Big Four Planning to Hire 20% More Graduates This Year Than 2009
Thousands of University graduates are going to join the Big Four this year as the companies gear up to overtake last year’s financial crisis. With this move, the graduate intake is rising to levels that were last seen before the financial crisis occurred.
PricewaterhouseCoopers, Ernst & Young, KPMG and Deloitte are planning to hire approximately 3850 graduates between them this year. The Times says that this number is up by more than 20% of the graduate intake by these companies last year.
Widespread redundancies made the four firms cut their graduate intake numbers in 2008 by about 20%. Last year, that number was again brought down by 5%. Apart from the Big Four, other accounting firms too cut down the number of graduates they gave jobs to due to the financial crisis.
Autumn is the time when each year the Big Four take on graduates, but this year a few of them were started on jobs earlier in the year, which gave rise to the speculation that the financial doom has been really left behind.
The Big Four has been taking on new graduates from top- of- the- line auditing schools and spreading them evenly across all services, such as audit, management consulting and tax.
The Times surveyed a section of graduates in law firms and found that a lot of new graduates stay in firms only long enough so as to get their accounting qualifications and then leave for supposedly greener pastures such as finance or industry. Each year, the accounting industry sees about 15% of their staff leaving.
Last year, PricewaterhouseCoopers, one of the top- rated accounting firms as rated by Forbes, received more than 18000 applications from hopeful graduates and this year they expect a lot more.