VEP: Deloitte & Touche 2003 (Vault Employer Profile)

EMPLOY PROFILE VAULT EMPLOYER PROFILE:

DELOITTE & TOUCHE

BY THE STAFF OF VAULT

© 2002 Vault Inc.

Copyright © 2002 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault Inc. Vault, the Vault logo, and “the insider career networkTM” are trademarks of Vault Inc. For information about permission to reproduce selections from this book, contact Vault Inc., 150 W22nd Street, New York, New York 10011, (212) 366–4212. Library of Congress CIP Data is available. ISBN 1–58131–225–3 Printed in the United States of America

Deloitte & Touche

Table of Contents INTRODUCTION

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

THE SCOOP

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

ORGANIZATION

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

VAULT NEWSWIRE

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OUR SURVEY SAYS

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GETTING HIRED

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

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ON THE JOB

31

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

FINAL ANALYSIS

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RECOMMENDED READING

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Deloitte & Touche

Introduction Overview Not long ago Deloitte & Touche sat at the bottom rung of the big-accountingfirm barrel. Today, though, Deloitte & Touche, the American branch of global professional services firm Deloitte Touche Tohmatsu, stands as the second largest of the Big Four accounting firms (in terms of U.S. revenue). Based in New York, Deloitte & Touche offers auditing, tax and management consulting services through its offices in more than 100 U.S. cities. In 2002 D&T was named to Fortune magazine’s list of the “100 Best Companies to Work for in America” for the fifth consecutive year. Taking the 35th spot in the recent rankings, D&T is the only major professional services firm to make the list each year since its inception. D&T has grown from the fourth- to the second-largest accounting firm in the United States under the leadership of CEO James E. Copeland, who also serves as the chief executive of parent Deloitte Touche Tohmatsu (DTT has grown 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 accounting game, Copeland is also known for strongly opposing the big accounting firm trend of separating auditing from consulting – he vehemently rejects the idea that offering consulting and auditing services to the same companies risks a conflict of interest. That said, in early 2002, Copeland reluctantly agreed to separate D&T sister company Deloitte Consulting from Deloitte Touche Tohmatsu, becoming the last of the big accounting firm CEOs to make such a move.

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Deloitte & Touche at a glance Headquarters 1633 Broadway New York, NY 10019 (212) 492-4000 (212) 492-4154 www.dttus.com

DEPARTMENTS Accounting and auditing Tax advice and planning Information technology consulting Management consulting Mergers & acquisitions consulting

THE STATS President and CEO: James E. Copeland, Jr.* Employer Type: Subsidiary of Deloitte Touche Tohmatsu No. of Employees: 29,000 Fiscal 2001 Revenue: $6.13 billion No. of Offices: 100+ *retiring in May 2003; a replacement has yet to be named

KEY COMPETITORS

UPPERS • Excellent benefits for working mothers • One of the final “Big Four”

DOWNERS • Uncertainty surrounding split of accounting, consulting practices

EMPLOYMENT CONTACT Deloitte & Touche 1633 Broadway New York, NY 10019 careers.deloitte.com

THE BUZZ

WHAT EMPLOYEES AT OTHER FIRMS ARE SAYING

• • • • • • • •

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

Ernst & Young KPMG PricewaterhouseCoopers

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Deloitte & Touche

The Scoop History Billy D Deloitte & Touche’s history begins in 1845, when William Deloitte opened an accounting office in London that targeted the needs of bankrupt companies. When the rise of joint-stock companies in the mid-19th century created a need for accounting practices, Deloitte moved his company into the new field. In 1890 Deloitte made one of the most significant decisions in the firm’s history: He opened his first American branch in New York, under the leadership of John Griffiths, a partner of the firm. The firm slowly moved north and west, and by 1945 it had opened branches in Montreal, Boston, Chicago and Los Angeles. Even as it expanded, Deloitte was careful to maintain a consistent corporate culture, one that stressed Deloitte’s credentials as an expensive, but thoroughly professional, firm. After World War II, Deloitte formed an alliance with Haskins & Sells, which had an extensive network of offices within the United States. In 1978 Deloitte changed its name to Deloitte Haskins & Sells, a change accompanied by a shift in corporate culture. Deloitte became more aggressive as the accounting industry grew more competitive; the firm was also one of the first major accounting companies to employ bold, direct advertising.

T-time In 1984 Deloitte attempted to merge with Price Waterhouse, though the combination failed because of the objections of Price Waterhouse’s overseas partners. However, Deloitte was not to be denied its merger for long. As a wave of mergers swept the top accounting firms, Deloitte Haskins & Sells merged with Touche Ross in 1990 to form Deloitte & Touche. The merger also created the parent firm Deloitte Touche Tohmatsu; the name Tohmatsu came from the Japanese audit firm Tohmatsu Awoki Sanwa, which was a Touche Ross member firm at the time of the merger. The merger brought about the fusion of two disparate corporate cultures – in contrast to Deloitte’s reputation as a conservative, traditional firm, Touche Ross had made a name for 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. After the merger, Deloitte’s Michael Cook continued to supervise U.S. operations, while Ross’s Edward A. Kangas oversaw international business. Visit the Vault Finance Career Channel at http://finance.vault.com — with insider firm profiles, message boards, the Vault Finance Job Board and more.

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Deloitte & Touche The Scoop

Like several other auditing firms, Deloitte & Touche thrived during the 1980s and cashed in on the success of the junk bond market. Unfortunately, like many of its competitors, D&T has had to pay for its adventures. As auditors were increasingly held responsible for the conduct of their clients, Deloitte was sued in the 1990s because of the actions of several failed S&L banks, as well as the failure of Drexel Burnham, the former firm of junk bond magnate Michael Milken. These lawsuits against D&T were settled only after the accounting firm agreed to pay out more than $100 million to the litigating parties. In 1995 Deloitte & Touche undertook a major reorganization of its business and adopted a regional structure. The firm’s U.S. and U.K. consulting operations were also reorganized when Deloitte Consulting was formed to consolidate its operations in both countries. The next year, the firm formed a corporate fraud unit, which specializes in the Internet. Deloitte & Touche also bought PHH Fantus, the leading corporate relocation consulting company. In April 1999, roughly 1,000 D&T consultants decided to leave the company to start their own firm after being stymied by having to turn down assignments because of conflicts of interest. That same month, Deloitte & Touche reorganized its Western European operations.

The last to go At the beginning of the new millennium, while other Big Five firms were looking to separate their audit and consulting units, Deloitte Touche Tohmatsu, D&T’s parent, took a different tact. Ernst & Young, responding to regulatory concern regarding a potential conflict of interest, sold its consulting unit in 2000. KPMG spun-off its consulting operations in IPOs in February 2001. And PricewaterhouseCoopers, which announced in January 2002 the spin-off of its consulting services, planned a split as early as 2000 (a sale of its consulting unit to Hewlett-Packard fell through in November 2000). Although Deloitte Touche Tohmatsu was receiving several offers for its consulting unit, the firm bucked the trend. “We get calls almost every day,” CEO Jim Copeland told the Financial Times in July 2001. Copeland rejected the idea that offering consulting and auditing services to the same companies risked a conflict of interest. “As an organization, we have not been distracted by selling out consultancies and dividing the imaginary profits,” Copeland said. But come 2002, Copeland and Deloitte Touche Tohmatsu were forced to change their tunes. In February 2002, while the U.S. Congress was grilling Arthur Andersen on its involvement in the Enron scandal, D&T’s parent Deloitte Touche

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Deloitte & Touche The Scoop

Tohmatsu reluctantly announced that it, too, would be separating its auditing and consulting units. “It’s ironic and sad that we are forced by perception to separate our firm,” Copeland said during a speech at the National Press Club a few days after the announcement. “This separation will accomplish nothing.” Andersen’s questionable dealings with Enron forced many to rethink the Big Five’s (now the Big Four) common practice of providing both auditing and consulting services to the same client. Deloitte Touche Tohmatsu also announced that it would no longer handle both internal and external auditing for new clients, a move the other big accounting firms had announced previously. Copeland told Reuters, “Now, because of Enron and other high-profile failures, we are forced to dismantle the very model that represents today the best practice in auditing.” In an attempt to further separate itself form its former parent, Deloitte Consulting announced a name change in July 2002. The consulting concern will be known as Braxton Associates, effective fall 2002.

All talk, no action For a few days in March 2002, it looked as if D&T parent Deloitte Touche Tohmatsu would inherit the messy operations of former Big Fiver Arthur Andersen. Merger negotiations began between the two at about the same time Andersen learned that it faced a potential indictment on obstruction of justice charges in the Enron Investigation. The New York Times claimed a deal was imminent on March 11. On the same day, however, The Wall Street Journal cautioned against the early call: “The sale or merger effort could come to nothing. It is complicated by the huge liability that Andersen potentially faces for 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 the size of big dog PricewaterhouseCoopers, many thought a Deloitte-Andersen marriage made sense, because the bonded couple could present a serious challenge to PricewaterhouseCoopers. But a few days later, when negotiations between Deloitte and Andersen slowed, reports began circulating that other Big Five firms had jumped into the bidding. Ultimately, Deloitte Touche Tohmatsu, which had been considered Andersen most likely suitor, withdrew. “We tried to step into this situation with Andersen and be helpful,” CEO Copeland told the New York Times. “Unfortunately, we were unable to find our way through to a solution.”

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Deloitte & Touche The Scoop

From A to D&T Deloitte & Touche did, however, make some nice grabs in 2002 as a result of Arthur Andersen’s dissolution. In March, with Andersen facing federal charges for shredding Enron-related documents, Andersen’s clients and employees began looking for new homes. Deloitte & Touche, along with fellow big accounting firms PricewaterhouseCoopers, KPMG and Ernst & Young, began picking up ex-Andersen clients and employees. Some of the larger clients that D&T soon inherited include Delta Airlines, United Airlines, International Paper, Hard Rock Hotel, MGM Mirage and Harrah’s Entertainment. In the fallout, Deloitte & Touche also hired about 200 ex-Andersen partners in the United States to become new tax partners at D&T. The move was a specific attempt by Deloitte & Touche to build its tax-specialty practice in the wake of the Enron scandal and break-up of Andersen. The partners were, for the 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 to Fortune’s list of the “100 Best Companies to Work for in America.” D&T is the only major professional services firm to make the list every year since its inception. In addition, 2002 marked the ninth consecutive year that D&T made Working Mother magazine’s list of the “100 Best Companies for Working Mothers,” an award based on a company’s child care services, leave for new parents, flexible work arrangements, work/life benefits and opportunities for women.

Girl power Among the Big Four, Deloitte & Touche has the highest percentage of women partners, a distinction the firm has held since 1997. The firm counted 16 percent women partners in 2001, up from 10 percent in 1997. In the early 1990s, however, the firm’s practice of promoting women was anything but praiseworthy. In 1992 only 5 percent of D&T’s partners were women. The small number of women in Deloitte’s power structure was a factor in a high turnover rate for women employees. In order to understand why women were not represented at the top, in 1993 D&T created the Initiative for the Retention and Advancement of Women, the first such formal program dedicated to retaining and advancing women instituted by a professional 6

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Deloitte & Touche The Scoop

services firm. According to D&T, the initiative’s task force addressed issues such as why the company had a higher turnover for women than men and why fewer women were being admitted to the partnership. Since the program’s inception, 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 rate of women to partner and director positions. If Vision 2005 is successful, women partners and directors will make up 35 percent of the company’s leadership.

No love for Adelphia In June 2002, Pennsylvania-based cable company Adelphia Communications fired Deloitte & Touche as its auditor. The dismissal followed Adelphia’s filing for bankruptcy-court protection after the firm made disclosures that it had guaranteed about $3 billion in off-balance-sheet loans to its founders, the Rigas family. An internal Adelphia investigation revealed that the Rigas family had used the money to build a golf course and to buy stock, timberland and real estate. Adelphia accused D&T of failing to inform Adelphia’s audit committee 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 into D&T’s role in the cable concern’s bankruptcy. Following its dismissal, Deloitte & Touche denied wrongdoing, saying Adelphia Communications attempted to withhold important information from auditors and the government, even after a specific committee was created to settle the company’s accounting problems. Additionally, Deloitte & Touche said in a filing with the SEC that Adelphia had asked the auditing firm to sign off on financial reports for creditors without supplying enough information to the auditor. D&T said Adelphia eventually agreed to provide the SEC with the information it had wanted to withhold, and the company worked out a credit extension 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 few years are calculated as a percentage of the starting salary)

Perks Flexible work arrangements, including reduced workload, flex time and maternal 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 Blue Cross/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 sporting events • Free dinners at expensive restaurants when entertaining clients

“Since Deloitte is big, it’s pretty good at giving things away.” – D&T management consultant

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Deloitte & Touche

Organization CEO Bio James E. Copeland: Almost gone, but not forgotten Deloitte & Touche CEO James E. Copeland will be remembered as the man who made D&T into a top firm. Under Copeland, D&T has grown from the fourth to the second largest professional services firm in the United States, and D&T parent Deloitte Touche Tohmatsu, which Copeland also heads, has grown from fifth to second globally. In May 2003, Copeland’s reign will end – he’ll step down as chief of both D&T and Deloitte Touche Tohmatsu. Upon announcing his retirement in September 2002, Copeland said he wanted to take a break to spend time with his family before working again. (Copeland and his wife Patricia, who have been married for 35 years, have two sons and four grandsons.) Copeland has indicated that future work could include serving on various corporate boards. Upon the announcement, Copeland also said he’s “fully confident that Deloitte will continue to be a respected leader and strong performer – not just as a professional services firm, but as a member of the global business community.” Indeed, Deloitte – and Copeland himself – have been active in the community. Copeland serves on the Board of Directors of The September 11th 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 a member of the Council of the World Economic Forum and the Society of International Business Fellows. Copeland joined Deloitte Haskins & Sells, a Deloitte predecessor firm, in 1967. He became a partner in 1977 and was selected as a vice chairman in 1992. Copeland became a managing partner in 1994, at which time he basically began to run the U.S.-based Deloitte & Touche unit. In May 1999, Copeland was elected chief executive of both Deloitte & Touche and Deloitte Touche Tohmatsu. Copeland is a graduate of Georgia State University and serves as the president of the school’s alumni association.

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Deloitte & Touche Organization

Business Units Accounting & Auditing: Required by law to disclose their financial results, public companies hire Deloitte & Touche’s accountants and auditors to evaluate the propriety of their accounting procedures, measurements, public communications and other related goings-on. Deloitte’s Accounting & Auditing professionals also help clients improve their accounting operations and overall profitability by implementing computer and financial systems to facilitate information gathering and analysis. Typical Accounting & Auditing services 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’s tax professionals help clients manage and minimize their tax burden. In addition to advising businesses on tax laws, rules and regulations, this area also develops global compensation plans for multinational corporations, creates corporate structures for mergers and acquisitions, analyzes new tax legislation (at the Washington, D.C. National Tax Office), and provides financial consulting services to wealthy individuals. Management Consulting: The Management Solutions group works with mid-sized companies. The Emerging Markets Group advises governments in small and developing economies as well as potential investors in those markets. (You can read more about the now autonomous Deloitte Consulting unit, which works with multinational companies on strategy implementation and technology initiatives, in Vault’s Deloitte Consulting (Braxton Associates) profile.) Financial Advisory Services: The firm’s Financial Advisory Services group provides advice to companies considering financial transactions. The Corporate Finance unit offers advice on mergers and acquisitions; the Forensic Services unit investigates fraud and other legal issues; the Reorganization Services unit provides advice to companies in bankruptcy or on the brink of bankruptcy and to creditors of bankrupt companies; the Transactions Service unit offers tax and accounting services to M&A clients (as opposed to the financial advisory services that the Corporate Finance division provides). Human Capital: The firm provides clients with consulting services on a range of human resources issues including actuarial and insurance issues, employee benefits and executive searches. D&T also offers risk management consulting.

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Deloitte & Touche Organization

Locations Deloitte Touche Tohmatsu International (parent of U.S.-based Deloitte & Touche) operates in 700 offices in over 130 countries worldwide. The firm’s headquarters 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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Deloitte & Touche

Vault Newswire October 2002: Deloitte plays the part of the accused The Pennsylvania Insurance Department filed a civil suit against Deloitte & Touche, accusing the accountancy of inflating Reliance Insurance Co.’s financial statements by $1 billion and contributing to the firm’s financial collapse last year. The state’s insurance commissioner blamed D&T for “professional negligence and malpractice, misrepresentation, breach of contract and aiding and abetting breaches of fiduciary duties.” In response to the allegations, Deloitte & Touche spokesman Paul Marinaccio said, “Deloitte & Touche performed its services for Reliance in accordance with all applicable 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-story building in Chicago expected to be completed in 2005. D&T signed a lease for 424,000 square feet, or 43 percent of the 975,000-square-foot building. In the previous six months, Deloitte ‘s local professional staff, not including consultants, 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 Prudential Plaza, 180 N. Stetson Ave., where the firm has 310,000 square feet of space.

September 2002: Deloitte called motherfriendly – yet again For the ninth consecutive year, Working Mother magazine named Deloitte & Touche one of the “100 Best Companies for Working Mothers.” The magazine’s annual list rates companies on their benefits offerings for new parents, adoption assistance, domestic partner benefits and advancement of women.

September 2002: Return to New York The last of almost 3,000 Deloitte & Touche employees who were displaced as a result of the September 11, 2001 attacks on the World Trade Center returned to the firm’s regional headquarters at the World Financial Center in lower Manhattan. Since September 2001, D&T employees who worked at the

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Deloitte & Touche Vault Newswire

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

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. After relinquishing the posts, Copeland said he would like to spend more time with his 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 and an extensive examination of D&T practices by its own corporate compliance and ethics services professionals. Unveiling the new plans, Copeland said Deloitte & Touche, which has advised clients on their ethics programs for more than 10 years, would now become its own client. The announcement came amid the accounting industry’s struggle to restore its image following the scandals at Enron, WorldCom and others companies.

July 2002: Andersen birds and blokes join Deloitte As the Arthur Andersen partnership in the U.K. comes to an end, about 230 partners and 3,300 staff of the U.K. branch of Arthur Andersen said they would join Deloitte Touche Tohmatsu’s British operations (Deloitte & Touche UK). Following Andersen’s indictment in March for its role in the Enron scandal, Deloitte UK struck a deal to take on some of Andersen UK’s 383 partners and 5,000 staff.

July 2002: The name change game Deloitte Touche Tohmatsu subsidiary Deloitte Consulting will soon have a new name. The unit will be known as Braxton Associates – the name of a management consultancy bought in 1984 by Touche Ross, one of the predecessor firms to Deloitte Touche Tohmatsu. The rebranding is part of an industry-wide effort by leading professional services firms to underscore the separation of their auditing and consulting businesses. The commingling of auditing and consulting services has come under fire in recent years, and

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Deloitte & Touche Vault Newswire

some believe that offering consulting services to audit clients threatens an audit’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 audit committee about questionable accounting practices and self-dealings. The move comes amid SEC inquiries into Adelphia and D&T’s role in the cable concern’s bankruptcy. Adelphia filed for bankruptcy-court protection following disclosures that it had guaranteed about $3 billion in loans to the firm’s founders, the Rigas family. In addition to serving as Adelphia’s auditors, 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 to former Andersen partners being courted to join D&T. Following Andersen’s indictment in connection with Enron’s bankruptcy, approximately 2,000 Andersen employees agreed to join to Deloitte & Touche. “It’s like a takeover by Andersen people,” a New York Deloitte & Touche partner told the Chicago Tribune. “There is a group of us that have expressed concern about the deal and are looking at our options.” According to another Deloitte executive, D&T partners average $300,000 a year in salary, but many Andersen partners stand 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 200 new tax partners – all ex-Andersen employees – in an attempt to build its taxspecialty 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 major regions 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 Andersen Worldwide’s British operations, in a move that would create the second largest accounting firm in the U.K. The merger is part of Andersen Worldwide’s continuing dissolution following the Enron scandal. “It’s a coup for Deloitte, but it’s not going to change things dramatically,” said Brian Singleton-Green, the editor of London-based Accountancy magazine, in an Visit the Vault Finance Career Channel at http://finance.vault.com — with insider firm profiles, message boards, the Vault Finance Job Board and more.

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Deloitte & Touche Vault Newswire

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

April 2002: Deal made in Taiwan Deloitte Touche Tohmatsu agreed to merge its Taiwan operations with Andersen Worldwide’s Taiwan affiliate. The deal will create the largest accounting firm in Taiwan, with 2,000 employees and $100 million in annual revenue, according to Edward Y. Way, the CEO of Andersen’s Taiwan unit. The agreement was the first struck in the fight over Andersen Worldwide’s Asian operations, which have been up for grabs since Andersen’s indictment in 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 on its involvement in the Enron scandal, D&T’s parent Deloitte Touche Tohmatsu reluctantly announced that it, too, would be separating its auditing and consulting units. “It’s ironic and sad that we are forced by perception to separate our firm,” CEO James Copeland said during a speech at the National Press Club a few days after the announcement. “This separation will accomplish nothing.” Andersen’s questionable dealings with Enron forced many to rethink the Big Five common practice of providing both auditing and consulting services to the same client. D&T also announced that it would no longer handle both internal and external auditing for new clients, a move the other Big Five firms had announced previously. Copeland told Reuters, “Now, because of Enron and other high-profile failures, we are forced to dismantle the very model that represents today the best practice in auditing.”

January 2002: Deloitte passes Andersen, with reservations In a routine peer review, Deloitte & Touche said that rival Andersen’s audit practice provided “reasonable assurance of compliance with professional standards,” even though Deloitte found examples of insufficient documentation and communication problems between Andersen accountants and clients. The review was given special attention because it was publicized at a time when Andersen faced legal troubles after the collapse of Enron, the energy-trading firm that employed Andersen as auditor and consultant. Regulators and lawmakers were investigating Andersen’s role in the Enron 16

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scandal, including the accuracy of the firm’s audits and the destruction of Enron-related documents. The passing grade Deloitte delivered to Andersen also added to the questions some have about the accounting industry’s system of peer review; the industry has little government oversight and the industry essentially 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’s announcement came only 10 months after its previous revenue announcement because the firm changed the end of its fiscal year from May 31 from August 31.

October 2001: Deloitte makes the cut at Working Mother and Fortune If the popular press is to be believed, Deloitte & Touche must be a great place to work. Working Mother Magazine put D&T on its list of the “100 Best Companies for Working Mothers” for the eighth consecutive year, and Fortune had Deloitte at No. 32 on its list of the “100 Best Companies to Work for in America.”

January 2001: Seven years of revenue growth For the seventh consecutive year Deloitte Touch Tohmatsu saw its revenues increase. 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 a new chairman Piet Hoogendoorn was elected chairman of D&T’s parent company, succeeding co-chairmen Edward Kangas and Koji Tajika. Hoogendoorn had served as managing partner at Deloitte & Touche Netherlands. He had been with 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 Trowbridge Consulting, a Hong Kong-based financial consulting firm. The merger added

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Deloitte & Touche Vault Newswire

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

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Deloitte & Touche

Our Survey Says Down to earth Employees praise Deloitte’s culture for being “friendly, down to earth and not as 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 as deadlines approach, the firm also “recognizes the need to balance work and personal life, especially in most offices outside New York.” Another contact reports that the firm “respects personal commitments and fosters a better lifework balance than many of its competitors.” Contributing to this balance is Deloitte’s “3-4-5” policy: Employees spend three nights on the road, fly back on the fourth day, and spend their fifth day at the home office, ensuring a weekend at home (or at least, in their home city). Deloitte veterans comment that “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’t always a pleasant place to work.”

Extra, extra Deloitte’s perks “vary enormously” by location. Those working at the New York 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 local stadiums], so the staff often gets tickets to basketball, hockey and concerts if the partners don’t feel like going.” A Chicago-based employee says the 401(k) program “isn’t the greatest” and health care coverage is “just okay, but you do get eye care, which is great if you’re blind like me.” Speaking about tuition reimbursement at Deloitte, the contact adds, “In some cases, they’ll reimburse you – but it’s really hit or miss.” One of the most appreciated perks at Deloitte, especially by female employees, 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 need to take a day or more off” is another major bonus.

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Deloitte & Touche Our Survey Says

Competitive, not extraordinary, pay The salaries at Deloitte are “competitive with any Big [Four] firm, but not any better.” A major shortcoming of the pay structure, according to employees, is that “there is absolutely no overtime and no bonus, except maybe a signing bonus.” Pay raises are “a percentage of the previous year’s salary,” making it imperative that “you bargain for as high a salary as possible when you sign on – many new hires often don’t realize this.” On the whole, employees feel that “the pay structure could be much better, but you put up with it because the 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 50 hours for accountants, and even during winter, the peak season, employees “only very infrequently” work more than 55 hours. However, as project deadlines approach, workweeks become increasingly longer, and “the company states that you [must] always finish projects... on time,” employees say. After projects, the intensity at work “slacks off” so considerably that employees who are between projects are described as being “on the beach.” During such off-periods, employees “work less than 40 hours a week. They know that this time doesn’t last very long, and it may not happen again for a while, so they take advantage of it. People will schedule personal appointments 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 not overly conservative, but people dress pretty well.” Several of Deloitte’s offices have casual Friday policies, though employees quickly point out that “casual” still means “business casual, not beach bum casual.” When Deloitte employees spend time on the road, company policy requires them to abide by the clients’ imposed dress codes. “You’ve got to look good for the clients. The goal is to blend in.” Deloitte & Touche is making a serious effort to “create an atmosphere at D&T that culminates the growth and meets the needs of both men and women so that more women will stay with the company and reach the manager and partner level.” This is accomplished through “a formal mentoring program, networking activities, women’s initiative luncheons and other events, and many other activities.” Employees say that the firm’s efforts are paying off. 20

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“The prospects for women have immensely improved in the past couple of years,” remarks one female consultant. Another adds: “Deloitte has become very sensitive to gender and lifestyle issues.” It has “created a healthy work/life balance which is often difficult to achieve in this industry.” Deloitte employees who have children particularly appreciate the company’s flexible working arrangements, which permit parents to take time off to attend to familial responsibilities. As a result of such policies, Deloitte is one of the companies frequently cited as an excellent employer for working mothers. That said, one D&T female employee explains that discrimination against women is “still an issue” at Deloitte. However, she says, “It really depends upon what group you’re in. Some say it’s never an issue, while others say that certain partners are chauvinistic.” Deloitte’s record on minorities has hardly been as impressive as its efforts to recruit 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 encouraging signs, though. “More non-whites are coming in each year, especially Asians. But it’s still a trickle,” observes one senior manager in auditing. While Deloitte & Touche is “definitely a prestigious place” and “a good thing to have on the resume,” most employees acknowledge that “it’s not the most prestigious” of the Big Four accounting firms. The reputation is a result of more than just the quality of work. “It’s not going to be a McKinsey that’s on the cutting edge of thought. What impresses people the most about it is the lifestyle. People view it as being in the top five or six. But it’s the most progressive, which moves it up to the top two or three.” The future looks bright as well. Deloitte is currently making a big advertising push to “try to position itself to break away from the pack.”

Cubism The quality of Deloitte’s offices “varies greatly by location – more than at other companies,” employees say. However, company policy decrees that at all offices, “upper management and partners have offices. Staff and senior accountants 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 so many people work away from the office, the bosses try and squeeze together as many people into as little space as possible.” New hires at Deloitte should expect to find “little or non-existent” support staff, and they “should be prepared to do their copying and faxing themselves,” current employees say. At the managerial level, the support staff is “sufficient but not abundant”; one secretary covers five to six managers. Employees note that their support staff Visit the Vault Finance Career Channel at http://finance.vault.com — with insider firm profiles, message boards, the Vault Finance Job Board and more.

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Deloitte & Touche Our Survey Says

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

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

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Deloitte & Touche Our Survey Says

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

“Deloitte has more of an “ask” than a “tell” culture. Your boss usually leaves 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 will tell 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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Deloitte & Touche

Getting Hired Hiring Process How you get in the door Deloitte “really concentrates on the referral route because they are going through their own employees to find qualified individuals. The employee that referred [the candidate] knows him more than the interviewer. This way it cuts down on a lot of searching for the qualified employee for the job.” Deloitte has also stepped up its campus recruiting efforts, and the firm conducts extensive on-campus recruiting, both at colleges and top business schools. It will “advertise when necessary to fill a position” as well. One source delineates the various methods of getting a foot in the door this way: “Unless you have at least one year of experience after undergrad, all recruiting is done on campus. After the one year, referrals work best, then headhunters, 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 may involve 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 recruiting blitz” at Deloitte’s offices. This round usually begins with social events like “an office tour and dinner and reception,” at which interviewers observe the candidates in a more relaxed and informal setting. At the office, candidates go through anywhere from two to six or more formal interviews “generally with people who have been with D&T for five to seven years.” Still, depending on the office, interviews will be conducted by “whoever is available”; they may be from several different levels and areas and include a partner or two. For the most part, “there are very few technical questions asked during the interview process. There isn’t much emphasis on grilling recruits to determine their technical abilities because the recruits’ academic records should speak for themselves.” Applicants to the more technically oriented areas are warned to be ready for an occasional question testing their aptitude,

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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 quick and dirty.” More commonly, though, “most of the questions asked are ‘What would you like to do? Where you see yourself down the road? What previous experience do you have?’” In other words, Deloitte “spends a lot of time on fit.” Says one former insider, “Basically, I was looking for someone whom I could 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 the recruiters. It’s an opportunity for you to get to know the sort of person you’ll be working with should you come to D&T, and for you to ask any questions that you might be reluctant or might think it inappropriate to ask the recruiter or the interviewers.” Lunch companions try to be “very candid with their responses” to candidates’ queries. All things considered, most people who have been through the process describe it as “fairly long and stressful,” but “not as rigorous as investment banking interviews.” Deloitte “lets you know shortly [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 candidate is capable of doing the work, they do not necessarily translate to practical skills. “They’re convinced you can’t learn anything” in an undergraduate program, says one insider, and “they really don’t care.” All departments require 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 another technical field. Deloitte “cares about quality of experience,” but apparently does not expect a candidate to have substantive experience outside of a college setting. “Undergrads don’t have a lot of data points” for the firm to go by, so it just looks for “leadership and analytical skills.” Deloitte is well aware, though, that these “can manifest themselves in a variety of ways.”

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Deloitte & Touche Getting Hired

To Apply Deloitte & Touche encourages online applications. The firm’s career web site, careers.deloitte.com, allows job seekers the opportunity to submit an online resume, 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 Deloitte focuses even more than most companies on the need for team-based performance. Give an example from a business school class, a college sporting team or a community service group. While emphasizing the fact that you worked as part of a larger team, make sure that your role within the team clearly stands out. 2. Describe a recent conflict situation that you found yourself in. How did you resolve it successfully? This is an extension of the previous question. The questions on conflict resolution are meant to determine how you will perform under tense teamwork situations. Prepare an example that shows that you were able to compromise and resolve a difficult situation – while maintaining your dignity and not being a pushover. 3. How well do you work under pressure? Give us a recent example where you succeeded in a pressure situation. This question is similarly designed to test your ability to work as a team player in a high-stress environment. Use a different example if possible, but still describe yourself in a team environment. As you should for the last question, think out and prepare your scenario well in advance. 4. Are you the sort of person next to whom I can work for 15 hours straight? This question is meant to test whether you will be willing to work the long hours that Deloitte sometimes requires of its employees – and remain amiable. Indicate clearly that you understand that your job occasionally will require you to work long hours, and that you are prepared to deal with such conditions in a pleasant manner.

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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 all about, so questions like these test if you can put aside your personal likes and dislikes and do the best for client under all conditions. Respond by stating that you understand that as a professional, you’ll have to put aside your personal preferences for the sake of your job. You pride yourself on your ability to produce the same quality results for anyone you’re working for, regardless of whether you like him or not. 6. Which item on your resume is most important to you? Pick something that your interviewer might otherwise overlook – and something 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 its potential employees are heading, especially in light of the industry’s poor retention 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 seem identical to one another. At least in terms of the workplace environment though, Deloitte’s selection to Fortune’s “100 Best Companies to Work for in America” list for the second straight year sets it apart from the rest. Your interviewer will doubtless have views on other ways, both in terms of business and culture, that Deloitte is different. 2. What would be the balance between my personal and professional life at Deloitte? One of Deloitte’s major strengths, in comparison with the other major consulting firms, is its commitment to enabling employees to maintain a healthy balance between work and home life. This is a chance to show that you’re well acquainted with Deloitte’s corporate culture, and its strengths.

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Deloitte & Touche XXXX

3. Can you tell me about Deloitte’s attitude towards flexible work schedules? Flexible work schedules are one of Deloitte’s major selling points, so talking about this question lets the interviewer feel that the things you want are exactly 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 your interviewers talking about themselves – so that you can show what a good listener 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 can expect if I come here? 7. If there were one thing you wish the firm could improve upon, what would it be? 8. What do you think about the opportunities to women – have they improved? You can only use the women’s initiative question if you’re a woman.

“You want to ask questions relevant to the interviewer. I’m a big believer in asking questions that matter. It’s okay to demonstrate your knowledge of the firm, but don’t try to stump your interviewer; nobody likes that.” – Deloitte & Touche insider

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VAULT CAREER GUIDES GET THE INSIDE SCOOP ON TOP JOBS “Cliffs Notes for Careers” – FORBES MAGAZINE

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Deloitte & Touche

On the Job 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 important messages. (“There’s usually too much email to reply to each message, so only the important ones get answered.”) 9:00 a.m. Leave office to visit clients. (“Take along your laptop, so that you can continue doing email while you’re traveling.”) 1:00 p.m. Return to office; eat lunch at desk while answering the morning’s voice mail messages. 2:00 p.m. Meet with client service staff to formulate response to client’s complaints. (“Yell at anyone who hasn’t been perfectly polite and nice with the client.”) 4:00 p.m. Stairmaster at the company gym. 5:00 p.m. Orange juice and fruit from the cafeteria. (“Don’t bother with anything 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’s going on for the day. 9:00 a.m. Meet with the client – a Fortune 100 firm – to talk about project status. It’s generally an informal meeting. (“We have quite a few meetings throughout the day. Typically five people are on a project team, but between 30 and 50 people are in some way indirectly involved.”)

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Deloitte & Touche On the Job

10:00 a.m. Work on a project deliverable – such as a project risk assessment or 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 client site.”) 1:30 p.m. Cross-functional team meeting. This is a meeting with others not directly 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 of Deloitte 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. (“For example, 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 of technical information. You’d write up a white paper if you happened to come across something that you think others in the firm would want to know. I might also work on a sales presentation – which means putting information into 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 tell us. Recruiters “talk to people who are juniors in college, they intern in the spring of their senior year, and we offer them full-time employment after they finish their one-year master’s.” Some divisions report that “as much as 80 percent” of new hires begin as interns. Aspiring consultants are hired as business analysts or system analysts out of their undergraduate programs. Business analysts “come to the firm for two to four years, then return to business school, generally at one of the top schools 32

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Deloitte & Touche On the Job

in the country.” Indeed, the firm literature reports that more than 90 percent of its analysts are accepted to a business school. Moreover, analysts are eligible for interest-free loans for business school tuition. While working toward their MBAs, former analysts are usually invited back to work at the firm during their summers. Systems analysts “generally come in with a technical background from their college studies.” They are eligible for promotion after two years, and they are also eligible for tuition assistance if they decide to pursue a master’s degree. In accounting, undergraduates often start out in the firm as assistants. For their first three years, the progression path is structured and follows a fairly set time frame. After a year as an assistant, an employee becomes a senior assistant; after another year, he or she progresses to senior accountant. Three years into that status, employees are eligible to become a manager. Around this point, job descriptions begin to diverge: “You can have some senior accountants doing the same jobs or having the same responsibilities as managers, or having the same tasks but not the same responsibilities. You could be doing the same thing and have different job titles.” After three more years, a manager is promoted to senior manager. Senior managers with three to six years of experience are promoted to the level of partner. Says one: “Virtually every senior manager – with one or two exceptions – eventually attains the level of partner.” Of course, in changing titles, especially when it comes to making partner, “progression varies from person to person.”

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Competition on the Street – and beyond – is heating up. With the finance job market tightening, you need to be your best. We know the finance industry. And we’ve got experts that know the finance environment standing by to review your resume and give you the boost you need to snare the financial position you deserve.

Finance Resume Writing and Resume Reviews • Have your resume reviewed by a practicing finance professional. • For resume writing, start with an e-mailed history and 1- to 2-hour phone discussion. Our experts will write a first draft, and deliver a final draft after feedback and discussion. • For resume reviews, get an in-depth, detailed critique and rewrite within TWO BUSINESS DAYS.

Finance Career Coaching Have a pressing finance career situation you need Vault’s expert advice with? We’ve got experts who can help. • Trying to get into investment banking from business school or other careers? • Switching from one finance sector to another – for example, from commercial banking to investment banking? • Trying to figure out the cultural fit of the finance firm you should work for?

For more information go to http://finance.vault.com

“Thank you, thank you, thank you! I would have never come up with these changes on my own!” – W.B., Associate, Investment Banking, NY “Having an experienced pair of eyes looking at the resume made more of a difference than I thought.” – R.T., Managing Director, SF “I found the coaching so helpful I made three appointments!” – S.B., Financial Planner, NY

Deloitte & Touche

Final Analysis The late 1990s were a time of massive profits for the major accounting, tax and management consulting firms – and Deloitte & Touche was no exception. After hauling in immense profits in the last couple of years, Deloitte has moved up the big accounting firm ranks. Additionally, with Arthur Andersen disbanding 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. CEO James Copeland, who reluctantly agreed to spin-off Deloitte Consulting early in 2002, announced later in the year that he would step down as chief executive in May 2003, ending a long and strong run as head of America’s number two accounting concern.

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Deloitte & Touche

Recommended Reading Deloitte & Touche does not publish an annual report, but it periodically puts out a publication called Perspectives on Business that features articles by the company’s executives on issues such as tax reform and women in the workplace. The firm also posts profiles of current Deloitte employees on its web site. The profiles are quite useful for getting a feel for Deloitte’s corporate 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 Jones Business News, August 16, 2002. • “Deloitte, Adelphia Are Squaring Off In a Blame Game,” The Wall Street Journal, July 10, 2002. • “Andersen invasion at Deloitte raising a furor,” Chicago Tribune, May 5, 2002. • “Andersen, Deloitte Miss Merger Deal by Inches,” The Wall Street Journal, March 18, 2002. • “Deloitte Is Last Big Audit Firm to Revamp Consulting Business,” The New York Times, February 6, 2002. • “Accounting for the Fall: Accounting Scandals Have Some Peering at Industry’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.

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