Consulting Network » big 4 http://www.consultingnetwork.co.in Fri, 13 Jan 2012 04:39:53 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Recent MBA and still Unemployed? http://www.consultingnetwork.co.in/recent-mba-and-still-unemployed/890/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss http://www.consultingnetwork.co.in/recent-mba-and-still-unemployed/890/#comments Wed, 10 Jun 2009 09:56:50 +0000 Mohit http://consultingnetwork.co.in/?p=890 A friend of mine, a recent graduate from one of the premier business schools in India, called me, his predicament, he is an engineer from a tier-2 engineering college in India and an MBA, and yet, he has not managed to even remotely come close to a job offer

His business school finished the placement season few months back, after managing to place approximately 50 percent of the batch. He has knocked doors for most of the companies and yet has been unsuccessful.

Following is the advice I gave him, feel free to add your pointers or point mistakes in my advice in the comments section.

1. My friend LinkedIn – Firstly, remember that a professional networking site like LinkedIn is your best bet for landing a job in a tough market, If you don’t have a LinkedIn profile, it serves you best to create one, your LinkedIn profile serves as your public resume, secondly start using the LinkedIn Signature option in your emails. Lastly, scout for recruiting professionals, send them a polite message and cross your fingers.
2. Join a Non Profit – Do you feel strongly about a particular cause? Then this is the best time to support your favorite cause.  Run a project for a non profit, running a project end-to-end is equivalent to any high end job and provides you great exposure.
3. Build Brand “you”, Voice your opinion – If you feel strongly about a particular industry then why not start blogging about it?  Each one of us is a brand, and you are building that brand by writing about the industry you care about. This works for two reasons, firstly, it keeps you updated on events, a job search can be tiring and demotivating, especially if you are a recent MBA blogging/writing about your preferred industry or learning new skills keeps you in the game. Secondly, published content adds a lot of value to your resume, hence makes you stand out from your competition
4. Join/Build communities – Best place to network are focused communities in your area of expertise/interest, so if you are looking to break into the consulting industry, then Consulting Network India could be your first stop, similarly, if you’re interested in the marketing products/services, then go ahead and find a community focused on marketing professionals.
5. Follow the entrepreneurial route – Want to make it big? Great! , there are no jobs? Even better! Downturn can actually be a great time to visit your entrepreneurial roots. Think of possible small investment businesses, create a detailed business plan to support it, and start your venture. You don’t have anything to lose.

Remember, your job prospects may be low for now, considering the worldwide downturn, however, eventually, the job market is bound to get better. Your best bet is to survive the downturn and showcase your strength when the opportunity comes knocking.

Please feel free to email me at mohit.kant@consultingnetwork.co.in


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]]> http://www.consultingnetwork.co.in/recent-mba-and-still-unemployed/890/feed/ 2 Recession and the Big 4 – How are they dealing with it ? http://www.consultingnetwork.co.in/recession-and-big-4-how-are-they-dealing-with-it/835/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss http://www.consultingnetwork.co.in/recession-and-big-4-how-are-they-dealing-with-it/835/#comments Fri, 29 May 2009 06:08:37 +0000 Mohit http://consultingnetwork.co.in/?p=835 Recession has affected almost all of the industries in India. Big 4 firms  despite their might have been having a tough time dealing with the recession.

One chain of thought argues that big 4 firms should, to some extent, be sheltered from the current crisis. Their type of client, the large private and public multinational company, will invariably have a legal requirement for an audit. This type of client is usually large enough to withstand economic downturns so audit fees from such companies should, in general, remain stable.

However, a large chunk of the revenue for the big 4 firms come from the non audit services such as risk advisory, transaction advisory etc. On one hand transaction advisory services are facing a major crisis since the number of transactions in the Indian markets have gone down significantly, on the other hand, other advisory services under the risk advisory/business advisory umbrella are not selling, since most of the client are postponing their decision to hire big 4’s or for that matter any consulting firm for such services. Many of these services are being considered a luxury  by prospective clients in these recessionary times.

PwC has been affected even further due to their alleged involvement in the Satyam scandal, many of the PwC clients are reportedly seeking services of other big 4 biggies, Deloitte and KPMG are speculated to have grabbed a number of PwC clients.

Most of the big 4 firms have frozen or deferred hiring and are adopting a “wait-and-watch” policy.

However, there is always an opportunity in adversity, from a human resource prospective, the recession provides big 4 firms an opportunity to build their brand equity and tackle high attrition problem by supporting their employees in these tough times and passing on the least amount of pain on them. Employee oriented moves during recessionary times could help big 4 firms to build their brand and attract quality talent in the long run.  However, how big 4 firms respond to the human resource aspect in this recession will only become clear in the coming months.

Most of the Big 4 firms have stepped up their business development activities and are aggressively pursing prospective clients. These may be classified as challenging times for the big 4 firms, but at the same time recession is forcing many big 4 employees to hone their existing skills and acquire new skills.

To summarize, there is unrest in the sea, and how will the big fish respond? This question will only be answered in time.

Views presented in this article are those of the author and author alone and in no way reflect the views of the author’s employer or any connected parties.

You can reach the author on mohit.kant@consultingnetwork.co.in or contactus@consultingnetwork.co.in


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]]> http://www.consultingnetwork.co.in/recession-and-big-4-how-are-they-dealing-with-it/835/feed/ 0 Dealing with Government Clients in India – New Era for the Consulting Profession http://www.consultingnetwork.co.in/dealing-with-government-clients-in-india/767/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss http://www.consultingnetwork.co.in/dealing-with-government-clients-in-india/767/#comments Mon, 11 May 2009 11:44:34 +0000 Mohit http://consultingnetwork.co.in/?p=767 It is clear that recession has affected most industries, while investment banking has been affected the most; the consulting industry has also been affected to a large extent by the sudden and unexpected downturn in the global economy.

The current liquidity crunch in India seems to be creating a problem for Consulting Firms as many of the corporate clients are delaying payments. While consulting assignments from corporates are harder to come by, there is a growing demand from government agencies for consulting.

High value & long term contracts coupled with security over payments makes government run institutions as  the most coveted clients for consulting firms.

Successfully executing an engagement for a government client in India can be a challenging task. Some handy tips include:

1. Timing: Employees at most government institutions start working at approximately 9 30 am and end working at 4 -4 30 pm with an one lunch between 1 and 2 pm, as a consultant, it is imperative that you plan your day accordingly, essentially, you should be at the client site 40 – 60 minutes before the employees start rolling in, idea is to get organized and have you’re questions/queries prepared, so that you can interview the client personnel as quickly as possible.

Essentially, 10 am – 4 pm should be used to interview the relevant client personnel, and time post 4 pm should be used for data analysis.

2. Hierarchy: Government run institutions are hierarchy driven to a large extent, being polite is the key to effectively extract maximum information from the client personnel. First name culture, which is a norm in most corporates, has not quite caught on with the government institutions, and salutation “Sir” works better.

3. Dressing: Most consulting firms will teach you that it is better to dress up, rather than dressing down at a client site, while this holds true for corporate clients, however, while dealing with government client’s it is better to dress up for a first couple of days and for meetings with senior client personnel (wear you’re business suits and ties) , however, it is a good idea to dress down while interviewing client personnel at lower ranks, tie’s and business suits can be a little intimidating for client personnel at lower ranks and could lead to unsatisfactory interviews.

4. Email Culture: While dealing with corporate clients, it is advisable to keep track of all email’s and data requests sent to the client. However, at government institutions the task is often complicated since many of the client personnel don’t use computers or simply don’t check emails.

An effective strategy in such situation is ask for the data during the interview itself and follow up on the data request every few hours (but don’t over do it).

5. Work Culture: One of the prominent differences in corporate and government clients is the work culture, Government client personnel tend to be relatively less proactive and laidback, it is important to respect their work culture and find ways to get you’re work done quickly and effectively. Being Polite yet persistent is the key to successfully handling an engagement for a government client.

These were some of the tips that can come in handy while dealing with government clients in India.

Please feel free to add you’re tips by commenting on this post, or emailing us at contactus@consultingnetwork.co.in or mohit.kant@consultingnetwork.co.in


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]]> http://www.consultingnetwork.co.in/dealing-with-government-clients-in-india/767/feed/ 0 The Big 4 Life in India – Life at Big Consulting Firms http://www.consultingnetwork.co.in/the-big-4-life-in-india-life-at-eykpmgdeloitte-and-pwc/749/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss http://www.consultingnetwork.co.in/the-big-4-life-in-india-life-at-eykpmgdeloitte-and-pwc/749/#comments Wed, 06 May 2009 17:42:09 +0000 Mohit http://consultingnetwork.co.in/?p=749 Big 4 accounting firms are amongst the most coveted and renowned firms in India. Approximately 50 – 55 percent of the workforce comprises of charted accountants, 35-40 percent being occupied by MBA’s and Engineer’s and remaining by other specialized degree holders.

Getting Hired

Getting into a Big 4 firm in India is a difficult task. Barely 3-5 percent of the hiring in Big 4’s is done through company’s website and job portal’s, most of the hiring is done through internal referral programs and external consultants

Tips on getting your resume noticed
1. Route your resume through an internal employee, higher the designation of the employee, more the chances of your resume being noticed.
2. Don’t clog your resume with excess clutter. Be to the point and precise. Focus on highlighting your leadership and teaming skills
3. Keep track of the financial cycles being followed in the big 4 firms, for example EY follows a July to July financial cycle. Hiring during the month of May and June is relatively less owing to budgetary constraints at the end of the year as compared to hiring in July, August where most teams are looking to filling in vacant spots.

Figuring out the Hierarchy

Though the basic hierarchy structure among the big 4 in India is pretty much the same, one may start as an intern and go upto the partner level. However, there are subtle differences.

For example, if you compare the hierarchy structure in EY and KPMG then you would realize that there is no Assistant Manager level in EY.

Not understanding the hierarchy structure before interviewing process can often lead to an individual being hired at the wrong level.

Service Lines

The services provided by the big 4 firms can be divided into

  • Statutory Audits & Tax Advisory
  • Internal Auditing
  • Transaction Advisory
  • Business Advisory
  • Other niche consulting Area’s

It is imperative for new MBA’s to decide their area of interest prior to an interview. It is difficult to switch service lines at a later stage.

Working Culture

Though each big 4 claims to have an individualistic work culture, the enormity of these firms and the prominent trend of employees switching between the big 4 firms has led to development of what can be called as the big 4 culture, some of the key characteristics of the big 4 culture are

1. Working Hours - One can expect a typical working day of approximately 12-13 hours a day. However, the lengths of your  stay in office or at the client site is totally dependent on your engagement team and manager and work load.
2. Trainings form an integral part of the Big 4 culture, you can end up clocking approximately 10 -15 hours of training each month. These training comprise of both technical and soft skill’s trainings
3. Quality and risk management practices also take up a major portion of your time at big 4 firms, you could spend a significant number of your working hour’s filling up forms and taking approvals.
4. Individual vs. the Team – There is a strong focus on teaming at all of the big 4’s, however, individualistic traits such as taking up the ownership, making decisions is also encouraged.

Email your comments on contactus@consultingnetwork.co.in or mohit.kant@consultingnetwork.co.in

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]]> http://www.consultingnetwork.co.in/the-big-4-life-in-india-life-at-eykpmgdeloitte-and-pwc/749/feed/ 50 ICAI seeks details from 12 affiliates of global audit firms http://www.consultingnetwork.co.in/icai-seeks-details-from-12-affiliates-of-global-audit-firms/745/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss http://www.consultingnetwork.co.in/icai-seeks-details-from-12-affiliates-of-global-audit-firms/745/#comments Sat, 02 May 2009 19:31:20 +0000 Knowledge Seeker http://consultingnetwork.co.in/?p=745 Times of India recently reported that the CA institute, ICAI, has shot off letters to 12 Indian chartered accountancy firms that have affiliation with international entities.

These 12 firms have now been asked to furnish documents relating to various aspects of their dealings with the international entities including contract details, arrangement of sharing of fees/profits, details of remittances made to and received from multinational entities, copies of the partnership deeds of the audit firms, sharing of human resources and infrastructure and income-tax assessment orders for the last three years, etc.

Also, details have been sought on terms and conditions for usage of the names of the multinational entity besides copies of letterheads and visiting cards generally used

Indian affiliates of Pricewaterhouse, KPMG, Ernst & Young, Deloitte among others are reportedly under ICAI scanner


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]]> http://www.consultingnetwork.co.in/icai-seeks-details-from-12-affiliates-of-global-audit-firms/745/feed/ 0 PwC bruised not battered, says CEO http://www.consultingnetwork.co.in/pwc-bruised-not-battered-says-ceo/525/?utm_source=subscriber&utm_medium=rss&utm_campaign=rss http://www.consultingnetwork.co.in/pwc-bruised-not-battered-says-ceo/525/#comments Sat, 21 Mar 2009 07:31:28 +0000 Knowledge Seeker http://consultingnetwork.co.in/?p=525

Auditing and consulting firm PricewaterhouseCoopers (PwC) maintains that it did not play any role in the alleged financial irregularities of  fraud-mauled Satyam Computer Services Limited, but is looking back at “significant lessons” from the controversy linked to accusations that its  partners rubber-stamped doctored accounts in the company.

It does not expect any major loss of client base in the country.

 “Our partners were not complacent. We did not create the fraud. We were misled,” Samuel A. Di Piazza, Jr. global CEO of PricewaterhouseCoopers told Hindustan Times in an exclusive interview.

Di Piazza, who was in India to meet with clients and employees, said the firm has strengthened its internal processes and plans to bring in partners from its international affiliates to carry out the audit of its clients in India.

“One of the most significant lessons we have learnt is that auditors should maintain a level of scepticism. Our relationship with clients is based on trust, but we must look at things that appear sceptical,” Di Piazza said.

He said most of the clients continue to repose faith in PwC’s quality of services, but there were some who have raised some uncomfortable questions after the Satyam controversy came to light. Pricewaterhouse, the auditing arm of PwC, were the statutory auditors for Satyam.

Two of the firm’s partners S Gopalakrishnan and Srinivas Talluri have been arrested on charges of alleged involvement of doctoring of Satyam books.

“India continues to remain one of the most critical and significant markets for us,” Di Piazza said.

Business from India, he said, continues remain the fastest growing for the firm in the entire world clocking “high double-digit growth” rates.  “It (the Satyam controversy) has happened. Fortunately it is an isolated case. We do not see any systemic problem,” he said.

This was Di Piazza’s second visit to India in less than two months.

Sourced from Hindustan Times


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