The Big Four are shrinking the size of their graduate schemes, with one of them cutting early careers roles by 30 per cent.
The Big Four includes KPMG, EY, Deloitte, and PWC, and have long been known as proprietors of some of the UK’s most exclusive graduate schemes.
All four of the aforementioned companies are cutting their early careers roles, with KPMG dropping its graduate intake by 30 per cent, Deloitte by 18 per cent, EY by 11 per cent, and finally, PWC by six per cent.
According to City AM, the slashing of grad roles comes down to generative AI use. This is because tools such as ChatGPT can do admin tasks and graduate “grunt work”, meaning a person is no longer required to do these tasks themselves.
However, it’s not just the Big Four shrinking their grad schemes, as graduate job roles have decreased by around 30 per cent since ChatGPT launched.
It’s also not looking good for graduates seeking accountancy roles, as this figure surges to 44 per cent.
Additionally, many firms are moving a number of their operations overseas, to countries such as India and Malaysia, as a way to cut costs.
This comes as the current graduate job market was recently deemed as one of the toughest on record, with there being roughly 140 applicants per role.
One recent graduate also spoke out about her struggles finding a job, saying she applied to 1,200 roles, yet only got offered two interviews.
But it’s not all bad news, as the firms cutting their grad roles are also creating AI assurance and audit teams, opening up new roles to job seekers.
Featured image via Canva
