PwC Consulting [2024 Profile]

PricewaterhouseCoopers, popularly known as PwC, is a global consulting firm that offers industry-specific solutions to its clients. From humble beginnings in the mid 19th century, PwC Consulting today is one of the Big Four, along with Ernst & Young (EY), KPMG, and Deloitte.  This exclusive club consists of the world’s largest professional services providers.

PwC Consulting Key Stats

• Company Headquarters: London, England, UK
• Number of employees: 328,000 professionals
• Global presence: Over 740 locations in 152 countries.
• Cost of engagement: $350k.
• Global revenue: $50.3 billion in 2022
• URL: https://www.pwc.com/gx/en
• Social Media Links
  • Twitter: https://twitter.com/pwc
  • LinkedIn: https://www.linkedin.com/company/pwc
  • Facebook: https://www.facebook.com/PwC
  • Youtube: https://www.youtube.com/user/PwC

Background/ History of PwC Consulting

PwC Consulting traces its roots back to 1849 when Samuel Lowell Price started an accountancy firm in London. Five years later, a separate accounting practice was founded by William Cooper in the same city. In 1861 the second firm’s name changed to Cooper Brothers when his three brothers joined.

In 1865, Samuel Price formed a partnership with Edwin Waterhouse and William Holyland. From 1874 their practice was known as Price, Waterhouse, & Co. following Holyland’s departure. In 1890 the firm opened an overseas office in New York to benefit from the growing trade between the US and the United Kingdom. The company continued opening affiliated firms around the world, with most operating as semi-autonomous partnerships. The Price Waterhouse World Firm was formed in 1982.

In 1957, a US firm known as  Lybrand, Ross Bros. & Montgomery merged with the UK’s Cooper Brothers and Canada’s  McDonald, Currie & Co. They agreed to trade internationally as Coopers & Lybrand before adopting this name for all their operations in 1973. PwC Consulting’s current form results from a 1998 merger between Price Waterhouse and Coopers & Lybrand.

Focus Areas at PwC Consulting

PwC Consulting specializes in these main business areas, listed alphabetically:

1. Audit Services

PwC auditors have a deep understanding of every industry’s regulatory requirements. They also help clients comply with the International Financial Reporting Standards (IFRS) and the Generally Accepted Accounting Principles (GAAP) standards. Other aspects of PwC’s audit services include internal audits, litigation support, fraud investigation and limitation, and statutory audits.

2. Business Services

PwC Consulting hires highly skilled marketers, accountants, HR professionals, IT experts, administrators, and financial planners to handle its business services. Apart from administrative support, they help clients with risk management, sales & marketing, communication, and corporate affairs. 

3. Consulting Services

PwC’s consulting services division is the most recognizable work area of the professional services provider. Solutions include identifying growth markets, forensics, executing deals, front office transformation, and increasing productivity.

4. Products and Technology

PwC consulting jobs in this category include data scientists and product specialists. Their innovative solutions ensure clients understand and profit from the massive datasets they collect. This work area builds, tests, integrates, and scales technologies that help companies maintain their competitive edge.

5. Tax Services

Rather than struggle with the complex and ever-evolving tax requirements, most clients prefer to outsource the task to PwC’s experts. Their services include training employees on tax compliance, handling international taxes, settling disputes, tax reporting, transfer pricing, mergers & acquisitions, and managing indirect taxes.

Industries

PwC consulting provides actionable solutions to clients in diverse industries including:

• Aerospace and defense
• Asset and wealth management
• Automotive
• Banking and capital markets
• Capital projects and infrastructure
• Consumer markets
• Energy, utilities, and resources
• Engineering and construction
• Financial services
• Forest, paper, and packaging
• Government and public services
• Healthcare
• Hospitality and leisure
• Industrial manufacturing
• Insurance
• Media
• Pharmaceuticals
• Private equity
• Sovereign investment funds
• Technology
• Telecommunications
• Transportation and logistics

How to Interview with PwC Consulting

PwC consulting careers are highly coveted. The firm’s potential employees go through a rigorous process to identify the most suitable candidate for its prestigious positions. PwC’s recruitment process involves 8 steps:

1. Online application. This step involves researching the available opportunities for PwC consulting jobs that fit your skill sets.

2. Once you fulfill the screening requirements, you’ll be required to complete SHL assessments to test your numerical, verbal, and inductive reasoning capacity.

3. PwC’s HR will conduct a phone interview to collect more information about your resume and experience.

4. If you pass the phone interview, you’ll receive an invitation to a local assessment center to participate in various individual and group case studies.  PwC’s individual case interview follows the standard format also applied by Deloitte and Boston Consulting Group (BCG).  The interviewer will provide two to three cases and expect solutions during a 45-minute session.

The group case interview format is also popular with PwC’s peers such as Bain & Company and BCG. You’ll be assigned to a group of up to 6 other applicants and given a case to solve. You might also have to undergo written case and candidate-led interview formats. In the latter, the interviewers will give you the general case details. You’ll then provide a comprehensive breakdown, including detailed recommendations. 

5. This step involves a one-on-one business interview conducted via phone or in person by an experienced consultant at PwC specializing in the relevant line of service. This technical interview mixes competency-based questions with case studies to analyze how you’d handle real life challenges.

6. The final technical interview marks the final stage of PwC’s recruitment process. The interviewer typically holds a senior position, such as director or partner in the appropriate line of service. The meeting lasts around half an hour, followed by final deliberations.

7. PwC Consulting informs potential hires of the interview results as soon as possible following final deliberations. If you’re successful, the firm’s onboarding team will contact you with the offer details.

8. After receiving and accepting PwC’s offer, you’ll receive an invitation to the company’s graduate induction program. This final step confirms the start of an exciting career with PwC Consulting.

What to Expect

PwC Consulting invites candidates to its online video interviews via an official email. Expect both general and specific questions about PwC, especially the particular job you’re applying for.

The interviews are also time sensitive, so prepare adequately to avoid disruptions. Ensure your internet connection is stable, connected devices are working fine, and that your environment is comfortable. You might have to install some software to improve compatibility with PwC’s requirements, so log in early and perform the relevant connection tests.

How to Prepare

Familiarizing yourself with case interviews is essential to preparing for your PwC Consulting internship. There are several examples of case interview questions online to help you. It’s also advisable to practice your knowledge of consulting math.

Another practical tip is to gradually develop your business intuition to better assess case interviews. You can start by reading official blogs by respected consulting firms.  Once you start working as a consultant at PwC, you can sharpen your business intuition through observations and first hand experience.

Mastering industry fundamentals is another great way of preparing for PwC consulting jobs. They include practicing and understanding concepts such as hypothesis and issue trees, the MECE principle, and various consulting frameworks.

Finally, performing mock interviews improves your confidence during actual case interviews. If possible, ask an experienced consultant to coach you. They will give you practical advice and insights gained from taking part in countless case interviews.

Target Schools

The top feeder schools for PwC consulting jobs are:

• University of Southern California (USC)
• University of Michigan
• The University of Texas at Austin
• New York University (NYU)
• University of California, Berkeley
• Cornell University
• University of Illinois at Urbana-Champaign
• The Ohio State University
• National University of Singapore
• University of Georgia
• Princeton University
• University of California, Irvine
• Northwestern University
• University of Toronto
• Georgetown University
• University of California Los Angeles
• University of Virginia UVA

PwC Consulting Careers

Office Locations

PwC Consulting has over 700 office locations in 152 countries. The company manages its global operations under six main categories: Africa, Americas, Asia/Asia Pacific, Eurasia, Europe, and Middle East regions.

Salary Ranges

Your PwC consulting salary will depend on various factors, including your role, years of experience, and associated certifications. According to Indeed.com, a Director of Quality Assurance earns approximately $210, 636. Popular PwC consulting jobs include Quality Assurance Analyst ($63,806), Senior Associate ($101,603), Manager ($134,253), Senior Manager ($168,351), and Director ($201,317)

Internships

The PwC internship programme is highly sought after by undergraduates. It provides the opportunity to work with experienced consultants and solve real-world challenges. During your internship, PwC will assign you a supervisor who will guide you through networking opportunities and client meetings. If you impress during your internship, you’re likely to receive an offer for a full-time position.

To qualify for a PwC consulting internship, your minimum GPA should be at least 3.00 out of 4.00. The firm also prefers final-year or recently-graduated applicants. Other requirements include strong communication and interpersonal skills, exceptional organizational skills, a strong work ethic, and full availability during the internship period.

Career Track

After internship, PwC consulting careers typically follow this path, from junior to senior roles:

Associate Consultant: This entry position suits recent graduates or new hires. It allows you to gain all the expertise you need to succeed in the intense but exciting consulting industry. In addition to attractive compensation, you’ll learn the ins and outs of various industries and interact with accomplished business leaders.  

Senior Associate: PwC Consulting offers this position to employees who have been with the firm for at least three years. This role prepares you for future leadership positions in the company.

Manager: To qualify for a managerial position at PwC, you must have at least 5 years’ experience and additional professional qualifications. Their main role is to coach and supervise the teams of consultants who work directly with clients.

Senior Manager: PwC senior managers handle sizable client portfolios. They’re also responsible for the firm’s public roles, such as hosting seminars, giving speeches, conducting training, and representing the firm in community organizations.

Director: This is the second senior most role in the PwC consulting jobs hierarchy. The director’s position is available to long-serving senior managers who have experience in formulating strategy and developing high value client portfolios.

Partner: Partnership is the highest level of leadership of PwC consulting careers. Their roles include representing the firm’s foreign units, planning budgets, maintaining relationships with strategic clients, and achieving PwC’s financial objectives. Partners also represent the company in high profile public events.

Exit Opportunities

The longer your stint as a consultant at PwC, the more enticing your exit opportunities become. The networks you built with clients and colleagues will also be valuable when exploring these opportunities. Former PwC consultants are likely to be headhunted to fill senior roles such as CEO, CFO, and CIO. The best exit opportunities include Private Equity (PE), the public sector, non-profit organizations, and entrepreneurship.

Culture at PwC Consulting

PwC receives favorable reviews among employees for career development prospects, work-life balance, and compensation. According to a Glassdoor survey, 79% of respondents would recommend PwC consulting jobs to their friends. More than 7 out of 10 employees also have a positive outlook of the firm.

PwC scores highly for its efforts to promote diversity and inclusion. The firm prioritizes employee mental well-being by availing access to round the clock therapy and counseling. The consulting firm also sponsors various corporate social responsibility initiatives worldwide as a way of giving back to the community.

Rankings for PwC Consulting

PwC consulting careers are among the world’s most desirable. The firm’s many awards celebrate its dedication to responsible business leadership. The 2024 Vault Rankings place PwC first overall in the Vault Accounting 25 list. Other notable awards are:

• #1 Best accounting firm for Audit & Assurance.
• #1 Best accounting firm for forensic accounting.
• #1 Best accounting firm for tax accounting.
• #2 Most prestigious accounting firm to work for.
• #3 Best accounting firm for formal training.

Forbes also ranks PwC highly in various global lists, such as:

• #153 Best Employers for Diversity (2023)
• #70 World’s Most Valuable Brands (2020)

Frequently Asked Questions (FAQs)

What does PwC consulting do?

PwC is a global professional services provider that offers consulting and trust solutions. The firm provides audit, consulting, tax, and business services, as well as products & technology solutions.

Is PwC a good consulting firm?

PwC consistently ranks among the best companies to work for worldwide. The firm is keen to provide a desirable work-life balance for its employees. PwC also promotes diversity, equity, and inclusion across its worldwide locations.

What is the top consulting firm?

The answer depends on the metrics applied in ranking consulting firms, including by revenue, prestige, brand value, employees, and total office locations. PwC regularly appears among the top 5 in such lists, along with peers such as Deloitte, McKinsey & Company, and Bain.

What is PwC consulting’s new name?

While PwC Consulting adopted its shortened name in 2010, the firm is still legally known as PricewaterhouseCoopers.

Is PwC Consulting hard to get?

PwC consulting jobs are highly sought after. Only a select few manage to meet the prestigious firm’s strict requirements during the recruitment process.

What skills are required for PwC Consulting?

Successful candidates for PwC consulting jobs must possess 5 essential competencies: Business acumen, all-round leadership, technical prowess, global acumen, and the ability to build high value relationships.