Which is more relevant for IB? I have offer for both. I plan to work 2-3 years then exit to IB (as in my country IB rarely recruits college grads). In the end I went with Valuation but I still have time to reconsider.
Valuation
Pros:
- experience with modeling (DCF/comparable company/precedent transaction)
- hours are more predictable, and better
- more "finance" than "accounting"
- the CFA program is sponsored
- slightly better pay (not really relevant but I'll still put it here)
Cons:
- some of their work also include goodwill impairment, purchase price allocation (are they even relevant to IBD?)
- modeling is overly academic and unnecessarily detailed
- not everything you do is related to M&A deals
- smaller team (6-7 people)
- You can transfer from FDD to Valuation once you reach senior associate, but not the other way around
Transaction Support/FDD
Pros:
- always involve in M&A deals
- chance to work with PE firms
- dig in deep into companies' financials and learn what the deal breakers are in an M&A deal
- you get to learn a lot of accounting stuff so I guess your technical will be very strong
- optional rotation to audit projects to learn more accounting
- although slightly lower pay, you can claim overtime charge
- bigger team (30-35 people)
Cons:
- more "accounting" than "finance"
- no modeling experience
- only ACCA (UK) and CPA programs are sponsored
- horrible and unpredictable work hours; when you have a project you have to stay up till 2-3 AM for several days, when you don't have a project you just chill for weeks doing nothing
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