IB in big 4: what is the difference?
Hey guys, in my previous post I mentioned my dream company is top tier PE and I am currently in big 4 doing valuation. People have suggested me to lateral to IB first and then make the transition to PE. So I am doing the research to make the move.
I think my next step is to try my best to get into IB in BB like GS/MS (not boutique nor MM because I didn’t see many examples go to top tier PE from there). So I searched on LinkedIn to see what type of skills they recruit and I just noticed that in big 4 we also have IB roles. I am wondering what is the difference compared with BB’s IB roles.
I know the way to BB is also tough and even if I made the way to BB I would start as an analyst (I am now a senior in big 4). So I was wondering if it is doable to transfer internally to IB in big 4 and then jump to BB. Will this make my move to BB more approachable or is it just a waste of time? And will I start as an associate with some experience in IB in big 4?
Thanks guys for any suggestions/insights you will share!
Apply as much as possible to IB, not just BB IB. I know you are set on joining a BB from Big 4 but it is EXTREMELY hard. I went from Big 4 as a senior to BB IB as an analyst and I would say 85-90% of it was just straight luck. I would advise against just focusing on let me jump to this job, to this job and then this job, because again there are 0 guarantees. All IBs recruit to PE and while it may focus heavy on the BBs, plenty get jobs across the board.
One other note, you are still young. Who cares if you have to restart as an AN1, I know as a fact they get paid more than any Big 4 senior anyways.
Hey thanks so much for the insights here. They are really helpful.
Besides, may I know what you did in big 4? Did u also do valuation? And to get into BB IB did you network a lot? I know it’s really important to network the ass off but given current environment of COVID I am not really sure if people would like to come out for a coffee chat or anything. I think the least I could do now is to ask for referrals because I have some connections work in BB though not IB roles themselves.
I worked in an accounting role at a Big 4, so truly no crossover with what I do now. I know people who transitioned to M&A advisory and TAS to better line up with IB, but it really can be a crapshoot as again, there is no guarantees that an IB will pick you. I always suggest cold networking on Linkedin or email, you lose nothing by trying and getting someone on a good day.
If you're looking to transfer internally to IB in big 4, keep in mind that Deloitte and KPMG probably has the best name in terms of their banking group.
Now this said, if you're already looking down that path, I don't see why you're not looking to transfer to a MM IB when they'll be 1) similar if not better than the said banking groups 2) can still allow you to lateral further to a better IB or go into a "lower tier" PE.
This is just my 2 cents, coming as a recent lateral hire from a top valuation firm to MM IB.
Hey weaslbee, thank you very much for pointing me out the two options. That’s really helpful!
So you mean Deloitte and KPMG are of similar rank as MM with regard to IB right? I am just thinking will it be much easier to transfer between big 4 than lateral to bank from big 4?
I replied below, but can offer insight here as well. Assuming you're based in the US, B4 Corporate Finance groups (their M&A teams) are not very well respected. They're below most middle market banks with respect to prestige. Not that prestige is the end-all be-all, but it seems to be important to you so it's worth mentioning. I would much rather be at William Blair than B4 CF.
Also, it would likely be just as difficult to lateral into your B4's CF group as it would be to go to another bank. The B4 are partnerships, as you're likely well-aware. The CF teams are highly isolated from the other teams and are practically an entirely separate business just operating under the same brand name for marketing and cost-sharing purposes. B4 firms absolutely hate internal transfers to begin with, and CF is the hardest of all to transfer into. They'd rather hire an outside person than lose you in your current position. I didn't even try to make this switch and I'd suggest you don't either. Just go for an outside bank.
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