Hey guys, I recently started in Big 4 Audit in Canada and was able to transfer to Financial advisory. I have always been more interested in finance but didn't go to a University that would give me a realistic chance at a good finance job. I went the big 4 route instead with a plan to transfer into FAS later on. Recently, there was an opening for an Analyst in what they call the Transaction and Business Modelling practice. We essentially help clients we help advise clients to make decisions and then possible pass it off to corporate finance if the client wants to move further. There is also a little legal and audit support in there. The opening is due to growth in this business area. This seemed like a decent way to get a little transaction experience and strengthen my modelling and finance knowledge. Definitely a step in the right direction away from audit. Overall, I'm quite happy with the way things worked out as I got more on a career path aligned with my interests and aspirations. If there's any interest in the rest of the recruitment process or anything else about the job Ask away! :)
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Thanks for doing this.
I'm a Canadian citizen attending a US college and graduating this summer. I don't have anything lined up yet post-graduation. I wanted to ask if I still have time to get into the recruitment process for either Audit or Valuations, and also if studying at a US college instead of in Canada would be a barrier in any way?
Campus recruitment for audit is very structured here and usually takes place in September/October for the following September. So it is probably too late to get anything in audit. In addition to this, they will only consider hiring you if you intend to do your CPA. Seeing as you're coming from the states, the courses you did in undergrad aren't eligible to qualify you for the CPA program. Some recruiting for risk consulting/IT audit takes place a little later and you could be eligible depending on your major and interests. I think it might be too late though for a start this September. At my office, there are very few campus hires for valuations/financial advisory and they usually come as transfers from other departments. Usually, you can only transfer after 1.5 years but I did a bit of networking and got lucky. Overall, the big 4 might be a challenge in Canada coming from the USA unless its a well known school and you're aiming for for the consulting side of things. It might be better to try to get into the big 4 over there and transfer internally.
Canada Sucks
What are the most likely exits from valuation? How possible is it to go to MM PE/MM HF in the FO side?
In Canada, these are possible, with PE more common in my area than HF. Haven't been around long enough to tell you definitively though.
Thanks for doing this. I have two questions:
1) What made you stand out from the other auditors for the Val the position?
2) What steps did you take with your firm to let them know you were interested in the lateral transfer?
Thanks
If you have any other questions, feel free.
Thanks for the reply. One last question. Any clue if BVAL exits well into ER?
This is really useful, thank you for offering to answer questions.
Would you be able to provide any more information regarding the case study they give?
Did you have to model the cash flow statement and then do a DCF?
Was the case study split into sections? Did they assess other valuation methods like comparable companies analysis or precedent transactions?
Great post.
I am in Toronto and I am wondering about the off-cycle hiring for auditors at Big 4. I am a 4th year accounting student from a non-target which makes the off-cycle even harder. I had internships at big banks but not front office roles - and it's hard for me to get into the front office for the time being. So I am planning to start with big 4 and leverage to transaction services/advisory.
What recommendations would you give to me?
Thanks a lot!
From my experience, there is little to no off cycle hiring in audit for campus recruitment. As I explained to someone else, your best bet might be trying for the ERS/Risk Consulting side of things. Best bet would probably be to try a small accounting firm which is hiring off cycle then lateral or to work in the meantime in a company and do recruitment in the fall.
I also am doing some audit for a big 4 starting in July. However, I really wanna get more in banking... Any idea on how to transition in? I've spoke to a few BBs and they said to work for a year then leverage my position over. They weren't exactly clear on HOW any ideas? I have a few.
Same situation, the struggle
Internal Audit wanting to go into Valuation
You will have to gain some experience before transitioning to banking. It will be very hard to go from audit directly to banking unless you have a strong network already in place. This would only really be possible to smaller IB. Some steps you could take would be to start studying for your CFA or something to show you are interested in finance and then try to network your way in.
Alternatives are to transfer internally first and gain some more relevant experience or get a decent MBA. I would never underestimate the power of networking though..
Wow, i just made a post about a similar goal of mine. I am currently in Internal Audit and also didnt go to finance because of the same reasons and have the same goal of transferring into Transaction Advisory Services.
I need the full help. I have been working for around 1.5 years (Internal Audit at a F100 firm) now and want to make the switch. How do i prepare myself to look like a great candidate considering my undergrad and masters were both in Accounting. What concepts and ides should i have down. Also how are candidates such as myself viewed?
Type as much as you can and as much as you are willing to share, i need it all.
thanks.
To those asking how to apply for a Big 4 audit position off cycle, just apply outside of your school's recruiting system. The audit practices at Big 4 firms will take almost any warm body they can get their hands on. Half of their workforce is composed of what are essentially indentured servants in foreigners working solely for their green cards (which is like an 8 year process for an auditor, since in order to obtain your green card, you have to show that you possess specialized skills necessary for a position that no ordinary American citizen could otherwise fill...this is hard to do when a high schooler could do the same job as a first-year auditor).
Not to be a dick...a few positives of Big 4 audit are: 1) job security (it's almost impossible to get fired), 2) networking, and 3) some above average exit opps for those who are especially proactive (like the OP, for example).
I agree with most of what you said.
With regards to off-cycle hiring, in my area, the big 4 do not hire off-cycle from campus. They will, however, hire "any warm body they can get their hands on" for experienced hires.
Thanks for your response.
What background does one need to transition into Audit as an experienced hire? I know you said "any warm body" but I imagine that a somewhat relevant background is still necessary? FWIW, I did not study accounting or finance in college so maybe that makes it harder?
If you want to do banking. I'd HIGHLY recommend not trying to do audit -> banking directly. You have almost no transferable skills from audit.
You should look to get into the valuation of FDD/TS practices of the big 4 if you want an easier and more popular route.
FWIW, I did audit internship - > TS offer -> non-public accounting valuation (think H&L, D&P, etc.) and think I'll have a good shot at banking if I chose to go down that path.
What are the most common exit opps you see from people that have worked in your FA valuation department? (This question was already asked above, but you only answered their second question).
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