Placement Year Review at Ernst & Young

The Role

Role Description

I worked in the Financial Services audit division.
I would approximate that I spent 80% of my time working at client sites.
The audit begins with working alongside client contacts in order to document an understanding of the client's business.
Subsequently there is testing of the risk controls in place to ensure that they are effective and efficient.
There are additional tasks such as checks of client reporting schedules and FSA audits.
I worked quite a lot with internal audit and a regulatory body, ensuring that we could rely on their work. I had considerable communication with the relevant individuals and attended and held meetings in order to review work done and discuss queries.

1. To what extent did you enjoy your work placement or internship?

★★★★★★★☆☆☆

Rated 7/10

I had an unforgettable placement year! I was given the opportunity to get involved with things I could never even dream of and that is the gift of working for such a big, highly esteemed company. I worked with individuals at the most senior levels, met some amazing people, got involved with everything there was on offer and had a fantastic year.

I have not given the placement full marks as although it was fantastic it wasn't perfect and there were areas I believe could be improved on. Perhaps as a consequence of working on some of the biggest clients I did find that my workload could be light.

2. To what extent did you feel valued by your colleagues?

★★★★★★★★☆☆

Rated 8/10

Placement students are not treated like 'mere placement students' at Ernst & Young. I felt as valued as anyone else at the company and that was a wonderful feeling. There is definitely a sense of there being no barriers created by position or salary and everyone is approachable no matter how powerful they may be.

The people I worked with on different client teams were predominantly very encouraging, motivating and appreciative of my contribution to the team effort. A few individuals in particular inspired me to keep improving and aiming higher and to have confidence in what I can bring to the job.

In addition, there is a system of rewarding employees with high street vouchers. Receiving quite a few of these made me feel that my hard work had been recognised and that I was a valued member of the team. I think that this rewards system is a superb incentive for junior employees.

3. To what extent were you given support and guidance by management/your supervisor(s)?

★★★★★★★☆☆☆

Rated 7/10

Ernst & Young has a very good support network for its placement students. There are three different people at different levels for each placement student to contact with regard to different queries or questions. Theoretically, this is a great idea but as the people in these positions are often very busy it can be difficult to get some time with them.

4. How busy were you on a daily basis?

★★★★☆☆☆☆☆☆

Rated 4/10

This is a tricky one for me. Every day was so unpredictable and I found that one day I could be really struggling to find work and the next have so much work there didn't seem enough hours in the day.

I worked on some of my department's biggest clients, which is possibly why I felt that the people I was working with did not have enough time to delegate work. I felt like my executives and managers often did work they didn't need to because they felt they couldn't afford the time to show me how to do it. I am so eager to learn and was always very willing to try but it can be difficult to get involved when no-one has time. I believe there should be a formal structure whereby individuals at the bottom level have someone to go to for work or are at least aware of others (maybe even on different clients) who need help.

The busy periods can be very busy and you shouldn't expect to work average hours but you really get to know your colleagues and your clients and to learn a lot about what you do. And Friday evenings can be very rewarding!

5. How much responsibility were you given during your placement?

★★★★★★★★☆☆

Rated 8/10

I did do some photocopying and errand running etc. but I think that is to be expected when you are a placement student. If I were to advise new placement students I would tell them to always be assertive because people need to know you are serious about your work and what you want to gain from it.

I had a lot of client contact throughout the year and found myself having technical conversations with some very senior individuals. Of course this is daunting but it is incredibly beneficial for building knowledge and skills. On a personal note, I also had a lot of involvement with internal audit and regulatory bodies and working with these people - even holding a meeting by myself - gave me great insight and confidence. As the year progressed I felt that I had become responsible for areas of work and it was incredibly rewarding for me to see tasks through to completion.

6. To what extent did/will the skills you developed, and training you received, assist you in your degree studies and beyond?

★★★★★★★★★☆

Rated 9/10

Having a year's experience in a firm like Ernst & Young is absolutely invaluable. I feel so much more employable now. I have picked up and improved on skills like presenting, team-work, organisation etc. Probably the biggest thing for me is the confidence I have gained from the client exposure I have had and the work I have undertaken. With newfound confidence I feel able to sell my new skills and knowledge.

We received professional training for the chartered accountancy qualification and this has spurred me on to attain professional qualification.

I also have a little bit of insight into the industry now which I can apply to my studies.

The Organisation

7. What was the general atmosphere in your office?

★★★★★★★★★☆

Rated 9/10

If you ask anyone who works at Ernst & Young what they love about the company most people mention 'the culture'. The culture and the atmosphere at Ernst & Young is great. In any team you will meet people eager to share their experience, willing to share stories and keen to help you learn. The people are definitely what make the company great!

I worked mostly between two client site offices (and sometimes paid a visit to the Ernst & Young building too). The teams I worked on had rapport and a bit of a laugh too. At one client site we often had pub lunches or a few drinks after work and even a bake-off! The office always felt comfortable. The only exception would be during busy periods when there could be a little bit of tension but that is only to be expected when the pressure is on.

8. How well organised was the overall work placement or internship set up?

★★★★★★★★☆☆

Rated 8/10

Our placement began with just over a month in college studying for two chartered accountancy exams. I don't think Ernst & Young publicise this feature enough. Everything is organised for you in terms of study material, tutors, classes and even membership to the CA Board. This period of time motivated me to want to qualify as a chartered accountant and I learnt so so much from the experience - I cannot praise this highly enough!

In terms of the social aspect of being a placement student, this was all very well organised too. We had an induction week to get to know each other and to start to build a relationship with peers and from there on we had several events organised to catch up including a Christmas do and a boat party!

The structure of support is also praiseworthy. People from higher levels are allocated to each placement student so there should always be someone available if you need anything.

Again, I feel the everyday work could be better organised. I found it could be a little overwhelming going in search of work when my executives and managers were busy. It would certainly be preferable to have a port of call when work is low.

9. In terms of personal training and development, to what extent did the company or firm invest in you?

★★★★★★★★★☆

Rated 9/10

Ernst & Young do not seem to perceive a placement student only as a placement student. I felt like we were the graduate intake and executives and maybe even managers of the future. Being trained for professional examinations is a massive privilege and a huge investment on the company's part. I also attended courses and away days to train for my job role. These were informative and usually quite enjoyable too. As a placement group quite considerable effort and money was put into socials too and we were treated to some events and dinners and nights out. This was fun but it's so beneficial in building relationships too and allowing us to feel comfortable.

10. What were the perks on your work placement?

★★★★★★★★★☆

Rated 9/10

• Flexi Time
• Subsidised/Company Gym
• National Travel
• Financial Bonus
• Company Parties/Events
• Working from home

11. How appealing are future employment prospects within the organisation?

★★★★★★★★★★

Rated 10/10

Myself and my placement peers (22 of us) received job offers. I am a very privileged person to have gone into my final year with a job offer.

Other Information

12. Was there a good social scene amongst any fellow placement students/colleagues?

★★★★★★★★★★

Rated 10/10

I started my placement year with just over twenty other students. We were all put up in Central London accommodation and attended a week of induction events and socials together. Many of us went to college for a month and we bonded over the stress of accounting. The company organised a few fantastic socials for us over the year. Being based mostly between the London and Birmingham offices we also arranged our own nights out in these cities. I have made some fabulous friends from my year. Not only that I found people I could speak openly and honestly to throughout the year and having that support was priceless for me.

The entire company had a great social vibe. I enjoyed events with my colleagues too. It's quite common to have a few drinks after work or a lunch together and there are events throughout the year too including away days and a big, impressive Christmas do.

13. What was the cost of living and socialising in the area you worked in?

★★★★★★★★☆☆

Rated 8/10

I was working and living in London. I could write a thesis on London but can summarise by saying that I simply love it. It is no secret that it is expensive. My rent was approximately 40% of my take-home pay and there were additional bills for heating, electricity, food, transport etc. Going out in London can be quite pricey too with entry fees and food and drink costing over the average. However, there is so much going on in London and there is so much free stuff too. There are great websites that advise on days out and offer discounts on top restaurants and bars. London is worth all the fuss and the cost in my opinion and if you're on a budget it can work for you too if you look in the right places. My salary was pretty reasonable and I enjoyed a good lifestyle but I don't think many people could leave with a big savings pot.

14. What was the Nightlife like in the area you worked?

★★★★★★★★★☆

Rated 9/10

Working in the London office is an opportunity to experience the capital city. Work events really took advantage of everything on offer and I had the chance to try so many new things. Socialising after work is not uncommon and it's usually pretty enjoyable.

15. Were there many opportunities to get involved in activities outside of work?

★★★★★★★★★☆

Rated 9/10

Ernst & Young excels in encouraging extra-curricular activities. In my first week I got to volunteer for a day and the company is very supportive of voluntary work. Additionally, I was allowed the opportunity to present at events during working hours and also to attend graduate recruitment events. I worked with people who were attending language classes, volunteering in local schools and playing for the department football team. There is so much on offer to take part in.

In addition to these questions, is there any extra information you would like to leave about your experiences on your work placement that other students may be interested in?

Ernst & Young takes care of all its people and as a placement student you will have an opportunity like no other. Having the experience of working with such a reputable company will stand you in great stead for whatever career you choose. If your experience is like mine...

You will meet many fantastic people from all across the globe.

You will work on some big name clients, with people in really important roles.

You will experience what it is like to have a good work/life balance - work hard for the week and hit the pub in style on Friday!

You will pick up so many professional and personal skills. I went in wanting to improve on presenting and I was given the opportunity to present to over 50 people!

Good luck with your search for a placement! x

Review 261/284 for Ernst & Young

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