Welcome to the latest installment of The Partner Track, a story of a Big 4 Senior Manager navigating a career in public accounting and thinking about the next step -- the partnership.
Ever since I made manager I’ve done things to ensure I was on the partner track. I led the audit of one of the largest clients in the firm. I’ve done national trainings and been involved in national leadership committees. I’ve made friends with some of the right people. I’ve been highly rated, stayed up on my compliance (unlike some recent Big 4 partners) and sailed through inspections.
Then I got burned out. Eleven years of auditing in an increasingly hostile marketplace wears you down. I was on a public client watching as the auditing rules for those companies got more onerous. Go-to-market went from a once-in-awhile discussion to a mantra heard (if not practiced) weekly. Doing the audits wasn’t good enough; senior managers had to win audits, too. That’s when I realized that life as a partner would be even worse.
Picturing life as a partner
Partners have revenue goals; they have endless lunches and proposals; they are expected to sit on boards and generally give a shit. You have to commit to being a whore for the firm. I’m no salesman but our firm has decided that all partners must both be auditors and salesmen. And from where I sit, I see mediocre results from both.
Over the past several years I’ve had a few friends make partner so I’ve seen the benefits and the bullshit up close. I saw the disproportionate pressure put on them to raise revenue from current and prospective clients and to perform comment-free audits. I heard about the meetings needing attending and the donations needing giving (United Way anyone?) Fortunately for them it has worked out so far but that’s because they knew they needed to commit to make it work.
Stall! Stall! Stall!
I looked that in the face and then bailed (audit at least). I took a national audit support role to break the monotony. In this role I stay connected to the audit practice but spend my time supporting audit applications in a variety of ways, not just spending my time filling out checklists. I’m halfway through my rotation and I’m looking ahead to the next fork. If I choose to go back to audit then I better want to be a partner. Otherwise I’ll be putting myself through hell for no end result. That’s also assuming I’m not kidding myself with my partner skills. If I stay in audit support then I’ve likely cut myself off from the partnership which in a way means I already put myself through 12 years of crap for no end result, though positions in that area can still pay well.
Even if you don’t know if you’re on the partner track, at some point after 7-10 years in Big 4 you can't help but think about it. Despite the crap mentioned above, being a partner does afford you a much higher standard of living. While I am trying to make the best decision for myself and my family, there is also pressure from other friends and family to achieve that top spot (in their eyes at least) and turning down that opportunity might be disappointing to them. It’s a bit depressing that I might be turning down the brass ring but it’s possible the quality of my life might be better without it.
What else is out there?
Then there is the option to leave. I feel like I’ve had a more well rounded experience than most auditors, doing not only audits but training, application development, offshoring process work and IT and tax support. I’d like to think this would open more doors in private for me beyond something in a finance or accounting department. Sadly, most of the positions that come across my email say otherwise, with many of them involving the word “controller." I won’t argue that the Big 4 isn’t a good place to start your career, so long as you want that career to be in accounting.
Some break the mold but for most, the headhunters and prospective employers just see you as a number cruncher despite the fact that you may have been exposed to much more than debits and credits. It’s a bit depressing to be pigeonholed but then again if I was out for a complex and dynamic career I wouldn’t have spent 12 years in a Big 4 firm. Instead, I chose to foster my creativity outside of work and accept that financial statements will likely always be in my job future.
It's crowded at procrastination station
Some people think this indecision is not mature or it’s uncommon. I can tell you it’s getting more common. Like many of my generation, I procrastinate and try to push these decisions down the line. We live in a world where multiple jobs in a career are the norm and less people jump into public accounting for the sole reason of riding the partner train to retirement. My life has a good balance right now -- good pay, get to enjoy some work travel, great wife, decent amount of time to vacation, play golf and indulge other hobbies -- so why would I try to tip that balance?
The decision also goes beyond the job itself. It’s a social thing. Skill-wise, I’d make a fine partner. Certainly no worse than some that already have the title. But if you look at my personality, character traits, hobbies, social circles and methods of enjoyment (Xbox anyone?) I’d be the least likely partner you’ve ever met. I know what Twitter/Vine/Keek/Instagram/Google+/Pinterest are. I play games on Facebook. I write for Going Concern in my spare time. I hate reading trade journals and accounting news. I look and think that I would be a bit of an outcast as partner in the Big 4 as they stand now.
What about a change agent?
But this could also be the reason why I need to be a partner. Why not be a person who helps bring change to the stodgy old firms? Most people think the Big 4 and other large firms aren’t capable of change but they are, even if it’s in baby steps.
No one in the firm thought we could make outsourcing work and here we are being successful at it. Everyone complained that going electronic would be too painful and impossible but we did it and paper is in the past. Firms will eventually see that their way of thinking about hiring, ratings, chargeable hours, promotions, etc. will have to change as the market place does. The firm will kick and scream about it -- just like with the proposed audit report changes -- but someone will find a way to monetize the change and they’ll start that train moving.
The firms can’t operate for the next twenty years the way they have for the past twenty. Major change happens in years these days not decades, so I do believe some firms will embrace it. It might be interesting to be in on that change. The older I get, the better chance I have of being in a position to help influence change. Despite what some say, there is value in our profession and the people who practice it.
What are the odds?
If you asked me to handicap my decision right now I’d say that moving away from the partner track is a moderate favorite (maybe -300 on the Vegas boards).
Right now I think that means sticking around in a non-audit position but it could also mean it’s time for me to find a similar role at a different organization. Either way I’ll be sure to keep everyone posted on those future decisions.