PwC

PwC Profile & Stats

Considering that PwC was only formed in 1998, after a merger, it has ascended with relentless pace as one of the forerunners of the Big Four. PwC prides itself on being amongst the main providers of assurance, tax, and business consulting services in the accountancy industry. This claim is not unfounded as the firm’s annual revenue confirms it status as the world’s second largest accounting network. This is also underlined by the fact that PwC can boast a strong global network with 161,000 employees working in over 150 countries worldwide.

PwC’s current form is the result of numerous alliances and mergers aggregated throughout its 150 year history. Its origins stretch as far back as the mid-19th century, when Samuel L Price established his own firm in London in 1849. Price Waterhouse & Co was formed with the merger of Price, Holyland and Waterhouse. A few years later in 1854, William Cooper opened a similar business also in the capital that – after various mergers – eventually established itself in the 20th century as Coopers & Lybrand. Several mergers later, the 5th and 6th biggest firms, Coppers & Lybrand and Price Waterhouse, merged to create PwC in 1998, one of the world’s largest accountancy firms.

Augmenting this enviable boast, PwC provides a wide range of professional services for both public and private clients. Auditing accounts for over half of the global network’s revenue, although in the UK other services, such as tax and transaction, generate more of its turnover. PwC’s core departments include audit and assurance, tax, consulting, business recovery, corporate finance, strategy, actuarial, sustainability/climate change, as well as services in HR, transaction and forensic.

Consumer and industrial products and services are the most lucrative sectors for PWC in the UK, followed by financial services, technology, infocomms (SIC), entertainment and media, and government. Additionally, PwC provides research and consulting services to many industries, and publishes a number of reports on related issues. Some reports are industry snapshots, while others focus on M&A within these industries. The clients of PwC member firms around the world range from the largest organisations to smaller entrepreneurs.

PwC is the UK’s largest audit firm and the company overall has managed to increase its global gross revenues for the past 12 months to a staggering US$26.6 billion. Despite the difficult economic environment, many PwC network firms across the globe have maintained their leading positions in their respective markets, a clear sign of the powerhouse that is PwC. Additionally, PwC has certainly not lost any of its appeal as a popular graduate employer. For the seventh year running, the company has been able to maintain its top spot in ‘The Times Top 100 Graduate Employers’ Survey.

Given the emphasis PwC places on recruiting the cream of the crop, the firm has been keen to keep as many employees on board during the economic turmoil of the past few years. The graduate scheme in 2010, for instance, was held at similar levels to 2009, and April 2011 saw PwC’s largest ever spring intake, with 209 graduates joining. Despite the ongoing euro zone crisis, PwC’s outlook for the future is a bright one. The company’s business strategy is centred on achieving more growth of PwC’s consulting market share. The firm is also eager to extend its lead in the core businesses of audit, tax, business recovery services and transactions, while other sectors such as human resource services will also be expanded.