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The only distinction is that fso provides services to financial services clients. No distinction in prestige, pay, hours, etc. Think of it more as a geographic location and if only financial services companies were in that location. It's pretty stupid imo.
What EY1 said is correct. Regarding work-life balance, if you go FSO and you’re in NYC, you will likely be in busy season year-round. Of course, this can still happen in Core Assurance, but there’s a higher chance of it happening in FSO with how funds issue their financial statements.
Wealth and asset management seems to be busiest group within FSO, followed by banking and then insurance.
I always heard that BCM teams worked 80-100 hr work weeks during busy season, but relatively chill for the rest of the year, minus the quarterly filing stuff.
Never wanted to do that or INS, so went WAM so I didn’t have to go to the client site (due to dealing directly with fund admins) with the expectation to work 55-60 hours a week for busy season. However, fund filings happen all year long and before you know it, you’re working 55-60 all year long.
It’s fine if you know how to manage your time properly, but its also getting kind of annoying.