Odds of breaking into IB from TAS (Transaction Advisory Service), specifically as a Valuation & Modeling Analyst, say, from a firm just outside of the Big 4 Accounting firms? If you have successfully made the switch, share your story.
Note: Ik there's forum for this already, but it's a bit dated
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Bump recently got offered a Valuations internship at Big 4, wondering if a lateral to IB full time is possible?
I was an intern in the TAS group of a Big 4 firm for my sophomore summer, and doing IB for SA 21. From my understanding, it is very possible to make the switch (usually in an analyst role). Additionally, Ive have seen some people go straight to the PE arm of large pensions or even MM PE.
Yes, that has been the general consensus. What I am concerned about is how much more difficult would it be to lateral into ibanking with no Big 4 offer.
Ah, my bad, I read the above comment and assumed you were also asking about the Big 4. Nevertheless, my guess it would be slightly more difficult to make the switch with less of a brand-name -- but networking goes a long way....
I worked with an analyst who did 1-2 years of TAS at a large accounting firm and then lateraled to banking as a first year. Unfortunately, you may have to lateral in as a first year depending on the firm but doable forsure.
I know a couple of guys at my former shop who did Big 4 M&A / TAS -> BB IB. They both had around 1-1.5 year full time experience and got into the bank as First Year analysts. Understand they networked / applied to off-cycle FT job openings, definitely doable - not to say they had it easy.
I would say that if you are at a Grant Thornton/BDO your chances are probably similar to that of KPMG. Deloitte and PwC (maybe EY) are just in a different league. I know several people who've gone from Big 4 Transactions unit (not M&A nor Valuations), to join banking teams at Barclays, Nomura, JPM, and Private Credit shops and asset managers. This is only in the past year.
Oh, that's comforting to hear. I interviewed with GT last Friday. I thought the interview was pretty chill, just behavioral questions, which was quite surprising considering it was for Valuation and Modeling position.
nice. I'm not saying it's a cakewalk but definitely doable with appropriate networking, and as always a little luck.
Know several guys who lateraled to boutiques or MM, even managers who became associates. Just network as much as possible.
I was a TAS senior at one of the big 4 firms, and recently transferred to a top IB as an analyst. I was in the financial due diligence group, so did not even have any modeling experience (although I did practice modelling and valuation extensively prior to making the move to IB).
I actually began my career in audit right out of undergrad. I then quickly transferred to TAS, and here I am now in IB. In total, the transition from audit to TAS to IB took approximately 2.5 years out of undergrad.
I have read a lot on WSO about the transition from Audit to IB, and using TAS as a stepping stone. Now that I have gone through the process, I can tell you that the move is doable but not easy.
Feel free to PM me or ask any questions here if you want.
Hey - thanks for sharing your move to IB. I currently am about to start in a TAS group in LA, after doing audit for a 1.5 year. My ultimate goal is to get into banking/PE. I would love to know if you have any tips or things that helped you as you did your time in TAS to then break into IB. I know a lot is networking/alumni/etc, but would love to hear your take.
How did you make the switch from audit to TAS so quickly?
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