CPA firms are private entities, typically structured as partnerships or limited liability partnerships (LLPs). While they are called "public accounting" firms because they provide services to the public (clients), they are not publicly traded on stock exchanges like corporations. These firms are owned by CPAs, though some are now incorporating private equity investment.
KPMG International Limited is a private English company limited by guarantee.
Chartered Professional Accountants Canada (CPA Canada) is one of the largest national accounting organizations in the world, representing the Canadian accounting profession at the national and international levels.
Public accountants typically have more travel opportunities but may work longer, less consistent hours. Depending on your perspective, public accounting might offer more adventure and less routine, while private accounting might offer a more manageable schedule and better work-life balance.
The Big Four all offer audit, assurance, taxation, management consulting, valuation, market research, actuarial, corporate finance, and legal services to their clients. A significant majority of the audits of public companies, as well as many audits of private companies, are conducted by these four networks.
The AICPA is an international professional membership organization of licensed CPAs, which owns the CPA Exam and leads content development and scoring.
The "Big 8" accounting firms were the dominant professional service networks before late 20th-century mergers and industry shifts reduced them to the current "Big Four": Deloitte, PwC, EY, and KPMG, with the original Big 8 including Arthur Andersen, Arthur Young, Coopers & Lybrand, Deloitte Haskins & Sells, Ernst & Whinney, Peat Marwick Mitchell, Price Waterhouse, and Touche Ross, notes Wikipedia. The consolidation into the Big 4 happened through major mergers in the late 1980s and Arthur Andersen's collapse after the Enron scandal, leaving these four firms to audit most public companies today.
Pricewaterhousecoopers is a private company headquartered in New York with an estimated 364,000 employees.
The Big 4 accounting firms salary ranges from $55,000 for associates to $390,000+ for directors, with partners earning $250,000 to $5 million. Consulting roles pay the most, while audit and tax salaries start lower, showing function is more important than the firm.
CPAs are uniquely qualified to work in public accounting firms, which serve multiple clients across industries. These clients may be companies, governments or individuals, depending on the size and type of accounting firm.
About the Deloitte organization
These firms are members of Deloitte Touche Tohmatsu Limited, a private company limited by guarantee incorporated in England and Wales (“DTTL,” also referred to as “Deloitte Global”).
With the right amount of experience, being a certified public accountant can mean an eventual position as a chief financial officer (CFO) or a highly paid tax accountant. A CPA's salary usually reaches the high five figures, while senior CPAs in management can earn a six-figure salary.
Size. If the size is an issue for you then it's worth noting that MBB is around a tenth of the size of the Big 4. As of 2022, McKinsey employs over 37,000 people working across 130+ offices in 65+ countries. BCG has over 90 offices in more than 50 countries around the world and also employs about 25,000 people.
Although both professions require a different sort of mindset to achieve success in their respective fields, the qualities that make up a good attorney and a good CPA are remarkably complementary. For this reason, becoming a dual licensed Attorney-CPA can be an exceptionally powerful career.
Yes, tax attorneys generally earn more than CPAs because they handle complex legal issues, court representation, and high-stakes tax litigation, commanding higher fees than CPAs who focus more on accounting, financial planning, and return preparation, although both can earn high salaries, especially in senior roles at large firms. A tax attorney's specialization in law often leads to higher earning potential, with median lawyer pay significantly exceeding that of accountants, though specific salaries depend heavily on experience, firm size, and location.