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CPA Firms’ Consulting Arms Get Some Love in New Ranking

The consulting practices at seven of the top accounting firms in the U.S. are among the 50 best in the world, according to The Consulting Report.

The consulting practices at seven of the biggest accounting firms in the U.S. are among the 50 best in the world, according to a new ranking.

Business news and analysis website The Consulting Report last month released its ranking of the top 50 consulting firms of 2023, which it said “highlights the world’s most trusted and influential professional services firms.”

“Renowned for their unrivaled expertise, these industry leaders provide corporations, governments, and organizations with profound insights, invaluable analytics, and astute counsel across a wide spectrum of domains,” the website said. “They guide clients through some of the most formidable challenges while also helping them capitalize on prescient opportunities. These firms are indispensable partners to management teams of some of the most important organizations across the globe.”

The ranking is based on nomination submissions from professionals in and around the consulting, professional services, and tech services industries, The Consulting Report said.

In the top five, global management consulting firm Kearney took the No. 1 spot, followed by Alvarez & Marsal, AlixPartners, Boston Consulting Group, and Infosys Consulting. Two accounting firms’ consulting arms made the top 10.

Here is where all seven ranked in The Consulting Report’s top 50 list and why, according to the website, they are among the 50 best:

8. CohnReznick

“CohnReznick LLP is a leading advisory, assurance, and tax firm with a rich history and a longstanding commitment to innovation, client service, industry expertise, and supporting its communities. The firm’s advisory practice, with more than 725 professionals, consists of two integrated teams—Value360 and Global Consulting Solutions. Value360 helps clients optimize the performance of transactions and improve business situations through services including due diligence, performance improvement, valuation, project finance and consulting, and restructuring. Global Consulting Solutions helps clients succeed through operational and technology consulting services that include CFO advisory, cybersecurity and data privacy, risk advisory, and accounting services outsourcing.”

9. Deloitte

“Recently, Deloitte Consulting has made significant advancements in various areas. One notable initiative is the launch of GreenSpace Tech, an industry-leading program that aims to accelerate sustainability through climate technology ecosystems. By fostering collaborations among organizations, startups, and investors, Deloitte Consulting is driving innovation and scalable solutions in renewable energy, carbon reduction, sustainable agriculture, and waste management. Deloitte’s brand value stands out as the world’s most valuable and strongest commercial services brand, valued at $34.5 billion. This recognition reflects the firm’s reputation, extensive global presence, and diverse service offerings, including consulting, auditing, tax, and advisory.”

26. EY

“EY has received notable accolades, including being named the Global Consulting Alliance Partner of the Year by BlackLine. This recognition highlights EY’s excellence in utilizing BlackLine’s financial automation software to drive innovation and efficiency for clients. Additionally, EY announced a strategic alliance with EIS, a leading insurance platform provider, to support insurance transformation. This collaboration aims to accelerate digitalization, enhance customer experiences, and improve operational efficiencies within the insurance sector.

“Recently, EY established the EY Metaverse Lab, which employs AI and the metaverse to create immersive art installations celebrating Black leaders. This initiative showcases EY’s commitment to diversity, inclusion, and leveraging advanced technologies. EY’s extensive global network and multidisciplinary expertise position it as a key player in the professional services industry, providing comprehensive solutions and driving business success for clients worldwide.”

28. KPMG

“KPMG has consistently evolved and expanded its services over the years to meet the changing needs of its clients. In recent years, the firm has embraced innovative technologies and strategic partnerships to enhance its offerings. In 2023, KPMG announced an alliance with MindBridge, a leading AI technology company. This collaboration allows KPMG to incorporate artificial intelligence into its audits, improving the efficiency and accuracy of its services. Another notable development for KPMG in recent times has been its significant expansion in the legal services sector in Asia. The firm has strengthened its legal services footprint by adding lawyers from ZICO Law firms, further bolstering its capabilities to serve clients in the region.”

30. PwC

“PwC has played a significant role in shaping the professional services industry, continually adapting to changing business environments and technological advancements. In recent years, PwC has embraced partnerships and collaborations to leverage the power of AI and digital transformation. Notable collaborations include a strategic partnership with Microsoft and Icertis to accelerate enterprise digital transformation with AI-powered contract intelligence. PwC has also partnered with AI startup Harvey, granting exclusive access to their AI platform for PwC’s Legal Business Solutions professionals.”

34. Grant Thornton

“With revenues of $2.3 billion and almost 50 offices nationwide, the firm is a community of more than 9,000 problem solvers who value relationships and are ready to help organizations of all sizes and industries create more confident futures. Grant Thornton’s consulting professionals work in a range of industry groups and advise clients on nearly every aspect of business, from finance and technology to operations and compliance―as well as risk mitigation, M&A, strategy and workforce management.”

47. Crowe

“Expanding its offerings, Crowe introduced Crowe CX for Commercial Lending, leveraging technology to enhance digital transformations in commercial lending operations. It also partnered with Sustain.Life to provide carbon accounting and ESG management solutions, addressing environmental sustainability demands. With its global presence, diverse expertise, and client-centric approach, Crowe remains at the forefront of the professional services industry, delivering high-quality solutions to clients’ complex challenges.”