Why Working for the Big Four Firms is Necessary for Accountants?

To get professional success in any field, one needs to better than the others, if not the best. High-class professional skill sets and expertise require more than hard work. It comes at the intersection of many elements in one’s career. It requires the right mindset for their upbringing, relevant academic qualifications, authentic mentoring, rigorous practice in a competitive environment, and some sheer luck. It applies to almost every professional field you can find. In some areas, all such factors are visible and apparent, and in some, they are not.

In the accounting profession, too, these phases and factors are essential. Professional accountants are expected to have an academic degree or qualification, right mentorship, relevant and valuable experience, and some luck in the form of timing and available opportunities. But among all, there is one thing that is the most crucial aspect, i.e., working experience. In which company and environment, does he work and which clients he served, is an excellent barometer to gauge the expertise and competence of an accountant. And the best arena to get valuable experience and exposure is the top four accounting firms. These are the best firms to learn, gain experience, and set up your career to shine ahead. Deloitte, KPMG, EY, and PwC are the giants of the industry. They attract the best talent, work with the top clients, and provide the most learning opportunities to its people.

Let us explore some reasons why accountants must have experience working in a Big Four Firm, as it is not easy for everyone to get such a chance in their career.

• Exponential and Fast Track Growth

Starting your career in a big four firm can set you apart from the crowd. You might have to face new challenges and perform various tasks, which will fast track your professional growth quite early. The firm provides excellent learning opportunities for training and development and a good salary package, which gets better with annual promotions. Additionally, after one or two years, you can also get managerial experience, which is quite rare or impossible in other industrial jobs. If two people start together in their career, the results would be far-off among two, if only one gets the chance to work in a big four firm and other in the industry. 

• Building High-Class Network

Working in a big four firm provides you one of the best opportunities to build your professional network. Once you start working, you will get the chance to meet a wide variety of people. There will be finance managers, financial controllers, CFOs and CEOs, statutory authorities, etc., you would be working with. Similarly, as these people and the ones who are working firm, continue to grow and pursue high positions in their careers, your professional network will expand over time.

• Countless Opportunities

In the big four firms, your growth is dependent on how eager you are and how much effort you are going to put. There will be only a handful of situations where you will have to adhere to your JD or corporate structure. At Big 4 firms, you work within a hierarchy of teams. From partner to junior level staff, everyone strives for the same goal of project completion. Everyone is expected and delegated as per their position. However, if you can complete yours with precision, you are welcome to take up the tasks above your level. This requires personal will and temperament to work harder and perform more than others.

• Annual Growth and Promotion

Big 4 firms are highly competitive, and anyone cannot jack around without performing well. In such firms, either you rise, or you move on. If you continue to work in a big four firm year after year, it means you are on the right path of advancing in your career. After spending 3 or 4 years in a firm, you will start getting job solicitations from the clients or other companies. And they offer substantial raise and perks in their employment proposal. 

However, many people turn down such offers and prefer to stay with the firm. Their biggest reasons are the exposure, growth, and career advancement opportunities at the firm in the coming years. People who take the corporate offers comparatively have their growth slowed down in the next 2-3 years, whereas people who stick to the firms have a more extended career ladder in their vision to approach. The business model of big four firms is such that there is always room for growth for the achievers to grow forward. And there are no guarantees like they have in the corporate sector.

Conclusion

Big 4 firms work with the best companies, with the best talent, and provide a competitive environment to be better, if not the best. It takes more than just will to succeed there; there are long hours, extreme pressure, traveling, and so forth. But if someone is committed and dedicated, every ounce of effort and sweat is rewarded.