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February 5, 2023

Listicle of the Day: INSIDE Public Accounting’s Top 400 Firms For 2021 (UPDATE)

[Updated original post from July 26 to reflect BDO USA taking over sixth place in revenue from Grant Thornton.]

INSIDE Public Accounting just came out with its ranking of the top 400 firms in the U.S. based on revenue, and there’s two big changes in the top 10.

The most notable change is BDO USA knocking Grant Thornton out of sixth place, with revenues topping $2 billion for the first time ever. [This hasn’t been officially announced on BDO letterhead yet.]

BDO has gobbled up lots of smaller firms in the past year, but its biggest acquisition was last January when BDO hooked up with Miami-based firm MBAF, which was ranked 38th in the IPA top 100 in 2020.

The other change in the top 10 is that Baker Tilly, ranked 11th last year, jumped two spots to ninth, finally joining the club of public accounting firms with $1 billion or more in annual revenue. This is presumably due to its summer mega-merger with last year’s 46th-ranked firm, Irvine, CA-based Squar Milner. BT also acquired Silicon Valley-based accounting firm Brown Adams Agbayani last November.

Baker Tilly muscled past fellow Chicago-based firm Crowe, which dropped from ninth place last year to 10th this year. In the 11th spot this year is CBIZ & MHM, which was 10th in 2020.

The Big 4’s positioning in the U.S. once again did not change, but two of the four had worse years in terms of revenue last fiscal year. Deloitte grabbed about $23.1 billion in revenue during the year of our COVID Lord 2020, a 5.6% increase over FY 2019. PwC is a distant second with $18 billion—up 3.4% over 2019’s results. In third is EY with $13.5 billion in revenue; however, that is 9.6% less than the firm’s $15 billion in revenue in 2019. And pulling up the rear is KPMG, whose revenue dropped 4%—from $9.9 billion in 2019 to $9.5 billion in 2020.

If you go further down the list, spots 14, 15, and 16 also changed hands. At 14th is BKD, up from 15th last year. CohnReznick fell from 14th in 2020 to 16th this year, while Marcum moved up one spot to 15th.

Here’s the top 25 for 2021. Previous year’s ranking is in parenthesis:

  1. Deloitte (1)
  2. PwC (2)
  3. EY (3)
  4. KPMG (4)
  5. RSM US (5)
  6. BDO USA (7)
  7. Grant Thornton (6)
  8. CliftonLarsonAllen (8)
  9. Baker Tilly (11)
  10. Crowe (9)
  11. CBIZ & MHM (10)
  12. Moss Adams (12)
  13. Plante Moran (13)
  14. BKD (15)
  15. Marcum (16)
  16. CohnReznick (14)
  17. Dixon Hughes Goodman (17)
  18. EisnerAmper (18)
  19. Eide Bailly (19)
  20. Wipfli (20)
  21. Andersen (22)
  22. Armanino (21)
  23. Carr, Riggs & Ingram (24)
  24. Citrin Cooperman (23)
  25. Withum (26)

You can check out the entire IPA top 400 firms ranking here.

Related article:

Listicle of the Day: No Major Shake-Ups In 2020 INSIDE Public Accounting Top 100 Firms

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