Monday, 21 February 2011

EY Application: Rejected (Ernst & Young)

Disclaimer:

The following may upset the company mentioned, but what haven't I done on this blog already that could potentially put me on their noughty-list (hah... see what I did there?). Obviously, I do not endorse using my answers on your own application. That would just be stupid.

I should also say that I am not bitter that these companies rejected me. They are just doing what they have to do. These posts are strictly for entertainment purposes only.

To protect the identities of people, places, some organisations and myself, some information may be changed or removed. Of course, if the named-company wanted to find out who I was, it would be no problem at all.

To that I say, I don't care.


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What factors have motivated you to apply to Ernst & Young?

What attracts me to working with Ernst & Young is that the company offers me a number of job aspects that I deeply value. Most notably:

• The opportunity to be working face to face with clients in different business environments. I pride myself on my ability to harness and build strong relationships, both in my personal and working life.
• The chance to study alongside my career and gain an ACCA qualification.
• And finally, being a highly ambitious and competitive person, the offer for successful personnel to be put on an accelerated development programme. I plan to enrol on the ALP.

What is your motivation for applying to a role in Restructuring?

Considering the work I have done, and the lessons learned, I believe I would be a great fit for a role in Restructuring. With a first-class degree in Hard Work & No Family Contacts, I come forth with a wide range of knowledge and skills most beneficial to understanding today’s global business environment. This is supported by an array of completed academic projects involving companies facing adversity in their line of business. I have written and presented on past and present global giants, such as Bear Stearns, Vodafone, and GlaxoSmithKline. And I have competed against other students in a team-based business simulation game, making decisions for our firm and researching solutions to real-world management issues. The details for all of which are expanded upon within my CV.

What is it that interests you in the Business Trainee role?

I am very keen on learning about the obstacles that face companies in the course of business, and how these obstacles can be overcome. And I am particularly attracted to the prospect of getting to work with a variety of different businesses across varying industries. Being able to look at a struggling company and turn it into a viable one is an extremely valuable skill to have, and one in which I would very much like to acquire. I require diversity in a career and see the Business Trainee role as offering this.

What is your understanding of the work undertaken by the Restructuring team?

It is to my understanding that restructuring is primarily concerned with turning distressed companies into stable-run businesses. This can be achieved in a variety of ways but relies heavily on assessing the firm's working capital requirements, liquidity, and credit. Where inefficiencies can be found, efficient solutions are proposed. Also, it would seem useful for a company facing a strong likelihood of acquisition or merger, to employ a restructuring team to look for ways it can prepare the company so that it receives the best possible price for its shareholders. This can include eliminating or trimming divisions where no economies of scale would be realized by the bidder. And in the process, placing emphasis on the parts of the company that made it an attractive target to begin with, therefore making it more valuable.

Can you tell us of any events that have happened recently that would fall under the remit of the Restructuring team?

I imagine that the poor trading conditions facing the travel industry has seen a lot of companies bring in restructuring teams to seek out ways to protect themselves from becoming insolvent. However, regarding UK tour operators, these companies have little in the form of assets to move around, which has seen numerous firms collapse over the past year (WSJ, 2010). It is also likely that British Airways has been seeking much advice on the structure of its company after numerous labour disputes have caused profits to drop (Daily Mail, 2010). And we cannot forget the collapses, bailouts and buyouts in the financial services industry, which would have seen much activity in the way of restructuring in order to appease the various stakeholders involved.

References:
http://online.wsj.com/article/BT-CO-20100818-707463.html
http://www.dailymail.co.uk/money/article-1299081/BA-black-year-announces-164m-loss.html?ito=feeds-newsxml

What are your long-term career objectives?

Within ten years, my goal is to be in a management position in the financial services sector. Within twenty years, my goal is to be in an executive position in any company that interests me, but to preferably remain in financial services. And before I retire, my ambition is to make it onto the board of the company I most enjoy working with.

Do you actually read the Daily Mail?

Not a chance.

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I submitted this application mid-September 2010. To this day I have not received any sort of response. Thanks for your consideration, EY! Sound company.

1 comment:

  1. Thank you, thats very interesting information. I need to share with my friends.


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