The ‘Big Four’ refers to the biggest professional service networks in the world. The members of the Big Four include Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC) and Klynveld Peat Marwick Goerdeler (KPMG).
The members of the Big Four mainly focus on auditing and accounting services, but also offer tax, strategy and management consulting. Other services include market research, assurance and legal advisory.
As of 2021, the Big Four companies employed just over 1.1 million people worldwide. According to a survey by Statista, Deloitte had the largest workforce with close to 350,000 employees. Deloitte also generated the largest revenue in 2021, earning $50bn, with PwC and EY respectively bringing in approximately $5m and $10m less respectively.
Who are the Big Four accounting firms?
Until the late 20th century, the professional services sector was originally dominated by eight networks collectively known as the ‘Big Eight’.
These were Arthur Andersen, Arthur Young, Coopers and Lybrand, Deloitte Haskins and Sells, Ernst & Whinney, Peat Marwick Mitchell, Price Waterhouse and Touche Ross – all US or UK companies.
Mergers between these firms, as well as the 2002 insolvency of Arthur Andersen due to its proven involvement in the Enron scandal, led to the formation of the present-day Big Four accounting firms at the turn of the 21st century.
Why are the Big Four called the Big Four?
The nickname speaks for itself – the Big Four means that the four firms in question are the global leaders in their primary areas of business, namely auditing and accounting. Deloitte, EY, PwC and KPMG collectively audit the majority of publicly traded companies around the world, as well as many audits of private companies.
These companies also owe their Big Four definition to a number of other factors aside from revenue volume and employee numbers. They are all viewed as equally able to provide a wide range of professional services to their clients.
The Big Four companies largely engage with firms listed in the S&P 500 (US500) and FTSE 100 (UK100) indices, which makes them attractive employes for those looking to enter the industry.
The Big Four are the four largest professional services networks in the world: Deloitte, EY, KPMG, and PwC. They are the four largest global accounting networks as measured by revenue.
Deloitte scored higher in 9 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Work-life balance, Senior Management, Compensation & Benefits, Career Opportunities, Recommend to a friend and Positive Business Outlook. PwC scored higher in 1 area: CEO Approval.
Behind the Big 4 are well-known national firms like BDO, Grant Thornton, and Crowe that generate strong revenues through diverse service offerings. For example: BDO recorded $11.8 billion in 2021 revenue across 167 countries. Grant Thornton follows at #6 with $6.4 billion across 140 countries.
Because of their reputation and reach across several industries, the Big Four are known to employ thousands of graduates every year. Despite this, competition for places in any of the firms is fierce and gruelling. Consequently, landing a job with one of the Big Four firms is sometimes viewed as a difficult task.
Though nearly thirty nations participated, the representatives of Great Britain, France, the United States, and Italy became known as the "Big Four." The "Big Four" would dominate the proceedings that led to the formulation of the Treaty of Versailles, a treaty that articulated the compromises reached at the conference ...
The “Big 4” is a term used to reference the four largest accounting firms: Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC). Their gargantuan size and global reach put them in a unique position to shape the finance industry, drive innovation, and influence regulations.
In general, PwC and Deloitte are considered the most prestigious of the Big 4. If you ask most people about prestige, they'll probably rank PwC/Deloitte > EY > KPMG. This is reflected in pricing, for example.
We develop world-class leaders and professionals who are inclusive and approachable. You choose the impact you want to make. Deloitte gives you the opportunity to learn and develop through working with the best and exploring the paths that are best for you.
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).
On June 1, 2023, Netflix, Inc. (the “Company”) held its 2023 annual meeting of stockholders, the proposal to ratify the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the year ending December 31, 2023 was approved.
Ernst & Young has been hired to replace KPMG as auditor of Apple, the computer manufacturer. KPMG had been the company's independent registered accounting firm since 1997, CNNMoney.com reports, but Apple has a policy of reviewing its accounting firm every five years.
Though the smallest of the Big 4 firms, KPMG is known to have the best work-life balance amongst its employees. The company places an emphasis on employee engagement and has the lowest churn rate of the Big 4. KPMG is somewhere between the more agile Deloitte and the old-school style of PwC.
The situation is worst at Big Four accounting firms. Almost three-quarters (71%) of survey takers who work for them said they feel their mental health suffers because of work pressures. Additionally, 51% of them said they've considered resigning from their job because of wellbeing issues.
Once you've researched the firms and roles, and understand the high expectations, don't assume it's all about good grades alone. The Big Four look at the whole person and are often impressed by people who do extraordinary things outside of their academic life, such as volunteering or sporting achievements.
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.
Industry mergers and acquisitions led to consolidations, narrowing them down to the Big 5: PwC, KPMG, EY, Deloitte, and Arthur Anderson. They became the Big 4 after the collapse of Arthur Anderson following the Enron and WorldCom scandals.
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