Background | Practice | Clerkship Review
Background
Being one of the Big 4 Accounting Firms in the world, the Ernst & Young story is nothing short of inspirational. With over 107,000 employees, scattered across 140 countries in the world, Ernst & Young boasts annual revenues in excess of US$17bn.
Ernst and Young was formed from a merger of two great accounting firms, Arthur Young & Co and Ernst & Whinney. Ernst pioneered the idea that accounting information could be used to make business decisions – the forerunner of management consulting. He also was the first to advertise professional services. Arthur Young himself was profoundly interested in the development of young professionals. In the 1920s he originated a staff school; in the 1930s, his firm was the first to recruit from university campuses.
Ironically, A.C. Ernst and Arthur Young, who never met in life, died within days of each other in 1948.
In 1989, the firms they started combined to create Ernst & Young. The new organization quickly positioned itself on the leading edge of rapid globalization, new business technologies, and continuous business change. Both A.C. and Arthur have been gone for more than a half-century, but the sum of their legacies—innovation and drive, sensitivity and concern, honesty and trust—form the culture of today’s Ernst & Young.
Practice:
Ernst & Young provides a range of services, including accounting and auditing, tax reporting and operations, tax advisory, business risk services, technology and security risk services, transaction advisory, and human capital services.
Clerkship Review
No. of clerkship and trainees intake per year (if appropriate):
Around 20 to 25 vacationers for the Financial Services division.
Position(s) of the clerk being interviewed:
Summer Vacationer
Job description:
Ernst & Young, quite surprisingly, provides its summer vacationers with opportunities to communicate directly with its clients, thereby increasing their insight into the client’s business operations.
Duties within the financial services division included:
- Reviewing client’s financial statements to ensure compliance with relevant Accounting Standards and Regulations;
- Assisting the Senior Accountants with updating the Summary Review Memorandums for the half-year ending 31 December 2005;
- Calculating changes in net assets of funds from 30 June 2005 to 31 December 2005 and comparing the performance with a preordained benchmark, such as treasury bills
- Interviewing the staff members of the client firm to clarify any areas of discrepancy or error in the financial reports or lead schedules.
Interview tips:
Just a couple of pointers:
- Be yourself, because there is nothing worse to get caught within a lie
- Remain calm, and ask to clarify the question if you mishear or misunderstand it.
- Eye contact and do not fidget when you answer questions (yes, it’s almost like a first date. You’re there to make a good impression to get a second date/interview).
Comments:
Picture this: You’ve been studying hard. You’ve probably also spent some time imagining what your first job would be like. Perhaps you pictured yourself at a desk, meeting with colleagues, on the phone to clients, doing the odd bit of training.
But did you see yourself working for a firm that audits nine of the top 20 companies on the Australian Stock Exchange or possibly dealing with colleagues in Abu Dhabi, Adelaide and New York all in one day? Being able to choose from countless technical and personal development opportunities, delivered in ways that suit you? Working directly alongside the owners of the firm every day? Being able to apply for a three-month break from work to travel?
Tempted? If so, I strongly encourage you to apply for a summer internship at Ernst & Young and have the time of your life!
