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If you are starting as an Audit Associate some time from now with Deloitte or any of the big 4, do they expect you to have passed/completed all 4 parts by the time you start? Received the Becker Reimbursement email from the recruiter not too long ago but have yet to start. I’ve seen plenty of people get to Senior at a big 4 firm without the CPA so I am a bit confused in that aspect. Any helpful feedback will be very much appreciated.
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In other words; nobody knows
Totally depends on the market but they do not make 500K as a first year partner. Many partners will tell you that the first couple of years that they actually don't fare as well as more tenured Senior Managers.
From discussions I've had with several partners, you're looking at around 200-300 for your first year (depends on market). Easily over a million later in your career depending on what you work on and responsibilities. Buy-in I thought was around 300k, but there are many options to pay in over time through a loan. You also earn interest on your buy in amount.
Per hour? Probably like $10 since they work 24/7
I'm in on this thread. How is it we audit billionaire dollar companies but believe the shit hr tells us. Partner comp is a huge secret. I'd have more motivation for long haul if I knew I was going to make 500k annually at least
Our senior manager was recently promoted to partner and gave us the details. Basically as a first year partner you make $250k and you're on a 5 year grid where that compensation does not change much. After 5 years your shares kick in and you begin to reap the benefits of having bought into the partnership and from that point on you're making $500k minimum assuming you have some business, and then the sky is the limit in terms of your business case. The senior partners tend to make over $1M based off seniority and the clients they land however the big shots aka the MALs can make $2M easy. Long story short, first five years you're making decent money but you're not making it rain because at this point you're no longer an employee you're an owner. Therefore your medical coverage is paid out of pocket by you, and you have to make estimated tax payments.
The level of stress that comes along with those types of jobs is much more significant than private jobs. Yes, private jobs have deadlines and client pressure, but it is not the same as the thought that your China team might be blowing the audit and you have no idea because the country won't allow you to see workpapers. And if you (or your teams) screw up bad enough, the SEC can come after you or your firm. And on a 20k hour audit, you have to rely on your teams. I think for some people, not having to deal with that stress on a daily basis is worth the pay cut.
Average partner in the middle of their career makes $750k is what they're telling us with new partners around $300k and senior partners over $1m. Of course there are outliers, but this is what they are telling us.
Pwc1 where do you get this info from?
Average partner salary is 800k. Early partners make around 400k. Buy in is about 250k but you get a 2 year interest free loan. If you factor in the loan payoff to the early salary, that's why partners tell you they sometimes take a pay cut the first few years compared to seasoned senior managers or directors.
Our partner told is starting is 375K in Audit-SF
I'm going say minimum 250k, with commission and bonus rights to partnership units based on your account/engagement revenue, firm initiatives, and other metrics based on your role in the form.
New partner $650k plus buy-in.
New partners in Dallas tax start at 500. Idk details about the buy in
Friend in VC told me mid tier partners are +500k (low range) and B4 partners are around +1m in major markets.
@EY2, from the partner himself.
Assurance or another service line? I may need to make switch if it's assurance...
Buy in is close to $1m. Considering any salary, it takes a few years to even come close to paying off
I was told buy in is 30% of your annual draw.
Buy in hovers around 100k for Deloitte tier 1 partner. There are 5 tiers of partners.