Different departments in audit

ManwitaPlan

Im starting as a grad in a big 4 firm this year and last week I got assigned to my department within audit.


I got assigned to financial services which is the one I really did not want:(


I had my heart set on another department....Im just wondering would it be possible to transfer to another department. Does this happen often?


Also if its not possible is there that big a difference in the work done and the experience?

Thanks.

Interyurauldone

I'm a senior in an FS audit department in the IFSC, it's not that bad the work includes banks(which are by far the most interesting imo), aircraft leasing, funds, venture capital, insurance, financing companies and pensions. I remember getting my letter in the post telling me i was going to FS and i wasn't that impressed either but i'm glad now.

Chances are you'll get put in a group that specialises in one or two of the above areas. In terms of a qualification I think FS experience is well up there. People leaving my firm are all getting placed in positions here and in places like Canada, Dubai, Bermuda, and the Caymans.

So don't despair it might just work out for you.

ManwitaPlan

Interyurauldone wrote: »

I'm a senior in an FS audit department in the IFSC, it's not that bad the work includes banks(which are by far the most interesting imo), aircraft leasing, funds, venture capital, insurance, financing companies and pensions. I remember getting my letter in the post telling me i was going to FS and i wasn't that impressed either but i'm glad now.

Chances are you'll get put in a group that specialises in one or two of the above areas. In terms of a qualification I think FS experience is well up there. People leaving my firm are all getting placed in positions here and in places like Canada, Dubai, Bermuda, and the Caymans.

So don't despair it might just work out for you.

Thanks Interyurauldone,

The more I think about the more Im in two minds about it. I dont want to do anything rash and it seems FS does have some advantages.

Its hard to choose having not worked in either so anybody sharing experiences/opinions would be greatly appreciated. I just felt working in one of the other non-FS areas would give me a better overview of how business works which is what Im most interested in.


Post qualification how big a bearing does it have on future prospects? Like if I worked FS would I be pigeon holed into finance for the rest of my career (e.g. would it be more difficult to get a job in a manufacturing company?) and if I worked in a non-FS area would it mean my chances of getting a job in a bank (or places like Cayman Islands that focus more on finance) would be hammered?

Interyurauldone

ManwitaPlan wrote: »

Thanks Interyurauldone,

The more I think about the more Im in two minds about it. I dont want to do anything rash and it seems FS does have some advantages.

Its hard to choose having not worked in either so anybody sharing experiences/opinions would be greatly appreciated. I just felt working in one of the other non-FS areas would give me a better overview of how business works which is what Im most interested in.


Post qualification how big a bearing does it have on future prospects? Like if I worked FS would I be pigeon holed into finance for the rest of my career (e.g. would it be more difficult to get a job in a manufacturing company?) and if I worked in a non-FS area would it mean my chances of getting a job in a bank (or places like Cayman Islands that focus more on finance) would be hammered?

I fully understand your anxiety I was exactly the same. TBH I dont think you have much hope of getting out of FS before you start your contract. Maybe during your contract you might weasel something like a secondment to another department but i can't see it happening before you start, even if you ring up and plead with HR!! You'll already have being assigned to a sub-group etc.

Regarding you're question on future prospects, it would be much easier to get a non FS Job post qualification with only FS experience then to get a an FS job in somewhere like the Caymans with no FS experience.

I know plenty of people who have left our place and got jobs in non fs positions. But i don't know of any one who have got a fs job after coming out of other departments. It did happen in the boom years but its now an employers market so FS experience for decent FS jobs is a must.

tryple5soul

I am a senior in a big 4 and I joined as a graduate recruit. Technically, I don't know if you can change your line of service before you start, but I do know a few friends (very few) who managed to transfer to other lines of service. Everyone has a counsellor (usually a manager) and you can discuss this. My friends were only allowed to transfer after 2 yrs. Recruitment is done based on a budget and the need within the different lines of service which is why it's very difficult in the beginning. Personally, I've worked with clients in pretty much all lines of service and my favorite happens to be FS....go in with an open mind. You might really like it.

Hackysack

I've finished my first year in Financial Services in one of the big four. It ain't easy.

there's a hugely different form of terminology and if you're going to be studying Auditing, it's not going to be as useful to you for exams as opposed to other people in other departments.

Depending on what big four job you have, If you're by any chance offered to start on a different starting date, by all means accept it. I was supposed to be in a different department but I was asked to start a week early and I did, so I was moved to FS.

But yeah. My advice would be to avoid FS if you can. The other non-FS departments always seemed much more interesting to me.

Running Bing

edit:

ManwitaPlan

tryple5soul wrote: »

I've worked with clients in pretty much all lines of service and my favorite happens to be FS....go in with an open mind. You might really like it.

Why is FS your favourite Tryple?

I've finished my first year in Financial Services in one of the big four. It ain't easy.

there's a hugely different form of terminology and if you're going to be studying Auditing, it's not going to be as useful to you for exams as opposed to other people in other departments.

Depending on what big four job you have, If you're by any chance offered to start on a different starting date, by all means accept it. I was supposed to be in a different department but I was asked to start a week early and I did, so I was moved to FS.

But yeah. My advice would be to avoid FS if you can. The other non-FS departments always seemed much more interesting to me.

I had a feeling there would be a lot to learn in FS but tbh Im quite interested in financial markets and the various products traded so I would like to learn about all that stuff and would view it as a positive.

Aside from that are there any other downsides to working in FS Hackysack?


Thanks for the replies fellas.

Theboinkmaster

I trained in big 4 and now in industry 2 years - trained in audit dept that does traditional companies, non - FS

IMHO unless you're certain you want a FS future avoid it like the plague as post qualification, in these times, it would be immensely difficult to get an industry non-FS role as you're competing with big 4 graduates who have experience with traditional companies, auditing stock etc.

Keep your experience as broad as possible at the start of your career and only specialise later on. For example if you train in PwC CIPS, MMAS or TICE you'll get any job you want, including FS ones (I found this when looking after leaving). However train in funds, insurance or banking and you'll be quite limited when looking as you're at a severe disadvantage. The reason for this is the experience you gain in non-FS is transferrable to FS but not the other way round.

At this stage I doubt you can change as you've already accepted the role so unfortunately I can't really suggest what to do. Perhaps once you get into the firm actively try to get non-FS experience.

Best of luck

Mark1916

Im currently working in a "Big 4" and Im also in the financial services part of audit (im a first year). I have to admit its not all bad, im mostly dealing with funds, insurance and a couple of stockbrokers IT CAN get a tad tedious from time to time but so far I enjoy it!

ManwitaPlan

One option I would like to keep open for the future would be eventually moving to corporate finance. What section would be best for that?

Also how much time are you in/out of the office? I imagine it would be less for FS?

Interyurauldone

ManwitaPlan wrote: »

One option I would like to keep open for the future would be eventually moving to corporate finance. What section would be best for that?

Also how much time are you in/out of the office? I imagine it would be less for FS?

Restructuring maybe, but CF and Transaction Services are doing nothing at the moment.

Since GPA the Aircraft Leasing sector is based out of the business parks at Shannon airport so if you get put on those clients you could spend anything from 6 to 12 weeks there.

All the major banks are in Dublin and a lot of the other clients are based in the IFSC but a large amount of work is still carried out from clients premises. So you'll still spend time out of the office, for me i average about 6 months out at clients each year