Hi all, after reading a few threads on WSO I decided to join and see whether anyone could give some advice on transitioning from accounting to PE.
I currently work in a PE administration firm as a Fund Accountant, I am still doing my ACCA but wanted to see whether it is worth continuing and finishing ACCA if I wanted to move into PE.
I have 4 years experience in administration / accounting but would like to get my roots into a PE firm. Whilst I enjoy the job, it is no longer challenging to me and I want to move onto the job I really want and have been on the back of my mind for a while now.
Main question is whether it is easier to finish my ACCA and make the transition via clients/networking or to do an MBA right now and look for opportunities PE opportunities afterwards.
Many thanks
M
Realistically, your chances are slim to none. At the very least you should finish your ACCA so you have a backup career plan in the very high probability scenario where you do not transition into PE.
Thanks for your advise, I am inclined to finish it but I am not sure how much added value I would get from finishing my ACCA if I am going to do an MBA and aim to break into IB/PE.
As the OP mentioned, you really have an uphill battle. I would try really hard to network into a boutique IBD as an analyst ASAP, cut your teeth there for two years then see if you can make the jump. Not sure that jumping straight from funds accounting to MBA will get you there - need some transactional experience most likely.
There are a few threads talking about people who worked in the back office and were able to make the jump to FO. I would read up on those threads for some ideas (a quick search should yield those threads).
I started my career in the BO, I can tell you it's not easy to move out but you can definitely find something more interesting if you are driven and willing to put yourself out there.
Good luck!
Do you think it's achievable jumping to a BO right now and just leaving accountancy as a back up option? I'd imagine it's a good opportunity even in BO, although unsure how likely I'd be able to make the jump even if I exceed expectations.
Funds Accounting is considered a Back Office role ("BO" for short). Jumping from one BO role to another isn't going to help your cause. I'd shoot for an investment banking analyst role, corporate development analyst role or even a FP&A (some FP&A groups touch M&A) or a Big 4/boutique valuations type role.
FP&A and Valuations are directly applicable but it can help you build a skill set that may make you more marketable for an analyst role at an investment bank.
You're facing an UPHILL (read: almost impossible) climb. Think about it: what value add would you be providing to a PE investment team? You have zero M&A or transactional background.
Your only shot is to start over and somehow get a gig at a small IB as an analyst. Lateral to a better firm and then network like crazy from there. Even with all of that, nothing is going to be easy.
OP I hate to be the bearer of bad news.... but you are down a spiral of death road. Your best bet is to hope your work experience is strong, and that you can get into an MBA in the top 15. If you can do that, then you will have a chance at making IB. PE.... get that out of your head, that will never happen unless you some how know someone like Mitt Romney himself on a personal level. If i've read the forums right.... transferring to IB as an associate is also very difficult, so basically expect a life in IB.... unless you can raise capital and start your own fund.
I've decided to keep working whilst completing my ACCA and to save up to go to LBS where the top tier IB firms recruit heavily. Hopefully get some internships for experience and post MBA opportunities. I am not quite sure why you are of the opinion that PE is impossible to get into with IB or TS experience? From my research I've seen that it is definitely one of the better routes to enter PE compared to working in BO of a PE shop hoping the day will come. Definitely interested on why you think it's impossible, I know it's very hard but that makes me want to set my sight on it even more.
Working in IB as an analyst is definitely a way to get into PE... Working as a post MBA associate is a whole different animal. There are threads about it on this site. It's just the way it is OP. The general timeline is IB analyst --->PE--->MBA -----> PE Associate Level. You stick with IB and you could still make plenty of money and live good/ possibly get an executive level role in a solid company.
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