Is the big 4 experience overrated?

It is amazing how much companies and recruiters value the big 4 experience. The multitude of calls and emails telling us about job openings and public and private companies is proof of this. They're constantly telling us that these companies are looking for auditors with 3-5+ years of business experience. Why is this the case? Well, I think it's analagous to the hiring at private equity firms and investment banks, they primarily hire people either from other private equity firms, investment banks, or ivy league colleges. 

There are still a ton of equally talented and smart individuals from other colleges or companies, but the private equity firms and investment banks are primary comprised of ivy leaguers and bankers, so they tend to show preferential treatment to individuals with similar backgrounds since they already know the type of experience these individuals had. The accounting groups at public companies are primarily headed up by people with public accounting experience, so they like going for individuals who went through the similar brutal work experience through their first few years at the big 4 firms. Accountants at companies hate dealing with auditors, but they understand that auditors work their tail off. Strong work ethic is one of the biggest reasons why the head of the accounting group loves hiring auditors. Don't get me wrong - it's not because we inherently have a strong work ethic, it's because we were forced to develop a strong work ethic. I recently spoke to the head of an accounting group who hired somebody from the big 4 last year, and he told me that their recruiter was advised to hire exclusively from the big 4. When the interviewers came in though, they all wanted a work-life balance (nothing wrong with that, except they implicitly stated that they preferred 9-5). So the company took a while to find that one auditor who realized that it might not be the be ideal expressing that 9-5 was imperative. Companies are not hiring from the big 4 if they're easy jobs that anyone can do, they want people who can work their tail off when it matters. Another reason is the ability to research effectively. Companies always run into issues and need to learn how to account for the issues, and auditors have been trained to research and figure out how to interpret the complex accounting guidance, which can be vague at times. 

Deadlines are another reason. We're so used to short-term deadlines, our work pace has been trained to finish whole audits in weeks. So when alums get projects and 3 month deadlines, they're usually done in weeks and are ready for the next one. Communication is another big asset we develop, we're always talking to clients and dealing with different personnel, and you really get to hone your communication skills. Leadership is another tenet they look for. Seniors are already leading teams 3 years out of college. When you quit and join another company, you shouldn't have any problem leading teams of 2-3 people. Wow I just rattled off all the kool-aid points right there. All this being said, this is just from their perspective. Are there worthy people out there who don't work in the big 4 who should be getting these offers? Absolutely. Are there people in the big 4 who are not deserving of these jobs and only getting it because of the big 4 name? Definitely. Good thing is, unlike the investment banks, non big 4 accountants have a decent chance to get different jobs out there, so it's definitely not the only way thankfully. So in the end, is the big 4 experience overrated? There's no yes and no answer. I think recruiters over-value big 4 experience, but there's definitely some added value to hiring them. Now that being said, if I start a company and had to hire a controller, I'd go for someone who has big 4 experience, not going to lie. This is only because I know what I'm buying. There are gems who don't work in the big 4, but sadly it's the familiarity bias playing out.