Hello everyone,
I am heading into a Big 4 Audit internship and going to a top 10 Macc program after (think UT, USC, UNC, Michigan). I have done an internship at a southeast asset management in middle office (fucking terrible experience) and drank the Big 4 koolaid. However, I want to land at an IB eventually post MAcc. I am only doing the MAcc because I go to a non, non, non target school. How can I get there and does anyone have knowledge jumping from MAcc and Big 4 audit to IBD? Is it even possible?
Hey, I did a Big4 internship and had some luck with IB interviews (I never received an offer), but I did receive more interviews.
I think the key was how I presented my experience on my resume. I was fortunate to work on revenue recognition and current assets so I spun it as the ability to analyze top line (which would help in forecasting for both sell and buy side) and the current asset as the ability to understand working capital since you would adjust it post signing.
It is possible, maybe not at a BB, but definitely a boutique that offers valuation advisory and does fair valuation for smaller businesses. Also, many software deals will focus on PL forecasting (rather than BS and CF) as many are cash burning companies.
Another route is to jump into deal advisory within Big4 first and then move into IBD.
Thanks for the response. Do you know how difficult it is to jump from core audit to deal advisory? I haven't had my internship yet but I hear you have to really screw up not to get a return offer. Just curious, if you had IBD offer would you have jumped over?
Yes, you do have to really screw up to not get a return offer. I would request top line line item during your internship and also learn about the big picture as much as you can. Always try to connect your work to how it impacts the PL, the earnings, and the stock price (in short, think like an investor.)
This ^ will give you some materials to discuss as you are networking with the deal advisory teams internally. Also, keep in mind that deal advisory is under different departments at different Big4, (e.g. KPMG valuation sits under Tax and valuation/deal advisory is different from corporate finance (which is Big4 IB division.)
I have seen many people move over to val/deal advisory after a year or two in audit, so its not uncommon.
If I had an IBD offer, I would have taken that in a heartbeat.
SB if you found both of my posts helpful. I am trying to level up!
I did non-target undergrad, macc, big 4 audit, big 4 TAS Senior, MBA, then MBA associate. It was a long and winding road. I know several people who start at big 4 TAS and jump to banking within 1/2 years. But MMs only.
Do you think if I crush my audit internship I could ask for a start in TAS without having to enter as a staff in audit? Also, what kind of weight does working in the FSO audit group hold when interviewing with IB’s? Congrats on the hard work man.
I know someone that did exactly that, they started networking and reaching out to senior people in a TAS group during the internship and managed to move there for FT. This was in Europe, but I'm sure it's possible in the US.
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