Managing Partner, Accounting Firm Salary
The average pay for a Managing Partner, Accounting Firm is $157,238 per year. Most people in this job have more than five years' experience in related jobs.
Job Description for Managing Partner, Accounting Firm
A managing partner of an accounting firm is one of its principal decision-makers and oversees all aspects related to its operation; to rise to this position, a person must have extensive senior management experience within various accounting disciplines. These managing partners typically assume a share of the business, which may require a contract stipulating a commitment to the firm and/or purchase of a financial stake with other partners, who may also have either a managerial or "silent partner" role.Read More...
As a managing partner of an accounting firm, this person helps set the overall guidance for how the company will conduct business. This includes overseeing a number of departments and team managers, from human resources and operations to advertising and marketing the firm's services. The managing partners set up guidelines and regulations within the firm which conform to standard and accepted accounting practices for all operations; in the role of top management, they also regularly review operations and procedures to ensure that all company measures regarding accounting and auditing are properly followed and documented.
Managing partners are also expected to help retain and bring new clients to the firm, which frequently involves networking with prospective new business clients, as well as maintaining regular relations with current accounts. Managing partners essentially serve as the names and faces of the accounting firm and are expected to be visible and engaged with growing the firm's portfolio of clients. Their other overall concern is the financial health of the firm, and they typically review regular financial documentation and reporting to help assess and identify opportunities for the firm to grow.
Any managing partner of an accounting firm will need strong education and work experience in the field, including certifications such as CPA. Firms which promote or recruit individuals as managing partners may prefer those with strong management skills and experience at high levels of accounting and auditing operations.
Managing partners typically have their own offices and assistants and work during traditional weekly business hours, but may also be expected to work outside the office to help retain clients and attract new business.
Managing Partner, Accounting Firm Tasks
- Mediate interaction between firm partners, including goal-setting, compensation, retirement, and new hires.
- Recruit, train, and mentor new team members.
- Manage all operations of the firm, ensuring short and long term goals are met.