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In Tax, depends what you want to do, corp or partnership? I have seen people leaving from both groups doing well. WAM going to hedge funds and BCM going to investment banks.
I am in BCM assurance. just wondering whether I need to switch to WAM for a better exit opportunity
To be clear, when you have “left for hedge funds” out of WAM, you will be in the back office. Probably start at 75-80k but very little upward mobility.
Neither are particularly great. BCM probably puts you on a better track to CFO, WAM gives you potential (unlikely) exit opps to middle office at a venture/PE shop. Your likely exit opps for WAM though would be fund accountant.
Does a senior fund accountant generally make more than a senior accountant in a bank? Do they have the same work hours?
Banking and capital markets isn't only banks. It's broker-dealers and prop firms as well from my understanding. A good move would be to get a job as controller or CFO at a small to medium sized prop shop. Get some operations experience and move into an executive position at a larger one. Wam gets you into fund accounting mostly but not necessarily. It also depends on the level you leave at.
I know an EY SM that left to be a manager at a Chicago based fund accounting firm. I would not be able to do that. I'm planning on doing the route I mentioned above.
I'm in WAM. Lots of friends have left for hedge funds
EY3- at what level did you friends leave and how much were their starting salaries in the new jobs?
That's not true, one is a controller and the other is a VP
If you leave as a senior, then maybe.
Assuming by VP you mean some sort of senior analyst role, that is the extreme exception and not the norm. Hedge funds are looking for people who have cut their teeth at BB on Wall Street, or at least have a CFA/equity research experience. Audit to front office asset management, while not unheard of, is not a realistic exit opp. Controller is doable, but that’s a back office role.
@EY1 neither of them are front office roles. It's impossible unless you go back for MBA. My point was that you still have the option to become a controller/CFO within hedge funds and private equity firms. Very similar to non-FSO exits