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    hey guys,
    what is "better" for BB IB, CV etc etc?
    Transaction Services or M&A, both @Big4
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    (Original post by hugopari)
    hey guys,
    what is "better" for BB IB, CV etc etc?
    Transaction Services or M&A, both @Big4
    You're asking which is better for transferring to M&A in an investment bank...Transaction Services at the Big 4, or M&A at the Big 4? :facepalm2:
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    yeah
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    Pretty sure I posted on this, but it may have been screened due to advertising (which I've removed)...

    Anyway. Do Corp fin.

    In transaction services, you will spend the majority of your time doing detailed financial audits in the context of a deal. You will do quality of earnings forecasts and produce very dot-the-i's-and-cross-the-t's reports on their management, financial statements, financial forecasts. You will also play quasi-consultant and produce opinions on strategies... though not with the gravitas of the consultancy or iBank in the deal. You may also have the scope to do activities similar to corp fin. But it's better to just do corp fin straight up rather than learning the other skills in TS (assuming you ultimately want to broaden out into other parts of finance). In the deals I've worked on (as the strategy consultant in the due diligence) the TS guys always seem to be doing rather pedantic work - confirming, questioning or disproving financial representations.

    In Corp Fin - you will act as the 3rd party hub of the deal for the client. You will manage the consultants, accountants, lawyers and special advisors around you. You will value the deal, produce the final 3rd party financial forecasts and provide critical business-relevant (not hygiene factor based guidance as in TS) to your client. In essence, you'll do less audit and be more focused on transactions. Similarly, in the diligences I've done, the bankers and the consultants often have to work hand-in-hand on the business case. I've always found the business side to be more interesting than just looking rigidly for the red flags!

    Of course, you may prefer the meticulousness and investigative nature of TS. CF is about making the deal happen. The former is about red-flag identification. CF gives you better / easier exit options or sister industries to move into. For example M&A in an IB, distressed debt investing, event driven funds, PE would all be open to you via your M&A background. Indeed, the deal-driven industries in the buyside often want to see M&A experience on your CV. TS may open these doors, but not as widely. You will still be attractive though to equity research and M&A in IBs. But, indeed both these industries are still open via the CF route.

    So overall - if you have no content preference, do CF to keep your options open.

    P
 
 
 
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