Big 4 VS Possible IB

I'm mostly a lurker here, but actually am looking for some info I've had trouble finding on the forums.

I'm heavy into my networking (50+emails/calls a week...1-5 info meetings a week). Looking to score an offer by the end of the upcoming fall and graduating this May. Good grades (3.5), good resume, finance major, non-target school for IB, major target school for Big 4. Targeting boutiques and MM IB's at the moment, seems like I will have the best chance there, but struggling to get an interview. I have some contacts that have assured me a good chance at a job inside a couple of the Big 4. Should I even consider?

What divisions within a Big 4 make sense? I'll mention I'm NOT drawn auditing/menial accounting.
Is the work even slightly relevant to M&A/Capital Markets banking?
I want to exit to top MBA and VC, possible?
How does the pay compare?

Thoughts other than "if you cant get IB go for Big4 LOL"?

I see mixed results from around the net on Big4 in terms of investment banking, but maybe it makes sense.

:)

 
onemanwolfpack:
For the millionth time, corporate finance at a Big 4 = investment banking.

Yea I second that.

There are A LOT of positions in the big 4 that people do know exist.

There is Transaction Advisory for EY, PwC, and KPMG... probably Del also.

In EY there is the BAP program, Business Advisor Program.. I interned there as a sophomore, it was awesome! If you want to be a CEO one day for a small cap or fast growing co, thats a good start.

for PwC there is Advisory Ops and Strategy which is the equivalent to BAP at EY.

Also there is crop finance, corp dev advisory (mba), and a few others.

The advisory practices at all four big4 are growing in ways that match their niche edge.

for KPMG, there is a Capital Markets, if you want to do that kind of thing.

You basically have to look around for the Advisory services in all the big 4 to find some hot shit.

I have a buddy in PwC Advisory Ops and Strat - he works with CEOs and upper management for banks directly. He has more job offers from his clients in IB, Consulting, and manager level corp finance than any other dude on this website, no joke. His pro network is probably bigger than your school's corporate partners.

.
 
onemanwolfpack:
For the millionth time, corporate finance at a Big 4 = investment banking.

Yea I second that.

There are A LOT of positions in the big 4 that people do know exist.

There is Transaction Advisory for EY, PwC, and KPMG... probably Del also.

In EY there is the BAP program, Business Advisor Program.. I interned there as a sophomore, it was awesome! If you want to be a CEO one day for a small cap or fast growing co, thats a good start.

for PwC there is Advisory Ops and Strategy which is the equivalent to BAP at EY.

Also there is crop finance, corp dev advisory (mba), and a few others.

The advisory practices at all four big4 are growing in ways that match their niche edge.

for KPMG, there is a Capital Markets, if you want to do that kind of thing.

You basically have to look around for the Advisory services in all the big 4 to find some hot shit.

I have a buddy in PwC Advisory Ops and Strat - he works with CEOs and upper management for banks directly. He has more job offers from his clients in IB, Consulting, and manager level corp finance than any other dude on this website, no joke. His pro network is probably bigger than your school's corporate partners.

.
 

Hey man Big4 Tax and Assurance practices suck... but the Big4 Advisory guys are like consultants but without this consultant title... more like " Financial Wizard in Advisory".... if you look at the business advisory ranks on Vault, all the big four are top ten. I think they are 3rd fourth and fifth.... thats some pretty sick ass ranking. And you wanna know something funny about big4 advisory... its not directly defined as consulting (at EY and PwC) and yet both EY and PwC are like top 10 or top 15 in overall consulting!!!

Thats like running an 800m track race in 1:40 seconds, breaking the record, and then automatically giving you the record for the 400m at 50 seconds.... this is a hypothetical example.

Big4 are also ranked top notch for best places to start your career... almost all 4 of the firms are in the top ten.

and fyi, a partner at a big4 firm, specifically a PwC Advisory partner, makes over 2.5 million annually. It takes between 10 and 15 years to make partner in advisory if you dont end up going into IB.

It all depends on what you want, so follow your dream bro.

.
 

Allow me to disagree with a some of this:

onemanwolfpack:
For the millionth time, corporate finance at a Big 4 = investment banking.
Kind of, but tread carefully. The Big 4 like to sell a lot of their advisory work as "corp fin" when it's really just financial reporting/tax work related to a transaction.
khara 3alekon:
Hey man Big4 Tax and Assurance practices suck... but the Big4 Advisory guys are like consultants but without this consultant title... more like " Financial Wizard in Advisory".... if you look at the business advisory ranks on Vault, all the big four are top ten. I think they are 3rd fourth and fifth.... thats some pretty sick ass ranking. And you wanna know something funny about big4 advisory... its not directly defined as consulting (at EY and PwC) and yet both EY and PwC are like top 10 or top 15 in overall consulting!!!
Only because of their IT, tax, and accounting/financial reporting-related consulting. They are not strong players in strategy, finance/restructuring, or "management" consulting.
khara 3alekon:
Big4 are also ranked top notch for best places to start your career... almost all 4 of the firms are in the top ten.
Those ratings are helpful but don't really reflect the world of finance. They are a fine place to start your career (especially as a CPA) but moving from the Big 4 to front office finance is an uphill struggle.
khara 3alekon:
and fyi, a partner at a big4 firm, specifically a PwC Advisory partner, makes over 2.5 million annually.
$2.5mm is SIGNIFICANTLY above average for a US Big 4 partner and definitely does not reflect what a 1st year (10-15 year employee) partner is making.

The Big 4 are a good place to start a career and can lead to a lot of interesting things, but it's not really accurate to present it as a consistently viable way to break into finance. For everyone who does make that switch, (I did) there are a lot more who wish they could.

There have been many great comebacks throughout history. Jesus was dead but then came back as an all-powerful God-Zombie.
 
khara 3alekon:
fyi, a partner at a big4 firm, specifically a PwC Advisory partner, makes over 2.5 million annually. It takes between 10 and 15 years to make partner in advisory if you dont end up going into IB.

Yes, there are some partners in big4 advisory/consulting that make over 2MM, but they are quite rare. In a big city, the average big4 partner makes about 650K-750K. If you're the head of a large practice area, you can break past 1MM. Getting past 2MM requires that you're a Managing Partner of a pretty big region.

In any case, 650K is still an excellent income, but your time frames are not exactly typical. It usually takes 13-18 years to make partner in big4 advisory. staff to senior takes 2 years. senior to manager takes 3-5 years. manager to senior manager takes 3-5 years, and then senior manager to partner takes 5-6 years on average (assuming of course you are ever offered partnership).

-MBP
 
manbearpig:
khara 3alekon:
fyi, a partner at a big4 firm, specifically a PwC Advisory partner, makes over 2.5 million annually. It takes between 10 and 15 years to make partner in advisory if you dont end up going into IB.

Yes, there are some partners in big4 advisory/consulting that make over 2MM, but they are quite rare. In a big city, the average big4 partner makes about 650K-750K. If you're the head of a large practice area, you can break past 1MM. Getting past 2MM requires that you're a Managing Partner of a pretty big region.

In any case, 650K is still an excellent income, but your time frames are not exactly typical. It usually takes 13-18 years to make partner in big4 advisory. staff to senior takes 2 years. senior to manager takes 3-5 years. manager to senior manager takes 3-5 years, and then senior manager to partner takes 5-6 years on average (assuming of course you are ever offered partnership).

Everything I have stated is pretty accurate. Your not including bonuses, firm net gains, etc...

And for the idiot who commented after you, I'm not in big4 anymore, however, I did intern at one.

.
 
Best Response
khara 3alekon:
manbearpig:
khara 3alekon:
fyi, a partner at a big4 firm, specifically a PwC Advisory partner, makes over 2.5 million annually. It takes between 10 and 15 years to make partner in advisory if you dont end up going into IB.

Yes, there are some partners in big4 advisory/consulting that make over 2MM, but they are quite rare. In a big city, the average big4 partner makes about 650K-750K. If you're the head of a large practice area, you can break past 1MM. Getting past 2MM requires that you're a Managing Partner of a pretty big region.

In any case, 650K is still an excellent income, but your time frames are not exactly typical. It usually takes 13-18 years to make partner in big4 advisory. staff to senior takes 2 years. senior to manager takes 3-5 years. manager to senior manager takes 3-5 years, and then senior manager to partner takes 5-6 years on average (assuming of course you are ever offered partnership).

Everything I have stated is pretty accurate. Your not including bonuses, firm net gains, etc...

And for the idiot who commented after you, I'm not in big4 anymore, however, I did intern at one.

I was talking about all-in comp. The base for partners at big4 advisory is generally never more than 300-350K. The rest is in profit/bonus whatever you want to call it.

-MBP
 

Been at this for a couple of weeks. Finding that getting into Big4 Advisory and Transaction Services in almost infinitely easier than IB. I think I'm on the verge of some interviews after just a few causal contacts. Heads up for others from non-targets.

Thanks for the info, I appreciate it...part of what makes WSO such a great site.

 
boutiquebank4life:
lol @ khara YOU MAD U STUCK AT BIG 4 KISS OF DEATH?

enjoy 55k salary bro ITS NOT A LOT OF MONEYAAAAAYYY

How about you go back to calling the firms on the 200 boutique list and let the actual hired and working people take on this post. Thank you dumb ass.

.
 
Bernankey:
You guys should go on a date or something...I feel that manbearpig won't call you back though...hands are probably tied dealing with gore

Ya your probably right.

.
 

Distinctio nulla saepe qui iusto et dolor ipsum hic. Id quos repellendus voluptatum error sint assumenda. Magni aliquid cumque est porro id corporis.

Aut quod corrupti voluptatem maxime et labore. Quae et qui sint temporibus vitae est quia. Aut consequatur maxime id ex quia. Velit adipisci sint quia quod. Nostrum fugiat aut autem sit at doloribus ut.

.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
kanon's picture
kanon
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
DrApeman's picture
DrApeman
98.9
10
Jamoldo's picture
Jamoldo
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”