Deals at Big 4 vs Boutique
Looking like I've lost out on recruiting for junior year, should I focus my efforts on trying to secure a boutique or a big 4 firm? If so, how would I do the latter (big 4 firm) and is it even worth it? It seems like they pay pennies compared to a boutique
I would focus on getting an internship in financial due diligence or valuation at a big 4 (slight preference to FDD since more deal exposure). I would also look into top independent valuation shops like HL and Duff & Phelps (these are also better big 4 valuation since no audit support and probably on par FDD or slightly below FDD in IB exits). I suggest these option over a boutique since these essentially guaranteed FT offers while a boutique likely gives you no FT offer (unless you do not put in the effort). If the boutique regularly gives FT offers, I would take the boutique over the above options unless the boutique is a no name shop with little live deal flow. If you think you may leave finance, it could be worth taking the big 4 for a better brand and network.
As for getting in, I would contact recruiters about FDD and val intern positions. Big 4 may have events at your school. I would do to these. Most networking takes place at these events as opposed to cold outreach (still beneficial but big 4 employees not used to it). It is not too hard to get in but much harder than audit. Most people went to a semi-target or recognizable non-target (think Villanova or University of Illinois) and had good grades (3.7+ gpa) with maybe 2 business/not high finance internships like fp&a, marketing, busdev, etc.
Source: I interned in a big 4 valuation and have done a lot of research into big 4 vs boutique IB
After you interned in big 4 valuation, did you recruit full time for IB roles? If so, how difficult was it? Were you successful? Looking into PwC's valuation team for next summer and it seems to be a decent stepping stone gig.
I just took the offer since they only gave me two weeks to accept and FT recruiting is sh*t right now. One merit of interning at a big over over a boutique is the 90%+ return offer rate. If the market turns south like it did this year, you will be safe with a big 4 but a boutique will leave you offer less with little chance of breaking into IB or even valuation (they hire mostly through interns and will likely not expand classes in down-market).
For full-time recruiting, you will likely be competing against people with boutique IB SAs but firm gave no offers, BB/EB/MM SAs with no return offer, and people with related experience like valuation. I think big 4 valuation is seen favorable by bankers but not as good as IB or PE, so you are likely second in line after the SAs but not out of the running. I think a boutique probably provides better experience and gives you a more credible story, but big 4 gives you a better brand. I think big 4 valuation/FDD is probably the next best thing after IB/PE internships.
I saw people who made it to mm banks like Truist and Piper Sandler after doing a valuation internship. I would suggest getting an IB/PE internship in fall or spring. If you do that, keep your grades high, and network, you should have a good shot at FT recruiting assuming a second pandemic does not occur. If you failed to convert SA recruiting, remember that FT recruiting is much harder. A big 4 valuation internship will likely not be enough to make you a significantly better candidate.
Brand name > No Name
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