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In September 2019, Bloomberg News reported that The Big Four controlled 95% of the FTSE 250 audit market by client numbers and 96% by market capitalization in August 2019, according to Adviser Rankings. [41] In 2018, an Australian parliamentary committee was told that the heads of the Big Four firms have met regularly for dinner.
The Big Four — EY, Deloitte, KPMG, and PwC — are the world's largest accounting and consulting firms. They pull in billions annually but have faced a slowdown in demand for their services.
The Master of Accounting program has boasted a near perfect employment record of 97.5% to 100% of its domestic students since the university began tracking employment outcomes in 2015, with over 80% of the graduating cohort accepting offers from Big Four accounting firms each year. [14]
Accounting networks were created to meet a specific need. “The accounting profession in the U.S. was built upon a state-established monopoly for audits of financial statements.” [4] Accounting networks arose out of the necessity for public American companies to have audited financial statements for the Securities and Exchange Commission (SEC). [5]
The Big Four are attempting to balance operations following the end of the pandemic-era rush on advisory services. Many consultancies hired rapidly to meet soaring demand in the early 2020s. As ...
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