Switching out of big-4 into "wall street"

So I have about three years of experience in the big-4, currently doing advisory services in capital markets. I work on transactions, restructurings, acquisitions, spin-offs, etc. I have a CPA and working on the CFA.

I was entertaining the thought of switching to a "wall street" job, and was wondering what impact it would have on my career progression - for example: my buddy said if I came over to his firm (Investment Management firm) I'd have to start over, all the way from the bottom in both position and salary.

Is this true for anything I'd want to do on Wall Street?

 

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