As advisors to industry, we provide a valuable benefit, since large businesses are regularly confronted with a bevy of challenges that range from the commonplace, such as not having the internal subject matter experience needed in order to execute upon critical initiatives, to the less mundane, such as perhaps a regulatory mandate to leverage independent third-party consultation.
The list in-between these two examples are vast to be sure and vary greatly in complexity.
You might be thinking at this point, “Which group is right for me, Assurance or Advisory?
” Well, they are significantly different from one another.
After some time contemplating the potential challenges that such a job would offer, I decided to pursue a chance opportunity to join the ranks of Ernst & Young LLP. Looking back, I feel as though the six years of professional experience I had accumulated prior to joining E&Y, although invaluable on many levels, simply did not hold a candle to the client exposure, professional networks and shear rapid-fire experiences afforded to me in my present capacity.
When I received answers to my inquiries from people in the profession, many of whom continue to this day to be my friends, I was intrigued.
Hopefully, the following explanation sheds some light on this early career decision that you’ll need to make.
Firms as you might expect are structured in such a way as to meet client demand.
The first division we’ll take a look at is “Assurance”. Assurance mainly encompasses classic audit services, including financial audits.
Assurance is a very mature service offering with very well structured methodologies and reoccurring annual audit business; it holds the top spot in terms of the most annual revenue generated for the firm.
This section is specific to Ernst & Young, but more than likely holds true for other firms in the Big Four.
The content intentionally touches on only two of the four divisions, since its purpose is to help further distinguish the concept of organizational groupings used in major professional services firms and to provide some practical perspective on their differences.