Any very experienced (10+ years) IB people out there? SOME HELP PLS
Graduated 3.9/4.0 UCLA Business Econs,minor Accounting.
Ext Curri: setup a scholarship fund, president's award for 100 hrs community service, held office in a club, co-founded another club organizing cost effective travel plans for students.
Interested in financial modeling took all finance classes on offer, hoping for a career in corporate finance, restructuring or M&A. No interest in mgmt consulting, hates operation mgmt.
No internship exp, found out only networking contact willing to help is in Operations. Applied to BB after graduation, went for interviews but eventually didn't get offer. Now 4 months without real job, any more hope?
Thought of Big 4 transaction services, partners I met wanted me to prove myself in audit for a year before considering TS. Heard that the real reason was some bankers that got laid off at BB switched careers to Big 4 TS & CF, therefore not really shorthanded. Also bcos I spoke to them so late, the very limited fresh grad positions in TS are filled.
Options: 1) take audit which I hate and don't know much abt and wait for economy to recover, bankers in TS leave for banking industry then I switch to TS. After 2-3 years in TS switch IB or take MBA. 2) take up an offer with non-big 4 accounting firm that accepts me in TS, work a year, switch to big 4 TS, then 1-2 years later, switch IB or take MBA. 3) take operations job, which pays better than non-big 4 acct, network to FO (heard its impossible). Which one is the most realistic option? or is it game over for me. I'm also worried if non big 4 have little or no useful M&A exposure.
How did you go through college with zero internships? Just curious.
bro you should not plan like you did in option 2. Things NEVER happen the way you want to - counting on a detailed plan like that is CRAZY! most economists don't even know what the economy is like right NOW (nowcasting) so don't even bother trying to guess your future. Way too volatile. If things went your way, why don't you just go into big 4, plan on passing the CPA with highest score in the state/country and get an auto-admit to HBS like that. Much better than small TS -> Big 4 TS -> IB analyst
With that said, just pick the best option you have right now. Whatever you are happy with, that gives decent pay and has an option to move up. Sounds like option 2 (TS at some small firm) without all of that extra shit at the end.
what is an "auto-admit to HBS"?
Without a doubt, if they're your only options available right now, go into Audit in the Big4 and try and get in to Transaction Services. It's just about the only way you're going to get into banking.
You should have really tried to get an internship though. Why didn't you? UCLA is a good university right, you majored in Economics where the majority of your class mates were probably going to go into the Banking & Finance industry, right? I don't understand...
Dude, this isn't TheStudentRoom, no one cares about your stats in your sig.. Moreover, you become very easy to find on what's meant to be an anoymous site.
And to the rest of you guys: do you have 10+ years experience? No? Then the OP doesn't want your help! He has come here expecting to find 32+ year old bankers who frequent WSO (of which there are legion, obviously) and God damn he deserves them...!
I've still got a few years yet mate
Big 4 TS isn't something very easy to get into. Do you have these offers on the table for audit/non-big 4 TS?
Also, TS is extremely tough to switch into from audit. Not saying it can't be done, because it's done every year, but you have to be the top of the audit class and have someone within the firm willing to stick their neck out for you. It is common for TS to require 3 years (make senior associate) prior to switching. It can be done sooner, but it is the exception not the rule.
Switching to IB from TS is also not extremely easy. It is done, but usually not going to be a lateral transfer. I'm only saying this so that you know no matter what path you go the work is not over by any stretch of the imagination.
And seriously, why didn't you do any internships?
Yeah I agree. With that exceptional GPA of yours, I don't know what held you back from applying for internships. What happened?
Well, for my first summer, I decided to go traveling (new friends, new part of country), last thing on my mind was an internship. Second summer, spent taking care of the children of a recently divorced relative. Third summer, decided to take summer classes and graduate half a year earlier, thought it would open up my options, now realized it was a bad choice.
As for the offers, big 4 audit is mostly confirmed. As for non big 4 TS, I'm having 5 interviews in the next 2 weeks for Grant Thornton and other similar companies. I specifically ask abt a job in TS and not audit, so I should at least get 1 TS offer from them. My main concern with them is if there will be adequate exposure and training for me to learn complex skills or do they just deal in simpler stuff. Are there even good exposure for non big 4?
Based on the comments, I get the feeling that I am not fully exploring my options. Do you guys know any other career paths that can help develop financial modeling skills (besides mgmt consulting firms) that I can realistically aim for?
^^ Lol, was thinking the same.
Boreed
High school - dropout
Unemployed at Credit Suisse
Patrick needs to figure out a way to make it so before you post you must read all the FAQs...
"auto-admit to HBS." Do you know something we don't know?
lol he talks about making the highest score on the CPA for the state like it's a walk in the park. Then, you guessed it! Auto-admit (whatever the hell that is) straight to HBS! 1st yr offer to GS IBD Associate for 2 years and finally off to mega PE fund! Isn't life allsome?!
Why is it someone w/ 10+ years needs to answer this question?
Maybe looking for a hookup. Or he doesn't want the army of 18 year olds giving him long term career advice.
No, it goes to show how little research the OP has done and how he/she will use the sage advice of an anonymous internet poster as a surrogate for good decision making and effort. I'd also hazard a guess that the average age of this site is probably somewhere in the 20's as an 18 yr old would be a senior in H.S. or Freshman and we don't seem to have a ton of them posting. Finally, he/she should not exclusively seek the advice of those with '10+' years of experience that ignores a whole shitload of peers that may be experiencing the exact same thing or be in various stages of the transitions described. But again, mostly shows how little effort/research has gone into the OP's strategic career planning.
BIg 4 audit --> boutique and/or MM IB.
Done.
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