PWC cuts partners and apprenticeships amid slow demand
Consulting giant PWC UK has made record cuts to its partner ranks and paused its tech apprenticeship scheme to protect partner profits in the face of a sharp decline in consulting demand.
According to corporate filings, 123 partners left the Big Four firm in 2024, more than double the annual average since 2002.
Meanwhile, the Financial Times reported that the company has halted recruitment for its tech apprenticeship “flying start” scheme.
The scheme allowed students to receive a degree whilst working at PWC.
It’s been reported that 27 of the 91 students who completed the scheme last year weren’t offered permanent roles at the end, leaving them without enough time to apply elsewhere.
This news comes as PWC seeks to sustain an annual profit close to £1m per partner despite a revenue decline.
The firm has taken other cost-saving measures, including silent lay-offs, where employees were told to leave, but urged not to disclose why they were moving on.
PWC also introduced a new managing director title, which allowed it to retain senior staff members without promoting them to the partnership level.
The Big Four have generally been scaling back recruitment and restructuring their partner pools.
In 2024, PWC’s graduate intake dropped 16 per cent year on year, mirroring cuts at KPMG, which reduced its hires by 33 per cent.
PWC’s December spike in partner exits, with 74 in one month alone, shortly followed the appointment of its new senior partner Marco Amitrano.
This echoed a similar wave of exits in 2016, when his predecessor took over.
PWC has been approached for comment.