KPMG UK partners receive record payday as FY24 profits leap

KPMG UK’s partners saw their salaries jump by 9% to an average of £816k for the year to September 2024, as profits before tax rose 11% to £404m thanks to cost-cutting initiatives. However, total revenues grew slowly by 1% to £2.99bn that year.  

According to the Big Four firm, the year-end bonus pot for all UK staff increased by 20% in FY24 due to the improvement in profitability. 

KPMG UK also revealed that it had promoted 10% more people in 2024 than in the year before, as well as created around 1,000 new opportunities for students. 

The firm’s tax and legal departments experienced “good” sales growth of 9% during 2024 in response to increased client demand for advice on changes to tax law, as well as assessing and implementing advances in AI and other new technologies. 

Meanwhile, sales at the audit arm grew by 5% with the support of the Big Four firm’s investments in audit quality and AI. In spite of this, growth was offset by a decrease in advisory sales of 4% against a backdrop of “depressed UK and global deals markets”.

Anticipating market challenges during the financial year, KPMG had taken steps to manage its cost base throughout the year. This resulted in improved profitability and supported continued investment. 

Early in October 2024, KPMG’s British and Swiss arms completed a merger to create a new $4.4bn (£3.5bn) business – which is now the second largest in the KPMG global network. 

Jon Holt, group CEO and UK senior partner at KPMG, said: “This is a good performance in challenging market conditions. Over the past 12 months our teams have worked incredibly hard to make sure our firm and our clients could adapt, succeed and grow in an uncertain business environment.

“While we’ve focused on managing our costs, we have positioned the business for long-term sustainable growth. We have an important role to play as a business and through our clients in the UK’s journey to economic growth.”