Job Riskiness: ER vs. Big Four TS

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KarateBoy

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I am in the middle of this argument with someone right now.
The questions is, if you take everything into consideration- salary, exit opportunities, chance of being laid off, etc…- over the long run, which job is better?
I don’t want to give my stand point on this just yet but let me know what you guys think.
 
that argument is gonna have to wait a minute while I gather my thoughts
 
Sounds good.
If proof over opinions is possible, that would be ideal.
 
I say similar. In recession less deals, so less need for TS. And as weve seen ER dudes getting laid off as well.
If I had a choice id take a job depending on what I prefer. Either trying to look in from the inside = ER
Or in TS being on the inside of deals.
Both great jobs I think if oyu have the choice
 
I’ll adress the exit opportunity aspect of it.
I’m Big 4 TS, and I’ll tell you this : it’s pretty hard to leave TS for M&A/CF/IB/PE in this market.
In 2006/2007 IBs used to recruit in Big 4 TS, but now there are alot of bankers on the market. Hell, laid-off bankers have even invaded the M&A activities of Big4s.
So as far as exit opportunities are concerned, it is currently pretty bad to be TS, although it is NOT impossible. I guess you just have to be a bit lucky.
In a good market, there are plenty of opportunities though: M&A, CF, PE, Corporate Development.
Now I don’t know anything about ER, but I don’t get the feeling that ER experience is relevant for many things other than ER, so exit opportunities are also not plenty.
But I could be completely wrong though.
 
Thanks guys.
Anyone one else willing to share more?
 
Well, here’s the deal, what exactly do you want to do with your career? These are two almost completely unrelated jobs.
Do you want to work on deals/banking? Or do you want to get into portfolio/investment management?
1. Don’t try and plan your career around the economy! If you want to play it safe, go be a tax accountant.
2. Exit opportunities will be completely different. Big4 TS is about as good as it gets and you shouldn’t have that much trouble transitioning into a PE, eventually, if that’s what you want. Equity research can be good or bad depending on the firm (is it a BB, MM, or local shop no one’s heard of) and the end goal is usually hedge funding or portfolio management.
3. Big4 TS will probably be better in the long run for you, salary wise.
I’d go with Big4 TS: you’ll learn skills that are useful in any economy, you have a name brand on the resume, a big salary potential, and good exit opportunities. The downside: be prepared for some long working hours, compared to your ER, hedge fund buddies.
 
Mobius Striptease Wrote:
——————————————————-
> big 4 and big salary? - no
> big 4 and big brand name? - no
Oh? my boss who started his career in Big4 TS, and just bought a $11 million dollar condo, might disagree with you.
Big4 TS is second only to BB investment banking if you want to get into deal making and PE.
 
volante99 Wrote:
——————————————————-
>
> I’d go with Big4 TS: you’ll learn skills that are
> useful in any economy, you have a name brand on
> the resume, a big salary potential, and good exit
> opportunities. The downside: be prepared for some
> long working hours, compared to your ER, hedge
> fund buddies.
also depends on which area of TS you are in, technical/accounting advisory is a different skillset from M&A integration.
 
There are some interesting thoughts.
I guess if I could put a spin on the questions.
Use ER as a stepping stone to either do research/be a PM on the buy side or go into the industry (try to become a CFO) vs. Stay in TS to become a Partner.
Any insight on what a Big 4 Partner could make?
 
Big 4 partner makes anywhere from $250k to (puts pinkie up to lip) 1… million… dolllars!!!
Depends on the city, seniority, department, etc.
 
TS = I’m assuming here, that he meant transaction services…which we normally call TAS (transaction advisory services)
 
^^
Hard to tell. Given you tolerate the years and have what it takes hard-skills-wise to work yourself up to pre-partner level, it then becomes a question of how many mandates you bring to the company and politics…
…and aura. Almost all partners have some kind of partner glow or something. Some very competent people will remain senior managers or directors all their life, no matter what they do, because they don’t have that aura.
Nothing new under the sun, though.
 
to clarify, “aura” = ability to kiss a$$ and fit in. there is no other place where office politics play a bigger role in your advancement than in a big 4
 
^^^
No. The ass-kissing is included in politics in the politics in my previous post.
Like I said, the aura is something different. Something you can’t explain, but which makes you spot the partners in a room full of people.
Does the partner status make the aura or the other way around ? That another debate, but I am sure that the aura makes the partner to some extent.
And yes, I do agree that politics, kissing ass and fitting in are extremely, read too important, in my big 4.
 
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