Audit at Big 4 - to venture out or not.

EY / Acctg
F2O2O

Go to company page EY Acctg

BIO
Vancouver. Big 4 (EY) audit.
F2O2O
Sep 23, 2020 19 Comments

Hoping for some helpful advice here and thanks in advance.

I’ve been in audit for ten years now, based in Vancouver. I didn’t know too much about different career paths back in the day but subsequently learnt about pathways that are more appealing to me, primarily strategy consulting and certain careers in finance.

I have the CPA designation and am a CFA charterholder. The Partners who are my mentors encourage me to hold my ground and continue in audit as they anticipate I could make Partner in the next 4-5 years. However, the pay during that window will flatten out and while I don’t dislike it, I’m not sure the work is the most fulfilling.

From multiple conversations I have had with consultants, I feel that I will enjoy it more. I was invited to an MBB networking event and have a referral already that should hopefully result in an application invite once recruiting opens up again, so until then I’m at a standstill.

Last year, I applied for an MBA but didn’t go through with it due to COVID. The reps at MBB emphasized that at this point I don’t really need an MBA, and that I should apply based on my specialized financial services experience (I audit FIs). I feel like something is missing if I try to apply without an MBA, especially upon review of everyone’s impressive LinkedIn profiles.

The questions for me now are:

1) Do I give up on the MBA given I have a family and the opportunity cost is quite high? Is an EMBA a useful option (granted not for recruiting, but just to have it given most peers seem to have it)?

2) Do I continue with my career in audit and aim for Partnership, or is it still worth exploring a career switch into consulting or something else that I can be qualified for (I am assuming that excludes private equity, venture capital, and tech).

Background: 10 years in audit, based in Canada, comp 135-140K inc. bonus in Canadian dollars. Any thoughts are welcome.

#audit #consulting #managementconsulting #careeradvice #transition m

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TOP 19 Comments
  • Def venture out. Big4 is a sweat shop. BCG great if you can get in. If not, top 10 MBA or bust. Either will open up a lifetime of opportunities for you and your kids. And no, it’s not the same as Big4 partner. It is way way way better and in a shorter amount of time.
    Sep 24, 2020 7
    • EY / Acctg
      F2O2O

      Go to company page EY Acctg

      BIO
      Vancouver. Big 4 (EY) audit.
      F2O2O
      OP
      Update: recruited and got an invite to interview with BCG - hope it goes well and will report back in a few months. Don’t think I can do a Top 10 MBA since I’m in my early 30s.
      Dec 18, 2020
    • EY / Acctg
      F2O2O

      Go to company page EY Acctg

      BIO
      Vancouver. Big 4 (EY) audit.
      F2O2O
      OP
      @falconnn and @ordurrr - please see my comment at the bottom for latest update. Would love your advice.
      Jun 1, 2021
  • IBM
    oddblockV2

    Go to company page IBM

    oddblockV2
    Move into M&A, deal with the pain for a few years then badge turn for a client who likes you, get a cush no accountability VP or C-level job and enjoy your life. Tech isn’t everything.
    Sep 25, 2020 1
    • EY / Acctg
      F2O2O

      Go to company page EY Acctg

      BIO
      Vancouver. Big 4 (EY) audit.
      F2O2O
      OP
      For that as an end goal, could I stay put, make Partner, and then switch to a VP role at an FI? I do think I’ll enjoy the change though (consulting or M&A) so I hear you - how to get there (since we are now past whether to get there) is the question.
      Sep 25, 2020
  • Armanino / Consultant
    ww05

    Go to company page Armanino Consultant

    PRE
    Deloitte, EY
    ww05
    Have you looked at BCG platinion? You can also look at moving to M&A with your skillset if that is something you prefer
    Sep 24, 2020 4
    • Armanino / Consultant
      ww05

      Go to company page Armanino Consultant

      PRE
      Deloitte, EY
      ww05
      Also there are a ton of.interssting compliance and program management roles in FAANG. Have you looked at those??
      Sep 25, 2020
    • EY / Acctg
      F2O2O

      Go to company page EY Acctg

      BIO
      Vancouver. Big 4 (EY) audit.
      F2O2O
      OP
      Yea EY TAS is an option for me though I have friends who moved into that and the work in due diligence is largely similar in nature except on live deals as opposed to historical information. I’m based in Canada so haven’t explored FAANG roles in depth; I assumed most of the core roles would be in the US.
      Sep 25, 2020
  • EY / Acctg
    F2O2O

    Go to company page EY Acctg

    BIO
    Vancouver. Big 4 (EY) audit.
    F2O2O
    OP
    Hi everyone - thanks for all the advice since my first post above. Quick update, I have received an offer from one of the MBB firms at the post-MBA / consulting level. At the same time, I have been informed by the managing partners at EY that I am slated to make equity partner in about 2 years (June 2023) though it could also be 3 years I think. I am currently 32, married with one kid. Any thoughts on which path I should choose?
    Jun 1, 2021 3
    • EY / Acctg
      F2O2O

      Go to company page EY Acctg

      BIO
      Vancouver. Big 4 (EY) audit.
      F2O2O
      OP
      I like your username - very apt for my situation
      Jun 14, 2021
    • BCG
      LHWr60

      Go to company page BCG

      LHWr60
      I’ve done the transition from big 4 to big 3. My personal recommendation is if you are that close to partner at big 4, stay there. Lots of uncertainty once you join MBB, whether you will like it, whether you will make to the partner. Life quality is prob worse. You have options to experience different leadership roles once making partner at big 4 as well if you are just bored with your current job
      Jun 20, 2021