CROSSROADS: A “BIG 4” OR A SMALL IB?
Hello Jarus,
First of all I do want to say thank you for this career blog you run, it’s really enlightening and educating. I have learnt a lot, I do have your book which I got from Konga in January and it has supported and guided me through my job hunting journey.
I actually want you to clarify something for me with regards investment banking. When you say it’s better to be trained in audit in a big 4 before moving to investment banking do you mean the auditing or accounting department (back office) of an investment bank because I think it’s not that easy moving from audit in a Big 4 to IB if you want to do the core stuffs because of the different skills required except of course it’s back to entering as a trainee/entry level or, maybe opportune to be in the corporate finance advisory of a Big 4 where you do learn what actually goes on in IB. To my question, isn’t it wise getting trained in investment banking than a Big 4 if ultimately one wants to end up as an investment banker or operate in the corporate finance world?
The reason I am saying this is that I am considering a small investment bank in Nigeria with good training opportunities and also audit department of a Big 4.
I keen on my career development and an advice from you will be well appreciated.
Expecting a response from you.
Uche Agwu (Not Real Name)
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Dear Uche,
Any of the Big 4 (PwC, KPMG, Deloitte, Ernst & Young) is a decent training ground for anyone in your desired field. However, between Big 4 and these small IBs, it depends on a couple of things.
For someone planning to go into IB in the future, if posted to advisory in a Big 4, I will pick Big 4 ahead of these small IBs. But between small IB and audit background in a Big 4, will go for small IB.
In your case, since you know that you’re to be posted to audit/accounting in a big 4, then the small IB (which I know quite well) is better.
Interestingly, one of my mentees on this blog, recently moved the other way i.e from that IB to a Big 4. He sought my advice and I suggested the Big 4 for him, hoping he would be posted to Corporate Advisory. He however wasn’t posted to advisory when he got the offer, but he hoped to get opportunity to move there after some time. With or without that, we both agreed that the brand that comes with working in this Big 4 is good enough for him for future opportunities.
Nonetheless, this IB is no doubt a good training ground too.
I wish you all the best.
Jarus
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