IN LATEST VAULT ACCOUNTING 25, PWC REMAINS #1 OVERALL, DELOITTE RANKS #2, AND MID-SIZED FIRM SCHELLMAN DOMINATES DIVERSITY AND QUALITY OF LIFE RANKINGS
NEW YORK, April 18, 2022 /PRNewswire/ -- In the latest Vault Accounting 25, a ranking of the Best Accounting Firms to Work For based on a survey of approximately 9,700 accountants, PwC maintains its No. 1 ranking. It also ranks No. 1 in Prestige and No 1. in all three of our Practice Area Rankings (Audit & Assurance, Tax, and Forensic Accounting). Fellow Big 4 firm Deloitte ranks No. 2 in the Accounting 25, No. 2 in Prestige, and No. 2 all three Practice Areas. Meanwhile, Big 4 firm KPMG ranks No. 3 in the Accounting 25 and No. 4 in Prestige.
The Top 10 Firms in the Vault Accounting 25 Based on Vault's Annual Accounting Survey Are:
Accounting 25 Methodology
This past winter, Vault asked more than 9,700 accounting professionals to rate their own firms in various Quality of Life Categories (such as Culture, Hours, Compensation, and Work/Life Balance). They were also asked to rate their peer firms in terms of Prestige (accountants couldn't rate their own firms and were asked to only rate those firms with which they were familiar). The Accounting 25 is compiled using a weighted formula based on the following: 35 percent Prestige, 20 percent Culture, 10 percent Satisfaction, 10 percent Compensation, 10 percent Work/Life Balance, 5 percent Business Outlook, 5 percent Formal Training, and 5 percent Informal Training.
No. 1 PwC Is "the Gold Standard"
This year, PwC again ranks No. 1 in both the Accounting 25 and our Prestige Rankings. Accountants at peer firms tell us that PwC is "the gold standard," "elite," "the best and most prestigious firm in the world by far," and "built to continue leading into the future." They say it's a "good place to start a career," has "strong technical and training programs," and its "compensation it great."
Also, PwC again ranks No. 1 in all three Practice Area Rankings (Audit & Assurance, Tax, and Forensic Accounting). In addition, it ranks No. 2 in Formal Training, No. 2 in Informal Training, No. 2 in LGBTQ+ Diversity, and No. 3 in Overall Diversity. PwC insiders who took our survey tell us that they very much appreciate the firm's "great culture" and working alongside "amazing, friendly people." They also rave about the "flexibility and ability to work remotely," and "endless growth and learning opportunities."
No. 2 Deloitte Is "Aggressive" and the "Top Global Firm"
Accountants at peer firms tell us that Deloitte—which ranks No. 2 in the Accounting 25, No. 2 in Prestige, and No. 2 in all three Practice Areas—is "the best of the Big 4," "aggressive," "high quality," "the leader in the industry," and "the top global firm." Meanwhile, Deloitte staff members rave about the firm's "great leadership, culture, and people," as well as the "limitless growth, development, and learning opportunities." Deloitte insiders also very much appreciate the "flexible work options" and "ability to work remotely."
No. 3 KPMG Is "Professional and Reputable"
KPMG again ranks No. 3 in the Accounting 25 and No. 4 in Prestige. This year, peer accountants tell us that it's "very prestigious" and a "great firm" with a "friendly culture." KPMG insiders rave about the "best and brightest colleagues," "world-class clients," "flexibility of hours," and "endless development opportunities."
No. 5 Plante Moran, Which "Stresses Taking Vacation," Ranks # 1 for Work/Life Balance
One of the big winners in our Quality of Life Rankings this year is Michigan-based Plante Moran, which ranks No. 5 in the Vault Accounting 25, and No. in Informal Training, Vacation Policies, and Work/Life Balance. According to one Plante Moran insider, "The firm stresses taking vacation and bringing the whole person to work. Although there are times when we have to work more than we like, Plante Moran focuses on looking at the overall big picture to ensure your quality of life and work/life balance is in balance." Another staff member says, "The firm has a culture of encouraging you to take breaks, especially during busy season, and understands that flexibility may be needed to ensure a work/life balance."
No. 12 Schellman Is Best for Quality of Life and Diversity
For the second year in a row, Florida-based Schellman, which ranks No. 12 in the Accounting 25, is the big winner in our Quality of Life Ranking. This year, following an impressive showing in our rankings last year, Schellman ranks No. 1 in 13 Quality of Life categories: Benefits, Business Outlook, Client Interaction, Compensation, Culture, ESG Initiatives, Formal Training, Hiring Process, Hours, Internal Mobility, Overall Satisfaction, Relationships with Managers, and Promotion Policies. Schellman also sweeps our Diversity Rankings, taking the No. 1 spot in Overall Diversity, Diversity for Women, Racial & Ethnic Diversity, and LGBTQ+ Diversity.
Schellman insiders tell us that the firm has "great, caring culture," and they rave about "working with great colleagues and great clients." In addition, the "compensation and benefits package are great," and there are "several strong women on the leadership team"—"the firm is led by female executives that serve as mentors for many employees."
Accountants Comment on Their Firms' Responses to the Great Resignation
In another year of unprecedented change, numerous accounting professionals told us about the effects the Great Resignation is having on their hours, work/life balance, wellness, and overall satisfaction. Many accounting professionals tell us they feel overworked due to staff shortages and underpaid for the extra work they're taking on, and don't think their firms will be able to sustain the pace they're on if hiring doesn't increase.
Below are three representative quotes on this issue by three professionals who took our survey:
"Employee turnover is increasing, and we're unable to quickly replace senior associates and managers. This is causing longer hours and greater stress for those still here to service all this new work in addition to our recurring work."
-Big 4 accountant
"Business is great. There's more work than we have staff to complete it. The opportunities for new clients are abundant, and new work is fairly easy to get. However, the downside is our team is being pushed to squeeze work in. This can create a stressful environment."
-Top middle-market firm accountant
"The firm continues to grow at a rapid pace, which is great in that it presents new opportunities for all. The downside is we're not staffed appropriately, which means a tremendous number of hours are required from the existing team and people are doing work at levels beneath them to ensure it gets done timely. This isn't a sustainable model and leads to burnout."
-Leading national firm accountant
All of our new accounting firm profiles include direct quotes like these from professionals about how their satisfaction with their roles have changed, about their firms' responses to the mass resignations in the public accounting industry, and more.
Vault Accounting Quality of Life and Diversity Rankings Winners
Benefits: Schellman
Business Outlook: Schellman
Client Interaction: Schellman
Compensation: Schellman
Culture: Schellman
Diversity (Overall): Schellman
Diversity (Racial & Ethnic): Schellman
Diversity (Women): Schellman
Diversity (LGBTQ+): Schellman
ESG Initiatives: Schellman
Firm Leadership: Schellman
Formal Training: Schellman
Hiring Process: Schellman
Hours: Schellman
Informal Training: Plante Moran
Internal Mobility: Schellman
Promotion Policies: Schellman
Relationships with Supervisors: Schellman
Satisfaction: Schellman
Vacation Policies: Plante Moran
Wellness: Aprio
Work/Life Balance: Plante Moran
Vault Accounting Practice Area Rankings Winners
Audit & Assurance Accounting: PwC
Tax Accounting: PwC
Forensic Accounting: PwC
View the entire Accounting 25 Ranking, Accounting Prestige Ranking, Accounting Quality of Life Rankings, Accounting Diversity Rankings, and Accounting Practice Area Rankings.
About Firsthand and Vault Rankings
Vaults Rankings are powered by Firsthand, an Infobase Company headquartered in New York City that equalizes access to valuable career insights, expert advice, and connections, and allows career seekers to navigate their careers from a position of strength, knowledge, and assurance. Through its career engagement platform, Firsthand empowers the success of career seekers by providing them with powerful insights, unique resources, and impactful relationships so that they can discover their next best step. Since 1996, Firsthand has launched careers and elevated professionals into positions of success.
SOURCE Firsthand
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