The Big Four firms collectively hired 1,000 fewer graduates, school leavers, and apprentices last year compared to the previous year. This reduction in entry-level positions is part of a wider cost-cutting strategy aimed at protecting profits.

KPMG recently announced an 11% profit increase, partly attributed to cost controls. Its partners received an average payout of £816,000. However, the it hired around 33% less graduates and apprentices last year and reduced its UK workforce by 1,266 employees in 2024.

Similarly, Deloitte brought on 2,150 graduates and apprecitces, which is 617 fewer or around 22% less than the previous year’s intake. EY welcomed 1,600 new starts, around 11% lower, and PwC made the smallest reduction to 1,450, around 9% less year-on-year.

While official redundancy rounds have been implemented, the firms have also employed more subtle tactics to reduce staff numbers. These include stricter performance reviews leading to more dismissals and a reduction in the number of partners, The Times reports.

The post-pandemic advisory boom, fuelled by companies seeking advice on remote working and supply chain issues, led to a hiring spree. However, rising inflation and interest rates have since forced companies to cut back on expensive consultancy services, leaving the Big Four with excess staff.

Traditionally major graduate employers, the Big Four play a crucial role in training future finance professionals. However, the current downturn has forced them to adjust their recruitment strategies and workforce size, impacting the flow of new talent into the financial sector.