When it comes to attitude/mindset/behavior, are big 4 partners noticeably different from Accenture MDs?

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I own the place. They don’t.

#G

likefunnysmart

P1, I would disagree a bit with your assertion. As a big 4 partner who recently *almost* joined ACN, I was surprised to learn two things. First, MDs are required to keep a substantial amount of stock ownership (believe its 2x base if I remember correctly) which can be built up over five years. That amount is way more than what I’m required to contribute as deposit capital and, could be much more likely to require additional contribution if the stock price were to fall.

And, second, the MDs collectively own a substantial percentage (majority) of the stock outstanding meaning that if they were to vote as a block they would control the company.

Don’t kid yourself that “ownership” in the Big 4 today doesn’t mean much. Yeah, you have a voice but it’s not what some like to pretend it is. The biggest difference is, depending upon which firm you’re at, how much of an echo chamber is the voice that really runs the place. At least at ACN you have external directors to bring a voice of reason.

My $0.02...

likehelpful

So, I see we are following each other around (you need a burner :-) )

So, I think we are following each other around (get yourself a burner :-) )

For #1, having spent nearly a decade as a partner and watching last year, don't kid yourself... It can happen quickly. More quickly than you think.

#2 does help but I would say we don't take as long of a view as we say we do. We focus maniacally upon share value each year versus the longer term reward. The difference between one and four quarters isn't that big. We tried a 3-5 year focus but backed off of it quickly.

#3 - agree. But, we are risk averse but not just because of independence. It's loss experience and a culture which looks at the worst case versus most likely case. Protects us on the downside but also limits on the upside.

Happy to discuss P to P if you want. I'm guessing you know how to reach me...

like

Fair points, P2. I do think there is something to be said for the Big 4 partnership structure. Three key differences:
1) Our internal partner admission process is excruciating and thorough....it takes a long time, but once you’re in, you will have a lot of help. You can be fired but it takes a long time unless it’s an ethics violation.
2) We don’t have to disclose results publicly, particularly on a quarterly basis...enables a more long-term view.
3) Audit and tax is a sizable part of our business, and it affects culture, and other things. Independence is a giant pain in the ass, especially when an audit client buys your advisory client....but it does make us pretty good at managing risks. That’s pretty well ingrained in the partnership culture.

likesmart

Depends on the MD, some are great and the others seem hard to talk to. From what I heard, Deloitte partners seem more personable, but I’m sure it varies just the same

like

What does #G mean?

helpful

Ha! I'm happy to. Ping me at 300MadisonBurner@gmail.com. Happy to spend time.

like

On the capital requirements, let’s be clear that owning 2x your salary in public stock is not even in the same ballpark as owning 80% of your salary in privately held capital. If I need to explain that more, I’d be happy to but I’m sure you understand securities valuation well enough.

like

P2 can you please be my informal partner mentor?

P2, you are correct on all accounts regarding ACN... and P1, it too is a excruciating process here... the partner selection process is still in full effect even though we are now public...

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