EY US to invest $1 billion in compensation and technology to improve the attractiveness of the accounting profession

News provided by

Jun 12, 2024, 08:04 ET

EY investments are a market-leading move to enhance opportunities for early career accounting professionals

NEW YORK, June 12, 2024 /PRNewswire/ -- Ernst & Young LLP (EY US) announced plans to invest $1 billion over three years in talent and technology to revolutionize the experience of early career accounting professionals and improve the attractiveness of the profession. 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.

"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."

Market-leading compensation

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.

"Accounting is the language of business, and it's time to put accounting graduates on par with other business-degree holders," said Dante D'Egidio, EY Americas Vice Chair – Assurance. "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. Our investment in the profession will continue for years to come, including upskilling our professionals in advanced technologies like AI."

AI-enabled tax and audit processes

EY US is leading the way with market-leading AI technology to transform the roles of audit and tax professionals and to serve as a catalyst for new perspectives within the audit. As digitization and AI technologies reshape the industry, AI-powered capabilities are being built into the global EY organization's core audit platform tools to enhance audit quality, improve productivity, support risk assessment and deliver better insights on key business issues.

"To be successful in a rapidly evolving landscape, professionals need to develop a diverse set of skills, including technological proficiency, and an understanding of the regulatory environment," said Kevin Flynn, EY Americas Vice Chair – Tax. "Our focus on the intersection of technology and talent provides our people with opportunities for continuous learning, which ultimately benefits our clients."

A thriving accounting profession

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

For more information on accounting careers at EY US, please visit ey.com/exploreaccounting.

About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

Ernst & Young LLP is a client-serving member firm of Ernst & Young Global Limited operating in the US.

Contact:
Katarina Wenk-Bodenmiller
+1-212-773-9358
[email protected]

SOURCE EY