So just stick it out until you get your CPA and you'll have a lot more doors open for you (unless of course you like that FP&A job and the company, and want to make the switch now). so you can reward or punish any content you deem worthy right away. FP&A, 1) You mentioned qualified accountant, which I understand is the British counterpart to the CPA. I could be wrong, but why would anyone work 80 hours a week to make $60k a year with few exit opportunities when they could just work somewhere else (like in almost any field) for 40 hours a week and make $50k a year. get rich, have a value creation role, and increase other earning potentials, etc... Hmmm let me see if I can answer this without being too opinionated. By then, annual point-in-time examinations could no longer identify risks in a timely way. Unfortunately, as the financial crisis revealed, these risks often made their way back onto the books of the banks. Trained in all areas of banking regulation including consumer compliance and CRA. It will certainly help when you're looking to change careers, but the return will likely diminish later in your career, if it is outside of accounting. Automatic execution helps traders implement strategies for entering and exiting trades based on automated algorithms with no need for manual order placement. Reviewed financial statements, bank documents, and records. Here is a favorite old story among bank examiners: There once was a banker who, faced with a “surprise” bank examination, didn’t seem surprised at all. Examined financial statements and internal controls in order to determine the safety and soundness of nationally-chartered banking institutions. While that is a difficult question to answer with absolute certainty, we can say that a broad focus on financial stability was clearly missing in the run-up to the 2008 financial crisis. What should I do? Developed detailed risk assessment reports for presentation to Board of Governors of these various institutions. From what I've heard, the exit opportunities are limited and it is rare to break into i-banking or PE from big 4. For a trade that meets its profit target, it could immediately be liquidated or a trailing stop could be employed in an attempt to extract more profit. Verified value of collateral for loan and investment portfolios. Analyzed commercial real estate risk in bank portfolios utilizing market intelligence, regulatory data and firm MIS. That's a question you'll have to answer yourself. Evaluated the capital, asset quality, earnings and profitability, and liquidity of banks in analysis reports. I think a lot of people who leave big 4 audit view their exit op as the end goal while in reality it's just the beginning. QA - is this an american term/qualification? Examined the major banks and analyzed the market, operational and credit risk. The recruiters offering me better paying jobs with even better work/life balance think my experience is pretty good. your 2nd year should be much better than your first. Secure building? It's important that you like what you do wherever you are and still afford a decent lifestyle while you're at it. Seriously though I know that sounds whiny/tongue in cheek but I am actually seriously seriously down about my situation at the moment. Read More, Skills-based hiring practices—those that prioritize skills necessary to succeed in a role over formal educational credentials—show potential for securing higher positions for lower-wage workers and helping employers get the workers they need. Received faster than usual promotion to Operations Manager of audit team on bank examinations. Primarily for accountants and aspiring accountants to learn about and discuss their career choice. Assisted portfolio manager with performing periodic monitoring. Monitored activities at a Large Complex Banking Organization in the Second District as part of the on-site team. Audited banks and bank holding companies' earnings, capital, asset quality, internal controls, and risk management practices. Either way, you'll have plenty of options available to you, so don't listen to those that say your audit experience is garbage and won't get you anywhere else career wise. Regulated compliance; including: BSA/OFAC. Performed executive presentations on significant examination findings. Worked with a team of examiners to formulate a rating for national banks using the CAMELS rating system. Post-busy season headhunting emails are starting to arrive, including a FP&A position at a Fortune 100 company - I'm interested in the industry, perks are great, hours are less..... My goal is NOT to end up in an accounting position long-term. All Rights Reserved. Conducted interviews, provided feedback, and made recommendations to bank management on practices, products, and procedures. An order is an investor's instructions to a broker or brokerage firm to purchase or sell a security. Many people would argue that the analytical side of these jobs is actually management accounting and not finance, I'd agree to an extent. Harvest Strategy typically involves a reduction or a termination of investments in a product. I want a job where I'm fully engaged and challenged. 3rd+ Year Analyst in Investment Banking - Industry/Coverage">. 2007 – 2010 3 years – 2010 3 years As for the other positions listed, you'd need a speciality degree - Stats, Comp Sci. my first year total comp was $64K (including sign-on and cpa bonus) and my second year total comp will be around $60K in the end. The CEO of Sony has an MA in History. Big 4 exit opps other than typical accounting roles. Reviewed examination findings with Banks' Management. Interpreted insurance financial statements and regulatory framework to apply banking regulations to an insurer. You work there for a few years, get the experience, and move on to a more lucrative career, just like you would in banking. Stephen Ong is a contributing author and former employee of the Federal Reserve Bank of Cleveland. For us to succeed as a federal financial institutions regulator, the NCUA needs talented and dedicated employees who are committed to the highest standards public service. Big 4 Exit Strategy (Originally Posted: 06/30/2013). Furthermore, as an accountant you're in a support role, not a value creation role, and as such your earning potential is inherently limited. Reviewed quarterly financial results, verified accuracy of reports filed with regulatory agencies, and entered summary comments in database. Planned, supervised and performed financial and internal controls audits. My average # of hours worked per week since joining the firm has been around 45. Might be easier to get into than OCC or NCUA. Analyzed financial statements to assess adequacy of capital, quality of assets and balance sheet risks. Supervised up to 5 people in role of examiner-in-charge. Now, a tired and broken associate, I need to look at my options. Received outstanding performance ratings for many EIC assignments. Horizontal reviews have also been conducted in capital planning and adequacy, mortgage servicing, and other operational areas. ), but on a daily basis I have direct face-to-face interaction with my client's managers, controller, and CFO, and can 100% say I have learned more about GAAP, auditing, and my client's industries than you can imagine. Conducted and assisted in meetings with management and boards of directors to report examination findings and course of supervisory action. Collaborate with other finance teams to analyse revenue trends on emerging businesses, and benchmark them against the industry trends. Press question mark to learn the rest of the keyboard shortcuts. Are the exit opportunities worth it (if any)? I always wanted to work Big 4 couple years, get my CPA then move on to something else like Corporate finance (possibly get my MBA?) I would think an actuary position would likely be easier than a banking position, but I really don't know much about the actuary route. I know these things have been discussed, and I have a few threads bookmarked, but I'm sort of looking for specifics. The CFO of Brookside Capital (part of Bain Capital) is a former PWC employee. The only offer I have on the table is to be a Bank Examiner for the Office of the Comptroller of the Currency (OCC). Big 4 vs. corporate finance - exit opp? I'm part of a group called financial decision support and we do all the product revenue forecasting and essentially serve as the financial side of corporate strategy. Traded Credit Products in Market Risk and 2. (Since the days of college finance). Advisory, Hedge Fund Interview Sample Pitches - Long/Short, Investment Banking Interview Case Samples, Certified Corporate Finance Professional - 2nd Year Analyst, Investment Bank Interview - Toughest Questions, Big 4: ITRA/SPA/ERS divisions exit opportunities, Financial Modeling Training Self Study Courses. U.S. if you took your CPA you would be labeled an accountant and making the switch to IB would be harder. Completed examination reports, recommended corrective actions when appropriate, and communicated examination findings to senior bank management. No, you do not need a top school MBA to get an executive level position. Other reasons for executing an exit strategy may include a significant change in market conditions due to a catastrophic event; legal reasons, such as estate planning, liability lawsuits or a divorce; or for the simple reason that a business owner/investor is retiring and wants to cash out. Since then, the job of supervising banks has evolved and continues to do so. Edited regulatory examination reports and related regulatory products. Conducted several extensive credit reviews in investments and credit/loan portfolios in major commercial and investment banks. Do you even know what you're talking about? Prepared all or portions of the final bank examination reports Big 4 people REGULARLY become CFOs/Corporate Finance execs. Analyzed condition of commercial, real estate, and consumer loan portfolios, utilized risk rating systems. bird.... You are embellishing so much it is scary. Risks that spilled over from a bank or were transferred to the rest of the financial system were not closely monitored.