13 JUN 2024 / M&A UPDATES

EY US to Invest $1 Billion in Compensation and Technology

- MYCPE ONE Insights Team

Summary

It is generated by AI

EY US has announced a $1 billion investment to transform the early career experience for accounting professionals, which includes increased payment, AI-enabled audit and tax platforms, career development initiatives, and improved wellness benefits. The investment aims to make EY US the most desirable launch pad for accounting careers and to cultivate future business leaders.

Ernst & Young LLP (EY US) has announced a significant investment of $1 billion over the next three years, aiming to transform the early career experience for accounting professionals and boost the profession's appeal. This initiative focuses on several key areas:

1. Increased Compensation:

EY US plans to substantially raise starting salaries for Certified Public Accountant (CPA) track professionals, aligning them with other business majors to attract top talent. This move is intended to recognize the value of a CPA career path and ensure competitive compensation.

2. AI-Enabled Audit and Tax Platforms:

The firm is integrating advanced artificial intelligence (AI) technologies into its audit and tax processes. These AI-powered tools aim to enhance audit quality, improve productivity, support risk assessment, and provide better insights on key business issues.

3. "360 Careers" Experience:

Starting in 2025, EY US will introduce the "360 Careers" experience for early-career professionals. This program is designed to equip campus recruits with the skills needed to grow as leaders within the organization, become entrepreneurs, or advance to prominent C-suite positions later in their careers.

4. Enhanced Wellbeing Benefits:

The firm is enhancing its benefits package to support professionals' well-being, including dedicated coaching and assistance during peak performance periods. This initiative aims to help professionals perform at their best and maintain a healthy work-life balance.

5. Pathways to CPA Licensure:

EY US is offering pathways for its employees to obtain CPA licensure, including the EY Career Path Accelerator, to grow the pool of future CPAs. This initiative seeks to remove barriers to entry and create a growing pool of future CPAs.

Ginnie Carlier, EY Americas Vice Chair – Talent, stated, "Investors and global capital markets depend on a thriving accounting profession. 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."

This comprehensive investment underscores EY US's commitment to enhancing the accounting profession's attractiveness and providing early-career professionals with the resources and support needed for a successful career.

Until next time…

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EY US to Invest $1 Billion in Compensation and Technology

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