How do Deloitte / KPMG Corporate Finance stack up to other MM shops in the USA?
Hey there,
Want to ask this forum for thoughts on Big 4 investment banking and how it compares to other MM shops? I’ve read previous threads on here that say pay sucks, hours suck, exits suck, etc. but then I go and look at specific salary data on WSO and see Big 4 IB pays median $130 TC for analyst and median $200k TC for associate in 2022, see comments saying hours average 50-60 per week, and see exits are reputable MM banks and even LMM PE on LinkedIn, so have to ask if they’re on par with reputable MM groups?
Basically asking if you think pay is fair for the hours at DCF or KPMG CF, and then as well asking if you think these places are just as reputable as Stifel, Lincoln, Piper Jafray/Sandler, Baird, Blair, etc?
Heard from an ex-intern doing IBD at Deloitte the experience was so bad not a single SA accepted the return offer. This was a few years ago though so the data point may be a bit dated.
That’s telling, though. I can’t imagine the labor shortage with steady M&A market has made conditions better by any means, so thanks for the tip.
That pay is pretty poor, considering many shops are paying second year analysts ~$125k in base alone. Same with associates, with Aso0/1 base being $175k.
I’m currently at a MM bank and I generally average 70 hours a week. Yes, it can be a lot more when we’re really in crunch time, but the average 10-20 hours of additional work per week over Big4 CF is definitely worth the extra $50-100k+ in TC.
I guess if it’s your only option, it’s definitely better than nothing, but I wouldn’t rank it the same level as the MM’s you quoted.
Definitely to each their own then. WLB is where the trade-off comes in for me. TC isn’t the same, but hourly comp is similar to other MMs and at 55ish hours per week I wouldn’t be complaining lol.
Heard from a friend who intern at Deloitte corp fin this summer that he worked ~90 hour weeks.
Sent a screenshot saying he finished something at 5am and his analyst told him to have a good night.
Do not think the hours are better and have heard they work on very small deals.
Lord that is extremely sweaty....at least he got that OT pay as an intern lol. Thanks for the advice and data point.
Keep in mind that is an intern who is prob extremely inefficient and may not be expected to actually work those hours. I'm at a sweaty large MM but we don't expect our interns to work that late
I know someone who worked at KPMG before lateraling to my BB in 2020 – it's the same as working at other independent MM investment banks except comp is like 2/3 of what street pays
DCF mostly works on deals in the 50-500m EV range. Hours and comp are similar to other MM shops. Like most shops in 2021 work life balance was basically non-existent so it doesn't surprise me to hear that interns were working 90 hours. I heard people were pretty happy with their comp last year. Analyst seem to place well in MM PE.
I'm not sure why this post got monkey sh*t lol
Hours are not better at all lol
If anything worse than many banks
My experience is a bit dated, but I can tell you we've never seen either in bake offs. They aren't in the same league as Tier 1 or even Tier 2 MMs (e.g., Lincoln) these days.
I wouldn’t say big4 IB is even MM….
DCF acquired McColl Partners a while back, a decent MM firm. It’s pure MM, pay is street
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