Average income of Deloitte’s partners in UK and Switzerland tops £1m
Partners at Deloitte in the UK and Switzerland will receive an average income of more than £1m each for the second year in a row, after the accountancy firm enjoyed another successful year.
Each partner will receive an average distributable profit of £1,058,000 in the year to the end of May, about 33 times the UK’s average annual pay. This is the first time the sum has exceeded £1m and is an increase of about 24% compared with the same period the year before.
Equity partners do not receive a salary but instead receive a share of profits as income, with 672 of them sharing £711m in profits in the 2022 financial year.
While the average distributable profit rose, the total payout they received was flat year on year because the 2021 results were flattered by a £196,000 windfall for each partner after the sale of Deloitte’s UK restructuring business to Teneo, an advisory firm.
The big four accountancy firms – Deloitte, EY, KPMG and PwC – benefited from an increase in business in the aftermath of the coronavirus pandemic as companies made a wave of mergers and acquisitions (M&A) and looked to introduce newer technology.
Deloitte, which has 20,000 UK employees, said “resilient markets and corporate investment” had driven revenues up in the combined UK and Switzerland by 10% to £4.9bn during the financial year, with business growing in all areas. Revenues grew fastest, up 15% year on year, in the consulting division, which advises businesses on changes such as new technology.
However, Deloitte has not escaped scandal. In April the UK’s accounting regulator, the Financial Reporting Council, said it was investigating Deloitte over its audit of the bus and rail operator Go-Ahead over wrongly withholding £50m of taxpayers’ money. The
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