New graduate with CPA
I recently graduated college and received my B.S. and M.S. in Accounting. I am taking the CPA exam this summer and will be working for a regional firm as an audit associate. How difficult is it to get into IB as an analyst with this background? I personally invest and make good returns and am only choosing audit so that I can value company's through their financial statements.
Should I be preparing for the CFA exam as well?
I'm hoping having my background in accounting won't hurt me when trying to get into an analyst position, as I am very outgoing/highly competitive and atypical of most accountants!
I know people like you.. Think they can get in by doing the extraordinary. CFA/MS finance/MAcc.... You need to network and stop trying to take tests and shit to get into IB. We dont care about CFA. you juts graduated. you get a CFA when you join a hedge fund and need to be a quant nerd. and theres only so much you can know in accounting for IB.
OP: You might consider printing the above comment and putting it up on your wall.
We've all met tools who think the key to success is passing tests. It is cringe-worthy.
you need to network and stop trying to take tests and shit to get into IB.
-solid advice!
just google:
site:www.linkedin.com CPA CFA
and
site:www.linkedin.com ACA CFA
and you'll see. no point stacking qualification after qualification....
I guess you could buy a self-study package like Wall Street Prep and learn financial and valuation modeling on your own time. Like everybody else has been saying, though...Network.
How long do you plan on working in audit before making the move to IB?
I'm just curious because I was considering a similar path (I graduated with a BA in Econ, now thinking about getting a MAcc since I can't get a job in finance right now).
wlois,
At one point I was in the same situation as you and I'll tell you it was tough. I had a few lucky breaks and worked my ass off to get where I wanted to be. There's a lot more (good and bad) to my story, but its irrelevant for you.
Advice for you: CPA means nothing at most IBs. However, it does mean something at some valuation, corp fin and trans services groups. Those firms can help you transition to IB - thats how I did it. So, CPA could help in a lot of scenarios, but probably not worth much to an IB.
My real question is why are you working for a regional firm if you have a Masters and getting a CPA? Unfortunately, it sounds like either your school, gpa or interviewing is sub-par. The transition from Big 4 to IB is damn hard, the transition from regional accounting to IB must be much harder.
Additionally, no one is going to buy your spin for why you're an auditor. You're an auditor because thats what you do with an accounting degree, don't be affraid to say you realized you don't care for it and you'd like to concentrate on more of a financial role.
I know my comments aren't extremely positive, but what I think could be realistic (and positive) is networking into some sort of role that is more finance-oriented (even if only TS a BIg 4) and then with a lucky break or two end where you want. Also, while everyone focuses on IB you may move to some sort of consulting or corp fin role that really works for you. There are a lot of possibilities out there, but traditional IB will be tough.
Thanks for your input and honesty.
I went to a decent school (Virginia Tech) and graduated with a 3.3... my biggest regret of college being I did not try my hardest until GPA damage had already been done. I chose accounting over finance because our accounting department is ranked higher and I enjoyed the classes more, although I did take the hardest finance classes as electives. I had multiple offers (over 5) for large regional firms, however I lacked a solid GPA and an internship in public accounting (a story in it's own) and did not receive a big four offer.
Of my choices I targeted my location preference and took an offer with a smaller regional firm. As an added bonus it was surprisingly my best salary offer and the company is great. They have a wealth management division that I hope to get exposure to.
As for my plan I will most likely try to work my way into the Big 4 as a senior associate, and I will do it only for the exposure as I HATE the big 4 way of life. Hopefully I will eventually either make my way back to get an MBA or network well enough to get an opportunity in a legitimate financial role.
Until then I'll keep studying financial statement analysis.
What is it you hate about big 4 way of life? And how do you expect that to be different in IB, may I ask?
x2. If it's the work-life balance he's speaking of, he might want to start rethinking careers.
No I would not expect it to be different. However with IB you are paid very well for the work that you do, and the Big 4 pays a "competitive" salary and offers no payment for overtime. Therefore with IB you are compensated more than enough for your additional time, as I am assuming you know.
I was just trying to be real with you. Glad you passionate, I can tell. Now get cracking.
-ibankingfaq.com -buy the Mergers and Inquisitions guide -network with whoever you can
and i guarantee you you will have a job in 1-3 months.
i know someone that did big 4 for 2 years and then went into ib, kicked ass as analyst cause knew accounting cold, got hired as an associate after only 2 years at the best bulge on the street. he worked his ass off though...
come to think about it hes in a better position now than the guys that went straight into PE or striaght into top Bulges so theres light at the end of the tunnel
by the way- cpa can matter. When youre the guy everyone wants to go to cause youre the only one who can pick through an obscure deferred tax footnote, you'll be thankful.
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