EY promotes record number of partners – 39% in the Americas
Professional services firm EY has announced a record-breaking 1,033 partner promotions globally in 2022, up from 830 last year.
This comes as the other three Big Four firms also promote a record number of partners on the back of unprecedented demand for the industry for digital transformation related services.
Describing them as “transformative leaders”, EY Global Chairman and CEO Carmine Di Sibio said their promotions were the “result of their dedication to the EY purpose of building a better working world”.
The Americas’ member firms saw the second-largest share of partners with 423 promotions, 39% of the total, up from 341 promotions in 2021. The largest share of partners came from EY’s European, Middle Eastern and African (EMEIA) member firms – with 423 promotions, or 41% of the overall elections, and Asia-Pacific 212 promotions (20%).
Women accounted for 32% of partner promotions globally, a nod to the firm’s efforts in continuing to improve its gender balance at a senior level.
With EY best known for its accounting and auditing work, assurance accounted for the largest proportion of partner promotions (33%).
However, its fast-growing consulting function – which has seen increased demand post-pandemic – took 26% (265) of new partners, rising one point from last year. Strategy and Transactions, Tax, and Business Support accounted for 16%, 23% and 2%, respectively.
EY sees boost in revenue, with consulting function in demand
This announcement follows a successful financial year for the professional services firm, with its most recent report revealing a boost of 7.3% in revenue, pushing its global income to US$40bn with growth across all service lines and geographical areas.
And these new appointments reflect the firm’s increased investment in certain sectors, including in technology consulting, financial services, sustainability, energy and consumer products, as well as in regional offices.
In particular, the Big Four giant has seen growth of its consulting business, fuelled by demand from clients implementing large scale, strategic transformation programmes, enabled by technology, data, and people.
Last year, EY reported strong growth across all its service lines, announcing global revenues of US$40bn for the financial year ended June 2021, an increase of 7.3%.
EY has more than 25,000 consultants across the Americas, and are led by recently appointed EY Americas Vice Chair Raj Sharma, an innovative technologist with a 25-year track record of being at the forefront of growth and change, most recently serving as Managing Partner of the EY Americas Financial Services Organisation.
This comes as EY looks to spin off its consulting arm, as the separated audit and advisory businesses will be able to grow faster than in its current combined form.
Big Four firms all promote record number of partners
Unprecedented demand for consulting and tax services since the onset of the pandemic, and with acceleration of digital transformation, has seen all Big Four firms raise their partner promotions to record levels.
This month, PwC welcomed its largest partner class to date, some 283 individuals, made up of 54% women and/or racial/ethnically diverse professionals, an increase from last year.
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