Do the Big 4 still offer industry-leading learning opportunities, or is it the prestige alone that still attracts top talent?
Over the last few years, there has been an evident shift from jobseekers desiring positions in the Big 4 accounting firms to mid-tier firms, as they offer the opportunity to gain broader experience and skills and, often, the ability to climb the corporate ladder faster.
There is still high demand from accounting professionals for positions in the Big 4 due to their opportunities and prestige. However, recent cuts and senior staff being poached by mid-tier organisations have called into question the benefits of such large firms.
In January this year, BDO poached a handful of Big 4 advisers and promoted 13 staff members, breaking the 300-partner milestone at the start of the year. BDO, being the largest accounting firm outside the Big 4, is leading the next generation of mid-tier firms, estimated to become the "next four" over the next few years.
In the past, the Big 4 offered unparalleled training opportunities with greater access to funds and resources. This experience tended to open more doors for future progression. However, as mid-tier firms rise with a focus on culture and compensation, their presence is becoming increasingly impactful.
There are two key reasons that many accounting professionals are shifting towards mid-tier firms. The first is lifestyle. The work/life balance offered by many mid-tier firms that value company culture has been shown to suit many workers who are now interested in the evolving workplace. Many who jump straight into a coveted training position within a Big 4 firm are now quick to leave, as the overwhelming city work life — particularly in Sydney — is decided not to be the attraction initially imagined.
The second is the opportunity to get involved with business development, take on more responsibility, and have a closer working relationship with clients. Smaller firms offer greater responsibility, and this typically can also lead to faster promotions, meaning many are leaving the bigger firms for more senior roles at mid-tier companies. In conjunction with more senior roles, mid-tier firms are also equipped with the resources to allow professionals to work across a broader variety of industries, service lines, and more diverse client work. This differs from many Big 4 firms, where accountants often get filtered into highly specialised areas (e.g., only audit for financial services clients).
This trend has enticed many to make the move. However, it is important to consider whether this extra responsibility is worth it. Understanding your motivators, and assessing your priorities and your career aspirations is essential when deciding which direction to take. Research your options and take into consideration the long-term benefits or consequences.
If you are looking for advice on your next career move, get in touch with a recruitment consultant who specialises in your area. They can offer industry insights and advice on what your move should be based on your aspirations.
