June 22, 2018

EY Admits 714 New Partners Worldwide

It’s a new fiscal year in the EY universe which means a new partner class. Here’s a tweet and a video:

It's a new fiscal year in the EY universe which means a new partner class. Here's a tweet and a video:

This class of 714 is a little smaller than last year's class of 753. Here's more detail from the firm's announcement:

On a geographical basis, the Americas area had the largest proportion of new partners, with 287 promotions (40%), followed by the EMEIA area with 275 promotions (39%). New partners in the Asia-Pacific area totalled 122 (17%); Japan had 30 (4%).

For more comparison — last year, the Americas admitted 312 new partners. EMEIA admitted 267 last year; Asia-Pacific: 143; Japan: 31. The Americas class was 295 in 2014 and 240 in 2013

Assurance was the largest service line with 264 new partners, followed by tax with 200, advisory with 151, transaction advisory services with 90 and 9 in business support. I don't understand why advisory and transaction advisory services aren't simply "advisory"; together that group would be nipping at the heels of assurance for the largest overall service line.

Anyway, this partner class was 29% women. This is also down from last year when 31% were women. The firm didn't share any diversity statistics. Overall, this year's new partner news feels a little meh for the Black and Yellow.

Not for Mark Weinberger though. Sure, he hasn't tweeted anything but that's probably because he needed more than 140 characters to express his joy. Here's his statement on the firm's website:

Today’s promotions recognize the outstanding achievements of our people. Our new partners have been focused on providing services to our clients, leading high performing teams and contributing to our purpose and ambition. Despite an uncertain economy, we are still investing and these promotions are a tribute to the contributions these new partners have made to EY and our future. I’m proud of all that we’ve achieved together as an organization over the past year, and I am particularly proud of all our new partners.

It's a little disappointing that EY didn't follow PwC's lead and post the details of all the new partners, but it's probably a little much for us to expect every firm to get on board with that much transparency. Of course, the list could still turn up somewhere.

In any case, congratulations to all the new partners at EY. Long may you bill.

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BDO, Looking to Spread Out Some Liability, Admits New Partners

BDO_International.pngAs you probably know, BDO Seidman is having a rough year. Tax shelter prosecutions and trials for the International Global Coordination firm that now falls on the U.S. make for some big liability exposure.
The obvious solution to this conundrum? Spreading the love!

BDO Seidman, LLP, is pleased to announce that 10 new partners have been admitted to the partnership, effective July 1, 2009. Five of the new partners are in the tax practice, four are in the assurance business line and one is in BDO Consulting. BDO Seidman, LLP is a leading national professional services firm providing assurance, tax, financial advisory and consulting services to private and publicly traded businesses.”I am very proud to welcome each of these very deserving individuals to our partnership,” said Jack Weisbaum, CEO of BDO Seidman. “The key to maintaining momentum in our profession is a commitment to recruiting, training and retaining superior client service professionals. Each of these new partners is an example of our commitment to human capital development.”

What are the chances that these new partners are some of the most hated people in the firm? C’mon, $520 million judgment hanging out there, the bigwigs have to be thinking, “well, as long as we’re screwed, we may as well stick it to some people within the firm we don’t like.”
Congrats to the new partners!

BDO Seidman, LLP, Admits 10 New Partners
[BDO Seidman Press Release]

What Say You? Are Early Promotions a Crock?

corp_ladder.jpgIt’s about the time of year where the Big 4 start announcing promotions and with promotions come the inevitable debate about who got promoted, who didn’t, hating on some, congratulating others, and ugly debates over those that were promoted early.

Early or skip promotions are never short on controversy. As one source put it “[early promotions] are completely arbitrary and situational, merit generally doesn’t play into it”.

The claim will often be made that someone needs to fill an empty role on a team. Sometimes it is a purely bullshit political situation and there have even been cases where older associates are promoted early based on their age and other work experience regardless of their performance with the current firm.

In one case, another source told us about an associate that was promoted to manager in three years (i.e. promoted early twice) but it was pretty clear to the most of team (i.e. staff) that the person was hardly ready for the pressures and responsibilities of being a manager.
The other side of this debate are the professionals that are actually performing at a high enough level to warrant the early promotion (no, really). Granted the situation has to arise where the individual has the opportunity to take on greater responsibility and thus proves him or herself but if someone does step up (read: working 24/7) to the plate on several occasions, maybe the promotion is warranted.

Because of the hierarchal nature of accounting firms, this may not even be an issue in your office but it does happen with freakish regularity at other offices. Let’s us know what your office has done in the past and what is going on this summer now that were in swing of promotion season. Feel free to discuss in the comments or email us your inside info to [email protected].