VEP- Deloitte & Touche 2003

BY THE STAFF OF VAULT

© 2002 Vault Inc.

EMPLOYPROFILE

VAULT EMPLOYER PROFILE:

DELOITTE &TOUCHE

Copyright © 2002 by Vault Inc. All rights reserved.

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ISBN 1–58131–225–3

Printed in the United States of America

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Deloitte & Touche

INTRODUCTION 1

Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1Deloitte & Touche at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

THE SCOOP 3

History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

ORGANIZATION 9

CEO Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9Business Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11

VAULT NEWSWIRE 13

OUR SURVEY SAYS 19

GETTING HIRED 25

Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25To Apply . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27Questions to Expect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .28

Table of Contents

ON THE JOB 31

A Day in the Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31Career Path . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21

FINAL ANALYSIS 35

RECOMMENDED READING 37

OverviewNot long ago Deloitte & Touche sat at the bottom rung of the big-accounting-firm barrel. Today, though, Deloitte & Touche, the American branch of globalprofessional services firm Deloitte Touche Tohmatsu, stands as the secondlargest of the Big Four accounting firms (in terms of U.S. revenue). Based inNew York, Deloitte & Touche offers auditing, tax and managementconsulting services through its offices in more than 100 U.S. cities. In 2002D&T was named to Fortune magazine’s list of the “100 Best Companies toWork for in America” for the fifth consecutive year. Taking the 35th spot inthe recent rankings, D&T is the only major professional services firm to makethe list each year since its inception.

D&T has grown from the fourth- to the second-largest accounting firm in theUnited States under the leadership of CEO James E. Copeland, who alsoserves as the chief executive of parent Deloitte Touche Tohmatsu (DTT hasgrown from the fifth to second spot globally under Copeland). Soon, though,both the child and its parent will have a new chief. In September 2002,Copeland announced that he would relinquish his CEO duties in May 2003.Aside from being the man to nearly take D&T to the top of the accountinggame, Copeland is also known for strongly opposing the big accounting firmtrend of separating auditing from consulting – he vehemently rejects the ideathat offering consulting and auditing services to the same companies risks aconflict of interest. That said, in early 2002, Copeland reluctantly agreed toseparate D&T sister company Deloitte Consulting from Deloitte ToucheTohmatsu, becoming the last of the big accounting firm CEOs to make sucha move.

Introduction

Deloitte & Touche

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Headquarters1633 BroadwayNew York, NY 10019(212) 492-4000(212) 492-4154www.dttus.com

DEPARTMENTSAccounting and auditingTax advice and planningInformation technology consultingManagement consultingMergers & acquisitions consulting

THE STATSPresident and CEO: James E.Copeland, Jr.*Employer Type: Subsidiary ofDeloitte Touche TohmatsuNo. of Employees: 29,000Fiscal 2001 Revenue: $6.13 billionNo. of Offices: 100+

*retiring in May 2003; a replacement has yetto be named

KEY COMPETITORSErnst & YoungKPMGPricewaterhouseCoopers

UPPERS

• Excellent benefits for workingmothers

• One of the final “Big Four”

DOWNERS

• Uncertainty surrounding split ofaccounting, consulting practices

EMPLOYMENT CONTACT

Deloitte & Touche1633 BroadwayNew York, NY 10019careers.deloitte.com

• “Energetic place to work”• “Well-regarded in its industry”• “Boring”• “Accounting is hurting”• “Great company”• “Professional”• “Fine”• “Respected”

THE BUZZWHAT EMPLOYEES AT OTHER FIRMS ARE SAYING

Deloitte & Touche at a glance

© 2002 Vault Inc.2 C A R E E RL I B R A R Y

History

Billy D

Deloitte & Touche’s history begins in 1845, when William Deloitte opened anaccounting office in London that targeted the needs of bankrupt companies.When the rise of joint-stock companies in the mid-19th century created aneed for accounting practices, Deloitte moved his company into the newfield. In 1890 Deloitte made one of the most significant decisions in the firm’shistory: He opened his first American branch in New York, under theleadership of John Griffiths, a partner of the firm. The firm slowly movednorth and west, and by 1945 it had opened branches in Montreal, Boston,Chicago and Los Angeles. Even as it expanded, Deloitte was careful tomaintain a consistent corporate culture, one that stressed Deloitte’scredentials as an expensive, but thoroughly professional, firm.

After World War II, Deloitte formed an alliance with Haskins & Sells, whichhad an extensive network of offices within the United States. In 1978 Deloittechanged its name to Deloitte Haskins & Sells, a change accompanied by ashift in corporate culture. Deloitte became more aggressive as the accountingindustry grew more competitive; the firm was also one of the first majoraccounting companies to employ bold, direct advertising.

T-time

In 1984 Deloitte attempted to merge with Price Waterhouse, though thecombination failed because of the objections of Price Waterhouse’s overseaspartners. However, Deloitte was not to be denied its merger for long. As awave of mergers swept the top accounting firms, Deloitte Haskins & Sellsmerged with Touche Ross in 1990 to form Deloitte & Touche. The mergeralso created the parent firm Deloitte Touche Tohmatsu; the name Tohmatsucame from the Japanese audit firm Tohmatsu Awoki Sanwa, which was aTouche Ross member firm at the time of the merger. The merger broughtabout the fusion of two disparate corporate cultures – in contrast to Deloitte’sreputation as a conservative, traditional firm, Touche Ross had made a namefor itself with a daring and aggressive practice. Ross’s strengths were in Asia,while Deloitte’s base of operations was in Europe and the United States. Afterthe merger, Deloitte’s Michael Cook continued to supervise U.S. operations,while Ross’s Edward A. Kangas oversaw international business.

The Scoop

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Like several other auditing firms, Deloitte & Touche thrived during the 1980sand cashed in on the success of the junk bond market. Unfortunately, likemany of its competitors, D&T has had to pay for its adventures. As auditorswere increasingly held responsible for the conduct of their clients, Deloittewas sued in the 1990s because of the actions of several failed S&L banks, aswell as the failure of Drexel Burnham, the former firm of junk bond magnateMichael Milken. These lawsuits against D&T were settled only after theaccounting firm agreed to pay out more than $100 million to the litigatingparties.

In 1995 Deloitte & Touche undertook a major reorganization of its businessand adopted a regional structure. The firm’s U.S. and U.K. consultingoperations were also reorganized when Deloitte Consulting was formed toconsolidate its operations in both countries. The next year, the firm formed acorporate fraud unit, which specializes in the Internet. Deloitte & Touche alsobought PHH Fantus, the leading corporate relocation consulting company. InApril 1999, roughly 1,000 D&T consultants decided to leave the company tostart their own firm after being stymied by having to turn down assignmentsbecause of conflicts of interest. That same month, Deloitte & Touchereorganized its Western European operations.

The last to go

At the beginning of the new millennium, while other Big Five firms werelooking to separate their audit and consulting units, Deloitte ToucheTohmatsu, D&T’s parent, took a different tact. Ernst & Young, responding toregulatory concern regarding a potential conflict of interest, sold itsconsulting unit in 2000. KPMG spun-off its consulting operations in IPOs inFebruary 2001. And PricewaterhouseCoopers, which announced in January2002 the spin-off of its consulting services, planned a split as early as 2000 (asale of its consulting unit to Hewlett-Packard fell through in November2000). Although Deloitte Touche Tohmatsu was receiving several offers forits consulting unit, the firm bucked the trend. “We get calls almost every day,”CEO Jim Copeland told the Financial Times in July 2001. Copeland rejectedthe idea that offering consulting and auditing services to the same companiesrisked a conflict of interest. “As an organization, we have not been distractedby selling out consultancies and dividing the imaginary profits,” Copelandsaid. But come 2002, Copeland and Deloitte Touche Tohmatsu were forced tochange their tunes.

In February 2002, while the U.S. Congress was grilling Arthur Andersen onits involvement in the Enron scandal, D&T’s parent Deloitte Touche


Deloitte & Touche

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Tohmatsu reluctantly announced that it, too, would be separating its auditingand consulting units. “It’s ironic and sad that we are forced by perception toseparate our firm,” Copeland said during a speech at the National Press Cluba few days after the announcement. “This separation will accomplishnothing.” Andersen’s questionable dealings with Enron forced many torethink the Big Five’s (now the Big Four) common practice of providing bothauditing and consulting services to the same client. Deloitte Touche Tohmatsualso announced that it would no longer handle both internal and externalauditing for new clients, a move the other big accounting firms hadannounced previously. Copeland told Reuters, “Now, because of Enron andother high-profile failures, we are forced to dismantle the very model thatrepresents today the best practice in auditing.” In an attempt to furtherseparate itself form its former parent, Deloitte Consulting announced a namechange in July 2002. The consulting concern will be known as BraxtonAssociates, effective fall 2002.

All talk, no action

For a few days in March 2002, it looked as if D&T parent Deloitte ToucheTohmatsu would inherit the messy operations of former Big Fiver ArthurAndersen. Merger negotiations began between the two at about the same timeAndersen learned that it faced a potential indictment on obstruction of justicecharges in the Enron Investigation. The New York Times claimed a deal wasimminent on March 11. On the same day, however, The Wall Street Journalcautioned against the early call: “The sale or merger effort could come tonothing. It is complicated by the huge liability that Andersen potentially facesfor its handling of the Enron audits and the destruction of Enron documents.”At the time, with Deloitte the second largest of the Big Five, about half thesize of big dog PricewaterhouseCoopers, many thought a Deloitte-Andersenmarriage made sense, because the bonded couple could present a seriouschallenge to PricewaterhouseCoopers. But a few days later, whennegotiations between Deloitte and Andersen slowed, reports begancirculating that other Big Five firms had jumped into the bidding. Ultimately,Deloitte Touche Tohmatsu, which had been considered Andersen most likelysuitor, withdrew. “We tried to step into this situation with Andersen and behelpful,” CEO Copeland told the New York Times. “Unfortunately, we wereunable to find our way through to a solution.”


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From A to D&T

Deloitte & Touche did, however, make some nice grabs in 2002 as a result ofArthur Andersen’s dissolution. In March, with Andersen facing federalcharges for shredding Enron-related documents, Andersen’s clients andemployees began looking for new homes. Deloitte & Touche, along withfellow big accounting firms PricewaterhouseCoopers, KPMG and Ernst &Young, began picking up ex-Andersen clients and employees. Some of thelarger clients that D&T soon inherited include Delta Airlines, United Airlines,International Paper, Hard Rock Hotel, MGM Mirage and Harrah’sEntertainment.

In the fallout, Deloitte & Touche also hired about 200 ex-Andersen partnersin the United States to become new tax partners at D&T. The move was aspecific attempt by Deloitte & Touche to build its tax-specialty practice in thewake of the Enron scandal and break-up of Andersen. The partners were, forthe most part, located in major regions such as Chicago, Atlanta and Dallas.Additionally, Deloitte Touche Tohmatsu, Deloitte & Touche’s parent,swallowed Andersen’s U.K. and Taiwan units.

A big five in a row

In 2002, for the fifth consecutive year, Deloitte & Touche was named toFortune’s list of the “100 Best Companies to Work for in America.” D&T isthe only major professional services firm to make the list every year since itsinception. In addition, 2002 marked the ninth consecutive year that D&Tmade Working Mother magazine’s list of the “100 Best Companies forWorking Mothers,” an award based on a company’s child care services, leavefor new parents, flexible work arrangements, work/life benefits andopportunities for women.

Girl power

Among the Big Four, Deloitte & Touche has the highest percentage of womenpartners, a distinction the firm has held since 1997. The firm counted 16percent women partners in 2001, up from 10 percent in 1997. In the early1990s, however, the firm’s practice of promoting women was anything butpraiseworthy. In 1992 only 5 percent of D&T’s partners were women. Thesmall number of women in Deloitte’s power structure was a factor in a highturnover rate for women employees. In order to understand why women werenot represented at the top, in 1993 D&T created the Initiative for theRetention and Advancement of Women, the first such formal programdedicated to retaining and advancing women instituted by a professional


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The Scoop

services firm. According to D&T, the initiative’s task force addressed issuessuch as why the company had a higher turnover for women than men and whyfewer women were being admitted to the partnership. Since the program’sinception, the firm has implemented strategies that address advancement,cultural and work/personal life issues. To even further female advancement,in June 2001 D&T unveiled Vision 2005, a plan to double the promotion rateof women to partner and director positions. If Vision 2005 is successful,women partners and directors will make up 35 percent of the company’sleadership.

No love for Adelphia

In June 2002, Pennsylvania-based cable company Adelphia Communicationsfired Deloitte & Touche as its auditor. The dismissal followed Adelphia’sfiling for bankruptcy-court protection after the firm made disclosures that ithad guaranteed about $3 billion in off-balance-sheet loans to its founders, theRigas family. An internal Adelphia investigation revealed that the Rigasfamily had used the money to build a golf course and to buy stock, timberlandand real estate. Adelphia accused D&T of failing to inform Adelphia’s auditcommittee about questionable accounting practices and self-dealings –Deloitte & Touche was not only Adelphia’s auditor, but also the Rigas’auditor. The move to fire Deloitte & Touche came amid SEC inquiries intoD&T’s role in the cable concern’s bankruptcy.

Following its dismissal, Deloitte & Touche denied wrongdoing, sayingAdelphia Communications attempted to withhold important information fromauditors and the government, even after a specific committee was created tosettle the company’s accounting problems. Additionally, Deloitte & Touchesaid in a filing with the SEC that Adelphia had asked the auditing firm to signoff on financial reports for creditors without supplying enough information tothe auditor. D&T said Adelphia eventually agreed to provide the SEC with theinformation it had wanted to withhold, and the company worked out a creditextension without D&T’s report. In addition to SEC inquiries, Deloitte &Touche and Adelphia are currently facing several shareholder suits.


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Deloitte & Touche

The Scoop

Compensation

Pay

Business Analyst: $35,000-$40,000 per year (pay raises for the first fewyears are calculated as a percentage of the starting salary)

Perks

Flexible work arrangements, including reduced workload, flex time andmaternal and paternal leave

• Adoption assistance

• Child care resource and referral

• School service program

• Elder care consultation and referral service

• Mortgage assistance

• Employee assistance, including a 24-hour counseling hotline

• Choice of medical plans: PruCare Plus, Point of Service, an HMO or BlueCross/Blue Shield

• Health care flexible spending plan

• 401(k)

• Professional development program

• Relocation assistance

• Professional association expenses

• Free or subsidized tickets to museums, concerts, movies and sportingevents

• Free dinners at expensive restaurants when entertaining clients


“Since Deloitte is big, it’s pretty good at giving things away.”

– D&T management consultant

CEO Bio

James E. Copeland: Almost gone, but notforgotten

Deloitte & Touche CEO James E. Copeland will be remembered as the manwho made D&T into a top firm. Under Copeland, D&T has grown from thefourth to the second largest professional services firm in the United States,and D&T parent Deloitte Touche Tohmatsu, which Copeland also heads, hasgrown from fifth to second globally.

In May 2003, Copeland’s reign will end – he’ll step down as chief of bothD&T and Deloitte Touche Tohmatsu. Upon announcing his retirement inSeptember 2002, Copeland said he wanted to take a break to spend time withhis family before working again. (Copeland and his wife Patricia, who havebeen married for 35 years, have two sons and four grandsons.) Copeland hasindicated that future work could include serving on various corporate boards.

Upon the announcement, Copeland also said he’s “fully confident thatDeloitte will continue to be a respected leader and strong performer – not justas a professional services firm, but as a member of the global businesscommunity.” Indeed, Deloitte – and Copeland himself – have been active inthe community. Copeland serves on the Board of Directors of The September11th Fund, the New York City Partnership and Investment Fund, the U.S.Chamber of Commerce and the U.S.-Japan Business Council. He’s also amember of the Council of the World Economic Forum and the Society ofInternational Business Fellows.

Copeland joined Deloitte Haskins & Sells, a Deloitte predecessor firm, in1967. He became a partner in 1977 and was selected as a vice chairman in1992. Copeland became a managing partner in 1994, at which time hebasically began to run the U.S.-based Deloitte & Touche unit. In May 1999,Copeland was elected chief executive of both Deloitte & Touche and DeloitteTouche Tohmatsu. Copeland is a graduate of Georgia State University andserves as the president of the school’s alumni association.

Organization

Deloitte & Touche


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Deloitte & Touche

Organization

Business UnitsAccounting & Auditing: Required by law to disclose their financial results,public companies hire Deloitte & Touche’s accountants and auditors toevaluate the propriety of their accounting procedures, measurements, publiccommunications and other related goings-on. Deloitte’s Accounting &Auditing professionals also help clients improve their accounting operationsand overall profitability by implementing computer and financial systems tofacilitate information gathering and analysis. Typical Accounting & Auditingservices include financial statement auditing, employee benefits review,financial forecasting, litigation support, and SEC filing.

Tax: Almost always working directly at the client site, Deloitte & Touche’stax professionals help clients manage and minimize their tax burden. Inaddition to advising businesses on tax laws, rules and regulations, this areaalso develops global compensation plans for multinational corporations,creates corporate structures for mergers and acquisitions, analyzes new taxlegislation (at the Washington, D.C. National Tax Office), and providesfinancial consulting services to wealthy individuals.

Management Consulting: The Management Solutions group works withmid-sized companies. The Emerging Markets Group advises governments insmall and developing economies as well as potential investors in thosemarkets. (You can read more about the now autonomous Deloitte Consultingunit, which works with multinational companies on strategy implementationand technology initiatives, in Vault’s Deloitte Consulting (BraxtonAssociates) profile.)

Financial Advisory Services: The firm’s Financial Advisory Services groupprovides advice to companies considering financial transactions. TheCorporate Finance unit offers advice on mergers and acquisitions; theForensic Services unit investigates fraud and other legal issues; theReorganization Services unit provides advice to companies in bankruptcy oron the brink of bankruptcy and to creditors of bankrupt companies; theTransactions Service unit offers tax and accounting services to M&A clients(as opposed to the financial advisory services that the Corporate Financedivision provides).

Human Capital: The firm provides clients with consulting services on arange of human resources issues including actuarial and insurance issues,employee benefits and executive searches. D&T also offers risk managementconsulting.


Deloitte & Touche

Organization

LocationsDeloitte Touche Tohmatsu International (parent of U.S.-based Deloitte &Touche) operates in 700 offices in over 130 countries worldwide. The firm’sheadquarters are in New York, N.Y.

Key Officers

Chief Executive Officer, Deloitte Touche Tohmatsu; Chief Executive Officer,Deloitte & Touche: James E. Copeland

Chairman, Deloitte Touche Tohmatsu: Piet Hoogendoorn

Chief Operating Officer: J. Thomas Presby

Chief Financial Officer: William A. Fowler

CEO, Deloitte Consulting (Braxton Associates): Douglas McCracken

Ownership

Deloitte & Touche is the U.S. arm of Deloitte Touche Tohmatsu International,a Japan-based private partnership.


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October 2002: Deloitte plays the part of theaccused

The Pennsylvania Insurance Department filed a civil suit against Deloitte &Touche, accusing the accountancy of inflating Reliance Insurance Co.’sfinancial statements by $1 billion and contributing to the firm’s financialcollapse last year. The state’s insurance commissioner blamed D&T for“professional negligence and malpractice, misrepresentation, breach ofcontract and aiding and abetting breaches of fiduciary duties.” In response tothe allegations, Deloitte & Touche spokesman Paul Marinaccio said,“Deloitte & Touche performed its services for Reliance in accordance with allapplicable professional standards and will defend itself accordingly.”

October 2002: Movin’ on up

Deloitte & Touche agreed to become the lead tenant in a new a 50-storybuilding in Chicago expected to be completed in 2005. D&T signed a leasefor 424,000 square feet, or 43 percent of the 975,000-square-foot building. Inthe previous six months, Deloitte ‘s local professional staff, not includingconsultants, grew about 75 percent, to more than 2,300, said Jeffrey Rohr,managing partner of the Chicago office. The firm will move in mid-2005,when Deloitte’s lease expires on its main Chicago office at Two PrudentialPlaza, 180 N. Stetson Ave., where the firm has 310,000 square feet of space.

September 2002: Deloitte called mother-friendly – yet again

For the ninth consecutive year, Working Mother magazine named Deloitte &Touche one of the “100 Best Companies for Working Mothers.” Themagazine’s annual list rates companies on their benefits offerings for newparents, adoption assistance, domestic partner benefits and advancement ofwomen.

September 2002: Return to New York

The last of almost 3,000 Deloitte & Touche employees who were displacedas a result of the September 11, 2001 attacks on the World Trade Centerreturned to the firm’s regional headquarters at the World Financial Center inlower Manhattan. Since September 2001, D&T employees who worked at the

Vault Newswire

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World Financial Center were either moved to other firm offices or to clientsites.

September 2002: Copeland to take a bow

James Copeland, CEO of Deloitte & Touche and Deloitte Touche Tohmatsu,announced that he would step down from both positions in May 2003. Afterrelinquishing the posts, Copeland said he would like to spend more time withhis family before returning to work.

August 2002: Deloitte gets ethical

In order to help restore confidence in the U.S. financial system, Deloitte &Touche CEO James Copeland announced new internal ethics initiatives,including the mandatory rotation of lead audit partners every five years andan extensive examination of D&T practices by its own corporate complianceand ethics services professionals. Unveiling the new plans, Copeland saidDeloitte & Touche, which has advised clients on their ethics programs formore than 10 years, would now become its own client. The announcementcame amid the accounting industry’s struggle to restore its image followingthe scandals at Enron, WorldCom and others companies.

July 2002: Andersen birds and blokes joinDeloitte

As the Arthur Andersen partnership in the U.K. comes to an end, about 230partners and 3,300 staff of the U.K. branch of Arthur Andersen said theywould join Deloitte Touche Tohmatsu’s British operations (Deloitte & ToucheUK). Following Andersen’s indictment in March for its role in the Enronscandal, Deloitte UK struck a deal to take on some of Andersen UK’s 383partners and 5,000 staff.

July 2002: The name change game

Deloitte Touche Tohmatsu subsidiary Deloitte Consulting will soon have anew name. The unit will be known as Braxton Associates – the name of amanagement consultancy bought in 1984 by Touche Ross, one of thepredecessor firms to Deloitte Touche Tohmatsu. The rebranding is part of anindustry-wide effort by leading professional services firms to underscore theseparation of their auditing and consulting businesses. The commingling ofauditing and consulting services has come under fire in recent years, and


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some believe that offering consulting services to audit clients threatens anaudit’s accuracy.

June 2002: Deloitte dismissed in family feud

Troubled cable company Adelphia Communications sacked Deloitte &Touche as its auditor, alleging that D&T failed to inform Adelphia’s auditcommittee about questionable accounting practices and self-dealings. Themove comes amid SEC inquiries into Adelphia and D&T’s role in the cableconcern’s bankruptcy. Adelphia filed for bankruptcy-court protectionfollowing disclosures that it had guaranteed about $3 billion in loans to thefirm’s founders, the Rigas family. In addition to serving as Adelphia’sauditors, Deloitte & Touche served as the Rigas family’s auditors.

May 2002: Tension in the front offices

Some Deloitte & Touche partners have complained about the terms offered toformer Andersen partners being courted to join D&T. Following Andersen’sindictment in connection with Enron’s bankruptcy, approximately 2,000Andersen employees agreed to join to Deloitte & Touche. “It’s like a takeoverby Andersen people,” a New York Deloitte & Touche partner told the ChicagoTribune. “There is a group of us that have expressed concern about the dealand are looking at our options.” According to another Deloitte executive,D&T partners average $300,000 a year in salary, but many Andersen partnersstand to earn more than $600,000 per year at D&T.

May 2002: WSJ reports on the yard sale

According to the Wall Street Journal, Deloitte & Touche grabbed about 200new tax partners – all ex-Andersen employees – in an attempt to build its tax-specialty practice in the wake of the Enron scandal and break-up of Andersen,the energy giant’s auditor. For the most part, the partners are located in majorregions such as Chicago, Atlanta and Dallas.

April 2002: In the U.K., it’s a done deal

Deloitte Touche Tohmatsu’s U.K. unit agreed to join with AndersenWorldwide’s British operations, in a move that would create the secondlargest accounting firm in the U.K. The merger is part of AndersenWorldwide’s continuing dissolution following the Enron scandal. “It’s a coupfor Deloitte, but it’s not going to change things dramatically,” said BrianSingleton-Green, the editor of London-based Accountancy magazine, in an


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interview with The Wall Street Journal. In the U.K., Andersen was thesmallest of the Big Five accounting firms in terms of revenue for the fiscalyear ended May 31, 2001; Deloitte was the third-ranked Big Five firm for theperiod.

April 2002: Deal made in Taiwan

Deloitte Touche Tohmatsu agreed to merge its Taiwan operations withAndersen Worldwide’s Taiwan affiliate. The deal will create the largestaccounting firm in Taiwan, with 2,000 employees and $100 million in annualrevenue, according to Edward Y. Way, the CEO of Andersen’s Taiwan unit.The agreement was the first struck in the fight over Andersen Worldwide’sAsian operations, which have been up for grabs since Andersen’s indictmentin March in connection with its work with bankrupt energy giant Enron.

February 2002: Deloitte announces divorce

In February 2002, while the U.S. Congress was grilling Arthur Andersen onits involvement in the Enron scandal, D&T’s parent Deloitte ToucheTohmatsu reluctantly announced that it, too, would be separating its auditingand consulting units. “It’s ironic and sad that we are forced by perception toseparate our firm,” CEO James Copeland said during a speech at the NationalPress Club a few days after the announcement. “This separation willaccomplish nothing.” Andersen’s questionable dealings with Enron forcedmany to rethink the Big Five common practice of providing both auditing andconsulting services to the same client. D&T also announced that it would nolonger handle both internal and external auditing for new clients, a move theother Big Five firms had announced previously. Copeland told Reuters,“Now, because of Enron and other high-profile failures, we are forced todismantle the very model that represents today the best practice in auditing.”

January 2002: Deloitte passes Andersen, withreservations

In a routine peer review, Deloitte & Touche said that rival Andersen’s auditpractice provided “reasonable assurance of compliance with professionalstandards,” even though Deloitte found examples of insufficientdocumentation and communication problems between Andersen accountantsand clients. The review was given special attention because it was publicizedat a time when Andersen faced legal troubles after the collapse of Enron, theenergy-trading firm that employed Andersen as auditor and consultant.Regulators and lawmakers were investigating Andersen’s role in the Enron


Deloitte & Touche

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scandal, including the accuracy of the firm’s audits and the destruction ofEnron-related documents. The passing grade Deloitte delivered to Andersenalso added to the questions some have about the accounting industry’s systemof peer review; the industry has little government oversight and the industryessentially polices itself.

November 2001: More growth for Deloitte

Deloitte enjoyed an eighth consecutive year of revenue growth, reporting$12.4 billion in revenues, up 10.7 percent from fiscal 2000. The firm’sannouncement came only 10 months after its previous revenue announcementbecause the firm changed the end of its fiscal year from May 31 from August31.

October 2001: Deloitte makes the cut atWorking Mother and Fortune

If the popular press is to be believed, Deloitte & Touche must be a great placeto work. Working Mother Magazine put D&T on its list of the “100 BestCompanies for Working Mothers” for the eighth consecutive year, andFortune had Deloitte at No. 32 on its list of the “100 Best Companies to Workfor in America.”

January 2001: Seven years of revenue growth

For the seventh consecutive year Deloitte Touch Tohmatsu saw its revenuesincrease. The firm announced $11.2 billion in revenues for fiscal year 2000,a 14.1 percent increase over the previous year.

July 2000: Deloitte Touche Tohmatsu gets anew chairman

Piet Hoogendoorn was elected chairman of D&T’s parent company,succeeding co-chairmen Edward Kangas and Koji Tajika. Hoogendoorn hadserved as managing partner at Deloitte & Touche Netherlands. He had beenwith the firm for 28 years and served as vice chairman since 1999.

May 2000: A new consulting partner is Asia

Deloitte Touche Tohmatsu announced the purchase of TrowbridgeConsulting, a Hong Kong-based financial consulting firm. The merger added


L I B R A R Y

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100 consultants to Deloitte’s Asia practice, a region the firm had been keenon growing.


Down to earth

Employees praise Deloitte’s culture for being “friendly, down to earth and notas pretentious as most big accounting firms.” One auditing manager states,“People here don’t go about bragging about where they went to school.”While Deloitte is “quite results-oriented,” and employees get stressed out asdeadlines approach, the firm also “recognizes the need to balance work andpersonal life, especially in most offices outside New York.” Another contactreports that the firm “respects personal commitments and fosters a better life-work balance than many of its competitors.” Contributing to this balance isDeloitte’s “3-4-5” policy: Employees spend three nights on the road, fly backon the fourth day, and spend their fifth day at the home office, ensuring aweekend at home (or at least, in their home city). Deloitte veterans commentthat “sooner or later the bureaucracy or the upper management gets to you.”One senior manager says, “People here know that if they stay for 10 years,they’ll be pretty close to the top. Yet only a few people stay a decade. It isn’talways a pleasant place to work.”

Extra, extra

Deloitte’s perks “vary enormously” by location. Those working at the NewYork office enjoy a “top-quality gym for a nominal fee.” Washington, D.C.employees benefit from the fact that Deloitte “has a sky box in [the localstadiums], so the staff often gets tickets to basketball, hockey and concerts ifthe partners don’t feel like going.” A Chicago-based employee says the401(k) program “isn’t the greatest” and health care coverage is “just okay, butyou do get eye care, which is great if you’re blind like me.” Speaking abouttuition reimbursement at Deloitte, the contact adds, “In some cases, they’llreimburse you – but it’s really hit or miss.”

One of the most appreciated perks at Deloitte, especially by femaleemployees, is the firm’s “flexibility with regard to working arrangements,”which lets parents adjust their working schedule around their family needs.The “Paid Time Off [PTO] program that allows employees to use their sick,vacation and personal days as they please without specifying why they needto take a day or more off” is another major bonus.

Our Survey Says

Deloitte & Touche


L I B R A R Y

Deloitte & Touche

Our Survey Says

Competitive, not extraordinary, pay

The salaries at Deloitte are “competitive with any Big [Four] firm, but not anybetter.” A major shortcoming of the pay structure, according to employees, isthat “there is absolutely no overtime and no bonus, except maybe a signingbonus.” Pay raises are “a percentage of the previous year’s salary,” making itimperative that “you bargain for as high a salary as possible when you signon – many new hires often don’t realize this.” On the whole, employees feelthat “the pay structure could be much better, but you put up with it becausethe experience is part of the compensation.”

Project-driven hours

The employee workweek at Deloitte & Touche averages between “44 to 48”hours. Between April and December, the workweek is never more than 50hours for accountants, and even during winter, the peak season, employees“only very infrequently” work more than 55 hours. However, as projectdeadlines approach, workweeks become increasingly longer, and “thecompany states that you [must] always finish projects... on time,” employeessay. After projects, the intensity at work “slacks off” so considerably thatemployees who are between projects are described as being “on the beach.”During such off-periods, employees “work less than 40 hours a week. Theyknow that this time doesn’t last very long, and it may not happen again for awhile, so they take advantage of it. People will schedule personalappointments such as [with the] doctor and dentist during this down time.”

Sharp-dressed men and women

From Monday through Thursday, the dress code at Deloitte & Touche is“rigorously formal – suits, suits, suits all around.” At most offices, “It’s notoverly conservative, but people dress pretty well.” Several of Deloitte’soffices have casual Friday policies, though employees quickly point out that“casual” still means “business casual, not beach bum casual.” When Deloitteemployees spend time on the road, company policy requires them to abide bythe clients’ imposed dress codes. “You’ve got to look good for the clients. Thegoal is to blend in.”

Deloitte & Touche is making a serious effort to “create an atmosphere at D&Tthat culminates the growth and meets the needs of both men and women sothat more women will stay with the company and reach the manager andpartner level.” This is accomplished through “a formal mentoring program,networking activities, women’s initiative luncheons and other events, andmany other activities.” Employees say that the firm’s efforts are paying off.


Deloitte & Touche

Our Survey Says

“The prospects for women have immensely improved in the past couple ofyears,” remarks one female consultant. Another adds: “Deloitte has becomevery sensitive to gender and lifestyle issues.” It has “created a healthywork/life balance which is often difficult to achieve in this industry.” Deloitteemployees who have children particularly appreciate the company’s flexibleworking arrangements, which permit parents to take time off to attend tofamilial responsibilities. As a result of such policies, Deloitte is one of thecompanies frequently cited as an excellent employer for working mothers.That said, one D&T female employee explains that discrimination againstwomen is “still an issue” at Deloitte. However, she says, “It really dependsupon what group you’re in. Some say it’s never an issue, while others say thatcertain partners are chauvinistic.”

Deloitte’s record on minorities has hardly been as impressive as its efforts torecruit women. Employees note that “all Big [Four] firms are pretty white,and Deloitte isn’t really different.” Comments one, “They don’t do a great job[in hiring]. I am not overwhelmed by the number.” There are encouragingsigns, though. “More non-whites are coming in each year, especially Asians.But it’s still a trickle,” observes one senior manager in auditing. WhileDeloitte & Touche is “definitely a prestigious place” and “a good thing tohave on the resume,” most employees acknowledge that “it’s not the mostprestigious” of the Big Four accounting firms. The reputation is a result ofmore than just the quality of work. “It’s not going to be a McKinsey that’s onthe cutting edge of thought. What impresses people the most about it is thelifestyle. People view it as being in the top five or six. But it’s the mostprogressive, which moves it up to the top two or three.” The future looksbright as well. Deloitte is currently making a big advertising push to “try toposition itself to break away from the pack.”

Cubism

The quality of Deloitte’s offices “varies greatly by location – more than atother companies,” employees say. However, company policy decrees that atall offices, “upper management and partners have offices. Staff and senioraccountants are in cubicles.” Deloitte’s New York office is “brand new,” and“in a prime location in the city. A few employees complain that “because somany people work away from the office, the bosses try and squeeze togetheras many people into as little space as possible.” New hires at Deloitte shouldexpect to find “little or non-existent” support staff, and they “should beprepared to do their copying and faxing themselves,” current employees say.At the managerial level, the support staff is “sufficient but not abundant”; onesecretary covers five to six managers. Employees note that their support staff


L I B R A R Y

Deloitte & Touche

Our Survey Says

handles word processing, graphics, layouts, and mail “adequately andprofessionally.” While managers complain that Deloitte has only “five or 10people working full-time” in computer maintenance who have to handlecomplaints from “hundreds of executives running around with laptops,” theyappreciate the “24-hour technical help hotline” which makes sure that mostproblems are solved promptly.

Informal socialization

Through its flexible working hours, Deloitte affords employees theopportunity to cultivate their personal and family lives. The firm alsoencourages its employees to take advantage of the cultural and sportingopportunities in the cities where they work by giving them “the occasionalsporting or musical ticket. And since the hours at Deloitte are reasonable, youcan actually use these tickets – unlike many other places.” Employees say thatthe firm “makes an effort to promote interaction among staff, by doing thingslike organizing an annual picnic.” Social activities are generally “moreinformal than formal, though there are volunteer organizations, softballleagues, basketball leagues and things like that that the company sponsors.”These are fairly popular, but “it often depends on whether or not you’remarried. The younger people who are right out of school and maybe lessattached tend to spend more time together. And then as you get older anddon’t have a night life, then you don’t” attend social events. Job satisfactionat Deloitte is higher than at most other Big Four firms, as employees greatlyappreciate the fact that “Deloitte, more than any other Big [Four] firm, makesa real effort to balance work and home life issues.”


Deloitte & Touche

Our Survey Says


L I B R A R Y

“Because of Deloitte’s size, there are so many groups, all of which needto keep clients. Inevitably, problems arise when one group wants toimpose on another’s clients. In audit, you don’t grow revenue – so theonly way to grow is to sell other services. As a result, you see a lot ofpolitical plays – what you will or will not do for a client. And that’s whythe SEC has been looking into accounting firms’ practices – because ofall the ancillary services.

– Deloitte & Touche management consultant

“Deloitte has more of an “ask” than a “tell” culture. Your boss usuallyleaves it up to you as to how to do something. You just get it done,however you want. This is opposed to other firms, whose managers willtell you how to do things. You have a lot of personal choice at Deloitte;they’re very focused on work/life balance.”

– former Deloitte & Touche risk manager

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“Thank you, thank you, thankyou! I would have never come upwith these changes on my own!”

– W.B., Associate, InvestmentBanking, NY

“Having an experienced pair ofeyes looking at the resumemade more of a differencethan I thought.”

– R.T., Managing Director, SF

“I found the coaching so helpfulI made three appointments!”

– S.B., Financial Planner, NY

We know the finance industry. And we’ve gotexperts that know the finance environmentstanding by to review your resume and give youthe boost you need to snare the financialposition you deserve.

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• Have your resume reviewed by a practicingfinance professional.

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• For resume reviews, get an in-depth, detailedcritique and rewrite within TWO BUSINESSDAYS.

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• Trying to get into investment bankingfrom business school or other careers?

• Switching from one finance sector toanother – for example, from commercialbanking to investment banking?

• Trying to figure out the culturalfit of the finance firm youshould work for?

Hiring Process

How you get in the door

Deloitte “really concentrates on the referral route because they are goingthrough their own employees to find qualified individuals. The employee thatreferred [the candidate] knows him more than the interviewer. This way itcuts down on a lot of searching for the qualified employee for the job.”Deloitte has also stepped up its campus recruiting efforts, and the firmconducts extensive on-campus recruiting, both at colleges and top businessschools. It will “advertise when necessary to fill a position” as well. Onesource delineates the various methods of getting a foot in the door this way:“Unless you have at least one year of experience after undergrad, allrecruiting is done on campus. After the one year, referrals work best, thenheadhunters, then contacting the company directly.”

What happens inside

Deloitte’s interview process “varies widely by office and by department.”Generally though, it consists of two rounds. The first round, which mayinvolve two separate interviews, is conducted on campus for undergraduates,and “at a posh hotel close to campus” for MBA students. These are usually“with department managers. They don’t use HR people much for recruiting”except for scheduling purposes and the like.

Those interviewees who make the cut are invited for the “weekend recruitingblitz” at Deloitte’s offices. This round usually begins with social events like“an office tour and dinner and reception,” at which interviewers observe thecandidates in a more relaxed and informal setting. At the office, candidates gothrough anywhere from two to six or more formal interviews “generally withpeople who have been with D&T for five to seven years.” Still, depending onthe office, interviews will be conducted by “whoever is available”; they maybe from several different levels and areas and include a partner or two.

For the most part, “there are very few technical questions asked during theinterview process. There isn’t much emphasis on grilling recruits todetermine their technical abilities because the recruits’ academic recordsshould speak for themselves.” Applicants to the more technically orientedareas are warned to be ready for an occasional question testing their aptitude,

Getting Hired

Deloitte & Touche


L I B R A R Y

Deloitte & Touche

Getting Hired

though it will not necessarily be the determining factor in hiring decisions.There may also be “a little written test – something quantitative that’s quickand dirty.” More commonly, though, “most of the questions asked are ‘Whatwould you like to do? Where you see yourself down the road? What previousexperience do you have?’” In other words, Deloitte “spends a lot of time onfit.” Says one former insider, “Basically, I was looking for someone whom Icould work with.” The contact adds, “It’s one thing if can you bring the skills,but another if you can be successful at Deloitte.”

The session will also at times include lunch with a small group of employees.Lunch is “very informal. We don’t report the details of the lunch back to therecruiters. It’s an opportunity for you to get to know the sort of person you’llbe working with should you come to D&T, and for you to ask any questionsthat you might be reluctant or might think it inappropriate to ask the recruiteror the interviewers.” Lunch companions try to be “very candid with theirresponses” to candidates’ queries. All things considered, most people whohave been through the process describe it as “fairly long and stressful,” but“not as rigorous as investment banking interviews.” Deloitte “lets you knowshortly [afterwards] by giving a phone call and sending a basket of goodies.”

What they want

A minimum 3.2 GPA is required for all positions at Deloitte & Touche,although having a 3.6 GPA or above “pretty much guarantees an interview.”While to Deloitte recruiters, “grades are an indicator” of whether a candidateis capable of doing the work, they do not necessarily translate to practicalskills. “They’re convinced you can’t learn anything” in an undergraduateprogram, says one insider, and “they really don’t care.” All departmentsrequire that college graduates hold degrees in technical subjects such as math,economics, finance, tax or accounting. Some areas, like the tax practice,require at least an MA of all candidates in mathematics, tax or anothertechnical field. Deloitte “cares about quality of experience,” but apparentlydoes not expect a candidate to have substantive experience outside of acollege setting. “Undergrads don’t have a lot of data points” for the firm to goby, so it just looks for “leadership and analytical skills.” Deloitte is wellaware, though, that these “can manifest themselves in a variety of ways.”


Deloitte & Touche

Getting Hired

To ApplyDeloitte & Touche encourages online applications. The firm’s career web site,careers.deloitte.com, allows job seekers the opportunity to submit an onlineresume, view job postings, check out dates of on-campus recruiting events,and learn more about the application and interview processes.

Questions to Expect

1. Give me a recent example of when you worked as part of a team.

This is one of the most important questions in the interview, because Deloittefocuses even more than most companies on the need for team-basedperformance. Give an example from a business school class, a collegesporting team or a community service group. While emphasizing the fact thatyou worked as part of a larger team, make sure that your role within the teamclearly stands out.

2. Describe a recent conflict situation that you found yourself in. How didyou resolve it successfully?

This is an extension of the previous question. The questions on conflictresolution are meant to determine how you will perform under tenseteamwork situations. Prepare an example that shows that you were able tocompromise and resolve a difficult situation – while maintaining your dignityand not being a pushover.

3. How well do you work under pressure? Give us a recent examplewhere you succeeded in a pressure situation.

This question is similarly designed to test your ability to work as a teamplayer in a high-stress environment. Use a different example if possible, butstill describe yourself in a team environment. As you should for the lastquestion, think out and prepare your scenario well in advance.

4. Are you the sort of person next to whom I can work for 15 hoursstraight?

This question is meant to test whether you will be willing to work the longhours that Deloitte sometimes requires of its employees – and remainamiable. Indicate clearly that you understand that your job occasionally willrequire you to work long hours, and that you are prepared to deal with suchconditions in a pleasant manner.


L I B R A R Y

Deloitte & Touche

Getting Hired

5. How would you work with a client whom you disliked personally?

A make-or-break question. Again, client interaction is what Deloitte is allabout, so questions like these test if you can put aside your personal likes anddislikes and do the best for client under all conditions. Respond by stating thatyou understand that as a professional, you’ll have to put aside your personalpreferences for the sake of your job. You pride yourself on your ability toproduce the same quality results for anyone you’re working for, regardless ofwhether you like him or not.

6. Which item on your resume is most important to you?

Pick something that your interviewer might otherwise overlook – andsomething that emphasizes your team skills.

7. Where do you see yourself in five years?

The firm is genuinely interested in finding out the direction in which itspotential employees are heading, especially in light of the industry’s poorretention rates.

8. What are your strengths? Your weaknesses?

9. What could you bring to the firm?

10. How do you keep track of what’s going on in the industry?

Questions to Ask

1. How does Deloitte distinguish itself from the other “Big Four” firms?

Huge as they are, on the surface Deloitte and its competitors may seemidentical to one another. At least in terms of the workplace environmentthough, Deloitte’s selection to Fortune’s “100 Best Companies to Work for inAmerica” list for the second straight year sets it apart from the rest. Yourinterviewer will doubtless have views on other ways, both in terms ofbusiness and culture, that Deloitte is different.

2. What would be the balance between my personal and professional lifeat Deloitte?

One of Deloitte’s major strengths, in comparison with the other majorconsulting firms, is its commitment to enabling employees to maintain ahealthy balance between work and home life. This is a chance to show thatyou’re well acquainted with Deloitte’s corporate culture, and its strengths.


Deloitte & Touche

XXXX

3. Can you tell me about Deloitte’s attitude towards flexible workschedules?

Flexible work schedules are one of Deloitte’s major selling points, so talkingabout this question lets the interviewer feel that the things you want areexactly the things they have to offer.

4. How would you describe the culture of Deloitte & Touche?

This question and the one that precedes it are designed to get yourinterviewers talking about themselves – so that you can show what a goodlistener you are.

5. What type of clients and industries do you work with?

6. Could you discuss your progression within the firm. Is that what I canexpect if I come here?

7. If there were one thing you wish the firm could improve upon, whatwould it be?

8. What do you think about the opportunities to women – have theyimproved?

You can only use the women’s initiative question if you’re a woman.


L I B R A R Y

“You want to ask questions relevant to the interviewer. I’m a bigbeliever in asking questions that matter. It’s okay to demonstrate yourknowledge of the firm, but don’t try to stump your interviewer;nobody likes that.”

– Deloitte & Touche insider

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A Day in the Life

Audit Manager

7:30 a.m. Arrive in office; check overnight voice mail.

8:30 a.m. Check overnight e-mail and begin responding to importantmessages. (“There’s usually too much email to reply to each message, so onlythe important ones get answered.”)

9:00 a.m. Leave office to visit clients. (“Take along your laptop, so that youcan continue doing email while you’re traveling.”)

1:00 p.m. Return to office; eat lunch at desk while answering the morning’svoice mail messages.

2:00 p.m. Meet with client service staff to formulate response to client’scomplaints. (“Yell at anyone who hasn’t been perfectly polite and nice withthe client.”)

4:00 p.m. Stairmaster at the company gym.

5:00 p.m. Orange juice and fruit from the cafeteria. (“Don’t bother withanything they make there.”)

5:30 p.m. Finalize the audit report for the client.

7:30 p.m. Dinner with clients to celebrate the completion of the audit.(“Don’t be pushy, but start hinting about the next audit already.”)

Enterprise risk services manager

8:00 a.m. Get into the office (at client site).

8:05 a.m. Check and return email and voice mail.

8:30 a.m. Meet with project team – the Deloitte people – to figure out what’sgoing on for the day.

9:00 a.m. Meet with the client – a Fortune 100 firm – to talk about projectstatus. It’s generally an informal meeting. (“We have quite a few meetingsthroughout the day. Typically five people are on a project team, but between30 and 50 people are in some way indirectly involved.”)

On the Job

Deloitte & Touche


L I B R A R Y

Deloitte & Touche

On the Job

10:00 a.m. Work on a project deliverable – such as a project risk assessmentor a security design implementation.

12:00 p.m. Check and return email and voice mail.

12:30 p.m. Lunch. (“We almost always eat out; we rarely eat at the clientsite.”)

1:30 p.m. Cross-functional team meeting. This is a meeting with others notdirectly involved on the project – say, those in another Deloitte group.

3:00 p.m. Meet with the client – again, to go over project status.

3:30 p.m. Continue to work on project deliverables. (“Review progress ofDeloitte people I oversee.”)

6:00 p.m. Check and return email and voicemail.

6:30 p.m. Work on firm stuff – stuff for Deloitte, not for the client. (“Forexample, I might work on, and send out to the rest of the firm, a white paper,which is a one- to two-page document usually describing some sort oftechnical information. You’d write up a white paper if you happened to comeacross something that you think others in the firm would want to know. Imight also work on a sales presentation – which means putting informationinto power point.”)

7:15 p.m. Go to dinner with the team.

9:00 p.m. Go back to hotel. Work out.

11:00 p.m. Go to sleep.

Career Path

For undergraduates

An excellent way to get a foot in the door is to begin as an intern, insiders tellus. Recruiters “talk to people who are juniors in college, they intern in thespring of their senior year, and we offer them full-time employment after theyfinish their one-year master’s.” Some divisions report that “as much as 80percent” of new hires begin as interns.

Aspiring consultants are hired as business analysts or system analysts out oftheir undergraduate programs. Business analysts “come to the firm for two tofour years, then return to business school, generally at one of the top schools


Deloitte & Touche

On the Job

in the country.” Indeed, the firm literature reports that more than 90 percentof its analysts are accepted to a business school. Moreover, analysts areeligible for interest-free loans for business school tuition. While workingtoward their MBAs, former analysts are usually invited back to work at thefirm during their summers. Systems analysts “generally come in with atechnical background from their college studies.” They are eligible forpromotion after two years, and they are also eligible for tuition assistance ifthey decide to pursue a master’s degree.

In accounting, undergraduates often start out in the firm as assistants. Fortheir first three years, the progression path is structured and follows a fairlyset time frame. After a year as an assistant, an employee becomes a seniorassistant; after another year, he or she progresses to senior accountant. Threeyears into that status, employees are eligible to become a manager. Aroundthis point, job descriptions begin to diverge: “You can have some senioraccountants doing the same jobs or having the same responsibilities asmanagers, or having the same tasks but not the same responsibilities. Youcould be doing the same thing and have different job titles.” After three moreyears, a manager is promoted to senior manager. Senior managers with threeto six years of experience are promoted to the level of partner. Says one:“Virtually every senior manager – with one or two exceptions – eventuallyattains the level of partner.” Of course, in changing titles, especially when itcomes to making partner, “progression varies from person to person.”


L I B R A R Y

Competition on the Street – and beyond – is heating up. Withthe finance job market tightening, you need to be your best.

For more information go tohttp://finance.vault.com

“Thank you, thank you, thankyou! I would have never come upwith these changes on my own!”

– W.B., Associate, InvestmentBanking, NY

“Having an experienced pair ofeyes looking at the resumemade more of a differencethan I thought.”

– R.T., Managing Director, SF

“I found the coaching so helpfulI made three appointments!”

– S.B., Financial Planner, NY

We know the finance industry. And we’ve gotexperts that know the finance environmentstanding by to review your resume and give youthe boost you need to snare the financialposition you deserve.

Finance Resume Writing andResume Reviews

• Have your resume reviewed by a practicingfinance professional.

• For resume writing, start with an e-mailedhistory and 1- to 2-hour phone discussion.Our experts will write a first draft, and delivera final draft after feedback and discussion.

• For resume reviews, get an in-depth, detailedcritique and rewrite within TWO BUSINESSDAYS.

Finance Career CoachingHave a pressing finance career situation youneed Vault’s expert advice with? We’vegot experts who can help.

• Trying to get into investment bankingfrom business school or other careers?

• Switching from one finance sector toanother – for example, from commercialbanking to investment banking?

• Trying to figure out the culturalfit of the finance firm youshould work for?

The late 1990s were a time of massive profits for the major accounting, taxand management consulting firms – and Deloitte & Touche was no exception.After hauling in immense profits in the last couple of years, Deloitte hasmoved up the big accounting firm ranks. Additionally, with Arthur Andersendisbanding after its shady shredding dealings in the Enron scandal, Deloitte& Touche has increased its U.S. presence in terms of clients and personnel;D&T picked up several ex-Andersen clients and key employees during 2002.However, Deloitte & Touche did incur a major loss during the year. CEOJames Copeland, who reluctantly agreed to spin-off Deloitte Consulting earlyin 2002, announced later in the year that he would step down as chiefexecutive in May 2003, ending a long and strong run as head of America’snumber two accounting concern.

Final Analysis

Deloitte & Touche


L I B R A R Y

Deloitte & Touche does not publish an annual report, but it periodically putsout a publication called Perspectives on Business that features articles bythe company’s executives on issues such as tax reform and women in theworkplace. The firm also posts profiles of current Deloitte employees on itsweb site. The profiles are quite useful for getting a feel for Deloitte’scorporate culture (but, of course, since they’re published by the company,they’ll gives you no idea about the drawbacks of working for Deloitte).

• “Deloitte CEO Unveils Internal Measures to Restore Trust,” Dow JonesBusiness News, August 16, 2002.

• “Deloitte, Adelphia Are Squaring Off In a Blame Game,” The Wall StreetJournal, July 10, 2002.

• “Andersen invasion at Deloitte raising a furor,” Chicago Tribune, May 5,2002.

• “Andersen, Deloitte Miss Merger Deal by Inches,” The Wall StreetJournal, March 18, 2002.

• “Deloitte Is Last Big Audit Firm to Revamp Consulting Business,” TheNew York Times, February 6, 2002.

• “Accounting for the Fall: Accounting Scandals Have Some Peering atIndustry’s Self-Policing,” The Wall Street Journal, January 14, 2002.

• “Chase, Deloitte Jump Into Biz-to-Biz E-Commerce,” American Banker,February 10, 2000.

• “New Alliance Offers Innovative Approach to Replace ‘Rolling the Dice’Strategic Planning,” Business Wire, June 1, 1998.

• “Are All Accounting Firms the Same?” by Lee Berton. Accounting Today,June 8, 1998.

Recommended Reading

Deloitte & Touche


L I B R A R Y

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