Here’s How The Big 4 Consulting Firms Said They Performed This Year
After experiencing a boom during the pandemic, the consulting industry has faced economic headwinds and slowing demand over the past couple of years. Major firms have conducted layoffs, delayed start dates, and cut partner pay.
Financial reports released by the Big Four professional-services firms throughout the year indicated that their consulting arms grew slightly, but not as much as their legal, tax, and assurance businesses.
In October, PwC said several factors were contributing to the slower growth in consulting.
“A continuing slow market for mergers and acquisitions, sluggish economic growth in a number of key markets and political uncertainty holding back investment in some key projects meant that the growth of our advisory operations slowed over the last twelve months,” its report said.
KPMG, the last Big Four firm to report 2024 financials, reported the highest overall revenue growth, at 5.1% year over year.
Here’s a breakdown of how the Big Four firms performed this year.
Deloitte
- Fiscal year end: May 2024
- Global revenue: $67.2 billion
- Revenue growth year over year: 3.1%
- Revenue growth by category:
- Tax and legal: 8.7%
- Audit and assurance: 4.1%
- Consulting: 1.9%
- Financial advisory: – 3.8%
- Risk advisory: 3.2%
PwC
- Fiscal year end: June 2024
- Global revenue: $55.4 billion
- Revenue growth year over year: 3.7%
- Revenue growth by category:
- Tax and legal: 6.3%
- Assurance: 3.4%
- Advisory: 2.6%
EY
- Fiscal year end: June 2024
- Global revenue: $51.2 billion
- Revenue growth year over year: 3.9%
- Revenue growth by category:
- Assurance: 6.3%
- Tax: 6.3%
- Strategy and transactions: 2.3%
- Consulting: 0.1%
KPMG
- Fiscal year end: September 2024
- Global revenue: $38.4 billion
- Revenue growth, year-over-year: 5.1%
- Revenue growth by category:
- Tax and legal: 9.6%
- Audit: 6.2%
- Advisory: 2%
