Exit Opportunity for Fund/Investment Accountant at a PE firm?

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  • #1830038
    DDylan
    Participant

    Hello,

    First time post here. Here is a little about myself.

    1. Graduated from state Univ with bachelor and masters with honors and high gpa (3.8~)
    2. worked at local firm doing audit/review for about 3.5 years.
    3. currently working at a PE firm in TX as senior accountant for deals/funds.

    I got my CPA, and am studying for CFA level 1.

    One day, I just realize I cannot do the tedious debits and credits for the rest of my life. Therefore I am looking for something else.

    I know my background sucks, and is not stellar at all. I really want to go get some experience at big four or national firms. I applied around but no luck.

    Is it possible for me to transit to financial analyst type position or due diligence, as I have seen a lot of jobs for due diligence?

    Or probably I need to go to an MBA to get my life out of accounting?

    Any advise is greatly appreciated!

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  • #1830575
    fuzyfro89
    Participant

    Fund accounting… and to some extent fund “finance” (non-investment roles)can be somewhat tedious and repetitive as its the financial reporting for investment funds.

    Passing CFA level 1 will be a big plus since it will show you do have the basic knowledge of finance/econ/acct to succeed in an entry level finance role (or financial consulting) at the entry/senior level.

    Few paths to consider:
    1) financial analyst – depending on your skills in presentations, excel and general financial knowledge (in an interview setting and the type of company you are targeting), this could be easy or difficult. Some companies are cautious in hiring accountants for financial analyst roles. They will really test your overall financial knowledge and analytical aptitude… granted there's a huge variety in “financial analyst” roles… a lot are just glorified accountants anyway.

    2) business school – depending on your stats (GMAT, GPA, overall resume and interviewing), you will get an idea of the range of schools you could target… this is heavily influenced by your career choice. If you want investment banking or top consulting, you'll need a top MBA… if you're fine in a mid-level corporate role or other non “elite” job, there are a lot of schools in the top 20-75 range that could be much more cost efficient and still get access to the career change you want.

    3) big 4 / public acct firms in due diligence / M&A / financial advisory – most big 4 try to hire top performers from audit practices, a very select few straight from undergrad, and some from MBA programs (it's a bit of a mixed bag here, but the majority are top performers from audit that wanted to move into finance)… I'd certainly encourage you to start networking and talking to associates, managers, and recruiters, but don't be too hopeful since these are not huge groups with a lot of hiring needs and they fill a lot of spots internally and from other public acct firms… not because they are more deserving, just a pattern I've observed
    ….. Since youalready have a CPA, a low risk move may be to try to get into a national / big 4 firm in an audit role. It's not a silver bullet, but could help you get more recognizable experience overall, and if you really play the long game and know what you want (due diligence / financial advisory), then you can network and build toward that the entire time you are there so when the right opportunity ccomes up then you will be well positioned politically and professionally to make that happen… worst case, you leave the firm and then hopefully have some more name recognition and can try to make a move into a financial analyst / FP&A role later

    A few different paths, and they aren't mutually exclusive. If it were me… I'd shoot for moving into a public acct firm since I think the chances are good with a CPA. Also more than welcome to recruit elsewhere

    In parallel, I'd also start preparing for CFA l1 in Jun/Dec. Depending on time, also figure out when to go for GMAT and MBA applications for fall '19 or '20 admission (full time), or almost on a rolling basis for part-time programs.

    #1830707
    Joetse
    Participant

    You can easily get a job doing valuation/due diligence with your background. I have 2 friends in Chicago that went from audit at Big 4 to some PE/investment advisory/ibanking shop. I don't know what fund accounting/PE accounting is about, but I thought they paid well, and I thought it already HAD to do with valuation of private companies and analysis, since there's not really public data on it, so everything's subjective. Sure, an MBA or JD would help broaden your skillset and horizons of jobs available to you, with the MBA probably opening up the most doors. For valuation, a JD could prove more useful, or if you wanna do underwriting and focus on dealmaking, taking companies public, exit deals & divestitures, M&A deals & advisory, etc. They all need lawyers. MBA would be good for business development, management consulting, marketing, strategy, etc. Definitely would help you get away from debits and credits. For a financial analyst and to boost your skill set, there are investment banking and modeling bootcamps, you can get certs in both. Also, you can work on your programming skills, there are Python crash courses to up your IT skills as well. I agree with the advice above, Big 4 audit will open doors and networking opportunities even though you're probably beyond that in terms of skill and experience. It's more debits, credits, and ticking and tieing. Some walkthroughs and controls and a whole lot of documentation.

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