According to the AFR (20/1/12):
Graduates in E&Y’s audit division are being “offered the opportunity” to start work later in the 2012 financial year. Graduates in other service lines are not affected.
Thankfully, the firm still remains committed to employ the 416 graduates it made employment offers to, although time will tell whether they too receive a cruel ultimatum at some point in the future.
The story is more positive across at Deloitte and KPMG. Geoff Wilson, the chief executive of KPMG, told the AFR:
We have not rescinded or deferred the start date of one graduate.
Similarly, the chief financial officer of Deloitte, Keith Skinner, told the AFR:
Deloitte has not cut back or delayed its graduate intake, or embarked on voluntary or forced redundancies.
Meanwhile, we received the following tip-off yesterday suggesting that, similar to recent moves at E&Y and KPMG, mid-tier accounting firm PKF may soon shave headcount:
Rumour doing the rounds at PKF is that there is going to be significant redundancies across the East Coast Practice Group and no service division is to be immune.
If you know more, please email us – news@firmspy.com
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Deloitte and KPMG haven’t had to defer their grad intakes due to their high staff turnover. Hardly ideal.
PKF haven’t started redundancies. There has been firm restructure but all staff was told no one would be cut. Our grads all started two weeks ago.
There is too many people who have left voluntarily. There is not enough staff as it is, so doubt they would cut.
I’m an intern working in audit and pretty scared about whether we’ll get a grad offer for next year. Can anyone confirm?
Damn, I’m an Audit Grad at E&Y and a bit concerned after reading this but I haven’t been notified of any deferral to my start date as of yet, fingers crossed everything is ok.
@ Dim Sim
So you’re currently working in Audit as an intern this summer I take it? Well just have a look at the 2012 EY Audit Grads in the firmspy article. Supply >>>> Demand in the business cycle trough. Also its worth noting that the EY HR muppets consistently overestimate work flow to the point that in 2008/9 the EY bid undercut BDO for a 3 year Audit for a measly $250,000 at my company. When you’re reduced to undercutting BDO that’s saying something.
Wow. Good thing I am holding on to two offers. To think I was about to reject the other one.
Anonymous. Too many people have left voluntarily??? Plllllease!!! Most will jump when forced to walk the plank…
@ Anon – congrats on ur 2 offers.. where at??
@ new grads – when u haven’t been there, u dream to be there. When u are there, I bet u dream to get out.. thing’s arent as great as it seems. WAKE UP!
Deloitte have begun to manage out people and there is basically no work for current grads.
Hey well I rejected the other one. Unfortunately all my eggs are in the EY basket.