differnece between financial services and audit industry


#1

Hey I received a contract from PWC for audit in Belgium :). I need to indicate financial services or audit industry, could someone explain in detail the differences between the 2?
Thanks alot


#2

Is the job for audit & assurance?


#3

No, function is Audit. In Belgium Audit and Assurance (Audit)-related services are different jobs. An answer to my question would really be appreciated.


#4

Well in PwC UK, you can choose what industry you work in for audit - normally this is a choice of financial services or other industries. Financial services are primarily banks and insurance companies, and is different from working in auditin other industries, because of the higher amounts of regulation surrounding the sector and fact that there are no ‘products’ or ‘stock’ which a normal business might have.

If you have a look here, you’ll see the audit splits in PwC UK:
PwC Audit & Assurance | WikiJob

B&CM and I&IM are in financial services, the others are general audit.

The main difference between the two is really your interest. If you have no interest in banks or insurance (and want an easier life), don’t choose financial services- the hours are longer and the work is more boring- but if you think you want to work in FS in the future then maybe do that. It won’t make much difference in the long run.

Just remember that once you have signed up and chosen it is very difficult to change in your first 3 years.


#5

Thanks for the reply. Eventhough I have interest in the banking industry I think I sign up for general Audit then because I like an easier life =).
They also told me switching wasen’t going to be a big issue. Also because I was first applying for business advisor but they only take few people from university directly. That’s why I ended up in Audit but when I asked they said that normally it should be possible to switch after some time if I was still interested.