accounting background

Not that common. The best bet is accounting/finance target.

"even go from accounting in a big 4 to ibanking"

Yeah, with completion of the CPA.

working at a big four after one or two years (depending on what state you're in) gives you the chance to get the official CPA license.

"right, but that won't get you into banking... you'll have to get your mba first"

No, I've heard of clean transfers after a two year auditing stint. An experienced accountant can make a good banker. Of course, an MBA is a better bet.

That may be true. We'll have to see what the real bankers have to say tomorrow.

I know one thing for sure, and that is it doesn't take shit to get into accounting.

I've been interning in Transaction Services for a Big 4 since January and have a BB PE summer internship. BBA accounting MS finance so I feel at least somewhat qualified to comment on this. IMO-

CPA designation is of little or no use in banking from everything I've seen and heard.

It is very possible to get into a quality MBA program out of Big 4.

If you think ibank analyst work is monkey work, you should see an audit associate.

Relative to investment banking, the process of getting into Big 4 accounting is a cakewalk.

Big 4 accounting only proves to banks that you have the capacity to work long hours doing tedious work (80+ hour weeks in busy season for audit). You still have to make a case for the other personality traits they look for.

"CPA designation is of little or no use in banking from everything I've seen and heard."

many bankers hold CPA's.

"Don't think I agree with that"

At a boutique I interned in two years ago.......

"I would highly doubt it, since most kids at target schools don't come out with accounting degrees or plans (or ability) to take the CPA."

No. Many have accounting degrees, most don't have the full CPA course requirements (22-24 credits of accounting inc. B-Law)

I'm not talking about analysts. Associates...

Somehow I just don't see an MBA taking 5-6 accounting courses, nor an associate taking the time to study for the CPA...

"nor an associate taking the time to study for the CPA..."

After working at a big four firm for two years? The ones I know, majored in CPA accounting in undergrad and did all the coursework, and took the CPA test either very early (in senior year) or did it while working in accounting.

Don't see how that shows having the CPA is of any use in banking...

"

Don't see how that shows having the CPA is of any use in banking..."

Hello?...................

accounting is a major part of banking?

Again, don't see how the CPA is of any use when all the accounting needed can be taught during training...

CPA accounting seems more like overkill (and much of it is probably irrelevant to banking) to me...

a cpa doesn't help you in ibanking. It helps you get into a top mba program and then get into ibanking as an associate.

And getting a big 4 job is competitive, but like someone said, it is nothing compared to an ibanking job or even the interview. In the interviews, you basically are being tested to see if your personality fits in with the big 4 firm, while in banking you have to answer probability questions on the fly. A little different environment.

Also, don't forget, there are big 4 firms in every city in the world (large and small) that have a high turnover rate due to the marketablity of a big 4 alum in other fields. There are a ton of jobs each year for first year auditors, compared to a fraction of BB jobs avialable.

And while it is possible to go from audit to ibanking without an mba, you'd need a serious connection to do it. You'd basically have to be the auditor at an ibank and hit it off with someone there who'd offer you a job. Even then, you'd be more likely to be an internal auditor at the bank than work as a banker.

Your best bet is to go big 4, get your cpa, and then get into a top mba program. Thats my plan...

" I'm just saying it is a FUCKING JOKE TO GET INTO if you have half a brain."

Big words. Are you currently employed, kid?

Agreed. The people I see getting into Big4 are definitely NOT the same quality as those in IB.

In all of my interviews, I have yet to see a single person with a CPA. While accounting is a major part of IB, I have never heard of too many Big4 people getting into banking.

The qualifications to get into Big 4 aren't even comparable to IB. Yes you do have to be smart to be in acct but its a totally different business model, totally different work environment, totally different comp, etc. Being a CPA allows you to sign off on an audit. Nothing more, nothing less. Yes accounting is needed in banking. But what about signing off on an audit? The Big 4 audit practice has armies of 1st & 2nd years, with the churn at a ridiculous rate. In my office, they brought in 50+ audit interns and every single one got a full time offer. The dipshit that couldn't get staffed bc she was so incompotent got a full time offer. There are simply too many spots to fill for them to be too picky. Transaction Services is much more competitive but still not on the level of IB, if for no other reason than compensation.

"What are your summer plans, kid?"

Employed :)

Of course Big 4 is easier to get into- there are tons, tons more jobs to fill. Those firms are turning down business because they can't get enough new hires to do the jobs.

Furthermore, a CPA/Big 4 experience is absolutely helpful in transitioning to banking... if you are trying to come in at entry level. If you are trying to come over as anything other than a 1st year analyst, it probably isn't very relevant.

And yes, audit work (at lower levels) is mindless box-checking, but the knowledge you need to get a CPA is actually very helpful.

Plus, they give you 4-5 weeks of paid vacation- and strongly encourage you to take it. Their schedules are infinitely better. When I was interning there, one manager stayed there till 4am, and people were talking about it like he was crazy, and it was unheard of.

And also, Aspringmonkey, you are way too cocky for a summer analyst.

If i can interupt these two old ladies arguing about who has the smaller penis for a second, I'd like to add something...

A big 4 job is an elite accounitng major job if you go to a non-target school for ibanking. However, big 4 recruiters still recruit at places like Upenn and UMich hiring accounting majors. Beleive it or not, not everyone wants to throw away ages 22-25 (which is what you do as an analyst), work in expensive NYC, and deal with the ibanking bullshit liefstyle.

Some people value a life outside of work, the ability to work in any city they want, and the fact that when you leave big 4, you can get invovled in pretty much anything (ibanking, corporate finance, internal auditing, etc). Plus, its a hell of a lot more secure than almost any other field due to Sarbanes Oxley, other audit requireemnts, and a general shortage of accountants today.

For the record, its much harder to get an ibanking job than a big 4 job, but comparing the two is like comparing steak to lobster.