'Major Impact': Here's What the Big Four Firms Have to Say About the 2024 Election The Big Four consulting firms conducted surveys and gathered data to garner what business leaders were thinking ahead of the election. Here are the results.
By Sherin Shibu Edited by Melissa Malamut
Key Takeaways
- The Big Four consulting firms, Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG, conducted research that shows a different snapshot of the presidential election through the eyes of business leaders.
- Here's what the Big Four have to say about Tuesday's election.
The Big Four consulting firms, Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG, collectively employed more than 1.5 million people last year.
Deloitte is the biggest, with $65.1 billion in global revenue in 2023 compared to PwC's $53 billion, EY's $49.4 billion, and KPMG's $36.4 billion.
These firms, which lead in accounting and auditing, conducted research on the presidential election to show what business leaders think as we head to the polls Tuesday.
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The Big Four had over $200 billion in global revenue, collectively. (Graphic by Visual Capitalist via Getty Images)
Here's what the Big Four's research says about the 2024 election.
Deloitte: Survey says workplace issues matter
In an election survey released in mid-September, Deloitte asked 200 North American chief financial officers (CFOs) at organizations with at least $1 billion in revenue what they cared about ahead of the election.
Instead of tax policy, which topped the list in 2016 and 2020, workforce issues like talent shortages and wage inflation were the most pressing issues for CFOs in 2024.
"Only 12% of CFOs say now is a good time to be taking greater risks, compared to 26% in the second quarter of 2024," Deloitte researchers wrote. "A year ago, the number was 41%. The upcoming election may present the most significant changes of all."
Related: 10 Significant Ways Your Taxes Will Be Impacted By A Kamala Harris Administration
PwC: Executives anticipate a divided government
PwC conducted a survey of 709 U.S. executives, including CFOs, chief information officers (CIOs), and chief technology officers (CTOs), and released the results in October.
The majority of executives, over three in four, said they expect a divided government next year, with 77% expecting more executive orders and 75% predicting more regulation and litigation.
If Democratic candidate Kamala Harris wins, executives reported higher taxes and climate policies as risk areas. If Republican candidate Donald Trump wins, they foresee trade and foreign relations as risk areas.
Related: 10 Significant Ways A Second Trump Administration Could Impact Your Taxes
Meanwhile, executives are keeping their AI investments steady, regardless of who becomes President.
"Regarding AI, for example, 52% say they would increase their investment under a Harris administration, and 53% say the same under a Trump administration," the study stated.
EY: The election will have a considerable impact on tech
EY released a poll of 503 tech industry leaders in October that showed nearly three-quarters (74%) stated that the election will have a "major impact" on the U.S. tech industry and its ability to stay competitive in a global market.
"Notably, they think that the outcome of the US election would most impact the following areas of regulation: cybersecurity/data protections, AI and machine learning, and user data and content oversight," EY researchers wrote.
Many tech leaders (82%) reported plans to increase investments in AI by 50% or more in 2025, no matter who wins. AI talent is at the top of the list of what they're looking for (60%), followed by cybersecurity (49%).
KPMG: Businesses have to stay alert
KPMG looked into U.S. trade policies under both Trump and Harris in a comparative review report released in late September.
Trump "favors a more protectionist stance, prioritizing American industries through tariffs and renegotiated trade deals aimed at reducing the trade deficit," while Harris "is a proponent of a multilateral approach, advocating for tax incentives to promote domestic production." These two approaches are "stark contrasts," according to the report.
The report advises businesses that rely on imports to remain "agile and informed" regardless of who wins the election.
Related: What The 2024 Election Results Could Mean for D&O Insurance Costs
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