Hello All,
In 2020 I had accepted B4 audit to escape unemployment after my banking interviews were all cancelled. I figured that getting the ACA qualification would be worthwhile and would keep some level of flexibility for future options - issue is that I underestimated just how much I would dislike audit. The hours are insane (for my team at least) and the compensation does not come close to making up for it.
For additional context, I have a 2.1 degree from a top 3 Economics course in the UK and have had 3 months of experience at a small local M&A house. I am currently a top performer within my audit teams and have achieved 1st place exam results nationally.
I now wish to pursue my old ambition by moving into IB as soon as I can, with a longer term view for PE. I understand that statistically speaking this doesn't look good for me however I would regret not trying. I would like to ask if anyone has tips that may help me to make this move? are there any solid 'stepping-stones' to make this move later? How would you approach networking to get better results? I am really interested in hearing from people who have made the move, as well as hearing stories people have heard of others making this jump.
Some have mentioned MBAs but financially I am unable to make this investment - this is not an option for me.
Thanks in advance!
Have seen people go directly to buyside from audit in the UK. Also curious about how many hours you are currently working as I have heard from friends that it isn't that bad apart from busy season.
Interesting, do you know how they made the jump? I.e. high performers, good contacts etc
Hours are variable depending on what industry you audit, as well as the individual client teams. I work in FS audit which often works higher hours, my clients are also the worst within FS - so my case is a bad one. Hours have blown up for me outside of busy season due to short-staffing, so I could say with confidence that my weekly average was 65 hours for the first 7 months this year. Not as bad as IB, but not great considering the low pay
Sorry I don't have more detail, all I know is they used to audit asset managers and then landed an investing role, they might have done additional things on the side to prepare but I can't say.
Funnily enough, my main clients are also asset managers or based in Real Estate, so it would see that we have had the same experience. If you learn more about their process - please let me know
I'm in the same boat, just have case left and considering jump ship now. From what I have seen in my team (fs audit) move to boutique IB after ACA as in general they are the ones most likely to hire you. Some exceptional people (don't know anyone personally) go straight to IB with firms like HL, PJT, JPM, Roths who hire ACA's (have also seen 1 person go to RBC M&A). But the most tried and tested route to IB from audit is Audit-->TS/M&A-->IB. However the move from audit is not an easy one as most audit departments block your move hence why I'm trying to leave before case is even done especially now that all the ACA's are run as apprenticeships so you have to do loads of extra nonsense.
Finished all the apprenticeship nonsense a few weeks back, lost a lot of brain cells looking at it.
I think the likely path for me will be FDD/M&A. Although, as you said, the blocking has been common in recent years, I think if that happens I will just aim to move to another firm ASAP.
I will take a look at those banks if they accept ACAs, do you know of any others that do?
All the best man, I've seen Lazard hiring ACA's in the past but it's usually from TS/M&A rather than directly from audit
Appreciated man. Best of luck with case and getting out.
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