EY has delayed the graduation date for the third consecutive year for graduates employed by the U.S. strategy and trading consulting business as the Big Four struggles to deal with what is called “uncertain and evolving market conditions.”
After graduating in the next few months, undergraduate and professional master students are now told that it is now necessary to "below March 2026."
The move comes as the Big Four accounting and consulting firms navigate a slow market in terms of mergers and acquisitions, suppressing trading operations, and broader economic uncertainty, meaning fewer employees will leave now.
Namaan Mian, chief operating officer of management consulting, said several companies delayed the recruits’ start date when the market slowed sharply in 2023, but EY was the only big company still doing so.
“Other companies told me that the recruitment program is moving forward at 'full speed',” Mian said, while Ey Parthenon took another approach. "There are too many consultants on the books and not enough projects. EY will pay these kids to sit on the bench."
In an email to members of its 2025 recruiting class, EY said the March 2026 start date is still “changing as conditions develop – changing in any direction.”
To further cut rankings, it gives recruits the option to postpone their start date until the second half of next year in exchange for a one-off of $10,000, or leave the company while allowing the signing bonus to remain.
A man who rejected a offer from a large technology company to join EY Parthenon, called the $10,000 delay "disrespectful" and said it was "crummy" to receive news just two days after graduation.
"I walked on the stage on Saturday and received this email on Monday," the person said. "They opened the email by saying congratulations on your recent graduation and then continued, 'Oh, by the way, we're postponing your status date'."
EY told the Financial Times that it gave “a few onboard employees updated guidance and choices about starting dates…after careful consideration of the current economic environment.”
It added: “Our open and ongoing communication with the group consists of providing them with a range of start dates to ensure the quality and breadth of tasks and establishing a strong professional trajectory for our new joinery.”
The giant historically operates a “up or out” model that brings thousands of recruits every year but quickly lowers its rankings. This puts pressure on profits when fewer people leave the company during periods of economic uncertainty.
PwC said this month it will lay off 1,500 employees in the U.S., of which 1,800 will be reorganized late last year. In April, Deloitte executives said in an internal call that it would lay off employees in its consulting business.