What is the Big 4 vs Top 3?

October 2, 2025 •

3 min read

While the world of professional services can seem like a series of alphabet soup acronyms, the terms Big 4 and Top 3 are used to categorize the most dominant firms in accounting and management consulting, respectively. These powerful players shape industries globally, and understanding the core distinctions, including in the healthcare sector, is vital for aspiring professionals and industry insiders alike.

Quick Summary

The Big 4 are the largest accounting firms (Deloitte, PwC, EY, KPMG) specializing in a wide range of services, whereas the Top 3 (or MBB: McKinsey, Bain, BCG) are the most prestigious strategy-focused consulting firms, though their offerings are increasingly overlapping.

Key Points

Firm Makeup: The Big 4 are the top four accounting firms (Deloitte, PwC, EY, KPMG), while the Top 3 are the most prestigious strategy consulting firms (McKinsey, Bain, BCG), also known as MBB.
Core Services: Big 4 firms focus broadly on accounting, tax, and diverse consulting services, while the Top 3 specialize in high-level corporate strategy.
Prestige and Pay: Top 3 firms hold higher prestige in the strategy consulting sector and generally offer higher compensation for their elite advisory services.
Industry Presence: Both groups are active in healthcare, with the Top 3 focusing on high-level strategy for executives and the Big 4 assisting with broader operational, technological, and regulatory issues.
Work Focus: Big 4 work often involves implementation and a wider scope of services, whereas Top 3 engagements are highly concentrated on solving critical, strategic business challenges.
Career Outlook: Jobs at Top 3 firms are exceptionally competitive, and while the work is demanding, so are the rewards; the Big 4 offer more diverse career paths due to their larger scale.

Unpacking the Big 4: Global Accounting Giants

The "Big 4" refers to the world's four largest professional services networks: Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Klynveld Peat Marwick Goerdeler (KPMG). These firms have expanded significantly from their origins in accounting and auditing to include tax, risk management, and extensive consulting services. Their large scale allows them to serve a wide range of industries, including healthcare.

Core Characteristics of the Big 4

Size and Scope: The Big 4 are massive global organizations with numerous employees and diverse service offerings.
Work Focus: They handle core accounting but also engage in consulting work like operational strategy and technology implementation.
Client Base: They serve a broad spectrum of clients, from large global corporations to smaller businesses.
Culture: Often characterized by a structured and demanding environment, although efforts are being made to improve work-life balance.

Unveiling the Top 3 (MBB): The Elite Strategists

The Top 3, or MBB, consists of McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company. These are considered the most prestigious management consulting firms globally, known for their focus on high-level corporate strategy for major organizations.

Core Characteristics of the Top 3 (MBB)

Prestige: MBB firms are highly selective and considered the elite in consulting, attracting top talent and charging premium fees.
Work Focus: They primarily focus on strategic advisory, helping executives make critical decisions about business direction and complex problems.
Client Base: The Top 3 work with fewer clients but on intensive, high-impact projects.
Culture: Known for an intense culture with long hours and high performance expectations, compensated by significantly higher pay and bonuses.

The Overlap and Divergence in Healthcare

Both the Big 4 and the Top 3 firms are involved in the healthcare industry, but they often specialize in different areas. Top 3 firms might advise on strategic direction for pharmaceutical companies or hospital systems, while the Big 4 might assist with technology implementation, audits for health insurance providers, or operational efficiency.

Comparison: Big 4 vs Top 3


Feature	Big 4	Top 3 (MBB)
Firms	Deloitte, PwC, EY, KPMG	McKinsey, Bain, BCG
Primary Focus	Auditing, Tax, and broad Consulting	High-level Strategy Consulting
Prestige	High; Industry-leading in accounting	Elite; Most prestigious in consulting
Client Access	Wide range of clients, all levels	Typically C-suite executives
Project Scope	Broader; includes implementation	Narrower; focused on strategic problems
Work-Life Balance	Improving but demanding	Historically very demanding
Compensation	Competitive, but generally lower	Highest in the consulting industry

Key Takeaways and Conclusion

The fundamental difference between the Big 4 and Top 3 (MBB) lies in their origins and core specializations. The Big 4 are large, diverse firms with roots in accounting and extensive consulting services, while the Top 3 are elite specialists in strategic consulting, known for higher pay and prestige. While there is increasing overlap, particularly in healthcare consulting, their approaches differ: the Top 3 focus on high-impact strategy, and the Big 4 provide broader operational and implementation support. Understanding these distinctions is crucial for anyone navigating the professional services sector.

For more information on the distinctions in consulting, you can find valuable insights on career platforms like Indeed, which often compares these professional paths.

Summary of Differences

Services Offered: Big 4 offer a wide range of services including accounting, tax, and various consulting disciplines; Top 3 focus on high-level strategic advisory.
Size and Scale: Big 4 firms are considerably larger globally in terms of employees and revenue.
Prestige and Compensation: Top 3 firms have higher prestige in consulting and generally offer better compensation for strategic work.
Work Scope: Big 4 projects can involve implementation, while Top 3 focus on critical strategic problems.
Entry Barriers: Getting a job at a Top 3 firm is exceptionally competitive, even more so than at the Big 4, which hire in larger volumes.
Career Paths: Career progression and culture can differ, with MBB often having a more defined 'up-or-out' system compared to the diverse paths at the Big 4.
Culture and Work-Life Balance: The intensity and long hours are typically more pronounced at Top 3 firms.

Frequently Asked Questions

The primary difference lies in their core business focus. The Big 4 (Deloitte, PwC, EY, KPMG) originated in accounting and offer broad professional services, while the Top 3 (McKinsey, Bain, BCG) specialize in high-level strategic management consulting.

In the world of management consulting, the Top 3 (MBB) are generally considered more prestigious and selective, often working on the most complex, high-stakes strategic projects for major corporations.

Yes, both are very active. The Top 3 often provide high-level strategic guidance to healthcare executives, while the Big 4 assist with operational improvements, technology implementation, and regulatory compliance for healthcare clients.

Work-life balance is demanding at both, but often more intense at Top 3 (MBB) firms due to the nature of their high-stakes strategy work. Big 4 firms have a slightly larger scale and a wider variety of service lines, which can lead to different work expectations depending on the role.

Yes, compensation is typically higher at Top 3 firms, reflecting the premium their strategic services command. However, compensation at the Big 4 is still very competitive and varies significantly by role and service line.

It is generally considered significantly more difficult to land a job at a Top 3 firm. They are much smaller and more selective in their hiring processes, while the Big 4 hire a larger volume of candidates across many different service areas.

Yes, there is increasing competition as the Big 4 have built up robust strategy consulting practices. However, the Top 3 typically focus on pure-play strategic advisory, whereas the Big 4 often leverage their broader expertise in implementation and operational efficiency.