Big 4 transaction services lateral to IB
Long time listener first time caller. Currently working in NYC in the transaction services group of a Big 4 accounting firm looking to make the switch to IB. I have been in the group for just over a year. I went to a non-target (virtually unknown to everyone) but received a masters degree in accounting from a target school. I am a CPA and have passed two levels of the CFA. Additionally, I have valuation transaction experience on deals ranging from $200M-$35B. Furthermore, I have worked very closely with PE shops with their valuations. Unfortunately, the majority of the work has been post-deal.
Preferably, I would like to lateral to a BB or EB during off-cycle (Jan-March). Wanted to get some advice (I.e. best ways to network, optimal lateral timing, reality check on if this is possible). I know there have been posts on this subject, but was unable to find any recent posts on the topic. Has the recent slowdown in deal volume severely cut the number of heads the banks will hire off-cycle?
I’d say look for the investment banking group within your firm. Big4 is good with transfer from TAS (DD) to TAS (IB) but not too good with advisory / Assurance / Tax to TAS. BB’s are MBB (Mckinsey, Bain, BCG) and almost always look for candidates from within their peers. EB’s are good but want top pedigree to match their qualifications on the “team” slide with their BB counterparts.
If I were you I’d look at the true boutiques and then talk to the folks with the strongest deal flow. Because that’s what you truly want from a shop like that. Pay and deal size aren’t as important as a strong deal flow will act like a finishing school teacher and polish your skill sets. After about a year or two you should be able to lateral to bigger more reputable, well paying company (MM or EB).
BrownChad is spot on with seeing what you can do about trying to transfer internally, all the Big4 have IB. As far as making your way into other banks on the street it is definitely possible. I started out at a small valuation firm (100 people) so you have a leg up on me there but I eventually made my way into a top MM firm. The biggest hurdle you'll face is that you will be interviewing against other people who have banking experience. Given your background it seems like the technical side of things will not be an issue and the people you will be interviewing with will get that, at least that was my experience. But things that will hold you back against other candidates who have IB experience is that they know the process and day-to-day and you do not, at least in the eyes of the people interviewing you. Any time I would get feedback that was the majority of the reason why I didn't land the job. If you're not picky about the firm I would suggest casting a broad net and seeing what sticks, with your background you should definitely get interviews. Hope this helps.
Thanks @joshd534 I really appreciate it. Did you make the jump straight from your val firm to the MM bank or did you move to a boutique beforehand, as @BrownChad suggested. For either case, did you network in person or just find jobs and cross check that against connections on LinkedIn and ask for a referral? Also, did you start with an upcoming class or did you go in off-cycle? What you said about the day to day definitely makes sense. Were you able to come up with a response to over come that?
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