Project Finance Advisory (KPMG)?

Does anyone have any insight on KPMG's Infrastructure Advisory group? It looks like they are in a good spot within the league tables for financial advisers in the space. But also looks like they do model auditing.

What would the differences be working for a bank, versus big 4, that does financial advisory? I've heard advisory is often more interesting than a lending role. Not sure if comp would be similar to banks in project finance? Or hours?

ANY insight would be greatly appreciated! Thanks!

 

For the US, comp generally in line with the rest of Deal Advisory (well below PF banks) although hours tends to be much lighter, no weekends, etc. Lots of long-term advisory engagements with a government client focus

 

Worked in a top infra advisory shop --- the top guys are the boutiqes plus EY infra advisory, at least until 2020. Take this with a grain of salt though.

Type of work: You are correct that infra advisory at accounting firms & boutique firms are model auditors. That is what they are. The job entails a heavy load of standard auditing, as well as financial model building, and asset valuation, depending on what deals your seniors win. For example, I was lucky to work on a big financial modeling project, and one huge portfolio valuation project where I was solely in charge of a $400mn asset, as a 1st-year analyst at said model audit shop. If the team is lean, you can expect to lead small model aduit assignments a few months into the job (no kidding), depending on how your seniors feel about your caliber of course. The financial modeling skills you will learn on infrastructure & potentially renewable energy, is likely going to be very strong --- even stronger than the PF investment bankers. Notice that I am saying this as someone who is now working in investment banking.

Scope of work: rather limited only to the technical side of things. Once I got my IB job, went on internal & external meetings, and conducted due dligence on some deals, I realized that a transaction is much more than a financial model. I'm not saying that it is not a big part of the job. It is. At the same time, there are many other valuable things to learn. If you take the offer, make sure you get on those valuation projects.

Difference between model auditing and PF investment banking: model audit is one part in a big infrastructure deal. Investment bankers, as financial advisors, learn the rationale of deals much better than model auditors. 

Hours: could be bad depending on your team size, and what projects you get staffed on. I worked for ~90 hours for 4-6 weeks straight, although IB hours are definitely worse than this. 

Comp: way lower than banks. Not even close. Your base is lower, and your bonus might be something people love: a joke. Again, this depends on your company & team.   

KPMG Infra Advisory: I'm assuming they pay you good money and offer you a lateral position? KPMG's infra advisory is not good. I advise against it. 

Exit: many people at my old company was in it for the long run, as the WLB was decent. Some people went to lenders after a few years, and some, although fewer, got into infra private equity after a couple years of grinding through financial models.

Hope this is helpful. 

 

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