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Message
Looking for CPAs of the OT to educate me on something
Posted on 9/16/21 at 11:06 am
Posted on 9/16/21 at 11:06 am
My nephew will soon be graduating with his Masters in Accounting and has began the process of interviewing for a job. He is leaning toward taking a position as an auditor with a medium to large accounting firm. He interviewed with a firm based in BR that employees a little over 100 accountants. He mentioned that this firm has over 30 partners. I am not very familiar with the industry, but that seems a bit excessive for a firm that size. Is that ratio normal? Is that something he should concern himself with?
18
Posted on 9/16/21 at 11:07 am to ChairmanOfThisBoard
quote:
ChairmanOfTheBored
This post was edited on 9/16/21 at 11:08 am
Posted on 9/16/21 at 11:09 am to Funky Tide 8
quote:
ChairmanOfTheBored
Great Norm reference
Posted on 9/16/21 at 11:09 am to ChairmanOfThisBoard
quote:
Is that something he should concern himself with?
maybe something he should concern himself with
Posted on 9/16/21 at 11:10 am to ChairmanOfThisBoard
That is normal, and there are different levels of partners. A lot of those are probably junior partners.
Posted on 9/16/21 at 11:12 am to ChairmanOfThisBoard
Normal.
And if it’s my firm, many of those partners are retiring or near retiring.
And if it’s my firm, many of those partners are retiring or near retiring.
Posted on 9/16/21 at 11:14 am to ChairmanOfThisBoard
P&N I assume?
Posted on 9/16/21 at 11:15 am to ChairmanOfThisBoard
No. Partners, in this sense, is more a leadership title rather than ownership per se. Having a smallish firm with that many partners indicates a good balance between experienced and less experienced talent.
Posted on 9/16/21 at 11:19 am to ChairmanOfThisBoard
P&N, the first spouse of many divorced accountants. He’ll get it out of his system in a year or two.
This post was edited on 9/16/21 at 11:22 am
Posted on 9/16/21 at 11:22 am to ChairmanOfThisBoard
One of the firms i use to work at had equity partners and income partners.
Posted on 9/16/21 at 11:26 am to ChairmanOfThisBoard
Seems normal. My first job was with a large regional firm here in Birmingham. I think there were ~150 employees overall, and 100+ in our main office with others in smaller offices in nearby cities, but you took out admin and IT, there were about 125 that were accountants. About 25-30% of those were partners and most had been there 15-20 years or more.
We were a large diverse firm, and the Audit department was slightly larger than the tax department, and we had a much smaller wealth management/business consulting group. I want to say there were about 40 in Audit, and maybe a dozen or so partners when I worked there. Most of them had started there out of college, or started working there after a few years somewhere else, and worked their way up. The only partners I knew of that were more recent hires were ones that came from one of the Big 4 and brought some clients over with them. And even then it was a few years before they were made partner. Had to spend some time as a manager then Sr Manager first.
I also spent about a year working for a much smaller firm, and there were about 20 employees overall and 4-5 partners while I was there. We went through a merger and brought on the 5th partner and her staff in another city.
We were a large diverse firm, and the Audit department was slightly larger than the tax department, and we had a much smaller wealth management/business consulting group. I want to say there were about 40 in Audit, and maybe a dozen or so partners when I worked there. Most of them had started there out of college, or started working there after a few years somewhere else, and worked their way up. The only partners I knew of that were more recent hires were ones that came from one of the Big 4 and brought some clients over with them. And even then it was a few years before they were made partner. Had to spend some time as a manager then Sr Manager first.
I also spent about a year working for a much smaller firm, and there were about 20 employees overall and 4-5 partners while I was there. We went through a merger and brought on the 5th partner and her staff in another city.
Posted on 9/16/21 at 11:29 am to The Spleen
quote:
there are different levels of partners
Perhaps some are also "non-equity partners."
Posted on 9/16/21 at 11:35 am to ChairmanOfThisBoard
Why are you concerning Yourself with his business?
Posted on 9/16/21 at 11:45 am to MMauler
quote:
Perhaps some are also "non-equity partners."
That's a nonsensical concept.
Posted on 9/16/21 at 11:52 am to ChairmanOfThisBoard
I have only worked for smaller firms before making the jump to industry, but it very well could be that they will rely on interns to fill the void during busy season, and the 100+ staff is just an indication of the staff to manage the "offseason" work load.
Posted on 9/16/21 at 11:54 am to ChairmanOfThisBoard
Having worked at firms of various sizes, that seems like a lot of partners but that really depends on the nature of everything they do. My advice to him (if he wants to stick it out at one firm) is to look at the age of the partners and see if there’s a reasonable path to partnership. I made the mistake of going to work at a medium sized firm and the partners were old as shite so they simply sold to a huge firm that I hated.
Posted on 9/16/21 at 11:59 am to ChairmanOfThisBoard
Let me guess its with Postlethwaite & Netterville (P&N). If so, P&N is good regional firm and operate in several states. Becoming a partner in a Big 4 is difficult task (no clue about P&N, but its likely hard). The general career path for accountants is to work in public accounting for 3-5 years and then move to an industry accounting job
Posted on 9/16/21 at 12:03 pm to ChairmanOfThisBoard
quote:
He interviewed with a firm based in BR that employees a little over 100 accountants. He mentioned that this firm has over 30 partners. I am not very familiar with the industry, but that seems a bit excessive for a firm that size. Is that ratio normal? Is that something he should concern himself with?
I would say the number of partners should be related to the amount of revenue, not the number of employees.
Posted on 9/16/21 at 12:17 pm to Coach Buzzcut
quote:Sounds like Hannis T to me. P&N is larger than just a few 100 employees
Let me guess its with Postlethwaite & Netterville (P&N)
Posted on 9/16/21 at 12:27 pm to ChairmanOfThisBoard
Age of Partners more important. We have a mandatory retirement age to keep the old guys from hanging around forever and preventing new blood in the Partner group.
But that is not a bad leverage ratio.
But that is not a bad leverage ratio.
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