Fresh Grad Advice: Local Big 4 Strategy vs Hong Kong Transaction Banking
 

Hi there, I currently have 2 offers on hand:

1) Local Big 4 Strategy Consulting Role
2) Hong Kong based Transaction Banking Management Rotational Program

Compensation wise - The banking program definitely pays more but net of my expected rent it is about the same as the big 4 strategy consulting role.

I have done a consulting internship at a top tier firm before and I did not really enjoy it the most (long working hours, grinding excel etc.) but i recognize that exit opportunities are abundant, just not sure if the same exit opportunities applies the same from a Big 4 perspective.

Wanted to get anyone's thoughts about how would they choose between these 2 opportunities?

Thank you!

Big 4 strat consulting is, sorry to be blunt, not even close to top tier. They are overpacked, pay too little, and are also keeling from the covid situation. I would suggest the bank.

transaction banking got future?

Maybe, but I would bet on a management training program more than big 4 strat consulting

Just to be sure, it’s consulting as in EY-Parthenon / Pw -Strategy& right?

NOT their advisory arm, correct?

Because if it’s the latter, you are better off elsewhere.

If its Strategy&, EY-Parthenon etc, yes go for them.

If it's just Big 4, no.

Consultants at Strategy& and Parthenon don’t follow your usual Big 4 pay grades (A1, A2, S1...etc) like their Advisory counterparts btw.

What type of exit opps you’re looking for? If it’s to land a job at MBB then yes, Strategy& and Parthenon is gonna boost your chances compared to transaction banking.

If you’re comparing traditional Big 4 advisory and transactional banking, neither will get you close to MBB unless you decide to do your postgrad at a target MBA program and join their graduate associate schemes.

avoid big 4 at all cost. it's a trap. i was from KPMG corporate finance. it's nothing more than glorified audit. starting pay is barely higher (3.9k in 2016) and you basically do all the audit work. no financial projections, no consulting experience, nothing. pure accounting and reconciliation. stayed there for 2.5 years before I jumped to a local bank.

if you start at big 4, it's damn hard to exit to consulting or IB roles. if that's where your end goal is, then don't join big 4. start directly with the bank.

Transaction Banking.. sounds like Deutsche Bank?

Yup the offer is from Parthenon. Not sure if they are following the same scale as the usual big 4 pay grade as the starting pay is ~3.8k which seems pretty low, perhaps the post integration resulted in lower payscale.
Do you know the pay progression within Parthenon?

I guess I am looking at exit opportunities within corporate strategy/business development etc. Not really MBB as I don't think I can take the consulting life for long.