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Should I do audit (BigFour) or investment banking?

Which is better
I go to a uni where most people seem to be interested in banking more than audit but I've always been interested in audit and only heard of front office banking recently.

I was wondering whether banking will offer more opportunities in the future and whether it's weird to choose audit over banking?

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Investment banking offers more opportunity

What university do you go to and what do you study?
Reply 2
Original post by glebp
Investment banking offers more opportunity

What university do you go to and what do you study?

I study economics at ucl
Original post by YoFadda
I study economics at ucl


Investment banking, for higher pay, better exit opps. Audit is considered mediocre in the corporate world. In my opinion its a 'last resort'.
Original post by glebp
Investment banking, for higher pay, better exit opps. Audit is considered mediocre in the corporate world. In my opinion its a 'last resort'.


What's the difference in pay for both careers after 5 years of starting the job?
Original post by Ze Witcher
What's the difference in pay for both careers after 5 years of starting the job?


Not sure, but consider this.

Starting salary for an analyst is 50k, audit roughly 25k.

Promotions are faster at an IB. So the difference is palpable
Original post by glebp
Not sure, but consider this.

Starting salary for an analyst is 50k, audit roughly 25k.

Promotions are faster at an IB. So the difference is palpable


Oh ok :smile: I've heard its possible to become a Chartered Accountant and go into IB, so if you think IB is too much, you could easily go back into Audit. But does that work the other way around?
Original post by glebp
Investment banking offers more opportunity

What university do you go to and what do you study?


Is it possible to go into investment banking from Nottingham/Leeds/Birminhgam University? Like a reasonble chance? how likely is it?

and which out of the 3 is more likely

doing Chemical Engineering at those unis btw

Thank you
Reply 8
Guys my ambition is to become a CFO one day for a FTSE 250 company. Do you think banking would give me a better chance of going into that than audit? If the CFO dream doesn't work out I'll go for finance director roles at smaller firms at the peak of my career.
Original post by Ze Witcher
Oh ok :smile: I've heard its possible to become a Chartered Accountant and go into IB, so if you think IB is too much, you could easily go back into Audit. But does that work the other way around?


Easier to get from IB into accounting. Yes but it is very difficult and will typically require the ACA qualification, and a corporate finance role, possibly an MBA. Im not very knowledgable but that is what I have gathered from reading the posts here. If you get into audit, it will be difficult to manover into more lucrative positions. Most accountants are in it for life.

Original post by MathSci1999
Is it possible to go into investment banking from Nottingham/Leeds/Birminhgam University? Like a reasonble chance? how likely is it?

and which out of the 3 is more likely

doing Chemical Engineering at those unis btw

Thank you


Nottingham has the most solid semi-target status. Very much possible, work experience (SW's, etc) should be your priority and this can be achieved using genuine interest in the industry and also extensive networking.
Original post by YoFadda
Guys my ambition is to become a CFO one day for a FTSE 250 company. Do you think banking would give me a better chance of going into that than audit? If the CFO dream doesn't work out I'll go for finance director roles at smaller firms at the peak of my career.


I've heard of CFOs coming from both investment banks and audit firms, as well as moving up the ladder in the finance division of a large company. However, I'm not really an expert on this, maybe @Princepieman can help you
How long does it typicaly take to reach the MD status ???

Original post by glebp
Easier to get from IB into accounting. Yes but it is very difficult and will typically require the ACA qualification, and a corporate finance role, possibly an MBA. Im not very knowledgable but that is what I have gathered from reading the posts here. If you get into audit, it will be difficult to manover into more lucrative positions. Most accountants are in it for life.



Nottingham has the most solid semi-target status. Very much possible, work experience (SW's, etc) should be your priority and this can be achieved using genuine interest in the industry and also extensive networking.


Original post by Trapz99
I've heard of CFOs coming from both investment banks and audit firms, as well as moving up the ladder in the finance division of a large company. However, I'm not really an expert on this, maybe @Princepieman can help you
Original post by MathSci1999
How long does it typicaly take to reach the MD status ???


average experience for MD's

Original post by YoFadda
Which is better
I go to a uni where most people seem to be interested in banking more than audit but I've always been interested in audit and only heard of front office banking recently.

I was wondering whether banking will offer more opportunities in the future and whether it's weird to choose audit over banking?
Audit leaves you with plenty of opportunities once you become qualified. You can move into Big 4 M&A which is essentially middle market investment banking, you can move move into equity research, plenty of people even move into FO roles at investment banks. Obviously it's better to start off in an investment bank if this is the kind of stuff you want to do but it makes audit a good backup if you didn't manage to get an IB internship.

Also audit is only considered "mediocre" in the US, in the UK and Europe people with ACAs are very much sought after.
(edited 7 years ago)
Original post by YoFadda
Guys my ambition is to become a CFO one day for a FTSE 250 company. Do you think banking would give me a better chance of going into that than audit? If the CFO dream doesn't work out I'll go for finance director roles at smaller firms at the peak of my career.


Up to you. There are paths to that destination from either career, it's just a matter of which career interests you more and why.

Don't just blindly aim for IB because you'll probably be miserable if you do end up doing it (80+ hour weeks for the first couple years are no joke), you're going to have to have a more significant inner motivation for doing IB than 'it pays better than Audit'

Anyway, sit down yourself and compare the pros and cons. Do some research into what each involve.

Posted from TSR Mobile
Original post by MathSci1999
How long does it typicaly take to reach the MD status ???


12-16 yrs on average, for fast track superstar performers 8-12 yrs.

Posted from TSR Mobile
Original post by Princepieman
12-16 yrs on average, for fast track superstar performers 8-12 yrs.

Posted from TSR Mobile


Is the several million £ listed pay actually true for such roles ?
You can still be a CEO if you pursue audit. Steve Hollis who was at KPMG for many years was made the CEO of Aston Villa, although the change in ownership has meant he is no longer there
Original post by MathSci1999
Is the several million £ listed pay actually true for such roles ?


Yes, but is heavily dependant on one's ability to produce revenue for the bank.

I would say the average is high six figures to low 7 figures for MDs of more prominent firms in front office roles.
Original post by MathSci1999
Is it possible to go into investment banking from Nottingham/Leeds/Birminhgam University? Like a reasonble chance? how likely is it?

and which out of the 3 is more likely

doing Chemical Engineering at those unis btw

Thank you


Why wouldn't you want to stick with chemical engineering? That's got good earning potential.

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