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The first division we’ll take a look at is “Assurance”. Assurance mainly encompasses classic audit services, including financial audits.
Depending on the engagement, assurance work generally staffs younger personnel to handle the lion’s share of the research, which is then reviewed by seniors or managers and ultimately signed off by a partner before the findings are presented to a client.These “service lines” then roll into four major divisions which are: Assurance, Transaction, Tax and Advisory. The new regulation will have a significant impact on these companies for obvious reasons.It may be a “bad luck” scenario for companies, but it could be a “big opportunity” for their professional advisors.My practice then rolls up into the “Risk Advisory Services” service line.Let’s forget what these groupings actually do for the time-being. Because they have to so in order to remain current with the rigorous demands of an ever-changing market landscape.This section is specific to Ernst & Young, but more than likely holds true for other firms in the Big Four.
The content intentionally touches on only two of the four divisions, since its purpose is to help further distinguish the concept of organizational groupings used in major professional services firms and to provide some practical perspective on their differences. Reaching this point has taken an immense amount of patience, hard work, resilience, ambition, and even a little luck. To be clear, this article has not been written under the guise of any Big Four recruiters. I must confess, however, that this outlook reflects how I feel today, which wasn’t always the case.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.You might be thinking at this point, “Which group is right for me, Assurance or Advisory?