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Partner - equity partner with a CPA (at Big 4)
Principal - equity partner without a CPA (at big 4)
MD - non-equity partner
Director - next level down
Associate Director - next level down
At PwC, we don’t like to make partners if they’re too old — the economics aren’t great for them, because they’ll be required to retire (our mandatory retirement age is 60) before they fully vest in the pension plan. Making them partners and then requiring them to retire isn’t fair to them. So we can make them MDs and pay them more (cash) without offering that benefit, and that makes the economics work better for them.
There are other reasons to make MDs at PwC but that’s the main one.
In summary, you work your ass off to pay their bills and once you get to this level, others work for you to do the same..!
Partner has equity and voting rights in the firm.
All those other titles are executives with varying responsibilities that you, as a junior, need to listen to always. They may or may not be partners (MDs usually are).
Great question! Someone promote this person ASAP!