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People who want to work at big 4 long term generally don’t want to work at small firms long term (and vice versa). I would argue they are different talent pools.
And to SA1’s point, I think most people are aware of this and are more likely to choose that route if they know they’re in it for the long run
I worked at a small CPA firm (~60 people) very briefly. The types that tended to join and stay long term (with experience) did so because they came from larger firms and didn’t enjoy the experience at those larger firms. The type that joined out of college felt that the firm was a great fit culture wise and they generally ended up staying because there was great flexibility. My experience has been, like anywhere, that if you don’t “fit in” you will not like it, but it’s magnified because the firm is so small. Most people there were highly competent in small/mid-size business work, so it’s not that they were failures, just that the scope of their work was different. Candidly, though, the recruiting pool out of college is usually those who don’t meet the GPA cut set by larger firms.
I’ve worked both Big 4 versus middle market. Out of school the MM is able to attract some high level talent, and it’s usually through strong recruiting efforts at select schools involving alumni partners. After that first tier of talent, MM ends up with way worse people than Big 4. Not sure about small firms.