As reported by Financial Times and amplified by people with offers freaking out on Reddit, EY is pushing start dates back for new hires in advisory. Again. FT:
The Big Four firm told recent graduates who had originally expected to start work this autumn that some of them would now not be required until July or August 2024, almost a year late.
The decision was “based on emerging business conditions and our assessment of our business needs”, according to an email on Tuesday from EY’s campus recruiting department to a recruit in the EY-Parthenon business, which was seen by the Financial Times.
Get a load of this crap:
Its email this week said it was accelerating start dates for some, but further deferring start dates for others. “Your early experience in the practice is important for setting you on a strong trajectory, and we believe that you’ll have a better opportunity to grow, develop and progress in the practice with a July start date,” it told disappointed recruits.
EY’s fiscal year ends on June 30, perhaps they want to see how the year shakes out before taking on too many new people.
Here’s the full text of the email the firm sent out yesterday (lifted from this thread):
We hope this email finds you well. We want to provide an update on your start date with EY. After careful consideration of the current economic environment and our business needs, we are deferring the majority of incoming January/February/March hires to August. In light of this decision, your start date will now be in August. Your early experience in the practice is important for setting you on a strong trajectory, and we believe that you’ll have a better opportunity to grow, develop and progress in the practice with an August 2024 start date.
In December we will be issuing a letter reflecting this modification to the start date listed in your offer letter.
As a result of this delay, we will be providing you with an additional deferral stipend of $7,00 less applicable taxes, payable in early 2024.
We understand this change may be disappointing. On or before December 8th, a member of our team will follow up with you to discuss further.
It looks like stipends are all over the place, FT said some people were offered $5,000, others $6,000.
When EY delayed start dates the first time earlier this year they also offered stipends. Incoming hires were told of start date delays in April, the same month Project Everest imploded and EY fired 3,000 people. So these delayed offers would have been made when Everest was still in play and leadership was dreaming of comically oversized burlap sacks with dollar signs drawn on them.
Anyone with an offer from EY would be wise not to sit around waiting for August. Fool me once, shame on you. Fool me twice, blah blah.