Need Advice on Achieving Goals

Hi all (TL;DR version at the bottom...apologies for the length),

I'm about to pursue a masters of accounting degree because I was initially very interested in corporate work, but recently, I'm having a change of heart and need some advice on how to attain my new goals. A bit of background on me:

I've been browsing WSO since my freshman year of school but unfortunately attended a non-target and ended up striking out in IB recruiting. My school isn't well known and it isn't anywhere near NYC, Chicago, etc. so it was tough to network and the few alumni I reached out too weren't much help either unfortunately. As a result, I basically pussied out of continuing to try and break into IB thinking that I was too dumb, not personable enough, etc. and resigned myself to working in the corporate world.

I had a stint in corporate finance and absolutely hated what I was doing but again, because I gave up on chasing my dreams I decided to just stick with it. Seeing that a lot of the people above me had CPAs and how that credential is useful to become a controller/CFO, I decided to apply for MAcc programs and will be attending one this year (already signed the deposit, etc.).

While waiting for grad school to start, I decided to follow the markets and learn more about investing as this was something I wanted to be well-versed in even in general. After reading "Value Investing" by Greenwald and "Distressed Debt" by Moyer, These books got me interested in valuation and while I'm not sure exactly where I want to go, I know that I want to do something that combines valuation with strategy and managing a business more effectively. I could see myself either in restructuring, corp dev, or MM/Small Cap PE if the PE firm is operationally oriented. Mezz investing is also enticing because I especially became interested in high-yield/distressed credit analysis after reading Moyer.

My worry is if it's too late and whether I've completely shot myself in the foot by doing this accounting program. I'll already be 23 by the time I'm done and obviously, the level of accounting I'll be exposed to in that program won't be directly useful for finance, particularly in the PE/Mezz space. Furthermore, I'm worried that my undergrad/lack of brand name experience will hurt me. One silver lining is that although my UG program is a complete non-target, the school I will be attending is at least a semi-target at the UG/MBA level, so I will have a better network, but obviously, I won't have direct OCR for front office gigs.

My question in sum is whether or not it's too late for me to still get in and what should I be doing this next year to get where I want to be? I'll be trying to write up a valuation report to try and distinguish myself/show what I've learned, but I'm pretty lost on what else I should do and would appreciate any help.

Thanks!

TL;DR Version
-Wanted to do IB/PE, but struck out on IB recruiting in UG and gave up thinking I was too dumb, not personable enough, didn't go to a good enough school, etc.
-Worked in Corp Fin, hated work, but still decided to go for a masters in accounting since it was useful for senior fin roles and bc I had given up on high-finance goals
-Accepted to MAcc program and started following markets/reading valuation books
-Realized I want to do something related that combines valuation and strategy (MM PE, restructuring, corp dev, mezz lending seem like decent fits)
-Wondering if it's too late given that I'm almost 23, have no brand name experience, etc. and what I can do to potentially break in despite coming from an accounting background (new school is semi-target at UG level but won't have access to OCR due to the program I'm in)
-Will try writing a valuation report to demonstrate what I've learned, etc. but wondering what else I should be doing to break in case it's not too late.

 
Best Response

If it makes you feel any better I'm in almost the exact same situation as yourself, only a bit older. Here are some of my thoughts coming from my own experience on this.

  1. If IB/PE is what you really want to do, then don't let your background or education hold you back. Not having an Ivy school on your resume, not working at a bank or top company, getting an education in something other than finance, none of these things will help you get into IB/PE. Thankfully, they won't necessarily hinder you either. What you should do is built up a base showing your interest is not going the accounting route, but more into finance based roles. If you worked in corp finance, highlight anything that you did that would be relevant to IB/PE roles. Concentrate on making your accounting education relevant as well (a deep understanding of financial statements/principles related to building good financial models). Also consider expanding your education outside of your school curriculum. (Taking and passing the CFA tests might help show your interest in finance (and that you understand finance based principles. Taking an online excel modeling class to get experience working with these models. You get the idea.) When you do get in and interview/meet with people, don't give them a single excuse to not hire you because your background or education is not the usual stuff they see.

  2. Network like a mofo. There's a number of threads on here that display what cold-calling, cold-emailing, informational interviews can do in terms of getting you in enough with these firms to make it past the resume screening phase. This last Jan I went to New York a week, and met with around 20 or so recruiters, analysts/associates and other bankers of groups I want to break into. Building a good network of people can mean the difference between making it to the interview/superday round and ending up in the trashpile. In my experience, the more non-target you are, the more you have to cultivate these contacts. I plan to go back at the end of the summer, right before full-time recruiting starts. Will it land me a job? Maybe not, but it sure as Hell will be worth it compared to dropping my resume in the bottomless pit of their career websites. Also, I don't understand why you can't participate in OCR. Does your school restrict you to recruiting events in your particular major? If not, I would hunt down every event I could and attend and network like crazy. You may have a little more convincing, but that may be far more effective for you.

  3. Have a backup plan, but don't let it control you. One of the things I usually end up explaining to people I meet when talking about getting into finance is why I'm doing accounting instead of straight finance. While my background let me to get a master's in a similar way as you, I usually end up saying something to the effect of "while I want to work in [Enter Finance Pipedream], I realized that the job market is very competitive, and in spite of all the effort I'm putting in to break in, I still may not get in. Because of that, I feel I can still pick up a job in accounting, even if it's not what I want to be in as a future career, and use the time while I work to continue networking and improving my skills without compromising my personal finance position". In other words, an accounting job can help provide stability in my life while I figure out other ways to break in. At 23, you're probably ripe to get picked up by a Big 4 firm. You could work 2-3 years at one of them (hopefully in something finance-y like auditing AM/PE firms), and then use that experience and brand name to apply for top B-school programs. The point is to not let your setbacks hold you back, but help push you forward.

Anyway, you can obviously take my advise with a grain of salt considering I have yet to break in myself. But after reading hundreds of posts from other people, I think this advise will help as you move forward in your goals (as I feel it has for me).

 

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