Recent grads, listen up. EY-Parthenon – the popular strategy consulting firm nestled within Big 4 conglomerate EY (Ernst & Young) – is delaying start dates for Associates (new undergraduate hires) from February to July 2024.
This news affects those who graduated in May or June of 2023 and is the second time EY-Parthenon has delayed start dates for the incoming Associate class. Meaning? These new grads will not begin their full-time career until over a year post graduation.
Why is EY-Parthenon (Again) Delaying Start Dates?
This news, against the current economic backdrop, unfortunately does not come as a surprise.
Certain segments of the consulting industry has been hit hard by a rising interest rate environment, which has dampened demand for consulting services. New project work has slowed, leading to decreased consultant utilization rates (AKA more consultants “on the bench“).
One factor that has hit EY-Parthenon harder than many others is the firm’s focus on transactions. M&A activity has slowed significantly, directly affecting the firm’s project pipeline. This is a primary contributor to EY-Parthenon’s decision to ask the incoming class of consultants to begin in July instead of February.
EY-Parthenon new hires are not alone though – across the industry, Management Consulted has seen higher bench numbers as firms do not have enough project work to staff their consultants on.
What This Means For You
While this news isn’t something anyone wants to hear, there is a silver lining for those affected. While EY-Parthenon isn’t offering much in terms of compensation for the delay – a whopping $5,000 pre-tax – recent grads can make the most of the additional time to travel, spend time with loved ones before beginning a busy career, learn a new hobby, or further hone their skills.
Conclusion
While we wait for an economic turnaround, stay focused and positive! Management Consulted has many resources available to help further your consulting skills to give you the chance you deserve.
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