Decisions: P&G FLDP or Deloitte M&A

Camomile's picture
Rank: Monkey | 35

I'm graduating this year (in Asia) and have managed to secure two offers: P&G Finance Leadership Programme and Deloitte M&A (not M&A DD or TAS). My considerations are as follows:

1) P&G Finance Leadership Programme:
i) Brief Job Description: Business partnering (management accounting), Corporate functions (e.g. treasury, investor relations, etc.) and Financial accounting
ii) Pros:
- Programme is consistently ranked as one of the top 3 for leadership development (along with GE). Rotations every 6 months for broad exposure across the corporate finance.
- Great benefits (e.g. healthcare). Great culture. Good working hours (~55hrs/wk).
iii) Cons:
- It's mostly accounting; almost non-existent exposure to CD/M&A.
- Exit opportunities are mostly confined to accounting.
- Requires long international rotations upon graduation from the programme (location not guaranteed).
iv) Salary: US$40k/yr, 15-25% bonus (with ~12% increment for the first 3 years, during the programme)

2) Deloitte M&A
i) Brief Job Description: Creating pitchbooks, Company valuation, financial modelling, etc
ii) Pros:
- Great exposure to M&A. Fast-paced work environment.
- Lots of learning on a daily basis.
- Potentially good exit opportunities (depending on market conditions).
iii) Cons:
- Low starting salary.
- Relatively long working hours (~80hrs/wk) compared to P&G.
iv) Salary: US$29k/yr, 15-25% bonus

Which would be a better choice in terms of long-term career prospects, in view of the ever-changing economic conditions? Looking forward to your replies. Thank you!

Comments (24)

Apr 26, 2015

If you know you want to do corporate finance I'd probably go with the FLP, but if you want to do M&A or possibly something else in the future go with Deloitte.

On a side note...are those salary numbers right? They seem way too low. I don't have any experience with salaries in Asia so maybe that's why.

Apr 26, 2015

Thanks for your reply! And yes, those numbers are right (probably partly due to the lower taxes and price of goods in Asia). But I have to agree that the figures for Deloitte is really low though..

Apr 26, 2015

Singapore, or Hong Kong?

What are your end goals? What do you want to end up doing? Do you intend to go for an MBA?

Apr 26, 2015

Thanks for your response.

I have no specific end goal at this point in time, but I just hope to have a successful career (financial, stability, fulfillment) over my life time.
I don't have any plans for an MBA now, but will not mind going for it too.

I don't mean to be rude, but for the sake of anonymity, may I just say that I am in either SG or HK.

Apr 26, 2015

Simplified version is that M&A will be a little higher rated on the financial payout aspect, but FLDP will be a little better on the stability aspect; fulfillment derived from each job, meanwhile, is something that only you have the answer to.

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Apr 26, 2015

Like the others have said, it depends on your goals. If you can share those with us, that would help a lot.

You're probably right that the FLDP would be more heavily accounting focused, as many entry level CF positions are. Realistically, the things that you want to do (and most people want to do) are in years 5+. That being said, if you create a great name for yourself it could happen earlier. At my previous F500 we had a rockstar FLDP who wanted M&A experience so they placed him their for a rotation. It's not typical, but it can happen.

Also, out of curiosity, where do you see rankings of FLDP programs? I'm not saying P&G isn't in the top 3, I've just never seen a definitive ranking.

Would P&G allow you to get international rotations? That's a huge plus if they do.

twitter: @CorpFin_Guy

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Apr 26, 2015

Thanks accountingbyday.

I do not have a specific career goal as for now. That is, I am open to managing teams in large corporations (CF) or joining smaller firms in deal origination/execution (M&A). However, what I value are: Financial rewards, Stability and Job fulfillment.

And yep, they mentioned that there will be international rotations, primarily in Asia.

I saw the rankings from this site: chiefexecutive(dot)net/2015-best-companies-leaders
--> I can't post links now (new user)

Apr 26, 2015

Hi accountingbyday, could I clarify on your comment on that "the things that you want to do (and most people want to do) are in years 5+"?

From what I understand, CF primarily involves Accounting/FP&A/Treasury. CD/CS would only be possible if you're really good (and lucky). With this, and also with the fact that realistically speaking I would be a senior-director by the end of my career, the roles that I will perform would largely be confined to Accounting/FP&A/Treasury.

Am I right with this? Or would there surely be more strategy involved at manager/director levels?

May 17, 2015
Camomile:

Hi accountingbyday, could I clarify on your comment on that "the things that you want to do (and most people want to do) are in years 5+"?

From what I understand, CF primarily involves Accounting/FP&A/Treasury. CD/CS would only be possible if you're really good (and lucky). With this, and also with the fact that realistically speaking I would be a senior-director by the end of my career, the roles that I will perform would largely be confined to Accounting/FP&A/Treasury.

Am I right with this? Or would there surely be more strategy involved at manager/director levels?

Jobs are definitely more interesting at the director+ level, but the role doesn't change. If your doing FP&A, then you wont be doing strategy or corporate development at a large company with separate groups for both of those functions. However, if you are at a smaller company roles are less clearly defined and there are groups that do a mix of something like FP&A / Operations / Corp. Dev. if the company doesn't have a need for a full salaried corp dev group to do a bunch of acquisitions. As far as transferring to a corp dev job from FP&A, I would say its doable. It helps if you can get any kind of M&A exposure at your current job, and its easiest to do within your own company, then within your own industry, then within your own geography. If you're working at J Crew in FP&A in NYC and you want to work in Corp Dev in tech in SF then it will be extremely tough. Also note that the most desirable Corp Dev / Corp Strategy groups like Apple, Microsoft, Disney, etc. will only be acessable through a more traditional background like BB IB or MBB.

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Apr 27, 2015

80 hours for 30 grand, sick

Apr 27, 2015

Those numbers look right for Hong Kong. One thing to keep in mind, you are basically guaranteed to have a sizable pay increase every year from Deloitte (though it will take some time to catch up with what P&G is paying).

There is quite a premium that is paid for the big 4 brand in Hong Kong and that's why they can get away with this stuff.

Apr 26, 2015

True. The programme at P&G pays good increment over the first 3 years though (~12%/yr). So that makes the decision even harder..

Apr 26, 2015

What kind of reputation do Big 4 M&As have in Asia? I understand that it's nowhere near BB/EBs, but how is like on the Street?

Apr 28, 2015

Not sure if this is acceptable... have you tried negotiating with Deloitte

Apr 26, 2015

Nope.. It's a standard non-negotiable rate.

Apr 28, 2015

One thing that I'm sure is P&G leadership program carries huge weight in non-wall st general management world, especially in Asia. If OP ever wants to do MBA, it is a much better name on resume than big 4. At least in China, P&G leadership program graduates get admission to H/S every year (not sure if they are from FLP or marketing though).

However, M&A work may be more interesting than CF for first few years. Also big four has better brand name/prestige in Asia than in US. Banking/PE recruiting in Asia is less structured so you don't really need to begin career in BB in order to have successful M&A career. Therefore if OP has zero plan for MBA and have no interest in CF/general management, Deloitte M&A is not a bad option.

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Apr 26, 2015

Thank you for the insights. My concern is inclined towards the reputation of Big 4s' M&A teams. As I'm not certain if I plan to stay over the long term, I need to at least confirm that it would be possible for me to recruit for Banks/PE/CD.

May I also ask for your opinion, which do you think would be ranked higher in terms of (1) Financial rewards (2) Stability?

Apr 28, 2015
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