Career Advice: CBN vs FIRS vs Big 4
Hello sir, Which one do you think is better between working at CBN, FIRS and the Big Four?
AB
Response
1. Job security
All of them have sound job security. They hardly lay off. Big 4 may lay off for performance or not passing relevant professional exam at some stage, but because of the quality control at their recruitment stage, not so common. Big 4 are possibly more performance driven.
VERDICT ON JOB SECURITY: Tie, but FIRS slightly higher.
2. Compensation & Benefits
Not so familiar with pay structure at CBN but I suspect they’re the highest paying of the three. I’d think FIRS comes next, then Big 4. On other cash & non-cash benefits, I think CBN also ranks higher than the two.
VERDICT: 1st CBN; 2nd FIRS; 3rd Big 4.
3. Training & exposure
I would expect that you get the best on-the-job training from Big 4. CBN does well here too. Not so sure about FIRS at low level. CBN and certain departments in FIRS will also offer you training tourism.
I think Big 4 exposes you the most (by second year, you’re already sitting in same room with blue chip CFOs and presenting to top guys) followed by CBN (which exposes you to workings of the financial system). Tax is restrictive, so I think FIRS lags behind here.
It is also common to see Big 4 folks given opportunity for secondment to other countries. Certain departments may give great exposure in FIRS, but you may be posted to one small office in Jigawa with little learning opportunities.
VERDICT: 1st, Big 4; 2nd, CBN; 3rd, FIRS
4. Career growth
Big 4 is private sector, others, public sector, although CBN operates closely like private sector. Well, Big 4 easily trumps others here. By your 6th year, you could have become a manager in Big 4, in others, maybe you are just getting your second promotion.
You get faster career rise in Big 4. You may even get double promotion, or two promotions in a year. The structure in the other two can be rigid.
VERDICT: 1st, Big 4; 2nd, CBN; 3rd, FIRS
5. Brand & future opportunities
People hardly leave CBN and FIRS, but it is very common to see people leave Big 4 after few years. Big 4 is an international brand and no serious recruiter will ever ask you “what’s that?” while pursuing international opportunities.
CBN also has good brand value as regulator of Nigeria’s financial system. FIRS too, but to a slightly lesser extent, because tax can be very country specific. So three folks with 5 years experience in each of the three companies are looking for job outside Nigeria, the Big 4 guy may get first (in Big 4 of that country or almost any company), followed by the CBN guy (broader places – banks, banking regulator of that country).
VERDICT: 1st, Big 4; 2nd, CBN; 3rd, FIRS.
6. Work-Life balance
Big 4 can be very tough at lower level. You work your ass off. Less so for the other two, while acknowledging that there is no easy job. But you’re likely to close 5pm in the other two.
VERDICT: 1st, FIRS; 2nd, CBN; 3rd, Big 4
7. Village value
Okay, few people know of Big 4 in your village, so less people will ask you for money. Everyone knows CBN, so expect a lot of financial requests. FIRS, in-between.
And if you’re the party type, introduction as CBN staff in your village event gets the drums louder. It could also earn you some popularity that will be helpful if you want to join politics.
VERDICT: You conclude.
FINAL VERDICT
Finally, depending on your goal in life, each of them has its benefits. If you are the highly ambitious, fast-lane, delayed-gratification oriented type, Big 4 may be it. If you are the “easy does it” type, FIRS. If you’re in between, CBN.
