December 12, 2018

EY Promotes 669 New Partners Worldwide; Numbers Down for Second Year in a Row

ey orlando

Yeah, it’s the old logo, but I’m sure the firm prefers it to shirtless dudes.

Sorry, it seems I’m a bit slow to the new EY partner news. Here’s Mark Weinberger on Sunday:

There’s also an EY press release if you care to read that, but I did so you don’t have to. The class of 669 is the second down year in a row. EY promoted 714 globally last year and 753 in 2015. The number of partners in the Americas was down as well, to 266 from 287 last year, 312 in 2015, and 295 in 2014.

The Assurance practice still has the most new partners by far (255), but those numbers were down too (264 in 2015). Tax promoted fewer also (171 this year, 200 last year). Advisory only managed a few more than last year (154, up from 151). Transaction Advisory Services was down to 78 from 90, but Business Support was up to 11 from 9 last year.

Regarding transparency, EY doesn’t have a fancy page dedicated to these new partners like PwC does, complete with names, practices, locations and the like. And we can’t expect them to list them all in a press release like BDO. That’d be more tedious than usual for Big 4 corporate communications. The firm states in its release that “nearly 30%” of the new partners are women and 36 are in emerging markets. No further details are provided.

We did a little Twitter mining, and there’s nothing too remarkable out there, although this picture of Mark Weinberger tenting his fingers is a little Mr. Bruns-esque.

If you’re a new EY partner, first, congrats, and second, we’d love to hear from you, either in the comments or via email. What was the initiation like? Was there a human sacrifice? Did Weinberger have any awkward stories about talking to Trump about women? We want all the details.

Image: WissensDürster/Wikimedia Commons

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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].