Difference...
Can someone please help me figure out the difference between these two divisions. Are they front office or back office. I am a bit confused about this.
http://www.PwC.com.au/deals/transaction-services/index.htm
http://www.PwC.com.au/deals/corporate-value-advisory/index.htm
Transaction Services handles M&A execution, while Valuation specifically handles valuation (duh) for certain projects. A company might want an IFA on a deal, or might want to figure out how much a certain business line is worth, or might even just be thinking of starting on a new project.
You could consider both of these to be "front-office", as far as the Big 4 are concerned. I think a lot of people here would see them as not being quite as "prestigious", though, for whatever that's worth. They are about as much "front-office" as audit and tax are.
Perhaps the division you'd be more interested in is PwC Corporate Finance? That's the group which handles actual M&A sourcing and origination.
They're both "front office", because they are both client-facing advisory roles which generate revenue for the company. If you're one day hoping for an IB gig, Transaction Services is slightly more relevant, although "Investment Analysis" sounds pretty close to banking as well (Corporate Value Advisory).
I'd argue that Valuation puts you in a better position for a potential transfer to IB, or even just to PwC's CF/M&A department. TS does a lot of crap that isn't really all that relevant to IBD. Like tax computation, due diligence and such. Boring stuff.
Corporate Value Advisory is not "Valuations", hence between those two streams, Transaction Services are more relevant.
Thanks for all the answers. Now I am confused with which is more relevant for future in IB. However, CF is off the table cause it is only for people in the firm for a while. And TS I initially applied for. But CVA is what is available. Not sure if I should put a little bit more pressure to get them to get me into TS.
What do you guys reckon? CVA or TS?
Thanks again for the input.
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