KPMG partners have surged past their counterparts at PwC to become the second-highest paid among the Big Four accountancy firms, according to the latest financial results. Distributable profits per partner in the 12 months to September 30, 2025, averaged £880,000, marking an 11 percent rise from the previous year. The figure surpasses PwC’s £865,000 and EY’s £787,000 but remains below Deloitte, which retains the top spot with partner pay exceeding £1 million.
The strong payout came despite warnings from KPMG that ongoing economic headwinds and lower industry-wide staff turnover are keeping cost management a key focus. The results represent the first set of annual accounts following the merger of KPMG’s UK and Swiss operations on October 1, 2024. The integration combined Britain’s 16,000-strong workforce with 2,200 Swiss employees, creating a platform for greater international collaboration, including a new exchange programme for staff to work across both countries.
KPMG reported revenue of £3.6 billion, up from £2.99 billion the previous year, while total profits before tax rose 14 percent to £576 million. Growth was uneven across the firm’s divisions. Its tax and legal business expanded by 6 percent and audit services grew 5 percent, driven by heightened client demand for guidance on complex regulatory changes. Advisory services, however, fell by 3 percent, reflecting challenges in consulting and deal-making markets. The firm also announced plans to increase spending on colleague bonuses by 18 percent and to support a greater number of promotions, signalling a commitment to rewarding staff performance and retaining talent.
The merger vote in May 2024 was overwhelmingly supported by KPMG partners, and the first year under the combined structure has been described by UK CEO Jon Holt as a period of new opportunities for clients, employees, and the wider communities in which the firm operates. Holt, who is also a contender to succeed retiring global CEO Bill Thomas, said the merger “was a defining moment for our firm” and affirmed that KPMG has a “strategy in place to move forward with plans for long-term sustainable growth,” even amid an uncertain economic environment.
KPMG’s results highlight the fierce competition among the Big Four for both market share and talent, with partner remuneration serving as a critical barometer of success. By overtaking PwC in average partner pay, KPMG has sent a clear signal of its growing influence in the accounting sector and its ambitions to maintain a leading position in a highly competitive global market.
