Decision Point at Big 4 - Career Advice Request
I have a dilemma and I was hoping to get your opinion on a career advice.
I am currently working as an auditor at a Big 4 firm for 2 years (getting promoted to Senior soon). However, I believe I have obtained enough financial reporting knowledge that I am able to apply it to finance, and I am looking for a switch to investment banking / corporate finance. Although I would love to experience leading audit teams, I do not feel the need to delve deeper into technical accounting issues.
Although I have my interests in finance/modeling/investments, my knowlege (through books) in these areas are probably not comparable to any formal training provided to other experienced professionals looking to get into IB/Corp Fin.
Here's my dilemma. I have the opportunity to transfer to a different function within my firm, and what I believe would help me jump over to IB/Corp Fin. are valuations group, and transaction advisory services group, which are both in the advisory function of the firm.
Valuation group mainly deals with impairment analysis, and mainly plays valuation support roles for audit teams. I really have not heard them work on valuation of IPO's, or live deals. Mostly accounting valuations. The negative of this is that I would have to start as a first year, as I will have to learn about valuations.
Transaction Advisory Services group deals with carve-outs of financials, and performs due dilligence for target companies, working mainly for PE shops. I've asked the managers about client interactions, and they did not appear to be interacting with PE houses as much (mostly MD's). The good part about this function, is that I am able to leverage my audit experience and step into a senior role, although that means more technical accounting.
I have yet to see anybody jump to the finance industry with audit experience (w/o getting an MBA).
What would you recommend the best route to IB/Corp fin would be? I'm sure there are probably more of me out there that are either looking to switch, or have already switched. If you've already switched, or are planning to, please share your experience!!
FYI - I am also planning to take the CFA L1 in Dec to keep my options open.
Thanks for reading and your advice would be greatly appreciated!
Forget TS or valuations, forget CFA - if you want to get into an IBank then go straight for it. Start applying, searching for contacts and networking. None of the options you've mentioned above is worth the time, nor will it give you much of an edge in recruiting.
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tanderadei & longshot,
thank you for your advice!
This definitely re-arranges my priorities!
Okay, so I created an account just so I could answer your question. I've done an internship at a Big 4 firm within their TAS/Valuation equivalent (the four firms lump these groups in different departments) and I'll be summering at a BB this year; here's my two cents:
-You cannot get into banking straight from audit without an MBA. The only case I've ever heard was someone in financial services audit making it to the FIG group of a bank. But he was 27 and lateraled into a 1st-year analyst class. And it wasn't in the U.S. either... -TAS/Valuation is a good stepping stone to smaller PE shops if you're proactive. A lot of people do CorpFin/Banking to get into PE anyway, so that's an option for you... -To get into CorpFin/M&A/IBD, you must go to business school and hop out into the associate role. No other way for BBs because they're so structured. I have no idea about boutiques or MM firms
It sounds like you're at E&Y because they call TS "transaction advisory services"
Making your way up to Partner's not a bad life either. Sounds like you've got what it takes, good luck!
Thanks asiansensation!
I appreciate you actually making an account!
Yeah, that seems likely to be the case.
I've been studying for the GMAT and networking as actively as possible.
Thanks for the tip! Good luck with your internship!
While out to a group lunch at the second round of a big 4 audit interview, these interview candidates started talking about banking interviews and then subsequently transitioned to how bankers are worse off then them. I was like wtf you don't talk about this in front of two big 4 professionals even when they say the lunch isn't part of the interview. I would be pissed if I worked around morons.
Is it true that big 4 people would prefer to move to IB?
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