PwC’s global chairman Mohamed Kande has warned that the rise of artificial intelligence could lead to fewer entry-level graduate positions at the accounting giant, even as the company struggles to hire hundreds of AI engineers. His remarks, made at a business summit in Singapore, underscore the transformative impact of AI on the professional services industry and future workforce dynamics.
The growth of AI may eventually reduce the number of graduates hired for traditional roles such as data sifting and document analysis, tasks that can now be automated efficiently. Kande noted that clients who previously relied on PwC consultants for these labor-intensive functions might increasingly use AI models, turning weeks of costly work into mere minutes. However, he clarified that recent job cuts at PwC were not directly caused by AI, emphasizing that the firm remains committed to hiring but in evolving capacities. This shift reflects a broader industry trend where AI is redefining the value of entry-level positions.
PwC has abandoned its ambitious plan to hire 100,000 people over five years, a target set in 2021 when the business environment was markedly different. Kande explained that the advent of AI has necessitated a strategic pivot in hiring focus, moving away from mass graduate intake towards more specialized roles. Last year, the company cut over 5,600 positions worldwide as part of this adjustment, with the UK branch previously acknowledging that AI is reshaping roles. Despite these changes, Kande stressed that the firm continues to seek talent, albeit for a different set of skills aligned with technological advancements.
Paradoxically, while AI threatens some graduate jobs, it is also driving demand for new types of roles, particularly in engineering. Kande described the AI boom as an exciting time for job creation, revealing that PwC is actively looking to hire hundreds of AI engineers to advance its AI agenda. However, the firm faces a significant shortage of qualified candidates, highlighting a skills gap in the rapidly evolving tech landscape. This shortage underscores the urgent need for educational and training programs to prepare workers for AI-driven economies.
On the economic front, Kande pointed out that global uncertainties, such as former US President Donald Trump’s sweeping tariffs, have unexpectedly benefited PwC’s consulting business. Companies worldwide are seeking advice on navigating the volatile trade environment, leading to increased demand for PwC’s services. This surge has provided a financial buffer as the firm adapts to technological disruptions, demonstrating how geopolitical shifts can create opportunities for consulting firms. Kande emphasized the importance of remaining relevant to clients by engaging in these critical discussions.
Kande also addressed PwC’s reputational challenges, including its six-month suspension in China over its auditing work for the collapsed property giant Evergrande. He assured that the firm has implemented robust quality management and governance systems to prevent similar incidents, noting that PwC no longer faces restrictions in China. These measures aim to restore confidence in the firm’s integrity and global operations, with Kande vowing that mistakes from the past would not be repeated under his leadership.
Looking ahead, the shift in PwC’s hiring strategy signals a broader transformation in the professional services sector, where AI is automating routine tasks but creating demand for advanced technical expertise. Graduates may need to adapt by acquiring AI-related competencies, such as data analytics and machine learning, to remain competitive in the job market. As Kande concluded, the future workforce will require a different set of people, emphasizing the need for continuous learning and innovation to thrive in an AI-dominated era. This evolution presents both challenges and opportunities for businesses and employees alike.
