wan do CF might as well join the principal adviser side, other than that u r probably wasting your time

I've heard about how big 4 valuations/corporate finance, is quite good, but usually they deal with small/middle sized company, unlike the bigger investment banks which deal with IPOs etc. It's not the best path to IB, it is looked down among some IB-ers Ifrom what ive read (but idk why), but having big 4 /multinational company is always good. plenty of people go to audit to work in corporate finance in IB later on anyway.

If you want to get into IB, usually people do this through MT programs or networks.

might as well join IB now..

after 2 years in big 4 CF doesnt give you much advantage, ur portfolio still gonna be weak

try looking for IB instead of placing Big4 as your first choice.

You learn nothing in Big4 other than presentation, tbh. So don't waste your time there if you got other offers.

source: I was from 1 of the big4s.

Never been in the Big 4, so I'm not sure how their CF/valuations differ from a bank. From what I gather though they're more or less same? For entry level I suppose you'd be doing the same sort of work at least.

Speaking about what I do know....in CF in a bank you do a lot of 'dirty' work. There will be a lot of paper work...submissions to SC etc. Of course, numbers play a huge part in CF as well. You will assist/work together with your M&A and ECM teams.

Another area you could look at if you wanted to do financial modelling would be Asset Management and Sell side research. They don't sound as sexy as IB, but you will do a lot of financial modelling.

Edit: to answer your question about working hours....the people I know in CF work 12 hours on a good day

Hello TS,

Congratulations on the offers, I'm sure you've worked very hard to secure them. I myself am holding an offer for CMAP in RxB, which I'm planning to accept (Assessment Centre with CIMB this coming August, dinged by MxB after interview). I'm a long time lurker and I'm replying cause I've been in the same situation before haha!

Anyway, I just wanted to share my thought process on choosing Big4 vs Local IBs (think MxB, CxMB, RxB).

1. Deals' size - Top 3 local IBs are all well connected within GLCs' economy, so they're exposed to more big deals. Big4's probably won't get as many, most likely due to the nature of banking regulations in Malaysia and the networks they have.

2. Cross functional rotations- Local IBs offer very competitive rotations. For RxB's CMAP at least, you'll get exposure to ECM, DCM, M&A, CF and Derivatives. The choices are up to you and should align with your personal interests. Whilst no doubt Big4's produce high quality of junior associates/new hires, the lack of exposure to different functions will probably limit your exit ops in the future. I'm still new to the industry so I think I shouldn't limit myself into a specific function. Who knows I might hate it and eventually quit.

3. Regional Exposure - Associates will go through one of the rotations in other countries. Think SG/HK since they are the main financial hub within Asia. I feel that I could leverage this opportunity to strengthen my networks within those countries and potentially set foot in them, be it through a regional office transfer or lateral move into another firm.

4. Networking - Please don't underestimate the power of networking. I can't count how many times networking has opened doors for myself. I've gotten internships/interviews/information about industry and companies that I think were way out of my league. The people you'll be working with in IBs are very bright. Heck, I was told RxB only offered 2-3 candidates for their research programme (the one you've got) for UK graduates. I'm sure the opportunity to grow your network within IB will be valuable in the long run.

As for exit ops, I'm not too sure about them myself. I just think Local IBs offer better prospects for my career in the long run. For MBA, I did a little research as I'm planning to do it in the future. M7 is going to be tough, but not impossible. Gotta do very very well for GMAT (730-750+), good extracurricular activities (prepare early - join non-profits, charities and what not), solid undergrad and recommendations. This is all I can offer for now from a fellow fresh graduate, I hope it helps! If you'd like to connect just send me a PM!

Cheers

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?