EY plans $1B investment to entice young accountants

Ernst & Young's U.S. firm intends to invest $1 billion over the next three years in talent and technology to improve the attractiveness of the accounting profession for those in the early stages of their careers.

The investment includes a large increase in compensation early in the careers of young professionals, along with funding for artificial intelligence-powered audit and tax software. There will also be a new 360 Careers experience, plus outreach and support for college students as well as improved well-being benefits.

EY US plans to boost early career compensation as part of a total rewards package that recognizes the value of a CPA career path, putting the profession and accounting degree on par with other business majors with the goal of positioning EY US as a pay leader in the competitive U.S. market.

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"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."

AI is being built into EY's main audit platform tools globally to improve audit quality, productivity, risk assessment and insights. Tax technology is also being beefed up with 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 a statement. "Our focus on the intersection of technology and talent provides our people with opportunities for continuous learning, which ultimately benefits our clients."

EY US will offer pathways for its employees  to CPA licensure, including the EY Career Path Accelerator to grow the pool of future CPAs. The new EY 360 Careers experience for early career professionals will start in 2025 to give campus recruits the skills they would need to grow as leaders at the global EY organization, become entrepreneurs or advance to the C-suite later in their careers. EY also plans to offer well-being enhancements to help its professionals perform better through coaching and well-being assistance for audit and tax personnel during busy times of the year.

 "Investors and global capital markets depend on a thriving accounting profession," said Ginnie Carlier, EY Americas vice chair of talent, in a statement. "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."