Best Options for a Career Move?
I AM just about to finish a masters in accounting and start big 4 audit in the fall. Eventually I want to transition to a regulatory/ compliance/ risk oversight role (gov or private sector). I know those in IB get an MBA then try for PE but what would be my path? Would an MBA even make sense or would certifications be best. Others who I have asked said I probably don't need any additional credentials assuming I get my CPA.
Also, how long would be ideal to stick with big 4 before trying to make this jump?
An MBA to move to Compliance/Risk? Don't waste your time and money. Get your CPA and maybe FRM/CRM, and you'll be just fine.
Why do you want compliance? An accounting background would help you in credit risk as it requires heavy financial statement analysis.
I guess in terms of compliance I was thinking along the lines of regulatory organizations like SEC,FINRA,NASD, etc. I have thought a lot about risk roles but I have not been able to get enough details on the different risk roles to really lean toward a specific one.
Would there be any particular skills or certs that would help me transition into a risk or regulatory role?
Not familiar with SEC, FINRA, etc.
Credit risk is probably the easiest sell with your accounting background. Search for pirho's interview to get a better idea of what it entails.Market risk is usually more quant-focused in my experience.
If you decide to pursue credit risk, then it may be beneficial to pass CFA L1. But I wouldn't spend time on any levels past that. Better to spend it networking and familiarizing yourself with the industry.What region are you in right now?
When exactly do you start the big 4 job? You said fall but we're almost in December. So do you mean fall 2014? If so, you have plenty of time to network and try to land a job out of your Macc program
I do start in fall 2014, but I already accepted the offer and I intend to go through with it. Although it is not a very prestigious position, it is a top big 4 in their hq and I think the name on the resume will be good for my exit ops.
Just do Big 4 audit for 2-3 years, get your CPA, then either try to transfer internally to the federal consulting arm (depending on the firm) or lateral directly into a BB. You should be able to start at the AVP level given your previous experience. Hold off on the MBA until you have enough experience in either one of these positions to take on the responsibility of a managerial role.
3 yrs at big 4, plus CPA means he is an accountant to the market. At that point, OP is gonna have a tough time transitioning to finance w/o rebranding. If OP knows risk is what he wants now, better to make the move asap IMO.
Not necessarily. I've seen it happen. Audit to risk is possible even without the Big 4 brand, I know someone who worked for a large insurance company (think MetLife/Prudential) move internally to risk management after several years as an internal auditor. They didn't even have a CPA. The whole 'branding' thing is really a moot point when you're looking at these MO roles as the audit background helps a lot more than it hurts. If you're gunning for FO, it's a whole different story.
Are we talking risk compliance or credit/market risk?
Thanks for all of your advice. Also, if I wanted to look to transfer internally to a risk or compliance role, do you think I make my intentions known to my seniors?
What difference does it make? OP never specified which area of risk hes interested in. Dont be foolish and advise him big 4 experience will allow him to move into any area of risk.
I was thinking along the lines of market risk.
The handful of market risk guys I know at my bank all have quant backgrounds from top schools (think booth, berkeley, tepper, etc).
You could spin your accounting background into risk compliance and maybe credit risk, for the reason above. But its important to know the difference in these roles.
Thats why it makes a difference.
Yes, it is important to know the difference between roles so you can eliminate the ones that just don't make sense given your situation. I gave my advice assuming the OP knew or would soon find that out.
While I agree with you, all of this talk of differentiating between the risk roles is irrelevant to the discussion as the OP's question has been answered. Its so far down the line that it just doesn't make any difference right now. Apologies if you took that as a personal attack.
The question was answered because I asked OP to clarify which area he is interested in, whereas you tried grouping it together under one umbrella. Stop making it sound like big 4 + cpa is some magical stairway to heaven.
I didn’t take it as a personal attack. I have a problem with people giving baseless advice.
Couple things -
I never tried grouping anything together. I just said the difference was a moot point, and OP would be able to figure that out down the line.
Never said Big 4 + CPA was a golden ticket either. Simply, the combination would be good given the situation for a move into one of the roles listed.
Also, it wasn't baseless advice. As stated, just giving anecdotal evidence based on my experience. Anyone can go back and reread this, but just wanted to clear that up.
If you are talking about SEC/FINRA/The Fed, Instead of an MBA I would also give thought to an MA in Economics - its a lot cheaper and you'll get the right skills to think about macro risks (which is what regulators think about). Market risk at banks are looking specifically at their own exposures and, from what I get from your OP, that's not what you are looking for. Someone also said the Bank risk depts are very quanty and that is what I have seen as well so your accounting background might lead to more of a credit risk position is you go that route.
Quia aut nostrum qui autem. Corrupti reprehenderit officia consequatur omnis at. Beatae dicta non et pariatur eveniet officia. Ad aut et maxime deserunt id.
Saepe velit et iusto placeat. Qui provident a non ut ipsam amet tenetur. Molestias ut ipsum aliquid molestias quasi. Perspiciatis corporis illo numquam ipsum.
Quibusdam saepe totam dolorem nisi minima incidunt. Perspiciatis tenetur atque ipsum enim. Autem expedita quae quisquam voluptatem porro quis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...