In the vast landscape of accounting and professional services, the Big 4 – KPMG, EY, PwC, and Deloitte – reign supreme. These titans not only dominate the field in client network and revenue globally but also audit around 80% of public companies in the United States.
Their services have expanded far beyond mere financial accounting and auditing; they now encompass management consulting, corporate finance advisory, tax, data assurance, digital transformation, and fintech solutions.
Impact and Reach of the Big 4
- KPMG, the smallest of the quartet, operates in over 145 countries with a workforce of over 250,000 and generated $34.6 billion in 2022.
- EY, with a global presence in over 150 countries and approximately 365,000 employees, garnered $45.2 billion.
- PwC follows closely, boasting a $50.3 billion revenue with nearly 328,000 employees in 157 countries.
- Deloitte, the largest, operates in more than 150 countries with 412,000 professionals and a staggering $59.3 billion in revenue.
These firms must navigate a labyrinth of local regulations across the globe. In Pakistan, for example, the Institute of Chartered Accountants of Pakistan governs the qualifications for accountants, while in the UK, the Institute of Chartered Accountants of England and Wales sets the standards. These varying regulations include adherence to US GAAP in the United States and IFRS and IAS standards in the UK.
From the Big 8 to the Big 4
The Big 4’s legacy traces back to the original Big 8, which, through a series of mergers and the fallout from high-profile scandals like Enron and WorldCom, were eventually whittled down to four. Despite occasional controversies, their reputation remains largely unscathed, underpinned by a robust defense of their auditing practices and a legacy of trust built over decades.
These firms are not just accounting giants; they are coveted workplaces, offering a plethora of career opportunities not limited to accounting roles. They prioritize talent and potential, providing pathways for professionals from various fields to join their ranks. For those starting fresh, the career progression can be swift and rewarding, with a trajectory that could lead to a partner position within 10-15 years.
Are you interested in embarking on a career with the Big 4?
Continue reading on our blog to learn about your career opportunities with the Big 4.
FAQs
The Big 4 firms have a well-defined and structured career progression path that typically consists of four levels – Associate/Staff, Senior Associate, Manager, and Partner. Each level is associated with a set of responsibilities, expectations, and corresponding salary ranges.
Which of the big 4 accounting firms is the best to work for? ›
Deloitte Work Culture
Deloitte is known for its people who are on the whole driven, smart, and nice. The firm is consistently ranked as one of the top companies in the world to work for and is incredible staff-focused.
Is 2 years in Big 4 enough? ›
Whether you joined a Big 4 as a springboard for your career or were set on making partner, we generally advise professionals to make a move around three to six years of experience, in order not to leave either too early or too far into their Big 4 career.
How hard is it to get a job at a Big 4 accounting firm? ›
Very hard indeed. A recent article in The Time exploring the Big Four (and KPMG, especially) revealed that PwC had an acceptance rate in 2022 of approximately 2.5%, based on the 304,000 applications it received to its 7,500 roles (including 2,000 entry level ones).
What are the 4 stages of career progression? ›
It consists of four stages: Career Awareness, Career Exploration, Career Preparation, and Career Placement. Adults also continue to grow and develop in their careers as they age, albeit at a slower rate than children.
Which of the Big 4 pays best? ›
If you want to make the most money in consulting, Deloitte pays the best. However if you want to make the most money in auditing or tax PwC is likely your best bet.
Do Big 4 accounting firms pay a lot? ›
As of Apr 23, 2024, the average hourly pay for a Big Four Accounting in California is $34.43 an hour.
Which Big 4 has the best work-life balance? ›
Work-life balance
I think EY has a better WLB than PwC and Deloitte. But we don't get paid as much. That's the trade off!
Should I work at EY or PwC? ›
PwC scored higher in 10 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Work-life balance, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook.
When should I quit Big 4? ›
Whether you joined a Big 4 as a springboard for your career or were set on making partner, we generally advise professionals to make a move around three to six years of experience, in order not to leave either too early or too far into their Big 4 career.
The other good thing about audit is that it's a great stepping stone to another career. People here go onto jobs in investment banks, corporate strategy or consulting as well as staying in audit. Most people (including me) are just waiting to become qualified accountants before considering their options.
Why do people leave the Big 4? ›
Burnout: Many people who work at the Big Four firms report high levels of stress and long hours, which can lead to burnout and a desire to leave the firm. Better opportunities elsewhere: Some people may leave the Big Four firms in search of better opportunities or more favorable working conditions at other companies.
How stressful is Big 4 accounting? ›
At a Big 4 firm, busy season can mean long hours of auditing or tax compliance and lots of stress. 60-100-hour work weeks are not uncommon. A mid-sized firm typically offers a better work/life balance, more hands-on experience, broader industry exposure, and higher pay.
How many hours a week do Big 4 accountants work? ›
Some auditors may only work 60 hours per week during busy season while others may work 120 hours per week. Either way, work-life balance is largely non-existent during this time, with personal lives put on hold to meet client demands. One benefit of having a busy season is that the rest of the year is typically slow.
What is the average age of Big 4 accountants? ›
Big 4 firms (EY, Deloitte, PwC, KPMG) are strategically promoting younger partners (average age 33-35). Earlier the average age to become a non-equity partner was around 38-40 years. 35-40% of all Big 4 partners are now below the age of 45, compared to 30% 2-3 years ago.
What is the career progression at PwC? ›
Grow and develop through five levels. You can expect a clearly structured career path and rapid career progression. Typically, you'll spend 2-3 years at each level (Associate, Senior Associate, Manager and Director)* as you progress towards Partner.
What is the path to CFO from Big 4? ›
The highest probability path to CFO success is still the classic route: 3-5 years in the Big 4 (audit initially then into an advisory service) Then move into industry in a reporting role at a great company working for a great CFO. Then move laterally into an FP&A role.
How long does it take to become a senior manager at Big 4? ›
Sometimes it can be done in 8 if you get an early promotion, but most times it's 2–3 years to make senior accountant, 3–4 years to make manager, and 3–4 years to senior manager. Some people on larger, high profile accounts tend to move up quicker because those teams are often given more say on who gets promoted.
