Just accepted a B4 audit graduate offer (UK, not in London) starting this September. However, I am already planning my future exit. How feasible it is to move after getting your ACA to a MM IB? Any information and tips will be much appreciated.
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Can be done and you see it with some regularity in the industry.Keep in mind it is by far the worst path into IB, in that it takes the most time and effort (you will have to get your accounting exams no question). Essentially you'll be getting shit pay for years and doing extra exams just to come in as an Analyst 1 and get treated as if you are 22 again.
What do you think is the best or alternative route?
Straight from undergrad > MSc Finance/MBA > Industry changes (e.g. from consulting, STEM) > Audit route
I guess If I move firstly to B4 TS for a couple of years I won't join as an Analyst 1? Unfortunately, this is the only offer I have right now. I was waiting for my final interview with EY for a graduate role in Transaction Dilligence (had passed so many stages to get there) but they send me an email last week saying that the position has been withdrawn...
Would be tough to lateral out of audit as the Big4 lock you in by paying for your accounting exams/accounting masters (sometimes).
Best bet is to get exams and enjoy the sociable life in big4 office then try for IB.
I did it. It’s hard, but definitely doable.
I was in an unfashionable b4 audit office, before joining a TS team and then MM IB as Analyst 3.
Its a long route, but trust in the process and you’ll get there.
So the path for me is B4 Audit -> B4 TS -> MM IB ? I guess I'll have to stay in Audit for 3 years so I can complete my ACA... Do you know if it is possible to finish it earlier?
That’s what I did. You need 3 years work experience to complete the ACA I think. I didn’t pass all of my ACA first time, but it’s almost a requirement to do so (I was quite lucky in that regard).
Some other people in my grad class at B4 audit tried small CF boutiques after audit, but are yet to reach the IB heights that I have. In my firm, I know a few others who did b4 audit > b4 TS/CF/DCA > IB as analyst 2/3.
Do you think is possible to internally transfer to TS before completing my ACA? I just don't want to spend 3 years in Audit. I am a bit older than the rest of the intake so I don't want to waste even 1 year...
It depends on your firm, but generally no. Big4 audit teams are VERY protective of their grads because the attrition rate is so high. They know that 90% of people (no exaggeration) see the audit grad program as a stepping stone, so they will do whatever they can to keep you there. Yes, that means outright forbidding transfers between internal teams (i.e. Audit to TS) even if it means you leave for a different firm entirely as a result.
Your options are as follows:
If IB is your goal, switching ASAP will save you time, but it is still very much possible to move over directly into IB with an ACA from audit. More likely if you are already in FDD, but still possible.
How important is the first time passes requirement, is this verified at some point ?
Definitely doable - I did it post TS grad scheme, didn't have to do the full 3 year scheme either. Certainly helps doing that, but Audit is doable for some MM houses straight out, most will want deal experience, especially in the down market we are in right now.
Happy to take a DM if you want more details.
Thanks, I sent you a dm.
Does anyone mind sharing some MM firms who actively recruit ACAs? Cheers
Very doable in the LMM.
Not uncommon for half of the office to be ex-Big 4 ACAs in the LMM sphere.
At places I’ve been at before it’s been like this anyway, it’s just the years before getting that ACA won’t be pleasant at all.
Would also like to know!
I went from non-big 4 audit to (a large European bank). Advice would be:
Question for folks on here...
Why Audit is good to transfer to TAS versus tax or other divisions in the accounting side?
Is it because of the exposure Audit provides?
Tax kinda pigeonholes you into that, audit is more versatile - you’re looking at BS/IS all day which is valuable working in IB.
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