The road to partnership: key financial considerations for Big Four future partners

A new chapter, new obligations

Becoming a partner at a Big Four (Deloitte, EY, KPMG and PwC) firm is a significant career milestone. It reflects years of dedication, expertise, and leadership. With this achievement comes not only greater influence and prestige, but also a new set of financial responsibilities that can feel both exciting and, at times, a little overwhelming.

One of the first things to recognise is that your financial obligations as a partner are different from those you faced as an employee. The decisions you make now will have a lasting impact on your long-term financial wellbeing. Keep in mind that personal independence requirements extend beyond you as an individual. Your immediate family members, such as your spouse, partner, or dependent children, will be subject to the same compliance rules. Ensuring that your family’s financial arrangements remain within your firm’s independence framework is a key part of your planning.

What it means and how to prepare  

Preparing for partnership is not something that happens overnight. Ideally, you should start planning well in advance, with firms assessing potential candidates for partnership over an extended period. This gives you time to build up liquidity, reduce personal debt, and review your overall financial structure so the transition feels manageable. The buy-in process itself involves making a capital contribution to the firm, which is often funded through a mix of personal savings and loans. Many firms have arrangements with preferred lenders, so it’s worth taking the time to understand the terms, interest rates, and repayment schedules on offer.

There are also important tax implications to consider, depending on how your contribution is structured. Planning ahead can help you avoid any unexpected surprises. Transitioning from employee to self-employed status, your tax filings, National Insurance contributions, and access to certain benefits will all change. Your capital account may earn a return, which can help offset loan interest and contribute to your long-term wealth. However, it’s important to remember that your capital is tied up in the firm and may not be easily accessible, so liquidity planning is essential.

Shifting income structures and long-term rewards

Stepping into partnership brings a noticeable shift and you’ll notice a real change in how your income is structured. Instead of receiving a fixed monthly salary, your earnings will come from a share of the firm’s profits. This means your income can fluctuate from year to year, making it even more important to plan your cash flow and budget carefully. You’ll also move from the PAYE system to self-assessment, which involves quarterly tax payments and more detailed filings. Getting ahead with your tax planning is a smart move and can help you avoid any last-minute stress.

Some employee benefits you may have relied on, such as certain insurances or pension contributions, might no longer apply, so it’s worth reviewing any changes and what you’ll need to replace. As your seniority grows, your share of profits is likely to increase, which can have a positive impact on your long-term financial position. Over time, your capital account within the firm may also grow, providing a meaningful return on your initial buy-in and forming a core part of your overall wealth strategy.

Building a personal financial strategy

Cash flow modelling: Get a clear picture of your income, spending, and future goals.

Tax-efficient investing: Make your investments work harder by structuring them to reduce your tax bill as your income grows.

Protection planning: Ensure you and your family are covered with the right life, critical illness, and income protection.

Retirement planning: Review your pension and plan for future income, especially now you are self-employed.

Estate planning: Prepare to pass on your wealth in a way that minimises tax, using trusts and inheritance strategies where appropriate.

Mortgage advice: Ensure your mortgage arrangements align with any revised timescales that may result from your new employment status.

Responsible investing: Align your compliant investments with your values, whether that’s environmental, social, or other priorities.

How Quilter Cheviot can help you on this journey

At Quilter Cheviot, we understand that building a career in the Big Four comes with unique financial challenges and opportunities. Our team has decades of experience supporting partners, senior professionals, and their families, helping you stay compliant with your firm’s independence rules while making the most of your wealth. We work closely with your firm’s Personal Independence and IT teams, using automated data feeds and pre-cleared investment portfolios to keep things simple and reduce your administration.

Our Discretionary Portfolio Service gives you a dedicated Investment Manager who builds and manages a portfolio around your goals, risk appetite, and compliance needs. We’re here to help you make the most of tax-efficient wrappers, manage capital gains, and adapt your investments as your circumstances change. You’ll have regular updates, secure online access, and a relationship that’s built to last.

If you already work with a financial adviser, it’s important to involve them early when reviewing your planning requirements. At Quilter Cheviot, we value trusted relationships and are happy to collaborate to ensure your financial strategy remains aligned, compliant, and tailored to your evolving needs. Where appropriate, our in-house Financial Planners can support you across all key areas of financial planning. Whether you’re looking for a fully integrated service or prefer a collaborative approach with your existing adviser, our priority is to deliver high-quality financial planning and investment management that’s right for you.

With Quilter Cheviot, you can feel confident that your finances are in safe hands, so you can focus on your career and your ambitions. Whether you want a fully integrated service or prefer us to work with your existing adviser, we’re here to support you at every stage of your financial journey.

The value of investments, and the income from them, can go down as well as up and that past performance is no guarantee of future return. You may not recover what you invest

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This material is not tax, legal or accounting advice and should not be relied on for tax, legal or accounting purposes. Quilter Cheviot Limited does not provide tax, legal or accounting advice. You should consult your own tax, legal and accounting adviser(s) before engaging in any transaction. Trusts, estate planning, taxation and inheritance tax advice are not regulated by the Financial Conduct Authority. Tax treatment depends on an individual's circumstances and may change in the future.

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Approver: Quilter Cheviot Limited 28 October 2025