Buy side FDD vs Carve-Out in terms of comp and exit opps?

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Depends - buyside keeps you a generalist and leaves more doors open. Carve outs are more technical accounting focused and specialized - can mean better comp in near term but fewer doors open later. Carve outs can also mean better WLB - engagements are generally more long term and predictable. But with the downside that you’re focused on a set of financials that are kind of meaningless and more an exercise in accounting for accountings sake - they’ll get baked into an audit for a public acquirer but they don’t tell you much about the actual asset being acquired

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Thanks for the explanation, this is very helpful.

Comp is pretty much the same while at a firm. Exit ops are where things get different.

FDD has broader exit ops and can take someone outside of accounting-heavy roles whereas carve-out work is more specialized and will open doors to more technical accounting roles or potentially SEC reporting roles if you’re doing carve outs + IPOs.

Both have lucrative exits, but it seems like FDD has higher earning potential, especially if someone goes the IB route. Of course, IB comes with worse WLB.

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