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July 1, 2014 8:50 pm
EY has announced a record number of partner promotions, becoming the latest of the Big Four accountancy firms to boost its top ranks, highlighting improved economic growth and corporate activity.
The professional services company said on Tuesday that it had promoted 675 people to partner, an increase of 33 per cent on last year and its highest level of such promotions.
Mark Weinberger, global chairman and chief executive, said the significant increase in new partners reflected “confidence in the future growth of our organisation and of the clients that we serve”.
One key growth area was emerging markets, where the number of partners rose 28 per cent on last year. Europe, the Middle East, India and Africa saw an increase of 46 per cent, while the Americas region increased 23 per cent. The number of partners in Asia-Pacific increased 44 per cent on the previous year.
Across different service lines, the largest volume of new partner numbers was in assurance, with 37 per cent, followed by tax, which recorded an increase of 27 per cent and advisory, which grew by 24 per cent.
Women made up 26 per cent of the new promotions and two have been appointed to the firm’s global executive board.
EY has also been hiring across the business, with overall numbers rising from 175,000 to 190,000 globally during the 2014 fiscal year.
It comes after rival Deloitte last month announced the largest number of partner promotions in a decade in its UK business, to capitalise on a growing economy and a rise in corporate optimism.
Deloitte said it had promoted 65 new UK partners, roughly two-thirds of whom are based in London, with the remainder in regional offices.
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