What is the difference between Financial services and UK&I in the consulting route?

Hi Jacinta, thanks for your question :)
In it’s simplest explanation, UKI works with all organisations that aren’t financial services. The clients depend on where you’re based, for example Aberdeen tend to work predominantly with Oil and Gas clients, but in most cases you’ll work with a variety of client bases throughout your time with EY. This model allows us to build up expertise in each industry, understanding the needs of our clients better and enabling us to provide high quality service. In the majority of cases, we don’t look for sector specific experience, so you can usually come from any background and do really well.

And then on the other hand, Financial Services, or FSO, work with financial services clients within banking and capital markets, insurance, and wealth and asset management. Not all UK offices have financial service clients. You’ll find them in Edinburgh, Glasgow, Newcastle, Leeds, Manchester, Birmingham, Reading, Bristol, and London. Even then only certain service lines specialise within FSO within these offices. As with UKI, this model allows us to provide expert advice to clients within this industry. Just like UKI, in the majority of cases, we don’t look for sector specific experience, so you can usually come from any background and do really well. You don’t need to have any experience of financial services organisations to start your career in this business area.

So really it is just the division of the client base that is UKI and FSO :)
There's also a video here you can watch that explains the difference :)
Https://ukcareers.ey.com/students/about-ey

Wow Emily you explained it well. I always thought that EY only appoint if you have vast experience in financial services.

Is it possible to switch from UKI to FSO at any point or do you have to stick to your chosen option?

Hi Simbarashe, no, not at all :) We are open to many different degree backgrounds!

No, it is not possible to swap between UKI and FSO if you are joining on a Grad/SIP/IP placement. The idea would be that you choose your business unit and would follow through with that area for the duration of your placement :)

What does a typical assignment in consulting entail? Do we get to join the client teams or do we work as unbiased observers and give feedback and advise on what we see as the potential problem/solution?

Sorry, are you looking at Graduate role, or a Business Apprentice role? :)

Graduate role

Cool! So obviously day to day will be very varied, on a high level you you’ll work on complex assignments with a wide variety of clients across a diverse range of industries.
You would definitely have a mix of what you've mentioned, and one thing to be aware of also in consulting is having geographical flexibility as well.
With consulting, there is often a high level of work off site in client offices, frequently at some distance from the home office and causing you to be away for varying periods of time Your ability to be geographically flexible with work, and how you will get to client sites which are often beyond public transport links, will make a big difference to your success in the role and should be carefully considered before you accept an offer.

I am very much open to travelling but I am curious if the office would be covering for travelling expenses out of the home office, or it would be out of pocket? Would that also mean that I would need to look into getting a car for moving around?

Having access to your own car would definitely make a difference :)
And yes the office covers all work related travelling expenses :) So that is not out of pocket!

That is great to hear. Thank you so much Emily!

No worries!! All the best with your journey and future endeavours!!!