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Management Consulting Discussion - Page 36

post #526 of 540
Thread Starter 
I would say that 65-70 hours is more common at McKinsey now. We are really busy as our win rate on new projects is really high.

On the plus side, there is lots more bonus to go around.
post #527 of 540
Thread Starter 
Quote:
Originally Posted by pnlfr View Post

I started the transition in 2012 from MC to my own small business. I joined MC as a graduate and had exactly the same plan as you: grow, get the knowledge and start my own business. I spent 15 years in consulting, by the time I thought the time has come smile.gif 

So let me summarize my key learnings for you:

- Consulting is a fantastic profession, because you do your work in a high speed, intellectually challenging environment. This means continuous learning. You build skills all the time, be it market knowledge, industry skills, business/functional or technical, people, you name it. This learning and your MC experience will be your vital assets. 

- Leaving consulting is not easy before you climb the career ladder. I found it very tempting that continuous promotions give me the opportunity to learn and try myself in more complex, more sizable and more challenging projects. I always thought, ok let me learn this too, it will make me smarter and stronger. Even though I developed my own business ideas all the time, this is why I only moved after 15 years.  

- Skill building on the other hand is pretty tricky. I spent more than 10 years in CRM, working with telco clients from marketing, sales and customer service. I just realized only when I started my own business, that despite the numerous engagements in planning and execution, marketing is really hard to crack if I am in charge of the whole thing myself. Therefore I think it would have been a good idea if I experimented more with marketing during my work years as a side project only for experience's sake.

- I can name a couple of areas, where experience or routine is life saving. Sales and marketing, the way you work with people and negotiation experience. You can not really build these skills in schools the right way, in these areas you'd better feel the pain and fight your way through when you are still in an MC environment. 

- MC companies have a great mentoring culture, I always had a good mentor. When I felt that my mentoring was not as I wanted, I simply looked for a new mentor. I am very grateful for this. 

- Finance should be an everyday habit, like a background process running all the time. This usually comes only after your executive promotion. Understanding, planning and executing against strong P&L should come as a reflex. This is again something you learn by doing. 

- Another benefit of being an executive in consulting is that you are expected to run the business as if it was your own. Ideal learning environment, people will look after you and help before you make an expensive mistake. 

Overall building the businessman mindset from a graduate/junior mindset is where a consulting career path can be very useful. Your skills will save you a lot of pain, money and time. 

Hope this helps.

This is pretty accurate.
post #528 of 540
Quote:
Originally Posted by Artisan Fan View Post

I would say that 65-70 hours is more common at McKinsey now. We are really busy as our win rate on new projects is really high.

Good times or bad I've never heard anyone from McKinsey say anything other than this :smarmy:

 

That said I'm one of the few in my office not with a McKinsey background. No where better to start a career.

post #529 of 540
Thread Starter 
Quote:
Originally Posted by MSchapiro View Post

Quote:
Originally Posted by Artisan Fan View Post

I would say that 65-70 hours is more common at McKinsey now. We are really busy as our win rate on new projects is really high.
Good times or bad I've never heard anyone from McKinsey say anything other than this mwink%5B1%5D.gif

That said I'm one of the few in my office not with a McKinsey background. No where better to start a career.

No question we are busier than normal now.
post #530 of 540
Quote:
Originally Posted by pnlfr View Post

- Consulting is a fantastic profession ...

Just wanted to offer my view that consulting is actually not a profession. A professional has certain requirements like a having a organized body of knowledge, credentialing, and professional discipline. "Lawyer" is a profession. "Doctor" is a profession. "Accountant" is a profession, etc.

Anyone can call themself a consultant. It may be a career but it is not a profession.
post #531 of 540
Quote:
Originally Posted by rajesh06 View Post


Just wanted to offer my view that consulting is actually not a profession. A professional has certain requirements like a having a organized body of knowledge, credentialing, and professional discipline. "Lawyer" is a profession. "Doctor" is a profession. "Accountant" is a profession, etc.

Anyone can call themself a consultant. It may be a career but it is not a profession.

The proliferation of the term consultant doesn't nessesarily errode the profession of consultant. It would be more correct probably to say management consulting is a profession.

post #532 of 540
Thread Starter 
Quote:
Originally Posted by rajesh06 View Post

Quote:
Originally Posted by pnlfr View Post

- Consulting is a fantastic profession ...

Just wanted to offer my view that consulting is actually not a profession. A professional has certain requirements like a having a organized body of knowledge, credentialing, and professional discipline. "Lawyer" is a profession. "Doctor" is a profession. "Accountant" is a profession, etc.

Anyone can call themself a consultant. It may be a career but it is not a profession.

Strategy firms fit the definition of a profession. Regular annual and bi-annual training. Industry conferences. In some technical areas, even certifications.

Don't confuse the industries with more regulations/credentials like investment banking and law with being more professional than strategy consulting which by its nature is less regulated due to the problem solving nature of the work.
post #533 of 540
Doesn't the definition of a true profession require a formal qualification or license to practice? If so then do y'all strategy guys actually get a designation or a license to practice like law, medicine, or accounting?

Also, is there a regulatory body that can revoke your license to practice or bar you from the profession?
post #534 of 540
Quote:
Originally Posted by Texasmade View Post

Doesn't the definition of a true profession require a formal qualification or license to practice? If so then do y'all strategy guys actually get a designation or a license to practice like law, medicine, or accounting?

Also, is there a regulatory body that can revoke your license to practice or bar you from the profession?

Oxford Definition: "A paid occupation, especially one that involves prolonged training and a formal qualification:"

 

Especially, but not exclusively. 

 

Investment Banking also doesn't have a set qualification either.

post #535 of 540
Quote:
Originally Posted by Texasmade View Post

Doesn't the definition of a true profession require a formal qualification or license to practice? If so then do y'all strategy guys actually get a designation or a license to practice like law, medicine, or accounting?

Also, is there a regulatory body that can revoke your license to practice or bar you from the profession?


That was basically my point as well. Anyway - it's really just a a semantic difference.
I come down on the side that consulting is a job, occupation, career - but not a profession. I like reserving the latter moniker - others will disagree and that is OK.

(As an FYI - I am a Partner in a consulting firm - that is "large" but not MBB.)
post #536 of 540
Thread Starter 
Quote:
Originally Posted by Texasmade View Post

Doesn't the definition of a true profession require a formal qualification or license to practice? If so then do y'all strategy guys actually get a designation or a license to practice like law, medicine, or accounting?

Also, is there a regulatory body that can revoke your license to practice or bar you from the profession?

No. I don't think that is true. One can have a profession where reputation is all and when you have a poor reputation, you eventually go out of business.

The big strategy firms are very protective of their service quality and brand.
post #537 of 540
AF has nailed the questions on MC. I used to work at one of the MBB firms and AF and I have met IRL.
post #538 of 540

Really funny reading back on this thread and seeing what people thought of the Booz acquisition. A few years on and PwC certainly came out of that with a cheeky grin.

post #539 of 540
Is an executive DBA program worth it? I'm currently an appointed official in the public sector but know that, as with all positions, my time will come to an end in the next few years. I feel like consulting will be the next step in my career (I don't like lobbying very much), and I'm wondering if getting my PhD now would be worth it. I also have a juris doctor and an MBA, if that helps.
post #540 of 540
Quote:
Originally Posted by FLMountainMan View Post

Is an executive DBA program worth it? I'm currently an appointed official in the public sector but know that, as with all positions, my time will come to an end in the next few years. I feel like consulting will be the next step in my career (I don't like lobbying very much), and I'm wondering if getting my PhD now would be worth it. I also have a juris doctor and an MBA, if that helps.

Realistically I've only ever been in one meeting where the number of PhDs in a firm has come up and it was a scientific consultancy. 

 

If you have an MBA and JD I struggle to think of something you aren't qualified for unless you're looking for new connections or a very specific field. 

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