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I am a CPA with 5 years experience in a 2nd tier firm (i.e. BDO, Grant Thornton), with the first two years in the Financial Services audit group, and have spent the last three years in Financial Services tax group. All five years, I have pretty much been working on Hedge Funds, ��������������������, etc. Recently, I have come to the realization that I’m getting a little bored of accounting. I still have an interest in the financial markets, and would like to explore opportunities on the investment side, possibly as an analyst at either a fund or investment bank. I spoke to a buddy at one of the major investment banks who gave me some advice. He mentioned that my skills serving Financial Services clients as well as having an understanding of financial statements should translate well to an analyst type of role at a fund or investment bank. He also mentioned that to get my foot in the door, my choices are either to get an Ivy League MBA or take the CFA exam. With that said, I have the following questions: 1) Is it correct that a fund or investment bank would value my skills in terms of placing me in an analyst type of role? 2) What would be the better option, going for the MBA or studying for the CFA (keep in mind that I’d prefer studying for the CFA given the fact that tax season makes it difficult to attend class)? 3) Would I have to wait till I finish an MBA program or pass all 3 parts of the CFA exam or would I be able to make the change after say a couple of semesters into an MBA program or having passed one part of the CFA exam? I would appreciate your insight.
Bored of Accounting
Dear BoA (no, not the flailing AIG target),
Before I take my red pen to your hopeful ambitions of being an analyst, let’s take a few minutes to quickly set two things straight:
#1 – You should not be going to work at a bank – UBS. Credit Suisse. RBS. Goldman. Barclays. Morgan Stanley. No, not a list of places you’re qualified to work because you know how to read a cash flow and prep a K-1. Cuts. Firings. Shit bonuses (relative). SEC in your face. Why the hell would you want to work for a bank, regardless of your level of qualification? You haven’t been auditing banks. You’ve been working in asset management.
#2 I’m going to assume you’re referring to a real analyst position – Not a management company accountant job that the HR guru at RBS slapped a “financial analyst” title on to make the recruiting process easier (“oh, but you’ll have the chance to MOVE AROUND IN THE GROUP YAYYYY.”) That shit doesn’t happen. So, judging by your CFA and MBA speak, you’re referring to a real analyst position, right? Right. Good, now on to your questions.
Q: Is it correct that a fund or investment bank would value my skills in terms of placing me in an analyst type of role?
DWB: You can answer this yourself. Analyze your own experiences – what makes you qualified for such a position? With a little digging on LinkedIn and a basic understanding of your firm’s asset management clients, I can assume that most of your clients fall into the long/short strategy (maybe some bank debt, probably no high yield or event driven exposure). What are your “skills”? K-1 preparation? Washes? Auditing control testwork? Reviewing a waterfall calc? Accounting, accounting, accounting. “But I read the Journal every day.” – So do I, and I’m in HUMAN RESOURCES. I also read Bloomberg and comment regularly on ZeroHedge, but that doesn’t mean I should be calling the shots on a desk.
Q: What would be the better option, going for the MBA or studying for the CFA (keep in mind that I’d prefer studying for the CFA given the fact that tax season makes it difficult to attend class)?
DWB: If you’re going the MBA – and based on your current experience – you need a top 10 MBA program. Attending night school at CUNY Baruch for an MBA will not do the trick. With regards to the CFA – you need to get to level 2 at a minimum. Level 1 is pie.
Q: Would I have to wait till I finish an MBA program or pass all 3 parts of the CFA exam or would I be able to make the change after say a couple of semesters into an MBA program or having passed one part of the CFA exam?
DWB: You really want to make the move? Forget the CFA for now, get into a top 10 MBA program, drop out of work, and go fulltime. Seriously. This will give you the opportunity to network with your classmates, pursue summer internships and rotational programs, and get things done (meaning – move on from accounting) in an efficient manner.
Listen, I’m just trying to be honest. None of this is meant to pee in your Cheerios or diminish what you’ve done so far in your career (by all accounts, you’ve been very successful). But think about the greater picture – the banks are in the shitter, the economy is sloppy mess, and the market is flooded with Ivy grads coming off of fresh experience from the banks’ two year programs. Simply put – you’re not on the same playing level. If you know how to maximize the profitability in the futures market on tankers trekking through hurricane season while carrying retail goods from China to US ports, then maybe we should talk but until then…it will be easier to stick with what you’re good at. Try getting into a middle office role at a fund, or even a role working as the #2 to the CFO of a small fund. Sure, you’ll have to close the books at the end of the month, but you’ll also have exposure to investment meetings, investor relations duties, etc. over time.
Ed. Note: Have a question for the career advice brain trust? Email us at [email protected].
Dear Going Concern,
I started my career in B4 Assurance, got the bump to SA relatively quickly (1.5 yrs), stuck it out for another year, then jumped ship for corporate goodness (Fortune 100 – double the money, half the hours). I’ve been doing that for 5 years now, and I feel like I’ve plateaued. I’ve been promoted 3 times in those 5 years, but I’m sufficiently elevated in the corporate ranks now that my next step is likely to be more a function of “serving my time” rather than continued innovation and stand-out work product; a war of attrition, if you will. I put in 40 hours in a rough week, don’t travel, and my comp is on par with (or slightly in excess of) a B4 Senior Manager in major markets (think NYC, Chicago, LA, SF, etc).
So, on to my dilemma: Am I crazy to be considering a jump back to B4? I miss the challenging work, and the energetic work-force, but I don’t necessarily miss working 80 hours a week. My primary driver is to be interested and engaged in what I do every day. Making partner and a seven figure income is a nice idea, but is just an afterthought in the context of this decision. I wouldn’t make this move expecting to become a partner (although if that’s how it played out, hooray for me). I’m looking for your candid feedback, criticism, blunt verbal beat downs, etc. I’m also looking for input from the GC rank and file – particularly those that have done what I’m considering: B4 -> cush corporate gig -> back to B4.
Let’s assume for the sake of this question that with my skill set, I could re-enter as the equivalent of an experienced Manager, or first year Senior Manager in one of the Advisory practices. Let’s also assume that I have partner friends at all of the Big4, that my experience and academic pedigree are top notch, and that I have a lot of corporate contacts that are ideal for selling new business. So essentially, the option is there – I just have to choose to do it.
Crazy is a relative term, and we’re all a little crazy around here at GC. I find your confidence in both your Big 4 and private industry contacts to be refreshing and brazen. Who cares that the economy is still a sputtering engine block inside a car chassis that’s resting on blocks, you have connections! Of course you’ll get a job back in public! OF COURSE your private industry drinking buds will want to sever whatever pre-existing consulting relationships they have with other vendors and go wherever you are!
My advice is simple – play both fields. Look into the Big 4s and their needs for someone with your background and experience in addition to pursuing opportunities that might be with your corporate contacts. You are not necessarily locking yourself into a career in public should you transition into a Big 4 advisory practice, whereas returning to assurance would be moral and career suicide. The advisory lines are generally more fluid opportunities and can act as stepping stones back into a corporate world after a few years.
For those breezing the submission above, Glutton’s career has been as follows:
• 2.5 years in public (assurance)
• 5 years in private
• Potentially back to public (advisory)
Has anyone in the peanut gallery done this? Share your horror stories or little victories below.
Deloitte is moving from 160,000 square feet on nine floors of the 600 Tower into 100,000 to 110,000 square feet on six floors in the 200 Tower. The Detroit office employs about 1,000 people. Managing Partner Joseph Angileri said no downsizing of staff is involved.
“We’ve actually been hiring,” he said. “We’ve been in our current space since 1991, and the space is old and traditional and not conducive to the way we do work now. When half of your workforce only spends 20 percent of their time in the office, you don’t need to build the way you used to.
“It’s going to be an eye-opening environment. It will be really next generation, cutting edge.”
Mr. Henry, a tax partner who has spent more than 25 years in public accounting, most recently at KPMG, has extensive experience in all areas of state and local taxation. He is best known for his work in the credits and incentives space, both domestically and worldwide. His experience in maximizing global incentives for large multinational corporations in the United States, Europe, Asia and Africa will enable both US-based and non-US-based multinational companies to benefit from his counsel when entering into economic incentives negotiations.