Consulting on management, finance strategy, or technological investment is one of the most attractive industries for prospective job seekers. In 2022 management consulting sector generated $329 billion in total revenue in the US market, with a growth of $100 billion in value over the last decade.
Some of the largest and most well-known consultancy firms are often referred to as the Big 4: Deloitte, KPMG, PwC, and EY. While all these organizations provide high-quality consultancy services across various industries, in this article, we will focus on two firms with the highest revenue in 2022 — PwC and Deloitte.
What makes PwC and Deloitte so attractive, aside from competitive salaries and trusted position on the market? And is PwC better than Deloitte? Let’s compare how these two consulting behemoths rank against each other. This article will help you determine which firm performs better and which is the best choice for your career.
PwC vs Deloitte Overview
Both PricewaterhouseCoopers (PwC) and Deloitte offer a wide range of services, including audit and assurance, consulting, tax, and advisory services. PwC is known for its strong expertise in finance. Meanwhile, Deloitte has a large team, representing it all over the world, and focuses on technology and innovation.
Let’s explore the story behind each firm, their standing in various industries, and factors contributing to a high reputation among clients.
Established in 1998, PwC was born through the merger of two major accounting firms, Price Waterhouse and Coopers & Lybrand. Although it might seem that PwC entered the market quite recently, both founding companies track their history from the mid-19th century.
The newly created firm became one of the largest professional services brands in the world. Headquartered in London and present in over 150 countries worldwide, PwC offers a wide range of services, including audit and assurance, tax, and advisory services. In 2019, PwC was recognized as a leader in the Digital Product Experience Agency by the Forrester Wave.
In addition to finance and management consulting, PwC also has a significant presence in the technology, media, and telecommunications sector. It has been investing in the best talent in the field of innovation and digital transformation to provide top-notch consulting services. Its expertise covers artificial intelligence (AI), cloud computing transformation, and blockchain.
PwC is also focused on expanding its presence in the field of sustainable development and the environmental, social, and governance (ESG) industry. A major research and advisory firm, Verdantix, named PwC a global leader in ESG services for businesses. Professionals from PwC navigate their clients through equitable, transparent, and sustainable strategies for business growth.
Today, PwC has a large network of offices in the Americas, Europe, and Asia. The company is focused on delivering high-quality services and building long-term relationships with its clients. At the same time, PwC invests in its talents, contributes to local communities, and discovers how cutting-edge technology can find its place in the ever-changing business landscape.
Deloitte Overview and Experience
Deloitte is one of the largest professional services firms in the world and has a rich history dating back to 1845. The firm was originally established in London as an accounting firm. Over time it has grown to offer a wide range of services, including audit and assurance, tax, consulting, and advisory services.
Deloitte has a strong global presence, with offices in over 150 countries and a focus on technology and innovation. The firm is determined to harness the potential of emerging technologies to offer innovative transformation strategies in multiple industries, e.g., financial services, healthcare, energy, and government.
Experts from Deloitte apply environmental, social, and governance (ESG) regulations and research in their auditing services to promote sustainable business practices among their clients. The firm is committed to diversity, equity, and inclusion (DEI) practices and supports the growth of its employees. For this purpose, in 2011, Deloitte opened its Leadership Center (often referred to as “Deloitte University”).
Today, Deloitte is one of the largest professional services firms in the world. Its team of over 330,000 professionals worldwide helps companies navigate the complexities of the global business landscape.
Here is the table to sum up the key facts about both companies.
|Headquarters||London, UK||London, UK|
|Geographical expansion||152 countries||150+ countries|
|2022 global revenue||$50.3 billion||$59.3 billion|
|2023 VAULT Accounting Top 25||1st||2nd|
|2022 VAULT Most Prestigious Consulting Firms||6th||4th|
|Industries Served (mainly)||Consumer markets, Energy, Financial Services, Private Equity, Health industries, Industrial products, Engineering and construction, Law firm services, Technology, media and telecommunications||Consumer (Automotive, Consumer Products, Retail), Transportation, Hospitality & Services, Energy, Financial Services,
Government & Public Services, Life Sciences & Health Care, Technology
Deloitte vs PwC: Revenue
To answer the question “Is Deloitte or PwC better?” we should consider their annual revenue. This metric is growing for both companies despite setbacks created by the COVID-19 pandemic. Last year was particularly successful for them.
For example, in 2022, PwC surpassed the $50 billion mark and boasted $50.3 billion annual revenue for the first time in its history. The primary revenue generators were audit and consulting, as well as tax and risk assurance.
However, Deloitte’s results are even more impressive. The firm’s global revenue increased by 19.6% from $50.2 billion in 2021 to $59.3 billion in 2022. The company’s financial services accounted for almost a third of this figure, while consumer services and technology, media, and telecom (TMT) grew as well.
Overall, the companies demonstrated resilience in the face of the pandemic’s challenges and kept the upward trend.
|2022||$50.3 billion||$59.3 billion|
|2021||$45.14 billion||$50.2 billion|
|2020||$43.03 billion||$47.6 billion|
Deloitte vs PwC: Services
Both Deloitte and PwC offer a wide range of services. Let’s examine the focus of each company.
Deloitte is known for its expertise in technology and innovation, with a strong focus on emerging technologies. The firm also positions itself as a proponent of environmental, social, and governance (ESG) principles in business process building.
The range of financial and financial modeling services from Deloitte is among the largest. Deloitte is a trusted adviser to middle-market companies on Mergers & Acquisitions (M&A) and investment banking.
PwC also has a strong presence in the financial services sector and has been involved in many high-profile audits and certified consulting projects for major financial institutions. Consultants from PwC have significant expertise in the technology, media, and telecommunications (TMT) sector and can advise a company on an innovative strategy.
PwC’s financial modeling services can provide private equity firms with a valuable resource for understanding and managing financial risks, as well as for making more informed investment decisions. The Digital and Forensic Investigations team at PwC is also one of the global industry leaders.
PwC vs Deloitte Consulting
While both PwC and Deloitte offer similar services, there are some differences in their areas of focus. To begin with, let’s consider the rankings of both companies in terms of their consulting and accounting expertise.
|Vault’s Most Prestigious Consulting Firms (2023)||6th||4th|
|Vault’s Top 25 Accounting Firms (2023)||1st||2nd|
PwC has strong expertise in the financial services sector. It was ranked 1st in the Vault’s 2023 Top 25 Accounting Firms and 6th in the Vault’s Most Prestigious Consulting Firms rankings.
PwC also has a reputation for a data-driven approach to consulting, relying on rigorous research and analysis to support its recommendations. The firm has a strong presence in financial modeling.
Deloitte has a broader focus and is known for its expertise in areas such as technology, innovation, and sustainability. Deloitte is renowned for its more creative and innovative approach, using design thinking and agile methodologies to help clients solve complex problems.
Deloitte has a strong focus on sustainability and environmental, social, and governance (ESG) issues and helps companies develop and implement sustainable business practices. PwC also has expertise in this area, but Deloitte is widely recognized as a leader in the field.
The Vault ranked Deloitte 2nd in the 2023 Top 25 Accounting Firms ranking and 4th in the Most Prestigious Consulting Firms list.
Deloitte vs PwC: Industries
PwC and Deloitte both serve a wide range of industries, but there are some differences in the domains where each firm has the strongest expertise.
PwC has a focus on financial services and has cooperated with major financial institutions. For example, PwC has worked with HSBC on a wide range of projects and recently retained the most valuable audit contract with HSBC on the London Stock Exchange.
PwC also has a significant presence in the technology, media, and telecommunications (TMT) sector and is actively involved in advising companies in this industry on issues related to innovation and digital transformation. Not surprisingly, SAP, Oracle, Salesforce, Microsoft, and AWS work with PWC.
Deloitte is known for its expertise in technology and innovation, sustainability, and the ESG industry. For example, Deloitte has worked with Microsoft on various projects, including cloud computing and artificial intelligence technologies.
Deloitte helps companies develop and implement sustainable business practices. For example, the company collaborated with Dow Chemical. Recently, they helped to prepare Manufacturing for Growth project report for the World Economic Forum.
However, if you are looking for product design and software development services, then it is better to consult a digital product agency. \
PwC vs Deloitte: Tax Services
PwC and Deloitte offer a complete set of services, including preparing and filing tax returns for individuals and businesses. They have large teams of tax professionals with diverse expertise. Their tax services involve helping clients minimize tax liability and increase after-tax returns. Tax specialists are always updated on the latest tax laws and regulations and use advanced tax planning software to support clients in making informed decisions.
PwC and Deloitte help clients manage cross-border transactions in a tax-efficient manner. Both have teams of transfer pricing specialists skilled in negotiating with tax authorities and resolving disputes.
Deloitte vs PwC Corporate Responsibility
Deloitte vs PwC benefits can be better evaluated if we look at their values and community engagement. Both professional services firms prioritize not only excelling in the latest technological trends or private consulting services, but also work on projects that impact the public.
PwC is famous for its collaboration with United Nations. It was one of the founding partners of The UN Women HeForShe IMPACT 10x10x10 Initiative and developed an online course on unintentional gender prejudice in the workplace.
The company is dedicated to reducing its environmental impact and promoting sustainable business practices. The firm has a number of initiatives in place to reduce its carbon footprint, and it helps clients adopt sustainable practices as well.
Deloitte’s social impact initiatives weren’t always successful. Recently, the company built a website to control scheduling, stock, and reporting for COVID-19 vaccination in the US. The Center for Disease Control and Prevention (CDC) awarded a $44 million contract to develop the universal county-wide system. However, it did function properly and caused criticism.
Meanwhile, when it comes to corporate responsibility, both firms are committed to driving societal change and promoting environmental sustainability. All employees, be it junior consultants or senior management, participate in projects promoting free training for youth, women empowerment in corporate settings or decreasing carbon footprint with volunteer activities.
Therefore, PwC vs Deloitte benefits are similar and result in positive neck-to-neck competition even in spheres beyond classical finance consulting.
PwC vs Deloitte: Culture
Both firms place a high value on their employees and have a commitment to creating a positive and supportive work environment. However, there are differences in their working cultures that may be important to consider.
Here are some facts that describe both companies as employers.
|Number of employees||327,947||415,000|
|Fortune 100 Best Companies to work for (2022)||63rd||24th|
|World’s Best Workplaces (2022)||–||7th|
|Great Place To Work’s Best Workplaces for Parents (2020)||5th||6th|
|Fortune Best Workplaces for Women (2022)||86th||16th|
|Fortune Best Workplaces in Consulting & Professional Services (2022)||18th||6th|
|Brand Finance World’s Top 500 Most Valuable Brands (2022)||43rd||54th|
PwC is known for its strong commitment to work-life balance and a focus on employee wellness. The firm offers flexible work arrangements and has a supportive environment that allows employees to take time off when needed. PwC also has a strong emphasis on training and development and invests in helping its employees grow professionally.
Last year, PwC hired 5,856 graduates across the UK, and 1,418 of them joined through the special graduate, school, and college programs. To meet the DEI standards, in 2020, PwC established Staff Diversity Council to shape the firm’s inclusion strategy. PwC ran a Black Talent in Business program and an ESG internship program.
Deloitte is known for its fast-paced and results-driven culture. The firm is focused on delivering high-quality work and meeting client expectations, and employees are expected to work hard and perform at a high level.
In addition to high performance, Deloitte also emphasizes collaboration and inclusion. Unlike PwC, Deloitte encourages the relocation of its staff members, delivering the right team with the right skills where clients need it the most. Thus, a lot of experts at Deloitte have international experience.
Clients of Deloitte and PwC
Deloitte and PwC have some of the world’s most renowned companies among their clients. These vary from development companies in Europe to growing startups in Southeast Asia. Here is a brief overview of organizations that turned to PwC and Deloitte for their services.
PwC serves 84% of Fortune Global 500 companies, as well as top-rated firms across five continents. 28% of PwC’s clients come from the financial services industry, while 17% are from industrial manufacturing and consumer markets.
Some of PwC’s major clients include Bank of America, Goldman Sachs, IBM, Ford Motor Co, Dell, Exxon, etc.
Deloitte focuses on helping clients deal with changing consumer patterns, coming up with new business models, and boosting efficiency with the help of digital tools.
Deloitte’s biggest clients are Morgan Stanley, Microsoft, Boeing, and Procter & Gamble. In the past, Deloitte also worked with Coca-Cola, Walmart, Johnson & Johnson, and major telecommunication companies such as AT&T, ExxonMobil, and Verizon.
PwC vs Deloitte: Employee Ratings
Both PwC and Deloitte are among the most desired employers, either for university graduates or for junior and middle-level specialists aspiring to build their careers in the consulting industry. This is how their employees evaluate their experiences with these companies, according to Glassdoor.
|Compensation and Benefits||3.4||3.6|
PwC Employee Ratings
PwC reports that 86% of their employees are proud to work at the company, and 79% would recommend PwC as a great place to work at. The company is expanding its global team, with over 32,000 net new jobs created in 2022.
The employee review on Glassdoor reveals that the firm is ranked at 4.0 out of 5.0, with a 3.4-point score for work-life balance and compensation and benefits. Written reviews indicate that the company has a fast-paced but also supportive environment.
According to Glassdoor, Deloitte is also ranked at 4.0 out of 5.0, with a 3.6-point score for compensation and benefits and 3.4 for work-life balance. Past and current employees have a high opinion of the company and write that it offers opportunities to pursue interesting projects.
However, many reviewers also point out pressure at work and high expectations from senior management. The daily tasks involve unnecessary paperwork, while promotions are determined not only based on performance but also on budget restrictions.
PwC vs Deloitte: Salaries
The salaries of Deloitte and PwC employees depend on several factors, such as job role, experience, location, and performance. However, on average, salaries at Deloitte and PwC are similar, and both companies offer competitive compensation packages.
According to Indeed.com, an audit associate at Deloitte in the US gets $65,000 per year, while a similar position at PwC yields $54,000. A starting analyst in Deloitte UK gets £34,000 per year, while the specialist in the same position at PwC earns £31,000. Overall, Deloitte’s salaries are slightly higher than PwC’s.
|Average Consultant Salary (in the US)||$60,000 – $80,000 / per annum||$70,000 – $90,000 / per annum|
PwC vs Deloitte Which is Better
PwC and Deloitte have an impressive track record of successful collaborations and projects. Both consulting firms are highly respectable in the spheres of audit, financial strategy, management, and tech consulting. Junior professionals would also find joining one of the organizations a rewarding experience and an important career milestone.
Based on recent rankings and performance metrics, Deloitte has a slight advantage over PwC. The company is larger in size, generates higher annual revenue, and generally offers a higher salary. Deloitte employees value the company culture and benefits that it provides despite the competitive atmosphere.
PwC is also growing at a steady pace, constantly expanding its workforce and investing in talent training. The company is more oriented towards financial and management consulting while growing its tech and media consulting expertise.
Although Deloitte is more engaged in government-funded projects, PwC is also active in community and social development projects. Whether you choose PwC or Deloitte, both companies are oriented towards improving the experience of their employees and emphasize the values of diversity and inclusion.
This article offered you a comprehensive view of the Deloitte vs PwC comparison. To determine which would be a better fit for your company’s needs and professional goals, pay attention to the experience PwC and Deloitte have in your particular industry, market, and location, as well as financial considerations, to make a reasonable decision.
On the global level, Deloitte is currently an industry leader based on its performance and expertise across multiple industries. However, PwC still has the potential to catch up with its competitor in the upcoming years if it keeps its standards high and builds its reputation.
Is Deloitte better than PwC?
At present, Deloitte is the leading company globally, taking into account its performance and professional record across different industries. Nevertheless, PwC still has the chance to close the gap with Deloitte in the future.
How hard is it to get into PwC?
Getting a job at PwC can be challenging, as the firm attracts a large number of applicants. The level of difficulty in getting a job at PwC can depend on a number of factors, such as the specific role you are applying for, the location, and the state of the job market.
Who are Deloitte’s biggest competitors?
Deloitte’s biggest competitors are other large professional services firms from the Big 4 group: EY, KPMG, and PricewaterhouseCoopers (PwC).