Economic & Financial Consulting

What We Do

Our team of consultants come from a wide variety for academic backgrounds. At FTI they develop skills in economics and finance as well as drawing on their problem solving and analytical skills to answer a range of questions for high-profile clients.

We specialise in two main areas:

  1. providing valuation advice about anything from large public companies to patents and trademarks. We do all types of work, but in particular we are the leading firm in advising on valuation issues before courts and tribunals all around the world; and
  2. economic regulatory advice, where we apply economic theory and in-depth experience to offer advice to both regulators and regulated companies on a wide range of issues.

We have offices in cities across the world, with more than 250 staff worldwide. In London, our EFC practice has more than 150 people and each year we look to recruit at least 15 graduates from any degree background.

Examples of questions our clients ask us:

  • What impact did Uber have on the earnings of Black Cab drivers in London?
  • What is a fair way to distribute money to artists from streaming service royalties?
  • How much extra cost did the NHS incur because a generic drug was kept off the UK market by an invalid patent?
  • How much is the brand name of a premiership football club worth?
  • What is the value of an airport in South Africa?
  • Do US stock exchanges undervalue Chinese companies?
  • As part of the Foskett Panel, how much compensation should business owners receive after they were wrongly made to close by Lloyds Bank?
  • Does an econometric analysis of a European bank’s share price indicate that it was affected by the release of inside information?
  • How large are the benefits of subsidising rural broadband networks in Europe?

Read our EFC Recruitment Brochure

 

What You Will Do

Our graduates play a key role in our project teams by performing industry research and developing the knowledge and experience to perform detailed economic analysis and financial modelling to solve interesting questions. They benefit significantly from working closely with managers and other team members in small teams, as well as from direct exposure to some of the top experts in the industry.

After comprehensive training, some of your day-to-day tasks will include:

  • Preparing and reviewing financial models, using Excel and financial databases such as Bloomberg and CapitalIQ
  • Using statistical software packages to perform econometric analysis of industry and market data
  • Researching companies, markets or geographies to understand what industry features are relevant to the project
  • Reviewing the regulatory landscape and drawing parallels with our client’s industry
  • Summarising your work in emails or memos, clearly presenting your results and drawing out the implications
  • Taking responsibility for the quality of the final product

What We Offer You

As a graduate you will have the opportunity to apply your intelligence and critical thinking skills to stimulating economic, financial and business issues across many different industries.

You will be supported through professional qualifications to become a Chartered Accountant (ACA) or a Chartered Financial Analyst (CFA). In addition, we have a comprehensive in-house learning and development programme. As you take on new responsibilities, your training will help you develop into an effective and professional consultant.

You will receive a competitive starting salary of at least £40,000, a sign on bonus of £3,000, annual performance-based bonuses and a comprehensive benefits package. From there, we offer a well-defined career path with regular appraisals and opportunities for accelerated promotion for star performers.

There may also be the opportunity for secondment to our international offices (in Paris, Dubai, Hong Kong, Singapore, Seoul, Toronto or South Africa). Our people are also encouraged to provide pro-bono support to charities and contribute to other outreach projects.

We also offer summer internships and 12-month industry placements.

Summer Internship

Applications for our 8-week Summer Internship will open in September. As an intern, you will have the opportunity to apply your intelligence and analytical skills to stimulating economic, financial and business issues across many different industries. Our interns will have the opportunity to experience a variety of different projects across a range of industries.

12-month year in industry

EFC also offers a 12-month internship for students on courses which require an industry placement. Every year we take on up to 5 students, who get to experience life as a graduate at FTI.

How to apply

1

Round 1 – Online Application

2

Round 2 – Online Assessment

3

Round 3 – Assessment Centre/Interviews

Graduate Scheme Requirements:

  • Numerate, logical and inquisitive team players from any degree subject
  • Ability to think independently and creatively
  • Ability to demonstrate their quantitative skills, whether academically or in other ways

Industry Placement Requirements:

  • Candidates must be interested in a 12-month placement running from September 2022 to August 2023 in our London office. Applicants should be studying a sandwich course
  • Numerate, logical and inquisitive team players from any degree subject
  • Ability to think independently and creatively
  • Must be able to demonstrate their quantitative skills, whether academically or in other ways

Summer internship Requirements:

  • Candidates must be interested in an 8-week internship during the summer of 2022 at our London office. Applicants should be in their penultimate year of study
  • Numerate, logical and inquisitive team players from any degree subject
  • Ability to think independently and creatively
  • Candidates must be able to demonstrate their quantitative skills, whether academically or in other ways

Opportunities

Consultant

Consultant – Economic & Financial Consulting London Apply

Summer Internships & Undergraduate Placements

Summer Internship – Economic & Financial Consulting London Apply
1-Year Placement – Economic & Financial Consulting London Apply

Anna Shukla

Consultant
BSc Biochemistry and MRes in Cancer Biology at Imperial College London.
Joined 2 years ago

Having studied biochemistry, I was initially quite hesitant to apply to a role that focused so heavily on finance and economics because I had no exposure to these subjects at university. However, by talking to previous graduates at FTI I learned that the work in EFC fit in well with many of the skills I gained in my degree, such as critical think ing and independent investigation. I also learned that EFC would sponsor me through the Chartered Financial Analyst (CFA) qualification. As well as this formal training there is also a strong emphasis on learning on the job, so I have been able to contribu te to real projects from my first week at FTI.

Even though I’ve only been at FTI for two years, I’ve been able to work on projects across a variety of areas, including telecommunications, aviation, pharmaceuticals, energy and even family law. In the first year, you rotate through at least two EFC teams, which also allowed me to experience the different types of projects we get to work on, from valuing assets in divorce cases to assessing the financial impact of fraud in high-profile court cases that make the news.

Outside of work, there are regular social events planned to allow colleagues to get to know each other better, both within departments and across departments at FTI. Before COVID these included our ‘Away Day’ trip overseas each year, as well as Christmas parties, summer socials and monthly drinks. This social atmosphere continued during the pandemic, albeit in other forms. I’ve also had the opportunity to play a personal role in the development of the department through involvement with recruitment and helping to organise a mentorship programme for sixth form students, which has been really worthwhile.

Project: Analysis relating to the acquisition of a company in the energy sector. 

Background

In 2020, a group of investors engaged FTI to assist in the due diligence process for the purchase of a company in the energy sector. This involved verifying the financial health of the company and building forecasts to assess its future performance. 

To do this, we had to make assumptions about future regulatory policy which would determine how much the company would be allowed to earn. The regulatory economists at FTI calculated specific regulatory model inputs, forecasted revenue and expenditure, and worked to analyse the potential impact of developments in the industry. We did this by looking at the historical actions taken by the regulator in the electricity distribution sector, as well as what other regulators had done in other sectors such as gas and water.

The energy market is currently undergoing significant changes and its future is highly uncertain due to the increasing use of renewable energy generation, and rapidly approaching Net Zero emissions targets. Therefore, we had to consider a wide range of scenarios, allowing the investors to assess the future performance of the company across different eventualities, and determine the size of their offer.

My role

The project was split into two phases. During the first phase we assisted the investors to make an initial bid, after which the seller shortlisted potential buyers and gave them access to more detailed information. We then used this to refine our analysis and help to determine the final bid. Throughout we had to work with a variety of industry and technical experts to help assess all parts of the company’s business model.

My main task was to evaluate how much income the company could expect to earn under its regulatory incentive framework. Under this framework, the company receives rewards or penalties based on its performance against targets set by the regulator for things like reliability, customer service and sustainability. These rewards are a key source of income for regulated companies. I built a model to value this future income stream, relying on my analysis of the company’s prior performance against its benchmarks, and the performance of similar companies in the industry.

I also worked on forecasting the company’s future costs. For this we relied on assumptions from technical advisors as to potential efficiency sayings and necessary capital expenditure. I was responsible for integrating these external inputs into our model. Finally, I was also responsible for writing regular project updates to the client and the other advisors.

Awards & Recognition

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