Big4 TAS or Corporate Finance?
Hello, I'm currently a senior and have 2 offers. One is for Big4 TAS, and the other is for corporate finance at a F500 firm. Any opinion on which is better to start off at?
Both are related to the industry that I want to be in - Real Estate. My end goal is to simply be good at what i'm doing in this specific industry, and hence would like the job that would give me the best experience for that! Any thoughts?
Thank you.
I can't comment on Big 4 TAS, but I came directly into corporate finance out of school and I tend to think it is good to get broader experiences before settling into the "corporate ladder."
I also usually do the "if I do A for 2 years, will it make it easier to jump to B" test...I think that test would point me to TAS vs. corporate finance.
Probably somewhat depends on the firm for both, though.
Hi roberto, thanks for your response! I actually interned at the F500 last summer and my main issue was the lack of "exposure" - hence, inability to contribute to discussions like the senior analysts. May I ask what are the opportunities from corporate finance? Will I eventually learn more?
From what i'm reading, it's more common to make a move from Big4 TAS --> corporate finance.
In my case, I feel like i'll be giving up "something of better opportunity" if I were to go to TAS, over that F500 job. I know this is super silly. Any thoughts?
I was from a Big 4 corporate finance team. I think the exposure over a large variety of projects is terrific for the junior level, but if your aim is to end up at a corporate finance role in a large corporate, don't overstay at the Big 4, around 2 years would be about right.
Corporate Finance in a Big 4 is very different from a Corporate Finance function in a company.
Corp Fin in big 4 operates like a MM IBD; Corp Fin in a company entails things like FP&A, Treasury etc.
To the OP: If your goal is real estate (RE), then,
Take the RE F500 directly.
Since you already know what you want, specialist > generalist.
You did read that this person came from big 4 Corp Fin, right? Pretty sure he/she knows how it works...
Does depth > exposure in RE?
Depends on where you want to end up, if you want to transition to banking then Big 4 TAS would probably be your best route. Its hard to say what exactly would be the best route since your career aspirations are somewhat vague.
What do you want to do in real estate?
I want to eventually move to PE.
You are very vague here...you want to do RE then you want to do PE? You want to do REPE? It will be an uphill battle either way. Your goal should be to how to get into a RE group at an investment bank if thats the case.
Big 4 TAS (Try to get put on as many real estate clients as possible) >>> RE IBD>>> B School or RE PE.
Seen a couple make the transition from TAS to IBD to PE.
Depends what you want to do in real estate, but make sure you understand what you would be doing in this corporate finance group. At some RE companies, corporate finance is intimately involved with asset and portfolio level underwriting, acquisitions, dispositions and sometimes portfolio management/asset strategy. In other companies, it could just be FP&A. With a big 4 real estate tas group, you will get a good basic understanding of real estate valuation and underwriting across a wide variety of geographies, asset classes and risk profiles. Exits are good (including REPE) but no reason to stick around longer than 2-3 years.
Corporate FP&A (F500) v. TAS- Valuation at EY (Originally Posted: 06/04/2014)
I am currently working at EY in the Risk Service line. More or less, I do glorified Internal Audit work. I have my CPA license but get very little use out of it in Risk. I am now two years in and coming up on my Senior promotion. Being absolutely miserable with what I am currently doing, I went out and began looking for jobs. I got a pretty cool offer with a smaller F500 company (steel industry) to do Corporate FP&A (75%) and Corporate Development (25%). It is a bit of a hybrid role because both of the Director's need assistance in their departments. The company views the role as something you spend 2-3 years in, really understand the business, and then promote you out to another department/role. The previous 3 people in my role are now a FP&A Manager, Corporate Accounting Manager, and Director of FP&A. Per the CFO/Controller, the Director of FP&A is in that seat because they plan to promote him to the C-suite in the near future.
After telling the partner how I was feeling and that I was planning to leave, he then got me an offer to work in the TAS - Valuation, Business Modeling, and Fairness Opinions group. Now I am a bit at ends on what to do. Both roles offer that finance experience/knowledge piece I am looking for. On paper, the TAS position is a very safe route and I am positioning myself nicely. I know in 3 years, I will be promoted to Manager and doing fairly well compensation wise (without having to work absurd hours). It also always looks good on the resume to become a manager at a Big 4, especially in a more niche area like TAS.
I have some concerns with leaving a very safe and strong Big 4 opportunity to take a more risky position in industry. Reading through the forum, I have seen some peoples thoughts on FP&A and a bit on TAS, but nothing really comparing them together. Just looking for any feedback/opinions on what anybody thinks of the two roles. Appreciate the help.
-Kyle
both look like solid gigs. What are your long-term goals? Do you want to go to b-school? If you do, I would give being a manager at a Big4 valuation practice a slight edge. You're right that a manager position that early in your career is a definite differentiator on your resume, and depending on your other stats could give you a shot at a top 10 school. If you're looking to leave professional services and work your way up in a company, with slightly better work-life balance, industry is the way to go. Your role looks legit too, lots of analysis and business strategy as opposed to drab accounting work. If you're trying to move elsewhere later on though, the industry option may not look as good because the company is small. Everyone knows what the Big4 is all about. Oh and another note about TAS, it gives you a great shot to break into IB if that's something you want.
Ut libero et quis et illo illum. Hic sit eaque esse molestiae. Dolorem aut tempora et velit nam.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...