How does Big 4 M&A advisory differ from the same job at an IB? Exit ops, culture, comp etc..

I was wondering if there was any significant differences in peoples experience working in M&A at a big 4 compared to working at an IB?This very well may be a stupid question but from what I've seen and heard there are some reasonably big differences. E.g. comp looks a fair bit lower at the big 4 (at least for grad and analyst roles) and there must be a reason for this.Exit opps look reasonable though, I'm uk and have looked at PE teams and have noticed a lot of ex-KPMG deals advisory staff among the ranks.

 

Similar in terms of day to day. Comp significantly lower for similar/marginally less hours. Much smaller deals but are able to get high deal volume as banks wouldn't even look at half of them. Exit ops are decent and can always lateral to a BB/EB/MM for better exit ops

 

So do you think it would be better to take a big4 CF offer or work at a boutique if you wanted to lateral to a BB in the future?

 

Similar work but lower pay and clients / deals tend to be smaller as the big elephant in the room is always that you can’t advise anyone who is an audit/tax client of the firm, which takes precedent over advisory in Big 4

 

Differences are significant. As you've mentioned, exit opps will obviously be worse - especially considering that IB is the exit opp for most big 4 M&A people. It's obviously not impossible to move to PE if you really want to, but the process will be more difficult and you're going to be more limited in your choices. Deal exposure would still be there but most of the time you would be working with smaller, less established companies and the process might be a lot less structured (talking about like double / low triple digit mm EV).

Comp is obviously the biggest differentiator - in the UK IB is already not as highly paid versus other regions and big 4 comp is significantly lower even versus that. Probably looking at a >50% discount on an all-in basis.

 
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