ERNST AND YOUNG

An Overview

Ernst & Young (EY) is one of the largest professional services firms in the world and one of the Big Four auditors, along with PricewaterhouseCoopers (PwC), Deloitte and KPMG.

The firm's name arises from the global merger between Ernst & Whinney and Arthur Young in 1989.

Ernst & Young is a global organization of member firms in more than 140 countries. Its global headquarters are based in London, UK and the U.S. The firm has a complex organizational structure with a number of independent member firms divided among functional and/or regional lines.

According to Forbes magazine, as of 2008 it is the 9th largest private company in the United States.

EY has four main service lines:

Assurance (54%): comprises mainly financial audit (core assurance).

Advisory Services (12%): consisting of three subservice lines: IT Risk and Assurance, Risk, and Performance Improvement.

Tax Services (22%): includes Business Tax Compliance, Human Capital, Indirect Tax, International Tax Services, Tax Accounting & Risk Advisory Services, Transaction Tax.

Transaction Advisory Services (TAS) (12%): includes commercial, financial, real estate and tax due diligence, mergers & acquisitions, valuation & business modeling, corporate restructuring and integration services.

Ernst & Young operates from 8 cities in India; offices located in New Delhi, Mumbai, Chennai, Kolkata, Hyderabad, Bangalore, Ahmedabad and Pune. It has a work force of over 4500 people, who work towards the firm’s vision of being the trusted business advisor that contributes most to the success of people and clients by creating value and confidence. Global Tax Advisory Services, Risk Advisory Services, Transaction Advisory Services and Business Advisory Services are the core services offered by the firm in India.

Ways of joining Ernst & Young (EY)

Vacationer Program An opportunity for students to experience professional life in their university summer or winter holidays. The program consists of two week to three month placements, working across several different business areas. Many vacationers go on to work for Ernst & Young on graduating.

Cadet Program The Cadet Program allows students to combine university studies with working at Ernst & Young. After graduation, cadets join Ernst & Young at a level senior to a graduate.

Co-op Program The Co-operative Year Placement Program is open to students from Victorian universities and is a 9 to 12 month placement undertaken before the final year of university. After graduation, Co-op participants may join Ernst & Young at a level senior to a graduate.

Graduate Program The Ernst & Young Graduate Program offers full-time positions for graduates who have finished university.

How to Apply?

The following are seven steps to success:

Identify your interests

Take a moment to visit the Working at Ernst & Young section to learn about their service lines and identify your areas of interest. You can then apply for an entry-level opportunity in Assurance, Advisory, Transactions or Tax & Regulatory Services.

Search for opportunities

Click on “Job search” and look for opportunities in your chosen area of interest. Most of their entry-level opportunities require a degree in accounting, business, finance, tax, law, engineering or a related field. You’ll find more information about specific qualification requirements in the job descriptions.

Apply online

Allow about 30 minutes to complete the candidate profile and application form. You’ll be able to save the application along the way and return to it if necessary. To apply for more than one position, or more than one location, you must complete an application form for each. If your application meets their requirements, they will invite you for an interview.

Prepare for the interview

Prepare to talk about yourself and discuss specific experiences that help demonstrate relevant skills. They want to get to know you as an individual and discover your interests, strengths and attributes that will help them to get to know you and assess if you’re likely to succeed at Ernst & Young.

Complete the assessment process

Your first interview could take place over the telephone or at your institute or university. If successful, they will interview you again at one of their offices. They may also ask you to complete a written assessment or participate in a group discussion, either online or at a testing center. The exact structure and content will depend on the programme to which you apply, as different roles need different skills.

Review their offer

If you are successful throughout the interview and selection process, they will make you a formal offer in writing. You’ll have the opportunity to ask any questions and, if you’re happy with the offer, they will look forward to receiving confirmation and to welcoming you on board.

Joining them

You’ll find a large community of people at Ernst & Young ready to welcome you and facilitate your transition to a new environment. You'll be assigned a 'buddy' who will introduce you to the Ernst & Young way of life and resolve queries on work practices and policies You will get ample opportunities to meet your peers and new colleagues in the first few weeks So, look forward to your day one at Ernst & Young.

Human Resource Department at EY

The Human Resources department is responsible for promoting and driving the firm's values as well as their People First Strategy and to build excellence of their organization by:

supporting the firms effort to attract and retain high-qualified people,

contributing to the career development of their people,

contributing to the establishment of an effective and inclusive work environment,

managing employees' benefits and compensation.

Recruitment and selection process at EY

Recruitment is an important part of Ernst & Young's human resources department's role. The Recruitment and Career team is responsible for the recruitment process. In addition, the team manages the performance & development process in order to maintain their competitive advantage, to retain their people and to implement best practices.

Some of the key contributions the human resources function makes to the success of the organization are:

Attracting, recruiting and selecting the best possible employees for the organization

Training and developing employees to reach their maximum career potential. This also enables the organization to benefit from its employees' improved skills and knowledge

Providing a strong performance-based reward system, e.g. compensation, bonuses and promotions, to ensure that employees are performing at their optimum and that they are adequately recognized for their efforts

Providing systems and tools for managing human resources processes

Ensuring Occupational Health & Safety (OH&S) procedures are correctly implemented.

The graduate recruitment process provides talented recruits each year and is part of the organization’s strategic workforce planning. This is the business process for making sure that Ernst & Young has access to a broad range of talented people, ensuring the organization has the employees to meet future business needs and allowing for succession planning.

Ernst & Young is committed to developing graduates' careers, both to ensure the business fulfils its future human resource needs and to ensure that its employees are motivated and engaged with the business. Graduates have real responsibilities from the beginning and are encouraged to set themselves ambitious career goals.

A graduate’s day-to-day work will depend on the business unit they work in, but could include analyzing the value of a client’s acquisition, providing advice on IT risk, or advising on improving a client’s sustainability measures. Graduates who start in one service line may move to another service line or business unit as they progress – where they start may not be where they end up! The ability of employees to move between service lines and business units provides employees with different career paths to build their career development.

Ernst & Young benefits because its employees have a wide range of business skills and understanding of other areas of the business. This is crucial when different areas of the business may be working with the same client.

Finding great people

In order to attract talented employees, the organization needs to identify and communicate with its market. This is done in the same way as a business might market its products or services – by showing the benefits they offer buyers. Ernst & Young’s market is university students studying relevant degree courses and school leavers looking to make decisions about their future careers. Some of the ways in which the organization targets potential student and graduate recruits include; visiting and presenting at schools, universities and student societies; exhibiting at careers fairs; and through the Ernst & Young website.

Exhibiting at career fairs is predominantly a way for Ernst & Young to distribute information to potential applicants in the form of graduate brochures and other materials. Presenting at universities or schools allows the firm to talk directly to smaller groups of students, and target the presentations to the audience they are speaking to, e.g. students undertaking a particular degree course or at a particular point in their studies. Presentations are also an opportunity for students to ask questions of Ernst & Young employees and speak to them on a one-to-one basis.

Using new technology

One of the most important advances in the way people communicate is the development of the social media. The Ernst & Young Facebook® page allows the firm to share information and provides a two-way method of communication between the firm and potential applicants. People can share their questions, experiences and comments regarding the firm, it is an ideal space to provide information on when Ernst & Young will visit university career fairs, or deliver on-campus lectures and presentations. The page also includes videos, photos and competitions. Potential and current applicants can post questions about the recruitment process which are answered by a member of Ernst & Young’s graduate recruitment team.

Getting started

Effective recruitment and selection is one of the most important business processes. Businesses look for potential employees who have the requisite qualifications and skills to do their jobs; are keen to develop and grow within the organization; and will be a good fit with the organizational culture. Recruitment is expensive and time-consuming, so it is important to get it right. Businesses such as Ernst & Young have a team dedicated to recruitment in their human resources department. This team is responsible for selecting candidates for interview, and helping to make employment decisions.

The graduate recruitment interview process consists of a recruitment day for all candidates. This includes an interview with a partner or manager and is designed to assess the following skills:

• Leadership

• Coaching and developing others

• Quality service delivery

• Communication and influence

• Relationship management

• Teamwork

• Business acumen.

The interview is followed by a group activity where candidates work in small groups to solve a task, usually a case study. The group activity focuses on teamwork and communication skills, and written and/or presentation skills rather than technical knowledge. It is structured so that candidates have the chance to demonstrate important competencies including:

• Leadership

• Communication and influence

• Relationship management

• Teamwork.

As another component of the day Ernst & Young uses verbal and numerical reasoning ability tests to assist in establishing aptitudes as another component of the day. The results can be used to compare a candidate fairly with the wider group of candidates who have applied for the same role.

All assessment tasks are designed to show the qualities Ernst & Young look for in candidates. The recruitment day ensures candidates receive consistent, positive feedback in a clear, easy-to-understand process.

A successful graduate will start interacting with Ernst & Young even before their first day. New employees are given log-in details to the Ernst & Young intranet and can fill in any necessary new employee information online. This includes things such as contact details and bank account details for salary payment. This minimizes time spent providing the information when an employee starts. The process of assimilating new employees into the firm is called “on boarding” and is an important strategic part of the human resources function. Its purpose is to get new

employees up-to-speed and delivering effective results faster by providing them with the information and support they need in order to perform their role at the earliest possible point.

Ernst & Young’s graduate recruitment program provides graduate employees with a structured and supportive entry to the workplace, whilst allowing them the ability to take responsibility from the start. The learning process does not end with a graduate’s entry to the firm, but will continue throughout their career, with graduates undertaking service line-specific technical training as well as the personal development training available to all employees. At Ernst & Young, ‘Day one is just the beginning’.

Training and Development Process at EY

The Training department ensures that their people are provided with the necessary technical, industry and soft skills to meet the challenges of a constantly evolving market environment. Therefore, various training courses are offered within Ernst & Young. In addition to the core training curriculum a variety of training courses are offered to meet the individual needs of their employees.

Graduates spend their first two days in firm induction, covering areas such as:

• Values

• Human resources

• Quality & Risk Management

• Technology

• Personal branding

• Ernst & Young facts

• Diversity & Inclusiveness

• Working in teams.

A buddy and counselor program forms part of the induction process. Buddies support the formal induction program by giving ‘on the ground’ support to new employees, guiding them on processes, office tours, introductions etc, and are extremely important in helping a new employee settle into the firm. Counselors start setting formal work goals and guide a new employee on projects and work management. These programs are supported by induction material on the Ernst & Young intranet, which includes all the information a new employee might need, including information on office dress codes, information on available training and development,

descriptions of the different departments within the firm and performance management information. The aim is to have readily available information about every aspect of work at Ernst & Young in order to make the transition as easy as possible.

Methods adopted by EY for training and development process of their employees:

Experiences

The experiences help put knowledge into practice, develop new skills, stretch yourself and grow as a professional.

They guide all employees through a set of high-impact experiences to develop specific competencies. These are customized to meet the employee’s needs and those of the business. They include:

Client-focused experiences : These are specific to the service line that employees work in, and will help deliver quality service, build strong client relationships and work effectively with different types of businesses.

Business-focused experiences: As employees progress, they play a stronger role in developing business. They will learn how to coach others and lead change, and may play an active role in recruiting.

Community-focused experiences: Employees be encouraged to give something back to the community in which they live and work by sharing skills, time or resource.

Learning

Employees benefit from high-quality formal learning, both classroom-based and virtual. This helps to gain the skills and knowledge needed to serve clients effectively, and the qualifications needed to progress as a professional.

They develop knowledge and insights through a variety of approaches, including case studies, management games, group activities, lectures and simulations. No matter where they are, they will have access to global tools and resources to build the technical competencies, business and relationship skills they need to succeed.

Learning is an ongoing journey for any professional. The learning opportunities will continue throughout an employee’s career with Ernst & Young, so they can build on their strengths, take on new challenges and push their career in new directions. 

Coaching

Employees receive coaching in a variety of ways. To help manage performance, they will have a nominated counselor who will provide regular feedback and guidance on their everyday activities. They can also talk to skilled peers for on-the-job feedback and advice on day-to-day processes. And will benefit from the experience of more senior professionals who can guide them through the challenging issues they need to master.

Through meaningful conversations, structured feedback and mentoring, a perspective is gained on how to manage projects and relationships effectively.

Coaching is a capability which will play an influential role in helping colleagues to develop their confidence and skills too.

Moving within the organization

Working in different environments offers exciting and challenging experiences – both professional and personal – which will helps in developing a rewarding and successful career.

By matching employee’s talents to the needs of clients around the world, EY offers short or long-term international engagements as well as the opportunity to work in different service lines and sectors. This enables the firm to balance the needs of their clients with the needs of their people.

Performance Appraisal Tools and Methods at EY

Ernst and Young has a Performance Management and Development Process (PMDP) – which aligns the individual objectives and development plan to those of the business. The process consists of annual goal-setting and six-monthly reviews, which gives an opportunity to an employee to discuss the progress with the line manager and update the development plan. As a result, the employees have the experiences, learning and coaching you need to perform your role successfully.

Employees are given a personalized scorecard that specifies the objectives in areas such as people, quality, growth and operations. This forms the focus of the review meetings.

In addition to the six-monthly PMDP meetings, employees are encouraged to talk to their counselor (usually the line manager) on a regular basis to raise any concerns or to clarify any performance issues. 

Career path

Ernst & Young offers several positions that would enable an employee to grow and build their career.

■Juniors 

New graduates or those who have less than three years of relevant experience would join our firm as Juniors. Depending upon the service line you join, you will either gain broad knowledge of corporate tax and tax accounting practices through tax return filings, tax provision work and basic tax advisory work, or you will gain specialized knowledge in one of our specialty practices. In either case, through you will gain an understanding of businesses and insights into the challenges businesses face, and develop skills to understand how to solve them.

■Seniors and Supervisors 

Those with the appropriate work experience would become Seniors or Supervisors when joining our firm. At this level, you will develop account management skills, and develop deeper tax and accounting knowledge and experience. You will be responsible for developing others through your work on engagement teams and share your knowledge and insights with others.

■Managers and Senior Managers 

The positions of Managers and Senior Managers require one to take on multifaceted roles; grasping the complete picture of engagements management and ensuring that work is carried out smoothly as the leader. You are also responsible for day to day client communications so strong communication skills are essential as well as the ability to identify clients needs and solutions. At this level, your leadership and relationship skills are critical to support our People First environment and client relationship needs.

■Partners and Directors 

Partners and Directors, as the senior executives of the firm are responsible for ensuring we are building and maintaining strong trusting relationships with clients, while at the same staying abreast of the business and market, searching for new business solutions and opportunities to provide value to our clients.

You will lead project teams, take on the role of providing direction towards effective solutions, share knowledge through training and on the job coaching for employees and ensuring the development of all our people.

All levels of the organization have the responsibility of exemplifying the firm’s slogan of “Quality in everything we do” but Partners and Directors must be the role model by always ensuring the quality of services provided by Ernst & Young.

Career development framework - EYU

At Ernst & Young we are committed to helping our people reach their goals and achieve their potential. We do this by providing them with the right opportunities to make a difference to their clients, their colleagues, their communities and themselves. To help deliver on this commitment we have created a unique global career development framework called EYU.

EYU stands for Ernst & Young and you and reflects the mutual commitment we have with our people to achieve their potential. We provide the right opportunities to help them reach their goals, but in return we expect that each individual will take responsibility to own their own career.

EYU brings consistency and clarity to the way we develop our people globally, integrating career development into the way we run our business.

About EYU’s framework

EYU, our comprehensive people development program, through the combination of Learning, Experiences and Coaching is provided to all our staff. You can realize your goals according to your personal career plan through EYU!

There are two development paths under EYU: Diversified Path (a path that allows you to experience a broad range of tax experiences under several service lines) and Focused Path (a path that allows you to

build specialized skills in a particular service line). The Learning curriculum provided through EYU supports your learning needs with training and knowledge needed to carry out your work. Your Learning and Experiences are planned and managed through coaching with your counselor and mentor.

Learning

A customized Learning Map is developed by you in consultation with your counselor, based on a comprehensive Learning Map for each service line. Depending upon the development path you are on (diversified or focused) and the experiences you are planned to receive, training is available to you based upon your learning needs.

To support you in filling in the gaps of knowledge needed to carry out your work, there are over 100 tax technical training courses available, according to each work level. Most of the courses are developed and instructed by the tax professionals at Ernst & Young Shinnihon Tax, and are based on their wealth of knowledge and work experience.

In addition to the tax technical courses, there are also soft skills training for areas such as coaching, counseling, communications, business skills, as well as English training. Further, there is a global learning tool called “EY Leads” which allows you to participate in training conducted by Ernst & Young offices around the world and courses offered globally on the web.

Experiences

Under both the Diversified Path (a path that allows one to build up work experience under several service lines) and the Focused Path (a path that allows you to focus in one area of specialty and build deep skills in one area), you create a personal Experience Map and are assigned work experiences based on your map.

Your experiences, coupled with the appropriate learning, supports your development as a leading class tax professional. If you are part of the Diversified Path, you eventually choose a service line in which to further your career and development.

Coaching

Senior professionals help you develop into the next generation of EYU professionals. They share valuable insights in the context of your work.

There is an official program to help ensure that you are receiving the appropriate coaching. The Counseling System provides performance feedback and guidance on the development of your personal and professional skills.

You also participate as a coach to the partners by providing them with important feedback through a confidential multi-source feedback system. This helps everyone at Ernst & Young Shinnihon Tax to develop into the quality professionals the firm and our clients expect.

English language training

For tax professionals expecting to participate in international business, English language skills are very important. With English abilities, you are able to expand your stage in the international business arena.

At Ernst & Young, we provide training to give you comprehensive language skills; beginning with English training that suits your level. For example, we offer private business English lessons, overseas language training, as well as short-term training to improve your conversational skills.

Depending on your need, we also have a language training expense reimbursement program that provides financial support for external courses taken that improve conversational skills.

Below is the training system available according to English ability

Rewards and Benefits at EY

The team guides and assists their people on benefits and compensation throughout their career in the firm, from entry to departure. Furthermore, data for administrative purposes and legal requirements are also managed in this team in strict compliance with confidentiality and respect of data privacy.

Your remuneration package is designed to reward and recognise your performance, to motivate you to make a difference by contributing to the organisation’s success and to support you in achieving your potential.

Rewards can take many forms, from competitive salaries, traditional benefits, medi-claim, performance bonus to global secondments and internal recognition for superior performance.

Social insurance

Health insurance, employee pension, corporate pension fund, employment insurance, workers' accident insurance and income indemnity insurance.

Cafeteria plan

As a member of the Ernst & Young ShinNihon LLC Health Insurance Society, employees can choose from benefits such as checkups, health-related goods, travel coupons and the use of leisure facilities.

Others

Retirement benefits, asset-building savings plan, rent subsidy, residence fund loan, interest subsidy, reduced working hours for child-care and child-care support.

Conclusion