I have received two offers from BoAML and KPMG. It is my first job and I want to make a decision in a long-term perspective. Here is some pros and cons I guess about these two.
BoAML:
pro: kind of management trainee program,more exposure to senior professionals, highly competitive salary package, big name
con: constraint of commercial banking, kind of operation department, less chance to jump to investment banking or other PE/VC
KPMG
Pro: enough exposure to various clients and industries, training on accounting stuff, more choices after exit of Big four.
Con: tough working environment
@ I want to go for MBA in 4-5 years in the States @
So could anyone give me some advice on the choices
What are the exact jobs/departments, etc.? I gather that the BAML offer is commercial banking of some sort, but your post reveals almost nothing else upon which to base an opinion.
Sorry for that... BAML offer title: wholesale banking, global market middle office, client fulfillment & service.
My dream is to finally switch to investment banking, however, baml' s offer is from commercial banking.
My concern is that whether it is possible for me to land in investment industry based on my experiences of client service in commercial banking, as well as other supplementary education, such as MBA or CFA? Or just go to Big 4 at first, after several years' auditing, and then land in investment banking as a business / financial analyst?
My opinion would be to rather take the Big 4 route and try to get into the TS/TAS group after one year in audit or alternately try for something analogous to IB like credit risk at a BB, where a transfer to IB would not be impossible (perhaps after getting an MBA). The work will be relatively "tough" at a B4 during busy season, but investment banking is usually much more trying, so this isn't really a valid argument against taking this route. Also as a quick tip, change your username as anonymity is a must when using WSO. Best of luck.
Agree with the Audit @ Big 4 path over MO/BO @ BB. From what I gather, KPMG has a decent MM IB practice and that is something you might try to lateral into before bschool.
I would say that you need to think a little more about which of these jobs you would like more. They don't seem to be very similar. Odds are, you will spend 2+ years in whichever role you pick, and still, neither is a guaranteed stepping stone to your desired role.
To me, given the limited info you've provided (and/or my lack of knowledge of MO roles), the bank job sounds a bit more interesting. Most people, even those that like accounting, think Big 4 audit sucks, so make sure you realize what you're getting into.
All I'm saying is make sure you think about which job actually appeals to you more. If that's KPMG, or if you're really unsure/don't care, and think that audit will get you closer to banking, then go for it. If I were you, I think I'd go to BAML for ~3 years, get a couple of promotions (from what I know, MO tends to promote relatively quickly), and then get into a Top-10 b-school. Will be quite doable to fulfill your BB IBD goals from there.
BAML VS KPMG TS (Originally Posted: 12/09/2011)
Hi all,
I really need your help now. I am a 5th year student pursuing a MS in Accounting from a non-target school. My undergrad is FIN & ACCTG & ECON. My goal is to go to investment banking in the future.
I am graduating next May and after my interviews, I got several offers. However, I narrowed down into two:
KPMG TS. The pay is not that good. Plus the bonus, max i can get is 65 ish, no OT no fat bonus. But the experience is going to be good and relevant to IB.
BAML Middle/Back office. Doing project management and technology advisory type of work. The pay is super good.
So the question comes down to money vs. experience. I know that I shouldn't consider money for my first FT job right out of school but when the difference is that much, I start to wonder which one should I take.
Thanks all for your inputs and wisdom. I really appreciate all of your help,
Why are you pursuing an accounting degree if you want to do banking?
It looks like his degree is Finance, Accounting, and Econ... that's a pretty relevant combination for banking. The majority of what we do uses accounting so it would translate very well. Now whether he needs the Masters in accounting is doubtful and probably not any more useful for banking, but the undergraduate work is a benefit for sure.
No way BAML is 85 starting thats M.O..F.O gigs at BB start at 70k
Sorry I just got the offer today and it s in front of me!
I interned in tech at BAML this past summer and can attest that the OP isn't lying. It's because he has a masters degree.
OP are you saying that you expect your bonus to be 65k? I'm assuming that you mean your base / all-in comp would be roughly in that ball park, but you shouldn't expect a 65k bonus in TS. It's a stretch to expect that as a first year analyst in IB.
I meant including the bonus, it is 65k...
Skeptical as well, does the 85K include potential bonus or overtime? What is the actual stated salary for the BAML MO position?
Dude, i was surprised too when I saw my contract. Apparently base for undergrad is 65, Masters is 85.
That's great then congrats! I don't have enough experience to give you advice on which is more relevant to IB. However, it does sounds like you already know that the Accounting position will put you in a better place to transition out down the road. If that is the case, starting salary should only be an afterthought, worry about your future and don't sell your soul for a 30K salary bump.
I know of several people who are successful in making the transition from big 4 TS to banking, definitely a relevant entry point. Don't worry about the money, you'll be able to jump out pretty quickly to IB from TS
yeah, i think you're being compensated more because of your masters degree. I actually just talked to an alumni who was transaction services for a couple months in Big 4, and now hes at a BB IBD. So, it's definitely possible.
Do you mind if I ask how many years did he/she work at TS before transferring to BB IBD?
I have an interview for TS in like 2 weeks for a big 4. Albeit its in Euope, does anyone have advice on what i can expect? The recruiter said the first interview would be more fit questions followed by a second interview with someone from the TS department. Anyone any tips, any clear insight for TS recruiting?
PM me.
sorry for hijacking thread. I have no experience, but KMPG would probably provide better exit opps than BO. Thats the feeling i get from reading websites. PLus, work might be more interesting, but thats personal.
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