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

Nicola Barton

Consultant
MEng Chemical Engineering at Bath
Joined (full time) 1 year ago

Coming from a STEM background, I applied to EFC for my one-year industry placement because I was interested in finding a job that allowed me to apply the critical thinking and quantitative skills I’d developed throughout my degree to a different context. At the end of my placement, FTI offered me a full-time job and so I came back to EFC as a graduate after completing the final year of my degree.

I was attracted to EFC compared to other types of consulting because of the analytical nature of its work and the opportunity to think deeply and carefully about the correct approach to tackle complex problems.

I did not study finance or economics but EFC has been supportive in helping me learn and develop the necessary knowledge by providing ongoing training and, since I’ve been back, sponsoring me through the ACA qualification.

During my two years within EFC I have worked on projects across a wide range of industries, from clean energy to commodities and agriculture. Each project has presented new challenges as there is never a one-size-fits-all approach, so I have been able to build a variety of skills. For example, on some projects I have built large and detailed financial models which were used to value companies, while on others I have learned how to review licencing agreements between the largest players in the mobile phone industry to work out what handset manufactures should pay to use the technology behind 4G and 5G.

One thing I particularly like about EFC is that the project teams are relatively small, generally only three to six people, and each project I have worked on has been with a different group of people. This has meant that I have worked closely with people at a range of levels and had the opportunity to learn new ways of working from each team.

Project: Assessing losses in a dispute relating to wind turbine components. 

Background

Our client was a wind farm operator who said that they had been provided with faulty turbines by their supplier. That meant they hadn’t been able to generate as much electricity as they had expected based on the manufacturers specifications when they purchased the turbines. As a result, they were claiming compensation for not being able to generate and sell as much electricity.

We worked alongside a team of FTI’s clean energy experts and external wind engineers who provided us with information about how well the turbines actually worked in comparison to what would be expected. To make matters more complicated, one of the turbines burned down while we were working on the project! This meant that the engineers were unable to carry out a physical examination of the turbine to determine how it was actually operating, therefore increasing the uncertainty of our valuation and requiring us to think about appropriate assumptions.

To determine our client’s losses, we forecast how much money the wind farm would actually make over the next 20 years, based on the actual performance of the turbines. We then compared this to a forecast assuming that the turbines had worked as expected. We then used the discounted cash flow approach, which accounts for the riskiness of those future payments and the time value of money, to convert this into a lump sum that our client was owed by the supplier to cover the future losses.

My role

When I began working on the project, there were only three team members. This meant that I was able to take responsibility for analysing the data we were provided and building our valuation model in Excel, in line with the conceptual approach determined by the more senior team members and industry experts.

We had already received a report from the experts employed by the turbine manufacturer which described what they thought the damages should be. My first task was to review and critically evaluate the analysis conducted by the opposing experts to determine whether we agreed with their approach and their assumptions, and whether they had made any errors.

Next, I worked on building our own financial model and calculating an appropriate discount rate, using assumptions which we determined were appropriate after coordinating with the clean energy experts. As a cross-check to our model, we also considered the performance of similar companies in the industry. To do this I used Capital IQ (a provider of financial data) to identify similar companies in the wind industry. I then analysed their performance to check that our forecasts were reasonable.

Awards & Recognition

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