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If you are doing IB it’s Big 4 FDD and then IB. No question. You do IB as soon as possible and as early as possible.
A&M FDD only if you can’t land IB. As you said B4 FDD is a requirement for A&M. By the time you get to A&M, you are probably older/burnt out to even consider downgrading your work life balance significantly to go to IB.
Pathway to IB is always big 4 FDD and leave to IB as soon as possible. Don’t even think about A&M if you goal is IB, leave directly from big 4. Nobody wants to be grinding in IB as an analyst/associate when ur close to the age of 30 with a family and kids.
Honestly, comp aside. Type of work is also important here. A&M you are churning out repetitive QoEs and diligence reports, IB you are actually running the deals, it’s a totally different job and experience.
There is no point even comparing A&M to IB their totally different jobs. A&M pay is great, IB pay is better and leads to even greater rewards with the right path. Take your pick, but people also need to understand that A&M is a much easier to get into than IB. As bad as it sounds, BB/EB IB requires pedigree (Ivy league/M7/Etc) most at A&M won’t can only dream to get there or even compare to IB even though they make great money, but no matter how much you make, IB is still a dream for most.
A&M makes great money doing a check the box exercise. Just because you make more due to bonus structure does not mean it’s remotely in the same league as working in BB/EB IB or PE. There are smaller IB boutiques out there that offer % bonus on deals that would give VPs or Associates multiples more than A&M based on deal fees.
Yes you can say A&M is great due to pay structure. Should not be compared to MBB/BB/EB it’s a different league. You can compare the two if you can easily get those jobs, but from A&M, getting MBB/BB/EB is rare if not possible even though pay can get closer.
The exit opportunities you get from Big4 will be far better than A&M because you get to work on bigger, more complex deals. Also, like it or not, the Big 4 “prestige” generally carry more weight for people outside of TAS, including MBA if you decide to get one. If you want to stay in TAS then go to A&M.