PwC the top-ranked consultancy

This caution may explain the mixed year-on-year valuation calculations for the big four in the 2017 Brand Finance Global 500 list of top brands.

PwC's is the top-ranked consulting firm, coming in at 66th on brand value, down from 57th in 2016. The brand is valued at US$18.5 billion ($24.2 billion), based on a "royalty relief" valuation by Brand Finance about how much it would cost to license a brand, which is also down slightly from the 2016 valuation of US$18.6 billion.

Deloitte fell to 77th from 69th, with a brand valuation of US$16.8 billion, up four per cent from the 2016 valuation of US$16.2 billion, while EY was also down to 98th, down from 91th in 2016, with a valuation of US$13.5 billion, up five per cent from the previous year.

KPMG was the lowest ranked of the big four, at 124th, down from 107th, and with a valuation of US$11.0 billion, up three per cent from 2016.

The most powerful professional service brands. Les Hewitt

Accenture, McKinsey on Global 500 list

Other professional services firms on the Global 500 included technology consulting and outsourcing firm Accenture, which jumped to 71st from 89th on the list with a brand valuation of US$17.5 billion, up 38 per cent from the 2016 valuation.


Strategy consultancy McKinsey also made the list, but its ranking fell to 379th from 290th in 2016, with its valuation decreasing by 9 per cent to US$4.5 billion.

Mr Crowe explained the difference in ranking for PwC and McKinsey as one of scale.

"PwC is top ranked of the professional services firms because of the scale of its sales – the firm turns over about US$35 billion globally, while McKinsey's global sales are around US$8.5 billion," he said.

PwC and McKinsey are two of only 10 brands on the Global 500 list with a brand rating, which is based on the future potential of the brand relative to its competitors, of AAA+. The firms are joined in this elite group by Google, sports brand Nike and toymaker Lego.

Overall, technology firms Google, Apple and Amazon.com take up the top three positions on the Global 500.

Strong competition for staff

The local head of PwC Australia, Luke Sayers, downplayed the risk of brand dilution for his firm while also admitting the firm was competing against sectors ranging from technology start-ups through to advertising agencies for staff.

"If we are truly focused on our purpose of solving the biggest problems facing our clients and society more broadly, what PwC does and what we are known for will and should continue to grow and change," he said.


He added that an important part of the firm's brand is "being bold and having a point of view" on issues.

The chief marketing and communication officer for Accenture, Roxanne Taylor, said a business-to-business brand was still about making an emotional connection with customers.

"The ability of a brand to deliver on its promise and provide reassurance to clients is crucial in a B2B setting, where B2B branding relies on making an emotional connection with stakeholders every bit as much as – or maybe even more than – consumer branding. The emotions are just different," she said.

The staff are the brand

Deloitte Australia's chief marketing officer, Frank Mellish, said he considered the firm's staff in effect its brand.

"We invest accordingly in creating a diverse, inclusive culture for our employees, so they are inspired to provide the best work for our clients," he said, adding the firm had a "vision to be the undisputed leader in professional services" and an to be an "employer of choice".

Lynn Kraus, the head of markets at EY Oceania, said "brand is extremely important in terms of attracting people".

"Due to the changing nature of professional services and our increased focus on non-traditional accounting areas, we look for people with a variety of backgrounds and experience including engineering, academia and government," Ms Kraus said.


"Beyond that, the continued growth in cyber security, digital and data analytics has opened up an entire new pool of potential candidates which previously may not have considered the big four as a natural place to further their careers."

Heavy investment

KPMG Australia CEO Gary Wingrove said the firm had invested heavily in promoting its brand in the past three years.

"We are doing this in a number of ways – including sharing our insights on challenges facing our clients and the broader community, "Mr Wingrove said.

"I'm particularly proud of the way we have engaged and driven further debate on important policy, reform, economic and social issues including tax reform, domestic violence, structural deficit, Indigenous economy, and Asian investment."

Focus on clients

The managing partner of McKinsey Australia and New Zealand, John Lydon, said his firm focused upon its reputation and the impact it can have on clients and through its published research.

"At McKinsey, we don't think too much about the concept of brand in its own right," Mr Lydon said.

"It's more an outcome of the impact we achieve with our clients and the experience that our people have developing and growing with us.

"So you might say we are more focused on our reputation – with our clients, our people, and in the broader Australian market."

edmundtadros@afr.com.au