This is my first time posting in WikiJob, and I have never felt more clueless before.
I need help with a question as part of my application for PwC’s summer internship in Actuaries in Executive Reward Consulting.
Below is the question and my first draft. I am from a non-economics academic background, so I found it very hard to come up with a valid answer. My main worries are that my answer is too general and isn’t saying enough. Any feedback/criticism is welcome!
Imagine you are working at PwC. If you could choose an ideal client to advise, who would it be? Your ideal client does not have to be a current client of PwC. (maximum 500 words)*
In answering this question please provide us with answers to the following:
Who is your ideal client and what services do they provide?
What services and advice could PwC offer this client?
What commercial/industry issues are affecting this client in the business market that should be taken into account when a providing them with advice?
If I could choose an ideal client that PwC could advise, it would be the public limited company BP, parent company of the BP group of companies. The BP group companies’ work evolves around every stage across the hydrocarbon chain including oil and gas exploration, extraction, transportation, refining and processing, as well as fuel and product manufacturing and marketing.
PwC could advise BP through a variety of service lines. In first place, as a company with primary listings on the London Stock Exchange, BP has a statutory obligation to be audited. By combining expertise and experience as one of the world’s leading auditors, PwC’s Audit and Assurance Services could provide this service taking into consideration the EU audit reform coming into force in mid-2016.
Secondly, as one of the world’s largest HR advisory organisations PwC’s HR Management Services division can provide BP with a range of different services, given that BP’s focus is on building capability within the organisation rather than external recruitment. These would include the efficient management of BP’s existing 85,500 employees worldwide, rewards, employee mobility and development, as well as talent strategies on recruiting the right people in order to increase competitive advantage in a changing world. As all businesses, BP is affected by globalisation as well as demographic change resulting in an ageing but much more mobile and competitive workforce. PwC will need to take regional demographic changes into account and advise BP on how to use such changes in workforce to their advantage.
Thirdly, PwC Global Tax Services could assist BP in achieving the most tax efficient structure as possible. Rather than meeting demanding tax obligations internally, BP’s talent can to focus on their core business whilst enjoying the advice of the world’s leading provider of tax services. As the oil and gas industry is heavily affected by environmental taxes, PwC’s services can help BP optimise their tax position from a sustainability perspective, proactively engage with regional policy makers, and develop sustainability strategies. Moreover, transfer pricing is a major part of managing the global network of BP companies. As acknowledged by the Global Tax Monitor, BP could enjoy invaluable services from the world’s leading advisor globally for transfer pricing.
Finally, with oil and gas reserves running out in the long run, as well as recent declines in oil prices, BP is in need of a range of consulting services offered by PwC’s Advisory division. PwC could consult BP, who over the past few years has been selling off major parts of their renewable energy businesses, on the long-term costs and benefits of their current business strategy and assist in deals to re-structure the business to create value in the long run. Moreover, BP has suffered the consequences of environmental and operational accidents various times and as a result has been subject to substantial fines and costly legal procedures. PwC’s Actuarial team could advise BP on risk so as to minimise adverse consequences for the business in such events.
Also, any suggestions for an ending sentence are welcome!
Thanks in advance!