2008 Best Places to Launch A Career

1. Ernst & Young

Accounting


More Info

Company Insight: Private

HQ Address:
5 Times Square
New York, New York 10036

Organization's Web site

Careers site

Managing Your Career

Ernst & Young

Bested Big Four rivals with a rich benefits package and commitment to training.

Getting Started

Undergrad Internships

Internships are filled for 2008

Undergrad internships (paid and unpaid)

2008: 2,300 (to date)

2007: 2,300

2006: 2,245

100% of internships are paid, 0% are unpaid.

2007 interns came from the following classes...

2% Freshman

5% Sophomores

60% Juniors

33% Seniors

...and from the following majors:

85% Business

1% Computer Science

2% Economics

1% Engineering

2% Liberal Arts

2% Math

0% Science

5% Undeclared

2% Real estate

There is an official summer internship program*

Average summer program: 10 weeks

Minimum: 8 weeks

Maximum: 12 weeks

Average hourly wage: $22.50

Average total intern compensation: $11,000

98% of eligible 2007 interns received full-time job offers

92% of interns with offers accepted

Notes: Each intern participates in a 4-day International Leadership Conference, which includes networking with firm leaders, team-building exercises, professional seminars and Disneyland excursions. Interns from around the world can connect, blog live from our facebook.com page about the conference, and create videos.

Applicants & New Hires

Recruited on 350 undergrad campuses in 2007-08.
Made job offers on 350 undergrad campuses.

Applicants for entry-level jobs

    2008: 14,500 (to date)

    2007: 10,500

    2006: 9,570

Entry-level hiring

Entry-level hiring is complete for 2008.

New hires in:

2008: 3,300 (to date)

2007: 3,300

2006: 3,250

Entry-level hires who were undergrad interns

2008: 51% (to date)

2007: 50%

2006: 40%

Most important characteristics for new hires:

2 Communication Skills

3 Leadership Skills

1 College Major

2007 entry-level hires came from the following majors:

85% Business

1% Computer Science

2% Economics

1% Engineering

2% Liberal Arts

2% Math

0% Science

5% Undeclared

% Other

...and are:

6*% African American

4% Hispanic American

21% Asian American

1% Other

32% Total minorities

51% Female

Salary & Benefits

Salary & Benefits

Entry-level hires since Jan. 1, 2008 (to date)

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

0% earn less than $35,000

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

4% earn $40,000 to $44,999

36% earn $45,000 to $49,999

20% earn $50,000 to $54,999

28% earn $55,000 to $59,999

7% earn $60,000 to $64,999

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

2% earn $70,000 to $74,999

2% earn $75,000 and above

Bonuses, Overtime & Perks

75% received signing bonuses

Average signing bonus: $2,864

23% received performance bonuses in their first year on job

Average performance bonus, 2007: $3,500

0% of 2007 entry-level hires eligible for overtime

100% of 2007 entry-level hires not eligible for overtime

Reimburse employees for education 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

The organization has a Paid Time Off (PTO) Bank

Maximum PTO days during first year: 15

Maximum PTO days after one year: 15

Maximum PTO days after three years: 15

Maximum PTO days after five years: 22

Maximum PTO days after 10 years:22

Flextime is an option for entry-level employees

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)? Entry-level hires are given access to a 401(K) savings plan

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

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

401(k) Details: Company match shown after 4 years of service; after one year of service, 1.5% of pay.

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

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

Other Benefits

Does company match employee charitable gifts? Yes

Does company pay relocation expenses? Yes

Max. annual relocation expenses? $10,000

Employee Discounts on the following:

Car rentals

Gym memberships

Cell phone service

Cultural events

Publications

Back-up childcare, enhanced parental leave, extra days off, pre-tax commuter benefits, Roth 401(k), lump sum bereavement payment, financial planning, automatic 401(k) enrollment. Total Rewards Connection is available 24 hours/day for employees to access a list of their benefits and all that the firm offers

Notes: No maximum annual educational reimbursement.

Moving On Up

Work Environment

Average entry-level work week: 45 hours

Does average vary by business unit, department? Yes

Entry-level hire work locations...

60% in open work stations

25% in cubicles

10% in shared offices

0% in private offices

5% have no company-supplied work space

Typical dress code

Business Casual

Casual Friday

Business

Organization sponsors employee volunteer opportunities*

Does organization have fitness facilities on site? Some locations

Notes: E&Y's volunteer opportunities are devoted to education and mentoring. E&Y employees use skills to help youth further their education with the goal of reaching college and work with PBS to improve math literacy for children.

Training Programs

The organization has a formal orientation program for new hires

Program length: 15 days

Orientation includes the following:

Computer training

Guest speakers

Diversity exercises

Team building activities

Facilities tour

Benefits overview

Firm overview, strategy, culture, and values, career planning/success; service line training, performance management

$18,100 average spent on training, per new hire, in 2007

There is a formal leadership or management training program that lasts less than a year:

Program Name: Your Master Plan*

How do new employees enter the program? Hired into the program

If not hired directly into program, when are most new hires first considered eligible?

50-week training program

After completion of program, what percentage of employees receive a raise? 100%

How much is the typical raise: 5-9.9%

There is a formal leadership program for entry-level hires that lasts a year or more.

Program Name: Financial Services Office, Business Advisor Program*

How do new employees enter the program? Hired into the program

If not hired directly into the program, when are most new hires first considered eligible?

Is program rotational? Yes

If so, how many locations or business units does the employee spend time at? NA

Minimum rotations: 3

Maximum rotations: 5

Length of program, in weeks: 208

Minimum: NA weeks

Maximum: NA weeks

After completion, what percentage of employees receive a raise?: 100%

How much is the typical raise: 5-9.9%

Does company have formal mentorship program? Yes

100% of entry-level hires participate

16 days of additional training expected

Notes: College students begin Your Master Plan in their 5th year of school, attending summer classes at either the University of Notre Dame or the University of Virginia while working full time at an EY office. After 1 year they have earned their Master?s in Accounting and continue their career in an EY office working in our Tax practice at the rank of Staff 2.

The Business Advisor Program is designed to give new hires in the Financial Services Office advisory practices exposure to a wide variety of risk advisory services, such as risk management and structured finance. After approximately four years, participants select an area of concentration based on career goals.

Getting Ahead

Three-year retention rate: 47%

Five-year retention rate: 34%

How are raises determined?

Based on market rates, organizational and individual performance.

When are most entry-level hires eligible for their first raise?

Oct. 1

How are promotions determined?

Performance*

When are entry-level hires eligible for first promotion?

One-year anniversary

Evaluations

Frequency of evaluations

Twice a year

Most important characteristics for entry-level hires:

2 Analytical Skills

3 Effort

1 Teamwork

Min. tenure in years required for job change: 0

Long-Term Prospects

Does position of vice president exist at this organization? No

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

No. of employees who hold VP or similar title: 3,139

No. of employees with VP or similar title with 20 years plus seniority: 1,055

Age of youngest employee with VP or similar title: 33

Seniority of youngest employee with VP or similar title in years: 11

Notes: 89.5% of E&Y's campus hires are promoted to senior-level within 2 years.

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