Choosing Between Market Risk Internal Audit and Risk Consultancy Roles

Deciding whether to pursue a market risk internal audit position at a bank or a risk consultancy role at a Big 4 firm involves considering several factors, including career goals, interests, and the desired work environment. This article aims to provide a comprehensive overview of both options to help you make an informed decision.

Market Risk Internal Audit at a Bank

Pros

In-Depth Industry Knowledge

Working directly within a bank provides you with deep insights into the institution's operations, risk management practices, and regulatory environment. This in-depth knowledge is invaluable for understanding the nuances of the financial sector.

Stability

Banking jobs generally offer a more stable work environment compared to consulting roles, which can be project-based and subject to market fluctuations. This stability can be appealing to those who value a consistent career path and work arrangement.

Career Progression

Internal audit positions often provide pathways for advancement within the bank. You may move into more senior risk management roles, gaining higher levels of responsibility and authority, which can lead to greater career satisfaction and advancements.

Work-Life Balance

Internal audit roles tend to offer a better work-life balance compared to the often demanding hours found in consulting. This can be particularly appealing to individuals who value a more balanced personal and professional life.

Cons

Limited Exposure

You may have fewer opportunities to experience diverse industries and risk scenarios compared to roles in consulting, which often involve working with clients across various sectors.

Potentially Slower Pace

The pace of work in internal audit can be slower, which might not suit those who thrive in fast-paced environments. This slower pace could lead to feelings of stagnation for some candidates.

Risk Consultancy at the Big 4

Pros

Diverse Experience

Working with various clients in different industries provides a broad perspective on risk management practices and challenges. This diversity can significantly enhance your understanding of risk and its implications across multiple sectors.

Networking Opportunities

You will build a wide professional network, which can be highly beneficial for future career opportunities. Networking within a prominent firm like the Big 4 can open doors to valuable connections that can aid your career trajectory.

Skill Development

Exposure to a variety of projects helps you develop a wide range of skills and expertise in risk management. This depth of experience is often highly valued by employers in the industry.

Prestige and Branding

Working at a Big 4 firm can enhance your resume and open doors for future opportunities, providing a strong foundation for your professional journey. The brand recognition and prestige associated with these firms can be a significant advantage.

Cons

Work-Life Balance

Consulting roles typically demand long hours, especially during peak project times. This can lead to a challenging work-life balance for many individuals, potentially impacting their personal life and well-being.

Travel Requirements

Many consulting jobs require significant travel, which may not be suitable for everyone. This can be a drawback for those who prefer a more static and local career path.

Conclusion

The better option ultimately depends on your personal preferences and career aspirations. If you value stability, in-depth industry knowledge, and a balanced lifestyle, a market risk internal audit role at a bank may be more suitable. Conversely, if you seek diverse experiences, fast-paced work, and extensive networking opportunities, a risk consultancy role at a Big 4 firm might be the better choice. Consider your long-term career goals and the type of work environment you thrive in when making your decision.