Earlier, the global accounting sector was dominated by the Big Eight companies. With time, this number consolidated to the current Big 4 – KPMG, EY, PwC, and Deloitte after several mergers and dissolutions started in the late 1980s. These companies’ combined sales of nearly $200 billion demonstrated their remarkable industry influence.
KPMG, EY, PwC, and Deloitte specialise in financial accounting and auditing services. Besides, their area of expertise has expanded along with the accounting profession. These days, the Big 4 accounting firms provide a wide range of professional services, such as taxation, data assurance, digital transformation, management consulting, corporate finance counsel, and Fintech
The Big 4 Accounting Firms in Hong Kong: The Complete Breakdown
Let’s check through each of the four accounting firms to understand their impact and standing in the industry:
Deloitte
- Founded: 1845
- Employees: Over 4 Lakh
- Global Presence: Over 150 countries
- U.S. Headquarters: New York, NY
Established in the year 1985, Deloitte ranks at the top among the big 4 accounting firms in Hong Kong. The organization prioritizes operations, strategy, technology, and people resources. Deloitte typically recruits interns, undergraduates, and recent MBA graduates. It promotes integrity and ethics and seeks candidates who possess these attributes. The company strives to help its clients significantly. Deloitte is often ranked among the top five most desirable places to work, the Best Place to Launch a Career, and the Most In-Demand Employer. You can anticipate working with Fortune 500 financial firms if you work for Deloitte.
PricewaterhouseCoopers (PwC)
- Formed: 1998 (merger of Price Waterhouse and Coopers & Lybrand)
- Employees: Over 3 Lakh
- Global Presence: 152 countries
- U.S. Headquarters: New York, NY
World’s second-largest professional services network, PricewaterhouseCoopers or PwC, holds a solid industry reputation. The company presently holds over 328,000 people and has a global presence spanning 152 countries.
Over 148,000 new employees joined the organization in 2022 alone. Although the company’s revenue by the end of Fiscal Year 2022 exceeded $50.3 billion, its rise was not as significant as that of other Big Four accounting companies. Currently chaired by Robert Moritz, the company has its headquarters in New York.
Ernst & Young (EY)
- Formed: 1989 (merger of Ernst & Whinney and Arthur Young & Co.)
- Employees: Over 4 Lakh
- Global Presence: 150 countries
- U.S. Headquarters: New York, NY
Ernst & Young, or EY, is a globally known professional services firm. It offers assurance, tax, transaction, and advisory services to companies across a wide range of industries. One of the major accounting firms in Hong Kong, EY, came into existence when Arthur Young merged with Ernst and Whinney in 1989. The company has active firms in more than 150 territories across the world, and it has a team of over 300,000 professionals. With its headquarters in London, the company is ranked as the 11th largest organisation in the world.
KPMG
- Formed: 1987
- Employees: Over 2 lakh
- Global Presence: 142 countries
- U.S. Headquarters: New York, NY
The last name in the list of big 4 accounting firms, Klynveld Peat Marwick Goerdeler (KPMG), holds a solid market presence with offices in every state in the United States and operations across 143 countries worldwide. Known as KPMG, this organization employs over 265,000 individuals and maintains offices in over 143 countries. KPMG has witnessed continuous growth throughout its journey. Almost every service stream saw an increase in revenue, including advising, auditing, tax, and legal services. Bill Thomas, Global Chairman and CEO, presently leads the corporation.
Frequently Asked Questions
Which are the best Big 4 accounting firms in Hong Kong?
PwC’s auditing practice is the first, followed by Deloitte, EY, and KPMG.
Is it hard to get hired by the Big 4?
Getting one of the Big 4 jobs that are open each year is not simple. In the US alone, the Big 4 corporations receive millions of applications each year! The Big 4 enterprises do not disclose their acceptance rates because they are private businesses.
What skills are needed to succeed at a Big 4?
Strong analytical abilities, meticulousness, and a strong foundation in accounting or finance—often proven by a relevant degree are required to succeed at the Big 4 accounting firm.
