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My perception is tier 2 allows for younger admittance to partnership, higher initial pay but much lower long term, I'd guess better wlb but that's likely somewhat circumstantial. Big4 you comp will far exceed in the long run, more competition to get there. Big4 brand makes selling far easier comparably but also likely have higher targets. A Big4 risk in recent yrs is the failed audit and scandal activity worldwide. While tier 2 isn't fully protected from this its no where near as risky. I could easily see governments forcing reorgs in the next 15 yrs like they did back in the early Sox days with how much consulting these firms are doing again. For both scenarios, neither is a guarantee. Especially big4 you hear stories of directors and MDs getting strung along for many yrs without ever making it.
Pro
What % of those who enter actually make partner?
Depends on the firm. Probably the biggest one is compensation is lower outside B4. But at our firm broad spectrum demands are lower - partners focus on different things, so we have a lot of them that are not big on business development but are specialists in various areas with smaller books of business - not eat what you kill. Allows the partners to focus more on what they want to do, and coordinate with others on areas they don't. I like the model but definitely a little unorthodox in professional services - their idea since inception is to try and foster greater teamwork between members. But comp tops out at $500-600 after 8-10 years. Starts mid 200s. Plenty enough for me when I eventually get there, but def not the $1m+ packages at big 4. Another nice thing about mom B4, especially as you start getting in the back half of the top 100 (where we are), as a partner your voice and vote on business decisions are a lot more meaningful.
The number of failed marriages
lots of talk about how much partners in different places make, and how it's similar or so significantly different, but no one putting any actual comparable numbers out there!
RSM 2 - are all RSM audit partners all "paid" the same?
There is a significant difference in earnings… but you can make partner at an earlier age outside of big4
Interesting opinion but debatable. Hard to know on balance. Definitely know a mix of young and old at both. It’s also fairly cyclical. Bet you a like it comes down in age for all in this environment. Earnings models are also significantly different. Deferred compensation vs true owners models depending on who we are talking about.
My dad is a National firm partner and he certainly does not make as much as big 4!
It’s an over generalization to cut like this. They have very different compensation models (which is what I assume you are asking.) If your focused on other intangibles like actually building something valuable and looking back with satisfaction on what you did, I think you know the answer.
Pwc7 is a d. Great job representing.
Maybe in the past there were more overlaps. My experience has been that big 4 partners now need to live and breath the brand. Delay other life milestones basically. National firm partners have much more variety and backgrounds. On one side it’s because they probably started at big 4 and left, on the other side it’s because the sacrifices people are willing to make are much lower. Don’t know enough about compensation to comment on it in detail. I do think the rainmakers are well paid in both groups though.
Insert Michael Jackson Popcorn meme.
Depends on what level partner you are within the firm and what specialties/client base
Just curious what is the general compensation for a partner at both? Honestly, just curious.
My experience is similar to EY2. Within B4 there is one firm that pays their leadership more than other 3. You guys can figure out which one. It’s also the biggest of the b4.
Partners start at 400k first year at DT. Excellent pension benefit.
Straight unit value
Would be curious to see anyone’s perspective on WLB/Comp balance. I’m currently big 4 SM (13years with the firm) and roughly 3 years from admission (nothing is guaranteed but more than likely), and national firms seem to poach with a direct admission carrot.