Is it time to give up - B4
Sorry if this seems elitist, but posting for advice.
Quick background: Graduated from UK target in summer 2023, did second year SA at large MM in IBD (but no return/terrible headcount), and graduated with nothing initially and also with p shit grades. Still, however, somehow secured a convertible EB off cycle after a few months of hard OC recruiting after grad. Finished the OC a couple months ago but unfortunately didnt manage to convert it due to some bad first impressions I made.
In a brief moment of panic after results day last year, I had applied to a Big 4 audit role and got an offer to start in september 2024, but never really believed it would resort to this when I saw how many interviews I was getting for OCs despite everything and got my EB OC offer.
Recruiting season has just restarted now(didnt rly recruit during my OC as I didnt want to mess up) and I'm still somehow, maybe even undeservingly lol, starting to get a bunch of interview invites for more IB OCs but realistically, given most OC apps for the coming cycle are still not yet advertised and I missed most of september OC recruiting except for the few interview processes I'm in rn, if I do get another off cycle, it would prob take some more months to come through. (genuinely believe I have a decent chance given the number of interviews I get though its obvs far from guaranteed).
On one hand, I logically know that I am not in a great position being unemployed a year out of uni however, I know Big 4 audit is really really not what i want to start my career in after all this recruiting craze over the past 4 years.
It's honestly making me go into a sort of panic driven depression even just after receiving the offer call. Not just due to prestige, also the fact that I literally hate accounting.
I know I could maybe recruit while working and starting exams and technically quit after a few months etc, but feel I may have better chances w recruiting if I just decline the Big 4 role/quite scared to go into a new job w this plan too if it may be seen badly in the future or fuck up my exams.
Usually try to not get too emotional about careers/apps but I feel like starting here(esp if I fail to get out asap) would really really make me lose every bit of confidence in myself that I ever had as I recruited so hard and did all these internships during uni just out of determination to NOT end up in accounting. Not interested in the long route into IB as it's the exits which drew me to IB initally/the 0 WLB of IB is not worth it for me in 6+ years.
Any suggestions appreciated, thanks for reading!
B4 in the UK is rough, outside of the prestige stuff that you are concerned with, the comp is bad and hours can get long certain times of the year. Out of interest, why did you apply Audit instead of Deals Advisory at B4?
I don't know what I would do in this situation - but I would also consider other options. Theres tons of roles that are worse than IB, but are better than b4 that could be attainable due to you having the SA and OC on your CV. Perhaps you could broaden your job search to more divisions and roles
Grades were genuinely low and Big 4 doesnt look at CV so just need to apply with name and grades so went for it as an ultimate ultimate backup. At the point I applied to the B4 role, I also had no clue that even BBs/EBs would interview/offer me places despite the grades honestly.
The thing is due to my grad date, most grad schemes dont seem to accept me (only IB seems to have off cycles which are flexible with grad date) and with regards to recruiting even besides this, i seem to get most interviews for Ib given my CV - like to the point that I've literally interviewed with every single bank for IB before but nothing else even when I shoot out apps for AM/ER/PE etc though I do fewer of these ofc. What sorts of other roles do you mean? Just to be clear, if I took the Big 4 job, I would still recruit as hard as ever for more off cycles/other FT jobs and would personally quit asap.
If ur ok with pming, lmk and can chat there, thank you!
Do you have a 2.2 or something
Yeahh super narrowly missed a 2:1 but still getting interviews from loads of IBs incl top banks despite this somehow so not rly sure what to think lol....
Think many firms have removed official requirements this year but then again I've also gotten interviews w the achieved grade on my apps for firms which need a 2:1.
Literally only reason I applied to this B4 audit job tbh. Any thoughts/advice appreciated - can be honest w me haha.
Okay. Do the Audit job because the requirement for a 2.1 is a hard one. On balance, when comparing your CV to others after interviews (because it is so competitive) you'll probably be dinged for the grade.
Do B4, get qualified or certified or whatever it's called and then lateral over. If you decline the role and you don't get any IB you won't get anything.
Thanks for the thoughts - also found that many smaller MM firms/boutiques dont even ask to enter a grade at all.
Once in the interviews, I have usually progressed to the next round in every interview which I felt went well too.
But agree with you overall and prob will accept for now. Honestly ik I brought it upon myself by screwing up uni so do take responsibility for that but the EB OC offer gave me sm hope again after results and now just struggling to have to keep changing expectations up and down so drastically.
Out of curiosity, if I had a 2:1, would you have advised me to reject the job?
They would find out your grade in background checks, so no way of getting around it.
No, my advice wouldn't have changed. I think it is always better to have something secure. You don't want to end up in a situation, 2.1 or otherwise, where you threw away stability.
Edit: on balance I would say you don't want to go to boutiques or MM banks either. So many people I've seen go to them just end up staying there or hopping around similar banks e.g., someone at Mizuho then goes to ING and so on.
Go for B4. Do your exams and then lateral to a BB.
Ah ok, process may vary per bank as I passed my last EB background check after 2:2 as it just checked that I'd been fully honest about everything on the app incl grades - which I 100% had been. But could v well be diff for each bank so no point arguing about this I suppose.
But anyway, just out of curiosity, do you really think getting into a BB after 6+ years on B4 salary is better than starting/staying at an MM?
Not saying you are wrong as it's just down to personal preference ig but just v surprised u think this. Not only would I have thought moving from MM to BB is 100× easier than from Big 4 audit to banking, but I personally would prefer being at an MM and then maybe going to LMM PE/corp dev roles to have a WLB than struggling on B4 pay+doing accounting exams for years just to move to a BB doing IB and have no WLB at 27+ as the whole move takes a while. Not to mention it's extremely competitive too to even make that move and you may become stuck in accounting. Perhaps those people moving from ING to Mizuho didnt want a BB and found working at an MM a good balance between having great pay but at the same time, not going completely insane with hours?
Overall, I agree w you that I'm not going to decline the job now simply because I have nothing else, but just curious regarding the reasoning behind your thoughts on the above regarding MM vs BB, thanks for replying:-)
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