Big 4 IB Future Steps
Hi all,
I am a non-traditional (4 years accounting undergrad, 2 years audit) first year analyst within a Big 4’s deals team and am exploring my exit opps a few years out. My goal is to work in PE.
I am wondering if I should focus on getting two years of banking at this firm or transfer to a more prestigious firm (BB, Big 5) in a year.
Is there a significant difference in Canada as to how pe firms view candidates from these banks?
How much more difficult would it be to land a spot at an MF or pension fund if I don’t transfer to a big 5 before?
thanks in advance!
It depends what team and pension you’re targeting, but there is no world where your life won’t be materially easier coming from a BB or big 5 coverage team
Definitely aim for big 5 IB transfer (doubt you can jump straight to globals from big 4). Don't know anyone at my pension that came straight from a big 4. There might be a few but the numbers are just that low where big 5 would be the logical step to increase your odds.
How is a transfer from big 4 to let’s say RBC or BMO perceived (total roughly 2 years banking experience) on a resume to PE? Are there any downsides?
It's probably just going to be perceived as most expect, you wanted a stronger exit than just from big 4 so you went to RBC/BMO. There shouldn't be any downside other than years at big 4 not being considered as valuable and hence being older/having more YOE than others at the same title level.
Big 4 -> Pension pretty difficult and UMM/MF PE virtually impossible.
LMM possible but it’s generally tiny firms with 5 people on the investment team from what I have seen.
But Big 4 -> BB very possible. Have seen a few people from McGill jump from Big4 advisory directly to BBs.
Congrats on getting out of audit and into the transactional side of a big 4. I made a similar move and ended up at a direct investing platform in Canada - so it is definitely do-able.
I'm assuming you're on the sell-side M&A team (not FDD/TS). If you're dead-set on a MF / Pension (working on very large/international deals), the jump will be difficult to make directly considering the big 4's practices focus mostly on the local mid-market. This results in building a very different skillset (but equally valuable in my opinion). That being said, I agree with cardboard that there are some groups that may be a fit anyway. You also see quite a bit of Big 4 -> MM/LMM PE in Canada so this also remains a possibility.
I don't think the hiring market is great right now, but after you've spend a year-or-so in the current role, I could see a move to big 5 being possible.
Keep in mind that PE is a very competitive space - there are a ton of really intelligent & hardworking people that don't break in. I would say don't underestimate networking as much as a you can and realize that a good portion of this comes down to luck.
Thanks for your comment! How difficult is a transfer from MM PE to pension or MF PE later down the line compared to say big 5 IB to pension/MF PE?
Maybe it’s best to build a strong two year record at the current firm then move to MM PE? Figure out if PE is my jam, grab an MBA if so, and jump to a larger fund later in life. I suppose this would present better than having two banks in roughly two years.
I have also come to realize banking to p/e has a 2-3 year runway before it becomes an “unprofitable” decision, hence the quick timing. If this assumption is misguided please let me know.
Sint fugiat nostrum veritatis qui iste illum qui. Vel a distinctio deleniti porro et qui. Voluptates voluptatem sit sapiente architecto. Necessitatibus recusandae dicta optio accusamus quia. Eos ex nemo quibusdam quis. Rem reprehenderit harum quisquam est delectus nihil saepe.
Ratione ea optio accusamus qui. Impedit quam est sit non voluptate.
Ad beatae excepturi temporibus soluta qui non et. Ut alias sunt sed quam consectetur velit. Sit magni voluptate nobis aut. Voluptas qui molestias et rem.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...