What does it take to make the jump from senior manager to partner?
Good question. Let's break it down, in order--
1) People Skills - You have to have really good people skills, you cannot be awkward. You have to come across as genial and amicable, and exhibit the personality of someone that others want to do business with.
2) Perception that you can network and pull in clients - At the end of the day, the Firms were created to make money, and the partners need to keep adding more money in the pool. If the partners think you can go in, network at charity events, golf events, etc, and pull in new clients, you're in, it goes a loooong way. Develop a personality that will make people want to ask you to join them for a drink
3) Perception that you understand audit and that you are good at what you do - You do not have to be an audit superstar, but as long as you have a good reputation, and the client likes you, that's what matters.
4) Reflect your demographic - If you want to be a partner in a place like say Minnesota, odds are being white will help you. If you want to be a partner in Miami, being hispanic will help. Look like your clients and your potential clients out there, and that helps give them a sense of comfort. Hey, I'm not advocating this one bit, but don't blame the messenger, blame the message.
5) Concentrate on 1-2 industries where you can become really knowledgeable in the technical guidance related to that industry, and ideally where there's not a glut of partners already in that industry - Manufacturing and software are notorious for having a ton of partners, so it's tough in cities where there so many partners dedicated to this area
6) Take over certain jobs completely, to such an extent that all the partner needs to do is sign off. This takes a huge burden off his/her shoulder
7) Develop a strong relationship with the CFOs of your current clients, strong enough that they come to you for everything instead of the partner
8) Take a lead role in an IPO
9) Schmooze the partners, they're the ones who can promote you, so try your best to get them to like you
10) Dream..there's a 10% chance of becoming partner, so you better know you're good enough to be partner and be prepared to stick it out as senior manager until you make it (6-10 years as snr mgr).
Remember..it's not the quality of your audit, but your ability to bring in money...
Good question. Let's break it down, in order--
1) People Skills - You have to have really good people skills, you cannot be awkward. You have to come across as genial and amicable, and exhibit the personality of someone that others want to do business with.
2) Perception that you can network and pull in clients - At the end of the day, the Firms were created to make money, and the partners need to keep adding more money in the pool. If the partners think you can go in, network at charity events, golf events, etc, and pull in new clients, you're in, it goes a loooong way. Develop a personality that will make people want to ask you to join them for a drink
3) Perception that you understand audit and that you are good at what you do - You do not have to be an audit superstar, but as long as you have a good reputation, and the client likes you, that's what matters.
4) Reflect your demographic - If you want to be a partner in a place like say Minnesota, odds are being white will help you. If you want to be a partner in Miami, being hispanic will help. Look like your clients and your potential clients out there, and that helps give them a sense of comfort. Hey, I'm not advocating this one bit, but don't blame the messenger, blame the message.
5) Concentrate on 1-2 industries where you can become really knowledgeable in the technical guidance related to that industry, and ideally where there's not a glut of partners already in that industry - Manufacturing and software are notorious for having a ton of partners, so it's tough in cities where there so many partners dedicated to this area
6) Take over certain jobs completely, to such an extent that all the partner needs to do is sign off. This takes a huge burden off his/her shoulder
7) Develop a strong relationship with the CFOs of your current clients, strong enough that they come to you for everything instead of the partner
8) Take a lead role in an IPO
9) Schmooze the partners, they're the ones who can promote you, so try your best to get them to like you
10) Dream..there's a 10% chance of becoming partner, so you better know you're good enough to be partner and be prepared to stick it out as senior manager until you make it (6-10 years as snr mgr).
Remember..it's not the quality of your audit, but your ability to bring in money...
Comments
This is based on the consulting side of the business if it makes any difference.
Chartered Accountant Career
Accountancy Firms Kingston | UK corporation tax
Year 1-3: Clerk
Year 4: Supervisor
Year 5-7: Manager
Year 8: Partner
A time-based promotion system.
Worst business model of all time!
And this is a fact of life.
My response is dont do it.
Auditing is the worst thing anyone could ever do. it is boring, you get no respect from your seniors.
You are treated like a child.
At the end of the day you dont feel like you have added any value to anyones life.... actually auditing probably anti value adding.
stay lear of the audit world if you want to remain a human being.
http://lifeofanauditor.blogspot.com/2010/01/interns.html
http://lifeofanauditor.blogspot.com/2010/10/age-in-big-4.html