I think you should focus on what you like to do rather than which department you like to join.

CF
Since the divisions you mentioned are mostly in the capital market realm, I will focus on that. Take IPO for an example, the CF department in IB will normally act as the principal adviser (PA). PA means they as project managers. They ensure all the experts do their work and deliver on time such as lawyers, reporting accountants, auditors and valuers. Project management is their primary skill. On a secondary level, it’s good if they also know accounting (look at financials and proforma) and law (drafting !!!). Another thing is that they need to read and familiar with regulations from SC and Bursa. It’s very different from your modeling and valuation work. They also do road shows.

Other departments will do the share placement, share issuance, underwriting and price determination. For governance and independence purpose, CF cannot do this. To the IB, this is the more profitable side of the IPO compared to CF advisory.

If you like coordinating, reading and drafting. CF is for you.
1) growth = Yes but not for long term. It’s getting more and more regulated by the day. The level of complains by them will melt your brain.
2) exit opportunities = Yes especially your client (if they like you). Its dual blade, only large companies can afford to hire CF specialist hence your options may be limited but your upside is huge.
3) day-to-day = How to comply with SC Guidelines. Have fun reading regulations.
4) workload = Depends whether got deals. Busy period = good bonus. Idle period = bad bonus.
5) size of team = Quite lean as it’s deal dependent.

Valuations and modeling in Big4
Market perception on Big4 is that they are jack of all trades, master of none. Compared based on expert by expert basis, they will always lose out. Take valuation for example, one of the market leader is FICO. They are the real expert valuer with the relevant credentials and background. Big4 staff background mostly consist people from accounting or audit with some from others.

Big4 competitive advantage is the ability to offer almost any services to a client under a single umbrella at competitive pricing. Most clients will prefer to hire the real experts (mostly overseas). However, when comes to pitching, Big4 can normally offer at much discounted rate which will be more reasonable to certain clients.
You may get more info from the Big4 thread. However if you really want learning, I think Big4 gives you more opportunity to try / experiment as most don’t have direct exposure to the work. The partners’ job is to get the job while you and your supervisor will figure out how to complete it. Hence, you may feel the empowerment of being in charge while CF staffs in IB are mostly top-down especially for larger deals.

If you really like financial modeling like CFA, this dept is suitable for u?

For IPO, there are 2 main fees incurred for listing expenses. The advisory fees that you pay to the P.A (IB) and other advisers (Reporting Accountant, Lawyer and Valuer). For IB, this is the CF department revenue.

The other one is the shares related fees (Ie: brokerage, underwriting commission and placement fees). For IB, this is normally under the equities department or whatever it is called. Big4 got no license for this activities. Hence, you only see Big4 in the secondary role in this fund raising exercise.

In M&A world, this is also regulated if one of them is listed entities. Again, they will hire IBs as they also have the license in dealing with securities such as acting as agents to place shares to institutional shareholders. Big4 normally provide financial or transaction related services such as due diligence.

As you have no working experience, try your current field first. You may end up with a different preference later also due to many factors. There is no one conclusive road.