Partner - Accounting Firm Salary
Job Description for Partner - Accounting Firm
Typically, there are two types of accounting firm partners: equity partners and salaried partners. Equity partners are the highest-level individuals in the business, as they have usually put forth some of their own money to support the business. Salaried partners are those who have not invested directly in the business financially, but who are eligible for profit-sharing. Depending on the firm, a prospective partner may be asked to buy in before joining.Read More...
Each firm has its own track to partnership, but most often, individuals need to work for the company for a number of years; they move up in the ranks as a lower-level manager before being considered. When deciding on whether candidates are right for partnership, a firm's leaders most often look for workers who have excellent client relationships, are team players, and have demonstrated leadership and business acumen. Financial performance, including retaining and signing new business, is also considered.
Partners are almost always required to certified public accountants (CPAs), which requires at least two years of audit or accounting experience before taking the CPA exam in most states. At least a bachelor's degree in accounting or a related field is needed as well.
Partners typically work out of a corporate office. They may be expected to work at clients' sites, although this work is usually delegated to lower-level employees. Work hours are typically regular business hours during the off season, but during the busy season — usually January through April — accountants work overtime preparing documents for taxes, the close of the fiscal year, and the start of the new fiscal year.
Partner - Accounting Firm Tasks
- Responsible for the financial well-being of the firm and ensure that the offices bring in a profit.
- Oversee the operation of regional offices, coordinate their activities, and monitor their performance.
- Manage the accounting firm's staff, select managers, and evaluate manager's performances.
- Act as the highest executive of the accounting firm to direct and determine the final decision on all its projects and activities.
- Establish the firm's policies and procedures, and make sure these practices are carried out in all of the firm's offices.
Common Career Paths for Partner - Accounting Firm
It is somewhat unusual to come across Accounting Firm Partners who move on to become Managing Partner, Accounting Firms, but it does happen from time to time, and the median salary for that position sits slightly higher at $202K. Many Accounting Firm Partners choose to become Certified Public Accountants and Chief Financial Officers as their careers advance. However, folks in those positions report median salaries of $116K less and $53K less, respectively.
Partner - Accounting Firm Job Listings
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Popular Skills for Partner - Accounting Firm
Accounting Firm Partners generally report applying a varied skill set to their work. Most notably, facility with Tax Consulting and Auditing are correlated to pay that is significantly above average, leading to increases of 46 percent and 10 percent, respectively. Those listing Tax Preparation as a skill should be prepared for drastically lower pay. Tax Compliance and Accounting also typically command lower compensation. Most people experienced in Accounting also know Tax Preparation.
Pay by Experience Level for Partner - Accounting Firm
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience and income seem to be closely related; in general, the survey respondents who had worked for more years reported higher incomes. Salaries for the relatively untried average out to around $98K, but survey participants with five to 10 years of experience earn a significantly higher median of $139K. The average pay reported by folks with 10 to 20 years of experience is around $175K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $194K.