While the staggering $212 billion generated by the Big Four underscores a global giant, the real story of public accounting is a dynamic landscape where digital transformation accelerates growth, talent wars reshape firms, and advisory services now rival traditional audit work in driving a nearly trillion-dollar global industry.
Key Takeaways
- The global public accounting services market was valued at approximately $642 billion in 2022
- U.S. public accounting industry revenue reached $179.5 billion in 2023
- The Big Four accounting firms collectively generated over $212 billion in global revenue in 2022
- U.S. CPA firms employment totaled 1.4 million in 2023
- Big Four employed over 1.2 million people globally in 2023
- Women comprise 62% of public accounting workforce in U.S. entry-level positions
- Deloitte global revenue from consulting services was $23.1 billion in FY2023
- PwC audit revenue grew 9% to $19.2 billion in FY2023
- EY advisory services revenue $22.1 billion in FY2023
- Global public company audits conducted by Big Four: 98% market share in 2023
- U.S. public companies changing auditors: 4.2% rate in 2023
- Average audit hours for Fortune 500 firms: 25,000 in 2023
- U.S. tax compliance services revenue $35 billion in 2023
- Corporate tax advisory grew 18% for Big Four in 2023
- Transfer pricing engagements: 5,000+ by Deloitte in 2023
The public accounting industry is large and growing globally, driven by diverse services and digital transformation.
Audit and Assurance
- Global public company audits conducted by Big Four: 98% market share in 2023
- U.S. public companies changing auditors: 4.2% rate in 2023
- Average audit hours for Fortune 500 firms: 25,000 in 2023
- PCAOB inspections found deficiencies in 40% of audits in 2023
- SOX 404 audit costs averaged $1.5 million per issuer in 2023
- Big Four audit market concentration: 95% for largest clients in 2023
- Integrated audits grew 15% in demand post-2023 regulations
- Audit quality scores: Deloitte 92/100 in PCAOB 2023 review
- PwC audit remediation rate 85% for 2023 deficiencies
- EY global audits: 12,000 public company audits in 2023
- KPMG audit backlog reduced by 20% in 2023 initiatives
- Non-audit services banned in 25% of PCAOB cases in 2023
- Crypto asset audits: 150 engagements in 2023 by major firms
- Audit committee oversight meetings averaged 9 per year in 2023
- Revenue recognition audits: 30% increase in scrutiny 2023
- Internal audit outsourcing: 60% of public firms in 2023
- PCAOB fines for audit failures totaled $100 million in 2023
- Sustainability assurance standards adopted by 70% of audits in 2023 EU
Audit and Assurance Interpretation
While the audit industry boasts of near-total market control and impressive internal metrics, the persistent high deficiency rates and million-dollar price tags suggest we're paying for an expensive, monopolistic assurance whose quality remains stubbornly, and concerningly, human.
Employment Statistics
- U.S. CPA firms employment totaled 1.4 million in 2023
- Big Four employed over 1.2 million people globally in 2023
- Women comprise 62% of public accounting workforce in U.S. entry-level positions
- Average U.S. CPA salary was $134,000 in 2023
- 75,000 new CPAs licensed in U.S. annually as of 2023
- Public accounting turnover rate averaged 19% in 2023 U.S. firms
- 45% of public accountants in U.S. are millennials in 2023
- Global accounting talent shortage affects 80% of firms in 2023 survey
- U.S. public accounting added 50,000 jobs in 2023
- Diversity: 22% of partners in U.S. CPA firms are women in 2023
- Remote work adopted by 70% of public accounting firms post-2023
- Median tenure for public accountants is 4.2 years in U.S.
- 15% increase in accounting internships offered in 2023
- PwC hired 20,000 new graduates globally in 2023
- EY workforce diversity: 50% non-white employees in 2023
- KPMG U.S. staff count reached 36,000 in 2023
- Deloitte U.S. professionals total 120,000 in 2023
- Public accounting age demographics: 40% under 35 in 2023
Employment Statistics Interpretation
Despite a talent shortage, a high salary, and a flood of new graduates, the public accounting industry still manages to burn through nearly a fifth of its workforce each year, proving that even a six-figure paycheck can't always compete with the siren call of a better work-life balance and a partnership track that moves at a glacial pace.
Market Size and Growth
- The global public accounting services market was valued at approximately $642 billion in 2022
- U.S. public accounting industry revenue reached $179.5 billion in 2023
- The Big Four accounting firms collectively generated over $212 billion in global revenue in 2022
- Public accounting market in North America grew by 5.2% CAGR from 2018-2023
- Asia-Pacific public accounting sector expected to grow at 7.1% CAGR through 2030
- U.S. accounting firms numbered over 46,000 in 2023
- Global forensic accounting market within public accounting projected to reach $10.2 billion by 2027
- European public accounting revenue hit €250 billion in 2022
- Cloud accounting software adoption drove 4.8% market expansion in 2023
- U.S. small business accounting services segment valued at $45 billion in 2023
- Deloitte's global revenue from audit and assurance was $29.3 billion in FY2023
- PwC worldwide revenue grew 12% to $53.1 billion in FY2023
- EY global revenue reached $49.9 billion in FY2023, up 11.3%
- KPMG international revenue hit $36.8 billion in FY2023
- Public accounting M&A deals in U.S. totaled 104 in 2023
- Indian public accounting market size estimated at $15 billion in 2023
- UK accounting services market valued at £38 billion in 2022
- Brazilian public accounting sector revenue exceeded R$100 billion in 2022
- Australian accounting industry generated AUD 25 billion in 2023
- Public accounting digital transformation market to grow 15% annually to 2028
Market Size and Growth Interpretation
Despite generating mountain ranges of revenue, the global public accounting industry is ultimately a story of trusted gatekeepers counting other people's money while frantically racing to digitize and consolidate before anyone notices the irony.
Revenue and Profitability
- Deloitte global revenue from consulting services was $23.1 billion in FY2023
- PwC audit revenue grew 9% to $19.2 billion in FY2023
- EY advisory services revenue $22.1 billion in FY2023
- KPMG tax services revenue $10.8 billion globally in FY2023
- U.S. Big Four firms average profit per partner $1.2 million in 2023
- Top 100 U.S. CPA firms revenue totaled $59.4 billion in 2023
- Average U.S. CPA firm profitability margin 15.2% in 2023
- PwC profit share per partner averaged $1.3 million in 2023
- Deloitte U.S. revenue $27.4 billion in FY2023
- EY U.S. revenue growth 12.4% to $16.5 billion in 2023
- KPMG international profit $3.7 billion in FY2023
- U.S. mid-tier firms revenue up 8.7% in 2023
- Global assurance services revenue $150 billion in 2022
- Tax preparation services revenue $12.5 billion in U.S. 2023
- Consulting revenue share in Big Four rose to 45% in 2023
- Average small CPA firm revenue $1.2 million in 2023
- Forensic accounting billings averaged $450/hour in U.S. 2023
- Public company audit fees averaged $2.1 million per client in 2023
- ESG advisory revenue doubled to $5 billion for Big Four in 2023
- U.S. PCAOB registered firms audit fees up 6% in 2023
Revenue and Profitability Interpretation
The firms have masterfully pivoted from their bean-counting roots, proving it's more lucrative to sell answers for the future than merely certify the past, as evidenced by consulting now commanding nearly half their revenue while audit fees still reliably climb.
Tax and Advisory Services
- U.S. tax compliance services revenue $35 billion in 2023
- Corporate tax advisory grew 18% for Big Four in 2023
- Transfer pricing engagements: 5,000+ by Deloitte in 2023
- R&D tax credit claims processed: $50 billion in U.S. 2023
- ESG tax advisory services up 300% since 2020 to 2023
- International tax compliance complexity index: 7.2/10 in 2023
- VAT/GST advisory market $20 billion globally 2023
- U.S. individual tax returns prepared by CPAs: 25 million in 2023
- M&A tax due diligence: 40% of deals in 2023
- Crypto tax reporting tools adopted by 55% of firms 2023
- State and local tax services revenue $8 billion U.S. 2023
- Tax controversy resolutions: 12,000 cases by Big Four 2023
- Advisory services billable hours averaged 1,800 per consultant 2023
- Digital tax transformation projects: 2,500 by PwC in 2023
- BEPS 2.0 impact advisory: 80% of multinationals engaged 2023
- Risk advisory revenue $15 billion for EY globally 2023
- Management consulting within accounting firms: $100 billion market 2023
- Forensic tax investigations: 1,200 cases U.S. 2023
- Advisory services growth outpaced audit by 2x in 2023 Big Four
Tax and Advisory Services Interpretation
The tax world has become a labyrinth so complex and lucrative that the guardians of the ledger now make more money guiding you through the minefield than they do simply checking the map.
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