Differences In Work
Top three firms generally have historically focused more on strategy work, whereas big four firms have historically focused more on implementation work. Now those lines are starting to bleed, a lot of the big four firms are working on some strategy to get the implementation work.
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."
The Big Four are the four largest professional services networks in the world: Deloitte, EY, KPMG, and PwC.
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)
PCAOB Criticizes Deloitte for the Same Quality Control Problems Three Years in a Row; Flags Deficiencies at Six Firms. The Public Company Accounting Oversight Board (PCAOB) has criticized Deloitte & Touche LLP for failing to address quality control (QC) problems found during 2020 audit inspections.
The PwC tax scandal was a scandal involving PwC's abuse of Australian Government secrets to enrich itself and its corporate clients. PwC, and other Big Four accounting firms, give advice to governments on writing tax law, and also corporations seeking to avoid those laws.
Deloitte and PwC are described as more competitive.
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&.
Josiah Wade founds 'Tribe Clarke and Company' Accountancy firm in Bristol. Work mainly consists of auditing merchants' accounts. Josiah Wade is the oldest firm to trace its continuous existence.
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).
PwC is considered the most prestigious due to its position as the largest professional services firm in the world by revenue. Some key facts about PwC: Generates over $43 billion in annual revenue. Employs over 295,000 people across 157 countries.
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.
The Big Four consists of the four largest accounting firms by revenue: PwC, Deloitte, EY, and KPMG. The term Big 3 stems from the more common Big 4. Both are groups of global professional services firms, and over the years they have grown to compete for more work.
1: A Background in Finance
55% of current FTSE 100 CEOs have backgrounds in finance, accounting or other financial services. Almost a quarter of CEOs (235%) are qualified Chartered Accountants, indicating it pays off to invest time in financial education.
2010 - PricewaterhouseCoopers formally shortens its brand name to PwC but legally remains PricewaterhouseCoopers.
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.
We can estimate that based on job openings for students, Deloitte's acceptance rate is around 3.7% (which makes sense, considering it's also the biggest of the Big Four), based on 2,500 entry level job openings and 250,000 total applicants (which includes applicants to non-entry level roles).
Demanding Workload and Long Hours
One of the biggest stressors at Big 4 firms is the sheer volume of work. Employees, especially in roles like audit, tax, and consulting, often juggle multiple clients simultaneously, each with tight deadlines and high expectations.
Heavy Workload
Compared to the other accounting firms, it seems as though PwC hires less associates and therefore when people leave the firm, they don't have enough staff to complete the work. You end up doing the work that could be done by two people.
PwC is being sued by an employee who claims a work party involving the drinking game called "pub golf" left him with a serious head injury. Michael Brockie claimed the accountancy giant owed him a "duty of care" when he attended the event in early 2019, the Financial Times reported.
PwC has announced plans to lay off approximately 2.5% of its U.S. workforce, marking the company's first significant reduction since 2009. This decision will impact employees across various levels, from associates to managing directors. Nearly half of the cuts are anticipated to affect offshore roles.