WTF is TAS, M&A, Advisory at a Big 4
Hello All,
I have been unsuccessful in recruiting for Ibanking in my Junior year. I am curious about what you actually are doing in at a Big 4 in TAS, M&A, and advisory? Is this a lessor version of Banking, are you looking at more accounting valuations?
Doesn't seem like a bad path to get your CPA do this for 2 years then try and move to a bank?
Any insight on Big 4 TAS/M&A is greatly appreciated.
Bump
What about big 4 valuations groups? Is it IB?
Do these valuations groups set you up well to transition to IB?
What Big 4 have solid IB/Valuation/M&A groups
and are these offered in Toronto
KPMG and D have the strongest M&A practices in Toronto
any insight on recruiting at these firms
They suck outside of DCF, which benefitted from McColl acquisition. KPMG will occasionally have a couple of decent deals per year, but the turnover is high and its acquisitions were horrendous.
If I remember right PwC's IB department was gutted around the end of 2018 due to significant over hiring and underdelivering from their MDs.
Can only give insight into big 4 valuation (PWC/KPMG/EY/Deloitte).
What the groups do can be separated out generally into (i) purchase price accounting, which involves working backwards from a purchase price and allocating values to intangible assets (i.e., customer relationships, IP, etc.) - this is important for financial reporting purposes for larger companies, (ii) confirming valuations for PE firms (i.e., KKR, Silver Lake, etc.), which involves looking at their investments and doing an internal valuation model to correlate they are within X% of internal models - this is needed for the firms to say (Insert big 4) signed off on our valuation to their LPs, lastly (iii) goodwill impairment tests, which involve making sure the company's assets are still performing and don't need to be marked down for financial/tax reporting purposes.
Lot's of DCF/market comps/transaction comps used within those 3 general areas of work. Which was quite helpful when talking about lateraling into IB down the road.
Personally, found the work was very little value add at the end of the day, and was mostly done to check the box to appease stakeholders.
Basically every audit of every company.
Does anyone have any insight if KPMG, EY, Deloitte are hiring in Toronto for IB/M&A this summer?
One of the guy from india big 4 valuation went to stern mba and got assocuate offer from bb investment bank
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