tom1996
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Hi there,

I currently hold 2 offers for different audit graduate scheme roles in London - EY and Deloitte.

EY is the typical audit grad scheme of working on publicly-listed clients whilst studying for ICAEW/ICAS. In contrast, Deloitte is within their ‘Private’ division - meaning you only audit non-publicly-listed (and typically smaller) private companies (studying ICAS).

I’m struggling to pick between the 2, as not only are the companies different, but so too are the schemes (public vs private audit).

Can anyone shed any light on the working culture within EY vs Deloitte? Is one typically ‘friendlier’ and a nicer place to work?

What are the key differences between public audit vs private audit? Does length of audit differ? Busy season? Team size? Number of clients worked on at one time?

Any information will be a great help - just struggling to pick between the 2 companies and schemes...

Thanks a lot!
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natninja
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(Original post by tom1996)
What are the key differences between public audit vs private audit? Does length of audit differ? Busy season? Team size? Number of clients worked on at one time?
Can't comment too much on cultural differences as different teams have different cultures even within the organisation.

On the above:

- private audits (outside of FS) tend to be relatively more relaxed, the filing deadline is nine months and can be stretched without too much negative consequence. However for listed businesses late filings are not taken well by shareholders so there is significant time pressure and typically results are published within 2-3 months of the year end.
- following from the first, public clients tend to have more intense, but shorter, busy seasons. At the B4 I was at the private guys would clock off at 6ish pretty much year round. Listed co teams would have a busy busy season (think finishing post 10pm every day for a three to four weeks each signing) and a less intense rest of year depending on things like June filers etc.
- due to the time constraints, teams for listed companies tend to be larger with juniors having narrow responsibilities for smaller less complex areas, by contrast private markets teams are usually smaller which gives more exposure to more complex areas earlier on, though overall the clients are simpler. Additionally auditing listed businesses you are unlikely to work on more than one client at a time, however with private markets you are likely to have more than one at once after the first year or so as you start to take on a field manager role.

Another point worth noting is that listed businesses have their stuff in order and functional controls - a lot of smaller businesses are more chaotic and have different issues such as understaffing, owner managers, poor controls etc which brings its own challenges.
Last edited by natninja; 1 month ago
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tom1996
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(Original post by natninja)
Can't comment too much on cultural differences as different teams have different cultures even within the organisation.

On the above:

- private audits (outside of FS) tend to be relatively more relaxed, the filing deadline is nine months and can be stretched without too much negative consequence. However for listed businesses late filings are not taken well by shareholders so there is significant time pressure and typically results are published within 2-3 months of the year end.
- following from the first, public clients tend to have more intense, but shorter, busy seasons. At the B4 I was at the private guys would clock off at 6ish pretty much year round. Listed co teams would have a busy busy season (think finishing post 10pm every day for a three to four weeks each signing) and a less intense rest of year depending on things like June filers etc.
- due to the time constraints, teams for listed companies tend to be larger with juniors having narrow responsibilities for smaller less complex areas, by contrast private markets teams are usually smaller which gives more exposure to more complex areas earlier on, though overall the clients are simpler. Additionally auditing listed businesses you are unlikely to work on more than one client at a time, however with private markets you are likely to have more than one at once after the first year or so as you start to take on a field manager role.

Another point worth noting is that listed businesses have their stuff in order and functional controls - a lot of smaller businesses are more chaotic and have different issues such as understaffing, owner managers, poor controls etc which brings its own challenges.
Wow thanks so much for the detailed response! Some really interesting things you point out. I guess it’s a matter of choosing public or private (compared to EY or Deloitte) as culture is hard to judge due to all teams being different.

In your experience, as a new joiner fresh to the world of finance, is there one that you’d recommend (private/public)? Any other pros/cons you can think of at a graduate level that are worth considering?

I know Deloitte Private will be ICAS, meaning it’ll be intensive and exam-heavy in first year. EY cannot state whether it’ll be ICAEW or ICAS yet which is rather annoying. I’ve heard ICAEW is difficult in terms of juggling both work and study simultaneously, whereas ICAS is done in blocks (away from work).

Trying to work out what’ll be the most enjoyable (debatable choice of word haha) and smoothest ride out of the 2 schemes - maybe a question that can’t be answered :/

Thanks again! Your experience is so helpful here!!
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Krish.
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(Original post by tom1996)
Wow thanks so much for the detailed response! Some really interesting things you point out. I guess it’s a matter of choosing public or private (compared to EY or Deloitte) as culture is hard to judge due to all teams being different.

In your experience, as a new joiner fresh to the world of finance, is there one that you’d recommend (private/public)? Any other pros/cons you can think of at a graduate level that are worth considering?

I know Deloitte Private will be ICAS, meaning it’ll be intensive and exam-heavy in first year. EY cannot state whether it’ll be ICAEW or ICAS yet which is rather annoying. I’ve heard ICAEW is difficult in terms of juggling both work and study simultaneously, whereas ICAS is done in blocks (away from work).

Trying to work out what’ll be the most enjoyable (debatable choice of word haha) and smoothest ride out of the 2 schemes - maybe a question that can’t be answered :/

Thanks again! Your experience is so helpful here!!
Hey, hoping I can help a little if your decision hasn't already been made...

In EY, depending on whether you'll be working on FS (financial services) clients or UK&I (industry) clients, this is what is likely to predict the exam board (ICAS/ICAEW). FS = ICAEW, UK&I = ICAS. It's just the way it works due to the times you'll need to be out of the office.

I personally studied for ICAS so if you have any specific questions here, please shout!

With regards to the "smoothest ride", it's likely both grad schemes will be the same in terms of having to study and intensity levels - I guess this goes back to the whole public/private client topic! Sorry, I'm not in audit so can't give you too much advice here.

Hope you make the right decision
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SomeWelshGuy123
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I'm not sure what you mean by struggling to balance work and exams, both will send you to college for a period of time to learn the material, then it's up t you to revise before the exam.
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Glossed101
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(Original post by tom1996)
Hi there,

I currently hold 2 offers for different audit graduate scheme roles in London - EY and Deloitte.

EY is the typical audit grad scheme of working on publicly-listed clients whilst studying for ICAEW/ICAS. In contrast, Deloitte is within their ‘Private’ division - meaning you only audit non-publicly-listed (and typically smaller) private companies (studying ICAS).

I’m struggling to pick between the 2, as not only are the companies different, but so too are the schemes (public vs private audit).

Can anyone shed any light on the working culture within EY vs Deloitte? Is one typically ‘friendlier’ and a nicer place to work?

What are the key differences between public audit vs private audit? Does length of audit differ? Busy season? Team size? Number of clients worked on at one time?

Any information will be a great help - just struggling to pick between the 2 companies and schemes...

Thanks a lot!
Well done, I've managed to bag an offer with PwC and GT for audit grad scheme. What are the salaries like at EY and Deliotte?
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tom1996
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(Original post by Krish.)
Hey, hoping I can help a little if your decision hasn't already been made...

In EY, depending on whether you'll be working on FS (financial services) clients or UK&I (industry) clients, this is what is likely to predict the exam board (ICAS/ICAEW). FS = ICAEW, UK&I = ICAS. It's just the way it works due to the times you'll need to be out of the office.

I personally studied for ICAS so if you have any specific questions here, please shout!

With regards to the "smoothest ride", it's likely both grad schemes will be the same in terms of having to study and intensity levels - I guess this goes back to the whole public/private client topic! Sorry, I'm not in audit so can't give you too much advice here.

Hope you make the right decision
Hey! Thanks so much for your help and advice, really appreciate it.

Yeah EY is for UK&I (industry), so likely to be ICAS?

Does this mean that you tend to have work/study separated?? Attending college and exams in blocks, then client work in blocks at a time? I think my main concern at the moment is trying to simultaneously balance work and study at the same time... but maybe ICAS separates the 2?

Still trying to found out more about public vs private audit... it’s a tough decision with little info to base it on hahaha
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tom1996
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(Original post by SomeWelshGuy123)
I'm not sure what you mean by struggling to balance work and exams, both will send you to college for a period of time to learn the material, then it's up t you to revise before the exam.
Hi there, thanks for your response!

Apologies if I wasn’t quite clear, I’ve heard that some schemes tend to separate work and college/exams in blocks (such as 8 weeks at a time). This means that study can be separated from work, and the two rarely cross over.

However, I’ve also heard that some schemes integrate the two - meaning you may in college for a short while, then return back to work and have to revise simultaneously. Things aren’t done in 8-10 week chunks.

Maybe it’s an ICAEW vs ICAS thing... or a specific company thing...
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tom1996
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(Original post by Glossed101)
Well done, I've managed to bag an offer with PwC and GT for audit grad scheme. What are the salaries like at EY and Deliotte?
Nice congrats!! Both are around 28-29k. You??
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Glossed101
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Nice. Yep, salary is also 28-29k.
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