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Could anyone kindly tell me about the Investment Management and Private Equity Audit Group at Deloitte? 1. Work Life Balance (Is it worst than the ordinary Big 4 WLB?) 2. Is it an entirely different audit from commercial/retail audits (think account balances etc.) 3. Difficult to learn how to audit clients in this industry without prior experience in the industry?(been doing commercial audits for 3 years) 4. Are there relatively good exit opportunities for this audit group? Deloitte PwC EY
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I think it might help to take a step back and figure out exactly what you mean by the pointed why questions. What exactly are you talking about here? Technical accounting questions? Audit Methodology Questions? None of the above?
Also, do you not feel like you have been and will be mentored by those around you at your firm to handle these kinds of questions? Is there knowledge and experience sharing that occurs in your firm?
This is generally what I see. I’m on a call with my manager and a manager to VP level client person and we have an ask for them. It can be for additional documentation, a change in process, etc. We give them the ask and get unexpected push back on why we really need this thing. Generally, my manager either, 1. Is totally taken off balance by the push back. Verbally spins his/her wheels until they come up with a mostly BS answer. The client obviously knows they’ve been BS’d but relents anyway. 2. My manager is quick on their feet and provides a clear, unemotional answer about why we need this ask done. The client appreciates the extra detail and attention and agrees to the ask.
My problem is that I am very much a #1 person right now lol
Yeah that's the kind of thing that you will have to be mentored on. The natural and default instinct is to keep the client happy and not rattle any cages; i.e. be a "#1 type manager". That's just human nature--you want to keep your client happy, and you don't want to do anything that would hurt the firm's relationship w/ the client, which is ultimately the responsibility of the partner.
In order to become a "#2 type", you must have the full background on why such a request is being made and be able to fully explain and defend it. And you have to be given the "rights" by one of your coworkers to handle clients firmly and unemotionally in such situations, otherwise you will always default to #1. This is where the mentoring comes in--you have to have somebody inside the firm that is willing to share their experiences with you on how to handle these kinds of situations. There is almost always some background on each of these VP level client persons, and, again, somebody at you firm has to provide that to you in order for you to succeed.