Big 4 to Finance

Hi,

Quick background: 23 year old girl, MS in Accounting (3.95 GPA), Masters of Financial Accountancy (accounting but finance heavy) from Rutgers with a 4.0. Scored a 745 on my GMATs.

I'm working in financial services tax, but it's not for me. I knew that when I started too, but the job market was crappy and my undergrad is from a small school, and I figured I'd stick it out and go back to school for something else later - accounting is at least useful background for a lot of things and Big 4 would get me interviews was my thinking. I have worked for NYC Big 4 firm for a year now, and will shortly have my CPA (3/4 with perfect scores, not that finance would care). While I wouldn't say I'm wildly unhappy, I can't see myself doing this long term and I want to get out before I get pigeonholed.

I've read the whole almost impossible to jump from Big 4 to finance thing, and am aware that I'll probably have to go get an MBA. My questions are this:

  1. What b-schools do I realistically have a chance in? Do I need to keep working for 1-3 more years first? And if so - should I look for a different job in the meanwhile (try to transfer to valuations or move to a different company altogether?)

  2. Do I have any chance to make a leap without an MBA?

  3. Can anyone recommend a resource to read up on various career paths and options within finance? I know what I should do now depends on what I want long term, but I'm really not sure. From what I've read so far I think PE, due diligence, or some controllership or corp finance at Fortune 500 appeal to me the most. I had a lot of fun in grad school with LBO modeling, but I want to be sure before I make a move I end up regretting (again).

 

Been in your shoes myself, but didnt just leave because I hated it, that's jumping from a frying pan into the fire. Was at Big 4 in UK, and went around my friends list, and met up with people I identified with, found out what they did, investigated it and found my dream career (quantitative trading).

I get the feeling you want to just be a somebody, but you can make it anywhere. Do something you love doing and you'll be awesome at it. Anything less will eat your soul just as your current job does, and don't EVER kid yourself that it wont if there was an extra 0 on the paycheck (at the end).

T

 
trazer985:
Been in your shoes myself, but didnt just leave because I hated it, that's jumping from a frying pan into the fire. Was at Big 4 in UK, and went around my friends list, and met up with people I identified with, found out what they did, investigated it and found my dream career (quantitative trading).

I get the feeling you want to just be a somebody, but you can make it anywhere. Do something you love doing and you'll be awesome at it. Anything less will eat your soul just as your current job does, and don't EVER kid yourself that it wont if there was an extra 0 on the paycheck (at the end).

T

I actually looked into quant work as I am teaching myself to program and find this an interesting area. However, I don't have a heavy math background, so I don't think it's a very realistic option for me without 2 more years in school. Which could also be okay, but again, I'd want to be sure of myself before committing to 150k more in debt. Unfortunately I don't have really any friends in finance - most of my friends are engineering and IT type careers. Any thoughts on other ways to figure out what kind of work I would enjoy?

Out of curiosity, what did you do in Big 4?

 
Best Response

Hi krimany,

I'm a few years younger than you, but going in that route. I'm in Canada and will be writing the CA exam next September. Also very curious about the options. Just like you I have a ton of interest in LBO/DCF financial modelling! Although I have considered the industry options (controllers etc), I think long-term wise, equity research maybe into PM is very interesting. I don't know if you looked into that yet. In that field I think the accounting knowledge will definitely be valuable.

I don't know if you have looked at the CFA yet? If finance is your thing I would definitely go for it. There's a ton of valuable depth in there that will probably assist you to make the transition given your big4 exp. (are you in TAS? or audit?)

As I try to plan ahead, and my exits from accounting, I try to think where I wanna be in 10-20 years...and work backwards. MBAs are good but I don't think our life's goal is just go get into a good MBA program in our 20s right?

Hope this helps!

-CDNdude

 
blackfinancier:
International Pymp:
745?

This...

Someone else listed a GMAT score that way. Apparently some people just slap on the AWA score to the total (god knows why). So I assume she had a 740 and a 5 AWA. Unless the changed the scoring recently...

I'm just curious, but did you just NOW decide you want to make the switch? I mean I know you're Rutgers (so am I) and that's not an impressive school, but with your GPA you could've tried to get into some crappy boutique at the very least. What happened? It seems like you still have a lot of research and figuring out to do.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 
CDNdude:
what's wrong with 745? I'm under the impression it's a rather good mark. If not absofuckinglutely excellent.

well, if it were a 750 or a 740 it would be a good mark... the only problem is that it's not possible to score a 745. Scores only come in increments of 10. So she's lying.

 
International Pymp:
CDNdude:
what's wrong with 745? I'm under the impression it's a rather good mark. If not absofuckinglutely excellent.

well, if it were a 750 or a 740 it would be a good mark... the only problem is that it's not possible to score a 745. Scores only come in increments of 10. So she's lying.

nah bruh...

745 = 740 out of 800 total scaled score + 5 out of 6 on Analytical Writing.

Others have listed their score like this.

Money Never Sleeps? More like Money Never SUCKS amirite?!?!?!?
 

krimany - it's not necessarily impossible to move from Big 4 to finance without MBA... it just requires a lot of effort on your part, and some luck.

In Canada, it's not uncommon to see someone who's done 3 yrs of audit and has their CA move into an analyst position at the big 5 local IBs (RBC, CIBC, etc.) In Canada, the CA is a well respected designation, but from reading posts on WSO, doesn't seem like it's the same case with CPAs in US.

Try moving internally to a TAS or Corp Fin group at your Big 4. I hear that in it of itself is hard too, but if you're a top performer and if you're assertive, I think you can do it. Those groups have a lot of similar skill sets needed in banking (if that's the area of finance you want). Network with MM banks. Or if it's S&T you're focused on, I guess you'll really have to do some research on large and small shops. Another thing you can try is looking for Corp Fin type openings at F500s.

In terms of figuring out what you like... that's tough, unless you've already done it, sort of a catch-22. Your best bet is reading through this forum (most major jobs have been covered on WSO), and another is to cold email alumni and various firms and ask them about their jobs.

 

Hello there

If you wish to apply to top business schools then one of the prerequisites is having significant work experience. Generally candidates have around 4-5 years of full time experience in spite of several term time projects or jobs; so you may be competing with other candidates who have 4-5 years of full time experience and have started significant initiatives at college.

Hence, we would advise you to gain some full time work experience before you decide to apply for an MBA. If you don’t wish to do so them, you could look at the HBS 2+2 program or the Yale Silver Scholars program.

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