Big 4 to IB feasibility and risks
Do the firms that take Big 4 people only hire from transactions/corporate finance? What happens if you don't even get into Big 4 transactions/corporate finance? With the number of people applying these days you have elite Cambridge and Oxford students getting rejected by IB and applying for Big 4 transactions roles which has made even those Big 4 roles super competitive.
Would going to Big 4 audit be a waste of time? Audit is a shit career in general and if you can't lateral then you're fucked.
What happens if you fail to transfer into IB after Big 4? Everyone and their mother in Big 4 transactions/CF wants to transfer into IB at a Lazard/DC Advisory/MM firms that accept Big 4 ACAs or ACCAs. Most people obviously don't make the switch.
To those who made the switch: How did you make the switch? Did you know anyone who wanted to but failed to do so? Are they extremely bitter at having failed?
It's just scary to invest 3 years at a Big 4 to 'hopefully' try and break into IB and if this doesn't work out then you're royally fucked and stuck in a shitty Big 4 firm.
I'd much rather apply for a range of roles now and if I get into IB then great, otherwise I'll try for FO Asset Management. If I can't get that then I'd probably go for wealth management (scraping the bottom of the barrel I know). If I can't get into that lmfao then I'll just call it a day on my career and ask my parents for early access to my inheritance.
Based on the most helpful WSO content, here are some insights on transitioning from Big 4 to Investment Banking (IB) and the associated risks:
Feasibility and Risks of Moving from Big 4 to IB
Hiring Preferences:
Challenges Without Transactions/CF Experience:
Big 4 Audit as a Career Path:
Risks of Failing to Transfer:
Experiences of Those Who Made the Switch:
Alternative Career Paths:
Conclusion
Investing three years at a Big 4 with the hope of breaking into IB carries significant risks. It's crucial to have a backup plan and be open to alternative career paths in finance. Networking, gaining relevant experience, and staying informed about industry trends can improve your chances of making a successful transition.
Sources: Regrets After Switching From IB to PE?, Was it worth it?, Regrets After Switching From IB to PE?, Big 4 is Paradise, BIG 4 to regional IB? HELP
Dude I’ve seen you post like a 100 times now honestly no wonder you can’t break in you sound so entitled. Get a job first and stop jerking off to the thought of working in IB. Yes it is possible to go into IB from audit assuming you have an ACA and have done a year in TAS/Corporate Finance since the work is essentially the same. The risk is that you need to actually transfer internally to the corporate finance team which is easier said then done especially given that they want most juniors staying in audit and they also often bar you from moving to corporate finance until you finish your ACA.
I personally made the move from B4 audit > FO AM > Private Credit all without an undergrad degree so anything is possible if you try hard enough. There’s always a way into the industry if you can’t break in at undergrad do a target masters, if you can’t afford that work in audit for a few years get your ACA and try go via the ACA specific programs. If that doesn’t work go for an MBA and you still have a shot to break in.
It sounds like you just want to do IB because it’s prestigious, and you seem very entitled, my advice for you is to humble yourself because you sound insufferable. FO AM isn’t that easy to break into either at the junior levels, there’s a lot less seats and an equal amount of applicants unless you’re looking at the asset managers that manage mostly internal capital (typically arms of insurance companies), which are a lot easier to break into.
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