Big 4 - Audit - Industry Selection

Bro, to back up IVICap who may be too busy to answer.

I can attest its easier to apply to another firm, or the same brand of firm in another country/region (just not the 1 you did audit with) because its just a dramatic political show. I can attest for it, because I already attempted the same move. N even after years I left & if they ever had an opening, its just the same. It didn't even matter that I brought revenue to the firm even AFTER I have resigned. That audit mark or that audit partner just seems to have etched my name on his impression so bad that they have branded me forever. xD. Either I'm too good at my work being consecutive 2 year top performer & bringing them more revenue or u know, its just typical audit politics they love to do.

Anyways, yes the answer is you better off trying another firm, or same firm, different region, given they are all separate legal entities. No matter how hard you pull the strings with the partners from the other side, as long as the one holding the strings on you in that dept you belong, doesn't sign off the consent for transfer, they will never let you go & the transfer will never happen. OF those that successfully do, it usually involves a selling your soul to the devil kind of devil which may stretch for years depending on how cunning your audit partner is. They may say help me tank 1 year. Help me by 2x your portfolio that u own right now. Help me 3x it 1 last time this year. Help me do collections for this horrible portfolio. I have 2 mgrs resigning, if u help me take up their port just this ONE busy season. I'll sign your form. Lol u could have done all of it n lasted 5 years doing favours & still may not make it man. xD. N even if you do, hey the other end will take u in at what? Assistant Manager or Senior of M&A/ Transaction Services, simply because you haven't HAD DIRECT experience running a deal from A to Z no matter how tip top of a performer you are in audit. It also saves the firm costs man.

So yea, thats 1.2ndly, Deloitte when i last checked was global top 1 & best known as consulting #1. Any kind of consulting. I.e. out of audit, Deloitte's the charm. Well exclude the MBB boys would ya? I'm talking among the Big4. PwC is #1 being an audit mammoth. Much has changed since then u can always check their annual revenue & the rankings which are quite public nowadays thanks to internet & they do alot of self reporting anyways.

In terms of perspective, every firm has the audit methodology & their insights when it comes to accounting standard reporting as well where there are any non-prescriptive accounting standards involved. But if you are in the USA, why would any discretionary matter apply? Given that US GAAP is rules-based isn't it? U either tick it or you don't. Vs IFRS-inclined countries or GAAPs.

What do you mean by Deloitte is better? Listen man, you should bring success to your role. (I know this sounds like that 50 yr old man cliche). But its true. Have a balanced view. You bring success to your firm. I don't deny a place & environment gives the opportunities & project exposure for you to PERFORM in. But u see how its both ways? The environment & place you're at is the ENABLING thing, with you bringing success & hardwork to it, marry the 2 and you get success. Don't let 1 aspect overshadow the other, its a sh1t perspective when its lopsided.

What is the perspective of IB on big 4? I may not be most accurate (u can get more IB ppl to answer you), but generally Big 4 M&A division, small deals not as huge as IB & many jursidiction, can't have the license to do the capital market advisory & since Big4 are not banks they can't underwrite, its alot more different facets of the work, in the whole value chain? So depending on the jurisdiction you're in. In my country, & my capital market regulations, IB has the lion share as the sponsor bank right, corporate advisory people are next followed by the Big 4 advisory in the entire value chain. Go study which service provider & the roles they play in the value chain of M&A in your country's / state's jurisdiction. Then you will know what & where all these prestige bullsh1t theories originated from. Using PESTEL external analysis & Porter's 5 forces you will find out why IB is prestigious. Its simple, if you originate deals, & you are the sponsoring bank, you're the M&A project lead. YOu bill the most. Capital market advisory firms are 2nd to you & the Big4 CF advisory role is probably the IB or the Capital market advisory's little b1tch. Don't u see it? The guy with the lion's share, who refers it to his poor accountant friend in the Big4. Now u tell me, from that perspective what does the IB see the Big4 as? Lol c how the ball is in the court of IB since they are the big daddy sponsor with the cash & the means to make it all happen? Deal tombstones & announcements are all printed with the IB bank logo on it right when it goes public or any stuff goes out to stock exchange announcements? Roadshows etc. How often u see the Big4 who did the transaction had their logo LARGER than the bank who led the deal? LOL. Simple reason man. Now u see all that prestige talk? Is just freshman kids talking junk about who slept with who because of what brand & the payoff & stuff without really analysing the economical situation of the real world. Apply what u learn in bachelor degree to real life, u'll see it all makes sense.

In terms of ranking man, you should do your own research in terms of industry coverage, what are they good for. Its your prerogative here & its your enthusiasm for passion in you chasing your own career life purpose & your life goals. What some1 may know is probably applicable now. If you don't hold the ropes that actively gets updated on which bank does what deals, & unless you're crazy obsessed about their activities, how would you get in?

CFA --> Its good if you have a curiosity on the financial markets & are sincerely interested in using it as a body of knowledge. Very wide & useful across many roles. But mainly appreciated in asset management because WIDE KNOWLEDGE of financial asset classes & markets ---> maps directly well into asset management. Will any other role benefit from it???? Of course, knowing the whole ecosystem helps right? But why ppl say IB not so much? Because you're going to be specialised in probably 1 thing out of the entire universum knowledge of CFA.

Is it a waste of time? Is a trick question & is best answered based on your personal subjective opinion of what could you do with your own time.

If 1 says its a waste of time, risk offending CFA holders who did 400 hours min. achieving them in maybe 2.5 or 3 years +. Btw you can't dney their stature & life achievement & also their career heights if their firm appreciated their CFA earning act (if their firm didn't, they wouldn't take it anyways, right?).
If 1 says its helpful, well there are opportunity costs as to what u could do with 400 hours, weighing the options of using them to gain SO much knowledge on the financial markets. N riddle me this, what qualification gives that kind of breadth of knowledge at that costs for the programme & still maintains the prestige?

So, CFA? Like every other question u asked & I answered, is a life decision u take buddy. Life's yours & meaning is what u make of it. Go make your parents proud & be a filial kid.