The question I've searched and seen asked 100 times over - is the transition possible from accounting to PE/IB? I figured my situation is slightly different to the typical "accounting major > accounting big 4 > IB" that I've read often enough, so I thought I'd ask for some advice.
I'd mid-way through my CA at a 10 top firm, with a degree in Comp Sci. I didn't have much exposure to anything financial before I graduated, but I picked up an interest in the area towards the end of my degree and it was suggested that my current role would give me a good insight and exposure to part of the financial world. Well, it did. 1 year later and I'm certain that this is the direction I want to take. But is it?
I've seen so much conflicting advice across the internet. "Go for a grad role" v "You'd be too old for a grad role (23, soon to be 24)". "Your degree would make you stand out" v "Your degree means nothing in the grand scheme of things". "Your CA will add value" v "Your CA is just wasting time and top 10 is too small".
I'd appreciate some more perspectives. Every opinion and bit of advice helps! I'm mainly concerned about time - I'll be 25 when I qualify and I just don't want to look back and think I've wasted those years. Again, I hear conflicting opinions, mainly between "you're still so young" and "don't wait, just do it now because you'll waste your life forever waiting". Of course, it wouldn't be a true waste, I'd have a CA and a few years of good experience under my belt (although I'm not in the TAS side) but perhaps the time could be better spent.
Hi Blue9, the silence is deafening, sorry about that.... Any of the threads below helpful?
If those topics were completely useless, don't blame me, blame my programmers...
I'll try a bump
Not sure what your last 2 paragraphs meant but yes, you can go from audit to IB, it's just not the norm. You'll certainly be a first year analyst and have a hard time getting interviews because of the TAS/BVAL/boutique analysts applying for the same thing. I'd target smaller banks who hire less traditional folks.
Probably could have phrased them better, I'll admit. Essentially what I was saying is that I've heard so much different advice, including people saying I'd be too old at 25.
Would the industry experience and qualification I do have even give me a leg up on new grads applying for the roles?
Since I'm not coming from an accounting background, I'll just briefly opine as to the age aspect.
No, you are not too old to make a transition and no, you are not too old to make it and start from ground zero as a first year analyst.
I started out as an entry level when I was 27, and while stories differ by person, it was not a material enough factor to hinder me from breaking in.
Hang in there, sir.
Appreciate it, thanks. I'm certain this is the direction I want to go, I just need to plan out how to approach it.
x
At an EB in NY right now and I think it's really tough doing it any time soon with your current trajectory. This may be very different for BBs, and this is obviously firm/city-specific as well, but these are my observations:
I know people in my group look down on "pure" MBA associates (haven't done banking/PE) to begin with since head count is really small, as anything other than AN1s need to add value right away. Literally every associate is either an A2A promote (did their analyst stint at my firm or a well-known, but different, one) OR a MBA business schools">M7/SternMBA + former IB / tier 1/2 consulting /3-4 year strategy/corp dev. industry-specific role (ex. for RX it would be someone from A&M).
And now if you're thinking of "taking a downgrade" and coming in at an A1/A2 level, to be honest, I think this is 100% impossible. First of all - no finance/relevant degree. Pragmatically - this is what happens if a spot ever opens up (and 50% of the time, if someone leaves/quits they don't get replaced, everyone else just gets worked harder) - you have guys referring their top-performing friends from LA/SF/Chicago/Charlotte..etc/Canad in their respective coverage groups, or there's a mini-process hosting NY EB/BB IB analysts working in a less-satisfying ECM/DCM/LevFin role as well as MM/lower-tier BB/EB analysts looking for a prestige upgrade. Analysts from not well-known IB firms genuinely do not get a second glance (this is different for summers, as having anything relevant as a summer is a positive to begin with).
My recommendation is this: - get to a Big 4, otherwise your chances are literally 0%, so start by getting to a Big 4 (I'm assuming you're not since you said "top 10" and no one says "top 10" if they're at a Big 4) - transfer to a TAS/MM deal group, work there for 1-2 year - get into a top 20 MBA program - potentially come in as an "MBA analyst" at a respected MM firm - Piper, RJ, etc. (as alluded to earlier, think it will be difficult to have your work experience counted toward being an associate, but you can try) - work for a year, then lateral to a top BB/EB (you may be asked to start again as a 1st year)
If there is a positive though, I can safely tell you that age does not matter whatsoever. Anyone who is able to humble themselves and start at a "lower" level than what their age may imply, is looked favorably upon. Also, you're really not that old. You mentioned you're going to be 24 soon, but you have a year of work experience. Assuming you need 2 more years before your MBA, you'll be 26 when you start, and 28 when you start as what is most likely an A1, 29 hitting either A1/A2 in an "elite" EB/BB. I know of at least 3-4 analysts in the city between the ages of 25-30, and another 2-3 associates in between the ages of 30-35
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