Is EY-Parthenon losing its prestige and brand?
Hey guys, I recently saw a thread where they said EY advisory was merging w Parthenon. Does that mean that Parthenon is losing its brand and will just be absorbed into EY? If that's the case, would Strategy& be the firm to target within the B4 Strategy shops? Thanks in advance
I talked to an associate and Parthenon is not doing so hot rn, they're not even hiring for FT or smth. It doesn't seem like the best place to join.
Completely anecdotal but yes, kind of. They're merging their EY M&A practice with Parthenon to really emphasize the EY in EY-Parthenon. The Parthenon folks are not so happy about it.
Not exactly sure where this puts Strategy& though.
I think S& is still separate from PwC so there is not that much brand dilution. Additionally, Monitor Deloitte also got similar treatment to Parthenon, so that makes me think Strategy& is probably the best rn. Do you think this makes sense? I'm looking at where to put the most effort into recruiting/networking lol
It makes zero sense, if you plan to recruit for one you should be recruiting for them all
This. I went to MBB, but still recruited with everyone, including these firms.
Lol yeah i know, i still plan on recruiting for all, it's more of which one to focus on
Be mindful that it also depends on the geography; e.g. in the Middle east or London, S&>>Parthenon
Would you say this is also the case for US?
I work at S& and have plenty of friends at EY-P. I've always maintained that Deloitte (formerly S&O), S& and EY-P are of roughly similar prestige. Obviously, the EY-P folks and Deloitte folks are not happy with the new re-orgs as is the case with S& whenever PwC tries to get in our chili. While these types of moves can be unpopular internally, they really have very little impact on external prestige and exit ops.
People on online forums severely overestimate how much corporate (F500) recruiters know about the inside baseball of what is going on in these firms. Most knowledge seems to end at "S& is the strategy consulting arm of PwC" and then they look at the projects you've done personally.
I think there is no right choice between S&, Deloitte and Parthenon. I can make a pretty good case for S& based on our focus on true strategy work and higher comp (as far as I know)... but we've certainly had our problems in the past as well (which were well-documented on here).
if you're talking pwc advisory vs s& it's not close s& makes way more
Re Pay: I was referring to S& vs EY-P/Deloitte
The decision of integrating M&A and Restructuring teams under the brand is quite in line with the general trend (e.g. S& Deals which is also a collaboration between S& and PwC). Whether this will lead to a prestige dilution and potentially significant internal culture clashes is hard to tell at the moment as it happened only recently.
Regarding London and ME - S&'s London office is arguably even weaker, as Booz has never been very strong there and the office has been completely absorbed by PwC almost immediately. In the ME - Parthenon is actually just being built now almost from scratch, while S& is struggling with its size since COVID (promotions frozen, people counselled out at a high rate)
Actually S& deals is separate from PwC. PwC Advisory has its own division called PwC Deals.
if this helps anyone, afaik s& does the pre deal work and pwc does the post deal work (exception being fdd)
This is geography dependent. In the ME the Deals team sits within PwC and is branded accordingly
True, and in my office around 50% of S& deals project are strategy rather than actual deals
In Europe S& benchmarks higher with exit opportunities than EY-P and (less so) S&O. Not because of the Booz background, though. Seen as Strategy arm of PwC.
Commercial DD work is done by PwC Deal Strategy - in London (in practice, marketed different) this sits separately from S&, although you still do strategy work on top of deal work. However, in continental Europe this split does not exist (only a London thing).
Beyond this PwC is further integrating value creation and post-deal work into the S&/Strategy umbrella, which makes for slightly more diverse/interesting deal work. That said, this is less relevant for pure S& placements. Bear in mind that outbound placements will NOT know the difference generally between PwC Deal Strategy, S&, or other variations of this. However, S& is placed more with LEK/OC&C/Roland Berger, than the other big4 Strategy arms in many instances, I found from experience.
As investors we've never gone to EY-P, requested pitches from Deloitte (good healthcare strat partner in this particular local office), but have used KPMG S&O and PwC S&. in UK transactions/strategy, PwC S& Deals has a good league table position vs. others, but can vary by sector (e.g. quite impressed with EY Finance team, especially on fintech).
Not sure how this compares vs. US though.
directionally correct for US, with the exception that kpmg is a big player in europe and pretty bottom barrel among big firms in the US
I'd go to EY P for theiri software group thenexit to growth equtiy
does their software group have good growth/VC exits?
Still too early to know, this group was formed v recently
SSG's former life as a boutique had analyst exits, at least a couple were VC. I would assume the former analysts had "bulger partners" on their linkedin.
I'm not in consulting, but one of my best friends left his firm to join Parthenon a little over a year ago and is not too happy with his decision. I'd have to ask him to find out exactly what he is displeased with but overall he is not nearly as optimistic about his job/work than he used to be, and I imagine this is a factor of some of the stuff said above.
Heard Parthenon integration with EY isn’t going well - understandably given pay and culture differences - it just wont work. Anyone know how AT Kearney and LEK boys are faring during covid?
I know LEK was not doing well at all massively delayed start dates, mandatory unpaid leave and the like.
Any lay offs yet? Wonder how they're doing in Aus / Asia also
Didn't this integration take place last year? Saw a thread last summer that the OTS group at EY was being pushed into EY-P. Did more groups make the move?
As far as I know, its only two groups neither of which were part of EY Advisory... They were transactions advisory groups.
The new reorg is slightly strange so maybe I can help shed some light on it (at a boutique interviewing with legacy OTS)
Previously EY-P, OTS and Restructuring were three sub services lines held under transaction advisory services. With the reorg they are all still separate however they are held under the name "EY-Parthenon" OTS is now called "EY-Parthenon transaction strategy and execution" Whilst legacy P / Restructuring are called " EY-Parthenon xxx". The strategy team of the old advisory division (about 50 odd people) are moving into the legacy P part of EY parthenon
Disclaimer - this is UK based info
Have salaries been raised now they have EY-P in their names or do people in legacy OTS still paid the same as before?
I would say this is likely false. As with any depth, there will be a bit of friction at the start from both internal members and outside uncertainty, but the EY-P reorg has already been tested and tried at peer firms such as Deloitte, that broke apart its S&O and integrated into the Deloitte brand. For them, it has clearly had little impact on prestige, so I doubt it will on EY-P either. EY-P has a very strong brand name and it is unlikely to lose its prestige.
How is it tried and tested at Deloitte? I thought their change was very recent (maybe even less than a year)?
Also EYP isn’t being broken up it’s just integrating new capabilities and is still separate from EY advisory
You're right. Deloitte went thru an reorg globally last year. Monitor is fully integrated and we don't use the name monitor deloitte anymore. it's not called strategy & business design. S&O has also split into a few practices.
This does hurt the firm's brand quite a bit.
OP You can only lose something you once had.
And on that note, did EY-Parthenon ever truly have any prestige? If they ever did, it really wasn't apparent
So according to you, only MBB have prestige?
Yeah, both EY-P and Deloitte suck now
so would it be easier to get a job there now that they cant recruit high caliber dope candidates like mushroom man
It’s probably harder than ever to get any strategy consulting job due to COVID...
Can we revive this thread? I have an offer from Strategy& Deals in London and have been approached by many recruiters for a position at EY-P. I'm actually not keen to go through another interview process for EY-P as I believe the differences between S& and EY-P are going to be fairly marginal in the UK. I read in some threads that the EY-P brand has a considerably better reputation in the UK than S& and therefore offers better exit opportunities - would anyone agree with that?
Tbh I'd say the other way round.... Shows how subjective these things are
Their brands tend to be relatively comparable no matter what region and any differences in reputation and exit opportunities will be marginal. If you already have the S& offer and don't want to go into the interview process again, then take S& unless there are any major discrepancies in office culture that concern you.
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Agree with the above replies that the difference between S& and EY-P in London is marginal. Especially when comparing S& Deals, both are great shops with excellent PE DD practices alongside L.E.K.. Having gone through the interview process for both firms, I would add that if you have an interest in TMT PE DD/Growth Strategy, S& (from its Booz acquisition) is top notch and if you're interested in restructuring work, EY-P definitely takes the cake. Additionally, EY-P juniors seem to clock in more hours but this is only based on comparing the 7 peeps I spoke with at EY-P and 8 at S&. I also spoke with Manager-level folks at both firms and noticed S& has better placement into HSW for b-school if that matters to you (I confirmed this through some LinkedIn digging). Consulting salary and bonuses in London is comparable at graduate level across MBB and T2s (I've heard Deloitte had a recent change with the re-org, so no more Monitor premium).
S& and EY-P are going to be seen as peers in most geographies
I'm late to this party, but mentioning it here since this thread pops up every time someone checks on EY-P. I have several very close friends (including my flatmate) who worked there and yes - the brand has been diluted enormously. There have been multiple attempts are restructuring and reorganizing the firm (TAS, S&O, a bunch of other acronyms) but none of this has actually borne fruit. The old EY-Parthenon was a solid boutique consulting practice, with some level of prestige. Think of the new EY-Parthenon as being built out of the regular consulting practices of your KPMGs, Deloittes and PwCs, and definitely a far throw from the MBBs, and even the tier 2s (where it once had a shout as being part of the gang)
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