Well, you can say the same thing about individuals in banking. Estimated CPA certification/licensure completion: August 2011. Transactions services groups have a hard on for 1-rated external auditors. Do I stick it out? So, I know that my preferred spot in the B4 would be advisory type positions. I think Roland Berger is a better opportunity than 3 of the 4 Big 4 firms. I havent even heard true Big 4 success stories where one becomes CFO, VP, CEO or any other top positions. That's the way the business world works. What is your definition of rich? :). Collaborate with cross-functional teams to structure and execute strategic business initiatives, providing analytical insight and performance analysis. Seriously though I know that sounds whiny/tongue in cheek but I am actually seriously seriously down about my situation at the moment. But, to some people it isn't the path they want. Most jobs at a regular corporation won't be true finance, despite the term "finance" broadly defining most accounting/finance groups. This does not sound exciting at all. So just stick it out until you get your CPA and you'll have a lot more doors open for you (unless of course you like that FP&A job and the company, and want to make the switch now). Just my two cents. True Strategy consulting jobs are very hard to come by at reputable firms. You don't go into banking intending to make a long term career out of it. Total compensation for Analysts ranges between $60K and $80K USD , depending on the city, individual performance, and firm performance. OK I think I can help you. (Originally Posted: 08/03/2013). It’s your job to make sure you are doing work that will benefit the firm, its client and your career. This example may be an outlier, however I think the FP&A job would be a much better experience. Next year I will be directly repsonsible for running jobs and supervising staff. Your Rolodex may give you the ability to simply make a phone call when a position with a previous client becomes available. your 2nd year should be much better than your first. You either get promoted in a reasonable amount of time, or you get pushed out of the firm. Demonstrated top quartile performance in prior roles, with increasing levels of responsibility and independence. Member. For example, you could be doing ITRA/ERS work as a non accountant, decide to get a part time MS in Accounting, become a CPA, and lateral into one of the transaction services groups doing valuation, m&a advisory, pre and post integration work, etc. Thanks for your help. Work Culture at the Big 4. It is said that an operations consulting firm is a hybrid between management consulting and more typical consulting companies. Difference between Audit and Transaction Services Quitting Big 4 halfway through an ACA contract Big 4 audit to big 4 CF Fall back If you're interested in doing Big 4, go ahead and do it. The CEO of Goldman Sachs is a lawyer. You also won't be working 70hrs a week for $50k. so you can reward or punish any content you deem worthy right away. I have taken roughly 7-8 full weeks of vacation since starting, not including 10 holidays a year. Or, depending on your technical depth and how sharp you are, you could gravitate to Big Data (Data Mining, Data Analytics) or InfoSec (Attack & Pen, etc). 1 27.01.18 Page 287 / 291 Big 4 Advisory exit opportunities after 3 years #1 Big 4 Advisory exit opportunities after 3 years 11/11/2017 14:04. You don't go into accounting because you want to get rich. Consultants tend to be around for longer here than in other areas of the consulting business. It's important that you like what you do wherever you are and still afford a decent lifestyle while you're at it. Success stories of Big 4 employees are commonplace, but like anything else, the experience is what you make it. If you want to make more money corporate law or investment banking are better places to be. "Just go to the prom and get your promotion. Ah right, I see. My average # of hours worked per week since joining the firm has been around 45. Do I stick it out? ^It's because accounting doesn't have teh prestige and they can't post on here saying, "you jelly of my megafund exit opportunity status?" I know these things have been discussed, and I have a few threads bookmarked, but I'm sort of looking for specifics. I know that a lot of the associates and executives that are leaving are heading into (better?) like i said, it's all relative. My main concern is that I'll be challenged -- I don't feel like I'm getting that at all at a Big 4 environment. Your work on both sides of the fence will be highly valued. Thanks a lot for the help! There is a very big difference between management consulting, IT implementations/project mgmt, financial advisory, restructuring, M&A, Risk Assurance, etc. Why don't you look at FP&A roles? I guess I'm a little torn because I want to get rich (which I guess is only possible if I make CFO?) See our. Corp Strategy and Business Planning are also great gigs where a strong finance background will help, though they are not within finance. 1 16.01.18 HSBC Salary band refresh. HF and PE shops certainly have a need for experienced tax attorneys as well. Project Finance. Here’s a role where you could put use your skills to use for implementing massive … i think a lot of people (especially on here) don't understand the reality the overwhelming majority of americans face. The numbers get a little fuzzy at both Director and Partner. Of course -- this is something I plan on investigating fully throughout the hiring process before making a decision. You're not alone - plenty of people quit, and completion of a training contract with a Big Four accounting firm offers various opportunities. Would you say one needs a Top school MBA to get an executive level position (i.e. Just out of curiosity, since I'm more interested in corp finance positions myself actually, if my goal is to one day become a higher up on the finance side within the company (i.e. (Roland Berger vs Deloitte is too close to generalize and the comparison would depend on which part of Deloitte, etc…) I've got a masters degree in math and to be honest, I miss numbers. Big 4 Tax v Audit Which is better for an actuary- big4 or insurance companies? Inside the WSO Finance networking guide, you'll get a comprehensive, all-inclusive roadmap for maximizing your networking efforts (and minimizing embarrassing blunders). You work there for a few years, get the experience, and move on to a more lucrative career, just like you would in banking. QA - is this an american term/qualification? The good rule of thumb when looking at Advisory roles is to figure out whether you'll be helping clients do something for financial reporting, or if you're lucky something that actually helps your client make operational decisions. You learn the technical aspects of accounting and over-time you'll be given a lot more responsibilities as far as the work goes. Of course, I definitely understand the importance/benefit of finishing up my CPA; however, from the research I've done, as long as I'm working under someone in this new position with their CPA, they can still sign off on it -- I don't need be working in an accounting firm per se to get this experience. I’ve had friends that have had long careers at both the Manager and Director levels. The bad is that you still only have a couple of years of experience. As long as you're ok with that, there are plenty of options. Thank you so much for the fast responses! As far as accounting jobs go, working at one of the Big 4 is as prestigious as you can get. It will certainly help when you're looking to change careers, but the return will likely diminish later in your career, if it is outside of accounting. Transaction Services, Transaction Advisory Services, Deals Advisory, Advisory Services – these are all the first destination points aft… Even tho audit is boring, you may wanna consider sticking it out, get your CPA and get a role in advisory....that is the most fun part in the big 4s (i havent worked in them but i have a couple of friends that do), "Thoughts? Haha. I used to be passionate about my career; eager to return to that place... Also, any thoughts on if it will be a problem I don't have experience modeling? What's worth my time? By using this site, you agree to this use. I actually went Big 4 > Corporate Fin Consulting > F200 FP&A. I suggest you network, network, network if you want to get in to banking. (Originally Posted: 05/18/2011). As far as your interest in management/strategy consulting at the Big 4, a word of caution. Sometimes it isn’t totally obvious which team is responsible for consulting. 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FP&A can work in supply chain (analyzing inventory and distribution), project style finance (monitoring and analyzing costs, NPV's, ROI's ect), general expense management (cost side FP&A), sales reporting and analysis (setting up sales comparatives, variance analysis). MBB are the Oxbridge of the consulting world. You have gotten some very good advice on this board, but you never said what interests you or where you may want to end up. Share. B4 (Originally Posted: 07/22/2015). Again, the exit opportunities will be what you make them. It's a great place to start a career and you will learn a lot about how large corporations work. When I worked at PwC, I knew Managers who had been with the firm in the same role for nine years and had no intentions of moving up or out. 2) Financial planning and analysis. My impression with Big 4 tax is that exit opps are very limited and you need to be cream of the crop to leave… September 27, 2013 at 12:42 am #454956. kts1010. It's like that everywhere. While it shouldn't matter, it often does. 1) Big 4 looks good and is recognized by all types of businesses, so it will give you at least some credibility outside of accounting. I think exit opportunities for this position would be positions within internal audit departments. How bout BBA Econ Minor Accounting 3.5+ GPA (100s range) ----> MS Acct 3.5+ (BC, A&M, USC, UIUIC, Indiana) ? If you become a tax attorney, you could advise clients on M&A deals, or a VC attorney. 3) There are a lot of great posts on WSO about the audit to banking switch, I also just did a post about the switch on the site in my sig. Well, almost no reason to leave. I work (intern) at a multi-national healthcare company in their tax group, and all I can say ex-Big 4 employees fill all of our top positions, in tax and in finance. If you have experience outside of a Big 4, you can find yourself in anything from a Senior Analyst/Subject Matter Expert to a Director of a group. Big 4 Accounting Recruiting Guide Interview Questions and Answers, Networking Guide and more - Complete 50 page guide. At the risk of sounding completely naive can you explain the following acronyms: 1. Big 4: ITRA/SPA/ERS divisions exit opportunities (Originally Posted: 03/15/2012). Exit opportunities are numerous for MBB alumni, including top leadership positions such as CEO or vice president at Fortune 500 companies. SCORE 9.881. It will open doors that were previously closed in your career. Leaving for “industry” is one of the questions I get a lot. Sure, you meet these clients, develop relationships, and might learn a lot, but is it really worth it in the future/end? We’ve previously talked about how we managed to break out of accounting and audit & covered a few interesting and overlooked audit exit opportunities, but what about hearing directly from some of TheSwiftExit.com’s customers and where they’ve ended up? As of 2020, they are the four largest consulting firms in terms of revenue. I could go on, but you get the idea. Plus, audit seems like the firms work your butts off for 80+hr weeks but you only get paid like $60k. If your goal is to be Director in X years, you have an extra promotion to achieve coming from FA instead of SFA. If you read my previous post, you’d recognize getting promoted at a Big 4 isn’t just about your number of years of experience and your productivity. Or, you are still sitting on the edge on deciding to accept that offer from a Big 4, and you are curious as to your exit options. Side note, what about exiting to the advisory side within a Big 4? I think amongst the Big 4, Deloitte is making serious headway in growing it’s advisory practice by acquiring Monitor and it’s own internal efforts. Create and present monthly financial reporting packages to senior management, providing insights and foresights into XXX's emerging businesses. i have a few friends who work in fp&a roles at F100 companies, and although they don't mind their jobs, exciting or challenging is never a way they describe it. The job looks like a good opportunity, I would definitely consider it after you get your CPA and the bonus that comes along. Having an accounting base of knowledge from the beginning and then branching into more strategic finance roles will position you nicely for CFO type roles later on, since you'll have experience on both sides of the house. If you're trying to compare prestige across professions, you're gonna lose. Ugly women make us DRINK beer. If you are interested in moving into something like IBD or PE that will not be a possibility usually unless you go back to business school. I don’t know if I could explain the life of a Big Four partner with the correct amount of weight. ... and the exit opportunities are better. I've been with the firm for a while and am starting to get very curious about exit opportunities. -Hmmm It would be interesting to see the inner workings of major corporations...plus knowledge of financial statements is always a valuable skill. Focus on relations while you are at the firm. i have been working in big 4 audit since 2009 and will be promoted to senior in the fall. Furthermore, as an accountant you're in a support role, not a value creation role, and as such your earning potential is inherently limited. Make sure you stay staffed on projects that focus on your interests. So make the switch if you think its the right decision for you right now. Vut? Also, I'm quite interested in corp dev, and while I know they typically want M&A bank experience, do you guys know of people who went from traditional industry finance => corp dev (and yes, I've read harvardgrad's post, I'm just curious about others' experiences with this)? As a new user, you get over 200 WSO Credits free, The CFO of DE Shaw started his career at Ernst and Young. Prestige- BIg 4 are known for their accounting specialities and MBBs are known for their consulting expertise. I think a lot of people who leave big 4 audit view their exit op as the end goal while in reality it's just the beginning. Again, the exit opportunities will be what you make them. Come on, Keith!" Need a quick response have a phone-interview today. Or you could move into one of the more strategic consulting roles (I use that term loosely), like performance improvement. This info-rich book is packed with 71 pages of detailed strategies to help you get the most of your networking, including cold emailing templates, questions to ask in interviews, and action steps for success in navigating the Wall Street networking process. Sorry, you need to login or sign up in order to vote. 1st Year Analyst in Investment Banking - Mergers and Acquisitions">. You also enjoy better exit opportunities and a broad exposure to business strategy. In my experience, business schools and recruiters place a premium on MBB compared to Big 4. In terms of consulting, the Big 4 the biggest, but not the most prestigious. With that said, it seems like you (sh812) really find that job interesting and don't think audit is your cup of tea anymore. The Big 4 firms in management consulting are Deloitte Touche Tohmatsu (Deloitte), KPMG International (KPMG), PricewaterhouseCoopers (PwC), and Ernst & Young (EY). Like I said I'd end up working so much (and studying my ass off to pass the CPA exam) but I'll never end up making that much $ anyways. Deciding between two graduate schemes - Big 4 audit or Financial Conduct Authority