Graduate school (MAcc, MMS?) or other options?
Hello everyone,
I graduated last May from UM with a degree in Econ. I have since been unable to get a FT position in the field I wanted to go into (corporate finance or IB). It has been a year and rather than try to get a position I will end up not liking (e.g. sales or just cold calling), am considering alternatives, and specifically getting a Masters in Accounting starting Fall 2010.
There are many questions that I have since this would be a big decision, and am hoping for your help and advice.
First and most important, what types of job opportunities will I have? I really want to work in finance so the closer the job is to corporate finance or IB, the better. I eventually plan on getting an MBA, but I really want a job that is closer to finance than say tax. Although is this realistic? Seems like people recommend the MAcc at UM, UVA, or UTA if you want a shot at IB, but the deadlines for those schools have passed, and even for those schools I didn't get the feeling that many people got IB positions (although that may be due to the fact most people were looking to go into accounting and not finance).
Will the best case scenario be the Big 4, and how competitive is it? I've read about positions in Transaction Advisory Services, and how that's good experience for people wanting to later transition to finance, but how difficult would that be for someone in my position?
Also since I do not have work or internship experience for accounting, how much of a disadvantage will I be at when it comes to recruiting or job search for entry-level careers? I would hate to go through the program and find out that due to lack of relevant internships/experience, I still will be unable to get a job.
My rationale would be, if I get a MAcc, work for 1-2 years at the Big 4, I would then go back and get an MBA and finally make the transition to IB or something closer to what I want. But I don't know if this is realistic or if there are better options than what I am considering.
Obviously going back to school doesn't help my "lack of work experience" dilemma, but it has been very difficult for me to find a job and it's already been a year. I really cannot waste more time since I think explaining away a one year gap will be difficult as is.
(also, I applied for the Duke MMS program, and that may be an option as well. Although, I have accounting/finance coursework, and when I look at the curriculum, not sure if I will really learn anything there, and the only positives would be the "name" and another shot at recruiting).
Your advice or suggestions would be really helpful since I am really unsure what my best option(s) are. Thank you for your time.
Recruiting for Big 4 is pretty much for fit, so long as you meet all the other requirements. Having a prior internship obviously helps, but I think extracurriculars go a long way here.
I think it's a lot less competitive than IB, considering many offices take on a slew of fresh meat each year (due to the high amount of attrition). This is speaking strictly for audit though. I'm not sure how recruiting is for TS since the only offices that hire out of school (at least at the Big 4 that I worked at ) were in places like Chicago and NY. All other offices would hire internally from other groups (i.e. audit) after working for a couple of years.
If you haven't read in other threads, I did the Big 4 to b-school (top 20) to BB IB. Wasn't easy and required a ton of luck, but it's do-able. Having the CPA and accounting experience definitely helped in this case.
Thanks kjl.
I haven't read the other threads, but would be interested in hearing your experience from moving from Big 4 to bschool to finally IB.
I'm not sure if I really want to do audit (maybe for a year, but not much past that), and would prefer something like TS if I go the accounting route (although I don't much about that either).
What other career opportunities are there after completing a MAcc? Do your chances increase for a job in corporate finance at a F500? Again, I'd really like to be closer to finance to eventually make the move to bschool / IB.
I can only speak to Indiana's MAcc program because that's where I went, but I'd assume many of the other highly-rated programs are similar.
It would be beneficial if you got an internship or some experience, but definitely not necessary. From IU I believe all domestic students who wanted big 4 did ultimately find a position. I had a below average gpa from a no name undergrad and ended with 2 offers to Big 4 - 1 in NY and 1 in Chi (although I had to work pretty hard for them).
The kids who had previous relevant experiences and pretty good resumes had some other options. A few went straight to IB - I know of one BB and a few MM in NY (these were all techincally MBA in Accounting students - which is basically the same program, they just did their undergrad at IU). Additionally a few did TS in Chicago. I believe all of these guys had previous Big 4 internships and networked hard into TS.
Nothing is a slam dunk, but anything is possible out of the better programs. Prior experience will mean a lot if you're trying for anything other than audit. Also, at a place like IU location means alot. ANY firm in Indy will take kids out of the MAcc program - some of them will recruit you HARD. The IU brand means a lot in Chicago too. Outside of those, there are definitely options (you could do big 4 anywhere for sure), but unless an existing relationship exists it can be challenging to break into more of a finance role.
Aspernatur eveniet ex in eum quae. Ipsum quasi eos et numquam quia aut ducimus. Aperiam deleniti sed quasi ullam alias sunt facilis. Illum laboriosam dolorum ut qui consequatur sit. Quaerat rerum ea vel quis eligendi facilis dolorum. Sunt deleniti aut distinctio repellat.
Perspiciatis iste eos dicta quisquam voluptas non rerum. Fuga molestiae similique quos nisi quia enim. Quos non totam ut fugiat. Sit dolorum ad illo nesciunt facere. Vel illum deleniti sunt repudiandae dicta culpa maiores. Perferendis dicta est ea incidunt.
Non rem tempore aut enim nemo. Expedita et iusto sint quo placeat. Molestias commodi quo dolore iusto et totam voluptatum. Repudiandae minima quo nostrum et assumenda unde. Praesentium ea molestias quas sint ratione repudiandae nulla cum.
Quia modi explicabo voluptatem corporis temporibus et. Quasi et est eaque qui quibusdam autem. Iure est magni est neque deleniti ipsam dolor. Est asperiores ut voluptas atque.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...