I’m currently working at a Big Four in audit (London) and I’m in the final year of my ACA (UK accounting qualification) training contract. I’ve also got some analyst experience in industry prior to this (including modelling, forecasting, etc) and I’ve done CFA Level 1 and will probably attempt L2 in June. What I’d like to know is if my goal is to work in IB (or possibly buy/sell side equity research or private equity), what is the best way of getting there from where I am now? I’ve thought that a direct jump, though possible and people have done it, is a bit of a stretch so I’ll try to move internally within my firm (this should be quite likely to succeed) first to a Corporate Finance/modelling department and then try and apply from there to banks/boutiques/funds as I’ll have some more relevant experience under my belt. How does that sound? Or does anyone have any better recommendations?
The direct jump is going to be next to impossible, especially with the layoffs we’ve seen from banks in the last couple years that has left excess headcount. Moving to your firm’s valuation group and then moving on from there will be more likely to succeed. Alternatively, you can go to an industry position for an area you want to work in, and then seek out a sell side/buy side role covering that industry.
I used to work in Big 4 audit and opted for the latter of those two options.
Hi,
I have passed CFA level 1 and I am CFA candidate level 2. I have a MSC in financial mathematics and BBA( non target university)
I am in the same case… ! I am doing an internship on Transaction Advisory Services focused on Real Estate trasanctios at big 4. I have gained huge experience building DCF models for Real Estate. I networked a lot and finally got the offer for doing the internship but it was really difficult. They are really happy with me so I think I will get a full time offer.
Currently my team (12 people) of Real Estate are doing refinancing projects, aprraisals revisions, valuation projects, Independent Buisiness Review and consulting projects which are done by architects. Also we do acquisitions (corporate finance) but as we are a small team is difficult to get anything of that. I am happy here with the team and the enviroment.
I would like to do M&A ( corporate finance) but in my city we only have 8 people team of corporate finance who are doing consumer M&A deals.
It would be a good idea to keep learning in TAS Real Estate 1 o 2 years while I am trying to shift laterally to CF group? Is better to start in audit for 2 years then move to TAS due dilligence and then to CF group? or is better to be here long term and maybe get more CF expouser in the future?
Thanks for your comments!
hpracing
Yeah the internal move to CF/TS is my default plan of action. However there have been people from my department who’ve moved direct: one to a boutique IB for an analyst/sales role and another to a large asset manager for an ER role.
The industry position really doesn’t excite me as much. I’ve already done industry work and though it was interesting, I’d rather stay on the financial services side of things.
I can’t stop grinning at my computer screen after reading that.
But try and avoid audit as much as possible, it is the dullest work you can imagine. Just go straight to Transaction Services.
Thx! I have changed it! 
honestly sometimes i wish, i did my first years in accting juss to get the cpa. it is more recognizable outside the investment industry. honestly when i tell ppl i am studying cfa stuff they mistake it for the cpa.
Well as an ex-Big4 TS guy I can tell you that the definition of TS varies alot withing Big4s.
Regardless of the semantics, what I did was financial DD. No DCF/Modelling or M&A, no CF. I wouldn’t recommend it.
I have spoken to people within my firm who work in both TS and those who work in CF. I know that TS is more due diligence while as CF is where the M&A and modelling sits. Plus we’ve also got a specialist modelling department.
There is no way kiddo. Go back to counting beans and take a rusty hacksaw to your cock and sack.
^new favorite post on AF
In my case we are 44 people at TAS department. The rest of my collegues are doing DD all day.
As my team is focused on Real Estate we do few DD (1 per year). I have built a lot of DCF for example to do portfolio valuation of RE
Speaking of networking with people in banks: some time ago an MD at an IB added me on Linkedin and I’m wondeiring how best to approach this perosn? I was thinking of asking them what kind of skills/experience are they looking for in a Analyst 1/2 (my most likely entry level), would that be a good approach?
^ If he took the initiative to add you, then it’s a no brainer to contact him.
I literally just died from laughter.
Please see the articles in my signature for some ideas on how to break into buy side or sell side research.
No you did not.
LOL I definitely just di
I did now.