EY Announces $1 Billion Investment to Elevate Early Career Opportunities in Accounting

Ernst & Young LLP (EY US) has unveiled a transformative $1 billion investment plan spanning three years, aimed at enhancing the experience and career prospects of early career accounting professionals. This strategic initiative focuses on increasing compensation, integrating advanced AI technologies, introducing a comprehensive “360 Careers” program, supporting college students, and boosting well-being benefits.

Elevating Early Career Compensation

EY US will significantly increase compensation for early career professionals as part of a holistic rewards package that underscores the value of a certified public accountant (CPA) career. This move aims to align the accounting profession with other business majors, establishing EY US as a leading employer in the 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 recognize the trust placed in the profession, reward valuable skills, and ensure a strong pipeline of CPAs for future generations.”

Integrating AI in Tax and Audit Processes

EY US is at the forefront of integrating AI technology to revolutionize audit and tax roles, fostering new perspectives within the profession.

AI-powered tools are being embedded into EY’s core audit platforms to enhance audit quality, improve productivity, support risk assessment, and provide deeper insights into key business issues.

“To be successful in a rapidly evolving landscape, professionals need a diverse set of skills, including technological proficiency and an understanding of the regulatory environment,” stated Kevin Flynn, EY Americas Vice Chair – Tax. “Our focus on the intersection of technology and talent provides continuous learning opportunities, ultimately benefiting our clients.”

Supporting a Thriving Accounting Profession

EY US proclaims commitment to attracting top talent and supporting professionals from the start of their academic journey through their career progression. Initiatives include:

• Pathways to CPA Licensure: Programs like the EY Career Path Accelerator aim to remove barriers to entry and cultivate a growing pool of future CPAs.
• EY 360 Careers Experience: Launching in 2025, this program will equip early career professionals with essential skills to grow as leaders, entrepreneurs, or advance to C-suite positions.
• Enhanced Wellbeing Benefits: Dedicated coaching and wellbeing support for audit and tax teams, particularly during peak performance periods.

“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 serve as a springboard for future business leaders within our organization and beyond.”

Source/ recommended read: EY US to invest $1 billion in compensation and technology to improve the attractiveness of the accounting profession | EY - US