Big 4 CF vs MM IB - HELP!
Hi all,
I currently have 2 offers, one from a solid MM IB (HW/WB/Baird) and one for Big 4 CF M&A. They pay at both is similar base but the bonus at IB is triple that of B4 - that said the hours are significantly worse. Is there anyone who has done both and can comment on the key differences between the two? I'm currently swaying towards B4 M&A because I want a life outside of work, and like to have time to exercise - which I've heard is near on impossible in IB. That and the horror stories of late hrs RE: burnout and mental health have started to put me off, although I liked all the people I met at the MM IB during the process. Are MM IB hours really that bad? Is CFB4 equally bad? I am London based so any London specific anecdotes would be welcomed
Any advice welcome
I’ve done both. It sounds like you’ve accurately outlined the work/life/pay tradeoffs for both opps, so no one can make the choice but you. One (minor) consideration is that if your next role is outside of the M&A/PE world, the Big 4 name may actually carry more weight.
You can easily lateral from one to the other if whatever you choose ultimately isn’t what you want.
Interesting, thanks for the response.
What type of roles outside of M&A/PE are you referring to? Not particularly interested in FP&A but Corp. Dev / VC are routes I'm interested in.
Having done both, can you comment on the key similarities and differences between the two? Is the 'learning experience' markedly better in IB or is the difference purely hours?
No two groups or geographies are the same, but generally speaking:
-IB will work on larger deals with better deal flow; more deals usually means more development, but if your CF group is active, you'll learn just as much as the MM will teach you
-Big4 CF will work on more cross-border deals; MM will be focused domestically
-CF will work on more corporate carveouts given their Big 4 client base; MM will do more sponsor deals and may touch more capital markets transactions
-CF will provide a better chance to go on a long-term international assignment as they value moving their CF professionals around the globe
-MM will have better M&A-related exit ops; CF might have better other exits (strategic finance in F500; small company CFO/VP of Finance) due to the Big 4 name recognition
In the U.K., this gap is smaller (as Big 4 IB has a higher profile brand than in other parts of the world).
They’re the same job, but the MM IB will typically (bank/team-dependent) work on bigger deals, have better dealflow, and pay more - in exchange, the lifestyle will be worse. In US B4CF hours are better but not that much better (and the paycut is steep); in the UK the Big4 brand carries a lot more weight.
One of the reasons i'm considering the B4 offer is the ease at which you can move internationally. Are B4 hours across the pond really much worse? Seems here in the UK B4 hours are really quite manageable, time for gym, sports in the week etc. whilst over there it seems similar hours to IB and hence IB would make more sense?
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