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99% of the jobs out there with that kind of lay mean you have worked really hard for a long time leading up to that point. Very, very few people out there reach that point of compensation without serious hard work.
In most places, you are living a great life on half that much money. Certain HCOL areas may need more, but at least where I am based you can have a really great life on far less. It is all a matter of the choices you make, from your career path and work life balance to the type of lifestyle you lead.
Not sure where you’re located, but in most parts of the country that is a very lofty comp goal…and not one that can be achieved without the “grind” that you’re wanting to avoid. Very few make it to that level
Yep.
Rising Star
In tax it’s going to be tough to find a gig that provides that level of comp outside partner. You’re looking at a select number of SVP tax roles at Fortune 500s. Probably fortune 100s.
For evidence I worked at a fortune 100 with a 45 person department and only the SVP earned over that. The three AVPs were 250-300 total comp.
P1 how long have you been a partner?
Wondering what your “wants and needs” include to require 400k-500k. No hate, I promise. Are we talking expensive house in HCOL? Lavish vacations? Retire when you’re 35? Just curious.
If we are talkibg about supporting extended family members, it depends how many family members we are talking about.
I will give a naughty example but not related to the traditional extended family. If you are supporting three wives and you have at least two kids per wife, then RICHNESS is really relative.
No one rich has ever become rich just off a 9-5 salaried job. Invest invest invest
The fact that you’re focused on that type of money without knowing how to attain it or thinking you need that to support your family and wants shows how very far away you are from attaining it. Focus on pursuing a path that aligns with your strong suit and that you’re passionate about and the money will come.
Sorry this is not the case. Focus and passion alone won't bring you anywhere close. You need a plan and you need to play the "Game" well.
I’d like to know more about this anticipated lifestyle that will require $400K or more to accomplish… unless you’re in LA, SF, or NYC then I guess you need that to buy an apartment.
Do you need 400k/500k by yourself? Or is household income at that level what you’re targeting? Two people making ~200k each is much more doable than one person pulling in 400k, imo. Diversify into some passive income streams (dividends, rentals, etc) or pick up a side hustle to help supplement. I know some friends that work as real estate agents on the side.
We are almost there as a family, but neither of us is anywhere close to 500k alone.
Make the run for the roses - make partner. It will be worth it - personally, professionally, financially. Take it from me….a partner.
It’s no way near 1:200. I think historically it’s something like 1:100. Not sure it’s harder at PwC than at any other Big 4. There are so many variables that are involved so it’s hard to draw any conclusions about that.
If you become an MD in IB then you will definitely make that. I would look for FO (front office) roles. The catch is though that you will work until evening daily and u won't see your kids growing.
Lol too funny
You can still be partner but set your sights on a smaller firm. I have had a lot of firms reach out saying they are going to be needing partners in the next 3-5 years and are trying to get managers to groom for those positions. For a lot of national firms average partner pay is about 400-600k. Starting pay is a lot lower for their partners than big 4, but it’s usually easier to make it.
Pro
Deloitte 3 I agree making partner even 5 years after manager is insane, but I have seen it in advisory we have someone who made partner at 32. Also 400-600 isnt off for national firm partners I know a BDO partner first year low 400’s all in for audit
Rising Star
Partner at a smaller firm
Just be a popular tiktoker or YouTuber, easy peasy.
B4 Audit -> B4 CMAAS until manager/sr manager -> Director of Financial Reporting
Or you can get an MBA and get into MBB consulting, or go to AlixPartners or do restructuring at Alvarez & Marsal.
Director in cmaas will get you 300k total comp after a few years
You could be an MD instead of a partner and make the type,of money you are talking about
I agree with this. I make over $400k as a tax MD.
No job that pays 400-500 is not going yo be a grind to get to. You probably top out at around 250 taking the “easy” route. Also depends on the location.
Your best bet for that type of money is to make partner or find a tax role in industry and hope you get very very lucky with stock option/equity comp awards.
For everyone asking why they need that lifestyle…I live in MCOL large city (Texas). My combined income with my spouse is $400k (base, not including bonuses which vary a lot). We have 3 kids. Between daycare, private school tuition ($10k/year per kid), after school nanny, sports, modest vacations ($5-10k/year which goes quickly for a family of 5), charitable giving, and all the regular living expenses like food and clothing, we save about $125k/year. We both drive $35k cars which are paid off. We are in our mid/late 30s. Compared to the entire US population, yes, we have a very comfortable (some could say lavish) life. But there’s no designer clothes or luxury cars. We both work a lot so we need the nanny to take kids to sports. We work hard so our kids can be given opportunities in life. I can’t say that I’d be working any less hard if I had a 40 hour/week job but my paycheck was half of that, so why not try to maximize salary and live a comfortable and enjoyable life?
Yes, that’s saving a lot but also a huge income. Many times the national average. We save a lot as well but also have a large income….it’s just a matter of not increasing lifestyle constantly as your income increases. Plenty of people make that kind of income and spend every penny, but you can live a good life without blowing it all if you have a decent income.
Maybe unpopular opinion but nannies and private school tuition is a lavish lifestyle. My household income is 400k but i know and feel rich. And yes I'm in a HCOL city and own a home in the city. Just because i don't buy designer clothes doesn't mean i dont live a lavish lifestyle.
Totally agree with this. You can live a lavish lifestyle in multiple ways…we don’t have expensive cars or clothes or private schools/ nannies, but we live in a $$$ neighborhood (both because we like it and because it is zoned for great schools). That’s lavish even if we drive old cars until they die.
If you marry someone who’s an equal earner to you then $200K roles in accounting are a dime a dozen once you build up some experience. $400K solo is basically impossible unless you’re a partner, MD, or c suite. I’ve heard directors or senior directors at A&M’s M&A tax group can make that much but I really don’t know for sure