Big 4 Audit or Mid-Tier M&A Advisory to Break Into Finance
Hi All,
Just looking for opinions about my entry-level career decision. I am currently recruiting as an accounting student and potentially looking at two options: 1. The Big 4 for an audit position 2. Mid-tier firms (think top 10) in their TAS advisory service lines.
I am having issues determining which path I should take - my ultimate goal is to end up in FP&A or MM IBD. Currently, I am leaning towards taking the mid-tier route but am trying to weigh the costs of not starting at a Big 4.
I have been doing some research and it seems to be that the trade-off here would be Big 4 Name recognition and potential exit options since they service larger clients. However, the mid-tier route would help me avoid the hurdle of going from Big 4 Audit for until senior to a potential transfer into TAS (whether it be Big 4 TAS or not). I have seen people lateral from Big 4 Audit to Mid-Tier TAS so I am wondering if I should just go straight to mid-tier at the risk of not having the brand / career options further down the road due to working with smaller clients.
Which path should I take? Any help is appreciated!
Also interested on everyone's take on this
It's a joke breaking into FP&A so either of those choices are fine.
I'd go Big 4 and try and lateral to its TAS. Mid-tier TAS is highly dependent on the specific firm and group. I've seen some solid work product and some absolute dog shit. We've banned a few of those groups from doing Sell Side QoE for our clients because they were so bad. If you go mid-tier TAS, try and lateral to a better name (Grant, RSM, Big 4 or deal shops - like a Riveron)
Big 4 provides:
Name Recognition
Superior Training
Potentially more breadth of experience
Likely better pay and benefits
Mid-tier TAS provides:
Some deal-related experience
Potentially better work-life balance
Would you say that there is a gap between Big 4 TAS and firms like BDO, RSM, Grant? Or is the difference negligible?
There is a gap, probably more based on perception than work product. But it really is dependent on the team and/or office. Some BDO offices do good work, some are awful. Big 4 tend to have the most consistent product, followed by the 2nd tier groups, followed by the mid-tier.
The wild card are deal shops like Riveron and CTS Capital Advisors that recruit out of Big 4, Tier 2 and maybe some higher mid-tier firms. All they do is TAS and from what I've seen, they do it well.
I have experience in both and I would take mid tier TAS. B4 audit is dime a dozen, but TAS experience is a differentiator. Everyone in B4 audit hopes to make that transition into advisory at senior, but few are able to. You'll have a much better chance at it if you're already coming in with TAS experience.
Of course B4 has better brand recognition, but at the end of the day everyone knows what BDO, GT, RSM, etc are as well. If you really want to you could spend a year or two at the mid-tier and then move to B4 and I doubt it would be very painful (wasn't for me)
Could you explain your experience with it in terms of any hurdles or was it pretty seamless? Did you start as mid-tier TAS and then move into B4?
It was seamless as can be. I felt my interview didn't even go well but I'm assuming I was the only one interviewing who actually had the experience - TAS teams are like 1/10th the size of audit if not smaller, so not many people have the experience. Was only at the mid-tier for about 2/3rds of a year before moving. Additional anecdotal evidence; from my team at the mid-tier people were jumping into B4 at every level (including partner, lol)
Also agree with what @neyssi" posted. If your goal is to potentially move into IB/PE/CorpDev, you're a hell of a lot closer in TAS than in audit
I second this. Any transaction oriented work is a lot better than Big 4 Audit.
Your transferable skills are much more in line with IB work. Any TS shop will give you an understanding of QoE, why it's used, working capital and how it impacts your purchase price. You'll also get exposure to CIMs, LOIs, and models etc. as you will review this during your FDD. All of this is important as your resume will be more transaction focused.
You won't learn any of that in Audit. Substantive vouching or test of controls have no relevance outside of the Audit world. The only times your skills be slightly transferable are if there are any special projects (i.e. carve outs where you need to separate a divisions financial results).
Source: audit to TS in a mid-tier firm
Mid tier m&a / TS all day every day.
Audit is for inbreds.
audit is so dead. dont do it. you will want to kill yourself.
Audit is about as cool as showering with your dad
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