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re: How much do partners at Big 4 Accounting Firms make?
Posted on 12/21/20 at 7:54 am to bgbam07
Posted on 12/21/20 at 7:54 am to bgbam07
a child of mine is finishing a masters degree in accounting(taking cpa exam right after) at LSU with the upcoming spring semester as the last semester before obtaining a masters degree and as of this past summer has already accepted a full time position at E&Y(after working as an interne over the summer) starting in the 60k range to start in the fall of 2021. they also already paid for last semester in scholarship money. In the 5 to 7 years, the pay will become 6 figures.
This post was edited on 12/21/20 at 8:01 am
3
Posted on 12/21/20 at 7:56 am to GamerGod
quote:
has already accepted a full time position at E&Y(after working as an interne over the summer) starting in the 60k range to start in the fall of 2021. they also already paid for last semester in scholarship money. In the 5 to 7 years, the pay will become 6 figures.
Congrats. Sounds like a hard-working child. However, I'm honestly a little shocked that the starting pay is so little, and that it would take so long to hit the six-figure mark.
This post was edited on 12/21/20 at 7:56 am
Posted on 12/21/20 at 7:59 am to Mo Jeaux
yeah i had assumed more like 70 to 80k to start but this is what im being told. also will get aorund 4 or 5k to move also. as the years come in, the potential is in the millions as im being told. this is starting for audit work for large companies. now becoming a partner is big $$$$$
Posted on 12/21/20 at 8:00 am to GamerGod
quote:
a child of mine is finishing a masters degree in accounting(taking cpa exam right after) with the upcoming spring semester as the last semester before obtaining a masters degree and as of this past summer has already accepted a full time position at E&Y(after working as an interne over the summer) starting in the 60k range to start in the fall of 2021. they also already paid for last semester in scholarship money. In the 5 to 7 years, the pay will become 6 figures.
What city? Total comp including benefits will probably total 6 figures, which sounds great, but the location is important context.
Sounds like he/she is doing it right, just hope they don’t get burned out.
Posted on 12/21/20 at 8:01 am to Mo Jeaux
This thread is mind blowing to me. I had no idea accountants were pulling 6 figures in mid 20s and doctor money by 40.
This post was edited on 12/21/20 at 8:01 am
Posted on 12/21/20 at 8:02 am to PhiTiger1764
They aren’t. Rose tinted glasses abound.
Posted on 12/21/20 at 8:02 am to PhiTiger1764
quote:
This thread is mind blowing to me. I had no idea accountants were pulling 6 figures in mid 20s and doctor money by 40.
By the doctor money time, they’ve already sold their soul.
Posted on 12/21/20 at 8:03 am to jordan21210
Dallas
Posted on 12/21/20 at 8:05 am to GamerGod
Yeah, then that’s about right, maybe slightly on the low side, for starting in that market. EY had some compensation issues this year, think they had a record year profits wise but annual raises were like 5% avg. Employees weren’t too pleased.
Dallas is pricey to live in and the salaries will reflect that, so I wouldn’t doubt 6 figures in 7 years if they’re good.
Dallas is pricey to live in and the salaries will reflect that, so I wouldn’t doubt 6 figures in 7 years if they’re good.
Posted on 12/21/20 at 8:08 am to bgbam07
The real issue here is how many will actually make partner. I have always had the impression that the Big 4 make relatively few partners.
Posted on 12/21/20 at 8:09 am to PhiTiger1764
Most aren’t.
If you do 4-5 years at big 4 and then go corporate that’s probably the fastest way to six figures.
That’s a very very small portion of the accounting world.
The doctor money is big 4 partners only (with a few exceptions, unless you are talking GP/family medicine doctor money). That is a incredibly small pool of people when compared to the entire profession
If you do 4-5 years at big 4 and then go corporate that’s probably the fastest way to six figures.
That’s a very very small portion of the accounting world.
The doctor money is big 4 partners only (with a few exceptions, unless you are talking GP/family medicine doctor money). That is a incredibly small pool of people when compared to the entire profession
Posted on 12/21/20 at 8:10 am to bgbam07
Got a friend whose daughter (no pics) is one. She is in her late 30s now, but has been in the 6 figure range for well over a decade.
She is married to a guy in the same firm that made partner already. Their combined income is over 7 figures now. They live in St. Petersburg, but have a house in North Carolina as well.
No kids though and no plans of kids. They are all business.
She is married to a guy in the same firm that made partner already. Their combined income is over 7 figures now. They live in St. Petersburg, but have a house in North Carolina as well.
No kids though and no plans of kids. They are all business.
Posted on 12/21/20 at 8:10 am to jordan21210
quote:
just hope they don’t get burned out.
Seems to be quite the grind.
Our most successful recruiting ground for associate level banking positions are the big 4 firms. We’ve hired a few people in the 26-28 year old age range who are burnt out and have to come to the conclusion that the partner track isn’t for them.
We like them because they work our ~50-55 hours a week expectations like it’s nothing
Posted on 12/21/20 at 8:13 am to PhiTiger1764
quote:
I had no idea accountants were pulling 6 figures in mid 20s and doctor money by 40.
It largely depends on the city and not everyone stays around to make partner. It is incredibly soul sucking to work for a Big 4 firm that long in my experience. I couldn't do the 80+ hour work weeks for too long. In NYC, if you do 2-3 years Big 4, that exit opportunity will be around 100K in compensation.
Posted on 12/21/20 at 8:13 am to jordan21210
yeah but we trying to find something in a suburb(hopefully less pricey to start) with a 30 minute commute cause E&Y is smack dab in the middle of dallas and the rentals and places to own is frosty high. the potential though is there to gain in a short time money wise, especially for a 21 yr old that by the time they are 26, their salary will be easily over 100k.
Posted on 12/21/20 at 8:15 am to Bruco
quote:
Seems to be quite the grind.
Our most successful recruiting ground for associate level banking positions are the big 4 firms. We’ve hired a few people in the 26-28 year old age range who are burnt out and have to come to the conclusion that the partner track isn’t for them.
We like them because they work our ~50-55 hours a week expectations like it’s nothing
Yeah, the common career path now seems to be get a bachelors and maybe masters, internship at Big 4 while studying for CPA, pass CPA, start full time Big 4, put in 5 years, then peace out for a controller, banking, or smaller firm position. My little brother is Big 4 and doesn’t mind it, but I know he won’t be there long term. Hours are nuts.
Posted on 12/21/20 at 8:16 am to Mo Jeaux
quote:
Congrats. Sounds like a hard-working child. However, I'm honestly a little shocked that the starting pay is so little, and that it would take so long to hit the six-figure mark.
Lmao. Those partner pensions and salaries ain't going to pay for themselves.
ETA: former big 4; now at a local firm.
This post was edited on 12/21/20 at 8:17 am
Posted on 12/21/20 at 8:17 am to jordan21210
quote:this exactly
Yeah, the common career path now seems to be get a bachelors and maybe masters, internship at Big 4 while studying for CPA, pass CPA, start full time Big 4, put in 5 years, then peace out for a controller, banking, or smaller firm position. My little brother is Big 4 and doesn’t mind it, but I know he won’t be there long term. Hours are nuts
Posted on 12/21/20 at 8:21 am to bgbam07
When I worked at a Big 4 firm, we serviced the firm as a client. We did a bi-annual audit of partner compensation. This was at the height of Sarbanes implementation. Basic partner salary was 250. They also got an automatic 'lifestyle' bonus of 25K. With bonuses and incentive income average audit partners were making around 700 to 900K. Tax partners were making 500 to 700, and consulting partners were making 600 to 800.
Leadership positions were making more than a million with many making several million.
Leadership positions were making more than a million with many making several million.
Posted on 12/21/20 at 8:24 am to jclem11
quote:
Lmao. Those partner pensions and salaries ain't going to pay for themselves.
ETA: former big 4; now at a local firm.
Yeah, I guess. I was just comparing it to a corporate law firm, which is the only world that I really know. Smaller scale though, so I get it, it's just that the number was somewhat of a shock.
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