Hey Guys,
I have the option to have interviews either for the TS (financial due diligence) department of a BIG4 or for its valuation department. WHat do you guys think will be the best option in terms of learning transferable skills (having in mind to move to PE a few years later)? Also, which do you think is the more intense hour-wise?
That'd be for a FT role in Paris.
Cheers
TS. Valuation is very academic and PE doesn't have a need to bring that experience in-house as much as it might due diligence and transaction structuring.
You'd be surprised... I work in Valuation and a lot of the PE firms we work for have been hiring people from here. Obviously to do the same kind of work for their valuation team, but there's a definite need.
Which is what? Intangible asset valuations? Purchase price allocations?
Both... we do that along with PE valuation review work, stock comp valuation, goodwill impairment, etc.
Is it cost effective for them to add more back office folks? This seems perfectly outsourceable.
Good question and I agree... but we still ultimately rely on the PE firm to put together a valuation if they're our audit client, which we then review. We can't go and build up a model for them because of these Audit client restrictions. So I think it's more efficient for them to hire valuation people and pay them a salary rather than pay the big four teams a higher rate if there's extra work to be done.
So if I understand correctly, working in valuation for a big4 would only give access to MO-BO roles within PE funds? Do you have any chance to secure a "FO" role in a PE shop after a big4 TS experience?
I know of a couple that made the move from TS/TAS to the actual investment side of PE. Not sure if there was a stepping stone in MO/BO or not. These were actually at decent sized MM PE funds that are well known by the board.
But, that definitely isn't the norm.
I haven't seen it, at least in the US... I'm pretty sure most of the FO PE jobs come from IB.
Internationally TS has a whole different vibe and to my understanding, they perform work that is much more along the lines of banking. So probably a much better shot in Paris, I'd talk to any contacts you may have in the group there.
Alright, makes sense Thank you for your input guys
Not sure if you have already chosen yet, but I'd go for TS. I'm in Corp Advisory at the moment and from the exit ops I've seen it would be your best bet. If you can though shoot for CF advisory, seems to be better exit ops and in my mind gives a better skill set for PE. I was lucky to get a MM PE SA and had interviews with a few shops.
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