Why does the financial advisory (M&A) team in traditionally accounting firms (i.e GT/BDO/B4) pay so much lower than mid-market investment banks who do the same type of financial advisory work? Where do all the fees go to?

like
Posting as :
works at
You are currently posting as works at

There’s a few things:
- Volume of work is lower so annual total billings per fee earner are lower.
- Pyramid is seen to be a bit steeper, Partners take home significantly more relative to more junior employees.
- Risk mitigation. When the M&A market isn’t as buoyant the low-margin, low-risk aspects of big-4 like audit and managed services keep the M&A teams funded, which in turn means people swallow lower wages for better job security. When M&A does well, profit is shared back to those other equity partners who have hedged risk.

like

Related Posts

I come from a pure healthcare background and have minimal finance skills/experience. Want to eventually get in healthcare investing in a MM PE fund.

Is there anyway that I can start to make moves on this, while at my Big 4? Who are the best types of folks to reach out to at my Big 4?

Anything I should get smart on? Websites, podcasts, books to read?

like

Senior Risk Consultant + CPA at big 4 (4 YOE) looking to break into IB with no Deals experience. Would appreciate any tips, tricks and resources for interview prep and beyond. I have an interview coming up with an MM bank in their Real Estate group. TIA

like

Is there a difference in comp and “prestige” between BCG and BCG Platinion? What’s the perception of BCG Platinion within and outside of BCG? Boston Consulting Group BCG Platinion

like

So I’m in industry from big 4, and a colleague with same yoe comes from MBB. High paying tech firm. I think I work harder and produce quality content at speed, but they can hold executive conversations that tend to impress senior stakeholders.

Big 4 produces work horses and MBB produces leaders. Also they could be a work horse too since I don’t have full visibility.

Anyone have similar experiences or do I just suck at executive stakeholder management?

like

Hey everyone, I’m looking for a referral for tech consulting, have 1 offer from another B4 and I’m in my last year of undergrad

like

Anyone here who made the exit from Big 4/MBB consulting to a VC? If so, I’d love to hear about how the experience is so far. (Not to mention the WLB and comp!) I’m considering a career change but have no one in my network I can go to for insights. Thx! 🙏🏾

like

Hello Fishes,
I received a call for interview from Deloitte. However I don't have all the skills/exposure mentioned in JD. Has anyone cleared an interview with similar scenario in big 4?

like

Question to the group: what is the current pay for intl tax manager in Big 4 in high living cost areas ( e.g. bay area)? Currently in a national firm, the annual total compensation is about 150k with law background.

like

I just finished undergrad freshman year at Emory University with a 3.36 GPA. It was primarily my first semester that brought me down(Got a 3.1 first semester and 3.7 second semester). I'm really scared that I have down my prospects because of the first semester. I feel like I have no shot at things anymore. Initially I wanted MBB(MBB recruiting picked up a massive amount at Emory undergrad this year) but I know there's no chance. What should I do to have some shot at Big 4 consulting

like

Hello!
I was wondering what kind of contractual or other barriers I might face if I apply for one of the big 4 while working on a project with them in my current company.
I am not too involved in the project but I was in a few meetings and went on a field trip with them as well.
The position that I am applying for is in a different team and city.
Will this considered “poaching” if the consulting firm hires me? Would they need to talk to my current employer?

like

Got a verbal offer from a big 4 a month ago, discussed salary expectations 3 weeks ago, still no offer letter. Firm has to let me know it should be coming soon. Are these normal timelines?

I have recently left Big 4 Consulting few months ago (5+ YOE) and joined a boutique. I am not enjoying my role here - is it bad to leave after 6 months?

like

Currently accepted an internship at a firm for the winter and also just accepted a separate internship over the summer with a B4 firm. Should I inform the other firm that I already accepted a later internship with a B4 firm or keep it to myself until the internship is over? They are totally different positions and I wanted to have some experience with both but worry they will take it wrong.

like

What’s a good comp package for a Director level industry role non HCOL? ~11+ years of experience in big 4

like

What are the exit opportunities in industry for big 4 ITS by level? (i.e. Senior, Manager, Sr. Manager, Director?)

like

Do VC funds value consulting experience? Weighing staying in Big 4 consulting vs going to a startup, while I try to crack into VC

like

Hi everyone! I am a newly promoted senior at a B4 firm. Thought I might post in this bowl about being interested in referrals. Not sure how it works in consulting, but I feel like it’s an industry I’d like to get in. So if anyone is looking to refer someone, I’d appreciate getting in touch with you!

like
like

Risk assurance senior and planning to leave for industry to do security compliance soon. Would want to come back to big 4 to do security consulting, how should I plan out my career route? Just a lost young soul who graduated from college 2 years back...

like

Is there such things as FP&A positions in Big 4? If so, are there better times to make the change than others (I.e. at senior vs manager)? I’m currently in FP&A and looking to work at a Big 4, or another company that offers the ability to move abroad. My current company and many others I know about do not offer the mobility to do so until much later, which is not what I want. Thank you.

like

More Posts

Hello,

Can someone give me an overview of what Internal Audit does? Received an offer for IA and currently work in External Audit. Want to know the differences between the two.

like

Hi,

How is this designation. How is the work life balance, growth & internal hike in Schneider Electric . Also, what will be the in hand salary in this CTC. YOE - 6.8, Tech Stack - Salesforce. The HR literally argued & gave me the exact same CTC which I had already from another company. How is the work culture here . Location - Bangalore.

Thanks.

Post Photo
like

What is the difference between pepsico PIH and GBS in India? Which is better for growth?

Difference between a Solution Architect and Technical Architect at SF

Just initiated the conversation with Salesforce recruiter and other than some Industry focus for the Solution Architect - did not see much of a difference between the job descriptions for these 2 roles

This would be for L8/L9 level.

Can someone help understand the difference in day to day work?
TIA

like

Any one got the retention offer from TCS ?

like

Hi All, I’m thinking about getting certified in change management but not sure if I should go the Prosci route or CCMP route. CCMP is a lot cheaper compared to Prosci but would it measure up just the same?

I guess it would be similar to the discussion of the SHRM-SCP vs SPHR.

like

Should I be concerned about abusing adderell? I was depressed/lacking motivation and needed to get some deals done and my hours up ASAP. Convinced my doctor I had ADHD, so I now have a legal prescription. I feel so much better, and am getting so much accomplished. No judgement please. We all know this is a high stress, high pressure environment.

like

For a writing sample: Is it better to use a motion that you won, or a motion that may reflect better writing/analysis, but that you lost? Does your answer change if the winning motion is more recent than the losing one?

likehelpful

Which one to join PWC or NCR Corporation?

like

Thoughts on Residuals clauses in NDAs? (Ex.: X will be free to use and disclose for any purpose the residuals resulting from access to or work with Company’s Confidentjal Info.” Refers to ideas, concepts, techniques retained in the memory of people unaided by CI. Do you strike?

likehelpful

Hi, what salary can I expect for 2 year full stack developer experience at a product firm. It would be great if someone can give an insight.

like

How many billable hours per week is considered at capacity? I’m getting pushback on boundaries I’m setting about additional matters and marketing work from my firm when I’ve been billing 60-75 hours per week for the last 6 weeks, and I’m still behind on my work. I feel like it’s reasonable to not kill myself further to fit in more/turn things around faster at this point, but am I being unreasonable? I expect my workload to remain at this level through the end of the year at least.

like

Top companies or types of companies for consumer insights/analytics? E.g. in terms of opportunities to learn, general progression, salary, etc

like

Start my new job tomorrow and provider administrator assistant, I’m excited

like

Joining Accenture Strategy in the Fall – any notable benefits I should be aware of?

How much Joining bonus @eli lilly offers if joining in <45 days?
It has clause that we need to return amount if leaving before 1 year or 2 year?

Do they provide relocation bonus?

@eli lilly company

like

Guys, When you match/accept requests/ start talking to a girl and go MIA is it becoz you have multiple options? Would the world be not better if you just said yes or no and close the convo instead of

like

Obviously hard to predict but how do people think the M&A market will look when restrictions begin to lift and we go back to something closer to our previous “normal”? Increased or decreased activity?

like

Hopefully the lines are shorter than the covid drive-thru testing centers 😬

Post Photo
like

Is 27 LPA for Senior Con 2 is good in Capco

YOE - 11.5 years

Additional Posts in Londoners in Consulting

How is WLB and pay scale at Accenture as compared to B4s? (Asking for HR Transformation profile)

like

F 39 I’m officially on search for a husband (shamelessly). What do you guys like in a lady, what kind of look grabs your attention? What do I need to wear?? My male friends tell me I need more revealing clothes! 😂

likefunny

Hey Fishes !

Temporary accommodation in west Drayton vs Brentford (along A4 highway)?

Any thing to be warned about while making a choice ?

like

Anyone play fantasy football? Would anyone be interested in a bowl / mini league? I’m guessing there are some good data analysis skills being put to good use out there.

How much is a good amount (% wise) to be putting into your pension pot? Would be good to hear at different salary brackets!

like

What’s the best credit card for points in the UK. I’m from the US and have the Chase Sapphire Reserve and the Marriott Amex

like

Thoughts on long-term (5-30 years) fate of the market for consulting in London? I’m considering a move from outside UK but some have argued that London market is “just a fight over the increasingly diminishing pie”, despite the temporary uptick in consulting work now to deal with corona& Brexit. Perhaps I should hit Asia or US.

like

Hi Fishes,

Does anyone have worked at Vivid Economics or know about the company? There's very limited information/reviews about it. I was wondering if anyone could give me some insights, eg. the culture, people, the benefits, etc. Much appreciated!

like

Can anyone please refer me to Transaction services role in London? I have 5 years of audit and 9 months of Transaction Services experience. Thanks!

like

What careers pay the best in the Uk?

like

I’m relocating to London and would love to hear recommendations on neighborhoods. I am looking for an “urban village” feel (small coffee shops, not very touristy, can walk a dog and stroller) with a budget of 3K for a 1-2 bdr. My commute would be into Soho. I am currently looking at Notting Hill, Chelsea, and St John Woods, but I won’t be able to visit before my move. Any neighborhood recs?

like
like

Accenture vs ZS for WLB?

I have technology backgorund but if ZS WLB is good might consider strategy too.

like

People who live with housemates / have a garden. Does it get noisy / do you find people in the garden earlier than (we) finish, that distract you from your work?

Also, living how is living next to a secondary school? Noise / traffic etc?

Thanks

like

Hi, I posted in the Partner bowl, but that tends to be more US centric so haven’t received a response. Anyone know what the total comp is for a new partner at RSM?

like

Does BAE Systems consulting arm having much presence in public sector consulting? I see them working with a bunch of public sector clients but interested how they compare to the likes of Deloitte

like

What is the base pay for Senior manager in Accenture ?

like

Working as CAL Manager with Accenture S&C India. Offered ~GBP 76.5K (fixed plus flexi) at Manager Grade by Deloitte London.

Prior to Accenture, I have already served as S&O Manager with Deloitte India for ~1.5 yrs - so this would be my second stint with Deloitte as Manager "again".

2 questions:
1. Should I ask for Senior Mgr (AD) grade - to which they have already said NO
2. Is GBP 76.5K sitting at the lower end of M grade in Deloitte UK? What should be a good expectation for the role

like

I have a first round at Oliver Wyman as an experienced hire coming up (for their London office), in their M&A operations practise. Any tips on what to expect and how to prepare?

like

I have recently left Big 4 Consulting few months ago (5+ YOE) and joined a boutique. I am not enjoying my role here - is it bad to leave after 6 months?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal