Dec 20, 2024

Any Guidance on London TAS to IB Chances?

Any guidance on this topic would mean the world to me. I provide my circumstances below if that helps :)

Uni is a non-target Russel. I converted a Big4 TAS (FDD) London internship into a full time offer. Specifically on the team dedicated to handling PE M&A FDD. I really enjoy the experience of working on these, often massive, deals, love the culture of the firm and the team I’d be joining.

However, I would be dishonest if I didn’t say I think I am capable of more. The prospect of not just being involved across the whole deals process but also other forms of IB work still strongly calls to me. I’d be lying if I said money wasn’t a factor either. I’ve been fortunate enough to grow up very comfortable, attending nice schools, having a nice first car, etc. What drew me to ‘finance’ as a broad career path in the first place, (before I specifically fell in love with the idea of deal work over the course of various experiences) is my life goal of being able to provide myself and my future family with a level of comfort equal to or above what I had growing up. I don’t think London FDD comp is able to provide that for me, unfortunately.

Internship apps this cycle haven’t been working out, so far, and while I do have the GMAT score to put in a competitive application to some top UK Business Schools (think LBS, LSE, etc), giving up a guaranteed (albeit modest by monkey standards) salary, free Chartered Accountancy prep and exam provision, and the stability and safety that comes with all that for £50k+ in interest carrying debt for ‘another, better shot’ at breaking in seems silly to me. I hence plan on taking the offer.

I suppose the main reason for this post is to ask for guidance from those who are familiar with the London Big4 TAS dynamic, due to how different it is than in the US. Is there a chance I can lat into IB? US sources state this is rare over there, but much more common in Europe due to the fact that TAS teams over here are allowed to make forecasts, but not much further elaboration is provided.

I do have some anecdotal evidence, in that one of the first year analysts while I was interning stated that he was headhunted by an EB, but I’m not sure if this is common or if he just meant that he was notified of an analyst opening by a recruiter rather than actually headhunted. Any clarification on how common this stuff is in London would be of immense help.

My backup is to get my CA, use my (still valid) GMAT for a post-experience MFin course, and try to break in that way.

I appreciate I may be overthinking this. I’m glad that I do have a very nice job lined up that a lot of people at my uni would kill for, and sometimes when I’m talking to my friends who don’t have anything, I’m reminded just how lucky I am. While I think that’s a good attitude, I don’t think it should discourage me from trying to maximise my outcomes, so that is the perspective with which I’m trying to approach this situation, ambitious but happy.

4 Comments

WSO Monkey Bot

Based on the most helpful WSO content, your situation is not uncommon, and there are actionable steps you can take to maximize your chances of transitioning from London Big4 TAS (FDD) to IB. Here's a breakdown of guidance tailored to your circumstances:

1. London Big4 TAS to IB is Feasible

In London, Big4 TAS (especially FDD) is viewed more favorably compared to the US. As noted in WSO threads, Big4 TAS professionals often move to the buy-side or IB, particularly if they have experience in PE M&A FDD. This is because TAS teams in Europe are allowed to make forecasts, which adds value to your skill set.
Anecdotal evidence from WSO suggests that exits to IB are not uncommon, especially if you’re working on large deals and have exposure to PE clients. Your experience in handling massive deals and being part of a PE-focused team is a strong advantage.

2. Key Skills to Highlight

Accounting Expertise: Your Chartered Accountancy prep will be a strong foundation, particularly for valuation and modeling work in IB.
Deal Experience: Highlight your exposure to large PE M&A deals. This is highly transferable to IB roles.
Forecasting and Analysis: Emphasize your ability to make forecasts, as this is a differentiator for European TAS professionals.

3. Networking is Critical

Many WSO threads emphasize the importance of networking in London. Start building relationships with bankers, alumni, and recruiters. Attend industry events, leverage LinkedIn, and connect with people who have made similar transitions.
Headhunters play a significant role in London IB recruitment. Make sure your CV is polished and highlights your deal experience, and register with headhunters who specialize in IB placements.

4. Target Banks and Teams

Focus on banks and teams that value your background. According to WSO, Big4 TAS professionals in London often transition to:
- Middle Market (MM) M&A teams
- Regional banks with strong M&A/LevFin teams (e.g., BNPP, ING, UniCredit, Mediobanca)
- Boutiques with strong deal flow (e.g., Lazard, Rothschild)
While BBs are competitive, some teams may value your unique skill set, especially if you can demonstrate strong technical skills and deal experience.

5. Timing and Strategy

Short-Term: Take the Big4 TAS offer and focus on excelling in your role. Build a strong track record, gain as much deal experience as possible, and start networking immediately.
Mid-Term: After 12-18 months in TAS, start exploring lateral opportunities in IB. Many firms are open to hiring professionals with TAS experience, especially if you’ve worked on significant deals.
Long-Term (Backup Plan): If you don’t break into IB directly, your plan to complete your CA and pursue a post-experience MFin at a top school (e.g., LBS, LSE) is solid. This route has been successful for others in similar positions.

6. Compensation and Career Goals

Your concern about compensation is valid. IB offers significantly higher earning potential compared to Big4 TAS. However, keep in mind that the transition may require a step back in seniority (e.g., entering as a 1st-year analyst or associate). The long-term payoff, however, is worth it.

7. Common Challenges and How to Overcome Them

Siloed Experience: Some WSO users have noted that TAS professionals can be siloed into specific tasks. To counter this, proactively seek opportunities to work on diverse aspects of deals and develop a well-rounded skill set.
Live Deal Experience: IB recruiters value live deal experience. Highlight any instances where you’ve been involved in real-time decision-making or client interactions.

8. Headhunter and Recruiter Insights

Headhunters often reach out to Big4 TAS professionals for IB roles, especially in London. While the term "headhunted" might be loosely used, it’s not uncommon for recruiters to notify you of openings. Ensure your LinkedIn profile and CV are optimized to attract their attention.

9. Additional Resources

For more insights, check out the following WSO threads:

Final Thoughts

Your ambition and self-awareness are commendable. While the path from Big4 TAS to IB in London is competitive, it’s certainly achievable with the right strategy. Focus on excelling in your current role, building your network, and positioning yourself as a strong candidate for IB roles. Good luck!

Sources: FDD / TAS Interview and Case Study Mini Guide, Q&A: From Big4 Audit -> Big4 Advisory -> MBA -> AM Portfolio Manager, FDD / TAS Interview and Case Study Mini Guide, Q&A - Big 4 TAS Financial Diligence, Big 4 Audit -> TAS/FDD -> PE advice/experiences?

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adomanim

The better option (but still slim) would be work Big 4, save as much as you can, do an MBA at LBS and then go into IB that way.

https://1921681001.id/ , https://19216811.cam/

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Schedule 13D Filing Instructions

Analyst 1 in IB - Gen

Very common in the UK.

Loads of people go from FDD >>> IB, some people jump straight to PE on the deal team given the amount of buyside experience you get. I would take the FDD role, get your CA, lateral across to IB or internally to M&A team as a stepping stone before going to IB.

Masters is a waste of time in my opinion given you are marginally increasing your chances of getting a role and factoring in the debt

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