At Deloitte, a junior analyst can earn up to €47,000 gross annually, including bonuses. KPMG, for an equivalent position, sometimes caps at €44,000. However, these salary discrepancies do not always reflect the reality of rapid internal developments or exceptional bonuses granted during mergers and acquisitions. The salary hierarchy evolves each year, driven by competition among firms and the growth of consulting activities. Behind the gross figures, each organization imposes its own rules, often unknown, that directly influence the purchasing power of recent graduates and experienced profiles.
Big 4 and MBB: what differences for recent graduates in 2024?
Comparing a career at an audit giant to that of a pure strategy firm fuels all discussions on campus. While choosing between a Big Four firm or a strategy player seems clear-cut, the reality on the ground adds nuance: Deloitte, EY-Parthenon, PwC, or KPMG dominate audit-consulting and risk management, while strategy specialists focus on structural transformations, getting their hands dirty with business models.
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From the outset, the pay slip reveals the color: joining a Big Four firm means betting on a clear, structured salary grid that provides reassurance but evolves steadily. At their strategy counterparts, the rapid ascent after a few years disrupts the game. The progression differs: quick advancement in strategy, clearly marked milestones at the Big 4 (consultant, senior consultant, then manager).
In terms of pace, the intensity of strategy firms stands out: long hours, high expectations regarding intellectual involvement. The Big 4, on the other hand, focus on structured career paths, almost tailored training, and broad exposure to audit-consulting. For those who truly want to dissect salary and career progression in the best firms, the Big 4 ranking on One Business provides clarity.
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To clarify the gaps between Big 4 and strategy consulting firms, we can summarize the key points:
- Access to continuing education: managed and systematic at the Big 4
- Rapid specialization: signature of strategy firms
- International mobility: omnipresent, but almost natural on the strategy side
EY-Parthenon, Deloitte, PwC, KPMG: who leads in salaries and why?
In 2024, if we scrutinize the salary grid of the Big Four in France, EY-Parthenon takes the lead across all grades. Here, a junior consultant starts higher than at PwC, Deloitte, or KPMG. This advantage extends to the grades of senior consultant and senior manager, with an amplified effect in Paris where the hunt for the best talent drives up offers.
The lever of this dynamic? EY-Parthenon is firmly betting on private equity and M&A. The firm secures large contracts on multi-billion operations, allowing it to be very aggressive on salaries for permanent contracts to attract (and retain) graduates from top schools. This strategic choice justifies its compensation policy and the gap compared to its rivals.
On the traditional audit side, the gap narrows: Deloitte and PwC align on more homogeneous ranges, without much surprise. KPMG, on the other hand, opts for a different promise: moderate compensation, but a strong emphasis on work-life balance and valued internal training. And faced with increasingly sought-after candidates, each firm is revising its arguments to maintain its position in the talent race.
Internships in M&A, career progression, and hidden benefits: what the numbers reveal
Informed candidates, take note: an M&A internship acts as an accelerator in a Big Four firm. This is not a legend. The latest cohorts in Paris, Bordeaux, Marseille, Toulouse, Grenoble, Bayonne: the same observation, everywhere. Students who have experienced the intensity of M&A get ahead in hiring, often securing a permanent contract faster and an improved package. An asset that opens the door to private equity teams well before the competition, especially for those from Excelia Business School or top schools.
The next steps unfold on several fronts: the recruitment process seeks profiles capable of managing urgency, wielding financial tools, juggling audit projects, and aiming for transformation. Those who already have an internship in M&A or private equity quickly find themselves propelled to senior consultant or manager.
Beyond compensation, real benefits count: easier access to professional training, pathways between audit and strategy consulting roles, and targeted support for career advancement. Profiles from the accounting expert or payroll manager fields receive increased recognition, both internally and in the market. More than just numbers, it’s the speed of promotions, retention, and the density of assignments that shape the trajectory.
Ultimately, the gap between firms is also measured by the lens of opportunities and a shifting reality, where boldness and specialization sometimes make all the difference when it comes to building a career.