Ernst & Young UK (E&Y) plans to double
its revenue from advisory services in the next three years. E&Y
started its UK advisory business in 2005 and the sector now has
1,500 staff members and annual revenue of £300m ($464m).
E&Y is looking to recruit about 1,000
people across the UK and Ireland at all levels to its advisory
sector in the next three years.
The announcement follows news that partners’
profits fell last year. Average profit per partner dropped from
£737,000 to £678,000, despite a record rise in turnover.
E&Y announced an 8% rise in turnover to
£1.4bn in September 2009 but operating expenses also increased by
13% to more than £1bn
E&Y claim they invested at the bottom of
the downturn in graduates, new partners, staff, new services and
other resources in order to ensure that they were ready for the