KPMG has just released its first set of annual results following the merger of its UK and Swiss businesses. The figures are looking good for KPMG partners but how do they compare to the rest of the Big 4?
The Big 4 are Deloitte, EY, KPMG and PwC. These firms dominate the global audit, tax, advisory and consulting markets and employ hundreds of thousands of people worldwide.
Partners are the owners of these firms. Instead of a salary, they typically receive a share of the firm’s profits, known as distributable profit per partner.
Average partner pay in the UK
Based on the latest published UK figures:
- Deloitte: over £1 million per partner
- KPMG: around £880,000 per partner
- PwC: around £865,000 per partner
- EY: around £787,000 per partner
(The sharp-eyed among you may notice that the order of partner pay neatly matches the number of letters in each firm’s name - more letters, higher average pay. Should we expect EY to quietly revert to Ernst & Young at some point?)
These figures represent averages, not guaranteed pay. Some partners earn significantly more, while newer or lower-equity partners earn less.
Why does partner pay differ between firms?
Partner pay depends on several factors, including:
- Overall profitability of the firm
- Number of partners sharing the profits
- Performance of key service lines such as audit, tax and advisory
- Cost management and investment decisions
For example, firms with stronger profit growth or fewer partners may report higher average earnings, even if revenues are similar to competitors.
What does a Big 4 partner actually do?
Partners are not just senior employees. They are responsible for:
- Winning and retaining major clients
- Managing large teams and complex projects
- Overseeing risk, quality and regulatory compliance
- Setting strategy and long-term direction
- Representing the firm externally
With ownership comes risk. Partner earnings can go down as well as up depending on firm performance and market conditions.
How long does it take to become a partner?
There is no fixed timeline, but typically:
- It takes 12–18 years from graduate entry
- Most partners qualify professionally early in their career
- Promotion depends on performance, business development and leadership ability
- Only a small percentage of people who join a Big Four firm will ever become partners.
Is partner pay guaranteed?
No. Partner earnings fluctuate year to year. During economic downturns or periods of weak demand, partner pay can fall. In strong years, it can rise sharply.
Partners may also be required to:
- Reinvest profits into the firm
- Contribute capital when joining
- Accept reduced drawings during difficult periods
Why does partner pay matter to students?
Partner pay is often seen as a symbol of success in professional services, but it also reflects:
- The commercial nature of accounting firms
- The importance of client relationships
- The link between performance and reward
For students, it provides context on career potential - but also highlights the level of responsibility and commitment required to reach the top.
Final thought
So, how much do Big 4 partners earn? In the UK, the answer is typically high six figures to over £1 million a year, depending on the firm and the year.
It’s a reminder that professional services can be extremely rewarding - but only for those who make it all the way to the top.
