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Originally solely an accountancy firm, Ernst & Young is one of the Big 4 professional services firms that consult on everything from twenty-first century leadership strategies to Cleantech.
It knows that business is as much about raising its clients’ credibility with investors as it is about increasing the bottom line. In essence, Ernst & Young positions itself as a modern business guru with the know-how to steer a company to success in the global marketplace. Its many arms cover industries from automotive to financial services, biotechnology, power and utilities, telecommunications, and several others besides.
Particular strengths lie in its Assurance division, which in the financial year of 2010 generated almost as much revenue alone as the organisation’s three other main divisions – tax, advisory and transaction advisory services (TAS) – put together. Around 50% of applicants are hired into the Assurance division.
Consultancy at Ernst & Young differs slightly from those of competitors. In Ernst & Young it’s done more in terms of strategic planning as opposed to installing new processes.
Ernst & Young operates across 87 countries in Europe, the Middle East, India and Africa. With most of its clients being diversified geographically, Ernst & Young must be the same in order to compete.
The founder of Cobra beer, the CEO of Schlumberger, the CFO of Lockheed Martin, and the president of Disney Resort.
Officially, Ernst & Young’s graduate salaries are ‘competitive’; but sources point to a trainee salary package of anywhere between £18,000 to £24,000 upon initial acceptance, depending upon division and location, with increments each year. Salary on qualification could be anywhere between £26,000 and £29,000.
Standard employment benefits available at graduate level include:
Further optional benefits are:
Additional health and wellbeing benefits are:
According to Ernst & Young, a sense of cooperation and support is encouraged throughout the organisation. This decreases the possibility of colleagues feeling as if they are working alone. The strategy is bolstered by regular ‘away-days’ for team morale and networking opportunities.
Initiatives such as regular monthly calls are put in place to aid communication between various parts of the same division although the divisions themselves, such as Assurance and Risk, inevitably work more separately.
‘You might assume that an organisation as large as Ernst & Young would feel a bit rigid in its structures and would be run solely from the top down,’ says Laura Edwards, an associate within the Information Risk Advisory division. ‘However, it’s quite an open environment here. You’re given opportunity to speak to partners on a daily basis and they give you the freedom to come up with ideas of your own.
‘For example, I suggested the idea of a formal training structure for new members in my department, predominantly those on the graduate scheme. I ran this as a pilot project, and now the idea is being rolled out through the division across the country.’
Ernst &Young’s view on personal development is partly to take you under its wing but also to get you standing on your own two feet. That’s the idea behind its ‘EYU’ initiative, which stands for ‘Ernst & Young and You’. The organisation offers training to develop competencies, but the responsibility for an individual employee’s career still lies very much with that person.
Graduates are encouraged to have regular meetings with their line manager but PMDP, or Personal Management and Development Process, reviews are generally conducted every six months with an employee having filled out a scorecard, noting personal objective areas for development such as People, Quality, Growth and Operations.
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