2:2 - How Screwed in the Future

Based on the most helpful WSO content, here's what you need to know:

Current Situation:

• Graduated from a UK target school with a 2:2 degree.
• Completed internships in IBD at top 20 global banks but did not convert them to full-time offers.
• Accepted a Big 4 audit offer.

Future Plans:

• Primary Goal: Lateral into Equity Research (ER) after 4 years of Big 4 work experience and obtaining ACA qualification.
• Secondary Goal: Transfer to Transaction Advisory Services (TAS) and then recruit for corporate development, investment banking, or small private equity roles.

Concerns:

1. Impact of 2:2 Degree on Future Opportunities:

   • Recruiters' Bias: Experience shows that recruiters often bring up the 2:2 grade, which can hinder progression.
   • Job Specifications: Some ACA experienced hire posts specify a 2:1 requirement.

2. Networking and Direct Applications:

   • Internal vs. External Recruiters: Internal recruiters at banks have passed you through screening despite the 2:2, unlike external recruiters.
   • Building a Network: Starting to build a network at banks during your Big 4 tenure could help you know about openings and bypass recruiters.

Strategies:

1. Networking:

   • Start Early: Begin networking as soon as you start your Big 4 role. Attend industry events, join relevant professional groups, and connect with alumni.
   • Leverage Internal Contacts: Use your internal contacts from previous internships to get insights and referrals.

2. Direct Applications:

   • Target Firms Directly: Reach out to firms and hiring teams directly for experienced hire roles. This can sometimes bypass the grade filter used by external recruiters.
   • Highlight Experience: Emphasize your work experience, skills, and ACA qualification over your academic grade.

3. Alternative Paths:

   • Masters Program: Consider applying for a master's program outside the UK to compensate for the 2:2 grade. A strong GMAT score can bolster your application.
   • Boutique IB Internships: Apply for internships at small boutique investment banks, even if conversion is uncertain. This can add valuable experience to your resume.

Exit Opportunities from Big 4 Audit:

• Equity Research (ER)
• Long/Short Hedge Fund (L/S HF) Roles
• Transaction Advisory Services (TAS)
• Corporate Development
• Investment Banking (IB)
• Small Private Equity (PE) Firms
• Financial Planning & Analysis (FP&A)
• Internal Audit/Controlling/Accounting

Final Thoughts:

• Stay Diligent: Focus on gaining as much relevant experience as possible during your Big 4 tenure.
• Be Proactive: Actively seek out challenging projects and roles that align with your long-term goals.
• Keep Options Open: While aiming for ER or TAS, be open to other interesting exit opportunities that may arise.

For more detailed advice and personal experiences, you can refer to the full discussion on Wall Street Oasis: https://www.wallstreetoasis.com/forum/job-search/exiting-big-four-audit…</a">Exiting Big Four (Audit) after 5 years and entering FP&A - Ask me anything.

Sources: Exiting Big Four (Audit) after 5 years and entering FP&A - Ask me anything, Exiting Big Four (Audit) after 5 years and entering FP&A - Ask me anything, Accounting vs Finance: Part 1 – Career Paths