consulting firms

Big Four Accounting Firms Salary Ranges

By Andrea Ell 6 May, 2023 3 mins read

One year, a job with one of the Big Four accounting firms could earn you as much as $80,000. What is the truth behind their compensation packages, you ask? These tips will help you get a better understanding of what each company pays their staff. And don't forget to check out our salary survey to find out how you can earn more at one of these firms. We have combined the average compensation packages from all four firms. We hope this helps!

PwC

The big 4 accounting firms are EY, PwC, and KPMG. All four firms have headquarters in the United Kingdom, and PwC is the second largest. It has about 200,000 employees in 150 locations around the globe. The salary ranges of each firm vary depending on their industry and the number of employees. Below are the salaries of the four top firms. Below are the top salaries for PwC’s public and auditing departments.

For college students looking for a job, PwC actively recruits. The firm offers student programs ranging from Aspire to Challenge to Start, Elevate, and Launch. These programs give college students the opportunity to grow as a professional and learn more about the company. PwC hires about 1000 more students who have previously worked as an intern. PwC also offers internships for all levels of employees.

Ernst & Young

Many people long to be an accountant. However, not everyone is willing to make the sacrifices required for entry-level jobs at the Big Four. Although salaries for Big Four firms start at similar levels, the true value of an accounting job is often found in the company's "fit" - finding one whose values are aligned with yours. Below are average starting salaries at Big Four firms.

Ernst & Young, as one of the Big Four accountant firms, pays its employees generous wages. These firms have hundreds of thousands in their workforce and frequently hire the best talent for top positions within the company. Although it can be hard work and long hours, there are many advantages to working for these companies. Name recognition and exposure are just two of the many. There are many reasons why working at a Big 4 firm is an excellent career choice, including the salary and the long hours.

KPMG

While other accounting firms have impressive salaries, KPMG is a better choice for a tax accountant. KPMG's tax revenue is stable over the past three years, but its audit service and advisory fees have grown slightly. As a result, the total revenue at KPMG is not as high as at other big CPA firms. KPMG's recruiting process begins at colleges. KPMG provides opportunities for students to participate in leadership training, internships, and other competitions. KPMG offers a career pathway that allows students to test out new roles while still working for the firm.

KPMG, although the fourth largest accounting firm worldwide in terms salary, is still the smallest. The firm has about 162,000 employees worldwide. Its global headquarters are located in Amsterdam. KPMG is represented in over 100 countries. The company was founded in London in 1891 and has a worldwide workforce of over 150,000 people. This firm has been an industry leader for close to 100 years and is still the largest.

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FAQ

Are consulting incomes subject to tax?

Yes, tax will be payable on any consultancy profits. The amount depends on how much you earn per year.

If you're self employed, you can deduct expenses beyond your salary.

However, you cannot deduct interest payments from loans, vehicle repairs, or the cost for equipment.

You cannot claim back less than PS10,000 in a given year.

You might be taxed even if you make more than the threshold depending on whether your income is contractor or employee.

Employees are generally taxed through PAYE (pay as you earn) and contractors through VAT.

Is it possible to run a consultancy business from home?

Absolutely! Many consultants do this already.

Many freelancers work remotely via tools such as Skype, Trello and Basecamp. They often create their own office space so they don't miss out on company perks.

Some freelancers prefer to work in cafes or libraries instead of in a traditional office environment.

Some choose to work remotely because they are surrounded by their family.

Of course, working from home has its pros and cons. However, if you love what you do, it is worth considering.

How much should you charge as a consultant?

It depends on your offering. You don't have to charge anything if you provide services free of charge. However, if you are selling products or services, then you need to set prices based on value.

You don't have any products to sell if you provide low-quality services. So why would anyone pay you anything?

You may be able to ask for a higher price if you offer high-quality services. This is because people know the value that you provide. Customers who buy multiple services from you may qualify for discounts.

What qualifications are required to become a consultant?

It is not enough to have an MBA degree. You must also have experience as a consultant. Two years experience should be gained in consulting or training for a major corporation.

You will need to have worked closely alongside senior management teams in order to develop strategy projects. This will require you to be comfortable sharing your ideas with clients and getting their buy-in.

A professional qualification exam like the Certified Management Consultant (CMC), Chartered Management Institute, is required.

How do I set up an LLC to consult?

The first step is to decide what service provider you want to be. Then you need to make sure you are qualified for those services. It may also be beneficial to look for someone who is already qualified to do what you desire and to see how they work.

Once you have an idea of the content you want, you can then determine where your target audience is. If they don't exist, you might have to make them.

You then have to decide whether or not you want to open your own company, or hire other people to do it.

A license from the state could be required to start your own consulting business. However, this can take some time and require legal fees.

How did modern consulting come to be?

Accounting professionals were the first to become consultants. They helped companies manage their finances. Because they were skilled in managing financial information, they became "accounting consulting". They soon expanded their roles into other areas like human resources management.

The French word meaning "to advise" in French is what gave rise to the term "consultant". This term was originally used by businessmen to denote someone who could give guidance on how to run an enterprise. The word consultant is still used by most business owners to refer to any kind professional advisor.

Statistics

"From there, I told them my rates were going up 25%, this is the new hourly rate, and every single one of them said 'done, fine.' (nerdwallet.com)
WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (consultingsuccess.com)
So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
Over 50% of consultants get their first consulting client through a referral from their network. (consultingsuccess.com)