In the world of consulting, there are certain groups of firms that come to mind. In the top tier, many think of the MBB firms (McKinsey, BCG, and Bain). Furthermore, students and professionals often think of the Big 4 accounting firms which also have large consultancy practices.
The big 4 consulting firms
The big 4 (Deloitte, Ernst & Young, PwC, and KPMG) have been corporate juggernauts for decades. They are well known for providing audit and accounting services to major public companies around the globe. They also hold a strong position in the consultancy industry, often advising companies on every aspect from strategy to technology. They have incredible influence on the structure and operations of multinational companies all across the globe.
Here is a brief overview of big 4 consultancies and example practice areas they are well known for:
Deloitte – Deloitte is known as a very strong consulting player, often competing in the space of the MBB firms. It has over 85,000 professionals in its consulting practice spanning multiple practice areas from cloud to climate and equity consulting.
Ernst & Young – Well known credentials in the consulting space. Has a strong practice in sustainability and innovation consulting. Serves major players in the energy, life sciences, and real estate space.
PwC – is another major contender in the consulting scene, with a well respected strategy consulting arm, Startegy& which has been involved in major corporate transformations.
KPMG – is the smallest of the big 4 but packs a big punch in the digital transformation space. It is also well known for its financial advisory services.
Common characteristics across the big 4 consulting firms
There are several underlying common characteristics of working as a consultant across the big 4, mainly:
- Public companies and Large Enterprises – Big 4 consulting focuses on public and large enterprises as their services are of high cost to clients.
- Bid work – Consultants at the big 4 are expected to support business development on RFPs. As consultants climb the ladder, they are expected to spend more time on business development activities and less on billable engagements.
- Solid Training – Big 4 firms provide significant up-skilling and training to their consultants, especially while they are on the bench.
- Structured Ranks – Ranking structure from Associate to Partner level which is highly uniform across the big 4.
Starting your career in big 4 consulting opens many career paths, from banking to industry roles. Big 4 consultants deal with major global clients, which allows for cross geography opportunities including relocation. Compensation is very competitive with roles at medium sized and boutique consultancies.
Comparison with the MBB consulting firms
Unlike the big 3 (McKinsey, Bain, BCG), the big 4 consultancies are easier to enter and focus primarily on strong academic performance and good internship experience. They are also willing to take experienced candidates with niche skillsets from technology to finance. Highlighting these areas on your resume is crucial for getting a role at the big 4.
About PrepareConsult:
PrepareConsult is a platform to practice the consulting case interview with AI and peers. PrepareConsult is founded by Milad Mohammadi and Sahhas Nathella.
Milad Mohammadi – 7+ years of experience in consulting and professional services with experience across North America and Europe.
Sahhas Nathella – 5+ years of experience in consulting and professional services with strong experience in complex digital transformations.
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