The "Big 4" refers to the four largest accounting firms and includes Deloitte, PwC, KPMG, and EY. All four companies provide audit, assurance, consulting, financial advisory, risk management, and tax compliance services. Deloitte. "Deloitte Ranked 6th on World's Best Workplaces 2023."
These are Deloitte, PricewaterhouseCoopers (PwC,) Ernst &Young (EY), and KPMG. In terms of revenue, these firms are indeed the big four consulting firms. However, the term “Big 4” comes from their dominance in the accounting industry.
The term “Big 4” refers to the 4 largest professional services firms by revenue: Deloitte Touche Tohmatsu (Deloitte), KPMG International (KPMG), PricewaterhouseCoopers (PwC), and Ernst & Young (EY).
Advisory over audit: Combined revenue of the Big 4 by audit and advisory. In 2023, Deloitte, PwC, EY, and KPMG generated 66.5 billion in audit and assurance services and a staggering 95.4 billion in revenue from advisory services.
The acceptance rate, therefore, is around 0.85% in the US alone. KPMG, the smallest of the Big Four by most metrics, is tougher to parse.
Deloitte and PwC are described as more competitive.
"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.
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.
The three consulting firms widely regarded as constituting the Big Three, or MBB, are McKinsey & Company, Boston Consulting Group, and Bain & Company.
They both help clients with their challenges, but the type of service each performs is quite different. An advisor typically works with the clients on a long-term basis, providing advice for ongoing business challenges. A consultant, on the other hand, solves narrow, well-defined problems on a project basis.
KPMG recognized as a leader for advisory services.
PwC is an absolute behemoth - prestigious, mystical, and totally confusing to the outside observer. The firm has a 160+ year legacy, and a brand that is cobbled together from so many pasts that it's hard to tell which way the firm is headed.
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&.
The Big 5 management consulting firms, also known as the MBB firms (McKinsey & Company, Boston Consulting Group, and Bain & Company) and two from the Big Four (Deloitte and PwC), are among the largest and most influential in the world.
The Big 4 firms – Deloitte, KPMG, PwC and EY – are the four largest professional service networks in the world, offering services in various business areas, most prominent among which are: auditing and accounting; advisory and consulting; tax, risk and legal advice.
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.
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.
McKinsey & Company is a company that needs no introduction. The company is consistently ranked as the #1 most valued brand in the consulting industry, making it the most prestigious company on the list.
At KPMG, the consulting arm of the firm is called advisory. Here's how they break down their service offerings on their website.