INSIDE Public Accounting is due to release their Top 500 list soon and in the meantime, they’ve asked a very important question: Will 2024 show another big boost in compensation?
Here they’ve compared compensation for equity and non-equity partners, managing partners, and professional staff at non-Big 4 IPA 100 firms for 2023 against 2019. These figures are the trim average meaning they’ve excluded the highest and lowest numbers from their data set to average the remaining 90%. When we exclude Big 4 from the IPA Top 100, we get the largest firm, RSM, with $3.7 billion in revenue to the smallest, Global Tax Management Inc. coming in at $48.8 million. Just to give you an idea of what size firms these numbers pertain to.
- Equity partners compensation was $839,687 last year. In 2019, it was $620,936.
- Non-equity partner compensation was $307,579. It was $275,318 in 2019.
- Professional staff compensation (excluding partners) was $104,370, versus $90,149 in 2019.
- MP compensation averaged $1,726,853, which is significantly higher than the $1,247,266 average in 2019.
Since 2020, staff pay has increased by 15.7 percent while partners have seen an increase of 29.2 percent. That’s IPA’s math, don’t come for us if it ain’t mathin’.
We eagerly await updated figures for 2024.
Update: Just going to leave this here. Thanks for doing the math, fren.
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