EY US pledges $1 billion to boost attractiveness of accounting profession

24 June 2024 Consulting.us 2 min. read
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EY US has announced plans to invest $1 billion over three years in talent and technology to improve the experience of early career accounting professionals

Accounting professional associations have for years been sounding the alarm of a significant shortfall in accountants as potential candidates bleed off to more attractive fields such as management consulting, technology, and finance and investment.

EY US aims to restore some of the shine to the accounting profession with its ambitious new program, which includes a significant increase in early career compensation, AI-augmented audit and tax platforms, outreach and support for college students, and enhanced wellbeing benefits.

“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 pledges $1 billion to boost attractiveness of accounting profession

EY US says it will increase early career compensation as part of a total rewards package that “will place the profession and accounting degree on par with other business majors” – and position EY US as a pay leader in a tight US market.

“By increasing the starting salaries of CPA-track professionals to market-leading compensation levels, we are continuing to recognize the trust placed in the profession, reward the valuable skills accountants bring and ensure a strong pipeline of CPAs for generations,” said Dante D’Egidio, EY Americas vice chair – assurance.

EY is also investing in AI-powered capabilities in core audit platform tools that help enhance quality and productivity.

“Our focus on the intersection of technology and talent provides our people with opportunities for continuous learning, which ultimately benefits our clients,” said Kevin Flynn, EY Americas vice chair – tax.

The Big Four firm will also continue to support professionals and students as they pursue an accounting degree and CPA license with programs such as the EY Career Path Accelerator and the EY 360 Careers experience.

The firm will also boost wellbeing enhancements, including dedicated coaching and assistance during periods of “peak performance.”