KPMG vs PwC

I have offers from both firms for Audit grad schemes, both in regional offices. My long term goal would be to qualify and then transfer to the CF/TS service lines and from there try to get into EB IB.

Which offer should I accept? In which firm is it easier to transfer service lines once you are qualified?

Firstly, good job on getting those offers. Nice situation to be in, when contextualizing for the current climate.

I think it's a good idea to have an idea of what you want to do in the future, but don't get to hung up about moving to an EB or BB in the future. If it's M&A at any boutique, then that would be a more realistic plan.

Next, segment everything in terms of targets:

1. Choosing your firm
2. Successful onboarding and getting to grips with your new firm
a) Choosing a good sector (that perhaps the EB specialises in, i.e. healthcare/ financial services etc)
3. Passing (ideally at 1st attempt) all your ACA exams (perhaps even starting CFA after)
4. Getting very good performance reviews
5. Networking and getting an interview at CF/TS within your Big 4 firm
6. Lateralling and acquiring some deal experience within CF/TS
7. Networking with people in boutiques/ recruiters and gaining an interview
8. Getting into your desired firm

Don't underestimate any of these above steps (especially steps 4,5,7). The attrition rate in Audit at Big 4 can be as high as 80%, and many of them will have the vision of transferring to CF/TS. It is very difficult to do so at Big 4, although many people manage to do so every year.

Moving from Big4 to EB isn't as easy as it used to be, even from CF/TS, as only a couple of spots would open up vs the 1000's of people who qualify from Big4. Deal experience/ unique skillset is a game changer.

Most people who are successful have:
1. History of academic excellence (i.e. 1st class/good 2.1 at a target/semi-target, strong a-levels/ gcse (mostly A's))
2. Prior internship experience at a BB/MM/EB within M&A (not necessary if you have a CF/TS background but can be a differentiator)
3. Strong deal experience (that you can talk through at interviews)/ sector expertise
4. A little extra-curriculars/ high performance reviews/ 'social traction' or international 'traction'

I think the best thing for you to do once qualified is:
1. Lateral to CF/TS at your regional office
2. Lateral to a REGIONAL EB

Just keep in mind that many people, even in London with better deal/client experience, would apply for Regional EB's for a better chance. Having said that you would have a better 'regional fit', so maximise that.

Pros of KPMG vs PwC

KPMG
-Slightly larger deals/advisory unit, so possibly easier to transfer once qualified.
-Slightly more lenient exam policy (if you fail an ACA exam at PwC, you have 7 days to retake, if you fail the retake, you're sacked)

PwC
-Better regional clients, better audit experience on CV
-Most renown/"prestigious" audit firm

If you don't manage to transfer to CF/TS at Big4 or you don't manage to land an EB, then either:

-take the CFA

and/or

-take a Masters in Finance (post-experience) at London Business School, MFE at Oxford or MiF at Cambridge

Good Luck, come back and comment to this thread in 5 years time when you'll be at the EB.