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Management Consulting Discussion

Discussion in 'Business, Careers & Education' started by Artisan Fan, Feb 7, 2011.

  1. Artisan Fan

    Artisan Fan Senior member

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    I'm happy to discuss careers in consulting if people are interested.
     
    1 person likes this.
  2. Artisan Fan

    Artisan Fan Senior member

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  3. gnatty8

    gnatty8 Senior member

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    What would you say the main value proposition of management consulting is for the firms that hire them? Can that value be monetized? Can lessons learned generate sustainable increases in EBITDA growth, and can lessons learned in one division be leveraged into other areas and transformed into increased EVA there as well? Discuss.
     
  4. thenanyu

    thenanyu Senior member

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    I only had a 3.3 in undergrad but I did good work on Wall St. in technology and was quickly promoted. What are my chances of getting into a decent B-School? it's not something I am considering for the immediate future but maybe in a few years. Also, is that even necessary if I want to get into consulting?
     
  5. MrG

    MrG Senior member

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    I would like to discuss careers in management consulting, specifically mine. Can I haz a job? [​IMG]
     
  6. thenanyu

    thenanyu Senior member

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    I would like to discuss careers in management consulting, specifically mine.

    Can I haz a job?

    [​IMG]


    It's "I can haz..." Please meme correctly.
     
  7. ramuman

    ramuman Senior member

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    I would like to discuss careers in management consulting, specifically mine. Can I haz a job? [​IMG]
    Are you really smart and cocky?
     
  8. MrG

    MrG Senior member

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    It's "I can haz..." Please meme correctly.
    [​IMG] My bad. Uh...I mean...Given this meme has reached a point where it's hard to see its market share growing any further, the real value will likely be leveraging its near ubiquity while adapting to the fact that it has reached a saturation point. With this in mind, I sought to tap into the brand recognition it retains while providing a product that better reflects the evolving marketplace.
    Are you really smart and cocky?
    I'm like a cross between Stephen Hawking and Kid Rock.
     
  9. gnatty8

    gnatty8 Senior member

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    Are you really smart and cocky?

    This is not relevant. Practice this, in front of a mirror preferably:

    "I can promise to deliver sustainable growth in EBITDA by leveraging _________'s work across hundreds of Fortune 500 firms and translating those lessons learned into a plan to monetize latent opportunities at _______"
     
  10. Tck13

    Tck13 Senior member

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    I'm curious as to how one charges for "consulting"?

    In other words, if person comes to me and wants A and I have that information in my book at home. I copy that information / re write that information A, give it to them and charge them. Am I consulting or am I a charlatan? Or both?
     
  11. ramuman

    ramuman Senior member

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    I'm like a cross between Stephen Hawking and Kid Rock.
    [​IMG] Bad body language and a non-charismatic voice? You'd be lucky to get past the first round of interviews.
     
  12. gnatty8

    gnatty8 Senior member

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    :
    Uh...I mean...Given this meme has reached a point where it's hard to see its market share growing any further, the real value will likely be leveraging its near ubiquity while adapting to the fact that it has reached a saturation point. With this in mind, I sought to tap into the brand recognition it retains while providing a product that better reflects the evolving marketplace.


    You're hired.

    [/end threadjack]
     
  13. Artisan Fan

    Artisan Fan Senior member

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    What would you say the main value proposition of management consulting is for the firms that hire them? Can that value be monetized? Can lessons learned generate sustainable increases in EBITDA growth, and can lessons learned in one division be leveraged into other areas and transformed into increased EVA there as well? Discuss.

    I would say shareholder value is the ultimate metric. Sometimes though you need to have organizational adjustments that are not directly attributable. Both tangible and intangible benefits accrue when done right.
     
  14. Artisan Fan

    Artisan Fan Senior member

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    I only had a 3.3 in undergrad but I did good work on Wall St. in technology and was quickly promoted. What are my chances of getting into a decent B-School? it's not something I am considering for the immediate future but maybe in a few years. Also, is that even necessary if I want to get into consulting?

    Getting into a top ten business school would probably be needed for strategy consulting. Good work on Wall Street should position well for an application.
     
  15. Artisan Fan

    Artisan Fan Senior member

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    I'm curious as to how one charges for "consulting"?

    In other words, if person comes to me and wants A and I have that information in my book at home. I copy that information / re write that information A, give it to them and charge them. Am I consulting or am I a charlatan? Or both?


    It varies. Typically consulting is based on time and materials with consulting time being the most dominant. Client pays for travel costs. Strategy firms are very expensive with goal of a 10:1 return. At McKinsey my hourly rate was north of $500 (!) since I was in part a specialist. A 3-4 person team might cost $1million per month. Engagements typically run 2-3 months.
     
  16. Artisan Fan

    Artisan Fan Senior member

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    In non-strategy consulting rates run from $75 per month but generally run $150 - $200 per month for "consultant" level (ie. non-partner) fees. Typically you have a project manager (at McK called an "Engagement Manager") who manages the team on a daily basis with direction given by a partner and sometimes a senior partner ("Director" in McKinsey speak).
     
  17. Thomas

    Thomas Senior member

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    F: are consultants ever going to shed their unfortunate jargon habit?
     
  18. Artisan Fan

    Artisan Fan Senior member

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    AF: are consultants ever going to shed their unfortunate jargon habit?

    Realistically no. Some of the jargon is useful as it summarizes pithily a complex concept. When it gets out of hand it becomes an alphabet/buzzword soup. The strategy firms actually train consultants on how to give better presentations and meetings and a key concept is to speak plain English and speak to client pain points.

    I've found it to be worse in technology, especially among system architects.
     
  19. Matt

    Matt Senior member

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    speak plain English and speak to client pain points.
    QFI
     
  20. otc

    otc Senior member

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    It varies. Typically consulting is based on time and materials with consulting time being the most dominant. Client pays for travel costs. Strategy firms are very expensive with goal of a 10:1 return. At McKinsey my hourly rate was north of $500 (!) since I was in part a specialist. A 3-4 person team might cost $1million per month. Engagements typically run 2-3 months.

    That's it?
     

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