Was wondering if anyone had any insight into the M&A tax advisory group At Deloitte. Stuff like pay, hours and exits would be especially appreciated.
What are typical exit oops for someone in this type of role? BO at PE fund?
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I work in M&A tax. 6 years out of school. 4 years tax compliance and I’m in my 2nd year of M&A tax consulting.
Pay - firms bifurcate pay structure on whether you are a CPA or JD/LLM. Pay levels out/converges on these two certifications at the senior manager/director level. These days I imagine new CPA associates start at $75-80k and jd/llm associate start at $120k. In general, seniors make $110-$140k, managers $140-$200, senior managers $200-$250, and directors/partners make $250k+. This is the highest margin and rate per hour tax work so average partners are probably around $600-700k and I’m sure there are plenty pulling $1 million plus. Is be willing to bet there are one or two total rainmakers out there pulling over $3 million.
Hours - Between 40-70. 70 is rare, 40 is less rare, 50-55 is common. Rarely work weekends. Take 15-20 PTO days per year and 10 firm holidays. Most issues at year end fall on corporate attorneys so I’ve never had to put in crazy year end hours. All around a pretty decent work life balance so I have time for my wife, social life, travel, and self maintenance.
Exits - tax tax and more tax baby. Be ready to wear that scarlet letter. Once you are in tax most won’t see you as more than a tax person. No juicy exits into PE or other corp dev roles. There are exceptions. The former CFO of KKR (Bill Janetshek) was a former Deloitte tax partner. I guess you will never where you could end up. Wouldn’t count on an exit like that though.
Overall thoughts - tax is an honest living. Compliance sucks, avoid it like the plague, however my compliance background has really helped me in my transition to M&A tax. There are still many elite practitioners with no compliance background so it is not necessary to get your feet wet there. Sitting at the intersection of accounting and law is interesting. Once you get past M&A tax diligence into the structuring and modeling projects it requires real thought and creativity that makes the job interesting. Given the hours I work I wouldn’t trade it for a job that pays 2x as much for 2x the hours and stress. You won’t be the richest person as your peers in IB/PE will out earn you in multiples, however, you can still make a great living and if you are financially disciplined retire a wealthy man.
Let me know if you have any more questions.
Thanks for the info +SB. Was curious a bit more on the exits. Tax tax tax makes sense but in practice what do analysts, senior analysts, etc typically venture into next
People at the junior level generally don't use their tax experience to jump to something more lucrative. 99% of the time when a junior level employee decides tax is not for them they restart on the ground floor of a new industry/service/area if they can network out of tax.
Senior people don't have the restart option so if they are fed up with client service and want to go in-house will take an industry tax role where they are guaranteed a low six figure salary the rest of their life in exchange for not ever working more than 50 hours ever again. You will never make 7 figures in an industry tax role. Even if you are buyside PE internal tax you are not a deal originator/maker/closer so the economics won't flow to you.
If you start a career in tax and want to get rich, you better be committed to a long career in tax in a client service role.
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