As the top-3 management consulting firms in the world, McKinsey, BCG and Bain charge clients around twice as much per day as the strategy units of the Big 4. This is reflected in the compensation that consultants at the two sets of firms can expect to receive. Salaries at the Big 4 are naturally lower than salaries at McKinsey, BCG and Bain; a Partner at a Big-4 firm is likely to make 30-40% less than a Partner at a top-3 firm. Management consulting and tax & accounting firms offer expertise to other companies or clients as a service. These services often concern the optimization of processes or support in tax affairs. Each Big Four company has a diverse staff armed with varying levels of expertise to meet their client’s needs.

• The rest comes from assurance (audit), advisory, and consulting – the last of which is our main topic.
• As a consequence of this, Big Four consulting salaries tend to be lower than salaries at MBB.
• New processes and policies, stronger SOX controls, training of staff, and other changes may be in order.
• There are a number of similarities between the work that consultants do in the strategy teams of the Big 4 and the work that management consultants do at McKinsey, BCG and Bain.

Big Four employees often work much longer hours during the busy season, sometimes doubling the hours worked during the off season. Critics say that the accounting firms do not want to ask tough questions of their paying clients or assiduously investigate something suspicious on their books. The largest of the Big Four, Deloitte’s workforce grew to over 345,000 employees during their 2021 fiscal year.

Top Accounting consulting firms in Europe

The Big Four accounting firms are Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG. They are professional services firms that are renowned worldwide for their reputation and prestige. Whether you have specialized skills or are proficient in several areas, there is a niche where you can provide great value based on your experience, skills and interests. If the accounting consulting topics in highest demand aren’t your best skills, you may want to start other advisory services in your firm. In addition, prior to the global pandemic, client expectations were already shifting.

Our teams have a variety of skills including technical knowledge and experience, regulatory and standard setting experience, complex transaction and event understanding and process enhancement and project management capabilities. To become an accounting consultant, you also need to consider who you want to work with. Do you want to work with your existing accounting clients, or attract new clientele? If you’re selling your consulting services through an accounting firm or management firm, you may not have to look very far for consulting clients.

How do the strategy units of the Big 4 compare to McKinsey, BCG and Bain?

A high level of industry expertise achieved through working with numerous clients in a multitude of industries. In 2002, «Big Eight» firm Arthur Andersen was discovered to have shredded documentation in an effort to hide Enron’s falsified financial numbers. Though one of the largest and most https://www.bookstime.com/ reputable firms at the time, it ultimately collapsed due to the scandal. EY recently announced a $10 billion investment in company expansion in an attempt to reach more clients and more successfully navigate their needs. At the end of fiscal year 2021, EY reported having 312,250 on staff.

If you’re putting up a new independent contractor shingle, you will need to market and sell yourself to various companies and individuals in order to bring in the new consulting engagements. Saffery Champness is headquartered in London and currently operates out of 12 offices. They are part of Nexia international which has a very large network of firms throughout the world.

Accounting advisory services

We have more than 30 years of staffing experience helping CIOs, CTOs, hiring managers, & HR directors’ source the very best talent on an interim, semi-permanent, or permanent basis. However, because of the Big 4’s expertise in transaction services, their strategy teams in some locations do more due diligence work than MBB. In accounting consulting the strategy units of the Big 4, and at McKinsey, BCG and Bain, all consultants typically begin as generalists, working across a variety of industries and sectors and only specializing later in their careers. The busy season typically means long hours of auditing or tax compliance work to meet reporting deadlines for clients.

Crowe Clark Whitehill is headquartered in London and has more than 160 firms operating in more than 105 countries. The firm has not completed any mergers recently; however, they did win the Accountancy Firm of the Year award in 2012. The merger will allow BDO to expand its operations in both Pittsburgh and Florida. Ultimately, the firm specializes in audit, tax, and advisory services but has much more to offer its clients. Deloitte is one of the most well-known consulting firms in the world, having entered the game in 1845.

Consultants in both sets of firms work in similar ways

With all that said, Deloitte, KPMG, PwC and EY are all respectable names – as their consultant, you will still have the bragging rights, the high income, and the learning exposure better than most jobs out there. And because all consulting firms look for the same qualities in their candidates, you can do consulting prep for both groups at the same time. And while we’re at it, let’s find out some more about the career and salary offered at Big 4 consulting practices. KPMG firms serve many of the world’s leading multinational corporations as well as financial investors on a recurring and event-driven basis.

Note that this was not the result of a merger between any of the Big Eight. Whether you want to join a Big 4 strategy unit or a top-3 consulting firm, CaseCoach can help. Our Free Resume Course has resume and cover letter templates and specialized advice to help you get your application in great shape. When it comes to getting ready for an interview with a Big-4 strategy team or MBB, our Interview Prep Course includes all the video lectures, sample interviews, case material and practice tools you’ll need to prepare.

KPMG consulting salary and career offers

Dan Geltrude is unequivocal about what’s in store for accounting firms. “It’s absolutely a gamechanger for the entire profession,” the CPA told NJBIZ. The gamechanger is a new pilot program, being tested in New Jersey, to create an alternative path to the 150 credits needed to be eligible for a Certified Public Accountant license. With the increase in complexity of the business environment and transactions, financial reporting is becoming increasingly challenging.

Essentially, the best accounting firms in the world look for new hires that have some kind of experience. Working for one of the worlds top accounting firms in a privilege and an honor. Furthermore, your job at one of these firms can open doors to other opportunities that never would have been available otherwise. Also, the firm most recently merged with Kent firm Larkings which has added six new partners and 2 offices. Focusing primarily on the public sector, Grant Thornton is a great landing place for aspiring consultants interested in public affairs and federal business transactions. The firm is involved in some capacity with each of the three branches of the US government.

Accenture consulting and the tier-2 firms (Bonus content)

MBB consultants have all made it through a famously rigorous selection process and have earned a prestigious organization’s seal of approval. MBB consultants are under a huge amount of pressure to meet or exceed performance expectations at all times. This is cemented in the firms’ use of an ‘up or out’ policy, under which consultants who are deemed not to have met their firm’s expectations at the end of a performance review are asked to leave. Sign up to stay up-to-date with the latest accounting regulations, best practices, industry news and technology insights to run your business.

• You would consult on that, offering an analysis from an accounting and tax perspective, based on the business, the client’s goals and objectives, and specific needs.
• The company hasn’t merged with any other firms in recent history but is a part of M&A International and Nexia International.
• While there are similarities, the primary difference between advisory services and accounting consulting is the length and purpose of the engagement.
• There may be additional training or education to help you specialize in a particular type of consulting, but there are also other considerations that require some forethought.
• At McKinsey, BCG or Bain, a new consultant could expect to progress to this level in around nine years.
• Nonetheless, Big 4 firms are also respectable career launching pads – offering the same kind of exit opportunities as MBB, although the quantity and quality (pay) are usually lower.