Why is Big4 M&A Treated Like a Joke?

It’s private M&A advisory and you’re not getting significant public M&A experience. You won’t be doing accretion/dilution analysis on various industries. You’ll be doing private M&A transactions where the modelling is more simpler. It’s not necessarily a joke because the M&A process is still transferable. Lots of people lateral to true IB from Big 4 M&A so it’s clearly not a joke. I wouldn’t listen to people saying this they’re just college students who haven’t even broke in yet - in the professional world no one talks like this or gives a shit I can promise you that.

Pay is shit and people often think that you are in transaction services (i.e. you just do FDD)

In the US, they aren't good bankers. They run shitty processes for mediocre companies, relative to others. They are better in Europe, Canada, etc.

Don't think pay is that bad. Probably lower than traditional IB sure, but for example I've heard pay at deloitte corp fin. (IBD) is 100k base for AN1, bonus I can't get an exact number on, some people say it's 15k others say its street (70-80) but regardless, don't think its the worst considering you're probably not working 80 hrs like traditional IB.

Just don't worry about it man

Don't ask why, just join in for the fun

I've met a partner at PwC who makes $1M for low hours, it is not a bad gig.