The Big Three is one of the names given to the three largest strategy consulting firms by revenue: McKinsey, Boston Consulting Group (BCG), and Bain & Company. They are also referred to as MBB. The Big Four consists of the four largest accounting firms by revenue: PwC, Deloitte, EY, and KPMG.
PwC and Deloitte are the most prestigious
PwC and Deloitte will cost more, EY somewhere in the middle, and KPMG will sometimes even take a hit on their margin in order to get the project (so they can use that to build better relationships with the client).
Thus, in 2002, Arthur Andersen, the fifth member of the then Big 5, was dissolved. Since then, Deloitte, PwC, EY and KPMG have been known as the Big 4 and dominate the market for auditing, accounting and consulting. The majority of listed companies in particular rely on the Big 4, both nationally and internationally.
We all now know it as the big four, but actually it was the big 5. Arthur Andersen was once a symbol of excellence in the accounting profession, standing tall among the prestigious "Big Five" firms alongside PwC, Deloitte, EY, and KPMG.
This book focuses on the firms that make up of the Big Eight – Arthur Andersen; Arthur Young; Coopers & Lybrand; Deloitte Haskins & Sells; Ernst & Whitney; Peat, Marwick, Mitchell; Price Waterhouse; and Touche Ross.
The most prestigious firms are McKinsey, Bain, and BCG. Next most prestigious are "Tier 2" firms such as Kearney, Accenture, and LEK. This tier also includes the strategy consulting arms of the Big 4 firms, including Deloitte Monitor, EY Parthenon, and PwC's Strategy&.
PwC (PricewaterhouseCoopers) LLP
PwC is widely considered to be the world's most prestigious and progressive accounting firm.
Our firm offers its Chartered Professional Account (CPA) candidates the Deloitte CPA Advantage program, a national, exclusive and comprehensive support program for CPA modules and the Common Final Exam (CFE). Our philosophy is to build on the knowledge and skills that students bring into the program.
History of the Big 4 accounting firms
In the late 1990s, the Big 6 became the Big 5 when Price Waterhouse merged with Coopers and Lybrand to form PricewaterhouseCoopers (later stylised as PwC). Five became four in 2001 after the insolvency of Arthur Andersen due to the firm's involvement in the Enron scandal.
We would, however, say that the minimum GPA required is 3.0. But if you find that yours is a bit lower than that, just work on your GPA for grad school, gain work experience, or take on leadership roles during your academic career. These are called compensating factors.
Which big 4 accounting firm pays the most? Well it depends on which practice you want to go into. 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.
Deloitte has more revenue and more employees. You could say it's the biggest of the Big. Deloitte gets a large chunk of its revenue from consulting.
PwC, for example, was mentioned in a Times article last year as having an acceptance rate of around 2.5% in 2022, presumably in the UK. That was based on 304,000 applications to 7,400 open positions, more or less on par with what a big investment bank receives.
Freddie Mac Scandal (2003) – PricewaterhouseCoopers (PwC) American International Group (AIG) Scandal (2005) – PricewaterhouseCoopers (PwC) Lehman Brothers Scandal (2008) – Ernst & Young (EY) Satyam Scandal (2009) – PricewaterhouseCoopers (PwC)
They were factually the big three because of their unrivaled sales, and they also inspired the next generation of shonen manga/anime more than any other series did. Naruto, One Piece, and Bleach had their heyday in the 2000s and early 2010s, but they have not been forgotten.
The CPA designation is considered prestigious due to its rigorous requirements, including extensive education, a challenging exam, and relevant work experience. It signifies a high level of expertise and commitment to the field, making CPAs trusted financial advisors and leaders in the accounting industry.
Deloitte Consulting is a brand name owned by Deloitte Touche Tohmatsu Ltd (DTTL), which is a UK limited company. DTTL has a network of member firms (which it doesn't own) that are independent of each other in terms of capital structure and liabilities, and are typically limited liability partnerships.
Our people are our most valued asset. From the very start of your career, we want to help you build a strong foundation for your financial future. KPMG offers reimbursement of qualifying CPA exam fees and provides access to CPA review courses to eligible candidates who accept their full-time offer.
Chartered Accountancy
This course is notorious for its challenging exams covering financial accounting, auditing, and taxation. Students often invest around 10-12 hours daily in preparation, leading to a drop-out rate of approximately 50-60%. The workload and high standards make it one of the toughest paths in finance.
KPMG stands for Klynveld Peat Marwick Goerdeler, the last names of the firm's four founding members. KPMG was founded in 1987 as the result of a merger between Klynveld Main Goerdeler (KMG) and Peat Marwick International (PMI).
Wide-Ranging Expertise. McKinsey's size allows it to offer clients unparalleled expertise in virtually every industry and function, making it a truly comprehensive consulting firm.
"Big 4" used to refer to accounting firms. Accenture used to be a part of the "Big 5" with Andersen, but they had to re-brand because of the Enron scandal. They no longer do accounting.
As a people-powered business, our shared sense of purpose and a spirit of connected problem-solving is what sets us apart. Our organisation incorporates more than 300,000 global professionals, together with a multitude of alliance partners, in a variety of disciplines in 150 countries.