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You will definitely make more, both on a cash basis and a total earnings basis, as a partner unless you manage to become a C level exec at a large tech firm.
But $500k is more than “enough” money.
I’m not even sure why D thinks they’re right with so much confidence. Tech is lucrative, but it’s not this magical jackpot of money. You absolutely do make more as a Partner than a Director at a Tech company. The question of course is how likely you are to become either.
Most Business Directors also do not clear $750K much less $1M. Technical Directors can clear more such as SWE/DS, but I bet most consultant could not do those jobs. VPs can clear $1M, but there’s literally 1 VP per something like 150-300 people.
One key element that goes under mentioned is once you get the title “partner” you’ll always have the the title. However, there are more than organic promotions to get the title.
Staying for a “potential” promotion is a high risk proposition particularly at EY where consulting vision/leadership is in flux
Moving to industry adds value to your CV which makes you more valuable to EY.
The comp is nice but it’s really about experiences & creating career options
Lastly, EY partner comp is ok but consulting partners are 3rd class citizens in the Audit-first model
Yes. I like this advice. Its clear. If you join Big Tech I think you will learn something more valuable. And, Consulting will always help.
I'd jump. I was a SM for several years at EY. The PPMD promo pipe has stalled in a lot of service lines. I'm seeing a lot of talented former colleagues taking on new and interesting roles across consulting, sales and industry. The competition for PPMD won't help WLB and you won't get that time back with your kids
500 is decent comp plus Partnership is like never ending race - it’s high cost for the pension which probably you will not need.
You might make more money as a partner. But will you have better WLB?
Will making an extra $100k to $500k a year on top of already making half a million increase your qualify of life? Or your family’s quality of life?
If not, go for the job that lets you spend time with the people you love. Your kids will grow up fast.
Plus, stress.
Jump
Happy to DM on this. I’m in a similar position but just came back to consulting after being away for 3 years in tech industry. I got somewhat bored of industry job and felt like I was not growing after about a year. Also have similar family situation. I would say do the work that you love. A VP in industry could also be very demanding so if you’re going to think about WLB I would say the work has to be worth it to you. The time in industry gave me perspective and clarified that I want to be in consulting for the long run. It also helped me gain more of what it feels like to be an executive and be in the clients shoes.
Thank you
Jump now if you get a VP job at a good tech company with brand recognition . Stay two years and decide if that’s working out . If it’s not - there is a decent chance that some firms will hire you back as a direct admit partner
This ^
First year ppmds make 250-350k including bonuses and very few partners end up making 750+ in their careers. The main benefit I feel is pensions plan which gives you life long decent income
It seems to take longer to make Partner at EY (former EY), so congrats for being close. I hope you have had some pointed discussions about your prospects, because to my experience, things seem a bit more slippery there. It impacts your decision set.
Suppose there’s nothing wrong with getting the offer elsewhere to further cement your EY prospects. But as others have said here, the next couple of years are going to be even more risky. Would be useful to have a big long term project to hang your business case on.
And then you have to do it again for many more years after that. 😀
The last thing I’d say was that when I was at EY, people acted like Partner was some kind of tenured position. Couldn’t be more untrue. They’ll cut you after a few tough years. Look into job security at these other options.
I would think twice gunning for PMD in this environment. Those who made PMD 5-10 years is ok but now is a different story
Go back to industry now - expand your network and take the opportunity to let your existing network see you in a separate light, build new skills, and your reputation in the industry. Future clients will trust your expertise more as you’ve been “one of them.” You can always take the direct admit path to partner down the line, and at a better base salary.
Jump. Waiting for similar opp.
I’ll give you a slightly different, pro-staying at EY perspective. I just made partner, and also have young kids like you. I could be an anomaly, but I think my WLB is pretty good, and I don’t expect to start traveling every week again any time soon (or ever). Yes this work is stressful and hitting numbers and pleasing clients every day can be exhausting...but when I think about the firm and all the great people and culture and support I’ve had over the years, that’s impossible to replicate. It’s easy to dump on your employer - but there’s so much here you couldn’t replicate in a corporate culture. I actually think my WLB is better than most of my friends in industry.
Not sure where you get that 80% but certainly not true.
D4 is right. I’m seeing a focus for industry experience as opposed to consulting experience.
It's going to probably take a couple yrs min now go even the climate. Also it will take several yrs before your likely at 500k so a jump isn't a bad idea unless you really think you will excel as a partner here.
Just made MD, expecting first year comp to be low to mid 4s, I'm high on the Director scale, but just a POV.
There are partners that start at 3 and others that start closer to 5, depends on entry point
Make a move from partner to c level with more better comp and great stock option. It’s matter of another 2 to 3 yrs if you are verge of being a partner. journey from VP to C level may be lengthier and more competitive.
Not true. There is a SVP level that many go into/stay at instead of moving up to Csuite. You’ll also here GVP or EVP. Group CP or Executive VP
100% jump.