Consulting firm PwC will pay more than 1,000 partners £906,000 this year, a slight fall on last year’s pay figures.
Partners in the UK firm were paid £906,000 in the 12 months to June 2023,
According to accounts released by the company, profits fell from £1.5bn to £1.3bn in 2022, while revenue rose by 18%.
Last year, PwC awarded its most significant pay rise in a decade, with some employees pay increasing by more than 9%. A number of partners earned more than £1m each when bonuses were factored in, on top of £920,000 basic pay.
In June this year, the company told UK staff to expect a “small” pay rise and bonus due to challenging market conditions.
PwC pay settlements
At the same time it has increased starting salaries to attract new talent, and graduates in audit roles had been expected to get a 10% rise.
Headcount this year grew to more than 26,000 people, up from 24,500.
According to PwC chair Kevin Ellis, senior partner profits were still ahead of forecasts. The company said it is investing more than £100m in emerging technologies such as artificial intelligence, which in turn has increased its costs. Staff are being trained in generative AI so they can support clients to become more efficient.
“Against a backdrop of political and economic upheaval, our multidisciplinary business has charted a strong course,” he said.
“Considering the sizable investments we’ve made in our people and technology, partner profits beat our forecasts. Our strong performance is due to the adaptability of our business in supporting our clients and is a credit to the talent of our people.”
The slight fall in pay is reflected in wider trends, with XpertHR reporting the median basic pay award dropping below 6% for the first time this year in July.
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