4:3 is known as the standard aspect ratio. 16:9 is commonly referred to as widescreen. However "widescreen" is actually the new standard these days, and standard is becoming non-standard.
In older days, the slides used to be designed in 4:3 format. As the display systems evolved, the 16:9 format is becoming more and more appropriate. In fact, after 2013 version PowerPoint defaults to 16:9. This is good because almost all modern computer & projector screens, televisions, mobile devices (with few exceptions) follow a 16:9 layout. Additionally, a 16:9 (Widescreens) gives you a wider area to design you content.
So, why not simply stick to 16:9?
Bottom line:
There is no magic button in PowerPoint to PROPERLY convert tour slides from one size to other. Doing this could mean manually re-layouting your slides from start. This can cost you time (and money!).