September 18, 2018

EY Admits 753 New Partners Worldwide

It's New Year's Day in the EY universe which means a new partner class. The firm dropped the news on their site earlier today:

EY today announced the promotion of 753 of its people to partner, its largest increase since 2008 and a 12% increase over 2014. This year, EY added a record number of women to its ranks of partners, accounting for more than 30% of the promotions and an increase of 33% compared to 2014. Emerging markets were another area of growth, representing 33% of the promotions and an increase of 33% over 2014.

The breakdown by global region is as follows:

By line of service, assurance saw the most new partners, however, advisory and transaction services combined account for one-third of the class:

By service line, Assurance continued to account for the largest number of partner promotions with 42% (315). It was followed by Tax with 24% (179), Advisory with 22% (167), and Transaction Advisory Services with 10% (78). Additionally, 2% (14) of promotions are within business support.

Like PwC, EY is touting the gender diversity in this year's class:

Female partner promotions are at an all-time high this year, at 232 (more than 30%), representing a 33% increase over 2014. EY also added more female partners in all geographies than last year, in line with its commitment to diversity.

Sadly, we don't have names to share with you at this point but they may still turn up. Congratulations to all the new partners at EY! 

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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].