PwC hires record number of partners

The big four firm has bounced back from the pandemic to onboard a record number of partners in Australia. SEE WHO MADE THE LIST.

Demographic makeup of the new partners represented the firm’s commitment to diversity. Picture: Mike Burton

PwC Australia entered the financial year slashing staff and pay packets amid the Covid-19 pandemic but will end it with the single largest intake of partners in its history as the economic recovery has underpinned a strong growth in demand for consulting and audit services.

The big four firm on Tuesday announced 92 additional new partner admissions. On top of the 53 announced in January, which brings the financial year’s total intake to a record 145 new partners.

Sixty of the 92 partners are internal promotions, two are international transfers, while 30 are joining PwC for the first time.

PwC Australia CEO Tom Seymour said the move demonstrated the firm’s confidence in the future.

“This represents the single largest intake of new partners in PwC Australia’s history and demonstrates the firm’s confidence in its growth prospects into the future and shows more than ever an ability to deliver on an exciting career path for its people,” he said.

“Our record intake reflects the rapid improvements in business conditions in Australia and our firm’s confidence in the strength of the economy as we move into the new financial year.”

A slight majority, or 39 per cent, of the intake will sit within the financial advisory business, 37 per cent will go to consulting, 20 per cent will go to assurance while the remaining admissions are in internal services.

Mr Seymour said the intake was heavily weighted towards markets seeing a lift in demand due to the pandemic and technological development.

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“Our new partners signify strong demand in our core businesses and in our growth markets, with experts in infrastructure, cyber security, the future of work and healthcare representing one in five of the new partners we’ve admitted since this time last year,” Mr Seymour said.

“The pandemic has meant we’ve seen strong demand in our healthcare business and an economy wide boom in companies boosting their capability in cybersecurity.”

He also said the demographic makeup of the new partners represented the firm’s commitment to diversity.

“This financial year 48 per cent of our partnership admissions are female and 34 per cent are from a diverse cultural background,” he said.

“We also have three Assurance partners and one Consulting partner admitted while on parental leave.”

PwC’s partner intake comes after fellow big four firm Deloitte announced a profit lift despite impact of the pandemic