TAS to M&A/IB - LONDON
Looking for advice on moving from TS to M&A. I’m a newly qualified CA looking to switch to M&A however, theres not much around at the moment.
I’m in London and it felt like in the first few weeks of the year roles were opening up but now things have gone quiet again. I’m interviewing at the moment but I’ve been aiming to switch to a recognisable middle market bank as my long term goal is to move over to the buy side. The other pressure is that staying in TS for too long will likely have a pigeon holing effect and I hear people often saying that your first 6 months after finishing exams is the easiest time to move but that obviously hasn’t been the case. Originally I tried to hold out for a good name for the CV but as time goes by that’s becoming harder to do. Do people think it’s stupid and I should just take any opportunity I can get? I just don’t see investment banking as something I want to do for the long term so I don’t want to make a move to make another move to eventually try and get into PE.
How do people see the market moving in the next few months and for those who have made that move what advice would you give. Is it best just making the move to M&A with the aim of moving again later on to try and get a better brand name or should I try hold out for a few months for the market to improve?
Understand your dilemma. Fellow ACA from London here.
Buy side - there’s two ways to go. Either try immediately, which is going to be pretty difficult given you have no M&A experience, and presumably you’re not from a target school either. Second way is to spend some time in M&A and then try. Now, the real problem here is that a lot of very good IB profiles are always looking to do the same. And PE’s don’t hire in large numbers or very frequently, because people rarely leave when they are on the buy-side. Meaning - it’s cutthroat competition. PE’s can get very selective here as they don’t interview tons of people.
Now that means it could take you a good couple of years to get into PE from when you decide you want to, maybe more if the market is not in your favour.
And I get it that theoretically you plan to stay in IB for 2-3 years and just switch to PE. But that never really happens so easily unless you have a stellar profile. You might have to work your way up by switching to larger firms 2-3 times before you’re in a credible IB that will land you a good PE offer which could be - good 5-7 years. So I would start by getting into M&A ASAP.
You need to break into M&A ASAP. I’d say in the current job market, you can’t afford to really ve too selective. Even if market improves, there’s a ton of very good experienced candidates trying to switch to other banks for more than a year, and will definitely beat you to the competition. Take the best role you can get. The longer you stay away from M&A, the more difficult it will be because every 6 months there’s a fresh batch of ACAs to add to the competition.
Yeah thanks for this, it’s actually really helpful and probably something I needed to hear.
I had an offer but I declined just because i wasn’t sure on the place so I decided to role the dice. With hindsight this may of been a really stupid decision -
I guess I’ve given myself until May until I lose all hope 😂
Is there anything you think I can try and add to my CV obviously asides from my job that could help? I feel like before I was qualified I knew I was working towards something that would help me make the move but now I worry I’m not developing myself in a way that can make me more hireable..
I’d say doing a financial modelling course can really help. A certified one like FMVA or WSO. Next I’d avoid talking much about your audit/tax experience. Just writing that you have strong knowledge of IFRS, etc should be okay but don’t elaborate on it. Recruiters don’t want to read about your audit experience. Have a section for transferable skills like commercial awareness, project management, financial analysis, valuations, financial modeling, etc.
Try getting into M&A or Financial Modeling teams of any top 10 accounting firms. That’s your best bet to start with, and then you can work your way up from there.
Yeah I qualified in TAS so I’m hoping that will help make the move easier.. I’ll definitely follow up on a modelling course, would you say the CFI one is worth it? I know it’s about £500p PM
Don’t think you can go wrong with either, honestly. It’s more about showing intent than quality, which isn’t too different with either.
I wouldn't just take any opportunity and wouldn't stress too much about wanting to find something ASAP - it's just a tough lateral market at the moment. I'm in a different market (Aus) but i've seen many candidates move to MM/BB banks from TS even at Manager or Director level (have to start at analyst 3/associate but its still a pay bump) and even in to respectable PE firms directly with less TS experience.
You are in a much better position than someone in Tax/audit and I would keep applying and interviewing and maybe sharpening up modelling skills in your spare time.
How about transitioning from TAS US to IB London? Would that be possible? I don't really have sponsorship for Europe however.
OP - drop me a PM. Might be able to help here.
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