Valuations vs Transaction Services?
I am about to interview for a grad role at one of the big 4 acct firms. Which would be the better team, out of Vals & TS (I was able to apply for both), for me to strive for?
I am wanting to keep the door open to working in IB after a stint here, so I want to pick the team which will provide the more highly regarded experience for this
Thanks in advance!
Ts
Can only speak for US MM, but personally I think TAS/TS is more translatable. If you understand transaction accounting, you can add value managing QofEs, giving input on various things related to NWC and you have the foundation for modeling, even if it isn't quite as deep as valuation.
I also think the pressure and timeliness of transaction work helps to prepare you for M&A far better than valuation. Valuation also tends to be too theoretical (different purpose than deal work) and less individualized from a project perspective.
The people that we hire from valuation are wildly strong at modeling usually. They catch things and typically can wrap their brains around valuation really quickly. The TAS people typically, not all the time, seem to be much better at running a full deal.
Aligns with my thinking. So if you had your preference, which would you choose for an analyst? Which for an associate?
In a pure M&A or Coverage team role, TAS all the way.
TAS
This is the most common path going from public accounting to IB.
ex big4 TS senior con > boutique IB here - if you're wanting to transition to IB it will generally be easier coming from Vals. Interviews are heavily focussed on modelling at the junior levels and having vals on your CV is a big advantage. That being said, having a good stint in TS gives you a good framework that is super helpful across full deal cycle.
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