Big 4 Valuations vs. Non-Big 4 TAS
I've got two offers to choose from. I eventually want to make the transition to IB.
1) TAS with non-big 4 accounting firm (think RSM, GT, BDO). Opportunity to work on live deals doing diligence, gain accounting experience, additional opportunities to work on strategy and valuation projects. I like this team more. Travel semi-regularly.
2) Valuation with big 4 accounting firm. Most of the work centered around PPAs with some due diligence M&A work. Team works primarily on valuing intangible assets. Travel is not common.
Which position would be the best for making the switch into IB?
Thanks for the help in advance.
If your goal is to lateral to IB, then I think non big 4 TAS is better. If your goal is to go to MBA, then big 4 brand recognition is probably more useful.
Valuations is more relevant. TAS is literally an accounting gig.
Really? My buy-side firm has an analyst program and I've interviewed a handful of kids for it with either valuation and TAS experience. I always was more impressed by the TAS kids in interviews and felt they had better exposure to the M&A process and a better handle on the mechanics of the financial statements. The valuation kids were basically churning out PPAs in model templates. Just my experience though.
This is terribly inaccurate.
strongly disagree. Take a look at whichever firm you're at and tell me if most of the BIG 4 ---> IB analysts came from TAS/FAS backgrounds or valuations. I guarantee you it's the former. There's a reason for that.
Thanks for the help. I want to avoid getting an MBA and make the switch directly into an IB analyst role. Would you say networking is the best way of making the transition?
Got a Pwc Valuation summer offer. interested in understanding if doing a summer gig and lateraling full time to IB is possible?
Will be a harder grind, but definitely possible and have seen multiple people do this.
Can you be more specific about the quality of the non-Big 4 TAS? Are we talking GT/RSM or a specialty TAS (e.g., Alvarez, FTI) or a no name?
Bullet-Tooth Tony think BDO, GT, RSM. I should've included that in the main post. Thanks for your help in advance.
What about capital markets positions? Do these roles allow for an easy transition to capital markets roles?
I did non big -4 valuation -> IB -> PE. The usual knock against Big 4 val is that they get a lot of audit support work. I never worked at Big 4 val so not sure how true it is, but something I'd make sure of. At my non big-4 val (i.e. D&P, HL, A&M, etc.), we didn't have audit arms so the valuation work was purely advisory. That meant the clients were our own and we did the modeling, val report and done. I had a good experience and was able to get interviews for IB at LMM/MM/BB/EB's, granted I only got one offer in the LMM/MM area.
When I helped with recruiting when I was a IB analyst, it didn't matter that much if the person was FDD/TAS/Val, I thought they were all relatively equal and would have some good skills. IMO, the only better thing is if you have direct IB / PE experience.
If I were you, I'd ask how much time on audit support. If none-to-a-little, I'd take it as Big 4 brand name will help.
StrategyJunkie thanks for that perspective. Your career progression is impressive. I might have the opportunity to do some valuation projects at the non-big 4 firm. Should I investigate as to how much of their projects are audit support as well? Generally, i think the non-big 4 opportunity will provide a more diverse experience with the projects that i'd be working on. Additionally, when you were interviewing did it make a difference if the candidate came from a strictly advisory firm like D&P, HL, A&M compared to a non-big 4 accounting firm?
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