Just curious to know from Partners at large audit firms:
1) Do you have access to compensation details of other partners in the firm?
2) Do you also have to put in equity into the business when you make partner?
3) What’s an inside secret about making partner or being an equity partner in the firm?
EY Deloitte PwC Grant Thornton
GT
1. No - but as others said, you can reasonably guess
2. At GT you have to buy your units. When you make partner you get a certain number of units and you pay a relatively low amount for them. About 1/3 of what they yield every year. That price is financed over 8 years and just comes out of your settlement (so no actual cash outlay)
3. There’s no secret - you have to be good at your job, obviously, but then the timing has to all work out. It’s a ton of hard work over a long time to make sure when you’re a senior manager (or director) if a spot open up that it goes to you. Relationships help a lot to make sure if you’re in that position that you have people pushing for you
Thanks for the insights, P4!
I like how you listed 3 of the big 4 and your own firm, a much smaller firm. Why don't you care about KPMG, do you already have that information?
big 3 and every1 else
At PwC
1) Not technically but you can guess fairly accurately. We know the unit value and generally know how others perform (I.e. how many units they have)
2) Not “equity” per se. Deposit capital.
3) Learn as much as you can and outwork your peers.
Thanks, P1!
1) Only top earning partners comp is published
2) Yes. Averages from 300-400k to start and then $50-70k every year.
3) Create new markets, get new businesses, crush sales/ revenue and have a broad network across the services the firm offers. Do this every year.
What firm are you speaking about P1 because you certainly are not correct as it relates to Deloitte?
I guess it’s PwC based on your earlier response suggesting that you know the units that the others partners have. Care to spread any other bs?