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Pwc ke fyde in this comment thread!!
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Rising Star
Advice needed - boyfriend has almost 3.5 years of finance experience at a bank. Interviewed for PwC valuation senior associate and now recruiter says they want to hire him at “experienced associate” because he has no valuation experience. Is this too big of a step backwards in career? Should he push back and see if it gets him anywhere? If he does accept Associate, is it reasonable to ask for written, definitive timeline (1 year?) for promo to Senior upon meeting standards? Help!
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has to be independent. They're doing their own diligence too. The qofe reports are utilized for financing. Wouldn't make sense for it to be from the firm. example: why don't internal auditors issue their own audit reports.
It is a preference. It is certainly not required.
I’ve done deals at my public company with no external finance/tax and used that to bind. There may be an initial hurdle to clear that you are competent, but after that it’s the same concept of proving sufficient procedures were done.
The bigger thing for funds is building that sort of competency takes effort and the savings/time invested being way less return than just sourcing and executing deals well.
CPA firms are cheaper than hiring an in house team(s)
The cpa firm fees goes into the transaction costs so it costs the investment bank nothing.
Because tax laws are always changing and staying on top of the latest changes and ensuring people know how to apply them requires significant overhead. It’s simply better for a firm that specializes in tax due diligence to do the work. It’s a bit like asking why Walmart doesn’t own farms.
Cuz it’s not easy to calculate tax.
Somebodys gotta do the dirty work
In addition to points others have raised, in house teams don’t always have the resources or expertise to handle.
Investment banks don’t hire CPA firms.