Big 4 Audit or Mid-Tier M&A Advisory to Break Into Finance

Question

Hi All,

Just looking for opinions about my entry-level career decision. I am currently recruiting as an accounting student and potentially looking at two options: 
1. The Big 4 for an audit position 
2. Mid-tier firms (think top 10) in their TAS advisory service lines.

I am having issues determining which path I should take - my ultimate goal is to end up in FP&A or MM IBD.

nessy · Accepted Answer

I second this. Any transaction oriented work is a lot better than Big 4 Audit.

Your transferable skills are much more in line with IB work. Any TS shop will give you an understanding of QoE, why it's used, working capital and how it impacts your purchase price. You'll also get exposure to CIMs, LOIs, and models etc. as you will review this during your FDD. All of this is important as your resume will be more transaction focused.

You won't learn any of that in Audit. Substantive vouching or test of controls have no relevance outside of the Audit world.

Bullet-Tooth Tony · Answer

I'd go Big 4 and try and lateral to its TAS. Mid-tier TAS is highly dependent on the specific firm and group. I've seen some solid work product and some absolute dog shit. We've banned a few of those groups from doing Sell Side QoE for our clients because they were so bad. If you go mid-tier TAS, try and lateral to a better name (Grant, RSM, Big 4 or deal shops - like a Riveron)

Big 4 provides:

Name Recognition
Superior Training
Potentially more breadth of experience
Likely better pay and benefits

Mid-tier TAS provides:

Some deal-related experience
Potentially better work-life balance

Tour · Answer

I have experience in both and I would take mid tier TAS. B4 audit is dime a dozen, but TAS experience is a differentiator. Everyone in B4 audit hopes to make that transition into advisory at senior, but few are able to. You'll have a much better chance at it if you're already coming in with TAS experience.

Of course B4 has better brand recognition, but at the end of the day everyone knows what BDO, GT, RSM, etc are as well. If you really want to you could spend a year or two at the mid-tier and then move to B4 and I doubt it would be very painful (wasn't for me)

Bullet-Tooth Tony · Answer

"LateButOnMyWay"
Would you say that there is a gap between Big 4 TAS and firms like BDO, RSM, Grant? Or is the difference negligible?

There is a gap, probably more based on perception than work product. But it really is dependent on the team and/or office. Some BDO offices do good work, some are awful. Big 4 tend to have the most consistent product, followed by the 2nd tier groups, followed by the mid-tier.

The wild card are deal shops like Riveron and CTS Capital Advisors that recruit out of Big 4, Tier 2 and maybe some higher mid-tier firms.

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Big 4 Audit or Mid-Tier M&A Advisory to Break Into Finance

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Big 4 Audit or Mid-Tier M&A Advisory to Break Into Finance

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