Reneging Big 4 Advisory for MM IB
Hi All,
I signed with a Big 4 accounting firm after taking part in a summer leadership program. I viewed the offer as a safe choice to gain experience and re-recruit for full time after failing to move on with some of my top banks. Shortly after accepting I had a MM process that picked up which eventually led to an offer. Banking has been my dream job since starting school, and I feel that I would be kicking myself later if I did not pursue the opportunity.
Still, I am unsure if I am a longterm fit with the MM shop as it is not in my city of preference. I would like to possibly re-recruit again for my city of choice, but it would most likely be without the help of OCR since would have reneged. Any advice? Is it more valuable for me to have OCR on my side for full-time recruitment or banking experience on my resume? Thank you in advance for any help.
I don't see why you would give up the advisory brand for something that is likely to pay below street. If it is in one of those cities, the firm is well recognizable, and people have had solid exit opportunities in the past - go for it. Are you a junior or senior? If so, the value of OCR in the future is significantly lower than it would be if you are a sophomore or freshman.
Big 4 people are a dime a dozen. If he wants to do IB, he should take the MM position. There are plenty of good opportunities at MMs outside of the Tier 1 cities.
Renege and don't look back. You can usually lateral to another MM or within your own firm if you are trying to switch locations.
As someone who lateralled into the industry from a valuation firm I can tell you that banking experience is more valuable than anything. When interviewing it was understood that I had the skills needed to be a banker, modeling and whatnot, but the biggest knock against me was that I didn't have any banking experience. I was interviewing against people who had banking experience so while they were viewed as being able to hit the ground running, I was seen as someone who might need a bit of coaching at least during my first transaction to get up to speed on the ins-and-outs of a process. Having a Big4 name on your resume definitely opens some doors but actual banking experience is more valuable even without OCR. Also, MM shops typically run leaner deals teams so you should be able to get a decent amount of deal exposure as well.
Maybe an oversimplification but you need banking experience to work in banking...If IB is your goal it is pretty clear cut, but I do understand why you are questioning.
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