for your PA this entire time as well. Do a good in depth job on that (as if you were working at a fund) and you'll pick up a lot of knowledge that will serve you well when you start getting interviews (either before or during b-school).
Asset Management from Big 4 Valuation (Originally Posted: 04/09/2014)
WSO, I humble myself before you and seek your guidance.
I've spent some time looking at other posts on these boards regarding Big 4 Valuation and Transaction Services, but I haven't seen a whole lot of information comparing the two. I'm currently an associate in the valuation practice of one of the Big 4. I've been in my current role for a little over a year and prior to joining the valuation group, I was in audit for a year and a half. I'm a CPA, I have passed level 1 of the CFA, and plan on taking level 2 in June. My question is if I am trying to break into Asset Management or equity research, would transferring to Transaction Services provide any kind of benefit to me or am I better off staying in valuation and applying for any asset management/equity research job I can find?
Thanks very much in advance for any input.
Am Also interested in this. Have you considered B School?
Hey man, thanks for the response. I have/am considering B School, I just want to try and avoid studying for the CFA for 2+ years and then also doing B School afterwards.
Looking to move from Big 4 TAS to asset management (Originally Posted: 04/06/2016)
I am considering leaving Big 4 TAS for a position at large fund doing Asset Management. I was previously an auditor of REITs and funds so they like that experience. I would be leaving right before my manager promotion. The new role sounds very finance and operational. Wanted to see if others had made the jump? What kind of career outlook would I have in the asset management field? I really like real estate and big 4 travel partner life doesn't seems like it will work for me.
why not use your transaction experience to go into RE PE or the like? You're better off staying in TAS than jumping to the back office.
Asset Management is definitely not back office.
At this fund, what will your responsibilities be? Will you be working on dispositions, hold/sale analyses, major capital projects, major leases, etc.?
The more of the items mentioned above you can work on, the better your "career outlook" will be. Those skills will be highly valued and can even be transferable to an acquisitions role if you ever wanted to make the switch.
In terms of a career, usually you will start by overseeing a small portfolio of properties within a geographic region. As you progress, you will oversee more and more properties and start to oversee other asset managers. Ultimately, you would be running the entire Asset Management team.
Not sure if that answers you question. Feel free to ask us more specific questions.
So the role is pretty open. They help organizing a couple large projects like reorganizing a significant number of contractors at properties, possible energy projects like solar, and some transactions. They mentioned possibly starting a new fund soon as well. I hope to get more into the acquisitions.
I made the jump from EY to a private equity shop and did well. Also hired a number of analysts from the big 4. The skills you develop on the advisory side transfer well. Feel free to get in touch. I don't have anything right now, but would be happy to talk.
Thanks that sounds awesome. Let me know how to get in touch.
Big 4 --> AM (Originally Posted: 07/29/2011)
I'm new to this site so I appologize if this has been asked a million times,
I graduated with an accounting degree this May and I'm currently an intern at a Big 4 doing consulting and am pretty certain I will be leaving with a nice offer at the end but I've learned this summer that it's not what I'd like to do with my career. I've always had the ever so popular goal of ending my career with a hedge fund and with this internship ending I've started to research paths on how to get there.
Asset Management seems like a good beginning but I wanted to see what you're guys thought are on getting your foot in the door with an accounting degree and Big 4 intern experience (not much I know). Is AM the right place to look and what are ways I can network or be proactive while looking for a job?
Just want to reiterate that I'm new to this forum, just looking for insight. Thanks a lot!
Based on your username alone, I hate you.
hahahahah
Read my last post on this forum. http://www.wallstreetoasis.com/forums/what-to-say-to-an-md-at-a-16b-hedg...
Was just told by a PM at a megafund that ultimately "people don't make the switch from BIG4 to a hedge fund" and suggested trying to get into an I-Banking analyst program - b/c I need a bank's pedigree, not Big4, even in the Valuation group where I have modeling experience. Ultimately he said people view me as someone they have to train, and that individuals at a hedge fund are here to make money not to train people.
This was through a solid connection, and I have modeling experience and can speak intelligently about the markets.
From my experience, unless you have a degree in math/computer science and are trying to snag a quantitative analyst role in AM, it is almost impossible to break in right out of undergrad (at least front office).
Throw physics and engineering in w/ the math.
Standard degrees focused on business type things can get into AM. I know many people who did econ and work at AM. I also know english majors/history major undergrads in AM. in AM the teams, at least FO, are usually tiny so fit is most important. There just aren't many positions in all honesty though that you'd want to do.
I am under the same scenario...advisory for a Big 4...but do you think it will be safer to accept the offer then to gamble in this job market, especially with the state of our economy?
BIG 4 to AM (Originally Posted: 02/09/2014)
Hey y'all,
I had a question regarding how someone in the Big 4 would make the move to the buy-side. I was not sure if there is a define path like Big 4 to ER to Hedge, or if you could go straight form BIG 4 if you had some TAS experience.
Background:
Education: Underground in Finance, non-target, 3.7+ GPA. Masters in Accounting 3.5+ and I just obtained my CPA.
Professional: I just started at the BIG 4 recently, and enjoy what I do, but my goal has always been to be in finance, and in particular AM down the road at some point.
If anyone has any advice, I would appreciate it!
I was in the Big4 in an audit role for 2 years before I was able to make the move to AM. I have a BS in Accounting and an MBA with my CPA. Being that I came from non-target the switch was tough but doable. I am now in Risk at one of the largest Asset Managers. From what I have heard, moving for TAS to any finance role is much easier than from Audit.
If I were you, don't rush. Big 4 provides enough skin thickening experience to help you stay afloat on the other side.
John,
Thanks for you response! Was there anything you did in particular to make the move? Do you know anything about going the CFA route over the MBA?
Thanks again!
Quisquam officiis recusandae ipsam. Et ut ipsa sit fugiat dignissimos. Nulla enim assumenda dolorem veritatis temporibus aut laudantium. Autem officiis facere fuga eligendi accusamus omnis.
Enim numquam eum in quasi non rem iusto. Voluptatem eum placeat deleniti quia. Tempore autem omnis illum in. Fugit enim velit corporis commodi recusandae dicta officia. Sed ut autem amet ut. Eligendi voluptatibus modi aut ratione sed. Deleniti omnis corrupti minus voluptatem enim.
Culpa deleniti quidem quis dolores provident. Nulla voluptatem facilis nobis rerum. Vel et earum magnam dolores architecto. Omnis atque et dolorum nihil.
Id ab ut ut dolorum. Et accusantium unde ut.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Amet tenetur quisquam ex nulla sit incidunt. Sint tempore enim rerum suscipit rerum cumque molestiae. Occaecati temporibus ut modi non sed quis. Optio ex cumque voluptatum quo itaque aut autem qui.
Maiores numquam quis aut eligendi corrupti itaque. Voluptatem earum eos voluptates reiciendis in soluta.
Rerum eligendi et ut voluptatem voluptates non voluptas. Magni expedita sed sit quod nihil sit. Voluptatem quia voluptatem occaecati sunt itaque quo placeat.
Illo ut libero porro ea. Adipisci aut distinctio doloribus quis sed nemo. Ut odio molestias excepturi delectus. Rerum aliquid tenetur culpa accusamus ratione doloribus.
Perspiciatis repudiandae enim quia ut. Eius et et laudantium doloribus consectetur. Aut ut quo aut nihil consequatur in.