At least they said “attractive” and not “sexy.”
According to a press release they put out yesterday, EY plans to invest a billion dollars over three years on talent and technology “to revolutionize the experience of early career accounting professionals and improve the attractiveness of the profession.” Let’s see what exactly they think that looks like:
This investment includes a significant increase in early career compensation, artificial intelligence (AI)-enabled audit and tax platforms, an innovative new “360 Careers” experience, outreach and support for college students, and enhanced wellbeing benefits.
Call us skeptical but this sounds like a lot of non-compensation stuff that could eat up a healthy chunk of that billion bucks. They did say the salary bump will put accounting “on par with other business majors” though:
EY US will increase early career compensation as part of a total rewards package that recognizes the value of a certified public accountant (CPA) career path. This investment will place the profession and accounting degree on par with other business majors and position EY US as a pay leader in an increasingly competitive US market.
No salary number was given so we’ll just have to keep an eye on the next few compensation seasons to find out just how much more they’re paying.
Added the firm:
EY US will continue to be a beacon for top talent, supporting professionals as they pursue a degree in Accounting and as they progress in their career, through:
- Pathways to CPA licensure, including the EY Career Path Accelerator, to remove barriers to entry and create a growing pool of future CPAs
- New EY 360 Careers experience for early career professionals starting in 2025, which will serve as a launch pad and accelerator to give campus recruits the essential skills they need to grow as leaders at the global EY organization, forge their paths as entrepreneurs or advance to prominent C-suite positions later in their careers
- Wellbeing enhancements to help professionals perform at their best, including dedicated coaching and wellbeing assistance for audit and tax teams during periods of peak performance
If you didn’t know, EY Career Path Accelerator is “an accessible, affordable, and relevant alternative for students to meet the 150 hours of education required for CPA licensure” meant for people who aren’t on the Master’s track. This is what’s currently on offer:
Says EY about the program, the Career Path Accelerator “offers hands-on learning through our EY internship, ensures participants receive the guidance they need to be successful, and equips students with the future-focused skills and subject-matter experience that they’ll need upon entering the workforce.” The program is administered by Hult International Business School.
Let’s wrap this up with the expected quote:
“Investors and global capital markets depend on a thriving accounting profession,” said Ginnie Carlier, EY Americas Vice Chair – Talent. “Our goal is to make EY US the most preferred place to launch an audit or tax career and become a springboard for future business leaders – for our own organization and leading public and private enterprises.”
EY US to invest $1 billion in compensation and technology to improve the attractiveness of the accounting profession [PR Newswire]
Yea, okay. This reminds me of the fuzz KPMG made few years back about their Stamford office. They said something along the line of adding so many jobs over the next few years. Instead they have been cutting jobs. Who is there to keep them accountable..
Increasing pay is fine and dandy. Now what are they going to do to make the job of a staff accountant more rewarding and fulfilling when the core responsibility is to fill out checklists to make the PCAOB happy, regardless of the impact (actually non-impact) on audit quality?
PwC will see EYs bid and raise them.