The Global EY organisation (EY) has announced combined global revenues of US$49.4bn (£39.7bn) for the financial year ending June 2023 (FY23), an increase of 14.2% in local currency (9.3% in US dollars). This marks one of the most successful years in the history of the organisation with record global revenues and continued significant growth.
EY has also published its Value Realised report, an expanded annual report detailing financial performance; environmental, social and governance (ESG) efforts; and key areas of collaboration to drive long term value.
Commenting on this, EY global chairman and CEO, Carmine Di Sibio, said: “I am very proud of EY growth this year. Guided by a commitment to create long-term value for all stakeholders, the organisation is seeing the result of investment in pivotal alliances, cutting-edge technologies, and, most profoundly, the continuous upskilling of EY people.
“EY teams have supported thousands of clients to navigate challenging global economic conditions, working with them to overcome obstacles and transform their businesses for success. At the same time, EY people are playing their part in tackling societal challenges – from progress in reducing carbon emissions to positively impacting 46m lives this year through corporate responsibility initiatives.”
Continued investment in innovation and artificial intelligence
There has been EY investment of US$3.6bn in FY23 across audit quality, innovation, technology and people, as part of a US$10bn three-year commitment announced in FY21 of which US$1.4bn has been specifically focused on AI and the launch of unifying platform EY.ai.
EY.ai combines EY capabilities, AI and curated ecosystems. EY has also announced a rollout of a large language model – EY.ai EYQ – the EY.ai Confidence Index and specialised AI training for all EY people. This follows the launch of numerous AI tools including the EY Tax Co-Pilot, augmenting the capabilities of EY tax professionals.
Harnessing technology, data and partnerships through ecosystems
The EY organisation harnesses the transformative power of collaboration to create an ecosystem of businesses, offering a mix of capabilities, technology, data and relationships. From sparking innovation to accelerating speed to market, the EY ecosystem is helping clients drive growth and unlock value.
Over the last five years the EY organisation has developed 102 ecosystem relationships and 67 alliances. In FY23, 17 new business alliances were established and a total of 35 ecosystem relationships.
Significant progress in reducing absolute emissions
Significant progress is being made on a science-based decarbonisation plan, which includes increasing the use of renewable energy and leveraging technology for real-time carbon tracking, as EY remains on track to achieve the ambition of becoming net zero in 2025. The EY organisation has reduced absolute emissions globally by more than 43%; while at the same time the organisation has grown (both in terms of revenue and people) by over 40% against a FY19 baseline.
EY continues to be recognised as a leader in sustainability services. In FY23 EY Climate Change and Sustainability Services (CCaSS) teams experienced exceptional combined revenue growth of over 40% and EY was recently ranked No.1 in climate change consulting by independent analyst firm Verdantix. There are currently approximately 5,000 dedicated sustainability professionals in the EY organisation, comprised of engineering, scientific and wider sustainability specialists.
Investment and impact in sustainability and technology training
In FY23 there were record EY investments of US$385m in training which delivered an all-time-high of 24m training hours, amounting to an average of 61 hours per employee.
The EY organisation offers 227 learning accreditations – known as EY Badges – across a range of disciplines including AI, supply chain planning, Diversity, Equity and Inclusiveness (DE&I) and sustainability, in addition to technical training in accounting and tax. More than 430 Badges are earned by EY people each day and to date more than 410,000 have been earned since the program’s inception in 2017.
Following the success of the EY Tech MBA in 2020, last year the EY organisation launched another new fully accredited qualification in association with Hult International Business School – the EY Masters in Sustainability. This year, the sixth and largest ever EY Tech MBA cohort was celebrated with 74 graduates in addition to the first-ever cohorts of EY Masters in Sustainability graduates, totalling 274 graduates across all EY Degrees.
Today there are more than 70,000 technology professionals in EY – ranging from data scientists to AI engineers and cloud experts.
Investing in EY people and teams an ongoing priority
DE&I continues to be a strategic priority at EY. To demonstrate this commitment, the EY Global Executive signed the Global Executive Diversity, Equity & Inclusiveness Statement, and will promote representation of the broad range of differences across the EY organisation globally at the most senior levels.
In FY23 36% of partner, principal, executive director and director (PPEDD) promotions were women. Overall, this year’s class of 2,216 total promotions to PPEDD was one of the largest ever cohorts, reflecting the strength of the EY organisation and confidence in the future.
Headcount across the EY global organisation also continued to grow, with 8.2% growth in total EY member firm partners and people to 395,442 globally. This year 4.7m people applied to work at EY, from which 122,000 were hired, alongside an overall retention rate of 79.3%. 93% of recent hires said they had an exceptional recruiting experience.