Introduction to Big4 Consulting
Big4 consulting is one of the most sought after professions in the business world. The ‘Big4’ consulting firms have an undisputed reputation for excellence and innovation, having helped businesses in virtually every industry to succeed. Working with one of the ‘Big4’ consulting firms can be a huge career boost for ambitious professionals.
In this article, we’ll take a look at the basics of Big4 consulting, what it involves, and what makes it such a desirable path for professionals from a variety of backgrounds:
What is Big4 Consulting?
Big4 Consulting is a type of professional services firm that provides an array of consulting and advisory services to organizations. The term “Big4” refers to the four largest firms in the industry – Deloitte, Ernst & Young (EY), KPMG, and PricewaterhouseCoopers (PwC).
These firms are known for their capabilities in strategy, operations, finance, information technology, risk management and compliance.
Big4 firms provide breadth of services across many areas including:
- Corporate strategy development
- Operational efficiency improvement
- Performance auditing
- Financial analysis and reporting
- Technology infrastructure optimization
- Enterprise system implementations
- Business process improvement
- Program management consulting
- Compliance and security assessments
These professional service firms have highly trained professionals who often function as trusted advisors for their clients. They provide an unbiased perspective based on expertise related to the current situation and assist leadership in finding solutions ranging from short-term tactical moves to long-term strategic plans. Big4 firms focus on delivering value through custom tailored solutions that lead to increased productivity from employees or organizational units receiving their services.
The professionals of Big4 firms usually come from the best institutions with highly specialized degrees such as MBAs or CFA certifications, so they can easily apply their experience quickly in different scenarios and bring best practices from various industries into decision making situations. Their extensive global presence allow many companies around the world to benefit from this pool of talented consultants that serve a wide range of industry sectors like healthcare, banking & financial services, government & public sector, energy & utilities etc. With decades of experience helping some of the top companies across industries implement successful data-driven strategies and performance improvements programs, there is no doubt these elite professional service providers offer exceptional value for those considering expansion or transformation projects utilizing external help.
Types of Services Offered
Big4 firms are known for providing top-tier consulting services and offer a wide range of services, from enterprise resource planning and system integrations to corporal strategy and tax. Consulting services range from helping organizations to design the best structure for their operations, implementing new systems, developing corporate strategy and vision, managing content effectively, driving process improvement, designing effective governance protocols and providing expert tax advice.
To list the major services offered by these Big4 firms:
- Technology Consulting: Services encompass enterprise application development and management, system integration, infrastructure advisory/evaluation/deployment/management/integration.
- Business Advisory: Services may include Operational Transformation programs, process design and effectiveness reviews, business optimization initiatives or capability development.
- Financial Advisory: Services commonly provided here include economic analysis and forecasting; financial due diligence; internal audit assessment; forensic accounting investigations; benchmarking movements in average results group performance monitoring; accounts reconciliation process diagnostics.
- Tax Consulting: Tax compliance work includes legal compliance and tax structuring on international transactions like preparation of transfer pricing analysis reports with OECD compliances under existing double taxation avoidance agreements in order to come up with most optimized taxation regime associated with global trade transactions.
The Big4 Companies
The Big4 are 4 of the world’s largest consulting companies, with a combined annual revenue of over $100 billion. They have a wide range of services, ranging from strategy consulting to technology consulting, and they also have a strong presence in various industries.
This article will provide an overview of each of the Big4 companies and their roles in the consultancy industry:
Deloitte
Deloitte is one of the “Big Four” accounting and consulting firms. It provides a comprehensive range of professional services to help organizations succeed in business. Deloitte has offices around the world, employing more than 200,000 people in over 150 countries.
Deloitte is well known for its audit and assurance work—auditing financial statements and providing assurance services. They also provide a wide range of consulting services, such as tax advice, strategy consulting, technology consulting, and risk management services. They also offer HR-related services such as organizational design, HR analytics (workforce modelling), compensation planning/reviews and employee communication strategies.
Deloitte has consultancies in the UK, USA, India and throughout Asia Pacific. As well as its core consultancy businesses Deloitte also provides specialist advisory practices focused on certain areas such as finance transformation or anti-fraud risk management. With experienced consultants spread around the globe Deloitte tailors specialist knowledge to each of its clients’ unique challenges to deliver success outcomes for their organisation across strategy, performance improvement and operations cost reduction initiatives.
EY
EY (formerly Ernst & Young) is one of the Big4 consulting firms, with a global network of 250,000 employees across 700 offices in 150 countries. EY provides assurance, taxation, transaction, legal and strategic consultation services to major multinationals in all sectors. Reports compiled by EY are particularly trusted across the corporate world.
Particular areas which EY focuses on include financial services and banking, energy and utilities, automotive and technology markets; it is also invested in developing innovative IT solutions. The firm works with strong partnerships to enable its clients make good decisions around market strategy and enable strategic planning.
Clients look towards EY for insight into potential problems that loom ahead due to rapid transformation changes like resilient cybersecurity frameworks capability to edit new technologies effectively into postmodern intelligence operations; emerging trust models for shared content access; pioneering advanced analytics techniques for AI management; its manufacturing insights guiding organizations on relevant Industry 4.0 trends related topics—just to name a few examples of their breadth of knowledge offerings.
KPMG
KPMG is one of the Big4 companies and provides auditing, tax, and advisory services. It has branches in more than 152 countries across the world and employs over 200,000 people globally.
KPMG’s three core service lines are Audit & Assurance, Tax & Legal Services, and Advisory Services. KPMG’s Audit & Assurance team provides independent financial audits to corporate clients across multiple industries. With their Tax & Legal services they assist clients with a wide range of tax requirements to comply with regulatory obligations and ensure a properly managed taxation system. Lastly, KPMG Advisory Services helps organisations reduce risk by providing business advice through teams of industry-focused consultants who help businesses achieve their goals.
KPMG have industry experts in almost all business sectors including:
- Public sector organisations
- Manufacturing
- Banking
- Financial services and insurance
- Energy and natural resources
- Pharmaceuticals
- Health care
- Automotive
- Media and Telecommunications
- Technology
- Real estate/construction
- Consumer markets
In addition, KPMG Professional Services support operations globally. This includes such activities as strategic planning for development of new markets or businesses by taking into account kinds of tax needs joined with M&A transactions or other litigations on behalf of businesses from different parts of the world need special attention from KPMG’s professionals in different fields ranging from Sports Law to Audit Assurance assessment on par with international standards or assurance frameworks consisting US GAAP (Generally Accepted Accounting Principles) protocols established alongside local regulation policies i.e FASB ( Financial Accounting Standards Board).
PwC
As one of the world’s largest professional services networks, PricewaterhouseCoopers (PwC) has over 276 thousand people working in 158 countries worldwide. What makes PwC unique is its focus on providing professional services, advice and solutions in audit and assurance, tax, legal, deal advisory and consulting.
PwC focuses on industry sectors such as media & entertainment, telecommunications & technology, automotive & assembly and retail & consumer markets. It also works with government departments and non-for-profit organizations to provide a complete range of services including financial reporting compliance requirements and financial optimization strategies.
PwC provides in-depth insights across the breadth of business operations such as corporate finance advisory including initial public offerings (IPOs), mergers & acquisitions (M&As) or divestitures; economic analysis (business case development); business strategy development; operational optimization programs; regulatory risk services; IT enablement (cloud computing/ network security); corporate governance guidance; assurance services; actuarial outsourcing/risk management/ restructuring services.
At PwC you will find careers ranging from entry level with internships to experienced roles such as director or partner depending on individual experience. The company seeks proactive individuals who are able to think creatively because at PwC there is no single solution for the array of business issues that arise each day.
Benefits of Working with Big4 Consulting
Working with a Big4 consulting firm can be a great way to gain experience and expertise in the consulting world. Working at a Big4 gives you access to unique resources, excellent training opportunities and the chance to learn from some of the best consultants in the industry.
This section will explore some of the benefits of working at a Big4 consulting firm:
Access to Resources
Working with a Big4 consulting firm provides access to an impressive array of resources. Upon hire, you leverage the firm’s expansive knowledge and experience base—from its robust training programs, vendor partnerships, and global offices. Big4 consultants receive specialized training both through on-site classes and e-learning opportunities. This training helps you quickly scale the learning curve, gain valuable insights on key industry trends and techniques, and build your skill set over the long haul.
In addition to the access to resources for your personal advancement, many of these firms have relationships with top technology providers that give them access to advanced solutions for problem solving. By working with a Big4 consulting firm, you can tap into a wider knowledge base that can help you take on bigger challenges more efficiently. By leveraging these resources from start to finish—from initial research on customer preferences to final delivery—you create superior results faster by leveraging their powerful resources.
In addition, Big4 consulting firms often engage external subject matter experts (SMEs) or outside vendors who bring additional expertise on complex initiatives. Working with an SME or outside vendor helps ensure ongoing project success as advancing technologies and solutions require up-to-date knowledge of new products and services in the market space. Having external partners who are in tune with current industry trends allow consultants at Big4 firms to achieve higher quality presentations while remaining competitively priced without sacrificing value of deliverables.
Global Reach
One of the main benefits of joining a Big 4 consulting firm is the company’s global reach. Big 4 consulting firms have an established presence in many countries, enabling few consultants to work with clients located around the globe. This expansion of your professional reach and exposure to different cultures gives employees opportunities for development, networking and further career advancement.
Moreover, the global presence of a Big 4 firm offers numerous client engagements on international projects which provides valuable experience in a short span of time.
Furthermore, their multinational nature gives Big 4 consultants network access to resources which otherwise would be relatively difficult to obtain on their own. With access to industry experts from different regional locations helps enrich learning and adds credibility when conceiving an effective solution for specific problem areas. Automatically, employees also develop strong cross-cultural awareness when working in multi-cultural teams since each team consists of colleagues from many countries who come with their own set of experiences.
Networking Opportunities
Working with a Big4 Consulting firm offers the opportunity to network and collaborate with hundreds of people from different industries, creating a well-rounded experience. You will be able to grow your professional network which will help you succeed in various positions within your field. The mentorship from senior-level executives can bring valuable experience and guidance as you navigate through your career.
At Big4, you will learn about different aspects of consulting such as strategic planning, financial modeling, project management, data analytics and business operations—helping you prepare for future job opportunities. Working on such large teams with colleagues from other countries and cultures also provides invaluable intercultural learning opportunities. Plus, many clients routinely add staff members to their project teams based on the strength of the people they meet while working at Big 4 firms.
Being part of a global team allows access to leading-edge thought leadership—an invaluable asset at the early stages of the career path—allowing individuals to stay informed of current and future industry trends and topics. Additionally, working in an international environment means cultivating lasting relationships with clients, giving instant credibility if a member chooses to transition out into an industry role later on in their career journey.
How to Get a Job with Big4 Consulting
Landing a job with one of the Big4 consulting firms can be a great way to gain experience and exposure while working in the cutting-edge field of management consulting. With the right combination of skills, willingness to learn and ambition, there are plenty of opportunities to be had in the Big4 consulting world.
In this article, we will discuss how to get a job with Big4 consulting and the steps you need to take to make it happen:
Building Your Resume
When it comes to a Big4 Consulting career, there are some key components that you need to have on your resume which will allow you to stand out above the competition. Here are the most important components for constructing a successful resume:
- Know what is expected: Understanding what Big4 Consulting is looking for in potential hires will help you decide how best to showcase your own unique strengths and expertise. Knowing what skills and qualities Big4 Consulting desires in employees will assist you in tailoring your resume accordingly.
- Educational Qualifications: Potential employers will want to see that you’re educated enough to contribute the the company’s goals. Include all relevant educational qualifications such as degrees, certificates, and courses that have been completed prior to applying. It’s also important to accurately describe these qualifications on your resume so potential employers can quickly assess if they match up with their requirements.
- Work experience: Any type of experience from internships and volunteer work can be beneficial when applying for a role at Big4 Consulting as it will demonstrate how well you can handle certain projects or tasks but also provide examples of where and how you developed certain key soft skills such as good communication or team collaboration skills. Experience outside of the standard office setting like pro bono work or travel is also often appreciated because it highlights an individual’s ability to adapt and thrive in diverse environments, thereby increasing their value as a consultant at Big 4.
- Accessible Communication: With digital networking throughout various platforms becoming increasingly popular, ensure that all pertinent information such as contact information, email address and any professional social media presence (i.e. LinkedIn Profile) is easily accessible so employers can contact with ease should they wish to communicate directly with any prospective candidates. Additionally make sure all of this information is presented neatly and succinctly on your resume for quick reference by recruiters so they know how best get in contact with applicants if needed.
Preparing for Interviews
One way to prepare for Big4 interviews is to conduct research about the company, the type of work it does, the clients it serves and how you could make an impact on that organization. Many research resources are available online, and you should take advantage of them. Talk to current consultants, alumni or friends who have experience in the industry. Attend networking events and job fairs where Big4 companies are present. Make sure you customize your resume for each application and give yourself enough time for adequate preparation for your interview.
Your Big4 interview will likely focus on a combination of assessment-based questions, which assess how well you fit into the organization, as well as situational questions where the interviewer may ask how you would handle various scenarios in the workplace. Be prepared to explain why consulting is a great fit for your skillset and career goals. Additionally, come with examples of experiences or skills that align with their expectations such as leadership programs or interviews conducted with senior management at other companies. Be honest but emphasize on your strengths so that it appears more attractive than someone else’s weaknesses when compared against yours.
Besides demonstrating confidence in yourself during an interview, dress appropriately in professional attire that reflects your personality while also complementing traditional business formalities e.g dark suits along with plain collared shirts or blouses (no wild tie combinations). It is also good practice to arrive early and don’t forget to review common answers for popular interview questions beforehand; especially Big4’s specific ones such as “Walk me through what types of clients do you serve”?
A successful interview requires going beyond simple table manners: strike up a conversation about current affairs related to their industry – this really shows potential employers that you have done thorough research concerning their company profile/profile/work environment – a key competency in any consulting team! With these tips in mind and confident preparation behind them, candidates can walk into their next Big 4 job Interview fully informed on what they need to know!
Applying for Positions
When applying for positions at one of the Big4 consulting firms, it is important to understand that the selection process is very competitive. Companies look for applicants with highly specialized skills and experience, who can demonstrate a sound understanding of the industries that the Big4 serve.
While each firm may have slightly different criteria for screening applicants, all are looking for candidates with strong academic credentials and business knowledge, who possess transferable skills and have a successful track record in previous positions. Depending on the position being applied for, candidates should be prepared to showcase additional abilities such as communications skills, technical know-how or proficiency in certain software applications.
Applicants should research each company thoroughly before submitting an application so they can be aware of company culture and any unique opportunities available in that particular office. Resumes and cover letters should highlight your ability to meet specific job requirements as well as any unique characteristics or qualities which set you apart from other applicants. Interviews are conducted in a variety of formats including video calls, case studies and traditional face-to-face meetings so it is important to take extra preparation steps such as researching industry trends or reviewing recent projects.
Above all else you need to maintain confidence throughout the process while ensuring supportive pathways are available if further guidance is needed. Applying and being successful when interviewing with The Big 4 consulting firms can be intense but making sure you feel comfortable every step of the way helps ensure that a successful outcome!
Closing Thoughts
Working as a consultant at the Big4 is a dream for many, but it isn’t for everyone. The Big4 firms offer a wide range of experiences and benefits, but the road to getting there can be difficult. It is important for aspiring consultants to consider their own strengths and weaknesses before taking the plunge into the consulting world.
Let’s take a moment to go over the key points and considerations to keep in mind when considering working in the Big4 consulting world:
Big4 Consulting is a Great Career Opportunity
Big4 consulting is an attractive career opportunity for many individuals. It offers competitive salaries, strong job security, and the opportunity to travel, work with different people from around the world and develop your management capabilities. In addition, Big4 consulting can be an invaluable addition to any CV and will provide a wealth of experience for your future career path.
Given the competitive nature of Big4 consulting roles though, it is important to ensure you are well prepared for the recruitment process. To do this, you should:
- Make sure you have a thorough understanding of what each firm offers and which sector you would prefer to work in.
- Be prepared for competency-based interviews and numerical tests to demonstrate your qualifications and skillset – although practice makes perfect!
- Stay updated on the newsworthy topics relevant within your chosen industry sector – both during your studies or professional life – so that you are able to demonstrate your knowledge during interviews.
- Work collaboratively with peers is another skill learnt throughout university or employment experiences which potential employers look out for – so by developing both collaboration skills as well as a basic understanding of current themes related to Big4 consultancy you will stand yourself in good stead when making applications.
Consider All Your Options Before Making a Decision
It’s important to take your time and really assess each of your options when it comes to selecting a big 4 consulting firm. Consider things like the rate of pay, project scope, geographical work location, career development opportunities, the company’s reputation and client base, learning opportunities and more. Evaluate these factors to determine what is most important to you and which firm would be most beneficial for your career growth. Don’t forget to consider other firms outside of the Big 4, too.
Also make sure that you feel comfortable with your decision before committing. Have open conversations with colleagues or mentors who have worked at any of the mentioned firms and ask them questions on their experience so that you can get an inside view of what it would be like working there. Additionally take some time to research reviews on job websites or pursue informational interviews within the specific organization or industry if you still want more information prior to making a decision.