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For those in audit, what business unit should I select - core Audit, Banking & Capital Markets (B&CM) or Asset Wealth Management (AWM)?

+ What should I consider when making this decision?

This is specfically for PwC but anyone with knowledge please do respond, thank you.


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ANTARU’s Answer

Greetings,
Choosing a Business Unit in Audit at PwC
When deciding between Core Audit, Banking & Capital Markets (B&CM), and Asset Wealth Management (AWM) at PwC, it's essential to consider several factors that align with your career goals and interests.

1. Career Interests and Goals: Reflect on what excites you most about auditing. If you have a strong interest in financial services, B&CM might be appealing as it focuses on the banking sector and capital markets, which are dynamic and complex. On the other hand, if you are more inclined towards investment strategies and wealth management, AWM could be a better fit, as it involves working with institutions and individuals on their investment needs and financial planning.

2. Skill Development: Consider the skills you want to develop. Core Audit provides a broad foundation in auditing practices, which can be beneficial if you are looking to build a versatile skill set. In contrast, B&CM and AWM offer specialized knowledge that can enhance your expertise in specific areas of finance, potentially making you more competitive in those sectors.

3. Market Demand and Opportunities: Research the current market trends and demand for auditors in each area. The financial services sector, particularly B&CM, often experiences fluctuations based on economic conditions, while AWM may offer more stability due to the ongoing need for wealth management services. Understanding the job market can help you make a more informed decision about where you might find better opportunities for post-graduation.

4. Work Environment and Culture: Each business unit may have a different work culture and environment. Core Audit might provide a more traditional audit experience, while B&CM and AWM could involve more client-facing roles and dynamic interactions. Think about the type of work environment where you would thrive.

5. Long-Term Career Path: Consider how each option aligns with your long-term career aspirations. If you see yourself moving into a specific niche within finance, such as investment banking or wealth management, choosing B&CM or AWM could provide a clearer pathway. Conversely, starting with Core Audit might offer a broader range of experiences that could be beneficial in the long run.

In think you should weigh your interests, desired skill development, market opportunities, work culture and long-term career goals when making your decision. Each unit has its unique advantages, and the best choice will depend on where you see yourself thriving in the future.
Thank you comment icon Thank you! Rae
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Jessica’s Answer

Hi Rae,

This is a great question! I started at PwC in the BCM audit practice, and then moved to the AWM practice after about 6 years. Both groups are great and it depends on your interests but I found that the AWM practice was a bit more dynamic, which I liked. Within AWM, there are a lot of areas, such as traditional funds, alternatives, corporates, real estate, etc. For me, this was great as I was able to learn about/get exposure to all types of entities and products, which I believe has helped me become more well rounded as a professional.

Good luck to you!
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David’s Answer

Hi Rae

When deciding between **Core Audit**, **Banking & Capital Markets (B&CM)**, and **Asset Wealth Management (AWM)** at PwC, here are some things to consider for each business unit:

1. **Core Audit**
- **Focus**: Core audit involves working on financial audits for a variety of clients across industries. This is the most traditional and broad role in auditing, and you'd be working with financial statements, assessing internal controls, and ensuring compliance with accounting standards.
- **What to consider**:
- If you're looking for a broad understanding of different industries and want to work with a variety of clients, Core Audit might be a good fit.
- It's a great choice if you're interested in gaining foundational auditing experience before potentially specializing in a specific industry.
- It can be repetitive, but you'll gain strong technical skills in accounting and auditing.

2. **Banking & Capital Markets (B&CM)**
- **Focus**: B&CM focuses specifically on clients in the banking and financial services sector, including investment banks, retail banks, hedge funds, and more. It involves dealing with complex financial instruments, regulations, and unique challenges within the financial world.
- **What to consider**:
- If you're interested in the finance industry and want to work with major financial institutions, this could be the right fit.
- You'll gain specialized knowledge in financial markets, capital markets, and regulatory compliance, which could be beneficial if you plan to pursue a career in finance or investment banking later.
- The work can be more fast-paced and demanding due to the complexity of the clients.

3. **Asset Wealth Management (AWM)**
- **Focus**: AWM focuses on clients in the asset management and wealth management sectors. This includes managing portfolios for individuals or institutions, and providing services related to investment management and financial advisory.
- **What to consider**:
- If you have an interest in investment management and the personal finance side of things, AWM is a great choice.
- The work will involve a mix of financial auditing and advisory, with a more client-facing and consultative approach than traditional auditing.
- It may involve working with high-net-worth individuals or institutional clients, so strong communication and analytical skills are important.

Key Considerations:
- **Career Goals**: Do you see yourself pursuing a career in a specific sector like investment banking, asset management, or general auditing?
- **Interest in Specialization**: Do you want to specialize in a particular industry or keep your options more general? B&CM and AWM are more specialized, while Core Audit offers broader exposure.
- **Work-Life Balance**: Different business units may have different demands. Some roles in B&CM and AWM may require longer hours or more intense periods due to client demands.
- **Skill Development**: What kind of skills do you want to develop? Core Audit is great for foundational technical skills, while B&CM and AWM will require more industry-specific expertise and could set you up for specialized roles later in your career.

Given your current career interest in finance and possibly accounting (public accounting, CPA, or corporate finance), **B&CM** or **AWM** might offer more direct exposure to the financial world and could help you gain deeper expertise in the areas you're considering. But **Core Audit** could be a solid foundation if you want to build a broader skill set before narrowing your focus.

What are your long-term career goals in finance or accounting? That could help narrow down the choice further!
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Reckelton’s Answer

When considering a move to consulting at **PwC**, here are some key factors to weigh:

1. ✅ **Career Goals**: Does the consulting role align with your long-term objectives? PwC offers diverse paths—strategy, risk assurance, tax advisory, and more. Think about how the role fits into your overall career plan.

2. 💼 **Skill Transferability**: With your tax and accounting background, consider how your skills apply to consulting. PwC values expertise in financial strategy, risk management, and compliance—your existing knowledge could be a strong advantage.

3. 🔍 **Work-Life Balance**: Consulting often comes with demanding hours and travel. Are you ready for the lifestyle changes that might come with the role?

4. 🎓 **Learning & Development**: PwC offers robust training programs and global networking opportunities—will these help accelerate your growth compared to where you are now?

5. đź’° **Compensation & Benefits**: Compare salary, bonuses, and benefits with your current role. Also, consider non-monetary perks like flexibility, career progression, and international opportunities.

6. đź”— **Networking & Brand Value**: Working at a Big 4 firm can significantly enhance your professional network and career brand.

Would you like help evaluating how your current experience could fit into a PwC consulting role? 🚀
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Carol’s Answer

Hi Rae,

For reference, I started off my career in Audit in a large metropolitan city at a Big 4 - I worked primarily with Real Estate and Healthcare clients.

Personally, I went with Real Estate as my industry of choice due to various factors. (1) Real estate was the largest industry for the city that I was working in - I knew I would have the opportunity to work with Fortune 500 clients, large dollar amounts, and complex transactions and I was eager to learn a lot and fast as I started my career. This also meant I may have the chance to have (2) high visibility amongst leadership, as Real Estate clients were some of the highest billing work that we had in our office. The teams were larger because the work was more complex, and I enjoyed working in large engagements. Lastly, (3) I interned at the firm and built relationships with some of the seniors/managers who were part of the Real Estate team. Since I enjoyed working with and learning from them, I wanted a better chance to be staffed on the same engagements as them.

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