Big 4 Infrastructure Advisory/Infra Finance to Treasury

Hi there,

I am currently a first-year in a Big 4 infrastructure advisory. I've been here for a total of 5 months, and I have been thinking about the kind of life/career I want ahead. Based on my not-so-extremely-Type-A personality, slight awkwardness in social interaction, my long-term goal is to transit into in-house Treasury. (I used to worship IBD, M&A and the likes while I was in school, but once you're enlightened that the culture surrounding people in IBD/M&A is about dick size comparison and putting other people down, it loses its appeal)

The question is, how will I eventually make this transition, what skills do I highlight, what do I need to substantiate?

(Of course, if you have any suggestion of any role that is equally laidback for the most part, and quite well-paid for the amount of hours worked, I'm open too! I have hobbies which I like to sustain outside work, e.g. dance and exercise)

For my current position, the kind of work that my team does varies a lot:

  1. Model review (literally reviewing the mechanical aspects of the model, as well as seeing whether assumptions are well-supported by documentation e.g. where did they get the forward curve from, where is the EPC contract that shows this particular EPC cost break down and cost profile)

  2. Financial model build (This could be a standalone engagement by itself, but usually it is part of a larger scope of work for any of the work below. Building the financial model itself, but the specific values to use e.g. forward curve, what price to use, is provided for by the client. We only ask what structure should the input be so that we can model it accordingly - on this note: financial model building here is based one principle: the formula in the left-most cell should be flexible because all cells to the right will simply be dragged from the left-most cell.)

  3. PPP procurement (being the transaction advisor for public agencies - basically helping the public agency run its tender. We help to draft and run the RFQ, RFP, evaluate bidders' proposals and recommend from a financial perspective who is the preferred bidder, and the deliver the project till Financial Close. Usually, the advisory group comprises the legal advisor, the technical advisor, and the financial advisor)

  4. PPP bid-side advisory (if we are not being an advisor for a public agency, we can be an advisor to a private sector participant to bid for the PPP - so we'll be the one working on all the financial aspects of the proposals for the client.)

  5. Related to (3), we also help infrastructure companies (could be O&G, transport, utilities, etc) in equity/JV partner selection.

  6. Pre-feasibility study and feasibility study (identification of benefits and costs, could be economic and/or financial, just to help management make its case that the project they want to run is sustainable)

  7. Market entry study (we don't get this a lot, but we could take it if the client is interested. This is the typical consulting work that I'm sure you have already understood a lot about)

  8. Valuation audit support (yes, some people escaped audit by coming into advisory but ends up doing audit-related work. We don't get this kind of projects often, but we do get them. Occasionally Audit receives valuation models from the Client and requires support from us because Valuations think we are better in this sector. So we review the assumptions in the financial model, make sure they are well supported with documentation, independently obtain some figures and forecast on the public domain and see if the model figures look reasonable.)

  9. Any other work - sometimes a client trusts us a lot in the sector that they just choose us anyway.

The above pretty much summarises the work that I do.

The sub-team I am in is commercial/financial advisory. Just FYI, there's another sub-team of 5-6 people who come from an engineering background, and they serve clients who have infrastructure during its operational period, and they look at how to optimise physical asset management and optimise efficiencies in work processes as well as spending. They are somewhat like management consultants. They employ data analytics to do so.

Am I in Big 4 Corporate Finance?
My team used to be classified under Corporate Finance, but local regulations require the corporate finance entity to obtain a capital markets licence. So those teams that were in Corporate Finance and did not require the capital markets licence to continue most of their work were eventually carved out from Corporate Finance.

(Ok now that you read up until here, please also go back to re-visit my initial question at the top. Thanks!)

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Comments (5)

Nov 26, 2018 - 10:12pm

Hey jefflee909, what a lonely thread. I'm here since nobody responded maybe one of these discussions will help:

  • I went> B4 Audit> B4 CF > IB: Ask me anything this, I'm very happy to answer them. big four investment banking ... and I made that much sought after career jump that started in Big Four audit and ended up in IB (Debt ... Capital Markets) at a boutique with a stopover at Big Four CF in between. If you have any questions about ...
  • Exiting Big Four (Audit) after 5 years and entering FP&A- Ask me anything questions. big 4 audit to Wednesday, December 30, 2015- 11:55am ... Mod Note (Andy)- as the year comes to an end we're reposting the top AMA's from 2015, ... this one was originally posted 7/19/2015. Spent the past 5 years working for a B4 firm in the Assurance ...
  • Big4 M&A- An Explanation Over the years I've seen several posts on people considering jobs at Big4 corporate finance ... inaccuracies. I'm going to try and clear up any confusion over the topics here.... Big 4 corporate finance ... The corporate finance departments at Big4 essentially offer MM boutique bank advisory services. You ...
  • Big Four management consulting to corporate finance Hey guys, I'm hoping to secure an offer for management consulting at the big 4 but would like ... to make the transition to corporate finance once I have some experience in consulting. Would this be ... possible? I know people who have made the transition from audit to corp finance but not from advisory. Thank ...
  • Big4 Auditor hoping to break into Management Consulting I've been an auditor with a Big4 firm for about a year now and have passed all four parts of ... a non-Deloitte Big4 currently-- not sure if they even hire auditors into this group Try to get a position at tier ... pieces or causes. Work Ethic: Since you've worked as a Big4 Auditor, you are no stranger to this. ...
  • AMA: Big Four Valuation Associate- Deciding Whether This Job Is Right For You to contribute to the forum. Since I started work in a big four valuation group, I have seen many ... you work on many valuation aspects of the same deal 7. You get way more vacation at the big four than ... apologies for any typos I'm not re-reading this. big four Business Modeling business valuation ...
  • 2.5 years in Big Four audit: Ask Me Anything than elsewhere. I'm on WSO as I'm looking to move into Corporate Finance as soon as possible ... I'm happy to answer the questions of the WSO community from whom I've learned a great deal. big ... I was recommended to do an AMA thread by the good people in this thread: ...
  • More suggestions...

I hope those threads give you a bit more insight.

Sep 7, 2021 - 8:32pm

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