This section is specific to Ernst & Young, but more than likely holds true for other firms in the Big Four.
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A former colleague of mine summed it up with the following catchphrase: “What we sell is the space between these two ears.” This bit of Yoda-like wisdom was followed by a slowly pointed finger to my forehead.
At its simplest form, “professional services” is an industry where firms like Ernst & Young provide clients with the right subject matter experience via resources at the right time and place and, of course, at the right price.
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.
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.Advisory, on the other hand, is more similar to a classic management consulting mold.It is not nearly as consistent as Assurance work, but it is one of the fastest growing offerings within the firm. 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.My practice then rolls up into the “Risk Advisory Services” service line.