Current B4 Tax associate, Decided that I want to change careers into IBD. I know tax is one of the least appealing laterals for IBD but has anyone ever make the leap and willing to share their stories? I come from a semi-target school and have a decent GPA. Should I leave tax asap?
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How far in are you? One year?
One thought is to consider trying to move into one of the Transactions groups (not transaction tax, but one of the due diligence groups or something similar) at your B4 or one of the others. It would probably be much easier to move to one of the others. Moving to Transactions internally would mean getting past an army of audit staff who want to make that move. Moreover, the firms love to poach staff from each other, but when you're a staff doing well on your current jobs, the Partners often don't want to let you go to another group.
Regardless, the faster you get on it the better off you'll be.
I would start networking both for IB positions and also networking/applying for other Transactions roles in the other B4's. The B4 Transactions groups aren't IB, but you'll have a better chance of breaking into IB from B4 Transactions than you will from tax. Even a Senior Staff in Transactions would have a realistic shot (not easy, but realistic) of moving into IB, but a Tax Senior Staff much less so.
would add on that CF is a good group as well as is M&A tax. all good leaping points if you are currently in general corporate tax. can also look at valuations too.
auditors i will say are better prepared to break into ibd given their familiarity with accounting statements. it could be an uphill battle for you assuming you started directly in tax
aside from that, you can look for boutiques that focus on an industry that you specialize in. industry specific knowledge is coveted for sure
if all that fails do an mba
Thanks for response. Basically coming up a year. Any tips on networking with the relevant parties? Should I cold call or email people or is that rude?
which firm and city are you in? if toronto you should have ample opportunity to land with a smaller boutique if in a smaller city than the cF and TS guys will get first crack at it
either way you should be networking as you never know something could pop up and you can get lucky
I am in the Toronto market. There are small shops and currently making some calls and emails.
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