01 May 2022
TLDR
As the name suggests, these firms are huge. But what about working at the Big Four? Here, we'll take a look at what it takes to get a job at a leading financial services firm, as well as explore some of the differences between them.
Introduction
The Big Four is a nickname for the four largest accounting firms in the world, measured by revenue. These are Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC) and Klynveld Peat Marwick Goerdeler (KPMG).
They’re all privately-owned partnerships, with offices the globe, spectacular buildings within the world’s glitziest monetary districts and, as you’d expect, immense recruitment programs. PwC alone hires over 15,000 graduates globally, with the grad schemes usually lasting for three years.
In addition, these mammoth organisations advise on tax and supply a good variety of management and assurance services. Though typically firms in different countries share the brand name, they are networks of professional firms who have entered into agreements with each other to align quality standards and global resources.
Each firm is composed of many offices situated around the UK with deloitte having the most if 50 offices in 22 locations. Following with both KPMG and EY having the 21 offices, leaving with EY having the least amount of offices of only 18. All of which have their biggest situated in (of course) London.
What do they do?
Asking what the Big Four offer is a piece-of-string type of question. They are like branch shops for expert offerings, each with specialities and regions of power and experience. The services offered are very comprehensive, but typically include audit and assurance (review companies’ financial statements, tax and legal advice, acting as advisors on M&A deals, management and strategy consulting), in addition to many other complex financial services.
Deloitte
Deloitte LLP started as a separate company from William Deloitte, Charles Haskins, Elijah Sells and George Touche.
It is now the largest Big Four company in terms of sales. In 2020, global sales were $47.6 billion and the company employed 338,400 people. Deloitte is best known for its consulting division, which grew 9% in 2020 and is in turn divided into a technology consulting division, a strategy and operations division, and a human capital (i.e. people management) division.
Deloitte's emphasis on consulting stems from the fact that it was one of the Big Four companies to keep its consulting branch following the Enron debacle in the early 2000s. Andersen was convicted of obstruction of justice on June 15, 2002, for destroying documents related to the Enron audit that led to the Enron case. Despite the fact that the Supreme Court overturned the company's guilt, the results of the scandal and alleged involvement in the crime ultimately ruined the company.
Stevan Rolls, a UK-based partner and Deputy Global Talent Leader, says Deloitte tries to, “foster an environment that encourages authenticity” at work and that the firm is, “focused on making an impact on our clients and society.
Some argue that Deloitte's greater emphasis on consulting results in a more aggressive culture than at other organisations. Insiders at Deloitte disagree, claiming that the firm is just more entrepreneurial.
As of 2020, Deloitte has taken on 1,500 graduates, who have joined in September when their training programmes begin with skills webinars, online meet ups and wellbeing sessions. Each graduate will also be assigned a Deloitte ‘buddy’.
PwC
PwC (PricewaterhouseCoopers) closely follows Deloitte in terms of size. Founded by Samuel Lowell Price, the company began in London in 1849. The company shortened its brand name to PwC in 2010, however, PricewaterhouseCoopers remains the organisation's full legal name and is used by PwC firms to sign company reviews.
For the 12 months ending 30 June 2021, PwC firms around the world had gross revenues of US$45 billion (FY20 $43 billion) – up 2.0% in local currency and 4.9% in US dollars. This was a solid result given the challenges faced by the global economy during the year.
PwC has a unique firmwide employee value proposition called - ’The Deal’. It allows staff to obtain support both professionally and personally by clearly explaining what a career at PwC looks like and feels like.
The deal recognises that the world of work has changed and that we all have unique skills, environments and priorities. It's built on two-way flexibility and trust, giving employees more freedom to work in the way that works best for them, but also meets the needs of teams, a wider range of companies and customers.
Over 50,000 students applied to 1,216 graduate and 550 school leaver places at PwC this year, that's nearly 36 people for every place - as of 2018.
KPMG
KPMG is the last of the big four accounting firms with more than 670 offices located in over 150 countries. The firm was originally established in 1911 when William Barclay Peat & Co. merged with Marwick Mitchell & Co. to form Peat Marwick. In 1987 the firm merged with KMG to form what is now known as KPMG. The firm changed name a few times over the years but ultimately decided to stick with KPMG.
FY20 global revenues $29bn. With roots in both Europe and the U.S. KPMG has a reputation for being more European than some other Big Four firms.
KPMG is well known for its excellent staff development with pass rates for key qualifications above the industry standard. Its culture is eccentric with less pressure to adapt to the stereotypical lifestyle of the city's college graduates. KPMG may be better at guiding you through your professional qualifications and has a community of interns called the ‘Academy’ to help make the training more social.
For the third year in a row, KPMG in the UK has been recognised as a Social Mobility Champion in 2019, ranking in the top two in the Social Mobility Employer Index. This is an appreciation of KPMG's historic commitment to mainstreaming social mobility in the textile industry, from community engagement to recruitment, retention and advancement tactics.
KPMG receives around 30,000 applications a year and recruits across the following business areas: audit, consulting, deal advisory, tax and KPMG Law and technology and engineering.
EY
EY has long been known as the smallest of the Big Four firms, but it's not that small at all. The firm was formed by the merger of two companies, Arthur Young & Company and Ernst & Ernst. Today this Big 4 firm stands tall and is located in more than 150 countries with over 700 offices.
In 2020 EY’s revenue reached $37bn, up 4% on the last two years, despite the pandemic. As of this year, on its student programmes, EY has employed 909 graduates and 179 apprentices. Women make up 46% of the student body, ethnic minorities make up 38%, and Black students make up 4%. EY has welcomed a total of 1,088 graduates and apprentices into its UK operations this year, reaffirming its commitment to invest in and nurture early talent. In 2020, 1,048 graduates and apprentices will be hired.
EY is known for its diversity, with a solid background in advancing women and a long history of supporting LGBTQ rights. It is known to be one of the nicest places to work. EY emphasizes experiential teaching and coaching, as well as online learning. It's the only company whose training sites focus on giving back to the community.
In Universum's annual ranking of the world's most attractive employer, EY was named the world's most attractive professional services employer - and the second most attractive employer overall - in 2013.
