General Awareness topics on current affairs with analytically drawn conclusions are likely to benefit MBA Aspirants to achieve mission admission MBA!
Today, you will read General Awareness Topic: Are you planning to set foot in KPMG?
Many graduates, upon their completion of MBA, join consultancy firms such as KPMG. KPMG is one of the largest professional services organisations in the world. In addition, it is one of the ‘Big Four’ auditors, alongside Ernst and Young, Deloitte, and PricewaterhouseCoopers. KPMG specialises in audit, tax, and advisory.
So, those planning to set foot in KPMG should plan early and ensure that their specialisation during MBA is in one of the following: finance, tax, or audit.
At KPMG, management consultants provide clients with a 360 degree view of their challenges. In addition, they come up with appropriate solutions for enhanced business performance. Organisations can gain success only when they have an eagle’s view of the problem. This is the value added by KPMG.
While pursuing an MBA, students are empowered with the right skills to understand clients’ needs, develop business plans for improvement, and ensure that clients stay ahead of the competition.
Since consultants are always interacting with clients, it is important for them to hone interpersonal skills and communication skills, in addition to being well-read and staying on top of current affairs.
Many people have the misconception that KPMG’s services are limited to banks, financial institutions, and tax advisories. This is not at all true. In fact, the clientele of KPMG is broad and spans across many industries, including education, healthcare, information technology, media, and energy and natural resources.
In the space of advisory function, KPMG is known for risk consulting, among others. To ensure that there is a constant flow of revenue; consultants carry out in-depth research on the financial condition of a company and suggest ways to mitigate possible financial risk.
Consultants help organisations to stay vigilant with regard to risks presented by suppliers. Counterparties that default on contracts can have huge implications on the revenue stream of a company. These risks are identified and possible regulations and systems are put in place to prevent a company from going into losses.
A consultant’s job is demanding because the future and health of a company depends on his suggestions and foresight. A consultant’s job is round the clock; there is no fixed number of hours, which is why a consultant is paid well.
A consultant’s job is challenging because no problem is the same; so, he/she gets to learn new things in every project and apply new concepts and theories that he/she learns along the way.
KPMG provides in-house training for clients who are keen to enhance their skills in taxation, accounting and audit. If a consultant feels that there is a knowledge gap among the employees at the client site, he/she will suggest courses that are taught by KPMG. Courses related to accounting include IFRS, US GAAP, and Indian GAAP.
Workshops provided by KPMG are tailored and customised to the needs of the client. So, instead of developing a standard course for all clients, consultants take extra effort to come up with a course curriculum that matches the needs and requirements of the client.
A consultant’s job does not end with identifying gaps and problems and providing solutions; in fact, a consultant should ensure that the client is able to implement the suggestions and reap benefits.
Experience definitely plays an important role in a consultant’s life; so, senior consultants and those with decades of experience are considered assets to KPMG and other consultancies.