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it's the highest paid accounting job
The pension is the big payoff. $150k a year for life. With a withdrawal rate of 4% that's the equivalent of having a $3.5-$4m retirement portfolio. Add to that the retirement age is around 60 + or - a few, as well as the comp during working years, and clearly Partner is a financially rewarding position.
Average partner salary is 750k. Start at 400k and can go north of 1m. Plus, don't forget about the pension
"Corporate slavery" in a partnership? 🤔
^you really think CFO's, CEO's work less that make that kind of money? You're delusional
I don't think GTs partner salary base is that high....I've heard it's 200k. I know there are growth opportunities but at the end of the day, you're still putting in the insane hours. I guess I'm having a hard time seeing why people stay at PA for that long. Wouldn't it be easier to get a C suite position at that point and you'd be working less?
$400k base with the possibility of $1M+. But your investment activities are heavily restricted and the hours aren't worth it to most.
Pwc3 - I'm in corporate tax. Therefore, corporate slavery.
AA1 & PWC3 - I'm just curious guys! I'm sure they have considered it but I'm curious to know what the pros and cons are. It just seems like a partners life isn't all that great judging by the amount that the partners at our firm work. I know CEOs work a lot as well but is it really comparable to how much partners do?
Depends on what you give up in my opinion. I have seen many a divorced partner who seems to have given up everything for his job and the $$$, while other partners are able to do so while finding a balance and having a life outside of work. If that's the case, I think it's worth it.
Salary sounds like a lot until you consider a new partner making 400k now has to pick up his own health insurance, self employment taxes, and everything else we get as bennies for being employees. Not to mention loan payments to the partnership for their buy in. And as mentioned above, lack of investment ops and just constantly being on the job. Overall I just think it depends what a person is after.
Do you think partner's at big firms haven't considered that?
^OP
Huh, PwC is $200k a year.
Pwc4 did you really use "bennies" in place of benefits? Why?