EY: The Fastest-Growing Global Leader in the Last Quarter

EY: The Fastest-Growing Global Leader Among the Big Four Accountancy Firms in the Last Quarter

In a striking divergence among the Big Four accountancy firms, EY (Ernst & Young) has emerged as the fastest-growing global leader in the latest fiscal quarter. EY Luxembourg, a crucial arm of the firm, reported a robust 13.3% growth, with overall global revenues soaring to an impressive US$49.4 billion, marking a 14.2% increase. This growth trajectory positions EY halfway through its ambitious 2026 plan, which eyes an ascent from €260 million in 2020 to €500 million in 2026.

EY's growth is multifaceted, encompassing significant advancements across its audit, consulting, tax, and strategy and transactions divisions. The audit division, for instance, saw a remarkable 16.0% growth, while consulting notched up a solid 10.7% increase. The tax division recorded a steady 4.2% uptick, and the strategy and transactions arm demonstrated an exceptional 43.8% growth.

Conversely, KPMG, another Big Four stalwart, witnessed a comparatively tepid expansion, with a 5% increase in global revenue amounting to $36.4 billion for the fiscal year ending September 30. This rate was the slowest among its peers. Despite this, KPMG is channeling significant investments into future growth, notably a $2 billion commitment over the next five years in artificial intelligence and a deepening collaboration with Microsoft.

The contrasting growth patterns of EY and KPMG underscore the dynamic, competitive landscape of the global accountancy and professional services industry. While EY rides a high growth wave, KPMG's strategic investments hint at a long-term vision aimed at reinforcing its market position.

Stockholm 20231214

Rodrigo Pozo Graviz