- May 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder: Helping First-Year Students Navigate Their Career Paths at UoA
Introduction
As a first-year student at UoA, I recently attended some career talks on campus. While I found the information useful, I couldn’t help but feel a bit overwhelmed by the options available. One area that caught my interest was corporate finance at a big 4 firm. However, I was disappointed to learn that I may not be eligible to apply for internships in this field just yet.
Expanding Career Horizons
Despite my current limitations, I am eager to learn more about corporate finance and the opportunities available at top firms. I believe that gaining a deeper understanding of this area early on can help me make more informed decisions about my future career path.
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This is where AI Legalese Decoder comes in. With its advanced technology and resources, this platform can provide valuable insights and guidance to students like me who are just starting out in their career journeys. By using AI Legalese Decoder, I can access information about corporate finance in the big 4 firms, understand the job requirements, and learn about the skills needed to succeed in this field.
Looking Ahead
While I may not be eligible for internships at the moment, I am excited to continue exploring the world of corporate finance and preparing myself for future opportunities. Thanks to AI Legalese Decoder, I can stay informed and ahead of the curve as I navigate my career path at UoA.
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I don’t work in a Big 4 but have had friends and former colleagues do so. At the entry level its low pay and a lot of stress, the pay off for most is once you have the name on your resume, you can usually hop to a 6 figure job in a couple years.
A tiny fraction of Big 4 Grads, after a decade or 2 of struggling become partners. These people can clear 7 figures, but it usually comes at a great cost to your personal life.
You aren’t too young, you haven’t completed enough of your degree.
All big 4 is kinda the same.
If you are a top performer, you’ll climb quite quickly, and will experience significant development opportunities. If you aren’t, you’ll get ground down, and eventually get the hint.
The money is worse than people acknowledge, at least until you get far enough through it.
A number of my friends worked in big 4 finance roles for ~7ish years and then jumped to banks, funds, etc.
A couple made CFO / solid financial roles by ~ 30ish after leaving. Of course, those are survivorship bias and I have no idea what it’s like for people who did poorly.
If you intend to do your CFA at the same time, plan for 3 years of an absolute bloody slog.
I used to work in corporate finance at a Big4 firm so can provide a bit of insight on the work and what you do.
It is important to note that different Big4 firms teams use different terminology across their deals / deal advisory / transaction advisory / corporate finance segments so I’ve tried to be specific below.
**Mergers & Acquisitions**
Predominately advise clients in relation to the sale or acquisition of a business (sell-side or buy-side advisory). Transactions these teams are involved in are typically ~$20 -200m in size with larger transactions conducted by the big investment banks. Work centres around drafting Information memoranda, presentations etc. in PPT, as well as financial modelling, valuation and other analysis in excel. Best way to think of this team is like a real-estate agent but for businesses.
Understand this sits under corporate finance at PwC and Deloitte, but is a separate team at KPMG.
**Valuation & financial modelling**
Prepares valuation reports in relation to businesses using all our usual valuation techniques, as well as constructing detailed financial on behalf of usually corporates for forecasting or valuation purposes.
This team sits under or is referred to as ‘corporate finance’ at most firms I understand.
**Transaction Services (Financial Due Diligence)**
Prepare financial due diligence reports typically in relation to a business being sold, either commissioned by the acquisition or the vendor (VDD report) . The purpose of this ‘due diligence’ is to understand the quality of earnings of the business for the purposes of assessing a sustainable level so earnings going forward (in simple terms, is the business what the buyer thinks it is getting). Best way to think of this team is like get a pre-purchase building inspection on house you’re buying.
**Progression and pay**
A lot of the other comments here are pretty negative on progression and pay, however I have a more positive view despite no longer being in one of these teams.
Yes it is true you will start on a fairly low salary and work pretty hard in your early years (probably ~50hrs a week), meaning a fairly poor hourly rate. However if you are decent you will progress quickly resulting in pay scaling fairly quickly relative to going into corporate, and the brand name and experience these firms provide are very valuable if you look to move externally. Many ex. Big4 CF people move to corporate strategy type roles and will leap ahead of people have gone direct to corporate which result in solid pay bumps, and even to investment banking which would result in an even bigger pay bump.
See a rough outline of progression and pay (excluding any bonuses etc.) below, based on my experience, internal disclosures, and discussions with friends / colleagues. Note some of these may be a couple years old but should be broadly correct.
Analyst (~1-2yrs exp.) – ~$65-75k
Senior analyst (~2-4 exp) – ~$85 -$100k
Manager (~4-6 yrs exp) ~$120 – $140k
Senior Manager / Associate Director (~6 -8 yrs exp) ~$140 – $200k
Basically, you need to understand your mentality and goals first before even thinking about the “big 4”, as it is a meaningless term.
You are 19, so focus on enjoying yourself and uni, take advantage of experiences and build networks.
Worry about internships when you need to, and try not limit yourself to the status quo