Becoming a partner (1 Viewer)

[noneother]

Still early days, but does anyone know what the process is to becoming a partner at a financial firm?

 

[Minai]

Mmm, financial firm I;m not sure, but for a big accouting firm, I know most in-house partners are promoted usually after 10-15 years in the firm, or if from outside the firm, you'd need similar experience from senior management.

I was talking to BOS' management consultant (who's worked for a big4 for several years) and he was saying that the road to becoming a partner is now getting longer, because the older partner's are retiring later, and thus are reluctant to admit new partners due to the dilation of their equity share

 

[seremify007]

I read in the papers that in the Big4... people are made partners between 32 and 40. *shrugs* I wouldn't mind being a partner

 

[a_person86]

I work for a firm from the Big 4, the maximum a partner can stay on is reducing from 58 to 54. Also, the youngest partner was 27 (28 now).

 

[Not-That-Bright]

Sleep your way to the top.

 

[§eraphim]

I think there is an intermediate-stage partner - salaried partner. Fact or fiction?

 

[Emily.]

I think there is an intermediate-stage partner - salaried partner. Fact or fiction?

i dont think so, that would be more likely have the title Director

 

[seremify007]

Different firms have different titles for the varying ranks leading upto and beyond Partner.. eg, Staff Partner, Managing Partner, Principal, Director, Senior Director, Junior Partner, etc...

 

[Minai]

I think there is an intermediate-stage partner - salaried partner. Fact or fiction?

Yeah, I think they are called Principal's (at EY anyway)

 

[Emily.]

Different firms have different titles for the varying ranks leading upto and beyond Partner.. eg, Staff Partner, Managing Partner, Principal, Director, Senior Director, Junior Partner, etc...

nearly right, but no, the managing partner is the partner in charge of managing the whole office, just like a boss/manager at any other type of business

 

[Meads]

Yeah, I think they are called Principal's (at EY anyway)

I checked up on this, and you are correct-e-mundo.

 

[seremify007]

nearly right, but no, the managing partner is the partner in charge of managing the whole office, just like a boss/manager at any other type of business

But isn't Managing Partner a rank above Partner?

Referring to my original post, I said... varying ranks leading upto and beyond Partner.

 

[LaraB]

The year spans most people said sound about right - but that is if you fit the stereotypical 'mould'....

It is significantly longer if, for example, you're a female and you plan on having a family - the average according to this report that was in BRW i think Oct/Nov last year? is 5 years (minimum) on top of the so called average... according to an article in Management today if you're a 'working mum' its about 5 years more, if you take maternity leave more than once it's an average of 9.5 years longer...

Similar stats are shown for 'minority groups', people with carer responsibilities, people who take extended sick leave, things like taht...

Also depends on the firm - things like political and ethical views can seriously screw you up in terms of progression in the firm...

If you have really young partners copmarative to other firms it may seem a good thing because you see younger people progressing quickly rather than just a bunch of old guys who are only there coz they've been there forever, but, you'll be in for a longer wait lol... coz they'er not likely to retire or die or anything anytime soon..

 

[Emily.]

But isn't Managing Partner a rank above Partner?

Referring to my original post, I said... varying ranks leading upto and beyond Partner.

yeah i see that now sorry, but managing partner isnt really above partner (senior partner is), its just generally the partner in the office who is assigned to management issues, rather than other business objectives

 

[Minai]

I checked up on this, and you are correct-e-mundo.

Yeah, during my interview, one of the Principal's referred to himself as "a partner on training wheels" lol

 

[Emily.]

yeah that level below partner (i.e. director/principal) arent part of the partnership as such but they "owe" (i use that term loosely) more to the firm than just a manager, such as having to give extended periods of notice for resignation and rules regarding who they can go work for after leaving etc.

 

[humphreybear]

actually in 2004, Deloitte appointed a 25 year old partner (no joke) into its web consulting division

I assume he was offered a staff partner position

 

[phrred]

UNSW chancellor was a partner of law firm Freehills at age 26

 

[seremify007]

The year spans most people said sound about right - but that is if you fit the stereotypical 'mould'....

It is significantly longer if, for example, you're a female and you plan on having a family - the average according to this report that was in BRW i think Oct/Nov last year? is 5 years (minimum) on top of the so called average... according to an article in Management today if you're a 'working mum' its about 5 years more, if you take maternity leave more than once it's an average of 9.5 years longer...

Similar stats are shown for 'minority groups', people with carer responsibilities, people who take extended sick leave, things like taht...

I heard minority groups have better odds of being made partner for obvious reasons ... alot of firms have details on their newest appointed partners on their websites so maybe go check that out

 

[turtleface]

Im wanting to do the first year program at Deloitte - anyone done this before?

A bit late, but yeah I did it last year (and also this year cause it sort of runs across 2 years)

Its a lot of information sessions, activities and drinks with staff