EY Wiki (What is Ernst & Young?)2018-01-27T02:47:36+00:00

EY Wiki

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We cover multiple subjects on this page including some background about EY, their revenues, number of employees, useful links, FAQs, Ernst and Young interview process and a few other things.

About Ernst & Young

Ernst & Young LLP is the US member firm of Ernst & Young Global, one of the Big Four accounting firms, which includes


EY Logo

EY Logo

Ey Logo

On July 1, 2013 EY unveiled their new logo and new name. They changed their name from Ernst and Young to just EY. They stated in a press release that they feel the new EY logo reflects the traits needed in order to have the best brand in public accounting.


Ernst and Young Headquarters

EY’s headquarters are located in the United Kingdom. More specifically they are located in London.

The address of the headquarters is 6 More London Place, London SE1.


Ernst and Young Interview Process

EY has a 6 phase interview process that recruits must go through. The phases are:

  1. Introduction
  2. Employer Questions
  3. Evaluation
  4. Your Questions
  5. Close
  6. Follow up

On Ey’s site they say that you typically have to meet with two EY people during the interview process so be prepared for that.

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EY History

EY first became Ernst & Young LLP in 1989 when Ernst & Whinney and Arthur Young & Co. merged.

Ernst & Young can trace their roots all the way back to the 19th century.

The two founders of Ernst and Young were Arthur Young and Alwin C Ernst. The two founders never actually met each other. 

Arthur Young
Arthur YoungFounding Partner
Arthur Young was one of the founding partners of E&Y. He lived from 1863 to 1948. He was born in Glasgow, Scotland. He moved to the United States in 1890 to follow his desire for a career in accounting. He founded an accounting firm in 1906 that would later become a giant in the industry.

EY REVENUE

EY revenue for 2017 exceeded $31.4 billion. This keeps them ranked as the number 3 accountancy firm in the world.

EY made $29.6 billion for their fiscal year ended 2016. That makes them the third largest public accounting firm in the world.

EY’s revenues totaled $28.7 billion for their 2015 fiscal year. Of the $28.7 billion in revenue, $11.3 billion came from Assurance. $7.5 billion came from tax. $7.3 billion came from advisory and $2.5 billion came from transaction advisory services.


EY Number of Employees

EY has 231,000 employees working across its member firms as of 2016. That makes them the second largest accounting firm by number of employees.

EY had 212,000 employees working in its member firms in 2015.

65,457 of these employees worked in the Americas.

102,176 of these employees worked in Europe, Middle East, India and Africa.

36,116 of those employees come from the Asia Pacific region

7,701 of those employees come from Japan.


EY 2018 Hiring Push

EY will hire 14,200 candidates in the United States in 2018.  5,400 of these candidates will be experienced candidates while 8,800 will be students. The student jobs will be split between 4,880 college grads for full time jobs and 3,920 will be for internships.

They will still be hiring in the typical accounting fields of audit, tax and advisory though.

Ernst & Young also mentioned that they are look for candidates that are ethnically diverse and women. They said that they apply a 3 pronged approach to helping women and ethnically diverse women advance in their careers.

  1. They illuminate a path to leadership for these individuals
  2. They create a culture that enables flexibility for all
  3. Finally They build a supportive and inclusive environment where all differences are valued

EY Services

Ernst and Young provides assurance, tax, auditing, advisory, enterprise risk management, and technology and security risk services to public and private companies in the various sectors such as:

  • automotive,
  • energy,
  • chemicals,
  • financial services,
  • health,
  • real estate,
  • entertainment

along with countless other industries.


EY Offices

EY is moving their NY Headquarters

EY will be occupying the new building hitting manhattan’s skyline. They are slated to occupy 17 floors of the new Brookfield property. They will move from their current location of 5 times square which is located right in the heart of times square. This is welcome news to all the current employees who do not like working in the heart of Manhattan with all the tourist foot traffic.

San Antonio Office Opening

Ernst and young will be opening a new office in San Antonio where 600 new jobs will be created. Ey received a tax incentive to locate new jobs in San Antonio Texas.

What’s weird is that the jobs will not be accounting jobs. They will be jobs created for English majors, psychology majors and criminial justice majors. The reason for this is because EY will use the location as a financial services client delivery service center. This means they will be outsourcing back office functions to this location. EY has 6 years to add the jobs in order to receive the tax incentives. The tax incentives could be worth about $3 milion. EY will spend about $ 8 million to finish development and furnish the site.

The average salary of the employees working at this location will be $55,000. They will also hire local graduates from San Antonio.


EY Partnerships

Ernst and Young blockchain partnership with SAP Leonardo

EY is extending its relationship with SAP to build out blockchain solutions on various SAP ERP platforms. The specifics of the partnership are that EY will use SAP’s Leonardo platform.

One product that has already been developed is EY’s Ops Chain which is designed to ehlp customers manage their supply chain. It uses smart contracts developed on the blockchain to manage ownership in the supply chain.

This is just proof that blockchain is becoming more common in the accounting industry if EY which is one of the largest accounting firms is building solutions with SAP which is one of the largest accounting ERP developers. It’s only a matter of time before every ERP is in the cloud and has many blockchain solutions.

EY forms tax partnerships with Concur

EY has partnered with Concur which is also an SAP company. Concur is the world’s leading provider of travel, expense and invoice management solutions. The solution that EY and Concur have teamed up to build will allow business travelers manage real time immigration and tax assessments. It will capture all the relevant data within concur. The main offering here is Concurs technology with EY tax and immigration technology and knowledge. This will allow business travelers to see their immigration and tax obligations that results from their travel before they travel.


 

Frequently Asked Questions about Ernst and Young

  1. What is Ernst and Young? – Ernst& Young PVT LTD is a professional services firm that primarily focuses in accounting and more specifically the auditing of various companies’ financial statements.
  2. How many employees does Ernst and Young have? – As stated above, Ernst and Young had 212,000 employees as of 2015 and 231,000 as of 2016.
  3. Who is the CEO of Ernst and Young? – The CEO of Ernst and Young is Mark Weinberger.
  4. Ernst & Young lines of service – Ernst & Young has tax, assurance, and advisory lines of service.
  5. What does Ernst and Young do? – Ernst & Young LLP is primarily an audit firm which means they are responsible for auditing the financial statements of various companies. They also offer tax services and consulting services to their clients.
  6. Who audits Ernst & Young? Ernst & Young is audited by the PCAOB. The PCAOB stands for the Public Company Accounting Oversight Board.
  7. Where can I find the Ernst and Young Stock Price? Many people ask about the Ernst and Young stock price or the Ernst and Young share price. Unfortunately, Ernst & Young is not a publicly traded company, so it does not have a stock price.
  8. Ernst and Young Fortune 500 ranking – Ernst and Young did not make the Fortune 500 ranking in 2015.

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