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I am only an intern so take what I say with a grain of salt, but I did intern in a big 4 val group. I would look into what the valuation group does. If the valuation group values loan portfolios, it could help set you up for a move to IB in a credit focused group and potentially public finance. It is easier to break into IB from valuation but not everyone gets into a mm firm.However, if the FLDP has a corporate strategy/development rotation that would likely set you up better for a top MBA. Without the strategy or corporate development rotation, I think a FLDP will have similar, if not worse, MBA exits than big 4 valuation.

I would lean towards big 4 valuation since it keeps more options open: boutique/mm IB, FP&A, corp dev, portfolio valuation at a fund, etc. FLDP participants tend to stay within corporate finance. If you are willing to make the effort to switch to public finance from big 4, then take big 4.

 

Neither are the optimal path. Valuation and FLDPs roles vary based on each group. As to what provides more transferable skills, I think it depends on what you do in each. A treasury rotation would help but simply doing journal entries is likely worse than valuation. 

 

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