Inside EY: Driving Growth Through Innovation and Leadership

Ernst & Young, commonly known as EY, is a leading multinational professional services firm and one of the largest members of the Big Four accounting firms, alongside Deloitte, KPMG, and PwC. Established through the merger of Ernst & Whinney and Arthur Young & Co. in 1989, EY operates in over 150 countries with a workforce exceeding 395,000 employees. The firm provides a wide array of services, including assurance, tax, consulting, and advisory services, aimed at building trust and confidence in capital markets. EY's mission, encapsulated in the phrase "Building a better working world," reflects its commitment to fostering sustainable economic growth and supporting clients in navigating complex business challenges.

This blog is designed to provide comprehensive insights into EY’s operations, culture, and recruitment process, equipping aspiring candidates with the knowledge and tools they need to succeed in securing a role at this global giant.

1. EY Overview

About

History

Key Milestones in EY’s History:

2. Company Culture and Values

Mission

This mission reflects the firm's commitment to delivering insights and quality services that help build trust and confidence in the capital markets and economies around the world. EY aims to create long-term value for clients, people and society through its purpose-driven approach.

Core Values of EY

1. Integrity: Demonstrating honesty and strong ethical principles in all actions.
2. Respect: Valuing diverse perspectives and treating everyone with dignity.
3. Teaming: Collaborating effectively to achieve common goals and foster a supportive environment.
4. Inclusiveness: Embracing diversity and ensuring that everyone feels valued and included.
5. Energy and Enthusiasm: Approaching challenges with a positive attitude and a proactive mindset.
6. Courage to Lead: Taking initiative and responsibility in driving change and making decisions.
7. Building Relationships: Creating trust-based relationships by doing the right thing and maintaining high standards.

3. Comprehensive Product and Service Offerings

EY offers a wide range of professional services across several key areas to help clients achieve their ambitions and build a better working world. Here's a comprehensive overview of their service offerings:

1. Strategy by EY-Parthenon

• Combines innovation with pragmatic thinking to deliver actionable strategies with real impact in today’s complex business landscape.

2. Consulting

• Helps businesses transform by placing humans at the center, leveraging technology at speed, and enabling innovation at scale.

3. People and Workforce

• Assists businesses in unleashing the potential of their workforce, integrating human capital strategies with broader business goals to create a competitive advantage.

4. Transactions and Corporate Finance

• Supports clients in reimagining their ecosystems, reshaping portfolios, and reinventing themselves for a better future through strategic growth and value creation.

5. Assurance

• Promotes trust and confidence in business and capital markets, helping protect and promote sustainable, long-term value for stakeholders.

6. Tax

• Provides connected services across all tax disciplines, helping businesses thrive amid rapid change and navigate global tax challenges.

7. Law

• Bridges the gap between business advisors and legal counsel, offering integrated solutions to navigate the complexities of the global economy.

8. Technology

• Harnesses technology as a transformative force, helping organizations reframe the future of their industries with innovative solutions.

9. Managed Services

• Revolutionizes non-core, but business-critical activities with easy-to-integrate solutions, freeing up time for innovation and growth.

10. EY Private

• Offers comprehensive support to private businesses, helping them unlock the full potential of their ambitions and achieve strategic goals.

11. EY Sustainability

• Delivers value-led sustainability strategies to protect and create value for business, people, society, and the planet, embedding sustainability into core operations.

By leveraging its global presence, diverse expertise, and innovative capabilities, EY is well-positioned to help clients navigate complex challenges, seize opportunities, and create long-term value for all stakeholders.

4. Financial Performance and Market Position of EY

Financial Performance

1. Record Revenues

• EY reported global revenues of $49.4 billion for the financial year ending June 2023 (FY23).
• This marks a 14.2% increase in local currency and a 9.3% increase in U.S. dollars compared to the previous year.
• Represents one of the most successful years in the firm's history.

2. Investment in Growth

• In FY23, EY invested $3.6 billion in audit quality, innovation, technology, and workforce development.
• Part of a broader $10 billion investment plan announced in FY21.
• $1.4 billion specifically allocated to the launch of the EY.ai platform to enhance artificial intelligence capabilities.

3. Revenue Breakdown

• Consulting: Fastest-growing segment, with revenues exceeding $16 billion, reflecting nearly 22% growth.
• Assurance: Contributed approximately $15 billion, showing low double-digit growth.
• Tax Services: Generated around $12 billion in revenue, also with low double-digit growth.
• Strategy & Transactions: Experienced slower growth compared to other segments.

4. Employee Growth

• EY’s global headcount increased by 8%, reaching approximately 395,000 employees.
• The consulting division now employs over 120,000 individuals, surpassing the assurance division in personnel.

Market Position

1. Competitive Standing

• With revenues nearing $50 billion, EY consolidates its position as the third largest among the Big Four accounting firms, following Deloitte and PwC.
• EY has been growing at a faster rate than PwC, which is expected to release its results soon.

2. ESG Commitment

• Significant strides in environmental, social, and governance (ESG) efforts, with a goal of becoming net zero by 2025.
• The corporate responsibility initiative, EY Ripples, aims to positively impact 1 billion lives by 2030.
• EY Ripples has already reached 46 million lives in the latest fiscal year.

3. Future Outlook

• EY’s leadership expresses confidence in continued growth, supported by strategic investments in technology and talent.
• The firm is well-positioned to navigate complex global economic conditions and help clients transform their businesses for success.

This overview highlights EY's strong financial performance, strategic investments, and competitive market position, reflecting its commitment to growth and long-term value creation for clients and stakeholders.

For more information, you can refer to the following sources:

• https://www.ey.com/en_gl/newsroom/2023/09/ey-reports-record-global-revenue-results-of-just-under-us-50b
• https://www.consultancy.uk/news/35509/despite-split-distractions-ey-records-best-financial-year-ever
• https://www.ey.com/en_cy/newsroom/2023/09/news-release-ey-reports-record-global-revenue-results-of-just-under-us-dollars-50b

5. Competitors of EY

EY and its competitors form the core of the professional services landscape, each offering unique strengths and capabilities in audit, consulting, and advisory services. The key competitors of EY are as follows:

1. Deloitte

• Overview: Deloitte Touche Tohmatsu Limited, commonly known as Deloitte, is the largest professional services network in the world, headquartered in New York City. It operates in over 150 countries.
• Services: Deloitte offers audit, consulting, enterprise risk, financial advisory, and tax services.
• Market Position: Deloitte consistently ranks as the largest of the Big Four accounting firms, with revenues exceeding $60 billion in FY23, making it a leader in both consulting and audit services.

2. PricewaterhouseCoopers (PwC)

• Overview: PwC was formed in 1998 from the merger of Price Waterhouse and Coopers & Lybrand. It is headquartered in London and operates in over 157 countries.
• Services: PwC provides assurance, tax, and consulting services, with a strong focus on technology and digital transformation.
• Market Position: PwC is the second-largest of the Big Four firms, reporting revenues of approximately $50 billion in FY23. It is known for its strong presence in audit and advisory services.

3. KPMG

• Overview: KPMG, founded in 1987 through the merger of Peat Marwick International and Klynveld Main Goerdeler, is headquartered in Amstelveen, Netherlands, and operates in 146 countries.
• Services: KPMG offers audit, tax, and advisory services, focusing on industries such as financial services, healthcare, and technology.
• Market Position: KPMG is the fourth largest among the Big Four, with revenues around $34 billion in FY23, maintaining a solid reputation in audit and tax services.

4. Accenture

• Overview: Accenture is a global professional services company headquartered in Dublin, Ireland, with operations in over 120 countries. It was originally part of Arthur Andersen.
• Services: Accenture offers a wide range of services, including strategy, consulting, digital transformation, technology, and operations.
• Market Position: Accenture is a leading player in management consulting and technology services, reporting revenues of approximately $61 billion in FY23, positioning it as a formidable competitor to EY in consulting.

5. McKinsey & Company

• Overview: Founded in 1926, McKinsey & Company is a global management consulting firm headquartered in New York City. It is known for its rigorous analytical approach and deep industry expertise.
• Services: McKinsey provides consulting services focused on strategy, operations, organization, and digital transformation across various sectors.
• Market Position: McKinsey is often regarded as the most prestigious consulting firm globally, with estimated revenues of around $12 billion in FY23. Its influence in strategic consulting makes it a key competitor to EY in the consulting space.

6. Corporate Social Responsibility (CSR)

EY has a strong commitment to Corporate Social Responsibility (CSR) and sustainability, which is evident from their various initiatives and programs. Here are some key aspects of EY's CSR efforts:

EY Ripples Program

• EY Ripples is the firm's flagship CSR program, launched in 2018 with the goal of positively impacting 1 billion lives by 2030.
• Through EY Ripples, EY people volunteer their time and skills to support the next-generation workforce, work with impact entrepreneurs, and accelerate environmental sustainability.
• As of FY23, EY Ripples has already positively impacted 127 million lives.

Sustainability Commitments

• EY has made a global commitment to reduce absolute total global emissions by 40% by FY25, against an FY19 baseline. The firm is on track to meet this target while offsetting more emissions than it produces.
• EY aims to achieve net zero by 2025 and is accelerating its transition to net zero.
• The firm helps clients innovate with purpose and works toward a new corporate reporting framework that increases focus on long-term value for all stakeholders.

Diversity, Equity, and Inclusion (DE&I)

• EY has introduced new DE&I metrics, such as disability inclusion, and launched a global storytelling campaign focused on elevating the importance of social equity.
• The firm is committed to gender parity in leadership roles and has made significant progress in enhancing workplace culture and community engagement.

Community Engagement

• EY invests in the communities where its people live and work, believing that creating long-term value for society is core to its strategy.
• The firm collaborates with clients, governments, nonprofits, and impact investors to tackle the interconnected challenges of climate change and social inequality.

EY's CSR efforts are guided by its purpose of building a better working world and are aligned with the United Nations Sustainable Development Goals (SDGs). By embedding responsibility, inclusiveness, and sustainability in its operations and value chain, EY aims to create long-term value for all stakeholders.

7. Recruitment Process at EY

EY's recruitment process is designed to identify candidates' strengths, aspirations, and potential fit within the organization. Careers in Tech, Assurance, Consulting, EY-Parthenon, Strategy and Transactions, Tax, People Advisory Services, Financial Services, Global Delivery Services, and in Core Business Services.

Here’s an overview of the steps involved:

1. Job Search and Application

• Candidates can explore career opportunities on the EY website by searching for jobs by keyword or location.
• The application process takes about 30 minutes to complete, allowing candidates to save their progress and return later if needed.
• To apply for multiple positions, candidates must complete separate application forms for each role.

2. Interview Preparation and Assessment

• Candidates should prepare to discuss their relevant work experience, personal strengths, and perspectives on current market trends.
• The interview process is designed to be a two-way conversation, allowing candidates to ask about the role, expectations, and EY's vision.
• Interviews may be conducted in-person, via phone, or through video conferencing.
• Depending on the role, candidates may also be required to complete a written assessment, either online or at a testing center.

3. Review Offer and Onboarding

• Successful candidates will receive a formal job offer in writing.
• Candidates can ask questions about the offer before accepting it.
• Upon acceptance, candidates will access a global onboarding portal to facilitate a smooth transition into the organization.
• EY provides an initial induction and opportunities for networking and ongoing orientation to help new hires feel valued and prepared for their roles.This recruitment process emphasizes EY's commitment to understanding candidates as individuals and ensuring a collaborative fit for both the candidate and the firm.

For more information, you can refer to the official source: EY Recruitment Tips

8. Future Outlook and Strategic Plans

EY is focused on creating long-term value for its stakeholders while navigating a rapidly changing global landscape. Here are the key elements of EY's future outlook and strategic plans:

1. Growth and Financial Performance

• EY reported global revenues of $49.4 billion for FY23, a 14.2% increase in local currency and 9.3% in U.S. dollars.
• The firm invested $3.6 billion in FY23 in audit quality, innovation, technology, and workforce as part of a $10 billion commitment over three years.

2. EY NextWave Strategy

• The EY NextWave strategy aims to embed long-term value creation into the firm's operations, achieving a 9.5% compound annual growth from FY19 to FY23.
• Success is measured by the value created for clients, employees, and society, not just financial performance.

3. Technological Advancements

• EY has unified its AI innovation under the EY.ai platform to enhance client engagement and operational efficiency, launching tools like the EY Tax Co-Pilot.
• The firm is committed to leveraging digital transformation to drive growth and innovation.

4. Sustainability and Corporate Responsibility

• EY aims to become net zero by 2025 and supports the UN Global Compact's principles on human rights, labor, environment, and anti-corruption.
• Through initiatives like EY Ripples, the firm has positively impacted 46 million lives and aligns its sustainability goals with the UN Sustainable Development Goals (SDGs).

5. Adaptability and Resilience

• EY acknowledges global challenges such as the pandemic and climate change, emphasizing resilience and collaboration.
• The Project Everest initiative sparked innovation and discussions on adapting to changing client needs, despite the plan to split the organization not proceeding.

EY's future outlook is characterized by a strong commitment to growth, innovation, and sustainability, with a focus on creating long-term value for all stakeholders while adapting to an ever-evolving global landscape.

9. Conclusion

EY stands as a leader in the professional services sector, committed to building a better working world through innovation, sustainability, and inclusivity. With a robust financial performance, reporting revenues of $49.4 billion in FY23, EY emphasizes long-term value creation for clients, employees, and society. The firm’s strategic investments in technology and talent, alongside its ambitious sustainability goals, position it well for future growth. As EY continues to navigate a dynamic global landscape, its focus on responsible practices and community engagement through initiatives like EY Ripples reflects its dedication to making a positive impact worldwide.

Key Takeaways for Aspiring EY Candidates:

1. Research and Understand EY: Familiarize yourself with EY's services, culture, and growth plans. Use resources like the EY website and social media to gather insights and demonstrate your commitment during the application process.
2. Emphasize Mindset Over Skillset: EY values candidates with a growth mindset. Focus on your ability to adapt, innovate, and think analytically, as these traits are crucial for success in a rapidly changing environment.
3. Highlight Teamwork and Intercultural Skills: EY operates in diverse, high-performance teams. Showcase your ability to collaborate across cultures and work effectively in a global context.
4. Demonstrate Passion and Energy: Show enthusiasm for your career and a desire to make a meaningful impact. EY seeks individuals who are intentional about their career paths and eager to contribute positively.
5. Prepare for a Two-Way Conversation: Approach interviews as a dialogue rather than a one-sided assessment. Prepare thoughtful questions about the role and the firm to engage with interviewers and gain deeper insights into EY's culture and expectations.

By focusing on these key areas, as suggested by the company themselves, candidates can enhance their chances of securing a role at one of the world’s most influential companies. Preparing thoroughly for the recruitment process will help you stand out and succeed in your journey.

Additional Sources:

• EY Interview Tips
• EY: What They Look For