I would like some of your thoughts on a choice between a restructuring gig at a fairly large company and a valuations group at another firm.
Both companies have a similar reputation but the restructuring gig is at a money manager / consulting firm and the valuations gig is at a large second tier accounting firm.
I am not sure about the pay in restructuring but the valuations group pays near 60k entry level, that is my educated guess
What are exit ops and where do the jobs lead to in terms of career. How are the work/lifestyles different. I know that at the accounting firm the partner track in 10 - 15 years is not too shabby, not sure about the structure of the other firm.
Thanks!
Technically I prefer restructuring more then valuations, as your skills in that group can be applied toward LBO deals, and have more useful modeling skill. So if both companies are of equal reputation, go with the restructuring gig.
You don't want to work for a second tier accounting firm, at least not in the US.
Thanks KP. I completely agree with you, but it is not a bad gig out of undergrad and many positions cite Valuations experience as good background. Plus I feel like the skills I would learn are more related to banking, restructuring feels more like consulting (which it is) and softer skills.
Thanks - I dont think the restructuring group does many valuations that I am aware of, so I am not sure where the modeling would come in. I know a lot of what they do is like litigation, financing etc.
Valuations seems like it would be easier and more secure, while giving me some experience (I hope) to get an MBA and possibly get into investment management, whether it's PE or at an HF.
Edit: Sorry, saw you describe the role as not including valuations above.
I still think a second tier consulting shop and asset manager (not really clear what you mean here?) will be perceived better than a Grant Thornton/BDO-level accounting firm.
If you can describe the restructuring role and the company more that may help.
(deleted)
Redacted since you removed it from yours
I hadn't heard of it but I'd still say take that role over REDACTED 2nd Tier Accting Firm.
Thanks Kenny! I will mull it over some more, one seems more stable than the other with the risk reward varying appropriately.
Valuations in accounting firm like GT is more geared toward accounting with SOX compliance built in, less in financial strategy. So be prepared, it's not M&A modeling or equity valuation.
But another way of looking at it is if you stay in valuations group at GT for a year and transfer over to TAS which is also under advisory then you will boost your chance of moving to PE.
If the restructuring gig does financing deals, then you will get modeling skills and get to learn more from a financial strategical view. I wouldn't count on Valuation being more job secure/stable - just a warning. You are just as easily to be laid off.
Restructuring is much better. Valuation doesn't give you insight into the broader picture, restructuring - especially at a consulting firm puts you in the center of the company's enterprise level operational and financial issues. If your assignments will be both debtor and creditor side, than its a real no brainer - you interact with the creditors which would help potentially transition you to the PE side, and you interact quite a bit with advisory on debtor side engagements.
One thing to keep in mind is that restructuring is drying up right now - everyone's waiting for a refi wave that hasnt come, so places like FTI have had layoffs, other firms have a lot of guys on the beach...so that is a consideration. Still wouldnt be enough to force me into valuation.
I appreciate your input, Ashpy
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