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EY US to Spend $1B on Recruitment and AI Initiatives

S.J. Steinhardt
Published Date:
Jun 20, 2024

Job listings - GettyImages-843533330

Ernst & Young LLP (EY US) announced that it plans to invest $1 billion over the next three years to improve the attractiveness of the accounting profession for early career professionals, Accounting Today reported.

The investment includes a large increase in compensation early in the careers of young professionals, as part of a total rewards package that recognizes the value of a CPA career path. There will also be a new 360 Careers experience, plus outreach and support for college students as well as improved well-being benefits.

In addition, EY US intends to increase funding for artificial intelligence (AI)-powered audit and tax software. AI is being built into the firm's main audit platform tools globally in order to improve audit quality, productivity, risk assessment and insights.

"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 of assurance, in a statement. "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."

"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 of tax, in the statement. "Our focus on the intersection of technology and talent provides our people with opportunities for continuous learning, which ultimately benefits our clients."

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