What Exit Opportunities Exist for a Big 4 Transaction Services Professional?

Welcome to the maybe-we-should-start-pointing-out-who-really-isn't-winning edition of Accounting Career Emergencies. In today's edition, a future advisory professional wants to know what kind of exit opportunities he'll have when he's had his fill of Big 4.

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Onward:

I will be starting at a Big 4 firm in TS this fall. I have seen posts and comments on GC primarily about KPMG's TS group, and commenters mention a "mass exodus" from TS.

I was interested to know what the exit opps are for people in TS? I have been searching around banking blogs and it seems that TS is not held in high regard in I-banking, so what offers are they receiving?

Sincerely,

Interested Viewer

Dear Interested Viewer,

The advisory space isn't my strong suit but I'll take a stab. You're starting with a "Big 4" but then mention KPMG so I'm not exactly sure where you're ending up so I'll keep things fairly general. All of the Big 4 have various services within their TS practices including due diligence in various forms, restructuring, accounting advisory and valuation among others. A common exit opportunity for many in Big 4 TS people is to go to...wait for it...another Big 4 firm. None of these firms have a monopoly on the services offered so if you've heard good things about Deloitte as opposed to your living hell at PwC, you may jump at the opportunity to join a rival firm. And we know how the firms like to poach from each other, don't we?

If that's not of interest to you, the top consulting shops like McKinsey, Bain & Co., Boston Consulting et al. (check out Vault for their list of the top firms) are a possibility but in reality, not a very good one. These firms like their people with smarts - frightening smarts - and Ivy League degreed. If you've got both, you probably already work at one of the best firms. If you're lucky enough to have one of those two, you might have a chance. If you've got neither, than you have virtually have no chance.

You mention I-Banking and again, the odds are against you here if you want to work at the top firms, for the same reasons as we mentioned above. Some more realistic options include due diligence, acquisitions or analysis work for a private equity or hedge fund shop or working in the finance group of a firm with M&A aspirations or that needs other complex transactional analysis.

The other option is that you work for awhile, get an MBA and then try to land the BSD job at McKinsey, Goldman or wherever. Of course hitting the big time after going to a prestigious B-school doesn't mean your dreams of rainmaking are a lock, so it's a big risk but obviously many have taken this road and made a decent run.

So, there you have it, Interested Viewer: some ideas, at the very least. Any Big 4 TS types out there with some first-hand accounts of the comings and goings are invited to weigh in at this time. I've got to get caught up on the #winning Twitter feed.

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