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.
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.
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&.
In MC, the Big 4 belongs in Tier 2. In the 2020 ranking of best consulting firms in the world, American careers website, Vault, ranked McKinsey 1st, BCG 2nd, Bain 3rd, Deloitte 4th, EY 7th, PwC 8th and KPMG 14th.
Deloitte and PwC are described as more competitive.
Deloitte scored higher in 2 areas: Work-life balance and Positive Business Outlook. Boston Consulting Group scored higher in 7 areas: Overall rating, Culture and values, Senior management, Compensation and benefits, Career opportunities, CEO approval and Recommend to a friend.
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.
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 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.
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)
Management Consulted's figures suggest that, in 2024, an MBB consultant is paid between $135k and $140k in the USA, compared to between $90k and $108k for a Big Four consultant. That's a more substantial difference (25% to 56%) that it was in 2020 (when it was 15% to 34% more).
With Deloitte's 3.7 percent acceptance rate, this is a huge achievement for Brito. “After I graduate, I want to travel and study for my CPA license during my first year of employment with Deloitte,” he shared.
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.
"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.
To apply for a PwC internship, students must meet certain requirements. For example, students must have a minimum GPA of 3.0 and recommended to be pursuing a degree in accounting, finance, business, or a related field.
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.
Will I be the youngest member of the team? No, we hire a lot of students and the average age at PwC is only 33.
McKinsey, Bain, and BCG don't have a strict GPA cutoff, but they do typically consider anything from 3.6 up as a strong GPA.
Types of Top Consulting Firms. We put the MBB - McKinsey, Bain, BCG - in their own category. Each firm has a foundation in core strategy, but now offers many other services, and each has a prestige level that is high enough that creates the need for a separate category.
The Work is Stressful
Working for McKinsey is not for the weak of heart. The Firm places an incredible amount of responsibility on every consultant, regardless of level. Get ready to be pushed to your limits and expected to perform.
BCGers are creative, innovative, and in the upper ranks – thought leaders in their fields. BCG puts a strong focus on both teamwork and individual contributions when it comes to projects and is great at looking ahead for trends in business and the global economy.