Who wants to share their thoughts about working in the corporate finance groups of the big four accounting firms (i.e. in their financial advisory groups, transaction services, valuations, restructuring etc.). bonus for specific insights to deloitte & kmpg. is it really as bad as everyone says?
Interesting choice of words for “bonus,” I had a friend who worked in Deloitte’s advisory group in NYC and he didn’t see much of one.
isn’t the bonus the trade-off. you work less hours so you don’t really get a bonus. your base salaries are roughly the same as a BB but you actually leave the office…and as a result at the accounting firms you don’t get a real bonus relative to a BB banker…
As someone who is in Big 4 audit, not FAS as u ask, all I can say is that at entry level the pay is the exact same as those in assurance and advisory(audit), so you are probably looking at max 5% depending on performance reviews and overall firm reaching its targets.
I guess that’s the case if you’re comparing accounting advisory to investment banking. I’ve never worked in either so I don’t know what’s it’s like to either get a small bonus or never leave the office.
I currently work for a Big 4 firm as an analyst in their valuation group and it seems to me there is quite a bit of misconception surrounding compensation, hours, etc. I can obviously only speak on behalf of one of the Big 4, but base compensation is definitely better than audit or tax and probably approaches the base for an IB analyst. Bonuses, however, are quite a different story. A bonus for an analyst ranges from 10-15% in a good year, with 20% in a spectacular year being possible. Hours vary based on projects, the M&A market, and time of year. From January to April, I probably averaged 50-55 hours a week, but over the summer it’s been 40-45 hours at the most. On average, I think high 40’s to low 50’s is pretty standard. Overall, it’s not a bad trade-off at all if you’re looking for something with pretty good compensation and significantly less hours than banking. It’s more a decision of your interest in the work and your long-term goals.
jond2062 Wrote: ------------------------------------------------------- > I currently work for a Big 4 firm as an analyst in > their valuation group and it seems to me there is > quite a bit of misconception surrounding > compensation, hours, etc. I can obviously only > speak on behalf of one of the Big 4, but base > compensation is definitely better than audit or > tax and probably approaches the base for an IB > analyst. Bonuses, however, are quite a different > story. A bonus for an analyst ranges from 10-15% > in a good year, with 20% in a spectacular year > being possible. > > Hours vary based on projects, the M&A market, and > time of year. From January to April, I probably > averaged 50-55 hours a week, but over the summer > it’s been 40-45 hours at the most. On average, I > think high 40’s to low 50’s is pretty standard. > > Overall, it’s not a bad trade-off at all if you’re > looking for something with pretty good > compensation and significantly less hours than > banking. It’s more a decision of your interest in > the work and your long-term goals. what were your credentials? are u in m&a advisory?
jond2062 Wrote: ------------------------------------------------------- > I currently work for a Big 4 firm as an analyst in > their valuation group and it seems to me there is > quite a bit of misconception surrounding > compensation, hours, etc. I can obviously only > speak on behalf of one of the Big 4, but base > compensation is definitely better than audit or > tax and probably approaches the base for an IB > analyst. Bonuses, however, are quite a different > story. A bonus for an analyst ranges from 10-15% > in a good year, with 20% in a spectacular year > being possible. > > Hours vary based on projects, the M&A market, and > time of year. From January to April, I probably > averaged 50-55 hours a week, but over the summer > it’s been 40-45 hours at the most. On average, I > think high 40’s to low 50’s is pretty standard. > > Overall, it’s not a bad trade-off at all if you’re > looking for something with pretty good > compensation and significantly less hours than > banking. It’s more a decision of your interest in > the work and your long-term goals. What’s your travel %? I came from Big 4 audit, really liked the frim and the work, I could even take the crazy hours but the travel (~70%) killed me. Business travel in no way equates to leisure travel, I hated constantly living out of a suitcase and leaving home every Sunday afternoon…and that was before I was married or had a kid. I can’t even imagine flying every week now, it would be a nightmare.
Audit travel sucks anyway…they dont let you do the consulting schedules, in most cases. I have a friend at Deloitte FAS - Real Estate Valuation and it isnt much more on base than audit if any, but he gets as the post says above anywhere from 5-20% bonus and on average the hours are better. And in his group they rarely travel. I have spoken with 3 of the big 4 at length about M&A Advisory so if you are interested I can let you know what I have heard there as well. I used to work in Audit at Deloitte so I still have friends in most of the big 4 in various groups.
kevinf12 Wrote: ------------------------------------------------------- > Audit travel sucks anyway…they dont let you do > the consulting schedules, in most cases. > > I have a friend at Deloitte FAS - Real Estate > Valuation and it isnt much more on base than audit > if any, but he gets as the post says above > anywhere from 5-20% bonus and on average the hours > are better. And in his group they rarely travel. > > I have spoken with 3 of the big 4 at length about > M&A Advisory so if you are interested I can let > you know what I have heard there as well. I used > to work in Audit at Deloitte so I still have > friends in most of the big 4 in various groups. What are you doing now? As someone just in the CA process, I always like to hear exit stories lol.
keep going and talking guys - this is good so far.
I dont know which country you are in strikershank, but in Canada I was advised by partners that when you start out and are doing the CA required tests and gaining experience it is better to be in audit as you will learn the technical aspects and see a wider range of accounting principle debates. After you pass the UFE it is a good time to switch to FAS, although in Canada most people who want to do that type of work, not that many as most go for the easy inustry accounting role, just leave with their CA to a middle market i-bank. From everything I have read I would think this is not as likely in the States with a CPA as most finance people shit on it all day long.
I am a Finance Manager over central america and latin america at a technology company…we are hoping to go public on US exchange (currently public through parent co on Norway exchange). I was considering going into M&A advisory, but am not patient to wait as I like my role. Plus, I figure I should have a few good places to go to if I stay in this role for a bit (I only have a total of just under 4 years experience). Plus, M&A advisory is pretty dead right now from a hiring perspective. If you want email me at kevin underscore f1 at hotmail.com and we can discuss more offline.
I started at the FAS-CorpFin Group of a Big4 when i finished my undergrad and we were paid at the same level of as an ib analyst at a big bank, we just didnt get the huge ib bonuses and this was in Toronto only a few years ago. Interesting to note that the partners there didn’t stress the CA, although they preferred CA candidates they were more interested in people who had strong accounting knowledge and finance/modelling skills.
I am finishing up 3 years of audit at a big 4 firm and want to make the switch to advisory but no one is really hiring below the manager level. I have even checked with advisory contacts at the other firms and am not finding much scope. I just took the Level 1 exam last month so am hoping a pass will boost my resume a little. What do you guys think are my options? Here’s what I came up with so far: 1. Stay in audit for 2 more years, become Manager, and go for a MBA degree. 2. Stay in audit and pass CFA parts until my stock goes up for Finance positions, and switch over asap. 3. Try and switch to advisory asap and continue the CFA. Any advice is appreciated. Thanks.
I guess options 2 and 3 are the same. oops.
agentzero Wrote: ------------------------------------------------------- > I am finishing up 3 years of audit at a big 4 firm > and want to make the switch to advisory but no one > is really hiring below the manager level. I have > even checked with advisory contacts at the other > firms and am not finding much scope. I just took > the Level 1 exam last month so am hoping a pass > will boost my resume a little. What do you guys > think are my options? Here’s what I came up with > so far: > > 1. Stay in audit for 2 more years, become Manager, > and go for a MBA degree. > > 2. Stay in audit and pass CFA parts until my stock > goes up for Finance positions, and switch over > asap. > > 3. Try and switch to advisory asap and continue > the CFA. > > Any advice is appreciated. Thanks. Isnt the best option just to talk to the partners in the division you wish to work in? If you are in Big 4 already the transfer should be relatively easy if you show interest in that area and have good work reviews…if you have friends in that division give them an email and tell them to talk to the partner. In my office people do it all the time, in that they ask the partners for contacts within consulting or what not. There is also your buddy, unless you firm is 180 degrees from the big4 I am in, you may have an assigned mentor whom can tell you the best course of action, he will be above you and should know people in FAS.
that’s the thing. I already expressed interest in Advisory - specifically Transaction Services (due diligence). Because I am rated well in audit, I got interviews with the managers and partner. They said they really liked me, but because of the low deal flow they don’t have enough work to bring on another person. they asked me to check in with them every few months and if they are busy with work, they will gladly take me. i don’t like that because it’s not guaranteed. they could say no even 3-6 months from now. in the meantime, i am continuing in audit and am getting pigeonholed in accounting more and more. i have even contacted people in 2 out of the other 3 firms and they are giving similar responses: they want my resume and are willing to interview me but are not actively looking for anyone right now. i don’t know what to do. advice?
I think you should talk with your counselor and/or a favorite partner (or one that likes you a lot) about transfering over to FAS. I would say counselor is your best bet…I did this before I left…I told my counselor I was probably going to leave and she said would I be interested in other areas. Even set up a lunch with someone in 2 different parts of FAS (I dont recall which). I am assuming you already have CPA and with one part of CFA you should be OK to transfer over. It can take a long time, at least in Dallas Deloitte it did…my friend just kept bothering the FAS people over and over until they let him transfer. I think it was about a year. I dont recall if he initially found a job posting or spoke with his counselor or what to transfer over though…but you will probably have to work at it since if you are someone they like they dont want to lose you and if not they dont want to help you.
Oh, I just saw you are looking at M&A Advisory…yeah, those are dead and you are at the low end of what they like to accept, at least at PwC and Deloitte (I have been in a few discussions with PwC NE Recruiting manager and a Manager at Deloitte M&A). I was told by PwC that they arent even interviewing if you are plug-N-play…so I would say stay on them and keep in contact and it will happen. But from the ones I spoke with they really are dead right now. The problem is things are dead in NY and since that is the big office for most it means it doesnt matter how the other regions look because they just steal from NY. If you are wanting Due Diligence then DONT worry about being in audit too long. Most of the Big 4 Due Diligence are ex-auditors and that is where they WANT to choose from. Heck, they require a CPA to make manager…