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Partner level without the buy-in or voting rights.
I've heard junior partners can come in from other firms as EDs then make partner.
ED is also for those who are too old to become partner. Need time to pay off the buy-in.
Ed's are not owners of the firm, no forced retirement, still get EY benefits, make less $$
EY5 is the only one to actually hit the nail on the head. There can be other more subtle reasons but this is the main difference.
Theres more to it too - I know some who were offered partner and chose the ED track. Partner has to be in for long haul and the retirement is the main driver. It is harder to make pargner from ED in many cases than senior manager.
ED's come in many varieties. Some ED's were very senior level executives from industry or government who are told they can come into ED with "potential" to partner/principal. Some ED's were simply to old to be offered PP. The last ED are the ones who have been with the firm a really long time and the firm didn't want to make them partner, but also didn't have any specific reason to fire them. It's the consolation prize as far as promotions go.
95% of the time ED is a dead end and not a stepping stone to PP.
We also have some solid ED's I know that came in through acquisition, they typically make them wait 3 years to make a run at partner
It's the partner level but not everyone becomes partner .some become Eds.in risk it's people who don't have cpas mostly dunno about other practices
More flexibility. But also it means they might not be able to sell
Partner - CPAs, buy-in and voting rights
Principals - buy-in, limited voting rights (maybe not any)?
Erectile dysfunctions - essentially executive level SMEs
All - PPED
...
It's the same as the renamed Managing Directors in Deloitte (previously Directors). @PwC1 nailed it. They get all employee benefits but are part of the Partner/Principal level
The D level at Deloitte does have some major differences from the Ps. For example, their numbers aren't nearly as aggressive as the Ps. Furthermore, Ds can also be highly competent industry specialists/solution architects. (The specialist model does not include partner/principal.) While there are Ds out there that are just as good as Ps from a numbers perspective/don't get admitted because of their age, the main focus of Ds tend to be around project/program delivery than sales, which is where Ps tend to focus more on.
Deloitte has a much clearer role seperation between directors versus principal, they also have a specialist track. It is more mature in that respect.