If you’re eyeing a career in accounting, you’ve undoubtedly come across the term “Big 4”.
But what does it mean, and why is it such a significant benchmark in the accounting world?
Well, the “Big 4” refers to the four largest and most respected accounting firms: Deloitte, PricewaterhouseCoopers, Ernst & Young, and KPMG.
In this article, we explore the ins and outs of these prestigious firms, uncovering what makes them stand out as well as tips and advice for making your mark in this competitive industry.
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Table of Contents
What does the “Big 4” mean in accounting?
In the world of accounting and professional services, the “Big 4” refers to the four largest and most influential firms globally. These firms dominate the industry, providing various services including audit, tax, consulting and advisory. With their vast international reach and extensive client base, the Big 4 companies offer unparalleled opportunities for career growth and personal development.
The Big Four comprises of:
All these companies are renowned for their rigorous standards, influence on the global economy and their commitment to professional excellence. As a result, securing a position at any of these firms is viewed as a major career milestone.
Who’s number one in the “Big 4”?
While all the Big Four companies are respected around the world, there’s one that frequently comes out on top. And it’s Deloitte.
Here’s why.
- Revenue and size: Deloitte consistently leads in revenue among the Big 4 firms. For example, Deloitte’s 2023 revenue was an impressive $64.9 billion.
- Global presence: With operations in 150 countries and over 457,000 employees, Deloitte has the largest global footprint.
- Market influence: Deloitte’s size, commitment to excellence and extensive resources mean it enjoys substantial industry impact, making it a top choice for clients and professionals.
Even with these benefits, all four firms are highly competitive. They offer unique strengths and experiences catering to different professional interests and goals. So when it comes to a career in accounting, it pays to think about your personal preferences and ambitions.
Which of the “Big 4” is best for accounting?
Deciding which “Big 4” firm is best for your accounting career is no mean feat. It depends on various factors, including your career aspirations, interests, working style and personal preferences.
Here’s a closer look at each firm’s strengths and potential drawbacks.
Deloitte
Pros
- Innovation: Known for its focus on technology and innovation, offering exciting opportunities in areas like data analytics and cybersecurity.
- Diverse client base: Exposure to a variety of industries and high-profile clients.
- Global opportunities: Strong international presence, with potential for global career moves.
Cons
- High pressure: The demanding nature of the work can lead to a high-pressure environment.
- Large firm dynamics: Navigating a vast organisation can make it harder to stand out.
- Work-life balance: The high-pressure environment can affect work-life balance.
PwC (PricewaterhouseCoopers)
Pros
- Comprehensive training: PwC is renowned for its robust training programs and professional development opportunities.
- Diverse services: Offers a broad range of services beyond traditional accounting, including consulting and advisory.
- Work-life balance: Many report a better work-life balance compared with other Big 4 firms, with a strong employee well-being program.
Cons
- Competition: High competition for advancement within the firm.
- Client pressure: High-profile clients can create intense work environments.
- Workload: The broad range of services can lead to a heavy workload.
EY (Ernst & Young)
Pros
- Focus on diversity and inclusion: EY places a strong emphasis on creating an inclusive workplace.
- Leadership development: Known for its commitment to leadership development and career growth.
- Global network: An extensive global network offers significant international opportunities.
Cons
- Work intensity: The fast-paced environment can be demanding, particularly during busy seasons.
- Client expectations: High expectations from clients can contribute to a stressful work environment.
- Long hours: The demanding nature of the work often requires long hours, especially during peak periods.
KPMG
Pros
- Collaborative culture: Often noted for its collaborative and supportive workplace culture.
- Specialisation opportunities: Opportunities to specialise in various sectors, including audit, advisory and tax.
- Professional development: Strong focus on professional growth and certifications.
Cons
- Smaller size: Smaller than Deloitte and PwC, which may limit global opportunities.
- Market perception: Sometimes perceived as less innovative compared to Deloitte and PwC.
- Growth opportunities: May have fewer growth opportunities compared to larger counterparts.
Which “Big 4” pays the most in the UK?
If you’re wondering “Which big 4 pays the highest?”, you’re not alone.
Salaries at the Big 4 audit firms vary depending on your experience and the job role. But as market leaders, you can expect competitive salaries from all four.
In general, Deloitte pays slightly more than PwC, KPMG and EY. For instance, a starting salary at Deloitte might be £45,000 to £50,000, compared with £42,000-47,000 at another company. But this isn’t a given, so check job descriptions carefully.
As well as the “standard” salary, all the Big Four accounting firms offer robust bonuses and benefits, including performance-based bonuses, pension plans, holiday allowances and health insurance. You might also find flexible home-working options and opportunities to work in different global locations.
For a deeper dive into salaries in the accounting profession, check out our blog on how much do accountants make?
How long does it take to become a partner at the “Big 4”?
Thinking about becoming a partner at one of the Big 4 companies?
Well, it’s a long-term goal that usually takes around 10 to 15 years.
The journey starts with entry-level positions and gradually moving up to managerial roles. Along the way, you’ll need to showcase your leadership skills and prove you can manage significant client relationships. Building a strong network within the firm and the industry is also key.
There’s no doubt. The path to partnership is rigorous, but the rewards, like high earning potential and influential roles within the firm, make it an exciting and lucrative career move.
Is accounting a stressful job?
We won’t sugarcoat it. A career in accounting, especially at any one of the Big Four companies, can be stressful.
Long hours, especially during busy seasons, and tight deadlines are part and parcel of the deal. Plus, there’s always the pressure to deliver accurate and timely results. Managing high-profile clients and their expectations can add to this stress.
But here’s the flip side: career growth, personal confidence, competitive salaries, and professional development opportunities make it all worthwhile. You’ll also find employee wellness programs, helping you thrive both personally and professionally.
So yes, it can be stressful. But most accountants find the rewards far outweigh the challenges.
Is there a shortage of accountants in the UK?
There’s a growing need for accountants in the UK. With complex financial regulations and business operations, companies are always hunting for skilled professionals.
But recent data shows a concerning trend: fewer people are applying for accountancy jobs. Between June 2021 and June 2022, applications dropped by 36%. In 2024, this led to what ACCA describes as a “talent war” and pay hikes.
This shortage is causing issues for firms. Some are even turning away work because they can’t find enough qualified staff.
But if you’re thinking about getting into accountancy, this is good news for you! Specialised skills and qualifications are in high demand.
So stay updated with the latest qualifications and gain experience in specialised areas, and you’ll stand out in the job market. Accountancy is full of opportunities, and being proactive about your career development can really pay off.
How long does it take to become a chartered accountant in the UK?
If everything we’ve covered has made you even more determined to become a Chartered Accountant… then great! Here’s the path you’ll need to follow in the UK.
It typically takes around three to five years to become fully qualified.
Here’s a breakdown of the journey.
Completing a relevant degree or certificate
Firstly, you’ll probably want a degree (for instance a BA Hons or BSc Hons) in accounting, finance, or a related field. This sets the foundation for your career. A high classification (like a First Class or a 2:1) will also help. While it’s possible to become a chartered accountant without a degree, having one can provide a head start and open more doors.
But if you’re not going to university, don’t worry. There are plenty of options. Degree Apprenticeships or employer-affiliated degrees are a great option, letting you combine classroom learning with practical work experience.
You can also take foundational certificates like ICAEW’s Certificate in Finance, Accounting and Business or CIMA’s Certificate in Business Accounting, which let you get started without a degree.
Passing professional exams
Next up are the professional exams. Depending on the qualification you’re aiming for (like ACA, ACCA or CIMA) you’ll need to pass a series of challenging exams. These tests cover everything from financial accounting to business strategy. They can be pretty tough, but they’re essential for your certification.
Not sure about the difference between accounting qualifications? Read our guide to ACA, ACCA and CIMA (and how to choose between them) as well as an in-depth look at CIMA qualifications.
Gaining practical experience
Alongside your studies, gaining practical work experience is crucial. Most qualifications require relevant work experience (normally three years) before you become fully certified. This helps you apply what you’ve learned in real-world scenarios and develop your skills further.
Ready to take the first steps in your accountancy career?
Becoming a chartered accountant is a commitment, but it pays off with a rewarding career, great job prospects and a chance to make a difference in the financial world. So, if you’re up for the challenge, it’s a path worth considering.
For help identifying and achieving your early career goals, contact our early career coaching team. With a proven track record of securing jobs and internships at prestigious firms, we’ll work together to ensure your career gets off to the best start.
