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ERNST & YOUNG INTERNSHIP GUIDE
INTERNSHIP OVERVIEW Company: Ernst & Young Title of Internship: Audit Intern Industry: Financial Employees: 27,000 Fortune 500? No Internship Location: New York
Office Locations: Worldwide Start and End Date: 5/15/2012 End Date: 8/1/2012 Hours Worked: Mon-‐Fri 9-‐6 Compensation: $18 an hour
University: Quinnipiac Major: Accounting Got internship through: University Career Services ABOUT THE INTERVIEW How many interviews were there?
Two interviews. How long did the interviews last?
• About an hour each. How were you interviewed?
• First interview is usually on campus with a recruiter. If you make it to the second round you’ll go into whatever office you applied for. You’ll get placed with a senior manager who you basically shadow for the day.
What was discussed in the interview?
• They went through my resume and asked behavioral questions such as "what's your biggest weakness?" and “tell me about a time where you had to exhibit leadership”? I personally wasn't asked anything that crazy. It was more like, I see you worked here, and can you tell me more about that. Find ways to relate the skills you used in your past experiences with your internship position at E&Y.
What to know before going in for an interview: • They are looking for confident people that can communicate with other
employees and outside clients. Also, it is very important that they think you want to work with Ernst & Young long-‐term. They want people that are committed to their company and prefer to hire past interns. I've actually heard a manager say, "I think this guy was too qualified and was just interviewing with us to use us to get his CPA" and they didn’t give him an offer. Practice by doing mock interviews either at your career services or with people you know. Make sure to ask them questions about how to excel in the company. If you don't have questions for them, they're going to just think you don't care. They would be more than happy to talk about themselves.
• Be confident. It's hard not to be nervous. I remember during my first
interview with Deloitte I was nervous. Don't over think it. They don't ask questions about accounting at all. The most they'll ever get into accounting is if it's on your resume, and they'll ask "oh so what type of accounting did you do in the past?".
Additional Interview Information:
• All of the big four firms have leadership programs for sophomores, which are these two-‐day conferences. I highly recommend attending. They host events and give you time to network.
• From there you have a good change at landing an interview. I did a
leadership program the summer prior and got an interview through that. Now, if you do this leadership program, you are able to interview about two weeks after.
ABOUT THE COMPANY Notable Company Perks:
• They pay for your lunch the first 3 days by giving all the interns $50 gift cards. Interns also get company computers. You can get up to $50 for dinner and $25 for lunch when you’re traveling. They gave us t-‐shirts, ponchos when it rained. They treat their employees and interns very well.
What was the overall company culture like?
• It’s not as cutthroat or competitive as it seems. Don't over think it. Go into the internship relaxed because everybody else is in the same boat.
What were you required to wear and were there any special dress days? • Business Formal. During orientation, roughly everybody is wearing at least a
sports jacket. Once you start working, everyone gets a little more casual but still business professional.
ABOUT THE EXPERIENCE Was initial training provided? If so, explain: Orientation:
• Orientation is in New York. It’s a bit long at first since they go over presentations about the firm and their values. "Quality In Everything We Do" will be stuck in your head all day. They talk about how during the “busy season” employees could be working 60-‐80 hours a week. They get a manager, partner, and senior manager to come in and tell you what to expect as you begin your career with Ernst and Young. Sit there, pay attention and just try and absorb what you can. They’ll play icebreakers to introduce everyone also. You’ll need to fill out a W-‐2, you have to bring up your passport (don’t forget it!) and they ask what which top 3 departments you’re interested in so they can place you accordingly (healthcare, media, pharmaceuticals, etc.) Most people have no idea what the accounting background is for each so you kind of just write it down based on how it sounds.
Auditing Training:
• After 3 days of initial training you travel back to the office you’ll be interning at. I interned in assurance and auditing so I started my auditing training for the next 5 days with about 20 other interns. They explain how to get reimbursed for travel when meeting with a client. They’ll also show you all about what happens when you have to travel far away. I was trying to take notes and remember every single thing and now I look back and laugh at myself. Once you start working there for a few months you'll learn everything.
• They’ll introduce the audit tools used while interning. We call them lead sheets;
we basically map out balance sheets and income statements into Excel accounts. Its like auditing 101 crammed into a few days. At the end of the day, what they are also trying to get across is how to speak to the clients through anecdotes and stories. They try and explain the audit process, but as an intern, I don't know anybody that really thought it was useful.
Describe the tasks performed as an intern including meetings and projects:
• I was assigned 3 different clients over a 6-‐week period. The first week or two is about getting acclimated and training. Then you’ll work with a client for 2 weeks at a time.
• For my first client, I went with my assigned team to Pennsylvania. I was set
up in conference room, shown prior account information, and was given scouting report of this company. I had to go around and interview the AP clerks. They are more scared of you then you are of them. I thought it was a very cool experience.
• My second client was also in Pennsylvania, Aetna insurance. I went out with
this experienced senior worker. It was really an odd experience because she was from Cuba and it wasn’t difficult to understand her. The client could barely understand her also. As an intern you really don’t know what you're doing, so I was just doing what she was telling me to do. The two weeks on this case was extremely boring. Ernst & Young should really place interns with a team, instead of just with one individual. We worked till 8 PM just cause she felt like it, not because we even had to. If this happens to you, stick with it and remember that you’ll have a new case in 2 weeks.
• My third client was a company called Siemens, which had a much bigger
team. This one I enjoyed. Usually with clients, you sit and work in what’s called an audit room. It was more laid back this time. The staff would sit there with headphones while working. Your experience really depends on the team and/or client you’re assigned.
• Some interns go unassigned for some weeks, but its totally random. You’ll
kind of just be sitting around waiting for an assignment. There were some people that were sitting around during the first week and last weeks. They still keep you busy though. They have you take these web-‐based courses and people pass out the answers, they're just these pointless quizzes to keep you busy.
• 95% of the interns get a job offer. If you get caught drinking at a company
event, there’s a good change they won’t give you a job offer. You get what you put into the internship. Look at it as an opportunity to talk to senior employees. Keep in mind if you don't like your department, it is easy to switch but you just need to speak up. They have a rating system on your performance so as long as you're not below a 3 (out of 5) they are accommodating. If you are a 4 or 5 they will be willing to move you around.
How does the internship compare to other internships? • In recent years they are trying more and more to get interns assigned to
teams, experiencing first-‐hand exactly what employees do everyday. I work for Ernst and Young now and this summer we had an intern with us all summer. He loved it because he loved working with our team. Like I said, it all depends. The company is so big that no one’s experience is going to be the same. So know that going in.
Additional Information:
• They're very flexible about switching you to different departments, which is great. I now work full-‐time in the healthcare department. Real estate works until like 2 in the morning at times. Healthcare works until 9/10 PM, so be prepared to work long hours. One downside in healthcare is that they are not public so there’s not as much travel. You can’t necessarily recommend one department over another just because of the hours. I feel like I’m learning a lot because the clients are smaller so I get to work more closely with the companies. On the other hand if you work with bigger clients, it’s more travel. For example, Verizon is going to Texas this week. Telecommunications works crazy hours and are very boring. Keep in mind this is just one man’s opinion.
ABOUT THE SOCIAL LIFE Were there any intern events coordinated by HR worth noting?
• At the end of orientation, we went to central park and set up football and tug of wars. They do a lot of activities with interns. They want you to feel part of the team. I wasn't expecting that.
• Near the end of the internship, they fly all of the interns to a conference in
Orlando. Every body is seated in this massive auditorium that is holding about 5,000 people. Interns from all over the world are there. All of the states, and a bunch of different countries are also represented. The CEO and all of the managing partners of all the offices are there too. They want to inspire you and get the point across that you can move anywhere and you're not just stuck in any one city. During the day you have all these events: Rock climbing, group games like "keep the egg steady", tug of war, etc. you know almost like a field day. You're not allowed to drink. Even if you're 21 you're not allowed.
• At the very end of the internship, all the interns meet back in New York at
the closing conference put on by HR. They call your name and you will go pick up a bag. In the bag is your offer. There is also a t-‐shirt, coffee mug, and some other products. In the bag is a full contract with all the details of your full-‐time job offer. My offer was for the next fall so I told them I want to do a 5th year so I could finish my MBA. They were able to defer the offer, which was pretty nice.
Would you recommend a specific location to live? Why?
• Definitely near your office, so it’s convenient. You’ll be working long hours. I would live in the NY Dorms if possible so that you’re near other interns and possibly friends.
What was the social life like inside and outside of work?
• After the closing conference, all of us interns went out to ESPN Zone to drink together. I ran into HR people there too. AFTER you’re done and you get the offer, then its ok to drink. It’s almost like you just finished pledging and you’re finally a brother.
INTERVIEW QUESTION(S) Interview questions to prepare for:
• "If you were an ice cream what flavor would you be?” o If they ask you this, make the reason why meaningful. For example, I said
vanilla and creatively explain how vanilla relates to my accomplishments/skill. I am consistent, a people pleaser, and I won’t let you down. They want to test your creativity and thought process.
• “If you were a color what color would you be?” o Although they didn't ask me this personally, I’ve heard from fellow interns
that these questions were asked so it really depends on whom you get. • ‘What's your biggest weakness?" • “Tell me about a time you had to exhibit leadership?
Some questions to ask the interviewer:
• "How did you feel when you were an intern?" • “How did you get to the position you are in now?" • "What's it like moving up the ranks?"
SOCIAL TOOLS, WEBSITES & OTHER APPS USED:
• Definitely download iTrans NYC. Unfortunately it is not free, but it was well worth it. It gives you routes, tells you about delays, and will even keep your route up when you are underground with no service. • @MyFreeConcertNY was an amazing tool! We used it daily the best part was most of these events were free or low cost. EventBrite was also a cool website with fun events like Social Media Day. My friend even won a phone here! Intern Bar was fun as well. • Foursquare and UrbanSpoon are great for discovering food and drink specials. • Buy an unlimited 30 day subway pass for $105. People tend to ride the subways
more then they think they will.
• Websites used:
o EventBrite.com
o LivingFreeNYC.com
o NiftyNYC.com
o InternBar.com
o RooftopFilms.com
o NYCgo.com/restaurantweek/
• Twitters to follow:
o @nytimes
o @EaterNY
o @LoveNewYork
o @mysociallist
o @Gothamist
o @GrubStreetNY
o @NYCopenbars
o @NYChealthy
o @NYCdailydeals
o @NewYorkology
o @NYC_tweets
o @FreeSummerNYC
o @MyOpenBar_NYC
o @GoogleLocalNYC
o @ThrillistNYC
o @NiftyNYC
o @EverythingNYC
o @TimeOutNewYork
o @NYCgov
o @MyFreeConcertNY
o @CatalpaNY
• Activities:
o Dollar pizza – Brooklyn Bridge – Phill’s Steaks at Parked food festival -‐ Hi-‐life Restaurant -‐ Wine bar -‐ Dylan’s Candy Bar -‐ Sneaky Thievery band at Biergarten -‐BYOB sushi, champagne, and sake -‐ Good Burger -‐ VIP at Blue Note -‐ Dirty water dogs -‐ 9/11 memorial -‐ Grand Central -‐ NY Philharmonic and fireworks in Central Park -‐ NY Public Library -‐ CBGB ($380) -‐ Fireworks on the Pier -‐PBR pool table – Warehouse Parties in Brooklyn -‐ Central Park -‐ McSorleys Pub -‐ Sunset from Brooklyn -‐ Bulldogs at Mother Burger -‐ Absolute Night Out -‐ Quest love at Summer stage -‐ Tenjune – Gansevoort -‐ M&M/Hershey’s store -‐ Times Square -‐ Webster Hall -‐ Big Apple BBQ fest -‐ Scavenger hunts -‐ Today Show – Drinking in Times Square -‐ Comedy clubs -‐ Dance studio openings -‐ Little Italy meals – HighLine -‐ Reggae bands -‐ MET -‐ Central Park – Ride the Subway Battery Park -‐ East River -‐ Insane Asylum – Neighborhood Tours -‐ Dollar Beers -‐ Turtle Bay -‐ FAO Schwartz and Toys R Us -‐ Zesty’s Pizza -‐ Randalls Island – Statue of Liberty – Metropolitan Museum of Art – Film Forum – West Village Stroll – Grimaldi Pizzeria – Chelsea Market – SoHo Shopping – Sex Museum – Shake Shack.
HOWDY’S BEST STRATEGIES TO LAND AN INTERVIEW *These strategies have been compiled from our top internship guides written by past interns at companies nationwide.
• “As soon as you come in contact with someone from the company you want to intern for, present yourself (30 second elevator pitch), your top qualities, relevant experience, and interest in the position.”
• “Try getting in contact with someone in HR to see if you can turn in your resume in-‐person instead of online.”
• “Have an advisor or the career services department at your school send in your resume.”
• “Attend your university’s career service’s events and take advantage of on-‐campus recruiting.”
• “Use LinkedIn to connect with someone you personally know at the company or recruiters.”
• “Find employees on the company website or using LinkedIn and get their contact info using Jigsaw.com. Don’t be afraid to reach out.”
• “Try finding a public event being put on by the company and attend the events to network with employees. This works great for Real Estate showings.”
• “Follow the company’s social media accounts and try to engage as much as possible. This can be done by participating in surveys, contests, forums, sharing posts, etc. I actually know someone that got an internship just from tweeting the company.”
• “If you’re applying for a creative job or internship, think outside of the box for your Resume and Cover Letter. Create a presentation using keynote or film a short video.”
• “Work for an affiliate company or competitor first (that may be easier to get in with). Blow the internship out of the water (for awesome references) and make connections. You’ll have a better chance at landing an internship with the company once they see you’re familiar with the industry.”