Promotions

Promotion Watch ’19: DHG Admits 7 New Partners, New MP and 11 Partners at Wipfli, BDO U.K. Adds 14 New Partners

New partners were deified recently at DHG, Wipfli, and BDO U.K., plus new leaders were named at Wipfli and PwC in South Africa. Dixon Hughes Goodman admits seven new partners and principals Seven lucky boys and girls got their seat at the big kids table on June 1, but the class of 2019 is smaller […]

Promotion Watch ’19: Baker Tilly Admits 20 New Partners, 11 of Whom Are Women

The smell of fresh partners has been permeating through the air this week. First, PwC unleashed its 2019 class of 249 new partners and principals on the 50 states and Mexico on May 31. Then earlier today, I saw this: Baker Tilly admits 20 new partners specializing in a variety of industries and services across […]

Promotion Watch ’19: PwC Admits 249 New Partners and Principals

The most prestigiest firm in all the land unveiled its 2019 class of new partners and principals on May 31, and it’s another big one: I am thrilled to welcome 249 new partners to our @PwCUS family! These leaders have led by example and I'm excited to see what the future holds for them and […]

Promotion Watch ’19: Eide Bailly Admits 20 New Partners and Principals

We recently saw on Accounting Today got a press release from the folks at Eide Bailly that on May 1, 20 EBers were anointed new partners and principals. For those keeping score at home, there are 16 newly minted partners and four new principals in the class of 2019. “This incoming group of partners and […]

Promotion Watch ’19: BKD Adds 23 New Partners and Managing Directors

With graduation season approaching, BKD CPAs & Advisors held its own graduation of sorts recently, as 23 of its finest capital market servants made partner or managing director. The class of 2019 is equal in size with the class of 2018; however, there are 12 new partners this year versus 16 last year, while there […]

Vault 2020 Firm Rankings: Benefits, Comp, Vacation, and Promotion Policies

Earlier this week, we wrote about PwC’s continued dominance on Vault’s Accounting 50 and most prestigious firm rankings. Today, we’re going to focus on four of the 18 “quality of life” rankings that fall under Vault’s latest “Best Accounting Firms to Work For” section. And these four categories are near and dear to your heart: […]

EY Names Carmine Di Sibio’s Replacement as Global Managing Partner for Client Service

Andy Baldwin, your table is ready. EY today announces that Andy Baldwin has been appointed the next EY Global Managing Partner – Client Service, effective from 1 July 2019. In this role, Baldwin will be responsible for leading the go-to-market and client activities. He will also have overall leadership for the three EY geographic areas […]

PwC Really Wants You to Be a CPA Before Senior But Will No Longer Hassle You About It

Fresh from /r/accounting comes news that PwC Assurance is no longer requiring licensure before promotion to senior which naturally led me to ask my cat who happened to be sitting next to me on the couch “wait, since when do you need a CPA to get promoted to senior to begin with?” I mean manager, […]

Crowe Admits 24 New Partners and Principals

No, the amount of new partners and principals elected by Crowe LLP wasn’t 26—the number worn by former Nashville Predators rugged left winger Phil Crowe. But the firm will be giving 24 professionals a seat at the big kids’ table come April 1, 2019. The 2018 new partner and principal class at the top 10 […]

Plante Moran Adds 15 New Partners

Promotion Watch has landed in the Detroit ’burbs, where 15 men and women at top 15 firm Plante Moran have received their partner badges. Plante Moran’s partnership classes have gone up and down in numbers in recent years, kind of like Going Concern’s page views: 2018: 15 2017: 21 2016: 13 2015: 16 Much like […]

Moss Adams Admits 21 New Partners

When it comes to new partner promotions, Going Concern has never given much love to Moss Adams. But that ends today! Earlier this month, the top 15 firm, based in Seattle, gave 21 men and women keys to the partnership. This year’s class is rather large by Moss Adams standards: 2018: 21 2017: 14 2016: […]

RSM US Adds 68 New Partners and Principals

Oct. 1 was a big day for the denizens of RSM US, as 68 new partners and principals were released into the wild. RSM is pleased to announce our 68 newest partners and principals! https://t.co/seOK5zui4F pic.twitter.com/YqsSwVGjiA — RSM US LLP (@RSMUSLLP) October 1, 2018 This year’s class of new partners and principals at the firm […]

grant thornton uk ftse

Grant Thornton Admits 32 New Partners and Principals

This just in from the Purple Rose of Chicago: Grant Thornton LLP has admitted 32 new partners and principals, and promoted 29 to managing director, effective today. Specifically, 20 new partners and 12 new principals are members of the class of 2018. Here’s how this year’s numbers compare to previous years’ new partner/principal promotions at […]

EY Promotes 747 New Partners Worldwide

We here at Going Concern have been anxiously awaiting the new EY partners announcement, and it finally came today. The 747 new partners worldwide in the class of 2018 is the most in three years. So, I suppose fireworks were in order: Today we're proud to celebrate our 747 diverse new partners around the world […]

Baker Tilly Admits 11 New Partners

Apologies for this slipping through the cracks, but earlier this month, Baker Tilly Virchow Krause announced it was bringing 11 new partners onboard. The new partners—four ladies and seven gentlemen—officially got their stripes on June 1. Since 2013, Baker Tilly has admitted an average of about 11 partners a year, so this year’s class is […]

pwc colonial award

PwC Admits 233 New Partners and Principals in the U.S.

A tipster (Caleb) let me know that PwC released its list of new 2018 partners and principals across the United States and Mexico on June 1. This year’s crop totals 233, which surpasses the 212 who joined the ranks of partner or principal in 2017. In comparison, there were 226 in the 2016 class, 201 […]

bdo kpmg deloitte zimbabwe

BDO USA Admits 37 New Partners

Caleb sure picked a bad time to start a new job. New partner announcement season was one of his most favorite times of the year. I’m sure he’s celebrating the start of this season from afar. Today, BDO USA announced that 37 new partners will be admitted to the partnership, effective July 1. The 2018 […]

suspect fraud promotion

Suspect Someone of Fraud? Give Them a Promotion

The trick to fraud is maintaining control. If you’re siphoning company funds into a bank account that you own through a dummy vendor, it’s key that you’re the person who approves those transactions and it’s even ideal if you can literally or figuratively cut the check. Yes, those are atrocious internal controls, but as we’ve documented […]

professional growth

Is Your Firm Holding You Back?

Tired of watching less talented workers get promoted over you? Do you feel your head is smashing against the glass ceiling again and again, your brain swelling with an NFL-sized concussion? If so, it might be time to ask yourself: What if it’s not me? What if it’s my firm? At bigger corporations, it’s easy […]

big 4 manager

Think You Need to Stay in Big 4 Until Manager? Think Again

One of the most common pieces of advice given to young Big 4 professional is to “Stick around until manager.” The thinking goes, you will experience a number different of clients and situations, as well as give you the coveted title that many employers want to see. Firms suggest staying until manager because there’s always […]

grant thornton uk ftse

Grant Thornton Admits 39 New Partners and Principals

Who are the new Grant Thornton partners? Glad you asked. The firm announced them earlier today along with new principals and managing directors, as is customary for the Purple Rose of Chicago. If you like to parse these things out, then it breaks down as: 27 partners, 12 principals and 28 managing directors. In the […]

ey orlando

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

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: We are committed to developing and strengthening our pipeline of diverse leadership. #BetterWorkingWorld pic.twitter.com/rwui5G0Nvc — Mark Weinberger (@Mark_Weinberger) July 10, 2017 There’s […]

BDO new partners

BDO Admits 36 New Partners

Congratulations to the 36 very good boys and girls who can count themselves among the flock of BDO’s chosen ones. Okay, maybe that’s a touch extravagant for a BDO partner, but that does not diminish the achievement. This year’s class is a smidgen smaller compared to last year’s 39, but it’s still a large class […]

accounting firm promotions

Promotion Games: When Your Responsibilities Don’t Match Your Title

It’s performance review season, and promotion announcements are starting to trickle in. PwC just announced their new partners last week. As exciting as this time of year is, it’s anti-climatic since promotions in public accounting are very prescribed and follow a consistent timeline: 1. You must work at the firm X number of years (typically […]

pwc steven cohen

PwC Admits 212 New Partners and Principals in U.S.

I think this year’s new PwC partners should feel extra special on their day of recognition because it also happens to be National Doughnut Day. Even if you NEVER eat doughnuts, I think you can forgo discipline for the day the world learns that you’ve become a partner at PwC. This marks the second year […]

Grant Thornton Admits 47 New Partners and Principals

Grant Thornton announced its new partner class yesterday and while this year's group was slightly smaller than last year's class of 50, it's still far larger from those in recent years. There were 32 new partners admitted in 2014, 30 in 2013, 27 in 2012, 26 in 2011 and 22 in 2010. Here's the newly […]

BDO Admits 39 New Partners

Oh look, we have more new partner news. BDO actually made this announcement a few weeks ago, but no matter, the new partners officially got their stripes on July 1. The 2016 class of 39 marks the seventh straight year of growth. There were 30 new partners in 2015, 24 in 2014, 16 in '13, […]

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:

More PwC Partners Getting Fancy New Titles

Over the last week we've reported a lot on the haps inside PwC. There has been news of partner promotions, a straight talk committee and Tim Ryan's new casual wardrobe. This is all to be expected with the changes in leadership. Bob Moritz is moving up to the global chairmanship and he's taking a lot […]

PwC US Admits 226 New Partners and Principals

For the last several years, we've enjoyed announcing the new PwC partners in these pages. We've always managed to spoil the surprise but this year, it seems that the firm has beat us to the punch, rolling out the 2016 class on their website along with headshots, market, home office and line of service. We […]

New PwC Chairman Forming ‘Straight Talk Committee’ to Give Him ‘Candid Feedback’

Yesterday in the roundup, we learned about PwC's new leadership team in the US. It consists of 20 (!) people, led by Tim Ryan who announced the news in a LinkedIn post. The post is obviously scrubbed for an external audience, which is why it's fun that a source dropped us the internal email from […]

CGMA Twitter Account Figured ‘Accountants Want Raises’ Was Stating the Obvious

No superfluous tweets here! 25% of #finance and #accounting employees would like to be rewarded for their hard work with a promotion. pic.twitter.com/Xmn5urn4f9 — CGMA (@CGMA) January 7, 2016 Just remember, make that promotion to a position that doesn't involve managing people. That'd be great.

Grant Thornton Admits 50 New Partners

Grant Thornton deified 50 new partners on August 1st, according to a firm press release. This year's class size dwarfs those from recent years; there were 32 new partners admitted in 2014, 30 in 2013, 27 in 2012, 26 in 2011 and 22 in 2010. Purple Rose of Chicago CEO Mike McGuire heaps on the […]

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 […]

Here’s the PwC Partner Class of 2015

Well, this is exciting. The list of new PwC partners fell into our lap earlier today and now we're sharing it with you. They all officially join the partnership on July 1, the firm's New Year's Day. There are 201 partners in the 2015 class, one of the largest ever. The firm named 180 last […]

What Do You Wish You Knew Before Getting Promoted?

Promotions are something that most people are willing to sacrifice life, limb, and select loved ones to win. When you do get promoted, it's indicative of your developing skills, the growing trust that superiors place in you and, in many cases, the ability to brownnose the right people. It also means a new title, a […]

Grant Thornton’s Philadelphia Office Gives a Purple Rose to Former Bachelorette Contestant

Where do you go in life after you've been eliminated from The Bachelorette? To Grant Thornton, natch. 42-year-old Sean Denham has 20 years of public accounting experience and most recently served as partner in GT's National Professional Standards group. He's most recently taken over for Wayne Kaplan as managing partner of the Philadelphia office: Denham, […]

Comp Watch ’14: Anticipatory Anxiety in Deloitte Advisory

Last year, it was someone in tax who wanted to get a jump on Deloitte comp talks, this year it's an eager beaver in advisory who would like the honor: Deloitte Advisory ratings will be approved.  We should be hearing of our rating (and possible promotions) any day this week).  Raise %'s wont be communicated […]

Promotion Watch ’14: EY Americas Admits 295 New Partners

Not to be outdone by PwC’s addition of 180 partners the other day, EY has internally announced the admission of 295 new partners, 170 new executive directors and 31 new directors. Dang, son, slow it down over there.

The email that went out to EYers was standard congratulations, we are so excited, exclamation point exclamation point blah blah:

Promotion Watch ’14: PwC Admits 180 New Partners

It must be that time of year, as the smell of fresh partners is in the air! First, BDO announced 24 new partners and now, we've got our hands on the list of all 180 new partners that were admitted today at PwC, effective July 1. You will note PwC is nothing but timely, as […]

KPMG’s U.S. Chairman and CEO Upgrading to KPMG Global Chairman

Congratulations are due to John V. for reaching 97% completion on his world domination plans: KPMG International today announced that John B. Veihmeyer has been selected by its board of directors as KPMG’s next Global Chairman, to succeed Michael Andrew who is retiring after serving as Global Chairman since May 2011. Andrew has recently been […]

Put People In A Position Where They Can’t Say No To Your Promotion Without Looking Like A Clown (Part II)

If you have not seen part I, take a look before we continue. The truth is that there is nothing special about me. If you consistently and diligently apply the principles in this series, you have a very high chance of getting promoted. Some of this advice is about exactly what to do. Other advice […]

BDO CEO Moving Up in the World

Wayne Berson, only about a year into his new gig as BDO CEO, has been elected Chairman of the global board. That's pretty quick work! Wayne-o says he's looking forward to working "with BDO International CEO, Martin van Roekel, the Global Leadership Team and the rest of the Global Board on growing the BDO Network and […]

Promotion Watch ’13: McGladrey Names 35 New Partners/Principals

Yesterday was a big day for the gang at Mickey G's as new partners and principals were annointed: McGladrey Promotes 35 to Partner/Principal – http://t.co/fwD7t6eMZu — McGladrey (@McGladrey) October 1, 2013 The 35 is 11 more than last year's partner class of 24.  And because it's a firm of the little guy/gal, the non-partners got […]

Here’s a List of Grant Thornton’s Newest Partners

Stephen Chipman has bestowed 30 purple roses, saying, "Our partners and principals have demonstrated great value to our dynamic clients and to our firm through their technical expertise and passionate leadership." There's also 20 new managing director,s however they merely, "[help] our partners execute the firm's strategy." Sounds like a slap in the face. I […]

Get to Know Your New PwC Overlords

As we told you last week, PwC Assurance Leader Tim Ryan (the nicest guy at PwC, we're told) was taking a new role at the firm as the Markets, Strategy, and Stakeholders Leader. Or PWCMSSL, if you like. Today, PwC formally announced TR's new position as well as a few others with some hearty words from […]

Promotion Watch ’13: BDO Admits 16 New Partners

For one reason or another, Bravo Delta Oscar announced their new partnership class late on Wednesday, so virtually everyone missed that news. Now that everyone has returned from their epic four day BBQ-beer-blowing off digits bender, we will present to you the 16 new BDO partners: Brandy Arbuthnot (Dallas – Tax) Matthew Cromwell (Bethesda – […]

Promotion/Comp Watch ’13: Optimism in Deloitte Tax

I just flew in from Las Vegas and boy, are my arms tired. Thanks for your patience. Your reward is the latest chatter on the promotion/compensation watch from Deloitte Tax: Deloitte Tax in Chicago let its TCII's know who is going to be promoted to senior, so I'm assuming other individuals getting promoted to manager, […]

(UPDATE) Promotion Watch ’13: New PwC Partners

~ UPDATE: Full list of new partners included on third page.   Partner promotion season is hitting its stride, people. After learning of Ernst & Young’s new class in the Americas last week, we’re happy to report that PwC’s class was announced internally on Friday, with public announcements being left up to the local offices. […]

Promotion Watch ’13: Here’s the Ernst & Young Americas Partner Class for 2013

Welcome back, capital market servants. Hopefully you achieved some combination of suntan/burn, hangover, and meat sweats this past weekend.    Speaking of achievement! Last week while we were all distracted by Memorial Weekend daydreams, Ernst & Young announced their 2013 Partner, Principal, Executive Director, and Director (aka "PPEDD") class for the Americas (this includes North […]

Sixteen McGladrey Partners Get to Update Their LinkedIn Profiles with Fancy New Titles

These are your new McGladrey National Industry Leaders:  Alternative Energy – Dustin Petersen (Des Moines, IA) Business and Professional Services – Barry Rosenthal (Chicago) Consumer Products – Carol Lapidus (New York) Federal Government – Mark Waterman (Vienna, VA) Financial Institutions – Jeff Baker (Des Moines, IA) Financial Services – John Hague (Chicago) Gaming – Keith Stoneburner […]

Grant Thornton Partner Asked to Take a Seat

GT partners have elected Dave Wedding as the next Chairman of the firm's board. He was also recently appointed OMP of the Purple Rose of Chicago: Carolinas practice. As a native of Charlotte, part of his appeal, undoubtedly, was his charming North Carolina accent.* This should match Stephen Chipman's charming English accent quite nicely. Leadership […]

Promotion Watch ’12: McGladrey Announces Partner/Principal Class

Twenty-four lucky lads (18) and ladies (6) got seats at the big table as partners or principals on October 1. Joe Adams is busting: “Each of our new partners and principals demonstrates McGladrey’s values of respect, integrity, teamwork, excellence and stewardship in their interactions with our clients and with one another,” said Joe Adams, managing […]

From OCD to ADHD: Yes, Mental Health Is an Issue in Public Accounting

Being a CPA can turn you psycho. Health.com lists accounting as one of 10 careers with high rates of depression. I can vouch for the mental health risks of our profession. I went crazy during my first busy season; doctor said I had anxiety. I'd never been diagnosed with anxiety before, so that totally stressed me […]

Promotion Watch ’12: Moss Adams Is the Least Bad at Admitting Women as Partners

After naming a new Boss of Moss one week ago today, we just learned that thirteen new mini-Mosses will be admitted to the partnership effective October 1. I'll dispense with the platitude quotes and get right to the names: Tracy Paglia, Stockton, CA  Jessica Cluzeau, Los Angeles, CA  Francis Tam, Los Angeles, CAMark Woodward, Los […]

Promotion Watch ’12: Deloitte Partners and Principals

Yes, 162 lucky boys and girls have earned their partner badges, according to an email that a tipster sent us. It's a crowning achievement after many long nights, arguments with spouse, and New Year's resolutions to shed the weight gained last busy season. Memo to ambitious youngsters: this is what it takes. Here are some […]

Promotion Watch ’12: Crowe Horwath

Nine new partners and seven new directors have seats at the adult able, according to a firm press release. Here's your new partner class: Stephen Bedell, Tax (Columbus, Ohio) Rebecca Hurt, Tax (Knoxville, Tenn.) John Kelleher, Tax (Oak Brook, Ill.) Bart Kimmel, Risk Consulting (Los Angeles, Calif.) Troy La Huis, Risk Consulting (Grand Rapids, Mich.) […]

What’s the Key to Making Partner at a Public Accounting Firm?

For some capital market servants the number one goal in their careers, the crown jewel, the ultimate feather in the cap, the most memorable notch on the bedpost, is being admitted to the partnership of his/her public accounting firm. It's an accomplishment that takes commitment, perseverance, hard work, dumb luck, brown nosing, corporate politicking, very […]

Compensation Watch ’12: McGladrey

As we continue to trudge on through the heat of compensation season, we finally heard from one of Mickey G's sherpas: Promotions are being [communicated] from 7/6-7/20 and then raises and bonuses are being announced 7/20-7/27.   Soooo blue and green archers, discuss and kvetch as you see fit but we'll just remind anyone who thinks they'll […]

Promotion Watch ’12: Grant Thornton Admits 27 New Partners

The word from the Purple Rose of Chicago was just handed down this morning from Stephen Chipman, at least that's what we hear. Oh wait, no, we know for sure, here's the email:   Dear colleagues,   One of my greatest pleasures as CEO of Grant Thornton is the opportunity I have every year to […]

Promotion Watch ’12: BDO Admits 15 New Partners

Now that everyone's time has been entered and accounted for, the TPTB at BDO figured it was appropriate to recognize the men (13) and women (2) who make up the final new partner class under Jack Weisbaum: “I am very proud to welcome each of these very deserving individuals to our partnership,” said Jack Weisbaum, CEO […]

(UPDATE) Promotion Watch ’12: We Learn a Few – NAY – All the Names of the New PwC Partners

Just a quick update for you on the promotions we reported on Monday – the Atlanta and Nashville offices have issued press releases, announcing two partners each. Only 161 more to go! We'll keep a running tab of the newbies over at the original post, so if you see a press release or come across an […]

(UPDATE 2) Promotion Watch ’12: PwC Admitting 165 New Partners

After getting a tip, we've confirmed with a source inside the firm that PwC made 165 employees' day on Friday. This year's class has 29 more than 2011, and is nearly double of 2010's class. Right now, we don't have a breakdown between men and women or by practice, but rumor has it that there's […]

Promotion and Bonus Watch ’12: Here’s a Confidential Guide for PwC’s Performance Review Process

Early last week we kicked off the compensation season 2012 discussion, thanks to the anxiety that is circling among the rank and file of accounting firms. Along with concerns over cold hard cash, some of you are probably curious about promotions. Luckily, someone was kind enough to leak us PwC's "FY12 ARC [Annual Review Committee] […]

(UPDATE) McGladrey Ditching Partial CPA Requirement for Promotion to Senior Associate

Similar to the Purple Rose of Chicago, our tipster informs us that Mickey G's needs seniors/supervisors badly:  CPA policy In 2010 a change was made to the CPA policy requiring the completion of two parts of the CPA exam before an associate could be promoted to senior associate. Going forward, we have decided to eliminate […]

Unfounded Rumor of the Afternoon: Grant Thornton Scrapping CPA Requirement for Promotion to Senior

This just in: Rumor has it, GT is getting rid of the CPA exam requirement to be promoted to senior… GT is one of two firms (that we explicitly know of) that currently requires audit professionals to pass the CPA exam in order to be promoted. If this particular tidbit is true, then it would be […]

Goldman Sachs Makes PwC’s Former CEO New Lead Director

What does the world's most hated investment bank do when it wants to appear as though it is best serving the interests of both shareholders and clients? It grabs a PwC alum, that's what. James J Schiro got his start with PwC way back in 1967 (back when it was just plain ole Pw), clawing […]

Reminder: You Could Win a Kindle Fire If You Follow Going Concern on Twitter

There are precisely two weeks left to enter Going Concern's Twitter promotion. Up to this point, you may have thought that entering the online cluckhouse known as Twitter was an awful idea because "I don't get it," or "Isn't it really just for celebrities?" Well, it's true that you probably don't get it right now, […]

Follow Going Concern on Twitter and You Might – MIGHT! – Win a Kindle Fire

As promised, we're launching a new campaign to get you through the final weeks of busy season and this time we're incorporating everyone's favorite virtual gabfest, Twitter. After experimenting with the Daily Grind eNewsletter for some time, we've decided to focus more on something that won't involve clogging your inbox. Following our Twitter feed is […]

The Busy Season 2012 iPad Giveaway: Week 5

Good Thursday afternoon, capital market servants. We have a little update to share with you regarding the giveaway. But first a little about this week's winner. Week 5 iPad lucky duck is Yolanda H. who is a integrated MPA student in Texas. She likes to peruse GC to get through some of her lectures. She […]

The Busy Season 2012 iPad Giveaway: Week 4

It's week four of the iPad lotto sweepstakes on Going Concern so for any of you that are now just being made aware of this little bit of excitement, we'll go over this again. If you’re not currently signed up for the eNewsletter, go to the homepage and sign up at the top of the […]

The Busy Season 2012 iPad Giveaway: Week 3

  TPTB, in their neverending quest for world domination, have asked me to remind you that we have now entered Week 3 of the Busy Season 2012 iPad Giveaway.    Since many of you probably ignored last week's promo post, this is how you enter: If you’re not currently signed up for the eNewsletter, go […]

The Busy Season 2012 iPad Giveaway: Week 2

Has your Monday been ruined due to some football-related news? Cheer up! The 2012 Busy Season iPad Giveaway has entered week 2 and if you didn't get an email this morning telling you that you won last week that just means your luck could still turn around. In case you forgot how this works, entering […]

Presenting the Busy Season 2012 iPad Giveaway

It’s Martin Luther King, Jr. Day or as it is more commonly known in public accounting, “the third Monday in January.” It is intended to be a day of service to our communities but most of you are simply doing the ushe – serving your clients. Not being able to observe federal holidays (President’s Day […]

Promotion Watch ’11: KPMG Admits 166 New Partners in the Americas

That’s right boys and girls, 166 new lucky Klynveldians will be taking a seat at the big kids table, only to be poached by PwC in the next 2-3 years. Despite the risk that many of these new partners will trade blue squares for autumnal Atari, John Veihmeyer and Henry Keizer were excited to welcome the newest members of the club:

“These new partners are role models for high performance – with a passion for quality, an unyielding commitment to integrity and outstanding service, and a dedication to helping clients cut through the complexity in this dynamic environment,” said John B. Veihmeyer, Chairman of KPMG’s Americas region and Chairman and CEO of KPMG LLP (U.S.).

“We are very proud of each of these new partners, and we look forward to their continued leadership. We’re especially grateful to the spouses, family, friends, coworkers, and mentors who have played a key role in their development and their career success,” Veihmeyer said.

Henry R. Keizer, Deputy Chairman of the Americas region and Deputy Chairman and COO, KPMG LLP (U.S.) said, “With their steadfast focus on technical excellence, professionalism, teaming and relationship building, these new partners have helped us make great strides in achieving our strategic priorities.

“Their ability to engage and motivate our people has also been critical to our efforts in fostering a high-performance culture – thereby driving the firm and our people to the next level,” Keizer said.

The KPMG press release doesn’t have a breakdown of the numbers but luckily we got our virtual hands on an email that has the breakdown. We won’t name names but it’s probably moot since someone at PwC Experienced Hire recruiting probably has them all on a hit list already. ANYWAY, here’s the breakdown by service line for the U.S. (74 new partners):

Advisory – 26
Audit – 27
Tax – 21

And by line of business:

Information, Communications and Entertainment – 12
Financial Services – 17
Healthcare and Pharm – 5
Industrial Markets – 19
Private Equity – 4
Mid Market – 3
Government/Public Sector – 1
Consumer Markets – 9
Other – 4

Congrats to all the new partners!

[via KPMG]

Confirmed: New PwC Senior Associates Can Look Forward to Fireside Chats with Partners and a Pacific Ocean Backdrop

Last month we reported some details about the Milestone Award for PwC’s new class of Senior Associates. At the time we weren’t able to definitively confirm the details but we’re happy to report now that yes, your four day adventure will be happening at Terranea Resort and YES, there will be fireside chats and other social activities to keep you occupied.

“Fitness activities” may not appeal to everyone but with any luck the “signature adventure” won’t involve any physical exertion. ANYWAY, enjoy your getaway, new PwC SAs! Be sure to take lots of pictures and share them with us.

Let’s Congratulate the New Deloitte Partners and Directors

Perhaps it’s no accident that Joe Echevarria’s Q&A dropped in the Journal today because we also had the good fortune to have the list of new partners and directors forwarded to us earlier today. We still waiting for confirmation of the details from various Deloitte PR folks so we won’t give you names but we’re sharing a number of cities and practices after the jump.

Altogether there are 144 new partners and 190 new directors for fiscal year 2012. These numbers vary a little bit with our first report of the new partner numbers from a few weeks back. In that post, our tipster informed us that had there were 146 partners and 180 directors. These differences, for our purposes, are deemed immaterial, although we’re sure anyone directly affected would disagree.

Partners

AERS: 55 Total. Cities with the largest numbers of promotees: New York – 12; Chicago – 4; Wilton, CT – 4; Los Angeles – 3; Dallas – 3; San Francisco – 2; Orange County -2.

Consulting: 48 Total. Big winners: Atlanta – 5; Chicago 5; San Francisco – 5; Los Angeles – 4; New York – 3; Orange County – 3; Kansas City – 3; Boston – 3; Arlington – 3.

FAS: Six total: New York – 3; Dallas – 2; Los Angeles – 1.

Tax: 32 Total: New York – 6; Chicago – 5; Houston – 3; Washington – 3; Atlanta – 2.

USA: Three total: Atlanta, Washington and New York each had one.

Directors

AERS: 56 total. Show-off cities: New York – 14; San Francisco – 3; Cleveland – 3; Salt Lake City – 2; Princeton – 2; Philadelphia – 2; Parsippany – 2; McLean – 2; Chicago – 2.

Clients & Industries: Six total: New York – 3; Philadelphia, Charlotte and San Francisco all had one.

Consulting: 53 total. Notables: San Francisco – 6; Chicago – 6; New York – 5; Atlanta – 3; Boston – 3; Minneapolis – 3; McLean – 3; Washington – 3.

FAS: Four total – Washington 2; New York and Chicago – 1.

Field Operations: Two – Atlanta and Hyderbad

Finance: A pair in Hermitage, TN.

Markets & Offerings: Two in Chicago and nine cities with one each.

Other Shared Services: One lonely soul in Wilton, CT.

PR/Communications: One in New York and one in Wilton.

Research/Innovation: Hermitage and Wilton with one each.

Strategy, Brand and Innovation: One happy camper in Los Angeles.

Talent: One each for Chicago, Parsippany, Boston and Indianapolis.

Tax: 38 total: Chicago – 7; New York – 5; San Francisco – 4; Atlanta – 2; Boston – 2; Los Angeles – 2; Philadelphia – 2.

Tech: One each for New York, Camp Hill, PA and Hyderbad

USA: One soul in Stamford, Rosslyn, Arlington, Richmond and Wilton.

So congratulations to all the new partners and directors. Leave them some well wishes in the comments. The only question now is, which one of these rainmakers is buying Joe’s house?

Deloitte Goes Partner Crazy

Fresh from the mailbag… well, not fresh, actually, it’s kind of been sitting in there gathering dust all weekend so it’s kind of the moldy gym sock of mail. But I digress.

Prior year they [Deloitte] promoted 101 partners and 136 directors; for this year (actual firm year starts June 1, but partners get promoted in September) there will be 146 partners and 180 directors.
This is for the United States only…

Great news for the new partners and directors, not so great for those of you who are still staring at the Green Dot’s multiplier slides wondering when that 8x bump is going to kick in.

Feel free to commence to discussing how big your yacht will be when you make partner in the comments.

Promotion Watch ’11: Ernst & Young Admits 548 New Partners Worldwide

Still a little perplexed that I have to find this out via press release but I understand that at least some of you are beating off clients

with a stick.

Jim Turley, Chairman and CEO of Ernst & Young says, “Building the next generation of partners to lead our business is vital to our future. This year’s marked increase in numbers reflects our ongoing commitment to excellence and our confidence in the future.”

John Ferraro, Chief Operating Officer of Ernst & Young says, “These admissions are the result of a rigorous selection process and recognizes the significant contribution of each individual to our success. This is a strong vote of confidence in the leadership potential of these outstanding individuals.”

Congrats to the all the new partners at E&Y!

Promotion Watch ’11: Grant Thornton Admits 26 New Partners and Principals

Apparently everyone’s email at the Purple Rose of Chicago is broken because I had to learn about this from a press release.

Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations, admitted 26 new partners and principals to the firm, effective August 1. These partners and principals are based throughout the firm’s offices across the country.

Partners and principals admitted to the firm are thought leaders upon whom the firm relies to provide personalized attention in serving clients. These professionals have demonstrated consistently their extraordinary ability to understand and meet the needs of client companies and industries. They have also demonstrated long-term leadership in the accounting profession and the community.

“These professionals have demonstrated extraordinary client service, driving value for the dynamic firms we serve,” said Stephen Chipman, Grant Thornton’s CEO. “These leaders exemplify Grant Thornton’s mission of making a difference – to our colleagues, our clients, our profession and our communities.”

It’s also strange that no one from GT has dropped any news regarding compensation discussions as this is about the time we should start hearing it or sayeth comments from the last post on the subject. Anyway, give the new partners a slap on the back or at least a nice note.

Promotion Watch ’11: BDO Admits 13 New Partners

Jack Weisbaum is letting a baker’s dozen join the club, although with the new national heads recently announced, there’s an new extra layer between the newbies and the most interesting accounting CEO in the world.

Here are the lucky 13:

John Barkmeyer (Orange County – Assurance), Doug Bekker (Grand Rapids – Tax), Elliott Binder (San Jose – Tax), Sofia Blair (New York – – Assurance) and Mike Campbell (San Francisco – Tax), Demetrio Frangiskatos (New York – Assurance), Nania Gopal (Orange County – National Assurance Office), Mike Hottel (Washington, DC – Assurance), Joel Mitchell (Chicago – Tax), Stathis Poulos (Raleigh – Assurance), Jennifer Quaglino (Woodbridge – Tax), Chris Tylka (Chicago – Assurance) and Andy Zaleski (Detroit – Tax).

Congratulations and stay thirsty, new partners.

[via BDO]

Promotion Bonus Watch ’11: Grant Thornton

The latest from the moneymailbag:

Hi Caleb,
Can we get a thread opened about Grant Thornton raises and promotions. We started finding out promotions yesterday and the raise info came along with it. Thanks,

Not much news out of Grant Thornton lately so thanks for reaching out. The last we heard from Purple Rose of Chicago was that auditors were wanting their raises and bonuses to rival the Big 4 after a hellish busy season. I’d still be willing to be that Michelle Bachmann has a better chance of becoming President than GT’s raises keeping pace with the Big 4 but I do like a good longshot.

So if you’re in the House of Chipman and got news about a promotion, let us know and share the details of your newfound riches.

Promotion Bonus Watch ’11: KPMG

In case you weren’t satisfied with all the talk of comp from this week. The latest from the mailbag:

Hey, I am an experienced senior in a small market, yearly performance evaluationss are coming up (July 11-20 or something), but promotes are learning their bonuses, Which are in theory a function of salary adjustments between now and October, just wondering how those are looking?

Btw, Ernst & Young peeps, you better not be holding out on us. I find it hard to believe with the fiscal year ending next week that a grip of you haven’t heard any rumors about comp. Get in touch.

Promotion Watch ’11: PwC Admits 136 New Partners

Last year, we learned about new partner promotions at the House of Moritz the first week of June. This year, we had to wait for a press release from the Denver office to get issued before we heard anything about it. Now, I’m not mad (although Adrienne probably is) just disappointed. If you forgot how to get in touch with us, it’s a simple as clicking email us or on our names in the margin. Regardless, we got on the horn and managed to get the whole scoop.


136 new partners admitted firm-wide, representing all PwC service lines.
–53 new partners in Assurance,
–50 in Tax,
–32 in Advisory and
–one in Internal Firm Services.

The new class of 136 is 53 more than last year, so that clears a few extra spots out of the parking lot at senior manager. The promotions bring the total count of partners in the States to over 2,300.

So a hearty congratulations to all the new PwC partners. No doubt you’ve worked and worked and worked for it. We just hope emotions were kept in check at any celebrations.

Aspiring KPMG Manager Needs Help Defecting to Another Big 4 Firm

Welcome to another round of Accounting Career Emergencies (aka: “Decide My Life For Me: GC Edition”). Today we have a KPMG Senior Associate who badly wants to make manager except for the small matter of not being able to stand her client, manager, partner and basically everything else. Jumping over to another Big 4 firm is an option but how does one convince them that you’re worthy of the new stomping grounds.

Looking for an extra edge? Concerned that your performance isn’t up to snuff and need a contingency plan? Working in an environment that makes you uncomfortable? Email us at advice@goingconcern.com and we’ll try to explain how poles and porn fit into “team building.”

Back to our Benedict Arnold du jour:

Hello dear friends at GC,

I am beginning my fourth year with audit at KPMG and would like to make it to Manager, if for no other reason than the title’s weight on the résumé. If I were to stay with KPMG and made manager in the average time frame, I would be here for another two years. To be frank, I can’t stand my client, manager, or partner and want nothing more than to quit tomorrow; I’ve already spoken to my PML (direct supervisor, basically), but there really isn’t an option for me to get out of working on this client and or this team any time soon.

My job is ok when I’m working on other clients, but this engagement is so terrible that I’m not sure I’m willing to stick it out long enough to get to my other clients. Like so many others, my primary goal is to make it to Manager at a Big 4 (have no idea if I will stay after I do, but that’s the goal at this point). There are needs for audit seniors at the other Big 4 firms in the city, and I’m thinking about jumping ship to another one. If I do this, I figure I’ll at least get a fresh start and shake things up a bit, while still working towards my Big 4 Manager goal.

So here’s the question: how do I convince another Big 4 firm to hire me? Also, if I were to get hired by the like of DT, E&Y, or PWC, could I feasibly expect to make Manager within two years? I have my CPA out of the way, so that shouldn’t be a big factor…

Help me, Going Concern. You’re my only hope.

-Big4FlipFlops

Dear Big 4 Flip Flops,

Your problem is easy, ring up PwC. They picking off KPMG people like a WWII sniper. But seriously, I’m a little perplexed by your question. When you go into an interview with any potential employer, how do you convince them to hire you? You research the company. You smile big and are ready to talk about things other than work. You discuss your accomplishments at KPMG, you play up your strengths, admit that you’re working on your weaknesses but ultimately, that you’re bringing A-1 talent to this organization and they’d DAMN FOOLS to pass up the opportunity to hire you. There will probably be a curveball question or two in the interview and those may help/hurt your chances but it’ll be a pretty standard interview.

As for your promotion timeline, I think you can safely ask your potential new firm about that without fearing any repercussions. If you adjust to the new firm quickly (e.g. new methodologies, navigating political waters) and are a performer there’s no reason you shouldn’t be considered for a promotion in another two years. Good luck and may the Force be with you.

(UPDATE) Promotion Watch ’11: KPMG Managers-in-waiting

From the mailbag:

The last few years KPMG announced manager promotions by this time, but I haven’t heard a peep from anyone so far. Have they changed the timing?

Digging through the archives, it’s true that around this time last year, chatter around the announcements of promotions at KPMG had begun but as our tipster said, so far it’s been strict Radio Station silence. Last year, details were rolling out through early June, so it could be that they’re dragging it out for effect.

Anyway, one rumor that we just heard is that in some KPMG offices, SAs up for manager are being asked to interview for their promotions. Personally, I’ve never heard of this but considering the need at SA, it would be a strategic way to hold some people back, chalking it up to “he/she didn’t interview well” versus the cryptic “he/she isn’t ready.”

If you’ve recently gotten word on promotions in your office, heard anything about these interviews or are simply in the know, email us the details and discuss below.

UPDATE:This just in:

PA leadership told us manager promotions would be approved on 5/20/11, with announcements in the following weeks after the approvals. haven’t heard anything about the ‘interviewing’ but i’m not up for Manager promotion so i guess i wouldn’t know.

Nice. Just in time for the end of the world.

UPDATE, May 26th, circa 12:35 pm:
According to a Klynveldian close to the situation in New York, “they seem to be making calls to those up for manager.”

Do I Stay in Public Accounting Until Manager? Part XXXIII

Welcome to but-what-does-Emilio-think? edition of Accounting Career Emergencies. In today’s edition we revisit the age-old debate of a senior associate wondering if they should stick with their firm until they get the bump to manager. It’s been awhile since I’ve addressed this, so it’s about time we went for another go-round.

Getting bad career advice? Trying to patch things up with the boss? Trying to land some goddesses at your firm? Email us at advice@goingconcern.com and we’ll get you back to WINNING.

Back to our SA:

Hey Going Concern,

I’m an S2 working for a 2nd tier accounting firm. I’m contemplating looking for a new job once this busy season is over, but am also considering working 1 more year and making manager before moving on. What do you think? Is it worth leaving now when I’m so close to manager or should I stick it out 1 more year? Will I have more/less or better/worse job opportunities after I make manager?

Thanks.


Dear Maybe Manager,

As I alluded, your plight is common amongst many in the world of public accounting. And as you can imagine, there are two divergent camps in this debate: those who think you should stay and those who think you should jump ship. I’ll do my best to tackle both arguments, running down the pros of each first.

PROS

Stay until promoted – Staying until manager means you get a title, a nice bump in salary (historically) and if you’re lucky, a little bonus. You’ve either mastered the art of navigating the political waters of your firm or you’re such a superstar at your job that TPTB had no choice but to recognize your talents with a promotion. Now that you’ve reached this crucial level in your firm, clients, recruiters and others view you slightly differently. You’ve got experience (obviously), management skills (presumably), are smarter than the average accountant (sometimes a BIG assumption). This will – right or wrong – give you the opportunity to get into similar more senior positions when you are ready to leave public.

Leaving prior to promotion – Jumping ship now allows you to move into a company where you’ll get the opportunity to learn what it’s like to be on the client side of the equation. Whether you’ll actually interact with your public counterparts will be determined by what kind of job you take (that may be a good thing). Regardless, you’ll learn a lot in your new job that you won’t in a public firm. This is ideal if you see yourself working in-house somewhere as opposed to making a career in public.

CONS

Stay until promoted – Simply put: managers have it bad in public accounting. They get shit from partners; they get shit from seniors; they get shit from staff; they get shit from clients. Managers are swimming in shit. As a senior, you definitely have to deal with a lot of the same people but the pressure from partners and clients, as a manger is different. You’re expected to be able to deal with all of it well. Mediocrity isn’t really an option. The only way to get around your mediocrity is to get really, really, really good at throwing people under the bus. If you’ve found yourself in that situation, you can probably count the people who think you’re a “good manager” on one hand and none of them work with you. Also as a manager, you’re so caught up managing, there’s very little time leftover for professional development. Granted, you’ll have the opportunity to learn more things but will you want to? You’re already overweight or severely sleep-deprived. Are you really the type to spend your precious spare time boning up on the latest developments in accounting rules or tax law? Probably not but the catch is, you’re expected to. Lastly, once you move outside the firm, your perspectives on audit/tax/consulting will largely be formulated and lots of employers are looking for people that still a tad impressionable. Prospective employers aren’t crazy about 30-something know-it-alls that just want a CFO/controller title and a salary.

Leaving prior to promotion – The biggest risk here is that you’ll end up making a move that feels lateral. You may get a nice bump in salary but you’ll probably feel like you’re still in the same spot on the pecking order. Most SAs – regardless of practice – have self-inflated their own professional value and finding out that your experience is pretty unexceptional can be a shock. Sure, there are some opportunities for vertical move when you leave public but the odds are against you.

So there you have it. And to answer your question directly – I’m a believer that you’ll have more and better career opportunities if you leave your firm prior to being promoted to manager. Your experience will be more diverse, you’re hopefully still open to seeing how other companies do things and your brain won’t be watered down with “managing” so much. That will come later.

I’m sure I missed some things, so jump in people. I still haven’t watch the GMA interview.

How Long Does It Take to Climb the Ladder at Ernst & Young?

Welcome to the where-the-hell-is-Bahrain? edition of Accounting Career Emergencies. In today’s edition, a future E&Y tax associate wants the lowdown on the black and yellow ladder. How high are these rungs, anyway?

Caught in a career conundrum? Have a co-worker that keeps swiping your red Swingline? Want to put the moves on a fellow auditor in the copy room? Email us at advice@goingconcern.com and we’ll help you avoid anything that involves in a knuckle.

Back to our girl on the partner track:

Hi,

I will be starting in the tax dept of a Big Four soon.

How long would it take to move up the tax ladder? (Yes, yes I know your response will be to start first before I start thinking about promotions… But I am thinking ahead…)

What is the minimum number of years typically required at each level? Are exceptions ever made? What goes into promotion decisions? How long would it take to get to the partner/director level? Is the promotion criteria generally standard across all Big Four or is there some variation?

Thanks,
Ms. Thinking Ahead

Dear Ms TA,

You’re quite the eager….errr, go-getter aren’t you? That’s good, I like my accountants ambitious. We’re not intimately familiar with the ladder at E&Y but we’ll give it a go and let the bean gallery fill in the gaps.

Typically, you can expect to be an associate two to three years before being promoted to senior. Depending on the needs of your practice group and your performance, this could be shorter or longer. In order to get the bump to manager, you can expect another three years at a minimum, again, subject to the needs of your group and whether or not you’re impressing the pants off the brass. From there, you can expect at least two years at manager, another two to three as a senior manager and then, if you’re lucky and you have a good business case, TPTB might start looking at your for admittance to the partnership. Altogether, you’re looking at a bare minimum of nine years before you can even get a whiff of partner and twelve to fifteen is probably a more realistic time frame. There are exceptions of course but that’s more or less the timeline.

Because tax doesn’t have the same fee pressure as their audit counterparts the wait might not be as long but don’t forget, not just anyone gets into the partnership. You need to be a performer and be able to win new clients. The benefit of tax is that it has more diverse career paths available, so if you find discover that you’re a wizard at transfer pricing or M&A, you might see a quicker ascension.

This presupposes the fact that you obtain your CPA in a timely fashion as most tax practices will not promote you to manager without a CPA, a JD or EA. How about it black and yellow tax troops? Dispel with the gory details as necessary.

Promotion Watch ’10: McGladrey Names 21 to Partner/Managing Director

Cake and punch all around, natch. And if you’re lucky, pictures with your McGladrey-sponsored golfer of choice.

Oct 01, 2010 – MINNEAPOLIS (October 1, 2010) — RSM McGladrey, Inc., and McGladrey & Pullen, LLP, leading providers of assurance, tax and consulting services under the McGladrey brand, recently announced the promotion of 21 employees to partner/managing director roles, effective Oct. 1.

“Our new partners and managing directors have demonstrated the power of truly understanding our clients’ needs and proactively contributing to their success,” said C.E. Andrews, president and COO for RSM McGladrey. “They display the firm’s core values of relationships, excellence and integrity every day in their interactions with clients, potential clients and with one another. It’s a pleasure to recognize their significant contributions.”

“These employees have consistently proven their ability to gain a deep understanding of our clients’ businesses, aspirations and challenges,” said Dave Scudder, managing partner and CEO of McGladrey & Pullen, LLP. “They have used this understanding to develop innovative insights and expertise unique to each client and industry that we serve.”

The complete 2010 class of partners and managing directors includes:
Name Line of Business Location
Donnovan Maginley Assurance Florida
Doug O’Connor Assurance Illinois
Linda Dehner Assurance California
Steve Gradl Assurance Minnesota
Tasha Kostick Assurance California
Wes Getman Assurance Atlanta
Allison Egbert Assurance Boston
Kevin Vannucci Consulting Connecticut
Brian Holmes Consulting Illinois
Lawrence Levine Consulting Illinois
Dean Nelson Consulting Boston
Diego Rosenfeld Consulting Boston
Rob Frattasio Consulting Boston
Greg DeVino Tax Florida
John Majer Tax Florida
Tay Reeder Tax Georgia
Phil Wasserman Tax New York
Brian Blacklaw Tax Illinois
Mindy Cozewith Tax Georgia
Rebecca Sheridan Tax Texas
Jim St. Germain Tax Boston

McGladrey Announces New Partners and Managing Directors [PRLog]

Promotion Watch ’10: KPMG Admits 58 New Partners in U.S.

Despite the Irish blowing it against Michigan, John Veihmeyer managed to compose himself and still allow a few more lucky girls and boys take a seat at the big table.

Congratulations to Our New U.S. Partners

A Message from John Veihmeyer and Henry Keizer 8:56 AM ET, September 15, 2010

We are proud to announce our 58 new partners in the United States!

Through their passion for quality and unyielding commitment to integrity and outstanding service, these new partners are role models for high performance within our organization.

Their dedication to the highest standards of technical excellence, professionalism, teaming and relationship building has helped us make great strides in achieving each of our strategic priorities. And their continued leadership will be essential in capitalizing on the opportunities ahead.

Each of these women and men strive every day through their support and mentoring of fellow professionals to make KPMG an Employer of Choice. They have unique perspectives and experiences – 38% of this year’s new U.S. partner class are women and ethnic minorities. In addition to their diverse backgrounds, over half have worked in more than one office — many on global assignments — and almost 1 in 5 have worked in more than one function. These impressive individual accomplishments exemplify that KPMG truly is a “great place to build a career.”

The significant contributions that these outstanding individuals have made to our firm would not have been possible without the encouragement of spouses, family, friends, co-workers, and mentors, so we also want to thank all those who have supported our new partners through their careers.

Congratulations again to all of our new U.S. partners. Our partners across the firm are proud to welcome them into the KPMG partnership.

Breakdown by practices
Audit: 24
Tax: 12
Advisory: 21
Office of General Counsel: 1

Congrats to all the new partners!

Promotion Watch ’10: Rothstein Kass Names Four New Principals

Jeff Kollin, Camille Asaro, Frank Attalla and Navin Sethi come on down!


Asaro and Kollin rep the New York office, Attalla in Roseland, NJ and Sethi gets the nod in San Fran.

Ms. Asaro and Mr. Attalla are members of the Rothstein Kass Financial Services Group. Mr. Sethi, a tax Principal is a member of both the Financial Services Group and the firm’s Commercial Services Group. Mr. Kollin has been named Principal and Head of the Financial Services Advisory practice within Rothstein Kass Business Advisory Services, LLC, a Rothstein Kass affiliate. Rothstein Kass simultaneously announced the promotion of Rich Sumida to Senior Director at Rothstein Kass.

Son of the Kass (presumably, the firm is 50-ish) takes the mic:

“The collaborative culture at Rothstein Kass has ensured that our professionals are able to continually enhance their skills and expertise throughout their careers. Our ‘one-firm, one-floor,’ philosophy remains a cornerstone for our success. Staff at all organizational levels gain invaluable experience working side-by-side with seasoned industry veterans in support of our clients. The companies we serve, in turn, benefit from the continuity, proficiency and knowledge that result from our ability to hire and retain superior talent across practice areas and office locations,” said Steven A. Kass, Co-CEO and Co-Managing Principal of Rothstein Kass. “Camille, Frank, Navin and Jeff are engaged, insightful and dedicated members of the Rothstein Kass team, and have demonstrated exceptional leadership qualities during their time with our firm. On behalf of our entire organization, we would like to congratulate our new Principals on their achievements and thank them for their contributions to our success.”

Not much to add here other than 1) congrats to the new RK principals and 2) the “one-firm, one-floor philosophy” could have really helped a certain Crowe Horwath partner.

In Other Words, “Our Numbers Are Good and My Old Boss Is a Pig.”

“We thought it was important for people to appreciate that the announcement today has nothing to do with the operational performance of the company, it is all about Mark’s behavior and judgment.”

~ HP Chief Financial Officer Cathie Lesjak, who is now interim CEO after an abrupt resignation by Mark Hurd amid sexual harassment allegations.

(UPDATE) CPA Status and Promotions: What Is Your Firm’s Policy?

With all the news on raises, promotions etc. etc., a reader got in touch, asking the following:

Can we start a thread to discuss when you need the CPA designation if you want to move up at various firms by practice (audit, tax, specialty groups, etc.) and what exceptions there are?


The idea jumped off of a recent comment on yesterday’s post discussing E&Y’s raises keeping pace with PwC:

From what I can derive, PwC was bleeding staff in the early part of the year to the best of my knowledge, requires more time to get promoted up the ranks (3 years to senior compared to 2 at all other firms) and the requirements are higher (must have passed the CPA exam). The higher raises, at least from PwC’s perspective, may be their way of staying competitive with the market because, without higher pay, PwC is not competitive. E&Y may also be attempting to compensate but I am not entirely sure what for.

So three years to earn a promotion to SA at PwC isn’t news to us and some – dare we say, many – may argue that should be the standard timeline for associates in the Big 4/second tier firms. You can debate that all you want but what about the CPA requirement? If PwC does in fact require their associates to have their license before making SA, that’s nothing if not a motivation to finish the CPA ASAP. At the same time, there are many SAs that don’t have their license that do excellent work but for whatever reason are still stalling on obtaining the CPA.

The reader continues by asking:

For instance, if you have an Enrolled Agent, can you still make manager if you’re in tax, etc. [?] I’m also curious about any place that will demote anyone of a certain level who hasn’t gotten their CPA in the last couple of years. KPMG has threatened it for managers in tax who are qualified to sit for the exam (U.S. accounting degree with enough hours), but I wonder if that’s more empty talk.

That’s the first we’ve heard of a demotion for not having a CPA but frankly, that seems appropriate. If the manager has an EA, then perhaps that’s a suitable exception, although the idea of a Big 4 tax manager without a CPA just doesn’t seem right. For many, the lack of the those three precious letters means the end of their careers at the Big 4, so it’s definitely an issue.

So indulge our reader and let us know your firm’s policy regarding promotions and CPA license status. Does it matter? Are there exceptions? Should your performance make up for your uncanny ability to fail FAR? Talk it out.

UPDATE: We obtained a copy of the KPMG policy mentioned above and it appears to be FSF with a few exceptions for those that are “CPA Eligible” and certain “waivers.” Also there’s this, “In circumstances of noncompliance without appropriate waiver, professionals may be subject to disciplinary action, including but not limited to demotion or termination from the firm.”

KPMG Tax Promotion Policy

Accounting News Roundup: Geithner Supports Obama Tax Policy; Reznick Group Announces Principal Promotions; What’s It Cost to Be the Boss? | 08.03.10

Geithner defends Obama policy on tax cut extension [AP]
“Treasury Secretary Timothy Geithner said Tuesday it would be ‘deeply irresponsible’ for the Obama administration to support a wholesale extension of Bush era tax cuts, including breaks for the wealthy.

Geithner said in a nationally broadcast interview that President Barack Obama strongly believes those reductions should be retained for the ’95 percent’ of taxpayers with individual incomes under $200,000 a year and families below $250,000.”

Bank of America, KPMG Settlement With Countrywide Investors Wins Approval [Bloomberg]
“Bank of America Corp. and KPMG LLP’s $624 million settlement with investors in Countrywide Financial Corp. led by New York pension funds won initial court approval.

U.S. District Judge Mariana Pfaelzer in Los Angeles ruled today on the accord. A fairness hearing will be held on final approval for the settlement, first announced in May.”

Snooki Tanning-Bed Protest Splits Sin From Taxes [Bloomberg]
“[P]eople don’t like government moralizing. If there’s one thing people dislike even more than taxes, it’s being told what to do.”

So does that mean that Alabama is imploring reverse psychology?


Reznick Group Promotes Four New Principals [Business Wire]
Reznick Group promoted Dan Fox and Renee Matthews in Bethesda, MD, Eric Jones in Sacramento and Daniel Worrall in Atlanta are the big winners.

Accounting & Consulting Group acquires Roswell’s Miller & Associates [New Mexico Business Weekly]
“With 95 employees overall, Accounting & Consulting Group is now the third-largest accounting firm in the state. Headquartered in Albuquerque, it has offices in Alamogordo, Carlsbad, Clovis, Hobbs and Roswell, and has a member firm office in Lubbock, Texas. The firm specializes in audit and financial reporting, tax compliance, business consulting and trust and estate planning.”

Becoming the Boss Can Cost Plenty [WSJ]
“When starting a business on a tight budget, a single spending gaffe can spell disaster. For this reason, experts in entrepreneurship recommend taking precautions, such as doing research to identify potential hidden fees, focusing only on necessities and setting aside emergency funds.”

SAP Business ByDesign 2.5: time to invest? [AccMan]
Dennis Howlett gives the lowdown on the “general availability of SAP Business ByDesign 2.5,” which means that it is available for any to purchase. Dennis reports that starter packs for as few as ten users are available for CRM, ERP and PSP.

Lots of Appointing Going on at KPMG Today

Namely Jim Liddy the new Vice Chair – Audit; Tom Duffy – National Managing Partner – Audit; Scott Ozanus Vice Chair – Tax; and Jeff LeSage National Managing Partner – Tax.


And on such a grand occasion, John Veihmeyer gets to say lots of nice things about all these guys even though at least one of these guys is probably gunning for his position.

Jimbo: “Jim Liddy has a remarkable record of providing deep insights to financial service clients and companies in other sectors about their businesses and growth strategies, and is a proven leader. I’m confident that with his intense focus on audit quality, Jim will build on the strong audit practice that Henry Keizer created over the past five years to help ensure KPMG’s continued success.”

Tom: “As the newly named national managing partner – audit, Tom Duffy will team with Jim Liddy to lead our audit practice. Tom has considerable industry experience and a proven track record of delivering audit quality and exceptional service to our clients.”

Scottie: “We’re looking forward to Scott’s leadership during this important period for our tax practice and KPMG’s clients – as companies cope with legislative and regulatory changes, and seek clarity in complex challenges related to transfer pricing, restructuring, renewable energy and a variety of other areas.”

Jeff: “As the new national managing partner – tax, Jeff LeSage will team with Scott Ozanus to lead tax, bringing global tax experience, industry insight and outstanding client service skills to this important role.”

Congrats gentlemen. Not sure if these particular positions get you 18 with Phil or not but we’re sure they are sweet gigs all the same.

KPMG Appoints Jim Liddy Vice Chair – Audit [PR Newswire]
KPMG LLP Appoints Scott Ozanus Vice Chair – Tax [PR Newswire]

(UPDATE) Promotion Watch ’10: Grant Thornton Admits 22 New Partners/Principals

From a voracious reader of Stephen Chipman’s blog:

GT just announced the admission of 22 new partners/principles notably 5 from NY, 5 from Alexandria and 3 from NC – 9 from audit 3 from tax and 3 from advisory


Yes, we realize the numbers don’t work but we’ve confirmed the details we’ve got. We hear there’s an email floating around out there so if you’ve got it handy, fire it our way.

We also heard that comp news has finally gone out so kindly report below or shoot us the details.

UPDATE – July 14, 2010: We received a copy of Stephen Chipman’s email which we’ve presented here for your reading pleasure.

Internal distribution only
Partner/Principal Admissions
One of the highest and most visible forms of demonstrations of stewardship within a partnership come thorough admitting new partners and principals. This represents a critical underpinning for our continued vitality and success. It is within this context that we are pleased to announce the following individuals will be admitted to the Firm as partners or principals, effective August 1, 2010.

Having outstanding partners and principals is an important differentiator for our Firm in our ability to serve our clients with distinction. Each of these professionals has demonstrated their dedication to making a difference – to our clients, to our profession, to our communities in which we live and work, and to our Firm. Their commitment is reflective of personal responsibility, sacrifice, and accountability which we now pause to recognize.

Please join us in congratulating them on this significant recognition of their contribution and in wishing them continued success as partners and principals of Grant Thornton.

Stephen

And here’s a further breakdown of the promotions by service line:

Global Public Sector – 5
Transaction Advisory Services – 2
Corporate Tax – 2
Audit – 9
Corporate Advisory and Restructuring – 2
Corp. Strategic Federal Tax Services (can some demystify this acronym?) – 1
State and Local Tax – 1

And by city:

Alexandria – 5
NYC – 4
McLean – 1
Kansas City – 1
Cleveland – 1
NY – Melville – 1
Charlotte – 2
L.A. – 1
Raleigh – 1
San Diego – 1
Denver – 1
Atlanta – 1
Wisconsin (Milwaukee?) – 1
Chicago – 1

Congrats to all the new partners and principals at Grant Thornton!

Bonus Watch ’10: There are Some Unhappy KPMG Kampers in California

At least it was a short week!

Looks like promotion bonuses are available to view under Self Service Connection for those who got promoted. 2nd year promote to senior (high SP rated) in specialty advisory (N. California) = 1.25% or $700 in my case. What a fucking joke…working for 2 years and I’ve been making progressively less and less money every year when you factor in a signing bonus in 2008 and a CPA bonus in 2009.

Keep in mind that the promotion bonuses are only for the “stub period” of July-September until the full year bonus/raise come into effect. I’ve also been told by numerous people not to extrapolate the stub period amount to a full year amount. Good thing they said that cause if 5% is my full year raise after 2 years of nothing, I’m out of here before you can spell GAAP.

Promotion and Compensation Watch: Ernst & Young Communication to Come Eventually, Someday

Straight out of the Bubba Gump Shrimp location up the street from 5 Times Square:

Ernst & Young, Financial Services Office, NY
Received communication that our annual ratings were finalized and discussions between counselors and counselees to occur by July 30. Promotions are still not final, but promotions and compensation will start to be communicated in August (to be effective October).


So t-minus three weeks (give or take a day here or there) until “you’re not going to be disappointed with raises” which apparently could mean that they will make PwC’s raises look like chump change (for auditors anyway).

BUT! In case you need a refresher on the numbers so far: 3-5% is what we last heard for those in the meaty part of the curve. No word on what top performers are getting but speculation is welcome. Keep us updated.

Comp Watch: Sit Downs Starting at Deloitte; Anxiety Over Raises Picking Up

Lots of news this week on the compensation and promotion fronts with Grant Thornton, KPMG and PwC all making announcements or soon-to-be making announcements (that we’ve heard; are you holding out on us, E&Y?).

The latest out of Deloitte is that the discussions are starting (although maybe not today since it sounds like most are off) but the news on yay or nay on promotions is starting and now the anxiety around comp will increase over the next two month:

The year-end ratings and promotion decisions have been approved by National; so the process of communicating both to Deloittians is starting…At a high-level, I heard that promotions this year were tough – that being said, plenty of people made it through. For the most part, people are now waiting to hear about comp – scheduled for communication the last two weeks of August.

We did hear one rumor about the number of new partners expected, “at a recent partner meeting, it was announced that there will be more than 60 new PDPs nationally, with more than 10 being in the Northeast,” so you can toss that around your meat-ingestion fest this weekend if you so choose.

Discuss your epic/tragic news re: your new promotion if you’ve received word and keep us updated on the comp rumors.