EY CF/Valuation
Hi Monkeys!!
I want to start with saying that I am quite new of the forum and I am European and I am in front of a very important decision. I know that this forum is mainly towards the US but I would like to receive some feedback regarding the possibility to join EY CF/Valuation (recent graduate at top EU BS), fluent in 5 languages and internship in a MM boutique. My plan is to stay roughly 2 years at EY and then move to VC/PE (not necessarily BIG houses).
Do you think is feasible?
or would I be considered an accountant?
do I need to go through IBD BB/ renown boutiques first?
Is there here anybody with related experience? How would you structure this lateral moves without an MBA?
Is a position in consulting not MBB a better option?
Thank you very much!!
Hi JonnyPi,
I have just completed by second year in the CF team of a Big 4 company in Continental Europe. Therefore, I will give you my thoughts on your questions with specific reference to what I have seen in my country (Italy).
First of all, I have to say that my team is considered one of the strongest M&A team in my country with regards to FIG transactions (obv. we don't do € 50 bln mergers, but if you are willing to dispose some of your branches, your subsidiaries or to do a deal up to € 1 bln, we do compete with some investment banks). That said, we receive some attention from headhunters when it comes to recruiting opportunities. With regards to what I have seen, my colleagues (second year analyst to first year associate) and I have been called for the following opportunities, in my country, by headhunters or company HR (with no application submitted by us): a) Senior analyst position for a Continental Europe boutique (i.e.: Leonardo & Co.); b) Senior analyst position for a Italian based MM boutique (i.e.: Vitale & Associati and Mittel Advisory): c) Senior analyst position for a Elite boutique (e.g.: Lazard/Rothschild/etc.); d) Second year analyst for a BB bank (e.g.: Deutsche Bank, Credit Suisse, etc.); e) Private Equity Associate for a middle market Italy based fund (ca. € 1 bln AuM); f) Private Equity Senior Analyst/Associate for an Italy based minority investment fund (ca. € 5 bln AuM); g) Private Equity Senior Analyst/Associate for a middle market Italy and Financial Services based fund (ca. € 800 mln AuM); h) Senior Analyst for a leading restructuring consulting firm (e.g.: A&M/AlixPartners); j) Senior consultant within the Financial Services practice of another Big 4 company; k) Business development analyst for a listed Italian company with revenues of ca. € 400 mln; l) First year analyst for a BB bank (MS/JPM/GS/etc.);
Note: f) and l) have been achieved thanks to contacts collected during previous internship experiences.
As you can see, working with a Big 4 corporate finance team, at least with the strongest Big 4 M&A team in the country, could help to obtain some exit opportunities which may include some middle market funds (e.g.: e) and g)). That said, it is not always easy to translate these opportunity in full time positions and, as you can see, they are very limited in number (only 2 in 2 years). Obv. you can enhance your opportunity with more networking with the funds you may be interested to join or working in a team which has an higher exposure to them. That said, if you were able to join a consulting firm such as Roland Berger, ATK or LEK (which works a lot with PE firms), I would strongly advise you to take that opportunity over a Big 4 CF slot, at least in my country because of a) higher prestige which helps to attract headhunter; b) better pay which helps you to keep your morale up; c) higher opportunities to join a top ranked MBA program if you are not able to make the switch; d) probably better hours. The only cons I see there is that it would be more difficult to move to banking. Finally, people who don't know what a Big 4 CF team do (almost every one out there which was not at a Big 4 CF team before) will always believe your are an accountat and that you only do accounting due diligence.
Good luck.
Than you very much cruel3a! That was extremely helpful! Would you consider Deloitte S&O to be a better opt?
I don't know... bonuses tend to be much higher in corporate finance and Deloitte in Europe is not a top consulting firm such as in the USA...
Anyone else can add some info or feedback?
Do you have an offer?
yes and I wanted to know if through this path PE was a feasable opt.
What are your other options? If you describe to us your other options, we may be better able to help you.
In my country, E&Y has a unique team (TAS) where they do, as stated above, transaction services, valutation and M&A and you rotate during your first 2 yrs among each of these services. If your other opportunity is Deloitte in S&O, I would go with E&Y and then try to: a) work as much as you can with private equity firms; b) try as much as you can to acquire some M&A experience; c) try to focus your attention to mid-market funds active in your country.
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