Auditor gets offer from both Regional botique and PwC CF team, WHICH ONE?
Hi everyone, I am currently going through an important life decision right now.. Having spent about 2.5 years in PwC audit, I am currently able to secure two offers, one from PwC CF team and one from Regional boutique IB. My goal is try to get into PE/VC and I am currently in NZ but quite keen to expand to AU in the future.
The regional IB has these considerations: (1) IB analyst sounds better ... (2) have a variety of exposure to M&A, debt advisory (probably a bit more emphasis on debt advisory: probably 1/3 in M&A and the rest for debt advisory); (3) straight off the bat lots of involvement in the preparation of IM, pitch books, term sheets etc; (4) They have a small PE in the firm too, which is too small to be in but i guess they do some work for their own PE shop and this will be a good experience as opposed to being the sole financial service provider, I guess this is quite important for moving into pe too? and (5) there is a profit share scheme...
For PwC, the pros are more around it is M&A heavy, the name is probably bigger in M&A compared to the regional IB, I don't have to take a step down so pay is a little bit better than regional IB. The only concern is probably around the fact that I may have to start with the valuation and financial modeling first and have to slowly move into the M&A advisory later.
Anyone has experiences or take around this? If I want to move into PE/VC in the future, which one would be considered a better choice?
Anyone who needs advice on moving from audit to IB/CF I am keen to answer too :)
Congrats on your offer, how difficult would you say it is to go audit -> cf?
I would say extremely… I have interviewed for at least over 80 times within 2-3 months time and this is the only one I can get. pwC CF would only give me a chance until I got an offer from IB. I think if you are in audit you just have accept that you are the underdog with very slim chances and there is nothing you can do except grinding…
I understand this is your process, but I personally know someone from EY Audit who just landed a BB (GS, MS, BofA, JPM) equity research position after 3 years in audit. Just know your shit before you apply
Bump..
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Hi man - really appreciate taking your time to write this comment. You are def right re how competitive it is in the Australisia market. This particular boutique is quite well known around the debt advisory space, but M&A def cannot match PwC CF, think I am probably leaning towards PwC right now, as there are a lot more history/data to indicate people jumping into bigger banks (macquarie prodeomiantly). The pay at PwC is higher because I don't need to take a step down, I am moving from Audit senior to CF senior analyst, whereas I have to become an IB Analsyt if I move into IB (excluding bonus as I am still uncertain on how much the profit share from the IB would be). But anyway that is very helpful mate, thanks a lot for your contribution!
Hey mate - do you know what the comp range is for PE or VC after doing ~2yrs of BBIB? I've heard not many bankers recruit for PE in Aus/NZ given lower comp in short term
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Hi Mate, working in Sydney IB currently. To echo the comments above, it is highly dependent on the brand name of the boutique, but unless there is strong historic placement into Aus/NZ IB from the boutique, I think it is a no-brainer to go for PwC.
Being at PwC will allow you to transition to Aus more seamlessly and the M&A reps will be far more valuable than the M&A debt mix (especially considering your intention to move into PE/VC in the future). Not to mention the PwC brand name will definitely get you interviews at top EBs and BBs; it is a very trodden path.
Thanks a lot man. Seems like it is def a better choice at the moment in time and I will probably take the pwc despite it may appear that it will take me a bit longer given I need to finish the whole audit project during busy season and will have to start with valuation and modeling, but one good thing about NZ is that it’s quite fluid between valuation and M&A advisory so we will see how it goes :)
hello mate, just going on final interviews with PwC M&A Australia - Senior Consultant. Any idea on the compensations?
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thanks a lot mate really appreciate the insight!!! NZ market is way too small that you can easily guessed the IB I was talking about (well done on that!)
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