Lateraling from audit to IB advice

To bridge the gap between your audit background and the expectations of MM IB interviews, here’s what you can do:

1. Leverage Your Audit Experience: While you may not have direct deal experience, you’ve likely worked on audits for companies involved in transactions. Frame your experience around these scenarios:

   • Discuss how you analyzed financial statements during audits.
   • Highlight any exposure to M&A, IPOs, or restructuring processes from an audit perspective.
   • Emphasize your understanding of due diligence and financial reporting, which are critical in IB.

2. Simulate Deal Experience:

   • Use resources like the WSO Financial Modeling Series or templates to practice building models (DCF, LBO, M&A).
   • Create a mock deal scenario. For example, pick a public company, research its financials, and simulate an acquisition or investment. Walk through the process as if you were advising on the transaction.
   • Focus on understanding the key steps: valuation, due diligence, structuring, and closing.

3. Prepare for the "Walk Me Through a Deal" Question:

   • Even if you haven’t worked on a deal, you can craft a response based on your mock deal or audit experience. For example:
     • Start with the context (e.g., “During an audit, I worked on a client preparing for an acquisition…”).
     • Walk through the steps you were involved in or would hypothetically take (e.g., analyzing financials, identifying risks, and ensuring compliance).
     • Conclude with the outcome or lessons learned.

4. Upskill Quickly:

   • Enroll in courses like the WSO Elite Modeling Package to gain hands-on experience with valuation and modeling.
   • Practice with case studies or guides like the M&I 400 Questions Guide to get comfortable with technical questions.

5. Network Strategically:

   • Reach out to alumni or professionals in MM IB who transitioned from audit. They can provide insights and may even help you secure interviews.
   • Use informational interviews to learn about specific deals and processes, which you can reference in your responses.

By combining your audit expertise with simulated deal experience and technical preparation, you’ll be able to present yourself as a strong candidate who understands the transaction process and is ready to hit the ground running.

Sources: Q&A: Barclays IB to MM Private Equity, https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1, Private Equity Recruiting Process (From Banking), How to Talk About PE Deal Experience?, https://www.wallstreetoasis.com/forum/real-estate/walk-me-through-a-deal-you-worked-on-interview-question?customgpt=1