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3. Ernst & Young

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New York, New York 10036

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Ernst & Young's summer interns average $25 per hour, making it the most generous of the Big Four accounting firms.   

Undergrad Internships

No. of undergrad internships in:

2005: 1,912

2006: 2,245

2007: 2,300

2006 interns from the following classes:

0% Freshman

5% Sophomores

15% Juniors

55% Seniors

25% Graduates

2006 interns from the following majors:

93% Business

1% Computer Science

2% Economics

0% Engineering

1% Liberal Arts

1% Math

0% Science

0% Undeclared

2% Other

100% of internships paid

0% of internships unpaid

Is there an offical summer internship program? Yes

Average length of summer program: 9 weeks

Minimum: 8 weeks

Maximum: 10 weeks

Average hourly wage: $25.00

Are interns paid on lump sum basis? No

Average total intern compensation: $9,000

98% of eligible 2006 interns received full-time job offers

92% of interns with offers accepted

NOTE: Each intern participates in a 4-day Leadership Conference attended by firm leadership; includes networking, team-building exercises, and professional seminars.

Applicants & New Hires

350 undergrad campuses where employer recruited 2006-07

310 undergrad campuses where employer made job offers

Applicants for entry-level jobs

2005: 8,500

2006: 9,570

2007: 10,500*

Entry-level hires

2005: 2,800

2006: 3,250

2007: 3,300

Entry-level hires who were undergrad interns

2005: 38%

2006: 40%

2007: 50*%

Most important characteristics for new hires:

2-Communication Skills

3-Leadership Skills

1-College Major*

2006 new hires majored in:

93% Business

1% Computer Science

2% Economics

0% Engineering

1% Liberal Arts

1% Math

0% Science

0% Undeclared

2% Other

...and are:

7% African American

5% Hispanic American

23% Asian American

0% Other

35% Total minorities

50% Female

NOTE: Entry-level applicant and new hire numbers based on fiscal year July 1-June 30.

Applicant numbers are based on new reporting system.

E&Y converts 90% of interns to full time hires.

All characteristics listed above are important to Ernst & Young in hiring a balanced, well-rounded candidate.

Salary & Benefits

Entry-level hires since Jan. 1

Average base salary: $50,000 to $54,999

0% earn less than $35,000

0% earn $35,000 to $39,999

7% earn $40,000 to $44,999

43% earn $45,000 to $49,999

36% earn $50,000 to $54,999

9% earn $55,000 to $59,999

2% earn $60,000 to $64,999

1% earn $65,000 to $69,999

2% earn $70,000 and above

Bonuses, Overtime & Perks

75% received signing bonuses

Average signing bonus: $2,250

4% received performance bonus first year on job

Average performance bonus, 2006: $3,500

0% of 2006 entry-level hires eligible for OT

100% of 2006 entry-level hires not eligible for OT

Reimburse employees for ed expenses?: Yes

Do employees become eligible immediately?: Yes

Maximum annual education reimbursement: $NA*

Full grad school sponsorship for jr. level employees? Yes

Partial grad school sponsorship for jr. level employees? Yes

Time Off

Is there a Paid Time Off (PTO) Bank? No

If no, total paid vacation days:

During first year: 15

After 1 year: 15

After 3 years: 15

After 5 years: 22

After 10 years: 22

Total paid holidays: 13

Time off for religious observances: Yes

If yes, max PTO days:

During first year: NA

After 1 year: NA

After 3 years: NA

After 5 years: NA

After 10 years: NA

Total days off for religious observances: Unlimited

Is flex time available? Yes

Sick, personal days, first year: Unlimited

Health Benefits

Do entry-level hires have access to health plan? Yes

Employees pay part of the cost? Yes

Does health plan provide dental coverage? Yes

Extra charge for dental coverage? Yes

Does health plan provide vision coverage? Yes

Extra charge for vision coverage? No

Are same sex partners permitted as dependents? Yes

Pension and Profit-sharing

Do entry-level hires have access to 401(k)? Yes

0 months to full vesting in 401(k)

Max. company match as a percentage of salary: 3%

Min. employee set-aside as a percentage of salary to receive max. co. match: 6%

If 401(k) match not calculated as percentage of salary, explain:

Are entry-level hires eligible for co-funded pension? Yes

Months to full vesting in co-funded pension: 60

Are entry-level hires eligible for profit-sharing program? No

Months to full vesting in profit-sharing program: NA

Maternity/Paternity Leave

Maximum Maternity Leave

0 days during first year

30 days after 1 year

30 days after 3 years

30 days after 5 years

Maximum Paternity Leave

0 days during first year

30 days after 1 year

30 days after 3 years

30 days after 5 years

Other Benefits

Does company match employee charitable gifts? Yes

Max. annual company match for employee charitable gifts: $7,500

Does company pay relocation expenses? Yes*

Max. annual relocation expenses? $NA

Employee Discounts

Car rentals

Gym memberships

Cell phone/service

Insurance

Cultural events

Publications

NOTE: Relocation expenses and tuition reimbursement amounts based on level.

E&Y has recently enhanced paid parental leave, short-term disability, additional days off, and health insurance plans to provide more choice of coverage and cost. Other additions include a Roth 401(k), concierge services, lump-sum bereavement payment, personal financial planning, and automatic 401(k) enrollment.

Work Environment

48 hours worked weekly by entry-level hires on average

Does average vary by business unit, department? Yes

Entry-level hire work locations...

100% in open work stations

0% in cubicles

0% in shared offices

0% in private offices

0% have no company-supplied work space

Does organization monitor e-mail?: Yes

Does organization monitor Web usage? Yes

Typical dress code

Business Casual

Does organization sponsor employee volunteer opportunities? Yes

Does organization offer employee daycare? Some locations

Does organization have fitness facilities on site? Some locations

NOTE: Our Corporate Social Responsibility team works with our area offices to set up volunteer activities primarily devoted to education and mentoring; employees have opportunities to use skills to help youth further their education with the ultimate goal of reaching college.

Training Programs

Does your organization have a formal orientation program? Yes

If yes, how many days is it? 2

Orientation includes:

Computer Training

Guest Speakers

Diversity Exercises

Team Building Activities

Tour of Facilities

$17,300 average spent on training, per new hire, in 2006

Is there a formal leadership program for entry-level hires of a year or less? No

NA

Do candidates apply directly? NA

If not, how is eligibility determined? NA

When are new hires first eligible? NA

Is program rotational? NA

If yes, number of locations or business units: NA

Minimum rotations: NA

Maximum rotations: NA

Length of program, in weeks: NA

Minimum: NA weeks

Maximum: NA weeks

After program, employees offered permanent positions: NA

After program, do employees offered permanent position receive raise? NA

If yes, amount of typical raise: NA

Is there a formal leadership program for entry-level hires of a year or more? No

NA

Do candidates apply directly? NA

If not, how is eligibility determined?

NA

When are new hires first eligible? NA

Is program rotational? NA

If yes, number of locations or business units NA

Minimum rotations: NA

Maximum rotations: NA

Length of program, in weeks: NA

Minimum: NA weeks

Maximum: NA weeks

After program, employees offered permanent positions: NA

After program, do employees offered permanent position receive raise? NA

If yes, amount of typical raise: NA

Does company have formal mentorship program? Yes

100% of entry-level hires participate

15 days of additional training expected

NOTE: Training programs are year-round and consist of web-based learning, classroom training, and developmental seminars such as Intro to New Manger, Intro to Senior Manager, and Leadership Forum for the Partner/Principal rank; E&Y is continually adding programs and updating training to educate employees on changing industry regulations and evolving business climate,

Getting Ahead

Three-year retention rate: 49*%

Five-year retention rate: 26%

How are raises determined?

Performance

When are entry-level hires eligible for first raise? One-year anniversary

How are promotions determined?

Performance and Seniority

When are entry-level hires eligible for first promotion? One-year anniversary

Evaluations

Frequency of evaluations

Twice a year

Important qualities

2-Analytical Skills

3-Learning Ability

1-Team Player

Min. tenure in years required for job change: 0

Describe any rules that apply:

Long-Term Prospects

Does position of VP exist at this organization? No

If not, is there a comparable title? Partner, Principal

No. of employees who hold VP or similar title: 2,970

No. of employees with VP or similar title with 20 years plus seniority: 1,141

Age of youngest employee with VP or similar title: 32

Seniority of youngest employee with VP or similar title in years: 12

NOTE: Ernst & Young currently has its best retention rates in the past 10 years. Also, last year over 500 people who had left the firm came back to work at E&Y.

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