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Based on the most helpful WSO content, here’s a breakdown of actionable advice tailored to your situation:

1. Is FAAS/technical accounting viewed as disqualifying for credit/banking roles?

• FAAS/technical accounting isn’t inherently disqualifying, but it does pigeonhole you as someone with a reporting/accounting focus rather than a deal-making or credit decision-making background. This perception can be a significant hurdle, especially when competing against candidates with direct transaction or modeling experience.
• To overcome this, you need to reframe your narrative. Highlight transferable skills like:
  • Deep understanding of financial statements and transaction structures.
  • Experience with complex instruments (e.g., ASC 815 instruments) that are relevant to credit and banking.
  • Your ability to analyze and interpret financial data at a granular level, which is critical for credit underwriting and decision-making.

2. What was the actual unlock for others in similar situations?

• Transition through TAS/FDD: Many successful transitions from Big 4 to banking/credit roles happen via TAS (Transaction Advisory Services) or FDD (Financial Due Diligence). If internal lateral moves have been dead ends, consider external opportunities at smaller firms or boutiques where the competition might be less intense. Firms like Houlihan Lokey or other middle-market players often value Big 4 experience.
• Financial Modeling Mastery: A recurring theme in WSO threads is the importance of financial modeling skills. If you haven’t already, invest in a top-tier modeling course (e.g., WSO’s financial modeling courses) and build a portfolio of models (e.g., 3-statement LBO models, credit scenarios). This can help you demonstrate technical proficiency during interviews.
• Targeting Niche Roles: Consider roles adjacent to banking/credit, such as corporate development, FP&A, or internal strategy roles at corporates. These can serve as stepping stones to your ultimate goal.

3. Is a non-top 10 MBA a reasonable bet?

• A fully debt-funded MBA from a non-top 10 school is risky unless it’s a program with strong placement in your target field (e.g., banking/credit). If you pursue this route, focus on programs with robust alumni networks in finance and a track record of placing graduates into banking/credit roles.
• Alternatively, consider delaying the MBA and focusing on building relevant experience (e.g., TAS/FDD, boutique advisory) to strengthen your profile for a top-tier program.

4. Is there a lane you haven’t tried?

• Boutique Credit Shops: Smaller private credit or direct lending firms may be more open to candidates with non-traditional backgrounds. These firms often value hustle and technical skills over pedigree.
• Regional Banks: While you mentioned limited traction here, don’t overlook smaller regional banks or credit unions. These institutions may have less rigid hiring criteria and can provide valuable credit experience.
• Networking with a Twist: Instead of traditional networking, focus on informational interviews with professionals who’ve made similar transitions. Ask them about their specific paths and challenges. This can uncover hidden opportunities or strategies you haven’t considered.

Additional Tips:

• CPA Consideration: While you’ve ruled out pursuing a CPA, it’s worth noting that it’s highly valued in credit and banking roles. If you’re open to reconsidering, even partial progress toward the CPA could enhance your profile.
• Persistence and Timing: As frustrating as it is, timing plays a significant role. Economic conditions, hiring cycles, and firm-specific needs can all impact your success. Stay persistent and keep refining your approach.

If you’re feeling stuck, consider booking a session with a WSO mentor who has navigated a similar path. They can provide personalized guidance and help you strategize your next steps.

Sources: Q&A:Big 4 Audit to Boutique M&A Shop, Q&A: Big 4 Audit -> TAS -> Private Credit, Q&A - Commercial Banking Credit Risk SVP in Southeast USA, Accounting vs Finance: Part 1 – Career Paths