Consulting career opportunities

Transcription

1 Consulting career opportunities The opportunity of a lifetime

2 Your career is just that; yours. You choose it. You live it. You make it happen. To get the best from it, you need the best opportunities. That s why opportunities are at the heart of a career with us. Opportunities for you to grow as an individual, to build lasting relationships and make an impact in a place where people, quality and value mean everything. 1st 3 Smart, courageous people who forge strong relationships make us the best at what we do: measuring, protecting and enhancing what matters most to our clients. And although the work we do will vary, the way we work will not. We re passionate about making a difference for our clients and each other, constantly creating and adding value. It s an inspiring backdrop for your career, whether you re making a difference to a public or a private company, a government or charity. Be part of something special and find out how your drive and initiative could open up new opportunities for you and our clients. Take the opportunity of a lifetime Students voted us the number one Graduate Employer in The Times Top 100 Graduate Employers survey for the last ten years. Out of the Big Four, we ranked highest in The Sunday Times Best Big Companies to Work For UK survey. And we were ranked first across all sectors for providing our people with opportunities to learn and grow in their career. We ve been named as one of The Times Top 50 Employers for Women for the last three years in a row. We like to give our people lots of visibility and exposure to the best opportunities. That s why everyone you see in this brochure works with us. Consulting a closer look Management Consulting Strategy Consulting Economics Consulting Sustainability and Climate Change Consulting What we look for How to apply

3 A closer look at our Consulting practice Getting results Deliver practical, insightful advice that gets straight to the heart of big business issues. Whichever part of Consulting you join, you ll help businesses of all shapes and sizes grow faster and work smarter. And whatever issues you re tackling on their behalf, you ll work with inspiring leaders to deliver results they can measure and a standard of client service that s truly second to none. Thinking big Our Consulting practice was launched a few years ago, but the truth is our work goes back way beyond that. More exciting than our past, however, are our ambitious plans for the future. Since our inception we ve recruited over 600 graduates into our industry recognised programme. This year alone we ve provided ambitious people with over 60 internships, and made over 300 promotions across our business. And we ve seen similar levels of growth across our global network. These are exciting times for us and you could soon be part of them. Thanks to our unparalleled knowledge base and client list, you could work globally as well as in the UK. Last year, for example, our Consulting graduates worked in many different countries across four continents. Whichever way the economy goes, more clients will look to us to help reshape their organisations and adopt more effective ways of working giving you the chance to take on a wider variety of challenges and more responsibility. Spanning industries Integrated into many different parts of our network, our Consultants are organised into specialist teams. Each team works with household names in a diverse range of industries from big-name broadcasters and high street banks to multinational telecoms operators, energy companies and government services. They re incredibly bright, experienced people and you ll learn a lot from them. And no matter which part of Consulting you join, you ll quickly develop outstanding business awareness, as well as your communication, project management, coaching and core consulting skills. Jer Choose when to specialise We offer two distinct graduate routes into Consulting. If you want a broad range of experiences across a number of disciplines, then join Management Consulting and train on a two-year structured programme that builds a range of core skills. Or, if you re interested in one of our specialist consulting practices Strategy, Economics or Sustainability and Climate Change then you can apply directly to that area and develop your skills quickly through strong project responsibility and in-depth training. Find out more at 3

4 Management Consulting You ll gain 21 months of training and development on the Management Consulting training programme Boosting effectiveness Management Consulting helps the world s most significant organisations public and private quickly become more effective. We improve the way they operate; accelerate their growth; reduce their costs; manage their risks; develop their talent; and change the way they do business. In doing so, we focus on their agendas and the big issues they need to deal with, both today and in the future. The way we re organised allows you to develop your core skills. Once you ve decided what skills you want to concentrate on, you ll align to an industry group over time, developing real insight and building relationships. This is important because our clients demand both an understanding of what they do, as well as insights into what they should change, and how. Always changing What we do for our clients is always focused on key business levers that make a difference. These include: driving innovation and growth managing cost organising and operating effectively managing risk and regulation maximising talent. We re constantly evolving, bringing new ideas to our clients and adopting new approaches driven by industry trends and management focus. Combining our deep technical skills in ways that respond to the rapidly changing needs of our clients is core to being a successful management consultancy. Never stop learning You ll start with a comprehensive induction that involves spending six weeks at our specialist training school, and two weeks getting real business experience with our clients. You ll hone your core skills in finance, operations and business change and start to develop your network. After that you ll join over 2,000 colleagues working with our clients, on a graduate programme that builds your understanding of PwC. You ll rotate across the Consulting business every three months, focusing on developing a new set of skills. At the end of each three-month learning cycle you ll spend a day with your colleagues, reflecting on what you ve learned and how you ll carry on applying and building on your knowledge. Breadth and depth You can experience a wide variety of projects on our Management Consulting programme. If you think you know what you want to specialise in early on, we ll help you build expertise in that area with extra training and mentoring. Once you complete the programme, you ll need to pass an assessment before being promoted and joining a specialist area. Dayo Closing date for graduate applications 22 November 2013 Find out more at 5

5 As your career unfolds, industry experience and knowledge become more important because our clients demand we have a full understanding of what they do, as well as an insight into how they should change. Specialist knowledge You ll experience several different areas of Consulting: Finance People and Change Technology Operations Risk Strategy Programme & Project Management Delivering Deal Value Sustainability and Climate Change. Our ability to quickly combine the right competencies and industry insight uniquely for each client issue sets us apart. Industry insight and experience become more important as your career progresses. We re organised into industry units to focus on specialist sectors: capital markets devolved regional and local government health industries industrial products insurance and investment management oil and gas national government services retail and commercial banking retail and consumer products telecoms, media and technology utilities and nuclear. Your job description You ll typically find yourself working as part of a team of anything from five to 30 people. You ll spend a lot of time with clients dealing with issues as they arise, and gaining valuable exposure to different types of projects and diverse industries. You ll carry out detailed analysis and help make recommendations that change their businesses. This experience, combined with deep technical training and an emphasis on continual learning through the cycles, will equip you with the skills to really make a difference. 4 4 wins at the Management Consultancies Association awards Stephanie 7

6 Before joining PwC I worked for an IT software distribution company. And while I did enjoy the role, it was quite repetitive, especially when compared to the range of opportunities I ve had here. I ve worked on many projects in the public sector and helped hospitals save millions of pounds by benchmarking costs and products. I ve also worked with private sector clients my last was one of the biggest social housing providers in the UK. These kinds of projects are really rewarding and show that if you push yourself, you can take on new challenges. There might be a lot to get your head around, but it s a great feeling when you learn something new. My colleagues are incredible too; I ve never worked with such determined, like-minded people. They make teamwork easy, and that s a big plus. Being a team player is a massive attribute to have at PwC and all the sports I ve been involved in have shaped my work ethic and led me to where I am today. I was first drawn to PwC because of their work in sustainability one of my main areas of interest. Coming from a biology background, I wanted to see more than just science. I wanted wider commercial awareness as well. The graduate programme s great for getting that exposure, because you get to rotate around different areas and industries. I ve just ended my rotation in Sustainability, working on some really interesting projects, including a massive five-year programme now in its third year. That meant the team and systems were already well established, so there was a lot to catch up on when I joined! The people here are really easy to get along with and learn from. The client contact has also been very rewarding. You re helping them in lots of ways, providing a fresh viewpoint and maybe some new insights gained from another industry. Now I m working on an internal-facing project to prepare for our next graduate intake something I experienced from an altogether different perspective a year ago. Ronak Senior Associate Joined 2010 BSc Human Geography with Urban Regional Planning at University of Birmingham Management Consulting Lamia Senior Associate Joined 2011 MSc Environmental Technology at Imperial College London Management Consulting 9

7 Strategy Consulting 20 languages are spoken by our team in London Deep thinkers We work in a distinctive way. We combine rigorous evaluation of business issues with creative problemsolving to develop mission-critical strategy for the world s best-known organisations, as well as advising private equity investors on major transactions. You ll give your clients the edge by delivering insights into everything from growth strategy to market entry, competitive strategy, organisational design and mergers & acquisitions strategy. Most of our work is concentrated in two main areas: 1. Corporate Strategy offers a wide range of strategic advice to major international companies and organisations. Areas of focus include: strategic and financial ambition growth strategy sales and marketing strategy pricing strategy organisational design competitive positioning strategic planning customer insights. 2. Mergers & Acquisitions Strategy, a leader in its field, advises private equity houses, debt financing banks and companies undertaking mergers & acquisitions on investment opportunities. We evaluate business plans and strategies against market performance and competitor strength to help clients understand which companies are attractive acquisitions and how much to pay. A broad exposure As our projects are relatively short and we work across a diverse set of industries, you ll be exposed to the widest possible range of clients, issues and industry sectors in your first few years. It s this variety that differentiates us from our competitors. The broad experience you ll gain will act as a strong base for developing individual consulting skills. Right from the start, we ll encourage you to take on as much responsibility as you can handle. We ll value the work you do internally in areas like recruitment, training and marketing, as highly as your work with clients. Prove your analytical rigour, commercial acumen and strategic insight and you ll progress quickly. If you re not sure Strategy Consulting is for you, we offer a number of other pathways within our Consulting business, including our general Management Consulting programme. This offers the opportunity to rotate across a broader range of Consulting areas, including some time in Strategy. If, after two years, you decide you want to specialise in Strategy, you ll need to complete an assessment to test your skills and experiences for that area. A rewarding atmosphere You ll be part of a growing practice where the work is varied and rewarding. You ll have a more senior member of the team as your career counsellor, an experienced Associate who ll act as a mentor, and all the support of dedicated Strategy Consulting training from the day you join and throughout your career. Many Associates choose to stay in Strategy Consulting at PwC, but experience here opens up all sorts of doors. Our alumni have gone on to join private equity firms, investment banks, strategy teams at FTSE 100 companies and to complete MBAs at some of the world s leading business schools. Your job description Our work is project-based; you ll work on only one project at a time in your first few years, so you ll be able to focus on the job-in-hand. For each project we bring together a specific team which varies in shape and size depending on the project in question, ranging from a small team of strategists to a large multi-disciplinary team. As an Associate, you ll be the cornerstone of the team. We ll value your opinion from day one and push to hear it. You ll work alongside inspirational colleagues and have direct exposure to clients up to the CEO and Board members. And after carrying out research, strategic analysis, modelling, interviews and practical field research, you ll develop strategic insights for the project, discuss them with your colleagues and present recommendations to clients. Closing date for graduate applications 8 November 2013 Closing date for undergraduate Work Placements 6 December 2013 Closing date for Summer Internships 3 January 2014 Find out more at

8 I m into running and cooking. And I also love travelling as I like meeting people from other cultures. That helps in Strategy as we often work with overseas teams. I m involved with short-term projects, each within a different Strategy team. So, I get exposure to many different client issues and sectors. I mainly do research and analysis. Whether it s by talking to PwC people, reading articles or reports, or looking at the competition and customers. Speaking another language helps and there are lots of people here with language skills. I ve used mine to interview people in France and carry out French market research so they re always coming in useful. One recent project was for a regional media company that sells newspapers. Newspaper sales are declining so we were trying to pinpoint where future revenue could come from. I looked at trends in the digital world and had lots of client interaction including face-to-face meetings with the CEO. I started in academia I lectured at Oxford and taught at Stanford University then had various consulting roles before joining PwC. My background really honed my attention to detail and my ability to be analytical and logical, and that s stood me in good stead here. What attracted me to PwC were the huge opportunities to redefine the consulting arena and to help large banks around the world navigate a very difficult market. Often I m called in at very short notice to deal with situations I would never expect and I love the unpredictability of that. I also have a passion for teaching and team building which I can make the most of. The people here are high-performing and aspirational and I love collaborating with them, coaching them and inspiring them to do fantastic things. And that s why working here is so special. You can do anything and become anyone. Agathe Manager Joined 2010 Masters Management at HEC Paris Strategy Consulting Stephen Partner Joined 2011 MSc Maths at University of Oxford, PhD Maths and Astrophysics at University of Oxford Strategy Consulting 13

9 Economics Consulting We ve worked with over 200 clients around the world in the past year alone Economics is the science of business and every day it shapes the world we live in, cutting across the most pressing issues facing businesses, investors, regulators and governments. In the midst of the big tides shaping the global economy, our clients rely on us to help them solve their most difficult problems anything from developing a new strategy to facing a regulator or engaging in high stakes litigation. Our client base spans the most senior levels of the private and public sectors in the UK and overseas. And we use the best evidence and insights available to make a distinctive and lasting impact. We pride ourselves on being a meritocratic, sharp, intellectual, fair and supportive team. Most of all, we love what we do, and we have fun doing it. We all help shape our practice, and we foster a sense of entrepreneurship everybody sees identifying and capitalising on new business development opportunities as an integral part of their work. We re one of the UK s leading economics consultancies and one of 12 economics practices in the PwC global network. Many of us have direct experience of working within private and public sector clients. We come from a diverse range of backgrounds from over 20 countries, speaking 20 languages. Our clients trust us and value us as advisers. A high-performing culture is critical to our success, and our position as a trusted graduate employer reflects our commitment to career development and your work-life balance. As a graduate economist, you ll be able to work across all three of our key areas: 1. Disputes and investigations We work alongside high-profile clients and legal counsel to develop sophisticated economic analysis that supports competition and State Aid investigations, and commercial disputes. We help clients establish their case with competition authorities in a clear and constructive way, putting forward arguments and evidence to inform the debate. Our expertise includes: assessing the risks to competition and efficiencies, competitive constraints and barriers to entry caused by mergers or in particular markets using sophisticated econometric and survey techniques to establish market definition preparing restructuring plans and market studies for cases in which failing firms need urgent rescue or restructuring aid preparing and providing expert testimony before competition authorities. 2. Market reform We advise governments, regulators, international development organisations and other agencies on the problem and the solution such as a new market design or delivery model. We advise the companies affected by regulatory and policy change so they can prepare, adapt and benefit. We: develop solutions collecting evidence, appraising options, conducting cost-benefit analysis put solutions into action helping organisations respond to opportunities and threats from reform test success and making it stick evaluating success, and reforming policy and regulation. 3. Foundations for growth We provide insights on the most important strategic, commercial and operational questions faced by organisations aiming to grow, especially in challenging economic environments. We: find growth opportunities in a low-growth environment by identifying profitable emerging market opportunities build scenarios to understand the impact of technology and social or demographic change on the market assess the total impact across economic, social, environmental and tax dimensions of growth opportunities. Your job description Early involvement in a project team means you ll contribute ideas and analysis to high-profile projects. Before long you ll be meeting clients face-to-face, working with them to tackle their issues first-hand and helping us win further business. You ll collaborate with a wide range of professionals at all levels within PwC, who apply a range of financial, technical, operational and industry expertise. Exposure to everything from specialised economics techniques such as econometric modelling to more general consulting techniques such as pitching to clients will allow you to develop a balanced and highly sought after array of skills. Closing date for graduate applications 10 November 2013 Closing date for Summer Internships 13 December 2013 Find out more at

10 I studied Economics in both my undergraduate and masters degrees so I was keen to apply my knowledge of economic theory in a commercial and practical context which is why I was attracted to PwC. As an Associate on the Economics graduate programme, I ve been given the opportunity to explore different types of work across different sectors through a rotation scheme. I ve already worked across a range of fields from Competition Economics which I experienced while doing a Summer Internship with PwC to Macroeconomics, Financial Economics and, most recently, Development Economics. My project team is currently leading the way with developing an evaluation framework for education interventions all around the world. It s something that I m extremely passionate about and it s great that I get to do something that I love every day. When I left university, I initially worked in the public sector. But with fond memories of a Summer Internship back in 2008, I realised I d be far better suited to a career with PwC. My internship was with the team in Assurance, but now I m in the Economics practice, dealing mainly with health sector clients. I love the work I m doing, particularly the interaction with clients and the fact that it s mainly project-based which means there s plenty of variety. There are also great opportunities for career progression here at PwC I ve been promoted twice in less than two years. At the moment, I m really enjoying my work in healthcare, but looking further ahead I will be spending the next couple of years working in our Japanese office. PwC has a really strong English-speaking team out there that focuses on modelling, a skill I m keen to further develop. Lin Associate Joined 2012 MSc in Economics at the London School of Economics and Political Science Economics Consulting Oliver Manager Joined 2011 BSc Economics at University College London Economics Consulting 17

11 Sustainability and Climate Change Consulting We have 800 Sustainability and Climate Change specialists with over 100 in the UK alone No time to waste Sustainability and climate change are at the top of the corporate agenda for public and private sector organisations. But different organisations are at different stages in understanding how they should respond. We help them balance competing economic, social and environmental goals. Our advice goes right to the heart of policy and strategy, addressing everything from changing regulations and consumer preferences to the security of supply chains and access to scarce resources. Tackling all the issues Around 800 specialists including over 100 in the UK use a blend of skills, experience and tools, as well as scale and reach, to analyse the issues, shape strategy and deliver practical solutions. We also work with Economics Consulting to provide economic analysis and policy advice for public and private sector clients across the world, including government and inter-governmental organisations, think tanks, the private sector and Non-Government Organisations (NGOs). Our policy and economic advice ranges from green growth to climate change and sustainable agriculture, and is particularly focused on how the public and private sector can work together to deliver more sustainable development. In Programme Delivery we support governments, donor organisations, the private sector and NGOs on policy development through to fund management and programme implementation. Our expertise includes poverty alleviation and economic development, forestry, ecosystems and climate change. In Assurance and Reporting we help companies explain, develop and communicate their position and performance in tackling sustainability issues, working with them to provide advice on processes, systems, controls and internal and external reporting, as well as providing independent assurance around key sustainability related data and information. In Strategy Support, whether it s anticipating changes in markets or by competitors, understanding and managing the risks climate change brings or embracing the opportunities offered by renewable energy, we help clients address the issues that will have the greatest impact on their organisations. In Governance, Risk and Compliance (GRC) and Operations we re helping our clients implement and assess their responses to sustainability issues and to embed consideration of these issues into their core business processes. Your job description After a thorough induction you ll get straight down to work, learning constantly on-the-job from supportive, inspirational colleagues. Your role will be incredibly varied and cross all our specialisms. Projects can last from a couple of days to a few months but you ll tend to work on several different things in any one week. You might be producing a complete picture of an organisation s sustainability impact or helping a business realise commercial opportunities that also contribute to sustainable development. You could be designing a new approach to carbon trading or reviewing the way a client sources raw materials. Or you could find yourself helping a retail giant eliminate emissions from its global supply chain or advising an investment manager on developing a renewable energy fund. Closing date for Summer Internships 17 January 2014* * Please refer to our website as the application process for Summer Internships for this area will differ from our other areas of Consulting. Find out more at

12 My first experience of PwC was on their Summer Internship in Sustainability and Climate Change in I really enjoyed myself, worked hard and was offered a permanent position. I was interested in climate change and environmental policy, but wanted more experience of the private sector. At PwC, I ve been able get that experience. I mainly split my time between both private and public sector projects. And I ve worked on a wide range of projects, from adaptation policy to sustainability reviews of private equity portfolios. The best thing is meeting and working with clients, and learning about their sectors and approach to sustainability. My work varies day-to-day and there s a lot of choice in the projects you work on. From the beginning, you re in client-facing roles and have challenging work. But the team are extremely supportive and keen to share their expertise. I have a three year old son, so being able to work from home or work flexibly has also been a huge benefit and allowed me to balance my work and family life. Before I joined PwC, I spent a year working in industry for an energy company and a supply chain information company. Here I ve experienced a wider set of sustainability issues across a range of sectors while also gaining key consulting and project management skills. I ve worked on different issues including human rights, conflict minerals and responsible investment. And recently I ve started focusing on supply chain sustainability and impact investment. Our projects are often innovative and cutting edge, and delivered to prominent client organisations leading the sustainability agenda. One of the great things about PwC is that the people here are passionate about what they do. Another is that you get to try lots of new things. Consultancy by nature is very diverse, and I ve already worked with a range of clients on different sustainability issues, which helps me decide what I d like to focus on more in the future. You also get more responsibility for delivery of projects, whether it s producing final reports, maintaining client contact or presenting to clients. Paisley Associate Joined 2012 MSc (Hons) Environmental Technology at Imperial College London Sustainability and Climate Change Consulting Matthew Senior Associate Joined 2011 BA Economics and History at University of York Sustainability and Climate Change Consulting 21

13 What we look for Our core competencies Assess your strengths Our people make us stand out, so we choose the best and invest heavily in them. You ll need a 2:1 or above plus at least a 340 UCAS tariff or equivalent. For Management Consulting and Strategy Consulting we accept applications from all degree subjects. For Economics Consulting, you must be studying Economics or have a strong economics element to your degree. And for Sustainability and Climate Change Consulting you must have a masters in a sustainability or environmental field. You ll need to show us you have the following skills all the way through the assessment process: flexibility handle changing priorities and workloads positively building relationships work well with colleagues and clients courage and integrity be up for a challenge and do the right thing passion for business quickly grasp our clients issues and opportunities and be passionate about helping them succeed great communication skills listen, persuade and put your point across. There are many ways you may have developed these skills through study, voluntary work, sport, being part of a club, or a job in a bar, restaurant or shop. Think about what you ve done and what you ve learned from it. The more examples you have, the more you ll stand out. Bringing out the best in you We ll help you make the most of your talents with a structured, comprehensive, ongoing development programme. It includes everything from a formal induction to intensive interpersonal skills courses and technical training. Ultimately though, our best training takes place in our close team environment, on-the-job and in front of our clients. PwC Professional The PwC Professional is a new global leadership framework for our people. It describes the leadership skills, capabilities and behaviours that we expect of our people to meet our clients expectations. The five attributes of The PwC Professional are Whole Leadership, Business Acumen, Technical Capability, Global Acumen and Relationships. Our people strategy focuses on improving our agility as a business, and continuing to value difference amongst our people as one element of a great, wider people experience. You ll learn more about The PwC Professional and our people strategy when you join us. We ll be looking for evidence that you can: Communication skills Business minded Open minded and curious Strong team player Coach and develop yourself and others Have you ever changed the way you did something after getting feedback? Be curious: learn, share and innovate Have you applied something you ve learned, in a part-time job or in class, to achieve a goal? Communicate with impact and empathy Have you presented to your class, club or society? Lead and contribute to team success Have you ever supported a teammate or classmate to help them achieve success? Build and sustain relationships Are you a strong contributor at your local club or society? Show you have courage and integrity Can you think of a time when you ve had to keep something confidential? Manage projects and budgets Have you juggled different priorities, such as degree subjects, to meet an important deadline? Be open minded, practical and quick to adapt Have you tried new things that are outside your comfort zone? Build and use commercial and technical know-how Are you interested in business and current affairs? Being passionate about client service Do you work hard to make things better, such as being part of a revision group or having a part-time job? For more information on how your experiences to date can demonstrate our competencies, go to

14 How to apply 1 Research During your interview, you ll need to explain why you ve chosen a specific area of Consulting and what you can bring to it. So visit and start exploring. 2 Get online Decide on your area of Consulting and the skills you can bring, and apply online. We ll then ask you to take some online tests and you ll get the results within 48 hours. You ll find out if you have a first stage interview once the deadline has passed. 3 First interview This could be over the phone, face-to-face or on campus. It will be a competency-based interview so make sure you ve thought about the type of experiences and skills we re looking for. If you re applying to Strategy, the first stage will be an assessment day. 4 Assessment day We ll invite you to this if you have a successful first interview. There ll be numerical tests; logical reasoning tests; a group or individual exercise; and a written exercise. For Strategy, your first stage assessment day will consist of psychometric tests, a written exercise, and a competency-based interview and case study. 5 Final stage interview For Management Consulting, Economics, and Sustainability and Climate Change, your second and final stage interview will be with a senior member of the team. Like your first interview, this will be competency-based so be ready to talk about your skills and how you gained them. For Economics, this will also include a technical case study. For Strategy, you ll have a final stage assessment day consisting of a senior interview and case study, presentation exercise and a group exercise. 6 Offer We ll tell you whether we d like to make you an offer as soon after the final stage interview as possible. 7 Pre-employment screening Accept our offer and we ll check your grades and job history, so please make sure everything s correct before you send us your application. We re known for accuracy, so carrying out checks like this protects our reputation. 8 Before you join The support starts as soon as you say yes. So you feel part of PwC well before your first day, we ll invite you onto our onboarding website and Facebook application where you can keep in touch with news, advice and information. And you can also network with other students about to join us. The recruitment process may vary slightly across business areas so check specific details on our website.

15 Meet Consulting PwC More London: 1 October 2013 University of St Andrews: 2 October 2013 Aston University: 15 October 2013 University of Oxford: 17 October 2013 University of Cambridge: 22 October 2013 University of Bath: 31 October 2013 University of Warwick: 6 November 2013 Please visit our website to see when there are more Consulting events. /PwCCareersUK /CareersPwC This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors PricewaterhouseCoopers LLP. All rights reserved. In this document, PwC refers to the UK member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details.