Ed. note: Have a question for the career advice brain trust? Email us at advice@goingconcern.com with your problem(s) but only if you’re comfortable being mocked in an older sibling kind of way.
GC,
I know my question is somewhat specific but I just accepted an Internship offer for E&Y FSO Assurance in NYC and was interested in gaining some insight into the 3 divisions within FSO Assurance. First, I would love to hear your opinion on the pros and cons of each of the three sectors (Asset Management, Banking, & Insurance) including which EY is best known for. I was also wondering if there was a clear leader in each of those sectors in NYC and was wondering which of the Big Four was best nks so much for your help. I know I am still a year away from having to actually select one of those options but gaining people’s opinions never hurt. Thanks so much.
Congratulations on landing a sweet summer gig with Uncle Ernie. You’ll be working for a great firm in a great city making a great salary while fetching great coffee for your superiors. Cheers!
But really, welcome to New York. You’re smart in thinking ahead to the fact that where you start with your internship will lead to a fulltime offer with the same group. This is because internships are essentially training camp for your first year – make it through the summer successfully and you’re in the club. I did a little digging within my professional circle to uncover some of the EY clients that you’d have the potential of working on, as well as my own two Lincolns.
Insurance – Let’s start with this one because I have a feeling that the group consensus will be unanimous: DO NOT JOIN THIS GROUP. Sure, it is a small, “family-like” practice in the financial services industry, but you’re not coming to work for the warm and fuzzies (if you are, avoid public accounting altogether). You’re coming to make yourself a valuable asset to future employers – one, three, or ten years from now. Can you receive accelerated responsibilities and extensive interaction with your clients? Yeah, but that’s because your co-workers are jumping ship and no one within the firm wants to transfer to the Insurance group. Unless you have an absolute passion for the industry (which you don’t, since you emailed us), I would avoid this group. Stay in this group for five years (you know, to make the dream promo to manager) and you’re setting yourself up for a career working for an insurance (or re-insurance) firm.
Banking and Capital Markets – This group is bigger and more prominent than the Insurance group. It’s taken its hit in recent years because…ummm…the banking industry is in turmoil, but some of the pain has been buoyed by their growing Broker Dealer client base (also falls into this group). Potential clients include Bank of America (*gulp*), UBS Wealth Management (the shining star in the UBS sky), Icahn Securities, JG Wentworth, ING Financial Holdings, and Cantor “run for the hills” Fitzgerald. Sources tell me audit staff are constantly trying to take rotations to the asset management group, so take that for what it’s worth. Career advancement outside of public can take you to either a banking or hedge fund depending on your client exposure, but have you read the papers recently? Banking ain’t the hottest date to the prom to these days.
Asset Management – this is EY’s money train in New York when it comes to audit (and even tax) services. EY and PwC dominate this market in New York, and depending on whom you ask EY has a more rounded client base (blue chip and start ups). Premier clients include Eton Park, Reservoir Capital, Anchorage Capital, and Och Ziff Capital (do some Googling to get an idea about these firms). The exposure to different investment strategies and financial products you will see will be second to none. Don’t forget that you can count the relevant investment banks left standing on two hands, whereas there are thousands of hedge funds and private equity firms in the country (most of which are in the greater NYC area, too). Your easiest and most lucrative path out of audit and into the private sector will be with a background in asset management. Absolutely, positively, 100%.
So there you have it. As always, GC’er please chime in below with your comments.
True, no company is entitled to one’s labor but if EY had not been gracious enough to accept his return after departure then this would’ve been an article bashing EY from that perspective. It’s like a girlfriend leaving you for someone else, it doesn’t work out, she comes back and then is ready to leave on the first thing smoking..lol, EY should’ve denied his return the first time and made him live with his decision.
Wow… so ungrateful
More likely a her
Ey had to go through a lot of effort to rehire you, including approvals, etc. and put forth a reasonable explanation for a re-hire. Good riddence – hopefully will never take you back.
Even if true, which it probably is, that still doesn’t entitle them to this person.
Have some ethics. You don’t behave like an owner. You behave like a commodity. Accounting is a people business and yes free agent status exists but so should loyalty. Loyalty is not a bad word. They were loyal, you were not.
I think you could have handled this a bit differently Granted, your circumstances changed, but you’re looking at this rather selfishly. I used to work for EY and have since left and would have never done what you did. The reality is you’re playing the field. You have every right to do what you did. If you tell EY you’re going back, but have no intention in doing so, then don’t. Keep looking, and move on. If you think they’re a safety net to a failed decision, that’s not right. There could be other candidates who are vying for roles that you may have taken away or were being considered for. Especially in a hot market like this one. Your attitude is selfish and inconsiderate.
In 2009/2010, I had multiple interviews and was given the “There could be other candidates who are vying for roles that you may have taken away or were being considered for.” I received no offers and suffered to get my career in the door for years. Do what is best for you. Do not listen to EY because they could not give a rats ass about you. When you’re working to the point you burn out or throw up from anxiety, EY will not be there in the hospital by your bedside.
Hey free agent, I think you missing the point here. EY having agreed to take you back that shows loyalty from employer to employee and their willingness to take you back at time you yourself admitted as not knowing where to turn and how long woukd be before you have another job, many companies have policies on that and they don’t accept returning staff before 2 years have passed from resignation
If I were you I would have accepted EY over the other company knowing that you going back to an employer who cares about you and have done you a favour in your times of need.
No wonder HR were not pleased, you messed them around and played them again against other employers, it is not EY throwing a fit it you being a prima dona!
To be fair, you left for another company, got your offer rescinded and asked to come back, to which EY agreed to do (which can be a huge pain to make happen; they were already making arrangements for your replacement which requires a lot of resources) and then only a week later after they agreed to take you back and you quit again after they went through all of the effort to take you back… And you’re confused as to why they’re upset with you? Then on top of that you post this article whining about it when you were infact in the wrong in this situation. I hope future employers taking this article into consideration when hiring/not hiring you.
Did you tell EY that you were continuing to interview? I have worked at various organizations and when it comes to hiring a specific person it takes effort and approvals. The HR would have needed to get approvals to get you back. They tried be grateful.
They were disappointed and perhaps expressed it in poor words, be grateful
Honestly, if you can’t understand why EY is frustrated, it’s probably better that they let you move on.
Turn the situation around. EY interview you and express interest in having you. Someone better comes along so they tell you that they rather going with that option. That candidate drops them so they come back to you. You express interest again but a new candidate shows up who is better than you. EY again drop you in favour of the new candidate. Rinse and repeat.
With you having worked at EY in the past, I’m assuming you a professional? Act like it and treat your company how you would expect to be treated.
You left. And then got rejected. You offered to go back to EY and they graciously accepted. Be thankful that they were willing to reconsider your request. You were ungrateful by interviewing with other despite being accepted by EY. Why did you desperately wanting to go back to EY and then back stab them at the last minute? If I were your new employer, you feel entitled and would not fit in any organisation.
This person should have been upfront with HR and told them he/she would be leaving (again) upon receiving another offer. They were not…. and should have expected the type of response they received from HR. Professional conduct is a two way street.
You are still not a a whore. If you were, you would have negotiated a better rate with EY. Wondering why you didnt do that?
This is sooo unprofessional. If you dont want to go back then dont. EY is used to people leaving or changing teams all the time and people coming back. i have been with them in 3 different offices and 3 different teams and service lines so i’d know. But you have to respect this and respect you collegues, not treat them as a safety net until something “better” comes along
Totally agree, if still looking for something else go back as a contractor/ freelance but not give the people hiring you the hassle
You should be telling your selfish self this…
Remember everyone … you’re a free agent and nobody owns you or is entitled to your labor. Act like it.
Honestly, you should be telling the yourself this for being so ungrateful ….
Remember everyone … you’re a free agent and nobody owns you or is entitled to your labor. Act like it.
I am not sure if this is real or fake. But if you are really complaining about what happened to you, I guess EY is lucky not to have you as its employee. HR at EY had to work a lot on the background to be able to hire you back after you submitted your 2 week notice. Of course they would be upset to hear you changed your mind once again after you got the new offer. You should have mentioned to them that you are still interviewing with other places to keep them in the loop, or if the EY job was not for you, you should have just quit and look for other opportunities.
You’re not a person a company should hire as you’ve no integrity. Because of the likes of you, honest employees were viewed in a similar way. You’re like a monkey destroying a home
Smart posting anonymously. You sound insufferable and completely tone-deaf on the labor and understanding required to try to re-situate you. What an entitled pompous post.
Wow…surprising amount of boot lickers in the comments. Yeah it’s great that EY took this guy or gal back but do you people really think that was “loyalty” or is EY filling a seat they can bill hours from? I say good for this guy/gal for looking out for themselves and getting away from these cheaters.
You’ve no integrity and the likes of you were destroying the company culture, relationship and the core meaning of humanity. So selfish that you’ll sell your daughter for money
Get a grip. It’s a job at a shitty company that would lay you off at the drop of a dime.