KPMG Valuation vs Transaction Services
Dear fellow monkeys, I'm a sophomore student (in Europe) trying to boost my chances of securing an IB M&A summer internship in 2019. Therefore, I'm currently trying to get a Big4 internship this summer at a local office in Europe. I have an upcoming interview with KPMG for an internship this summer and have to decide whether it should be for their Valuation or Transaction Services department.
So, my question is: Which one would be more useful/optimise my chances when applying for IB internships after this summer, Valuation or TS?
(On the phone they told me TS mainly involves Finacial DD, analysing main drivers of revenue, expenses etc and is relatively accounting intensive; while Valuation would help to develop "financial hard skills" like doing DCFs, multiples mainly.) Thanks a lot in advance.
What you heard is accurate. People generally say that TS FDD will provide exposure to the "Deal process" while Valuation will provide the modeling skillset useful for banking. Both are great positions but I would lean towards Valuation, given the fact that you will leverage the short 3 month intern experience for banking later on. Good luck on your interview.
Thanks for your comment
Secure the offer then worry about where you want to place. That being said, I have a friend who worked at EY TAS and wouldn't trust him to valuate my gucci loafers.
If it was full-time i'd opt for the valuation because you'd gain the experience and technical expertise to easily lateral to an investment bank. But since this is an internship, you don't learn very much technical skills in 3-months and the goal is to look good on paper. So opt for transaction services and leverage your "deal experience".
my .02
Hey vegan, I initially applied for M&A Advisory but they don't offer it at the local office I want/have to be this summer. So, they called me telling me that they'd like to interview me but asked whether they should proceed with my application at TAS or Valuation. So, I have to decide prior to the interview; that's why I'm asking.
Moreover, could you explain why I won't learn too many technical skills during an internship? (Maybe I'm just a naive sophomore but 3 months seemed quite good for me to gain at least a decent amount of knowledge about DCFs or Multiples)
I guess it really depends on your internship. KPMG might give their interns valuation work, I just know at my m&a ibanking internships, the main focus of an intern was working on powerpoint, projecting 3 financial statements, and building comparable analysis
Ah okay, so you're saying that at an IB M&A internship there isn't much valuation work (at least in your case), therefore, TAS would be more useful as it teaches the skills needed for the IB internship?
Additionally, could I ask you when you started valuation/financial modelling in IB? At the FT analyst stage?
i mean i just offered my .02 that usually in internships, it doesnt get expansive in terms of modeling so tas would look better on paper. but since you've brought up there is no m&a advisory, i reckon valuation would be the best way to go. you're just trying to present your resume in a way where you can get an interview.
I started valuation models FT. Had a lot of deal flow during my internship and was constantly working on something. Usually for FT your firm has an in-house training program or will send you to training-the-street to learn how to build a DCF, LBO and so forth
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