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For Deloitte, partner is with a CPA. Principal is a partner without one. ED is just a salary level instead of a partnership
^same for us
In Canada you don't need a CPA to become a Partner.
Ahh sorry this is for US. And principal is the exact same thing as partner lol
Yep^ and ED isn't bound to the 'retire by 65 (or was it 60?)' rule.
wait, you need a CPA to make Partner? Guess I should get that done over the next 5 years or so...
ED is not a terminal position though. I guess Up or Out rule applies to EDs as well
Majority of partners are in Audit/tax... almost all equity owners in consulting are principals
So it goes SM then partner/principal or Ed?
Do ED stay at that level or do they pursue partner also?
ED is generally (like probably 90% of the time) a destination and not a stepping stone. Generally those who go from ED to PP are generally experienced hires who were direct hired to ED. Those promoted from SM to ED generally stay that until they die or quit.
They do dangle the carrot for EDs that it is always "possible" to make partner/principal.
What's the big differentiator someone has that takes them down either path?
What's the buy $ in for partner?
The differentiator is not always clear. Sales is a big thing (obviously), presentation, network, people support, etc. Sometimes it's "obvious" the difference in that it was a SM not bad enough to get fired, but not good enough for PP, but sometimes it's not as clear. Either way ED certainly competes with SM on the most beleaguered position in the firm.
Buy in is about 250K-300k I believe.
What's the pay for ED vs partner
I don't know specifics, but PP is definitely quite a bit more with greater upside. Additionally, PP retirement is much better than ED.