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    Hi, I am planning to take a gap year and have an accounting firm lined up, i was wondering how valuable is an accounting work experience for IB. I will be working on cash flow, DCF etc... or is it better to look for other smaller boutiques who are willing to take me on for a year, but that is unlikely for anyone without experience or a degree, i imagine.
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    Depends on what the he firm is. I think it would be better to travel, do some volunteering, abroad, set up a small business- those activities will help you a lot more because they make you sound interesting.
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    if you want to do IB ofc more relevant experience would be better. although accounting experience also helps you pick up relevant and xferrable skills, as accounting in essence is the language of banking/business. not sure why you'd be working on discounting cash or valuation in an accounting firm? what department do you plan on gaining experience in.

    tbh any relevant experience helps.
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    (Original post by gr8wizard10)
    if you want to do IB ofc more relevant experience would be better. although accounting experience also helps you pick up relevant and xferrable skills, as accounting in essence is the language of banking/business. not sure why you'd be working on discounting cash or valuation in an accounting firm? what department do you plan on gaining experience in.

    tbh any relevant experience helps.
    Lots of groups do work on that - loads of it in banking audit e.g. Verifying fair value for unlisted equity investments etc. Then there are valuation groups, modelling groups, CF groups

    Accounting would be more helpful securing an IB internship than getting a grad job though unless in a valuation or TAS group
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    (Original post by natninja)
    Lots of groups do work on that - loads of it in banking audit e.g. Verifying fair value for unlisted equity investments etc. Then there are valuation groups, modelling groups, CF groups

    Accounting would be more helpful securing an IB internship than getting a grad job though unless in a valuation or TAS group
    (Original post by gr8wizard10)
    if you want to do IB ofc more relevant experience would be better. although accounting experience also helps you pick up relevant and xferrable skills, as accounting in essence is the language of banking/business. not sure why you'd be working on discounting cash or valuation in an accounting firm? what department do you plan on gaining experience in.

    tbh any relevant experience helps.
    (Original post by Harold98)
    Depends on what the he firm is. I think it would be better to travel, do some volunteering, abroad, set up a small business- those activities will help you a lot more because they make you sound interesting.
    I can pretty much choose what i want to work on, it is an unknown firm basically, i just want to get a spring internship and im hoping that this will help me get in, i can work in taxation, production of cash flow and budgets, due-diligence etc.. but where do u recommend i work in
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    (Original post by Samendra)
    I can pretty much choose what i want to work on, it is an unknown firm basically, i just want to get a spring internship and im hoping that this will help me get in, i can work in taxation, production of cash flow and budgets, due-diligence etc.. but where do u recommend i work in
    natninja will have more detailed on the breakdown of divisions and what they do. i know bankers use alot of work produced by due-dilligence on deep company analysis, as they produce very detailed breakdown of company accounts via VDDs and other packages. for banking, from my knowledge it's good to work within TAS (Transaction Advisory Services) & due-dilligence.

    bankers don't actually produce company accounts, just analyse to make inference for forecasts) so those other divisions might be of less use in the practical sense of the job. That being said, learning accounting through audit is a very good skill to have, how financial accounts interlink with eachother and understanding the story they tell. an understanding of accounting is the most useful practical skill to have, it makes everything else very simple.
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    (Original post by gr8wizard10)
    natninja will have more detailed on the breakdown of divisions and what they do. i know bankers use alot of work produced by due-dilligence on deep company analysis, as they produce very detailed breakdown of company accounts via VDDs and other packages. for banking, from my knowledge it's good to work within TAS (Transaction Advisory Services) & due-dilligence.

    bankers don't actually produce company accounts, just analyse to make inference for forecasts) so those other divisions might be of less use in the practical sense of the job. That being said, learning accounting through audit is a very good skill to have, how financial accounts interlink with eachother and understanding the story they tell. an understanding of accounting is the most useful practical skill to have, it makes everything else very simple.
    so i guess due-dilligence is the way to go? thank you plus what other things would you recommend adding to my CV to make it stand out, as i realise you broke into IB recently.
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    (Original post by Samendra)
    so i guess due-dilligence is the way to go? thank you plus what other things would you recommend adding to my CV to make it stand out, as i realise you broke into IB recently.
    there's no real one path you go down, i'd say in terms of ECs just do anything you enjoy, banks like to see success in your respective areas of interest.. for instance, i ran a market stall for a while, where i bought wholesale and sold products in a xmas market at retail prices for a markup. otherwise, my ecs just consist of random bits and bobs which were interesting to talk about in interviews, i played for a competitive Call of Duty team (which demonstrated skills like strategy, communication, leadership), i ran my own quad skating team where a marketing team bought us out (entreprenurship, something different) and we were used in music videos/campaigns for clubs and what not.. i played for a sunday league football team (again teamwork, communication). had prior experience in banking (Worked backoffice for 8 weeks at a 3rd tier investment bank), have a youtube channel and learnt to edit my own videos and do montages etc.., was a board member of my soc and held classes on psycometric tests, volunteer every week at a youth centre and teach children to skate/play table tennis, learnt to VBA program so on and so fourth. otherwise off-chance things such as knowing multiple languages (i see that banks really like that).

    the question at the end of the day to any banking interviewer assuming you pass the tests and applications stage is: "is this person interesting enough that i'd want to spend 18 hours a day with them". this is why nowadays banks hire from all degree disciplines and not just finance/economics. if you're smart you'll easily pick up the relevant skills, so banks (especially front office) tend to hire on personality and likeability.
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    (Original post by gr8wizard10)
    there's no real one path you go down, i'd say in terms of ECs just do anything you enjoy, banks like to see success in your respective areas of interest.. for instance, i ran a market stall for a while, where i bought wholesale and sold products in a xmas market at retail prices for a markup. otherwise, my ecs just consist of random bits and bobs which were interesting to talk about in interviews, i played for a competitive Call of Duty team (which demonstrated skills like strategy, communication, leadership), i ran my own quad skating team where a marketing team bought us out (entreprenurship, something different) and we were used in music videos/campaigns for clubs and what not.. i played for a sunday league football team (again teamwork, communication). had prior experience in banking (Worked backoffice for 8 weeks at a 3rd tier investment bank), have a youtube channel and learnt to edit my own videos and do montages etc.., was a board member of my soc and held classes on psycometric tests, volunteer every week at a youth centre and teach children to skate/play table tennis, learnt to VBA program so on and so fourth. otherwise off-chance things such as knowing multiple languages (i see that banks really like that).

    the question at the end of the day to any banking interviewer assuming you pass the tests and applications stage is: "is this person interesting enough that i'd want to spend 18 hours a day with them". this is why nowadays banks hire from all degree disciplines and not just finance/economics. if you're smart you'll easily pick up the relevant skills, so banks (especially front office) tend to hire on personality and likeability.
    ok thanks, so im getting that i really just need to be an interesting person, thanks for the help, appreciate it.
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    (Original post by Samendra)
    so i guess due-dilligence is the way to go? thank you plus what other things would you recommend adding to my CV to make it stand out, as i realise you broke into IB recently.
    Given its a fairly unknown firm I'd say that actually preparing budgets would give you a more applicable skillset as you won't work on deals big enough to have complex enough due diligence for it to be taken seriously as transaction work - budgeting is how the company forecasts and being able to forecast cashflows is pretty important for valuations.

    As gr8wizard says, once you've got to the final interview stages, likeability and how you interact with the bankers and other candidates will be a strong deciding factor but the right experience will help get your foot through the door.

    I suspect that with due dil your story would have to be along the lines of wanting to do more forward looking work on transactions rather than just the fact checking afterwards and from budgeting it would be similar but wanting to apply the skills you learned in a transactional environment rather than as a strategic tool for company management. Bear in mind that budgeting is not a skill you will often learn at larger firms as they tend either to just not do it or it will be done by consulting divisions.
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    (Original post by natninja)
    Given its a fairly unknown firm I'd say that actually preparing budgets would give you a more applicable skillset as you won't work on deals big enough to have complex enough due diligence for it to be taken seriously as transaction work - budgeting is how the company forecasts and being able to forecast cashflows is pretty important for valuations.

    As gr8wizard says, once you've got to the final interview stages, likeability and how you interact with the bankers and other candidates will be a strong deciding factor but the right experience will help get your foot through the door.

    I suspect that with due dil your story would have to be along the lines of wanting to do more forward looking work on transactions rather than just the fact checking afterwards and from budgeting it would be similar but wanting to apply the skills you learned in a transactional environment rather than as a strategic tool for company management. Bear in mind that budgeting is not a skill you will often learn at larger firms as they tend either to just not do it or it will be done by consulting divisions.
    I pm'd you
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    (Original post by Samendra)
    Hi, I am planning to take a gap year and have an accounting firm lined up, i was wondering how valuable is an accounting work experience for IB. I will be working on cash flow, DCF etc... or is it better to look for other smaller boutiques who are willing to take me on for a year, but that is unlikely for anyone without experience or a degree, i imagine.
    Don't bother, you can get much better opportunities after first year and before summer apps once you get involved at uni.

    It'd be a huge waste if you dont convert the SW even if it is still slightly useful.
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    (Original post by STEMisSuperior.)
    Don't bother, you can get much better opportunities after first year and before summer apps once you get involved at uni.

    It'd be a huge waste if you dont convert the SW even if it is still slightly useful.
    well im hopefully going to convert it, ^^this isnt the attitude to have lol
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    (Original post by Samendra)
    well im hopefully going to convert it, ^^this isnt the attitude to have lol
    The attitude that makes you think an accountancy work exp at a firm with no brand value at all is going to give you a massive advantage in IB?
    People who take gap years off for IB will have landed jobs at PE firms, asset management firms etc etc. I did a week at an asset management firm and a venture capital firm and that would probably be more useful than a year in accounting.

    It's good to be hopeful but the right mindset is to be realistic and self critical.
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    (Original post by STEMisSuperior.)
    The attitude that makes you think an accountancy work exp at a firm with no brand value at all is going to give you a massive advantage in IB?
    People who take gap years off for IB will have landed jobs at PE firms, asset management firms etc etc. I did a week at an asset management firm and a venture capital firm and that would probably be more useful than a year in accounting.

    It's good to be hopeful but the right mindset is to be realistic and self critical.
    its better than nothing lol, anyway this is just a contingency incase my jp morgan gap year doesnt work out
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    (Original post by STEMisSuperior.)
    The attitude that makes you think an accountancy work exp at a firm with no brand value at all is going to give you a massive advantage in IB?
    People who take gap years off for IB will have landed jobs at PE firms, asset management firms etc etc. I did a week at an asset management firm and a venture capital firm and that would probably be more useful than a year in accounting.

    It's good to be hopeful but the right mindset is to be realistic and self critical.
    From someone who has spent five months at a large hedge fund ($28bn AUM) and is now at a leading accountancy firm I can't possibly tell you how wrong you are.
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    (Original post by natninja)
    From someone who has spent five months at a large hedge fund ($28bn AUM) and is now at a leading accountancy firm I can't possibly tell you how wrong you are.
    Do you have a point to make or are you just showing off and hoping that gets you validation?
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    (Original post by STEMisSuperior.)
    Do you have a point to make or are you just showing off and hoping that gets you validation?
    do you work in ib?
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    (Original post by Samendra)
    do you work in ib?
    Im a first year so no.
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    (Original post by STEMisSuperior.)
    Im a first year so no.
    so how can u possibly know weather or not it is useful or not, did u get into any SWs?
 
 
 
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