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I am leaving JP Morgan next month and have resigned before completing of my 1 year with the firm but technically my year will be completed next month before notice period. The laptop allowance and the relocation allowances will it be recovered from me during my exit??
Please let me know if anyone is aware of this scenario.. Leaving JP Morgan is completely personal JPMorgan Chase
manager role at McDonald’s global or Senior Business Associate at LinkedIn?
I just started week 1 at McDonald’s then LinkedIn gave me an offer. May burn bridges.
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I’ve had a great experience - professional and personal - as a B4 audit partner for nearly 25 years. Comp of course varies by firm and one’s roles but at my favorite firm avg comp is $1 mil. I’m at the stage where I am paid above that number (am grateful every day) and will be retiring in about 18 months with a very strong balance sheet and a pension. My wife of 33 years (we have 3 kids all on their own now) has said I was always there for the family, always was there for my kids, etc. As a kid from Brooklyn who grew up with modest means (but with loving parents), I never would have imagined my life would turn out this way......financially and otherwise. Long story short, yes it’s worth it. Go for it!!!
Im brooklyn italian born and raised. This is very inspiring thank you
Similar to PwC1, but I am an EY Tax partner. It has afforded me a great life. I make great money - well is excess of $1M. I will have a great pension. I fully vest in a couple of months but don’t plan on retiring for another 10 years.
I work with really great smart fun people at EY and at my clients. Many of whom are also friends. I know them and their families and they know mine.
I am happily married 23 years. I have two kids and a dog (who needs to be walked real soon). I feel like I have been there for my family. I am family cook and am home to cook dinner for the family - when I am in town. I do travel from time to time. However I have the flexibility to be there.
Being a partner has been great. I have traveled all over and recently with my family as well because we have the means to do so. We all were in Thailand for Christmas and New Years. I have been to amazing sporting events and cultural events. I have met all sorts of professional athletes, politicians, C Suite, and Hollywood folks. I am encouraged and do give back to the community.
The job isn’t stress free, but I don’t know a job that pays what this does that isn’t. However it has given me a wonderful life.
Thanks for the great response.
Here’s the thing about partnership... it comes down to effort AND luck.
I knew a total work horse at the 14 year mark. The partners wouldn’t be able to replace that snr mgr. They finally put him in MD limbo. He left shortly thereafter to join our largest client who he brought it. They gave him a snr mgmt role w/ equity. It should be noted he brought that client in.
Get comfortable with the ride. Don’t even bother assessing the destination...
@Assurance Snr Mgr 1, watching that with my own eyes quickly disillusioned me...
Starting is just under 550, average is 850ish, top end is 2mish. You still work the hours, but the tasks are very different. Up to you to decide if it’s worth it
Are you happy? This drives the question more than he pay.
I’m happy now, but if I had a family, this wouldn’t be ideal. My team seems to value me and my opinions and is always looking for ways to perform above my level.
I was naive and thought technical ability was important to become a partner but it really isn’t. You have to sell, sell, sell. Although I am personable I HATE the sales aspect. Wish I would have realized sooner. Another thing that isn’t talked about is the firm can jerk you around and tell you that you are partner material and think you will make partner in x years but there is nothing that prevents them from lying and meanwhile you keep waiting “another 3 years”. IMO there is very little transparency about the partner track. I left PA for industry 3 mos ago and wish I would have left sooner.
I get that things happen and they’re running a business but they use that as a defense all too often instead of the just the rare times it is applicable. They benefit too much from leading you on unfortunately.
The partner in my group, who is about ten years from mandatory retirement, said she works about 70 hours every week. She said it with such pride, as if it was a badge of honor. I left PA the next week.
Only a 1 week notice?
Cont.: Some of the figures I hear of Partners’ pay makes me interested in staying but I’d hate to work these sporadic long hours for the rest of my career, since I want to be a good family man as well.
Not sure what practice you’re in but I think one of the biggest reasons for staying till you make partner is the flexibility and predictability of your work which actually makes you a good family man.
My advice is to first understand the job of being a partner and whether that is what you want to do with your life. Most everyone who gets into B4 has the talent to spend their life doing something they enjoy.
All pros are focused on money and financial freedom. What about the level of stress? If partners comp is as such, don’t forget, they need to bring 5 mil to double digit mil a year. Sales needs some luck but the level of stress and pressure is a different ball game. So you really need to enjoy that job... otherwise stress will kill you. Yeah you could be there for family but also lots of time away from family for client relationship. If you can be happy with less money (less than 500k-1mil), there are tons of options out there with less sacrifice and as rewarding. I’m a high performing sm so I do want to make it but it’s not be-all-end-all. It’s an awesome opportunity for sure but it’s not the best - just know what you want and your priority.
Partner track is overrated if you are pursuing strictly money. There are other careers that far outpace the earning potential of a partner (e.g. IB, PE, HF, Tech). For instance an IB VP (~7 years total experience at a bulge bracket) is hauling in 400k+. A junior partner can only hope to make 400k starting after 15 years of grinding to partner. So to each their own, but if you’re in it for money... there are better paths.
Agreed. Makes more sense to me to stay in PA if one is prioritizing family over money
If the partner starting pay is 300-500k, what’s the pay for senior managers?
In my office the tax SM cap is $205k. actual pay is a range below that, but that’s maximum salary.
We alway focus on the pay and lifestyle (both extremely important). But having spoken to a few partners very very openly they’ve all said the pay is great. The lifestyle is what you make of it. But the one thing that isn’t spoken about is the retirement benefits.
Which at my firm include 3 pensions. You basically don’t touch your regular retirement (401k/IRA) for Atleast 5-10 years.
The profit share differs by firm PwC is for life
IMO the long hard hours are only going to get worse up and down the chain as more and more people decide PA isn’t for them at younger and younger ages. Used to be many people stayed in PA until at least manager. People are jumping ship sooner and sooner. PA may need to start paying lower levels more to get them to stay longer which will mean partners will make less.
i think those who have the grit for partner have the grit for private equity, software engineering, etc. those all pay as well, and usually a lot more, than partner. just take a look at a couple UHNW tax returns.