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600k for a first year partner seems really high but congratulations. At D it is about 2/3 or maybe 60 percent and that doesn’t factor in health insurance and SE tax.
BDO2. No need to look at UK and Australia. They don’t have anything to do with our comp. This FY, $600k is low based on the lowest paid new partner. First 5 years on grid with scheduled increase in comp and units. After that, you’re on your own as to what you make. Create/build and you’ll be rewarded. Not sure what numbers don’t add up. Maybe just not the same kind of numbers you all look at. We’re also making 500 partners this year. The numbers do add up!!
It has been posted on this site a couple of different times that PwC pays its partners more than every other firm. I think something isn’t adding up in the comparisons. For example is 600k first year as an equity partner or non-equity partner? I think most people think of a non-equity partner as a first year partner. Also, is this from your firm average or your NY office? Finally, I know PwC has been very good for a long time at laying out a “total compensation” model to their employees, so they see their compensation as not just their salary but a much higher number that factors in all benefits. Have they done something similar for partners? I think partners are other firms are probably looking at their cash distributions.
Maybe I’m wrong and it is apples to apples but I can’t help wanting to audit it. LOL.
Do other big 4 have non equity partners? If you are a partner seems logical you own a very small part of company and should get prorata equity if profits?
It varies all over the place. For instance, I’m non-big 4 at about 5 years and at the 10 year comp mark you mentioned above.
Must be advisory
I need one of the pwc partners to adopt me 😂
+1
Seems all this thread did was to make other firms wonder about PwC partner comp.
1st yr partner here. Can confirm we have no non-equity partners. Can confirm the comp amount stated here. There are no shenanigans involved. And comp amount does not include annualized amount of future retirement pay out.
Not really, unless you're in a higher leadership role within the partnership
Why is it that partners cannot share their comp?
Misread your question. Thought you asked if partners could see how much other partners make. Yeah I can share, but don't know why I would do that :)
I can confirm at BDO we are even close to these numbers. …….Again not even close.
What does “all in” mean? Grossing up for the value of retirement benefits?
I’m assuming he is referring to monthly and year end cash distributable income given numbers posted
Do PwC partners have a job for life? Or can they be let go rather easily? It seems amazing that PwC is that far higher than D (based on the reply above). Either PwC is better managed, has less retiree benefits, or additional items that make partner comp that significant. Often times PwC partners are excellent, but sometimes there are some real duds (like all firms)
Partners are counseled out each year but at a very low percentage maybe 2% or less. Shares/units are moved down for partners regularly particularly those higher compensated which can be very tough conversations despite the fact that in most cases total comp is up or flat after reduction due to increase in share value.
When you say “all in,” does this include non cash retirement perks? Or just total earnings that hit your capital account.
EY2-Includes cash comp. Accrual income could be greater than cash, varies by year. Non sure what a non cash retirement perks is? Like a subscription to the WSJ?😀
Ignoring first year partner comp, whats the 15 or 20 yr average or total comp number? Is PWC's number way higher than the other firms? Is it because they are better at underpaying their employees?
Average comp is $1.3 and median is pretty close to that. I’ve heard of staff comp being slightly higher at other firms, but nothing meaningful enough to make up the gaps we’re discussing here. I think it’s more attributed to less hierarchy in role and pay at partner ranks
Some thoughts as to why:
-Maybe they have fewer non-productive leadership roles draining the DIP?
-They might have a higher per-partner revenue bar as well for making it in, so there are fewer questionable edge case promos to partner.
-More willing to chop dead wood after a couple years of non-performance.
-They also seem to be better at taking an enterprise approach to some clients, to maximize revenue.
How does EY compare? I can’t believe there would be such a large discrepancy amongst the three relatively similarly situated firms
Deloitte average partner comp has risen significantly the past two years. Unit values have been incredible but I’m not in that group so can’t say what the average or median is but I’m going to make an educated guess that it’s now well north of 1m. Even C partners make that and the D/E class is much higher.
The pandemic has been very good to Deloitte from a partner comp perspective. Even paying out large bonuses to MD’s and AIP to those below these were record years.
Based on a few things drive the difference between EY and PwC - EY and PwC have a similar number of partners, however PwC has a larger revenue base. Additionally EY has many more managing directors who are the equivalent of Non-Equity partners. I think that combination drives down the average partner comp.
Interesting thread - anyone hear from non-top 10 firms? I keep hearing at those smaller firms it’s way more individual based on size of book / but anyone a range for audit partners in #15-20 firm in nyc?
I’m in that #15-20 range, just made partner. Not NYC but MCOL area (about 1.2 times national average) but I was shocked at how low comp was. $250k