Hi everyone,
I have my undergraduate degree in accounting from a non-target and my MBA from a non-target (I needed extra college credit hours to sit for the CPA exam). I was able to finish the CPA exam relatively quickly and easily. Through my MBA, I have discovered a genuine passion/interest for capital markets. I know that I don't want to end up doing audit forever.
Which of the following would be a better stepping-stone toward an analyst position at a boutique IB and eventually PE?:
1) Big-4 audit
2) Business Valuation Analyst Position at a large regional firm. They have about 500 employees and are well-regarded in the area.
I am currently networking extremely hard to try and wiggle my way into a small bank, but I will more-than-likely end up starting with one of the two routes named above.
Thanks in advance!
I'd go to audit, crush it there for a bit then transition to FDD. That might be your best bet. You made a mistake getting your MBA from a non-target you should have just done the MACC, now you position yourself out of an elite MBA which could help you pivot. Overall not in a bad position but you'll have to grind and be at the top of your class in audit to get where you want to go (which shouldn't be too hard imho).
Yeah I'm aware it was a mistake. I didn't realize I was interested in capital markets until taking several finance classes for my MBA. I know I'm good enough at networking to squeeze my way into a boutique eventually, but it's definitely gonna be harder for me than someone with an elite MBA.
I would look closely at the Bval position. Transferring from audit to FDD can be difficult. Bval provides more transferable skills but with a lower brand name. If Bval involves just audit reviews, then big 4 probably makes more sense. However, if you regularly get to work on fairness opinions and purchase price allocations, I would recommend bval at the regional firm.
Thanks for the tip. I think the valuations position would involve fairness opinions and such. I don't think this position has a lot of quality applicants, because the interviewer was surprised I knew what a DCF was LOL. Fingers crossed I get called in for another interview soon!
I was in a similar spot a few years ago and went bval -> MM IB -> LMM PE. I was at non-target and chose bval over audit. Audit on your resume will make people think "accountant" but bval starts to label you more as a finance person, which is a good thing. I lateraled a year or so after being in valuation/FDD and know many people who did the same thing.
One thing to note; I was at a independent valuation shop that didn't have an audit arm. if you're at a Big 4 or other accounting firm, you may have less "finance" work and more audit review stuff, but I can't really speak to that. At my firm, I did a lot of DCF's, comps, Purchase price allocations, etc. which get you a good base for IB, at least on the modeling / valuation side.
Sweet! That's super encouraging. Thanks for the insight. In the first interview, the guy mentioned DCF and comps so i assume that's a big part of the job. He said there are two sides to the valuation team- litigation valuation and business valuation for transactions. He said I would be more on the business valuation for transactions side.
Ended up getting a job at H&L.
How’s your feeling almost half year in? I’m b4 auditor recently got an offer from D&P wondering if I should make a move
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