PwC Plans Graduate Hiring Increase Despite Economic Challenges

PwC, one of the world's biggest consultancy firms, plans to increase the number of graduates it takes on next year, its UK boss has told the BBC, brushing aside concerns that artificial intelligence (AI) was undermining hiring at the firm. Marco Amitrano said PwC had cut back on new graduate roles last year due to the flagging economy, not AI. In his experience new recruits came into the firm keen to be in the office and "hungry" to pursue a career, he said. Young people have been hardest hit by the recent rise in unemployment, prompting some to question the value of taking on large debts to obtain a degree. However Amitrano defended the idea of university study for the "life skills" it offers. Younger workers have been characterised as a less resilient, "snowflake" generation, but Amitrano said new hires to PwC, one of the UK's biggest graduate recruiters, had struck him as eager to learn and earn well. "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." Amitrano, who heads PwC's 23,000 strong workforce in the UK, as well as operations in the Middle East, made the comments in a wide-ranging BBC Big Boss Interview podcast. He said the US-Israeli war with Iran had sent "a particularly big shock through the system" just at a time when business confidence had been improving. The government had hit business too hard when it raised employers' National Insurance contributions in autumn 2024, followed by bigger than expected rises to minimum wage rates, and new employment rights, which had deterred businesses from hiring, investing and growing, he said. But in the last 12 months there had been a "rebuild of a dialog between government and business", he said. His own message to Chancellor Rachel Reeves is that she should relax her self-imposed fiscal rules, in the wake of the current energy price spike and its likely impact on inflation. "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 staked her reputation on not watering down rules that require her to stay within tight guardrails: by the end of this parliament day-to-day spending must be covered by tax receipts, and debt must be falling in relation to the size of the economy. Amitrano said additional borrowing would allow more spending on "technology, talent and infrastructure", which would in turn, help unlock overseas investment in the UK. Such a move would have to be done "openly and transparently" he said, to avoid a market shock. "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. In response, the Treasury said it had the "right economic plan" with borrowing already falling. "Our non-negotiable fiscal rules were set out publicly two years ago by the chancellor," a Treasury spokesperson said. "They ensure that we are getting borrowing and debt down, while prioritising investment to support long-term growth." Analysts are divided over how much the roll-out of artificial intelligence lies behind slower recruitment for graduates. But Amitrano blamed the slowdown in economic growth for PwC's reduced intake last year, which saw new graduate roles cut from 1,500 to 1,300. He said the firm was increasing its use of artificial intelligence, but that he expected graduate recruitment numbers would also grow in the next 12 months. Competition for all roles is more fierce than ever, he added. PwC received 60,000 applications for 2,000 entry level posts - a 35% increase on the year before. Unemployment among 16 to 24-year-olds rose to its highest in more than 10 years at the end of 2025. And there are nearly a million 16-24 year-olds not in work or education, separate figures show. Many graduates have found it difficult to find work, despite having earned a good degree. "I personally would still go to university," said Amitrano - who studied engineering at the University of Newcastle. The "high pressure learning environment", the opportunity to learn life skills, and being away from home, were valuable experiences, he said. "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 said.