In the highly competitive world of professional services, reaching the esteemed position of partner at one of the Big Four firmsDeloitte, EY, PwC, and KPMGhas become increasingly difficult. Recent reports indicate that shrinking partner pools within these firms are making it harder for aspiring consultants and accountants to ascend to this pinnacle of success.

Partners are the most senior employees within these firms. They hold equity stakes in the business, which traditionally grants them both a vote in strategic decisions and a share of the firm's annual profits. For instance, last year, each equity partner at Deloitte in the UK earned an impressive equivalent of $1.3 million. However, the pathway to this level of success is notoriously challenging, further complicated by structural changes and a slowdown in growth that has resulted in fewer partners and reduced payouts.

To better understand this competitive landscape, Business Insider consulted two recruiters who specialize in placing partners at the Big Four, as well as a former partner from PwC who recently transitioned out of the firm. Their insights provide valuable guidance for early-career employees aspiring to secure the coveted partner title.

Networking: A Crucial Skill

James O'Dowd, the founder of Patrick Morgan, a global executive recruitment firm that focuses on senior partner hiring, emphasized that two essential traits are necessary for anyone aspiring to become a partner at a Big Four firm: a "commercial nature" and a keen understanding of "the politics within the business." He noted, "A lot of your success is about the support and encouragement you get from senior individuals and the people around you as much as it is about your competence."

While technical proficiency is undoubtedly important, O'Dowd stressed the significance of investing time in building internal networks. He explained that without these connections, progress may be slow. Mohamed Kande, PwCs global chairman, echoed this sentiment in a 2021 LinkedIn post, where he acknowledged that the support from several executives in the firm played a pivotal role in his career development, helping him navigate various business areas and providing tremendous opportunities for advancement.

For those starting their careers, O'Dowd advised taking on tasks that others might shy away from. This can help establish a reputation as someone who gets things done, a quality that is highly valued in these firms. Paul Webster, a former EY employee and now managing partner at Page Executive, reinforced the necessity of networking. He encouraged employees to actively participate in networking and client events, suggesting they should also hone their social skills to be effective team players. "In contrast to other industries that may prioritize individual achievements, the Big Four emphasize collaboration and a collegiate approach," Webster explained.

Developing a Commercial Mindset

O'Dowd further elaborated that becoming a partner at a Big Four firm is fundamentally a sales role. He noted, "Your sole focus is on winning and nurturing client relationships." As professionals progress through the ranks, they transition from executing tasks to generating revenue. O'Dowd highlighted that it is crucial for employees to develop skills in client management from an early stage, as senior partners are increasingly looking for individuals who can bring in business.

Moreover, he pointed out that senior partners tend to favor those who demonstrate strong interpersonal skills, making in-office presence preferable to remote work. Webster added that the expectations regarding business acumen have intensified over the past decade. "Even at the senior manager level, firms now expect you to possess some level of a network or contacts that can help bring in business before you even reach the partner tier," he stated.

Exploring Alternative Paths to Partnership

While climbing the internal ranks remains a traditional route to partnership, it is not the only pathway. For instance, Alan Paton made a notable transition to become an equity partner at PwC after joining from Google, where he worked in AI cloud capabilities for its financial services division. He recounted that the recruitment process took over a year and involved extensive interviews and assessments, even as he was fast-tracked. Paton emphasized that joining the Big Four from an external company requires specific skills that the firm may be lacking, particularly in high-demand areas such as cloud computing, AI, data analytics, and technology.

Conversely, he warned that breaking into the Big Four from a smaller consulting firm can be quite challenging, especially if ones experience is limited to generic consulting roles. O'Dowd advised current employees to strategically position themselves within the organization by identifying gaps in skill sets that they can fill. "Think carefully about your career progression and the unique areas you can contribute to the firm," he advised.

In a related comment, KPMG US's vice chair of talent and culture, Sandy Torchia, noted that the firm is committed to empowering its partners through three essential mindsets: "owner, operator, steward." These mindsets are designed to strengthen the partnership and foster meaningful connections throughout a partner's career. Torchia also remarked on the evolving nature of career aspirations, highlighting that KPMG is dedicated to nurturing a multi-disciplinary environment with diverse career pathways, ultimately benefiting both clients and employees.

Despite the increasing challenges, aspiring partners at PwC, EY, and Deloitte must remain persistent in their pursuit, as these firms continue to seek out top talent who can navigate the complexities of the professional services landscape.