CPA --> IB Analyst
Hi everyone,
I posted a week ago about my desire to join an IB firm as an Analyst (as opposed to doing MBA --> Associate) for a couple of reasons. I'm currently working in B4 Audit and am wondering; how have people gone from Audit to an IB Analyst position?
I hear it can be done, but what mediums have those people use? Is it strictly networking? Is there any sort of recruitment which takes place for experienced professionals?
You can try connecting with recruiters but most of them would probably just keep on file or forward you audit/accounting roles. The few people I've seen go from audit to IBD targeted small boutiques with a narrow focus similar to what they did before (e.g. Financial institution audit--> boutique FIG shop). In terms of networking you're best bet would be to network with either alums or people who made the switch. Definitely not an easy switch without an MBA though.
How far along into your Audit career are you? It can happen but it's very unlikely unless you're going to a boutique. I tried to make the move myself and couldn't (although I wasn't at it for terribly long). It's an uphill battle for a couple of reasons: 1) your skillset isn't exactly quite transferable and 2) for off-cycle hires everyone wants previous experience. For me, I got beat out by people who had 2 years of WE in corp banking, private banking, etc. just because they had more experience. Sucks, but that's life. So you spend 2 years, get promoted and maybe make the switch, because with a promotion you'll have more leverage. However, if you don't switch in start taking your GMAT. It's a more safe way and more expensive to get into IB, but it's 1000 times easier. Even with networking, if the firm isn't hiring at that time, you'll have to wait until they are. (So BB's are off limits, MMs might be a slim chance, and your best shots will be with boutiques. If you can make the switch, you're golden because you can move anywhere in the industry once you have transaction experience. Good luck!
Thanks - I appreciate the honest answer. My plan as of now is to go the MBA route. The reason I was wondering is that rather than doing MBA --> Associate, I was hoping to get analyst experience before doing the MBA. I actually really want that experience as I think it would be very valuable. It seems, though that getting into an analyst role if you didn't go do it after undergrad, it's nearly impossible.
It's not impossible, just an uphill battle. You have to ask yourself at the end of the day, what's a better use of resources: continuing to put time into breaking as an analyst? Or going the MBA route and coming in as an associate? In the early stages of your career you obviously want to break in as an analyst, even understanding that crossing over will have them discount your experience a bit. However, I would ask you that after 4+ years of WE, do you really want to come in as an Analyst? Guessing not.
Would it be beneficial to move into another area at a Big 4 accounting firm for a while (like M&A tax) then transition to IB?
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