Ernst & Young has delayed start dates for incoming consultants in its U.S. strategy and deal advisory division for the third consecutive year, citing “uncertain and evolving market conditions,” according to a report by the Financial Times.
The deferral affects undergraduate and specialized master’s graduates who had been scheduled to join EY Parthenon in the coming months. These recruits have now been informed they will not start “any sooner than March 2026”—a full year or more later than originally anticipated.
The move reflects the ongoing struggles of the Big Four accounting and consulting firms amid a cooling mergers and acquisitions market and broader economic headwinds. Slower deal activity has reduced demand for advisory services, while employee turnover has dropped, resulting in a surplus of staff.
“Other firms tell me that hiring plans are moving forward at ‘full speed ahead,’” said Namaan Mian, chief operating officer of Management Consulted, a firm that coaches consulting candidates. “EY would just be paying these kids to sit on the bench.”
In a message to affected hires, EY acknowledged the delay could change “in either direction” depending on future market developments. The firm has offered recruits the option to defer until the second half of 2025 in exchange for a $10,000 lump sum, or to exit entirely while retaining their original sign-on bonus.
Not all recruits welcomed the offer. One graduate, who had declined a job at a major tech company to join EY Parthenon, called the compensation “disrespectful” and criticized the timing of the announcement. “I walked the stage on Saturday and got that email on Monday,” the individual said. “They literally open the email by saying congratulations on your recent graduation, and then go on to say, ‘oh, by the way, we’re pushing back your start date’.”
EY told the Financial Times that the decision affected only “a small number” of incoming hires and was made after “careful consideration of the current economic environment.” The firm emphasized that it is trying to balance incoming talent with available client work to ensure strong professional development.
The Big Four firms—EY, Deloitte, PwC, and KPMG—have long operated on an “up or out” model, bringing in large classes of new hires annually while expecting a significant percentage to leave within a few years. That model strains profitability during economic downturns, when fewer employees depart and new work slows.
Other Big Four firms have responded differently. PwC recently announced it would cut 1,500 jobs in the U.S., following 1,800 layoffs in late 2024. Deloitte has also begun trimming headcount across its advisory practices, according to internal communications in April.
As the consulting sector continues to recalibrate in the face of economic uncertainty, EY’s decision underscores the industry’s broader challenges—and the growing frustration among early-career professionals whose career plans remain in limbo.
