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

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Comments (49)

  • Intern in Consulting
Aug 12, 2020 - 11:44pm

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.

Aug 12, 2020 - 11:52pm

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.

Aug 14, 2020 - 11:05am

This. I went to MBB, but still recruited with everyone, including these firms.

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  • Intern in Consulting
Aug 14, 2020 - 2:07pm

Lol yeah i know, i still plan on recruiting for all, it's more of which one to focus on

  • Associate Consultant in Consulting
Aug 13, 2020 - 3:27am

Be mindful that it also depends on the geography; e.g. in the Middle east or London, S&>>Parthenon

Most Helpful
Aug 13, 2020 - 3:51am

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).

Aug 13, 2020 - 5:51am

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)

Aug 14, 2020 - 10:26am

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.

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  • 6
Aug 14, 2020 - 11:21pm

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.

  • 1
  • Associate 2 in CorpDev
Aug 14, 2020 - 11:49pm

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?

  • Prospect in IB-M&A
Aug 15, 2020 - 1:21am

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?

Aug 15, 2020 - 8:19am

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

  • Prospect in Consulting
Aug 17, 2020 - 4:22pm

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.

  • Associate Consultant in Consulting
Aug 17, 2020 - 6:04pm

How is it tried and tested at Deloitte? I thought their change was very recent (maybe even less than a year)?

  • Consultant in Consulting
Aug 18, 2020 - 2:25am

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.

  • Associate 2 in CorpDev
Aug 18, 2020 - 8:56am

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

May 11, 2021 - 6:00am

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?

May 11, 2021 - 5:18pm

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.

  • Associate 2 in PE - LBOs
May 11, 2021 - 7:24pm

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May 18, 2021 - 3:12pm

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