How does the deals division at big 4 stack up to investment banking? Is it a reputable alternative?
I would love to know how similar the work is and whether the work/life balance is as bad. Obviously compensation is lower, but surely this would be amongst the highest paid big 4 divisions?
Perhaps its a good place to start before making the jump to IB. Or maybe it is a good option for those who want IB toned down?
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As I understand it, far more in depth work on an actual deal. Not the marketing of it, but the actual due diligence which is critical for deal execution. Know a few who have done quite well, including Partner level, at PE shops after spending time at Big 4 Deal silos. They get to know the PE shop principals pretty well as they are involved in a lot of their deals.
What do you mean by "deal division"? Are you referring to Corporate Finance, which is the Big 4s IB divisions? If you're referring to Big 4 IB divisions then it's the same as any other Investment Bank regarding the work, but for much less comp and significant impediments to the companies you can work with do to conflicts of interest from the Audit side of the firm.
If youre talking about the deal advisory QofE, NWC and Net Debt side of the business, I started out there. The work is very very accounting based, you're digging into trial balances, looking at fluctuations in accounting line items, making EBITDA adjustments etc. In all honesty its a tad bit boring unless you love accounting.
In terms of WLB it varies. I personally was staffed on projects where I worked all weekend and left the office in the 12 am - 2 am range everyday. It really depends on the clients timeline. In terms of comps you are significantly underpaid for the hours you work. When I started they were paying all in around $70k and no bonus potential. You will get solid exposure to head of corp devs/partners at PE firms but that only goes so far.
In terms of exits I'd say well over 80% of my class left by the 2 year mark. Exits included PE, IB, Corp Dev, FP&A, and just leaving the finance world entirely.
Happy to answer any other questions.
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My guess would be something relating to consulting - I imagine its easy to get an internal transfer.
Hey, I was wondering if anyone left and went to IB before the 2 year mark? I just started in FDD/TAS and want to use it as a stepping stone to IB. Is it too soon to look at applying for analyst roles? Has anyone left even before the 1 year mark? I know the basics of what I need to do: networking, learn financial modeling, and study technicals. I'm just not sure on when it would be a good time to try and move to IB. Any tips would be great! Thank you!
Plenty left before the 2 year mark some left at the 6 months mark. It sounds like you have an idea of what you need to learn to be able to make the transition. One thing I noticed was recruiters will start to reach out to you with jobs (some of which are IB) around the 6 months mark
It's not equivalent to IB, but could be a good stepping stone. Deal advisory teams have been getting crushed and continue to be understaffed from my perspective. They're working nearly as hard as IB and getting paid a fraction of our comp, so don't expect it to be easy. Some of the Big 4 and others (A&M, FTI) guys are working 70+ hour weeks.
If a Deal advisory option is your only job offer take it. Otherwise an IB offer is better. More pay and better exit ops.
My old MD was ex-Big4 M&A. He described the processes as pump and dump. One of the partners told him that if the client isn't complaining about your availability then you are spending too much time on the project. It's very point A to point B with the goal to maximize the amount of transactions closed because their deal fees are much lower than banks. Their success rates are congruent lower as well.
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