Interview Prep
Content
INTERVIEW PREP
To do:
y y
Look at application form. Research organisation and role.
Competency areas: 1. 2. 3. 4. 5. 6. Communication Achievement of goals Commercial awareness AND career motivation Problem solving Planning and organisational skills Adaptability
1
QUESTIONS
1. Communication An example of when you gave a presentation. An example of when you had to persuade someone. An example of when you were involved in team work.
y y
With colleagues in TF, ICS, OUIFS Explain ideas and concepts to pupils.
2. Achievement of goals What goals have you had in the past and how did you achieve them?
y y y
2.1 at university, A-levels. TF: constant reflection, re-evaluation and re-setting of goals. ICS showed there s another side to the region.
3. Commercial awareness AND career motivation Why Deloitte?
y y y y y y y
Growth over the past few years (e.g. buying Arthur Anderson s European practices in 2002); 2nd largest professional services firm in UK, largest in the world ($26.6bn in 2010). Friends there, people, culture. Audits FTSE 100 compaies. In-house training and ACA. Secondment to other business areas/ geographical locations within Deloitte. Platinum rating in corporate responsibility index. Deloitte has been ranked second in renewables advisory for wind and biofuels, and first for solar power in Energy Risk magazine s second annual Environmental Rankings published in December 2009.
2
What are the major current issues facing Deloitte?
y
y y y y
Changes to regulation in the finance industry; too big (arguments from Grant Thornton and BDO); fees need to drop because clients are struggling financially and this will put pressure on Deloitte s revenue and the company must maintain high standards. Change in leadership (John Connolly to David Sproul in June 2011) Balancing the huge amount of mobility the company has amongst its employees with their security and the security of the data that they re responsible for. Using the cloud to enhance efficiency. Data will be available from anywhere on a wide range of devices. Reflects the major issues of clients: Today our clients key challenges are: Financial reporting and delivering shareholder value; Governance, security and risk, regulation and compliance; Globalisation; Demographic challenge and the talent agenda; Industry consolidation and Performance optimisation through alternative business models. We recognise the need to innovate constantly to respond to rapidly changing issues. Our deep industry skills combine with service line specialists to meet our clients needs.
Name some clients of Deloitte.
y y y y y
All England Club, British Land, Grosvenor. Oddbins (going into administration?)/ Company voluntary arrangement (CVA) prevents creditors form taking action against a company for up to 28 days. AirIndia (consulting and restructuring) GAP Daily Mail Group
What have you learned about Deloitte during your research?
y
y
Deloitte has approximately 170,000 staff at work in more than 150 countries, delivering audit, tax, consulting, enterprise risk and financial advisory services through its member firms. Mission: To help our clients and our people excel.
What makes Deloitte different?
y
People, in-house training, the appraisal and mentoring system (buddy, mentor, appraiser, line manager, tutors at Caplan and online library resources. 3
y y
Growth (DJD takeover surveyors). Now a market leader in real estate. (From website) Deloitte professionals in member firms around the world understand the challenges and opportunities related to climate change and sustainability. Among the features that distinguish Deloitte member firms are:
Decades of experience in helping clients address a wide variety of issues including:
o o o o o o o o o o o o
Carbon strategy development Carbon risk management Sustainability reporting Emissions verification Clean development mechanism (CDM) validation Emission allowance and liability valuation Emissions trading and internal control design Accounting and tax advice for emission related assets and liabilities Carbon implications for M&A transactions Advice to insurers with respect to climate change impact Advice to governments on carbon policy development Advice to regional/local government on mitigation and adaptation strategies
A great breadth and depth of competencies in Audit, Risk Management, Consulting, Tax, and Financial Advisory services Reach that is truly global, with member firms in 140 countries and practitioners who understand local regulations and business practices
What appeals to me personally (e.g. interest in niche areas).
y
y y
According to the website big4.com , Deloitte has demonstrated notable progress in fostering talent by continually investing in learning and development initiatives. E.g. A variety of sponsorship, coaching and mentoring programs tailored for specific career levels prepare Deloitte professionals for the next stages of their careers while simultaneously drawing high-caliber talent to the organization. Recognised for its focus on diversity. Deloitte Foundation Skills and Education, The Environment
Why audit?
y y y
Can develop a fundamental understanding of everyday transactions, acquisition and disposal, mergers, controls testing (e.g. you don t want self-reporting/ conflicts of interest). Bread and butter of Deloitte. Good place for me to start, always a need for audit (not for other service areas). 4
y
UK GAAP (government accepted accounting principles) and IFRS (international financial recording standards). IFRS means I can practise anywhere in the world.
What issues are currently facing audit?
y
Reduced fees from struggling clients, competition from other auditors, public misconception that audit is responsible for finding fraud giving some the impression that auditors are in part responsible for the recession/ failure of banks, especially with public s current focus on the financial sector.
What do you know about the ACA?
y y y
15 exams (6 are e-learning/ self-study with multiple choice exams need 55%; 6 more build on earlier exams; 2 general exams and 1 case study). Difficult but worthwhile. IFRS & UK GAAP
What will you be doing in your first year?
y y y
y
College for 3-4 months. 12 out of 15 exams (6 are e-learning/ self-study with multiple choice exams need 55%; 6 more build on earlier exams; 2 general exams and 1 case study). Have S1 status and work in client sites in small teams, in charge of simpler tasks e.g. testing cash making sure bank statements agree with financial statements and what the bank says (3rd party confirmation). Interview clients.
4. Problem solving An example of when you made a decision. An example of when you had conflict with people. How did you resolve it?
y
TF: pupils constantly have many problems: unable to concentrate for long periods of time so it is necessary to regulalrly change activities and work on attention span gradually.
5
y y y
Conflicts about insulting one another e.g. who s pen is it. Resolve conflict through dialogue and talk to find a resolution both sides can live with. Whilst leading tour, Rami wanted to be more strict. Teaching evolution to religious pupils.
5. Planning and organisational skills An example of a multi-task situation. How did you manage it? An example of when you worked under pressure.
y y y
List what needs to be done and deadlines of each task (prioritise). Allocate time and work through the list of tasks. TF: teaching, planning + essays. Uni: essays and extra-curricular activities/
6. Adaptability How do you deal with change?
y y
Moved from Manchester to Year Course to Oxford to London. TF demanded many changes: be more understanding. Empathetic, caring, strict and patient.
6
QUESTIONS TO ASK
y What charitable work does the organisation do? y What events does Deloitte hold to promote a sense of community amongst its staff?
Also:
Sarbanes-Oxley Act (2002) Defines which records are to be stored and for how long. All business records, including electronic records and electronic messages must be saved for at least five years. Materiality something shareholders will care about e.g. a large expense that is not accounted for. A going concern a business that functions without the threat of liquidation for the foreseeable future, usually regarded as at least within 12 months. True and fair
What in the recent news interests you most? What business do you admire most and why?
7
To do:
y y
Look at application form. Research organisation and role.
Competency areas: 1. 2. 3. 4. 5. 6. Communication Achievement of goals Commercial awareness AND career motivation Problem solving Planning and organisational skills Adaptability
1
QUESTIONS
1. Communication An example of when you gave a presentation. An example of when you had to persuade someone. An example of when you were involved in team work.
y y
With colleagues in TF, ICS, OUIFS Explain ideas and concepts to pupils.
2. Achievement of goals What goals have you had in the past and how did you achieve them?
y y y
2.1 at university, A-levels. TF: constant reflection, re-evaluation and re-setting of goals. ICS showed there s another side to the region.
3. Commercial awareness AND career motivation Why Deloitte?
y y y y y y y
Growth over the past few years (e.g. buying Arthur Anderson s European practices in 2002); 2nd largest professional services firm in UK, largest in the world ($26.6bn in 2010). Friends there, people, culture. Audits FTSE 100 compaies. In-house training and ACA. Secondment to other business areas/ geographical locations within Deloitte. Platinum rating in corporate responsibility index. Deloitte has been ranked second in renewables advisory for wind and biofuels, and first for solar power in Energy Risk magazine s second annual Environmental Rankings published in December 2009.
2
What are the major current issues facing Deloitte?
y
y y y y
Changes to regulation in the finance industry; too big (arguments from Grant Thornton and BDO); fees need to drop because clients are struggling financially and this will put pressure on Deloitte s revenue and the company must maintain high standards. Change in leadership (John Connolly to David Sproul in June 2011) Balancing the huge amount of mobility the company has amongst its employees with their security and the security of the data that they re responsible for. Using the cloud to enhance efficiency. Data will be available from anywhere on a wide range of devices. Reflects the major issues of clients: Today our clients key challenges are: Financial reporting and delivering shareholder value; Governance, security and risk, regulation and compliance; Globalisation; Demographic challenge and the talent agenda; Industry consolidation and Performance optimisation through alternative business models. We recognise the need to innovate constantly to respond to rapidly changing issues. Our deep industry skills combine with service line specialists to meet our clients needs.
Name some clients of Deloitte.
y y y y y
All England Club, British Land, Grosvenor. Oddbins (going into administration?)/ Company voluntary arrangement (CVA) prevents creditors form taking action against a company for up to 28 days. AirIndia (consulting and restructuring) GAP Daily Mail Group
What have you learned about Deloitte during your research?
y
y
Deloitte has approximately 170,000 staff at work in more than 150 countries, delivering audit, tax, consulting, enterprise risk and financial advisory services through its member firms. Mission: To help our clients and our people excel.
What makes Deloitte different?
y
People, in-house training, the appraisal and mentoring system (buddy, mentor, appraiser, line manager, tutors at Caplan and online library resources. 3
y y
Growth (DJD takeover surveyors). Now a market leader in real estate. (From website) Deloitte professionals in member firms around the world understand the challenges and opportunities related to climate change and sustainability. Among the features that distinguish Deloitte member firms are:
Decades of experience in helping clients address a wide variety of issues including:
o o o o o o o o o o o o
Carbon strategy development Carbon risk management Sustainability reporting Emissions verification Clean development mechanism (CDM) validation Emission allowance and liability valuation Emissions trading and internal control design Accounting and tax advice for emission related assets and liabilities Carbon implications for M&A transactions Advice to insurers with respect to climate change impact Advice to governments on carbon policy development Advice to regional/local government on mitigation and adaptation strategies
A great breadth and depth of competencies in Audit, Risk Management, Consulting, Tax, and Financial Advisory services Reach that is truly global, with member firms in 140 countries and practitioners who understand local regulations and business practices
What appeals to me personally (e.g. interest in niche areas).
y
y y
According to the website big4.com , Deloitte has demonstrated notable progress in fostering talent by continually investing in learning and development initiatives. E.g. A variety of sponsorship, coaching and mentoring programs tailored for specific career levels prepare Deloitte professionals for the next stages of their careers while simultaneously drawing high-caliber talent to the organization. Recognised for its focus on diversity. Deloitte Foundation Skills and Education, The Environment
Why audit?
y y y
Can develop a fundamental understanding of everyday transactions, acquisition and disposal, mergers, controls testing (e.g. you don t want self-reporting/ conflicts of interest). Bread and butter of Deloitte. Good place for me to start, always a need for audit (not for other service areas). 4
y
UK GAAP (government accepted accounting principles) and IFRS (international financial recording standards). IFRS means I can practise anywhere in the world.
What issues are currently facing audit?
y
Reduced fees from struggling clients, competition from other auditors, public misconception that audit is responsible for finding fraud giving some the impression that auditors are in part responsible for the recession/ failure of banks, especially with public s current focus on the financial sector.
What do you know about the ACA?
y y y
15 exams (6 are e-learning/ self-study with multiple choice exams need 55%; 6 more build on earlier exams; 2 general exams and 1 case study). Difficult but worthwhile. IFRS & UK GAAP
What will you be doing in your first year?
y y y
y
College for 3-4 months. 12 out of 15 exams (6 are e-learning/ self-study with multiple choice exams need 55%; 6 more build on earlier exams; 2 general exams and 1 case study). Have S1 status and work in client sites in small teams, in charge of simpler tasks e.g. testing cash making sure bank statements agree with financial statements and what the bank says (3rd party confirmation). Interview clients.
4. Problem solving An example of when you made a decision. An example of when you had conflict with people. How did you resolve it?
y
TF: pupils constantly have many problems: unable to concentrate for long periods of time so it is necessary to regulalrly change activities and work on attention span gradually.
5
y y y
Conflicts about insulting one another e.g. who s pen is it. Resolve conflict through dialogue and talk to find a resolution both sides can live with. Whilst leading tour, Rami wanted to be more strict. Teaching evolution to religious pupils.
5. Planning and organisational skills An example of a multi-task situation. How did you manage it? An example of when you worked under pressure.
y y y
List what needs to be done and deadlines of each task (prioritise). Allocate time and work through the list of tasks. TF: teaching, planning + essays. Uni: essays and extra-curricular activities/
6. Adaptability How do you deal with change?
y y
Moved from Manchester to Year Course to Oxford to London. TF demanded many changes: be more understanding. Empathetic, caring, strict and patient.
6
QUESTIONS TO ASK
y What charitable work does the organisation do? y What events does Deloitte hold to promote a sense of community amongst its staff?
Also:
Sarbanes-Oxley Act (2002) Defines which records are to be stored and for how long. All business records, including electronic records and electronic messages must be saved for at least five years. Materiality something shareholders will care about e.g. a large expense that is not accounted for. A going concern a business that functions without the threat of liquidation for the foreseeable future, usually regarded as at least within 12 months. True and fair
What in the recent news interests you most? What business do you admire most and why?
7
