Big 4 (Audit/Tax) vs. Boutique IB
Hi Everyone,
With full time recruiting around the corner I'm contemplating re-recruiting for IB, specifically at a boutique. I am currently completing a big4 internship, and have gained valuable experience in their corp finance group; however I realize for f/t I'm likely to be put in their audit/tax group, at least for a year or two.
Given that, my goals long-term are to be in finance, and definitely in a large IB if possible (a guy can dream right?), what should I do?
Specifically, in terms of experience, and opportunities for skill development and exit opportunities, what would be better to do: stay at my current big4 or try to recruit for boutique IB?
I realize the option of recruiting with large boutiques and BB is there, but for the purpose of this question I am only concerned with big 4 vs. boutique in terms of experience and opportunities.
Thanks!
I recommend boutique IB. To get into a BB IB job, it's important to get experience that they will find relevant. While you won't be in the weeds so much with the financial statements, if you can get more responsibilities driving a deal or a discussion with a client, BBs could find you valuable because of your qualitative skills. Of course, it is still a huge job because of the complexities that come with larger clients, but the approach to client management is similar.
That being said, if you can push for a transaction services-like group in a Big 4 group, you will have transferable skills and you will be working with investment banks. At that point, I would say it's a toss-up.
Boutique IB FTW. Experience and opportunities re: finance have to be much better (I only speak from B4 side so I'm not an expert on the finance/IB side).
If you've had a decent internship in Big 4, then that's a good fall back. If you're interested in finance, don't think twice about seeking a boutqiue IB. Sure, people will note you can get into Transaction Advisory at a Big 4, and gradually make your way over, but I'd view that as the path of most resistance/decreased odds.
On the other side, while Big 4 is a good fallback, you can get stuck in audit (I'm an example of this). I like the F500 role I chose after Big 4 but that doesn't sound like your desired route.
Hey you know f500 route would great too, and I would be certainly be grateful, but not sure if only accounting is what I want to do. Having had some audit experience, I can certainly say that keeping track of a company's internal finances is not something I would particularly enjoy long-term.
Good point on the T/S. I've heard from T/S people that its pretty challenging to get into their group given demand from audit side for people looking to switch over.
So any boutique, regardless of size is better than big4?
--> I guess my worry here is to some extent brand name....if the boutique is some small shop, do I really want to do that over big4? I guess what I'm asking is how much weight does big4 brand really carry and/or if that is relevant in banking at all.
Worst come to worse do big4, try for T/S or Corp Finance in big 4 after 1 or 2 years, and if that fails or doesn't quite work out, mba then associate at an IB?
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