How to Become a BDO Partner: A Comprehensive Guide

Any ambitious accountant will consider becoming a BDO partner to be a great accomplishment. A partnership position at BDO, one of the biggest accounting and advising firms in the world, provides a plethora of prospects for career advancement, substantial salaries, and access to a global network of clients. But achieving this level necessitates a combination of diligence, commitment, and forethought. We’ll give a thorough explanation of the process in this post, together with responses to any pertinent queries, on how to become a BDO partner.

Yes, Certified Public Accountants (CPAs) can make more than $200,000. However, this amount changes based on a number of variables, including geography, industry expertise, and experience level. The average starting pay for accounting graduates in 2020 was $58,508, according to a poll by the National Association of Colleges and Employers. However, CPAs can expect to make a six-figure salary with years of experience and promotions to senior roles. Can CPAs Earn Millions?

Even though it’s not impossible, it’s doubtful that a CPA will earn millions from their work in accounting alone. However, joining a major accounting firm like BDO as a partner might increase your earning potential significantly. According to Glassdoor, a BDO partner in the US has an average compensation of roughly $500,000, with some making over $1 million. To earn this much money, you must have years of experience, perform very well, and have a proven track record of attracting new customers and business. Which Accounting Firm Offers the Best Compensation?

1. PwC

2. Deloitte

3. EY

4. KPMG

5. Grant Thornton, according to Vault’s 2022 Accounting 50 rankings.

Yes, a lot of CPAs earn six-figure incomes. The Bureau of Labor Statistics reports that in May 2020, the median annual salary for accountants and auditors was $73,560. However, this number can change depending on the area, industry, and experience. For instance, CPAs in the financial and insurance industries may make more money than those working for the government or nonprofits.

It takes several years of expertise, great performance, and a history of bringing in new clients to become a partner at BDO. The following actions you can do will improve your likelihood of becoming a BDO partner:

1. Attain the Required Qualifications: A bachelor’s or master’s degree in accounting, finance, or a closely related discipline is required to become a BDO partner. A CPA license and any other necessary qualifications must also be obtained.

2. Develop Your Experience and Skills: You can develop a wide range of skills and expertise by working in various accounting roles, such as auditing, tax, or advice. Developing your leadership, communication, and business development skills should also be a priority. 3. Display Outstanding Performance: To stand out as a possible partner, you must exhibit outstanding performance in your current position. This entails producing high-quality work, exceeding goals, and assuming new responsibility. 4. Create a Network and Attract New Clients: Creating a solid network of contacts and attracting new clients are essential steps in becoming a BDO partner. To expand your network, you should go to industry gatherings, conferences, and networking events. You should also create a strategy plan to find new customers and present your services to them. 5. Submit an application for partnership with BDO after fulfilling the prerequisites and exhibiting remarkable performance. There are various stages to the selection process, including interviews, tests, and assessments of your abilities.

To sum up, it takes a combination of perseverance, commitment, and strategic planning to become a BDO partner. Although becoming a partner is a difficult process, the benefits are substantial and include high salaries, career advancement, and access to a global network of clients.