EY GLOBAL’S revenue increased by 9.3 per cent year on year to US$49.4 billion for the financial year (FY) ended Jun 30, 2023.

Carmine Di Sibio, the accounting firm’s chairman and chief executive, said that the rise in revenue was because of the investment in pivotal alliances, cutting-edge technologies, and the continuous upskilling of staff.

The increase also marked “one of the most successful years” in EY’s history, added the company on Thursday (Sep 14).

Across service lines, EY Global experienced its biggest increase in consulting, which grew 16.7 per cent from US$13.8 billion in FY2022 to US$16.1 billion in FY2023.

This was followed by its revenues for tax, which grew 7.5 per cent, and assurance, which grew 5.7 per cent.

Across geographic segments, EY Global’s revenue in the Americas had the largest increase. Its revenue grew 12.1 per cent from US$21.1 billion in FY2022 to US$23.6 billion in FY2023.

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In the Europe, Middle East, India and Africa (EMEIA) region, EY Global’s revenue grew 8.5 per cent, from US$16.8 billion in FY2022 to US$18.3 billion in FY2023.

Its earnings from the Asia-Pacific region had the smallest growth at 2.9 per cent, with revenue rising from US$7.3 billion in FY2022 to US$7.5 billion in FY2023.

The company also provided figures on its various investments for the latest financial year.

It invested US$3.6 billion in innovation and artificial intelligence across areas such as audit quality, innovation, technology and people.

The investment is part of a US$10 billion commitment for three years announced in FY2021.

There was also a record US$385 million invested in training in FY2023, said EY.

Overall, headcount for EY Global grew by 8.2 per cent to 395,442 this year.

Across regions, its global entities experienced the largest increase in headcount by 13 per cent, followed by EMEIA which rose 8.4 per cent and Asia-Pacific which was up 8 per cent.

EY Global grew its consulting team the most over the past year. Manpower for consulting grew from 109,571 in FY2022 to 121,973 in FY2023, up 11.3 per cent.

This was followed by its headcount for strategy and transactions, which rose 8.4 per cent to 26,397 in FY2023.