I think if you were to join the Big 4 today as opposed to a few years ago, you'd find that many things have improved. Sure the hours are long, but that's to be expected. Any top tier consulting or MNC will entail you to work long hours, that goes with the territory of joining the big boys.

The key thing here is that there has been an effort in the last two years or so to improve the quality of work life. Work-life balance may still be out of reach, but steps have been made in the right direction.

Nowadays, as an audit associate, comp time is allowable. Basic salary packages have improved to be more competitive. You have things like ex-gratia and early bonus payments to keep those spirits up. You also have more considerate and thoughtful approach to work by your mentors and supervisors, which is always a big plus especially for those who have experienced those dark times in the old days of audit.

I think, especially in PwC, the Leadership Team has shown that they are aware of the push and pull factors and are making a considerable effort to make changes for the better.

The only unsolved riddle is how to achieve that elusive work-life balance, the fabled holy grail of auditing/consulting. But really, the answer is that any large firm can never achieve that. The thing is to judge for yourselves whether the hardwork and effort put in has a pay-off for your careers at the end of the day, and whether you can cope with it. If not, than surely there are other lines of work out there that is more suitable.

if given a choice between audit, tax and advisory, I'll go for advisory hands down.  but that's my personal choice

frododo, although I agree that being in tax line will give u the opportunity to be more 'value adding' compared to audit, I have heard more success stories of audit partners/directors jumping into the commercial world and landing high profile jobs (aka CFO of financial institutions etc) than that of tax..

Being in audit means that you get a more fuller picture, as you get to see all the operations of a business (including a very narrow view on tax).  I'm not saying in tax you won't, but that's rare.  And the more senior you are, the more of the business mechanics you would learn.