Hello,
If someone is working in EY's Transactions Advisory Services (TAS)' Operational Transaction Services (OTS) practice, would it be possible for that person to transfer to Parthenon-EY? They are housed under TAS so at least its the same group but I understand that they are strategy focused. However, just wanted to check if its doable if this person were to network with partners? Have you heard this happen from your friends?
Cheers.
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which office are you in?
Not finalized yet but would be in Philadelphia or NYC office.
You'll need someone pulling for you at director or partner level
Cool. Thanks for letting me know.
I haven't seen anyone do exactly what you are describing, but the people who change service lines follow a pretty typical path. Get a contact at a lower level -> you impress them during an informal chat -> they pass your name on to a director they get along well with -> you impress the director -> they pass your name to their partner who will then chat to your partner. Provided you have a good reputation and it's clear your interests are better aligned in the new team they will let you go. Its a slow burn to go through the hierarchy. We had someone join and took about 4 months even though it was a slam dunk for them to join us.
Key advice: you have to be proactive and make it happen yourself. No one will help you move and you'll have plenty of ignored emails in between.
Thank you and apologies for the late response. I think I am hesitating a bit because I am looking at OTS or similar role more of an entry in the door but not really interested in that work. Definitely want to transition by making connections but sometimes I think whether this will backfire just in case the transfer doesn't end up working.
Piggybacking on this, have you seen/heard anyone transferring from PI Strategy to Parthenon-EY?
I would imagine that transfer to be relatively simpler than from OTS to Parthenon because you are still doing the "functional" strategy work.
Parthenon only accepts internal transfers once you're well into your Senior 1 year (2.5 years) and even then you have to be one of the highest performers in your practice. Even though Parthenon is part of EY they're pretty closed doors until you can bring something specific to the table or are hired directly into the group.
Not sure if the input still holds here. Trying to clarify how Parthenon acquisition is structured within EY.
Parthenon-EY is housed under corporate finance Strategy (CFS) team in EY TAS. The CFS team is free to use either EY or Parthenon-EY in their branding, and largely does projects related to commercial due diligence, market entry strategy, growth strategy, etc. with PE firms. Pretty much what Parthenon does, albeit in a limited set of industries.
So while Parthenon is looking to acquire projects, EY is building its strategy team independently as well. EY's PI advisory has no relation to parthenon as of now.
Short answer to your question is you are best if there isn't an official EY-Parthenon office and it's still under the CFS label. If it's full EY-P you are pretty much 0.
Have a few mates around the sphere (Germany and Belgium) offices and the lowdown on the Parthenon acquisition is this.
Not every EY Corp Fi Strategy team becomes Parthenon. If the country had no Parthenon brand they stay as CFS until Parthenon can get a office started. Often this is with Non-EY people, more L.EK AtK or as they did buying OC and C so as not to dilute the brand like strategy& did.
This means that the EY-P side is a very tight-knit shop, as they want to build a brand, not fill a brand with EY people. So I hope you are somewhere where it's still CFS. Otherwise best bet is to network to hell with the Directors and engagement managers as they are the ones that staff you.
You are partially right but it is a little more nuanced than just prestige and being closed knit. CFS and PEY have together been present in 33 geographies overall with PEY being a dominant brand name in 14 and EY being the dominant brand name in 19 due to a variety of factors (PEY not present, clients not being able to afford the PEY rates, EY being exceptionally strong in some industry verticals (FS, industrials), etc.).
When EY acquired PEY, they also started developing their own CFS practice, but the name itself was confusing (why corporate finance strategy, is it related to corporate finance, is it strategy specific to corporate finance, what does it even mean?). So they rebranded it gradually as EY Strategy. However, both EY Strategy and PEY started competing for the same projects in the market, which didn't make sense for the practice. Also, EY's internal branding guidelines dictated that PEY couldn't continue to go to market as Parthenon-EY. The name 'EY' had to come before P (don't ask me why).
So starting from January 2018, there has been an official communication internally that all PEY/CFS/Strategy teams will gradually be rebranded globally to 'EY-Parthenon' and they will adopt a phased approach to this branding. So the CFS teams that are not yet EYP will be EYP gradually. I don't think they are being excluded based on prestige. Think this from a partner's pov. Any transition requires partners shifting their shares in the firm to the new sub-entity, and it depends whether or not it is profitable for the partners. I know for a fact that some EY senior partners have been hesitant to do the same.
Recent update: EY-Parthenon (Corporate Finance Strategy) and Operational Transactional Service (OTS) together are renamed as Strategy & Operations and the two subservice lines now pool their staffing resources together.
Thanks for sharing. To clarify, is the name 'EY-Parthenon' going away as well, now being referred to as EY Strategy & Operations?
Correct me if im wrong, but I believe S&O is internal name and EYP is external
Legacy OTS and legacy Parthenon are not pooling resources. Can't tell you if that will happen down the line, but it's not happening today.
They are in certain geographies
Hey there thanks for the update So does this mean that for ppl who join EY-Parthenon’s M&A strategy group (aka legacy OTS) as FT, they can switch to the actual strategy work at Parthenon more easily?
I have limited information, but I believe there is an opportunity for folks on either side to "rotate" to the other group for some period of time, though the opportunity is highly limited at this point. Pooled staffing certainly does not exist right now - imagine taking someone who has never worked on a CDD and bringing them into a 2 week burner case without requisite training and other support infrastructure. It's hard enough to do that with first years after ~3 weeks of training, let alone allowing another group to work on your projects out of nowhere. So as I said, my understanding is these opportunities currently exist on a limited basis, but I would expect if you were to join either group you will still be doing either primarily strategy/CDD or primarily operational M&A work.
Thanks for the reply! Great to learn about this in more detail
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