Big 4 Transaction Services -> IBD

Big4TASGuy
Rank: Baboon | banana points 107

Hey guys,

So I was just approved to move into my Big 4's Transaction Services (financial due diligence work on deals) group in NYC coming up on 7/1. I already have two years of experience down as an auditor, hoping to get early promoted here in another month up to senior associate. Had flying colors internal reviews, etc. My school is tier 2-3 state school in the southeast. 3.4 cumulative GPA, 3.97 major GPA (I liked to drink freshman/soph year). GMAT is a 760. Good extracurriculars on the resume.

I want to try to lateral into BB IBD as an analyst to build my career more towards corporate development or PE in the future post-MBA. I just turned 26 in April. Any advice on how to make that happen? Any help regarding timing would be greatly appreciated. I know my best shot is going to be as an off-cycle hire. I'm already going to obviously be leveraging LinkedIn and my existing networks, as well as putting apps in on the websites, etc.

Thanks for taking the time.

Comments (27)

May 1, 2014

You need a good reason to change careers. For example, you enjoy the financial modeling aspect of transaction services, but would like to be more involved in the deal process and apply your skills towards that end, rather than doing post-deal valuations. This is the story I used.

Also, you should definitely consider widening your net to include non-BB. Many smaller firms like their analysts to have some experience in big 4, and you could always try to lateral to a BB after a year or two.

Hey, how's your art career going?

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May 1, 2014

Worth applying for IB, particularly if you can demonstrate strong grasp of the 3-statements, proper normalization of EBITDA and potential accounting, QofE, QofS or working capital issues.

May 1, 2014

Better shot at going into valuation... pm me

May 1, 2014

(1) Are you audit, advisory, or tax?
(2) What is your degree?

May 1, 2014

I am majoring in finance and accounting. I believe TS falls under the Assurance practice.

May 1, 2014

Congrats on the internship. Take it and learn as much as possible.

Assurance = audit. Thus you are in audit within the TS group.

Since you are majoring in finance & accounting you should knock out the CPA exam before you graduate. Stellar credential that carries plenty of weight and will serve you well in placing you in the best possible light for future endeavors.

PM if you have further questions.

May 1, 2014

Thanks for your response! I thought that audit=assurance too but I learned recently that Audit and TS both fall under Assurance and are in fact, different in nature. I have been interested in IB for a long time and just wanted to get people's thoughts on whether, based on my qualifications, it would be a good idea to go into IB or continue with TS.

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May 1, 2014

Big 4 TAS is a good entry point IMO, but try to get NYC location for greatest networking potential. I had the opportunity but I just couldn't do the Big 4 haha. Just out of curiosity, what is your current role at the commercial bank?

May 1, 2014

It's possible but not a guarantee-a good number of people make the jump but a lot more want to and fail. It's also a very steep drop-off in conversion rate after the first few years (people lateral to analyst roles)-I know very few who were mid/late 20's who made it work. I would not take a big step back in QOL to work for a "maybe" proposition.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.

May 1, 2014

First post, I'm also interested.

In the UK, Big 4 graduates in TAS enter a 3 year training contract to become a chartered accountant.

Say if you were to get lucky and lateral to BB IBD after this 3 year training contract, would you have a higher salary than the other analysts who came straight out of college/university?

May 1, 2014

Vodking - no, you will be on the same salary level as whatever year you come in (1st, 2nd, etc.)

I made the jump - it's possible. I was laid off from Deloitte Business Valuation and had good traction with MM / Boutique IB's. Not so much BB's.

May 1, 2014
bonobochimp:

Vodking - no, you will be on the same salary level as whatever year you come in (1st, 2nd, etc.)

I made the jump - it's possible. I was laid off from Deloitte Business Valuation and had good traction with MM / Boutique IB's. Not so much BB's.

Bonobochimp, just to have an idea of what is possible: For how many years had you been working at Deloitte when you got laid off and went into IB? Secondly, in practice how did you go about applying for boutique IBs (personal applications or through head-hunters)? Thanks ;-)

May 1, 2014

Impossible might be a strong word, but you're probably better off doing an MBA or aiming at boutiques and small PE funds. 2nd year analyst positions at larger places go almost exclusively to people with prior BB experience

May 1, 2014

I'm also curious to know. It seems to me that a lot of the skill set and experience from a TAS background could be directly applied to IBD.

CDOMonkey - I will be applying for Big4 TAS positions, and I'd like to ask some questions. If you're willing to spend a couple of minutes in giving me some advice, please PM me, and I'll PM you some questions.

May 1, 2014

Dyor - feel free to shoot me the PM anytime. I'm more than willing to discuss my experience within Big 4 TAS and answer any questions you may have.

Regarding the MBA path, I'm currently in the process of going through with the "high-touch" method for several of the Top 10 programs. Would like to have a complete candidacy prior to applying. It's a long process, but I'm enjoying it thus far.

Thank you for the feedback everyone - much appreciated.

"Free Market Capitalism is the best path to Prosperity!" - The Larry Kudlow Creed

May 1, 2014

Get top MBA and your chances will increase 1000 fold.

May 1, 2014

I don't know too many ex TAS guys in banking but I know quite a few in PE (including the big shops believe it or not) and they tend to do very very well. Getting a decent MBA beforehand seems to be the prereq though.

It's going to be a bit of a tougher sell in this market. You have good job right now, though? Stay at Big4 for 2-3 more years.

May 1, 2014

Advice appreciated! Ready to gtfo of audit.

May 1, 2014
May 1, 2014

Hi Soros, wondering if you've made the transfer and if you could share some insights on it. I'm also a big 4 audit who just made senior, is trying TAS in my firm and other big4 but the chances may not be too optimistic due to the line's highly competitive nature, while GT's recruiter for their TAS has reached out to me to set up an interview. So far do you think "would still have access to the same exits than if I had stayed in audit, plus other better options" will stand in my favor? Thanks in advance!

May 1, 2014

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