Audit in Big Four: what opportunities ?
The four largest audit firms in the world form an oligopoly known as the "Big Four". Find out more about these teams and their strengths to help you prepare for your auditing internship.
Read more: Audit at Mazars: a (simple) springboard to a corpo career?
Audit: Big Four expertise
In France, the audit branches of the Big Four were created in the 1990s. The four world leaders in financial auditing are commonly referred to as the Big Four, which stands for PwC, Deloitte, EY, and KPMG.
In France, these players are unavoidable and increasingly dominate the auditing market for CAC 40 companies. For example, KPMG certifies the accounts of nearly 20,000 companies in France, from SMEs to CAC 40 companies. Nevertheless, a European reform since 2014 requires the rotation of statutory auditors every ten years. Prior to this reform, KPMG had been certifying Carrefour's accounts since 1968, just as EY certified Unibail-Rodamco's accounts in 1975.
Deloitte
Founded in 1845 by William Welch Deloitte is the oldest of all auditing firms. Its most notable merger was with Delotte Haskins & Sells and Touche Ross International in 1989. Today, Deloitte is present in over 150 countries. Sales in 2022 were $59.3 billion.
PwC
PricewaterhouseCoopers was founded by three firms: Price, Cooper Brothers and Edwin Waterhouse. The oldest was Price, founded in London in 1849. In 1998, these three firms decided to merge. Sales in 2019 were $42.4 billion.
EY
EY refers to the worldwide organization of Ernst & Young Global Limited member firms. The firm grew out of successive mergers of several American and British auditing firms until the creation in 1989 of Ernst & Young (now EY). Sales in 2022 were $45.4 billion.
KPMG
KPMG is a global network providing audit, tax and advisory services. It is also France's leading audit and accounting firm for regulated activities, and second in terms of total sales (audit, consulting and public accounting). KPMG International has announced annual worldwide sales of xx billion dollars by 2021.
What are the opportunities within the Big Four?
Within the Big Four, audit teams are among the most coveted by candidates from the top business schools. Prestigious and demanding, the internships offered to students are a real passport to employment. In this competitive environment, no opportunity should be overlooked.
The Big Four offer attractive remuneration packages, albeit somewhat lower than in Transactions Services. For example, the typical salary for a Junior Auditor at KPMG is €37,536 per annum. Audit salaries also depend on several parameters: academic background, profession, and geographical location. Schools are categorized to generate salary grids that can evolve. For example, a student in the Top 3 (HEC, ESSEC and ESCP) will earn between €40,000 and €46,000 gross per year.
Finally, career progression is rapid, with opportunities for mobility within the firm's other divisions: consulting, transaction services, etc.
Big Four: how do you get in?
Students and recent graduates wishing to join the Big Four understand these firms are demanding. However, all these companies have one thing in common: they are very interested in new and young talent. But how do you get ahead?
The first step is to apply on the audit firms' career sites, after filling in your educational background and contact details, and indicating the position you are looking for. For internships, the classic process involves an interview with an auditor, followed by a personality test.
If the candidate's profile is selected, the junior auditor's integration begins with 15 days' training. After this phase, the junior auditor can go out on site with the rest of the team. Our customers are very diverse, and our teams can change regularly.
Read more: Mazars interview: the recruitment process explained (with examples!)
