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Anyone at the Q center today/this week?
Rising Star
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Guys there’s this boot camp that I came across that trains people to get jobs in Top consulting firms and has a fee plan wherein you pay once you get placed. I just wanted to know if someone here has any experience with this ?
https://docs.google.com/spreadsheets/d/e/2PACX-1vQuKa3k-rG3emxJcfbidCjC0Su85E_BKqW9cTeFZMY4xg4LnUVxOLrpcETqf7d-iEePlFh6lJ1knwwD/pubhtml
Anyone take SHRM? How many hours did you study?
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@ D it is level A thru E with E being the highest. I’m sure you have something similar. Our folks that just got to partner this year would be level A. Our partners that lead entire service lines and own account relationships are our level Es. Typically they all have succession planning in place to ensure the relationship stays as the older ones start to think about retirement. But not every partner makes it to level E. That’s why a lot of the time you hear people saying welcome to the partnership— your career just started. Hopefully that’s helpful.
Partner pay is based on units of ownership. The levels represent a wide range of unit ownership. So partners at the same level are in the same range but may be paid differently by a few hundred thousand dollars. Like with other levels, pay increases (for us unit increases) are based on performance. So two partners three years in would likely be paid differently. That said, a lower performing partner 30 years in is likely paid more than a high performing partner 3 years in (unless they have had units taken away).
So Principals or Partners do get laid off.... I wonder once you are owner you should not be laid off.
It is funny...you go through it all to get to the end game and once you get there you realize you are just in the first position on the board for an even bigger game but the stakes are higher and the pressure to perform is greater than ever.
I was invited to fishbowl to answer this question. So here it goes....At EY salaries are not public among the partners nor based on units nor tied to A-E levels as at other firms. The only way to know another person’s salary is to privately compare notes. As such, I’ve only heard the salaries of a handful of other PPEDs and as one would expect there is a wide wide range so giving a single number, even an average isn’t much use. Next ...about the pension. The pension is based on a formula. You must be with the firm a minimum time (formula based on age and years of service), and a multiplier is is applied to the average of your three highest earning years. There is also a cap. I am not going to put in the ranges for salary or pension here. It doesn’t seem appropriate, but I will say that you can ask any of us about this. It is not a secret that you need to be on fishbowl to learn about. Ask your neighborhood PPED. We will be happy to share the economics of a long and happy career!
It is a hard question to answer, OP, because even within firms there is such great variability. As much misinformation in this thread as there is good information. Let me give you my advice:
Pick your firm based on cultural fit, strategic direction, and the fact that they do the work you want to do. Know that at the big 4 and MBB you can make 7 figures as a partner. Perform... because that is what will get you there. Regardless of the firm, you have to perform to run the gauntlet to get to partner and survive as one.
D1, P1 thank you very much.. makes perfect sense. Then I would assume just promoted partner starts off at same units, and then their performance determines how many more get added YOY. Any thoughts on my second question? Can once given units be taken away?
B1 - what's lots more vs not as well? Any numerical facts perhaps?
D1 - I believe that applies when you retire.
TC1 - what I mean by taken away is.. say you had a few good years because of which you have more units than some of your peers. I.e. More stake in the company, higher base as described by above posts. If you then have a couple of years where you didn't do that well.. does that have any impact on your units? Do they get taken away (I.e. Lesser stake/salary)? Sorry it may be a very naive question.. but don't want to assume.
Are units/revenue credits considered variable pay then? Does this make sense? Base pay (same for every partner regardless of level) + additional base pay (credits/units differentiator) + sales bonus (variable directly based on how much you sold that year) + other bonus (based on how the firm performed)
OW1 - thanks. Perhaps that's the reason why I am not seeing very many folks respond with what that base portion looks like. Would still be interesting to know what the range looks like for different firms.
I’ve never heard of taking away units. I’d assume the firm would have to buy them back from you....but don’t think that happens.
OW1 - thank you for sharing!
P1 - thank you for sharing!
Mck1 and D5 - thank you for sharing!
Is this common knowledge? I don't hear people really talking about this at work neither on FB here.. I am M2 at EY.. I am behind the curve at knowing this stuff?
*Am 1..
Many partners are happy to share how this works if you ask them.
@D5 - 3.5 mil seems low for a firm executive role ( think Cathy or other C suite). Where are you getting that number from?
Anyone have any idea how the partner comp structure works at Accenture? How does it compare to he privately held firms?
Anyone have any idea how the partner comp structure works at Accenture? How does it compare to he privately held firms?