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re: How much do partners at Big 4 Accounting Firms make?
Posted on 12/22/20 at 6:23 am to BeepNode
Posted on 12/22/20 at 6:23 am to BeepNode
100k after 5-6 years along the gulf coast in Audit/Tax for high performers is the expectation. Bonuses usually around 8-10%.
Big 4 isn’t ideal but there are other ancillary benefits people often neglect until they leave. Granted it usually depends on who you work with or your team but flexibility and vacation time always come to mind.
The range for partners is so vast it’s hard to say. I can tell you money isn’t a concern in their lives at that point. With that comes sacrifices that most aren’t willing to make and for good reason.
Big 4 isn’t ideal but there are other ancillary benefits people often neglect until they leave. Granted it usually depends on who you work with or your team but flexibility and vacation time always come to mind.
The range for partners is so vast it’s hard to say. I can tell you money isn’t a concern in their lives at that point. With that comes sacrifices that most aren’t willing to make and for good reason.
0
Posted on 12/22/20 at 7:20 am to BlackAdam
quote:
When I worked at a Big 4 firm, we serviced the firm as a client.
Kinky
Posted on 12/22/20 at 7:26 am to lsu777
quote:
So wait these people are 5 years out and only making 120k in a city like Atlanta?
Because some people actually throw up normal salaries and not inflated BS? This idea there’s all kinds of jobs that pay over $100k 5 years out of college with a BS is a lie. There are, but it’s not a norm.
Posted on 12/22/20 at 8:27 am to bgbam07
They make good money for the suburbs - definitely enough to pay for out-of-state tuition for kids.
They absolutely don't make "frick you" money.
The real money makers at the big 4 firm are actually the consulting/strategy partners. The project margins are pretty sizeable. Even still - I'd say it's likely in the 3-400K range.
The reason people become partners are not for salary, but for the pension. It's a six-figure check annually after you retire until you die.
The real money in financial services is usually in hedge funds, private equity, venture capital, and investment banking. HF & PE have management fees and in the case of PE, equity on exits. Investment Banking MDs at middle market banks and above regularly pull $1M and up, and I mean regularly. If they close 4 deals with fees totalling $20M for the bank (easily doable) at bigger MM and especially BB firms, they get 20% of it, on top of their $500-700K salary. $4.5ish million for a year's work isn't bad.
The one thing about the aforementioned is... you are absolutely working your life away to get there, and once you get there. The compensation is ridiculous, but the road to the show (and staying in it) is something I think few people really understand. These rich SOBs have some serious personal problems.
They absolutely don't make "frick you" money.
The real money makers at the big 4 firm are actually the consulting/strategy partners. The project margins are pretty sizeable. Even still - I'd say it's likely in the 3-400K range.
The reason people become partners are not for salary, but for the pension. It's a six-figure check annually after you retire until you die.
The real money in financial services is usually in hedge funds, private equity, venture capital, and investment banking. HF & PE have management fees and in the case of PE, equity on exits. Investment Banking MDs at middle market banks and above regularly pull $1M and up, and I mean regularly. If they close 4 deals with fees totalling $20M for the bank (easily doable) at bigger MM and especially BB firms, they get 20% of it, on top of their $500-700K salary. $4.5ish million for a year's work isn't bad.
The one thing about the aforementioned is... you are absolutely working your life away to get there, and once you get there. The compensation is ridiculous, but the road to the show (and staying in it) is something I think few people really understand. These rich SOBs have some serious personal problems.
Posted on 12/22/20 at 8:37 am to ATLabama
quote:
They absolutely don't make "frick you" money.
What do you consider "frick you" money?
Posted on 12/22/20 at 9:24 am to Sterling Archer
quote:
What do you consider "frick you" money?
At least $1M a year, especially if you live in a global city.
Anyone can say "frick you" in Slidell with a leased F-150 Lariat and a credit line.
Posted on 12/22/20 at 9:36 am to ATLabama
quote:
They absolutely don't make "frick you" money.
The real money makers at the big 4 firm are actually the consulting/strategy partners. The project margins are pretty sizeable. Even still - I'd say it's likely in the 3-400K range.
It’s higher than that for strategy partners. Not quite at the level of an IB MD or PE MD, but $300 - 400K including variable comp is what a mid-level manager makes in strategy consulting. Partners/MD’s at decent-sized firms including Big 4 are looking at half a million on the lower end.
Posted on 12/22/20 at 10:03 am to ATLabama
quote:
At least $1M a year, especially if you live in a global city.
I have two partners that are mentors. One has been a partner for 20+ years but he's over $2M in audit. The other is in tax and I believe he's under $1M but only made partner a few years ago. Both in NYC.
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