The once-prestigious path to partnership at the Big Four accounting firms is shrinking, and it’s raising eyebrows across the industry. Partner promotions have plummeted to a five-year low, signaling a seismic shift in how these giants are navigating a post-pandemic, AI-driven landscape. But here's where it gets controversial: is this a strategic pause, or a sign of deeper trouble brewing? Let’s dive in.
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In the 2025 cycle, just 179 professionals were promoted to partner across Deloitte, EY, KPMG, and PwC—a stark drop from the 276 promoted three years ago. This decline, revealed through Financial Times analysis of reports, press releases, LinkedIn posts, and Companies House filings, underscores the sector’s struggle to safeguard profits amid slowing demand for consulting services.
Deloitte and PwC promoted the fewest partners in five years, while EY’s promotions were less than half of its 2022 total. KPMG, however, broke the trend by resuming promotions after a multi-year freeze. But why the disparity? And this is the part most people miss: the Big Four are not just trimming promotions; they’re rethinking their entire partnership model in the face of generative AI and economic uncertainty.
These firms are scrambling to protect profits for their roughly 3,000 equity partners. Beyond cutting promotions, they’ve slashed pay raises, bonuses, and even made redundancies. Remember the hiring and promotion frenzy during the pandemic boom? That bubble has burst, leaving revenue growth stagnant and cost-cutting measures in full swing.
Take Deloitte, for instance. They promoted just 60 partners this year, down from 124 in 2022. PwC named only 40 equity partners, nearly half of 2022’s figure. EY added a mere 34, down from 74. KPMG, despite its recent promotions, still has the smallest partner count at around 460.
Here’s the kicker: average partner payouts have hit record highs, with KPMG partners earning £816,000 and Deloitte’s surpassing £1 million. So, why the reluctance to promote? Laura Empson, professor of management at Bayes Business School, offers a thought-provoking perspective: the Big Four are wary of generative AI’s impact on their core services. It’s no longer just about whether a candidate can generate enough work today, but whether they’ll sustain income in an unpredictable future.
Deloitte’s UK business saw its first revenue decline in 15 years, while PwC’s growth flattened. EY’s revenues inched up 2% in a “challenging market,” and KPMG reported a mere 1% rise, down from 9% in 2023. Yet, KPMG’s overhaul under Jon Holt—including culling senior ranks in 2023—has left its partnership at its smallest in two decades.
Overall, equity partner numbers have dropped for the first time in five years, falling by about 80 to roughly 3,050. To retain talent without sharing partnership spoils, Deloitte, EY, and KPMG have introduced a “salaried partner” rank. PwC, meanwhile, created a “managing director” title for top performers they’re not ready to make partners.
So, what does this all mean? Are the Big Four simply tightening their belts, or is this a harbinger of a more fundamental shift in the accounting and consulting industries? And what role will AI play in shaping the future of partnership? Let us know your thoughts in the comments—this is one conversation you won’t want to miss.
