2012-01-30 16:26:55 -

Despite continued widespread fee pressure and intense competition, global accounting firms are reporting growth across the industry and planning to recruit in 2012. According to the latest global survey of global accounting firms by International Accounting Bulletin (IAB), the global authority on accounting firm data and analysis, 22 out of the 23 networks surveyed grew revenue in 2011, a complete turnaround from 2010. 86 percent of the 45 participating networks and associations reported growth and accounting associations grew by eight percent – a strong performance compared to last year’s two percent drop.

PwC takes back the top spot as the largest global network from Deloitte who pipped PwC to the post for the first time in history in 2010. The gap

between Deloitte and PwC widened from $9m to $423m in PwCs favour.

The gap between third ranked Ernst & Young and fourth running KPMG has decreased significantly from $920m in fiscal 2010 to $170m in 2011. BDO extends its lead as the largest mid-tier network with seven percent growth and Praxity is the largest association of independent firms reporting $3.6 billion.

Recruitment increased five percent across the world in 2011 despite challenging markets in Europe and the US. KPMG also reported plans to take on 75,000 new graduates in 2012.

Arvind Hickman, editor of IAB comments: “Despite continued pressure the accounting industry is showing strong signs of recovery. The Top 10 networks grew their audit revenues by an average of five percent and their advisory services by 14 percent. Tax services also performed strongly with an increase in demand for internal tax and transfer pricing.”


In the survey’s first ever regional ranking, firms in India (24 percent), Brazil (16 percent), Turkey (14 percent) and China (10 percent) enjoyed the strongest average growth in the past year as networks invest heavily in these key emerging economies. Firms in Netherlands (-6 percent), Germany (-4 percent), Russia (-3 percent) and US (-2 percent) however found the market difficult to generate growth.

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C8 Consulting LtdCathy O’Neill01189 001135 cathy@c8consulting.co.uk : mailto:cathy@c8consulting.co.uk