[M1011]

Hi

EDIT: I've reached my decision now. If anyone has similar questions or wants to know anything about the Deloitte application procedure, post it here and I'll help if I can.

[residentmaths101]

(Original post by M1011)
Hi

I've got an offer in Audit from Deloitte, and as some of you may know you then have to select an industry sector. I'm kinda not sure to be honest, I've narrowed it down to three I'm interested in;

Investment Management & Private Equity
Insurance
Consumer Business

I guess the key deciding factor for me would be long term career prospects, anyone happen to have an insight on which one of those would be best long term? Bare in mind I like the premise behind all three, so I don't really feel comfortable just going for the one I like best.

I guess Investment Management & Private Equity caught my eye as being one with big potential future earnings, but I'm far from sure. Any advise would be greatly appreciated!

Michael

I think the best idea would be to choose what you have more of an interest in..

I know someone who works in the insurance group and they say it isnt too interesting, but the earning potential after is very good. When I went to have my interview, we had a grad from CB and IMPE and both of them were glad they chose the group they did. It all comes down to interest.

I think FS audit will involve longer working hours, e.g B&CM, IMPE and insurance. However dont base your decision on this.

[M1011]

Hi Resident,

Thanks for your advise. I guess my issue is that I'm pretty broad in my interest, and to be perfectly honest I don't know enough about what the work will be like to choose a clear favourite. Hence why I've tried to put the decision down to future earning potential, but possibly this is similar as well. All down to the person in the end I guess. The working hours (I'll probably regret this) aren't a big factor for me, I'm willing to put the work in if it's in the right place.

Thanks again!

[residentmaths101]

(Original post by M1011)
Hi Resident,

Thanks for your advise. I guess my issue is that I'm pretty broad in my interest, and to be perfectly honest I don't know enough about what the work will be like to choose a clear favourite. Hence why I've tried to put the decision down to future earning potential, but possibly this is similar as well. All down to the person in the end I guess. The working hours (I'll probably regret this) aren't a big factor for me, I'm willing to put the work in if it's in the right place.

Thanks again!

I know exactly what you mean, I found it quite hard to choose myself, but I ended up going for IMPE. For me it was a combination of interest in the area, and the people I spoke to at Deloitte! At the end of the day just go for what you feel you'd most enjoy, and where you want to be in the future.

I know what you mean about the hours, I can see them getting intense at times, but im still really looking forward to starting regardless!

[Regent]

PwC don't separate their Insurance and Investment Management division. That's specialised enough if you ask me!

[M1011]

(Original post by residentmaths101)
I know exactly what you mean, I found it quite hard to choose myself, but I ended up going for IMPE. For me it was a combination of interest in the area, and the people I spoke to at Deloitte! At the end of the day just go for what you feel you'd most enjoy, and where you want to be in the future.

I know what you mean about the hours, I can see them getting intense at times, but im still really looking forward to starting regardless!

I've gone for TNT in the end, which wasn't even one of the three above lol. Had the opportunity to speak to a few people about it, and considering my career goals it made sense to do corporate audit. So that left me choosing between 'consumer business' and 'technology, media and telecommunications', and when it came down to it there's only one of those that will potential be a high growth area in the next 5 years. So got there eventually!

IMPE definately looked very interesting though, are you leaning towards a future in banking by any chance? Apparently they link well together.

[M1011]

(Original post by Regent)
PwC don't separate their Insurance and Investment Management division. That's specialised enough if you ask me!

Nor did Deloitte until recently, both departments were growing so they split them. My mentor is in insurance as it happens

[Regent]

(Original post by M1011)
Nor did Deloitte until recently, both departments were growing so they split them. My mentor is in insurance as it happens

Did Deloitte mention anything about gaining opportunities to work in other areas because PwC's description of Insurance & Investment Management heavily implied that our experience in audit would be secondary to other areas like restructuring and transactions. That's the main reason I chose I&IM over the others actually.

I don't really understand why I&IM would allow for this while the other divisions wouldn't.

[M1011]

(Original post by Regent)
Did Deloitte mention anything about gaining opportunities to work in other areas because PwC's description of Insurance & Investment Management heavily implied that our experience in audit would be secondary to other areas like restructuring and transactions. That's the main reason I chose I&IM over the others actually.

I don't really understand why I&IM would allow for this while the other divisions wouldn't.

I wouldn't use the word secondary, but there looks to be some other bits involved. I don't see how the Insurance and Investment Management audit arm of PWC can get away without using their graduate intake to complete audits though. Those two need auditing as much as any other and I'm afraid we join at the bottom of the food chain! I imagine (and this is just my guess) that you'll find it's mainly auditing for 1-2 years and then branches out in to other areas you mentioned. But hey, gotta learn the basics first right?

[Regent]

(Original post by M1011)
I wouldn't use the word secondary, but there looks to be some other bits involved. I don't see how the Insurance and Investment Management audit arm of PWC can get away without using their graduate intake to complete audits though. Those two need auditing as much as any other and I'm afraid we join at the bottom of the food chain! I imagine (and this is just my guess) that you'll find it's mainly auditing for 1-2 years and then branches out in to other areas you mentioned. But hey, gotta learn the basics first right?

I'm just going by the job description. Highlighted the important bits.

I&IM is one of the two business units that make up the large team of Financial Services specialists within Assurance. Insurance and Investment Management has many of the worlds leading financial services groups as clients together with a number of more specialised operations such as property companies, private equity, Lloyd's syndicates and brokers, unit trusts and private banking. We encourage members of the business unit to gain a range of experiences in different parts of the business, so it is inevitable that they will gain an excellent understanding of the financial services industry whilst having the opportunity to develop specialist skills.

As part of the business unit you can expect to be involved in a variety of projects including business recovery, restructuring, controls optimisation, due diligence and stock exchange listings as well as the more traditional assurance based assignments. In order to ensure that our people have the skills required for these challenging opportunities the business unit provides an extensive range of training materials and courses together with on the job coaching. Our clients conduct business in almost every country in the world and the opportunity to work overseas on both short-term assignments and as part of longer secondments is available - typically the business unit will have over 30 members working overseas at any point. In addition there are frequently opportunities to work on secondment to our clients or the regulators.

[M1011]

(Original post by Regent)
I'm just going by the job description. Highlighted the important bits.

Does look like they give you a lot of opportunity to get involved in other areas, but I imagine audit will still be your primary function. Looks good though. Do you know where you will be based? The PWC London office by tower bridge is awesome.

[Samtheman1]

(Original post by M1011)
Hi

I've got an offer in Audit from Deloitte, and as some of you may know you then have to select an industry sector. I'm kinda not sure to be honest, I've narrowed it down to three I'm interested in;

Investment Management & Private Equity
Insurance
Consumer Business

I guess the key deciding factor for me would be long term career prospects, anyone happen to have an insight on which one of those would be best long term? Bare in mind I like the premise behind all three, so I don't really feel comfortable just going for the one I like best.

I guess Investment Management & Private Equity caught my eye as being one with big potential future earnings, but I'm far from sure. Any advise would be greatly appreciated!

Michael

Investment Management & Private Equity - if you want to move into banking or PE after.

Consumer business - to gain the most experience of auditing and a more diverse exposure to a variety of entities

[M1011]

(Original post by Samtheman1)
Investment Management & Private Equity - if you want to move into banking or PE after.

Consumer business - to gain the most experience of auditing and a more diverse exposure to a variety of entities

Thanks, follows me line of thinking. I decided to go for Technology, Media and Telecommunications in the end. It's corporate audit (same as consumer business) but focused on Tech instead of Retail. Figure it's a fast growing market which could be beneficial when the time comes to move in to industry.

Banking sounds great (well, the money from banking), but I don't know anywhere near enough about it to tie myself to it at this stage.

[Regent]

(Original post by Samtheman1)
Investment Management & Private Equity - if you want to move into banking or PE after.

Consumer business - to gain the most experience of auditing and a more diverse exposure to a variety of entities

If you chose Investment Management & Private Equity would it be difficult to then, for example pursue jobs in FMCG or Oil & Gas post qualification?

[M1011]

(Original post by Regent)
If you chose Investment Management & Private Equity would it be difficult to then, for example pursue jobs in FMCG or Oil & Gas post qualification?

I spoke to a lecturer of mine (doing a PHD) who happens to have been a graduate at KPMG in Audit for 5 years. I asked him something very similar to this. I've pasted a passage from our conversation below as I found it very useful in deciding where to go.

"I'd think long and hard before going for one of the financial services divisions as this is a little bit of a niche area and in the future if you want to move either within Deloitte (e.g. to advisory etc) or outside of Deloitte and work in industry (as opposed to working for an accountancy/advisory firm) you may be a little restricted. That being said the FS industry is clearly a huge part of our economy."

So it is by no means impossible, but if you are inclined towards FMCG or Energy & Resources now then it would make sense to go in to corporate audit as this gives you a broader understanding of business, which will be more relevant to you going forward.

Hope that helps!

[Samtheman1]

(Original post by M1011)
I spoke to a lecturer of mine (doing a PHD) who happens to have been a graduate at KPMG in Audit for 5 years. I asked him something very similar to this. I've pasted a passage from our conversation below as I found it very useful in deciding where to go.

"I'd think long and hard before going for one of the financial services divisions as this is a little bit of a niche area and in the future if you want to move either within Deloitte (e.g. to advisory etc) or outside of Deloitte and work in industry (as opposed to working for an accountancy/advisory firm) you may be a little restricted. That being said the FS industry is clearly a huge part of our economy."

So it is by no means impossible, but if you are inclined towards FMCG or Energy & Resources now then it would make sense to go in to corporate audit as this gives you a broader understanding of business, which will be more relevant to you going forward.

Hope that helps!

I agree with all of that. Just remember that you will be working in a very large fluid environment; just because you start in a certain business unit, by no means ties you to it for the rest of your career. You will have ample opportunity to move around internally after (and sometimes before) you finish you exams.

[Regent]

(Original post by Samtheman1)
I agree with all of that. Just remember that you will be working in a very large fluid environment; just because you start in a certain business unit, by no means ties you to it for the rest of your career. You will have ample opportunity to move around internally after (and sometimes before) you finish you exams.

Did you work in a non FS division and do you think the experience in your particular division was helpful in securing an Equity Research position?

[Samtheman1]

Yep, I worked in TICE-E (Technology, IT, Consumers, Entertainment&Media, and Energy) when I was at PwC. This later got split between LTT and LMT. I think the main thing that I took away and the thing that employers look for is being adept with financial statements and having broad commercial awareness. These are things that you invariably pick up doing the job and the exams.

Even if this wasn't enough, I (and you) could have transferred to FS audit or transaction services to beef up on the financial modelling type of things but it wasn't necessary at the time. That really is the beauty of the big4, if you want to learn something different, they will let you.

[M1011]

(Original post by Samtheman1)
Yep, I worked in TICE-E (Technology, IT, Consumers, Entertainment&Media, and Energy) when I was at PwC. This later got split between LTT and LMT. I think the main thing that I took away and the thing that employers look for is being adept with financial statements and having broad commercial awareness. These are things that you invariably pick up doing the job and the exams.

Even if this wasn't enough, I (and you) could have transferred to FS audit or transaction services to beef up on the financial modelling type of things but it wasn't necessary at the time. That really is the beauty of the big4, if you want to learn something different, they will let you.

Sounds like I'm joining the equivelent department at Deloitte then

[Regent]

(Original post by Samtheman1)
Yep, I worked in TICE-E (Technology, IT, Consumers, Entertainment&Media, and Energy) when I was at PwC. This later got split between LTT and LMT. I think the main thing that I took away and the thing that employers look for is being adept with financial statements and having broad commercial awareness. These are things that you invariably pick up doing the job and the exams.

Even if this wasn't enough, I (and you) could have transferred to FS audit or transaction services to beef up on the financial modelling type of things but it wasn't necessary at the time. That really is the beauty of the big4, if you want to learn something different, they will let you.

Would you also say that first time passes are essential to move into ER? Also, would you say there is a significant difference between ER at a BB compared to a boutique and similarly is the difference between buy side and sell side research important with regards to career prospects, exposure to investors, salary, etc?