Investment advisory at the Big Four/Six
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Investment advisory at the Big Four/SixHey,
I'm looking for some insight from people who are working within the Big Six in investment advisory/consultancy. Mainly, I'd like to know:
-How competitive is entry to this sector, as compared to audit or tax?
-How competitive is it (again compared to audit or tax) once you're in the job?
-What are the interviews and assessments like for it?
-What do you do in the role in a concrete sense? What's the progression like?
-Is it well remunerated?
My current main area of research is tax, as I am drawn to its combination of qualitative and quantitative analysis, the former being my forté. I would like, however, to consider investment advisory as well as it sounds like an exciting area to work within and as I enjoy reading on markets in general, as well as being a good launching pad for wealth management. So any advice would be much appreciated! -
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Re: Investment advisory at the Big Four/SixAs nobody else has answered I'll have a go, but take it with a pinch of salt.
-How competitive is entry to this sector, as compared to audit or tax?
More competitive.
-How competitive is it (again compared to audit or tax) once you're in the job?
No idea. I imagine a lot depends on your colleges.
-What are the interviews and assessments like for it?
My impression is that the assessments are the same for all roles in general, except you have a group exercise in addition for consultancy based roles. See wiki jobs for more info.
-What do you do in the role in a concrete sense? What's the progression like?
No idea. Progression will be fast in the first few years.
-Is it well remunerated?
You'll earn more then average and it'll rise quickly over the first few years. -
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Re: Investment advisory at the Big Four/SixI guess for me it's really between tax and investment advisory. I generally like ways of increasing people's wealth, be it from the perspective of curtailing losses (tax) or increasing earnings. As far as I know both can equip you to move later on into wealth management.
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Re: Investment advisory at the Big Four/SixIt can increase your wealth substantially too, particularly if you did a stint in the Caymans(Original post by TCA2b)
I guess for me it's really between tax and investment advisory. I generally like ways of increasing people's wealth, be it from the perspective of curtailing losses (tax) or increasing earnings. As far as I know both can equip you to move later on into wealth management.
($65k-80k tax free starting)
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Re: Investment advisory at the Big Four/SixHow competitive is entry to this sector, as compared to audit or tax?
Not much but you will have to go for FIA (actuary)or CFA (financial analyst) qualification.
How competitive is it (again compared to audit or tax) once you're in the job?
Even you qualified, you will start in research
What are the interviews and assessments like for it?
Same as doing for graduate training contract
Is it well remunerated?
Around £50k for nearly or newly qualified
I am not expert in the area as I am now specialised in Insolvency but the above are all I can remember. -
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Re: Investment advisory at the Big Four/SixIt's going to be a tough one. As I know some people at Deloitte it might be worth asking for some insight on investment advisory. It sounds very stimulating. I am just keen not to apply for an over-subscribed position given that that means less potential for consideration.
Does the £50k also apply to tax if you are aware? It's a lot more generous than I expected. I earn around that much right now via contracting. I am aware that whilst training there's a big drop in salary but it's good to see that it's not a protracted affair. -
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Re: Investment advisory at the Big Four/SixAs I am going into investment advisory, I feel like I should input a few comments. Firstly, only 2 of the big 4 do investment advisory, Deloitte and KPMG. The other main companies who do it are Aon Hewitt, Towers Watson and Mercer. Other similar roles will be actuarial roles, which are quite different. Regarding your questions...
-How competitive is entry to this sector, as compared to audit or tax?
More competitive, both in terms of lower headcount and higher quality applicants.
-How competitive is it (again compared to audit or tax) once you're in the job?
Not entirely sure what you mean by this. It isn't as "cut throat" as IB or trading, but it isn't a walk in the park either.
-What are the interviews and assessments like for it?
I've found that they want to test your commercial awareness and commitment to the role moreso than for Audit/Tax. As headcount is lower, they want to make sure they have the very best. Other than that, many of the things (application, online testing, comp q's) are relatively similar.
-What do you do in the role in a concrete sense? What's the progression like?
There are three main areas: dealing with clients, researching investment opportunities and coming up with investment strategies. In some places, you will be assigned to one specific area, in other places your role will include all three areas.
-Is it well remunerated?
IC outside of the big 4 is better paid than audit within the big 4. Not sure about internal comparisons. Opportunity to make a lot of money in the future, especially if you do the CFA qualification. -
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Re: Investment advisory at the Big Four/SixThey don't just hand out roles to people in other areas you know, feel slightly offended reading your post!(Original post by thegaffer91)
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Re: Investment advisory at the Big Four/SixHe didn't imply as much.
What I mean is how is performance measured and evaluated and progression paced. E.g. whether there's any internal ranking systems. I know that KPMG adopts these for accountancy graduates.Not entirely sure what you mean by this. It isn't as "cut throat" as IB or trading, but it isn't a walk in the park either.Last edited by TCA2b; 10-07-2012 at 22:04. -
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Re: Investment advisory at the Big Four/Six(Original post by thegaffer91)
As I am going into investment advisory, I feel like I should input a few comments. Firstly, only 2 of the big 4 do investment advisory, Deloitte and KPMG. The other main companies who do it are Aon Hewitt, Towers Watson and Mercer. Other similar roles will be actuarial roles, which are quite different. Regarding your questions...
-How competitive is entry to this sector, as compared to audit or tax?
More competitive, both in terms of lower headcount and higher quality applicants.
-How competitive is it (again compared to audit or tax) once you're in the job?
Not entirely sure what you mean by this. It isn't as "cut throat" as IB or trading, but it isn't a walk in the park either.
-What are the interviews and assessments like for it?
I've found that they want to test your commercial awareness and commitment to the role moreso than for Audit/Tax. As headcount is lower, they want to make sure they have the very best. Other than that, many of the things (application, online testing, comp q's) are relatively similar.
-What do you do in the role in a concrete sense? What's the progression like?
There are three main areas: dealing with clients, researching investment opportunities and coming up with investment strategies. In some places, you will be assigned to one specific area, in other places your role will include all three areas.
-Is it well remunerated?
IC outside of the big 4 is better paid than audit within the big 4. Not sure about internal comparisons. Opportunity to make a lot of money in the future, especially if you do the CFA qualification.
You mentioned Deloitte carry out an investment advisory scheme, cant seem to find it on the website? -
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Re: Investment advisory at the Big Four/SixWhen I applied last year, there was a role within Consulting - Actuarial - Total Rewards and Benefits - Investment Services. I have no idea if they run it again this year. Even if they do, I applied at the start of September and it was closed by the time I got to my first interview.(Original post by johnny_6)
You mentioned Deloitte carry out an investment advisory scheme, cant seem to find it on the website? -
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Re: Investment advisory at the Big Four/SixDid you manage to get the role in the end? If so could you give me an insight in to the role. thanks(Original post by thegaffer91)
When I applied last year, there was a role within Consulting - Actuarial - Total Rewards and Benefits - Investment Services. I have no idea if they run it again this year. Even if they do, I applied at the start of September and it was closed by the time I got to my first interview. -
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Re: Investment advisory at the Big Four/SixI didn't get the role at Deloitte, like I said they had filled up all the places for that role before I interviewed. I ended up interviewing for actuary, and that was a failure.(Original post by johnny_6)
Did you manage to get the role in the end? If so could you give me an insight in to the role. thanks
Instead I'll be starting at Towers Watson in a similar role in about a month's time. Drop me a line in 3-4 months and I'll let you know how it is all coming along. -
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Re: Investment advisory at the Big Four/SixAh, so you're going to be doing Investment Consultancy at Towers Watson? That's pretty awesome! Mind if I ask which office?(Original post by thegaffer91)
I didn't get the role at Deloitte, like I said they had filled up all the places for that role before I interviewed. I ended up interviewing for actuary, and that was a failure.
Instead I'll be starting at Towers Watson in a similar role in about a month's time. Drop me a line in 3-4 months and I'll let you know how it is all coming along.
($65k-80k tax free starting)
