Big 4 >>> Investment Banking

Which of the following Big 4 service lines have the best probability of exiting to IB:

  • Transaction Advisory Services
  • Infrastructure - Commercial Advisory & Transactions
  • Enterprise Deals (mid-market deal services). This includes financial modelling and sell-side M&A services 

Appreciate any advice you can provide!

 
Most Helpful

Generally speaking, Big 4 CF offers the best exit given you practice all the skills and responsibilities required of an analyst in IB. This means anything from modelling, developing the model with the client, co-ordinating different DD streams, origination, bidder meetings, through to close etc. Unsure one what the third bullet is but this seems to be representative of a B4 CF team, however be careful as some B4 teams have modelling teams who really only perform fairness opinions and audit support - neither of which is representative of the deal life cycle. 

TAS gives you exposure to the M&A process, you will be liaising with PE houses and IB's to produce a report that is ultimately circulated to potentially interested parties. However you'll build a somewhat specialised skillset as you will be working on only one work stream (FDD/TAS) in the deal process, and won't get exposure to deal origination and closing

Infra i'm less well versed in, someone else with better experience can help. 

Ultimately it depends on your end goal. If its M&A, then I would say 'Entreprise Deals' - although check in advance what this team actually does, secondly TAS and thirdly Infra. If you want to work in Infra then the reverse is true.

 

Thanks for the insight.

The third bullet (Enterprise Deals - mid market) includes the following responsibilities:

  • Financial due diligence and commercial advice
  • Sell-side M&A services including Vendor assist and Vendor due diligence
  • IPO / Capital markets reporting
  • Sale and Purchase Agreement support
  • Synergy assessment
  • Integration assistance
  • Financial modelling and strategic growth

I suppose this is the closest thing to CF of the service lines I provided?

 

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