E&Y Has Big Growth Plans for China

Ernst & Young wants to increase its Chinese staff from 8,000 to a whopping 32,000 in ten years, a nearly 400% increase. The hot Chinese economy is creating terrific demand for Big Four services and Big Four personnel. Every Big Four accounting firm is bursting at the seams with demand and business, moreover job hopping is becoming common, and companies are complaining about the shortage of experienced audit personnel.

So, large influxes to the Big Four are likely to happen, and at an increasing rate. E&Y wants to open 2 to 3 branches each year (from current number of 10 branches) for the next few years as it goes deeper into Western China. E&Y’s CEO, James Turley, says, "We need to have a firm in China in the next foreseeable future, you know, 10-plus years, and we are not talking about 8,000 or 9,000, we are talking about 25,000, 28,000 or even 30,000 staff in China."

Ernst & Young last year became the official auditor for the listing of Industrial and Commercial Bank of China, which marked the world's biggest IPO of shares in 2006.
Many of other E&Y Chinese clients are big state-owned enterprises such as China Mobile. Ernst & Young took over a local accounting firm in 2001, making it the first foreign player to make such a Chinese acquisition.

China is growing at robust rates and will continue to grow at good rates far into the future, and will remain the focal point for international companies and professionals.