How AI is forcing the Big Four to rethink graduate training
The Big Four giants – KPMG, Deloitte, EY, and PwC – have for decades played an important role in shaping the next generation of City workers. As one of the largest graduate trainers in the UK, their approach to restructuring graduate programmes in the age of AI will be crucial to the future of financial and professional services, Maria Ward-Brennan writes.
Every year, the talent teams at the Big Four accountancy firms sift through thousands of applications from young graduates desperately hoping to be among the select few they recruit. As the launch pad for some of the City’s most notable and successful careers, KPMG, Deloitte, EY, and PwC have over decades established themselves as a primary gateway for ambitious young people to forge their careers in the Square Mile.
All the companies train thousands of graduates every year, fully aware that many will leave after completing their training. They view this not as a loss, but as an opportunity: by serving as a training ground for businesses that lack such programmes, they build valuable future relationships. When these graduates rise through the ranks at companies that become clients, the initial investment pays off.
Despite reports that the Big Four have recently been scaling back graduate intakes, driven by AI automation and a gloomier economic backdrop – forces which are also slowing the typical rate in which the graduates move on after training – all the firms are still pumping millions of pounds into preparing the next generation of workers.
And as the the sector faces a generational upheaval driven by advances in AI, the decisions KPMG, Deloitte, EY, and PwC take on their graduate programmes shape not only their own futures, but also those of the City’s workers as a whole.
City AM asked each of KPMG, Deloitte, EY and PwC how they are adapting their training programmes for the new realities of the sector – and all have either recently completed major overhauls or are actively restructuring them.
‘Human skills’ are the new valuable skill to have
One of the biggest forces reshaping graduate training programmes is AI, with the technology allowing firms to automate many of the tasks that once defined a graduate’s first year.
Historically, first-year graduates balanced their exams with low-level, manual client tasks like data entry and basic report preparation. However, because AI now handles those tasks, the Big Four giants have trainees take on complex, judgement-based work much earlier than previous cohorts.
“Graduates will become more involved in reviewing and exercising judgement rather than simply producing outputs, while still developing a broad range of professional skills,” Marc Burrows, chief people officer at KPMG UK, told City AM.
KPMG’s rejigged programme now has grads take front-loaded exams, ensuring they have the technical and regulatory knowledge needed to advise clients as soon as they hit the floor in year two. Before starting client engagements, graduates also learn by working alongside experienced staff and partners.
As this will be one of the first cohorts of graduates to have used large language models like ChatGPT throughout their degree, the firm knows these new recruits arrive with greater awareness of the new technology than many of those who will train them.
Phillippa O’Connor, chief people officer at PwC, told City AM: “We’re seeing a generation of digital natives coming into the workplace with strong technology awareness and literacy, but increasingly success depends on a blend of technical, technological and human skills.”
Lauren McCafferty, director of early careers at Deloitte UK, added: “Every new joiner brings with them their own unique set of skills, including the communication, adaptability, resilience, and analytical abilities we value highly… Our development programmes cultivate and build on these key skills, which they need to succeed.”
The Human touch
While acknowledging this new cohort’s digital skills, all four firms explicitly noted that their programmes are now actively training graduates in core human and workplace skills. Critical thinking, resilience, adaptability, and relationship-building have become top priorities. As firms push juniors into complex work earlier, they need to hone their basic human skills.
Anne-Marie Balfe, EY talent leader, UK and Ireland, told City AM: “As technology continues to evolve the workplace, skills such as problem-solving, critical reasoning and the ability to work effectively in teams are becoming even more important.”
PwC said it has introduced debating sessions to hone these skills, while KPMG noted that a lack of prior workplace experience requires dedicated coaching on basic workplace behaviours.
The Big Four are not the only firms in the professional services industry focusing on critical thinking and relationship-building skills. City AM recently reported that several City law firms have introduced communication bootcamps to train junior lawyers in basic professional skills like making phone calls.
As technology automates the traditionally repetitive tasks picked up by junior staff, advisory firms are placing a premium on the human touch. With the Big Four still training a significant portion of the British professional workforce, the skills they prioritise now could well shape the next generation of workers.
‘Beyond The Billable’ is a weekly column focused on the professional services industry.