20+ Ernst & Young Associate Consultant Interview Questions and Answers

Toothpaste company facing revenue and margin decline. What to do?

• Conduct market research to identify reasons for decline

• Analyze competitors' strategies and pricing

• Revamp marketing and advertising campaigns

• Introduce new product variants or improve existing ones

• Consider cost-cutting measures to improve margins

• Explore new distribution channels

• Collaborate with dentists or dental clinics for endorsements

• Offer promotions or discounts to attract customers

• Invest in digital marketing ...read more

Mean is the average of a set of numbers, median is the middle value, and mode is the most frequently occurring value.

• Mean is calculated by adding up all the numbers in a set and dividing by the total number of values.

• Median is the middle value in a set of numbers when they are arranged in order.

• Mode is the value that appears most frequently in a set of numbers.

• I have a strong understanding of statistical concepts and can apply them to real-world scenarios.

• For example, if we h...read more

Tableau, Power BI, QlikView, D3.js, Google Charts, Plotly, FusionCharts, Highcharts

• Tableau - widely used for data visualization and business intelligence

• Power BI - Microsoft's business analytics service for interactive visualizations

• QlikView - business intelligence and data visualization software

• D3.js - JavaScript library for creating interactive data visualizations

• Google Charts - free web-based charting library

• Plotly - online data visualization and analytics tool

• FusionCharts...read more

Used technology to solve a scheduling problem at work

• Developed a scheduling software using Python

• Integrated the software with the company's database

• Reduced scheduling errors by 50%

• Saved 2 hours of manual work per week

• Received positive feedback from colleagues and managers

Best ways to measure change adoption

• Define clear metrics and KPIs to track progress

• Conduct surveys and feedback sessions to gather user feedback

• Analyze usage data and compare it to pre-change data

• Observe user behavior and identify areas of resistance

• Track the success of training and communication efforts

• Use a combination of quantitative and qualitative methods

• Regularly review and adjust measurement methods as needed

I would start by conducting interviews with relevant parties and reviewing any available documentation.

• Conduct interviews with employees involved in the process

• Review any available documentation such as emails, invoices, and financial records

• Assess any patterns or anomalies in the information gathered

• Consider involving external experts or forensic accountants if necessary

Forensic audit involves investigating financial records to uncover fraud or misconduct. Day to day responsibilities include analyzing data, conducting interviews, and preparing reports.

• Analyze financial records to identify irregularities or discrepancies

• Conduct interviews with employees, clients, and other relevant parties

• Prepare detailed reports documenting findings and recommendations

• Collaborate with legal teams and law enforcement agencies as needed

• Stay updated on industry...read more

Regression is a statistical method used to analyze the relationship between two or more variables.

• It helps to predict the value of one variable based on the value of another variable.

• It is used to identify the strength and direction of the relationship between variables.

• Linear regression is a common type of regression used to model the relationship between two variables.

• Examples include predicting sales based on advertising spend, or predicting student grades based on study t...read more

Domestic compliances are regulations and laws that apply within a country, while international compliances are regulations and laws that apply across multiple countries.

• Domestic compliances are specific to the laws and regulations of a single country.

• International compliances involve adhering to laws and regulations that span multiple countries.

• Domestic compliances may include tax laws, labor laws, and industry-specific regulations within a country.

• International compliances m...read more

Compliance refers to following rules, regulations, and standards set by authorities or organizations to ensure ethical and legal practices.

• Compliance involves adhering to laws, regulations, and guidelines relevant to a specific industry or organization.

• It includes implementing policies and procedures to prevent violations and ensure ethical conduct.

• Regular audits and monitoring are conducted to ensure compliance with standards.

• Examples include GDPR compliance in data protecti...read more

Risks in a production unit and purchase department include supply chain disruptions, quality control issues, and regulatory compliance challenges.

• Supply chain disruptions can lead to delays in production and increased costs.

• Quality control issues may result in defective products reaching customers.

• Regulatory compliance challenges can lead to fines or legal issues.

• Lack of proper inventory management can result in stockouts or excess inventory.

• Poor supplier relationships can im...read more

Blockchain implementation can improve government and public sector by enhancing transparency, efficiency, and security.

• Transparency: Blockchain can provide a transparent and immutable record of government transactions, ensuring accountability and reducing corruption.

• Efficiency: Blockchain can streamline processes by eliminating intermediaries and automating tasks, reducing bureaucracy and saving time and costs.

• Security: Blockchain's decentralized and cryptographic nature can ...read more

Yes, the Wirecard fraud scandal is a recent example of a major financial fraud.

• Wirecard, a German payment processing company, filed for insolvency after admitting to a $2.1 billion accounting scandal.

• The scandal involved inflating revenue and falsifying financial statements to deceive investors and regulators.

• Several executives were arrested and investigations are ongoing to uncover the extent of the fraud.

Artificial intelligence is a branch of computer science that focuses on creating intelligent machines capable of performing tasks that typically require human intelligence.

• AI involves the development of algorithms and models that enable machines to learn from and adapt to data.

• It encompasses various subfields such as machine learning, natural language processing, computer vision, and robotics.

• AI applications range from virtual assistants like Siri to self-driving cars and rec...read more

A hypothesis is an educated guess or prediction about a phenomenon or relationship between variables.

• A hypothesis is a statement that can be tested through experimentation or observation.

• It is usually based on prior knowledge or research.

• It should be specific, measurable, and falsifiable.

• Examples: 'Increasing the amount of fertilizer will increase plant growth.' or 'Exposure to sunlight will increase vitamin D levels.'

Various types of frauds include identity theft, credit card fraud, insurance fraud, and investment fraud.

• Identity theft: When someone steals personal information to commit fraud.

• Credit card fraud: Unauthorized use of someone's credit card information.

• Insurance fraud: Falsifying information to make fraudulent insurance claims.

• Investment fraud: Deceiving investors for financial gain.

• Online fraud: Scams conducted over the internet to deceive victims.

• Bank fraud: Illegally obtaini...read more

Compliance management involves ensuring adherence to laws, regulations, and internal policies within an organization.

• Establishing clear policies and procedures

• Regular monitoring and auditing of activities

• Providing training to employees on compliance requirements

• Implementing systems for reporting violations

• Responding promptly to any compliance issues

Yes, an XSS payload is a malicious script injected into a website to exploit vulnerabilities.

• An XSS payload can be created using

Python decorators are functions that modify the behavior of other functions or methods.

• Decorators are denoted by the @ symbol followed by the decorator function name.

• They allow you to add functionality to an existing function without modifying its code.

• Common use cases include logging, timing, and authentication.

• Example: @staticmethod decorator in Python is used to define a static method within a class.