Big 4 audit firms M&A Transaction Services - difference with IB?

Hi monkeys,

My goal is to eventually break into IB - specifically GCM or M&A - and there are a couple Big 4 M&A internships available in some time and I was wondering if trying to go after one of these (and hopefully getting one) would be beneficial to help me break into IB.

What are the differences with BB or boutiques? For example, you never hear "KPMG is the lead underwriter of X transaction or IPO".

I'm a bit new to this so it would be awesome to get a bit of info.

thanks

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Comments (8)

Oct 4, 2013 - 6:24am

Big4 will never underwrite as they have no balance sheet. If you want to get into capital markets this is probably not the place to go. They will however advise on M&A, restructuring etc so there is potential there. Note that this is a lot harder in the US than in Europe.

Oct 4, 2013 - 7:04am

Asatar:
restructuring

But note they are woeful at this.
"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
Best Response
Oct 4, 2013 - 7:55am

It appears you are outside the U.S., right? As @Asatar stated, European Big 4 firms have a stronger reputation on the M&A front.

That being said, there is a distinct difference between Transaction Services and Corp Fin (Big 4's M&A groups). TS or TAS is essentially providing due diligence, quality of earnings, etc. generally for acquirers or mergers of equals (includes PE firms).

Corp Fin groups actually provide sell side and buy side M&A, akin to what you think of with Investment Banking.

As Asatar said, neither is going to be underwriting deals. The Corp Fin group does raise private capital (private placements of both debt and equity).

Corp Fin group is most transferrable, but plenty of TAS/TS guys move to IB or even directly to PE (though you may serve more as an internal auditor on LOIs)

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Oct 4, 2013 - 10:06am

http://www.deloitte.com/assets/Dcom-Belgium/Local%...

Look at page 8 of the pdf, there you can see what type of things Deloitte M&A does; due diligence mostly, and never exclusive deal lead.

LOL, wrong group bro.

http://www.deloitte.com/view/en_XA/xa/transactions/index.htm

Oct 4, 2013 - 11:34am

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