Big 4 Audit Vs Front Office Commercial Banking

I'm going to state a few facts here, instead of opinions.

Ok - IB has crazy hours - accepted.
Audit also has crazy hours (in most cases) though less so than IB.

Pay for IB - without a doubt, larger from the start.

Audit progression.. Well, a significant proportion move into industry after qualifying.. But progression is good/ steady. Commands salaries of 45k-ish for newly qualifieds.

For CIMA, progression is also good. However, you'll need at least 3 years experience to become fully qualified.

You are talking complete crap about the £60k in 18 months. Stop making things up to show off.

Source: I am a CIMA qualified accountant, in a FTSE 100 who is now working in Treasury, so I meet investment bankers on a regular basis as well as qualified ACAs, ACCAs, CFAs and ACMAs.

No Big 4 firm pays 60k post-qual for an audit role bro, you're deluded.

As a Muslim you also shouldn't lie, this notion that you declined an IB role is just a blatant lie. You were never offered a position and I deduced that from your own posts.

The primary reason you don't want to go apply for Banking is because it 'involves interest and is against your beliefs' or you didn't get in, say that. Don't go around claiming this bs about 'audit is better' and how in IB everyone is an *******, if you've never even worked in one.

Be your own person but don't go around spreading misinformation.

I'm going to state a few facts here, instead of opinions.

Ok - IB has crazy hours - accepted.
Audit also has crazy hours (in most cases) though less so than IB.

Pay for IB - without a doubt, larger from the start.

Audit progression.. Well, a significant proportion move into industry after qualifying.. But progression is good/ steady. Commands salaries of 45k-ish for newly qualifieds.

For CIMA, progression is also good. However, you'll need at least 3 years experience to become fully qualified.

You are talking complete crap about the £60k in 18 months. Stop making things up to show off.

Source: I am a CIMA qualified accountant, in a FTSE 100 who is now working in Treasury, so I meet investment bankers on a regular basis as well as qualified ACAs, ACCAs, CFAs and ACMAs.




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I applied with the intention to work in banking but when offered, was given a lot of advice from family not to, and after doing my research I declined for a number of reason, but like I said believe what you want, only makes no difference.

And I never said that I work in a big 4 accounts firm.
I'm in industry finance for Atos, and Im going to start the CIMA, and once qualified it offers 55k-60k average, but I couldn't care less about that, as I stated earlier, I'm not a materialistic guy. As a Muslim I know that interest is one of worst things to work with, even worse than alcohol or adultery, so it's quite obvious that I would decline upon learning this.

Once CIMA qualified you can demand anything from 50-60k, depending on company or industry.

I'm exempt from 6 CIMA exams because of my degree.

I'm on a fast-track grad scheme to complete the rest of it in 18 months.

Once CIMA qualified you can demand anything from 50-60k, depending on company or industry.

Source: The CIMA institute.

Commercial Banking =/= Investment Banking OP

Generally commercial is related to retail, whereas DCM lies within the corporate side.

Yea I understand that they are different. Hence why I am not even sure why people have brought up IB into this argument when I wanted to know whether a career in CB would be a rewarding career as opposed to the big 4. I was initially not too aware of the exit opportunities/career progression in CB. Since the work is through the corporate side, I have found that there is still potential to gain a lot of transferrable skills in other areas of finance.

I have since realised that from my own perspective, a career in finance would appeal to me more as opposed to accountancy.

I hope no-one gets offended, but in my opinion, Accounts/Audit blows Banking out of the water.
The Banking industry does have potential for developing and great monetary prospects, however, it's is seriously a dog-eat-dog industry. I genuinely doubt that you will make any friends in that industry, and the main way you progress is by asslicking etc. Also, there will be people who try to stop your progression.

Whereas, in practice or industry accounts, progression is almost guaranteed, and you don't have to brown-nose so much, it's all about your work ethic (not saying that Banking, doesn't consider this, just that accounts recognises it more).

It's up to you anyway, choose something you think your suited to. I'm definitely not suited to Banking.. I'm too nice.. So I've gone down industry finance. However, some people prefer the variations of the banking industry and just the general nature of it.
The choice is yours my friend, I hope you make the right one

Complete and utter bs. Audit is where you go if you don't get into banking. Investment Banking is the breeding ground for business leaders. Not diminishing Big 4 prospects by any means, but to make such a claim you would need tangiable evidence to support it.

What's being nice got to do with anything about whether banking is a good career path, have you even interned at a bank to be spouting this rubbish?

You sound like one of those kids who reads one news article and think you know your **** about what banking entails and the nature of people in the industry. "Oh yeah, one VP somewhere fixed LIBOR rates" : "damn those bankers must be real *****." Grow up.

Not that I'm by any means jumping on the "audit is better than IB train", but do you even work in banking? Seems you're mighty sure of yourself...

Your comment about audit being where you go if you don't get in to banking is absolute crap. Period. You sound like one of those kids... you get where I'm going with this right? Your subsequent comments on salaries alone prove you don't understand the industry you're openly discrediting.

I'm the person who went into audit because I couldn't get into IB directly. Now getting my ACA and then hopefully moving into IB/ER.

Audit IS worse. It is so completely dull and boring, but I see it as a gateway to better things later on.

How many bankers do you see saying "Oh I really wish I was in audit?" I doubt if you'll find many, however on the flipside tons of auditors do want to be bankers.

You surely can differentiate between your experience and the rest of the 4,000 graduates that join Big 4 schemes alone every year?

To say everyone is going in to audit because they want to be in banking is beyond a joke. The majority have no such desire.

I think you misinterpreted what I said (or I wasn't clear in my original message): I just meant that it was true in my case that IB was my first choice and audit was the fall back option. Definitely not the situation for everyone.

However from the people I've spoken to in audit, a fair few do want to go into banking (and many do end up doing that). On the other hand: I've yet to see a banker go and become an auditor.

From what I can tell the majority of people who end up in audit/accountancy are otherwise clever people who graduate from uni without really paying much attention to careers and think "Crap, what am I going to do for a job".

Well if you're not supporting the statement I questioned ("Audit is where you go if you don't get into banking"), then I'm not sure what the point you're trying to make is. I don't recall saying no auditors want to be bankers, but the vast majority don't. That's not to say they want to stay auditors either mind...

Your banker -> auditor statement makes no sense. I don't see many people in the press trying to get in to audit either, does that mean all auditors want to be journalists? Exaggerated example but you get the drift, the comment doesn't stack up. Most bankers wouldn't have the skill set or qualifications to go in to audit without restarting their career anyway, and of course remuneration also plays a major role.

Now you're just splitting hairs with what I had said. For me audit was the place I went because I didn't get into banking.

I'm in no way implying that the majority of auditors wish to be bankers but in my experience there are a fair few who do. Though what 90%+ of auditors don't want to be is auditors. Very few people actually like the job. and I'd say about 90% leave within a year of qualifying.

Most bankers wouldn't go to become auditors because I can see no reason why they'd want to.

Audit is where people start their careers. You go in, do the ACA and then move on to do other things.

How many bankers do you see saying "Oh I really wish I was in audit?" I doubt if you'll find many, however on the flipside tons of auditors do want to be bankers.

Yes, but a lot of them quietly yearn for the job security that the ACA offers... But then people don't talk about being scared of losing their job over beers to their mates...

Which is why I've gone the route of getting an ACA and then trying to get into banking.

Though this does raise a deeper philosophical question: do you really want to spend your life doing a job you dislike just because it's secure?