How is the internal project evaluation process in your company?

Honestly, I'm fed up with Cognizant's internal project evaluation process now. You have to clear one internal evaluation and then a client evaluation round before you get into a project. It's feeling like the company is simply a project aggregator or should I say an HR consultancy which is pooling resources and supplying them to clients.

If you are smart enough, then you can put same level of effort for cracking interviews outside and get more salary.

How is the scenario in other IT service companies?