How to become a Partner (1 Viewer)

[JoshA]

I never realised partners received soo much money lolz,

so i was wondering what kind of jobs do they do? are they like part owners of the company and they own a share of it, im not too sure =S

and how do you become one?

thanks!


*EDIT*

Found something:

Steps to partnership:
Trainee Accountant
Senior Trainee Accountant
Assistant Manager
Supervisor
Manager
Senior Manager
Partner

 

[khosanman]

If you are motivated by money you probably wont make it.

Youve got to be prepared to work bloody hard, and give up a decent social and family life and everything else. Its just not worth it, ull get to 35 or something like that and think, well im making lots of money but ive missed out on travelling and going out with friends and actually living

 

[khosanman]

Plus its pretty tough competition, as you can imagine, lots of people want to make partner.

Not to discourage you, but go for it if you think you can make it, and all the best with it too.

Plus lets not forget how damn boring accounting is.

Would probably be easier aswell to make partner in a smaller firm. All you have to do is be pretty good at what you do, work hard, and be committed to the firm, as in be there for a long time.

I was at a top 30 firm before I left for investment banking (well im still there serving out my notice period) and we just had a girl promoted to partner, and she is 34. She has been with the firm since co-op, (so since uni) 15 years give or take one. But id hate to have her life, she works from 8 to 8, minimum during the busy audit season and 7 days a week. She has no family, a bad sense of humor, and from all reports never had a boyfriend.
But hey, its your life.

 

[Vagabond]

Its just not worth it, ull get to 35 or something like that and think, well im making lots of money but ive missed out on travelling and going out with friends and actually living

Could you be any more biased? lol..

Lots of partners are made in 12 years.. Many whom I have met were great to talk to.

 

[JoshA]

You're a rumor, recognizable only as deja vu and dismissed just as quickly. Anonymity is your name. You're no longer part of the System. You're above the System. Over it. Beyond it. We're "them." We're "they." We are the Men in Black. "

Quote from a Partner of one of the Big 4... that is pretty impressive.

I wonder what steps people have taken to become Partners...It is something I would definitely love to do; a "passion".

To those that say accounting is boring, yea for you it is, too bad...I actually find accounting one of the most interesting areas of business and I'm not talking about debits and credits here if that's what your thinking.

 

[ctkid]

You're a rumor, recognizable only as deja vu and dismissed just as quickly. Anonymity is your name. You're no longer part of the System. You're above the System. Over it. Beyond it. We're "them." We're "they." We are the Men in Black. "

Quote from a Partner of one of the Big 4... that is pretty impressive.

I wonder what steps people have taken to become Partners...It is something I would definitely love to do; a "passion".

To those that say accounting is boring, yea for you it is, too bad...I actually find accounting one of the most interesting areas of business and I'm not talking about debits and credits here if that's what your thinking.

i agree mate, accountign isnt just counting numbers, although it may not every1s choice in life, i reckon accouting and business advisory can b apretty rewarding career where u watch a business grow under your advice...that would be something worth being part of...its not all about chekcing a piece of paper for adding mistakes...

 

[JoshA]

i agree mate, accountign isnt just counting numbers, although it may not every1s choice in life, i reckon accouting and business advisory can b apretty rewarding career where u watch a business grow under your advice...that would be something worth being part of...its not all about chekcing a piece of paper for adding mistakes...

With out passion you don't have energy; with out energy you have nothing. Opportunities are usually disguised by hard work, so most people don't recognize them.

I believe life is constantly testing us for our level of commitment, and life's greatest rewards are reserved for those who demonstrate a never-ending commitment to act until they achieve. This level of resolve can move mountains, but it must be constant and consistent. As simplistic as this may sound, it is still the common denominator separating those who live their dreams from those who live in regret.

*Put this in your signature if you believe this is true =) thanks!*

 

[mr_brightside]

You're a rumor, recognizable only as deja vu and dismissed just as quickly. Anonymity is your name. You're no longer part of the System. You're above the System. Over it. Beyond it. We're "them." We're "they." We are the Men in Black. "

Quote from a Partner of one of the Big 4... that is pretty impressive.

Quoting MIB is pretty impressive?

 

[khosanman]

i agree mate, accountign isnt just counting numbers, although it may not every1s choice in life, i reckon accouting and business advisory can b apretty rewarding career where u watch a business grow under your advice...that would be something worth being part of...its not all about chekcing a piece of paper for adding mistakes...

Agreed. I should not just dismiss it like that. It is for some and not for others.

Apologies.

There certainly are some areas of it that can be quite interesting. I guess im just not committed to put in the boring hard work at the start of a career. I just couldnt sit there deciding if they were depreciating there assets by the correct methods, and had included all their additions correctly as capital or expenses. Not my cup of tea. But definately a worthy career and not to be dismissed as I may have appear to have done

 

[Newbie]

to make partner you need to be able to pull about 2 million+ in revenue and have enough friends within the existing partnership go to bat for you at the election.

 

[JoshA]

found something guys on Deloitte's page -

Steps to partnership:

Trainee Accountant
Senior Trainee Accountant
Assistant Manager
Supervisor
Manager
Senior Manager
Partner

 

[turtleface]

The above is Deloitte's own ranking system, other firms might have different levels. e.g KP has at a basic level:
Accountant
Senior Accountant
Assistant Manager
Manager
Senior Manager
Partner

and don't forget the differing rank and pay within those titles!

Through starting as a grad:
12 years is fairly standard I agree. If you are a freak, you can do it in 8 though this is very rare. More typically the best do it in 9,10,11,12 years.

Through some other means:
I believe one Deloitte partner was like 25 when he was partner, but this was due to acquisition I think. Other anecdotes like this also exist, though it is obviously non traditional.

 

[seremify007]

I think more importantly you guys have to consider not the steps but the actual criteria. Unlike the promotion steps from within the various degrees of Accountant/Associate and Senior/Executive, etc... but the jumps at higher levels are not automatic promotions/criteria fulfilment. Probably shouldn't discuss this too much as each firm has it's own methods and so on, but it isn't an automatic "hey you've hit 13 years, welcome to the partnership". As others have mentioned, you have to be really into what you do, and not just be doing it for the $$

 

[lizbon]

lol khosanman, ur first few posts in this thread are just poor generalisations you make from ur short personal experience in audit (i know audit can be quite boring though)

there are definite perks in working in accounting (esp in a big 4), the fact that u were at a smaller firm means theres a less established hierachy/promotion system (and hence why ppl prefer to work for big 4's, where the culture and people are alot diverse as well), and who works 12 hrs a day in accounting? cept in busy season or to make a deadline, which is not exactly everyday....and the fact u say the lady in ur firm has no life lol.... that's just quite personal and unnecessary. (and no i'm not blowing the big 4 trumpet nor working in an accounting firm next year)

in terms of moving up to partners, i think to make partner would be awesome, but i don't think people have mentioned this but you actually have to buy into the partnership, and as seremify said, theres alot of other factors that go into if you make it as partner or not.

 

[redruM]

The above is Deloitte's own ranking system, other firms might have different levels. e.g KP has at a basic level:
Accountant
Senior Accountant
Assistant Manager
Manager
Senior Manager
Partner

and don't forget the differing rank and pay within those titles!

Through starting as a grad:
12 years is fairly standard I agree. If you are a freak, you can do it in 8 though this is very rare. More typically the best do it in 9,10,11,12 years.

Through some other means:
I believe one Deloitte partner was like 25 when he was partner, but this was due to acquisition I think. Other anecdotes like this also exist, though it is obviously non traditional.

Yeah...he was in the Eclipse (IT) divison. Now he is a partner in Corp Fin if I am not mistaken.

Another guy made partner at 29 and he is a very easy going guy.

Generalisations are made because of lack of knowledge, IMO.

 

[Vagabond]

From what I understand 'partners' include both profit-sharing and non-profit sharing people..

Ie. First one may attain the 'rank' of partner, then later down the track the other partners may extend an offer for them to buy in a share.

This is what I've been told... I could be seriously wrong.

 

[seremify007]

From what I understand 'partners' include both profit-sharing and non-profit sharing people..

Ie. First one may attain the 'rank' of partner, then later down the track the other partners may extend an offer for them to buy in a share.

This is what I've been told... I could be seriously wrong.

Typically they are branded "principal" to differentiate between the two rather than using the terms equity/junior partners but this of course varies between different firms. For some of the Big4 (hint hint: your firm Vagabond for sure), all partners are equity partners.