PwC Plans to Boost Graduate Recruitment Amid Economic Concerns
PwC, one of the world's largest consultancy firms, intends to increase its intake of graduates next year, according to its UK head, Marco Amitrano. He addressed concerns that artificial intelligence (AI) was reducing hiring at the firm, attributing last year's cutbacks in graduate roles to economic factors instead.
Amitrano noted that the firm had reduced new graduate positions last year due to a weakening economy rather than AI-related impacts.
He observed that new recruits at PwC are eager to work in the office and are motivated to advance their careers.
Young people have faced significant challenges amid rising unemployment rates, leading some to question the value of incurring substantial debt to pursue university degrees.
However, Amitrano defended university education for the essential life skills it imparts.
Despite perceptions of younger workers as less resilient or "snowflake" generation, Amitrano described PwC's new hires as enthusiastic learners with strong career ambitions.
"I don't see a new wave of young people coming into organisations wanting to work from home, being more vulnerable, more fragile. I don't see that," Amitrano said.
"What I'm finding from our new joiners is that they want to be in the office, or on the client side, as often as they can be, because they're hungry.
"Yes they want to be paid well, they want to be able to afford things, they want to progress through their careers. But they're ready to take it on."
Economic and Political Factors Affecting Business Confidence
Amitrano, who leads PwC's 23,000-strong UK workforce and oversees operations in the Middle East, shared these insights during a BBC Big Boss Interview podcast.
He highlighted the US-Israeli conflict with Iran as having caused a significant shock to the business environment, interrupting a period of improving confidence.
He criticized government policies, citing the autumn 2024 increase in employers' National Insurance contributions, unexpected rises in minimum wage rates, and new employment rights as factors that discouraged hiring, investment, and growth.
Nevertheless, Amitrano acknowledged a recent "rebuild of a dialog between government and business" over the past year.
He advised Chancellor Rachel Reeves to reconsider her strict fiscal rules in light of the current energy price surge and its inflationary effects.
"I don't see any way that the chancellor is going to find a way out of this without finding a way to loosen the rules around what we're willing to borrow," he said.
The Chancellor has committed to maintaining tight fiscal guardrails: by the end of the current parliament, day-to-day spending must be covered by tax receipts, and debt must decline relative to the economy's size.
Amitrano suggested that additional borrowing could fund investments in "technology, talent and infrastructure," which would help attract foreign investment to the UK.
He emphasized that any such changes should be implemented "openly and transparently" to avoid market disruption.
"I'm not saying we just change these rules tomorrow. I think we start to table a plan that shows how loosening those rules will lead to investment and growth in the medium term," he said.
Responding to these comments, a Treasury spokesperson stated that the government has the "right economic plan" with borrowing already decreasing.
"Our non-negotiable fiscal rules were set out publicly two years ago by the chancellor," the spokesperson said.
"They ensure that we are getting borrowing and debt down, while prioritising investment to support long-term growth."
AI's Role and Graduate Recruitment Trends at PwC
Analysts remain divided on the extent to which AI deployment has contributed to slower graduate recruitment. Amitrano attributed PwC's reduced intake last year—from 1,500 to 1,300 graduate roles—to the economic slowdown.
He acknowledged the firm's increasing use of AI but expects graduate recruitment to rise again over the next 12 months.
Competition for entry-level positions is intense; PwC received 60,000 applications for 2,000 roles, a 35% increase compared to the previous year.
Unemployment among 16 to 24-year-olds reached its highest level in over a decade at the end of 2025, with nearly one million young people not in work or education, according to separate data.
Many graduates have struggled to secure employment despite holding good degrees.
Value of University Education
Amitrano, an engineering graduate from the University of Newcastle, expressed his personal support for university education.
"I personally would still go to university," he said.
He highlighted the "high pressure learning environment," opportunities to develop life skills, and the experience of living away from home as valuable aspects of university life.
"There is a debate about, is the piece of paper worth it?
What's not on a piece of paper might be worth it. And that's what I'm looking for," he added.
