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Management Consulting Discussion

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

  1. level32

    level32 Senior member

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    *scratch that* Had a question about lateral into MBB for federal practice expansion but just realized that Mr.G essentially asked the same a page back.
     
  2. Plestor

    Plestor Senior member

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    ?? I never commented on the hedgies making less than consulting. In fact I think they make more.



    AF, I was referring to your comment on "paying more" earlier in regards to quants, much of the (good) quant work is outside investment banks (HF, Prop). This will certainly give me something to think about when my thesis isn't going so well and I'm not sure if I even like math.

    Thanks again.
     
  3. Artisan Fan

    Artisan Fan Senior member

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    AF, I was referring to your comment on "paying more" earlier in regards to quants, much of the (good) quant work is outside investment banks (HF, Prop). This will certainly give me something to think about when my thesis isn't going so well and I'm not sure if I even like math. Thanks again.
    Oh yeah well that is different. I was referring to mainstream applied math folks more outside of quants in a trading sense-think predictive modeling, optimization and less proprietary trading. Those guys can do really well.
     
  4. Lord-Barrington

    Lord-Barrington Senior member

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    General question:

    How attractive is specific sector and industry experience to consulting firms? I'm currently in a government procurement/Supply chain rotational program (two years) and my short term plan is to transition to industry for about 3-4 years in procurement/SCM, then do my MBA, then perhaps get into MC.

    Is this type of specific experience valuable to MC firms?

    ____________________________________________________
     
  5. Artisan Fan

    Artisan Fan Senior member

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    General question:

    How attractive is specific sector and industry experience to consulting firms? I'm currently in a government procurement/Supply chain rotational program (two years) and my short term plan is to transition to industry for about 3-4 years in procurement/SCM, then do my MBA, then perhaps get into MC.

    Is this type of specific experience valuable to MC firms?


    I think it could be. Cap Gemini has a supply chain practice and I believe Accenture does too.
     
  6. Matt

    Matt Senior member

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    General question: How attractive is specific sector and industry experience to consulting firms? I'm currently in a government procurement/Supply chain rotational program (two years) and my short term plan is to transition to industry for about 3-4 years in procurement/SCM, then do my MBA, then perhaps get into MC. Is this type of specific experience valuable to MC firms? ____________________________________________________
    I can't talk to This Type Of Consulting, but having spent my entire career in PR consultancies, I can say that I see a trend in the past few years to hiring people from outside the traditional PR route (comms degree, comms jobs) toward hiring people that come from the vertical industries that the consultancies are trying to service/win as clients. The consultancies can either train up an IT kid to work in - say - media relations, or get someone else on his team to do it, knowing that he can hang when it comes to speaking with the client and understanding their needs. It's a lot easier for a media relations firm to teach media relations skills to (the right) person out of IT than it is to teach a comms kid IT....he'll if he could do that, he probably wouldn't be a comms kid!
     
  7. TRA8324

    TRA8324 Senior member

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    General question:

    How attractive is specific sector and industry experience to consulting firms? I'm currently in a government procurement/Supply chain rotational program (two years) and my short term plan is to transition to industry for about 3-4 years in procurement/SCM, then do my MBA, then perhaps get into MC.

    Is this type of specific experience valuable to MC firms?

    ____________________________________________________

    Manhattan Associates seem like they would be a good fit.
     
  8. Bhowie

    Bhowie Senior member

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    General question:

    How attractive is specific sector and industry experience to consulting firms? I'm currently in a government procurement/Supply chain rotational program (two years) and my short term plan is to transition to industry for about 3-4 years in procurement/SCM, then do my MBA, then perhaps get into MC.

    Is this type of specific experience valuable to MC firms?

    _


    I took a logistics/liner programming class during my MS and 2 consulting firms partners spoke in front of the class. Have you looked at smaller firms who specialise in supply chain/logistics consulting? Seems like it would be a good way to leverage your way to a larger MC firm.
     
  9. Lord-Barrington

    Lord-Barrington Senior member

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    I took a logistics/liner programming class during my MS and 2 consulting firms partners spoke in front of the class. Have you looked at smaller firms who specialise in supply chain/logistics consulting? Seems like it would be a good way to leverage your way to a larger MC firm.

    I know firms like PRTM are heavily procurement/SCM focused an AT Kearney has a highly regarded procurement/SCM practice so the niche is out there. It's so much of a bigger business area than it was 15-20 years ago when it was usually an afterthought in most industries.
    That said, I probably want to build up a few years of industry experience before trying to move into consulting. I just feel like it makes more sense for me personally even though the consulting lifestyle is probably better for someone my age than it is for someone in their early thirties.
     
  10. level32

    level32 Senior member

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    While the idea of gaining expertise and then going to consulting is one that is logical, it wouldn't make sense unless you really only wanted to consult and work in those industries anyway. Going in younger affords you to be not pigeonholed in a specific market (as you're cheaper) and lets you explore more different markets/roles.
     
  11. Redwoood

    Redwoood Senior member

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    I could imagine that one of the advantages of going into consulting early is that the life style is more easily manageable then.
     
  12. Artisan Fan

    Artisan Fan Senior member

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    While the idea of gaining expertise and then going to consulting is one that is logical, it wouldn't make sense unless you really only wanted to consult and work in those industries anyway. Going in younger affords you to be not pigeonholed in a specific market (as you're cheaper) and lets you explore more different markets/roles.

    I think it is good to go in young and get the skills but I also believe some expertise is essential to good strategy. Some areas that favor expertise like analytics and also some of the more specialized strategy like business dynamics.

    Clients need probably both perspectives today. That of a generalist and that of a specialist. A generalist often has a fresh perspective but when paired with a specialist can map out a more informed solution and offer a more detailed road map.
     
  13. Artisan Fan

    Artisan Fan Senior member

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    I could imagine that one of the advantages of going into consulting early is that the life style is more easily manageable then.

    Some truth to that. Long hours and travel are tougher when you are older and possibly also have a family.
     
  14. Lord-Barrington

    Lord-Barrington Senior member

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    While the idea of gaining expertise and then going to consulting is one that is logical, it wouldn't make sense unless you really only wanted to consult and work in those industries anyway. Going in younger affords you to be not pigeonholed in a specific market (as you're cheaper) and lets you explore more different markets/roles.

    I'm thinking of positioning myself for a top MBA in 3-4 years time, however. I know that consultants from MBB do well but the ranks of consultants applying to MBAs is incredibly thick which makes competition fierce since MBA admissions are often about business sector "diversity". In that respect I get the impression that 5-6 years of solid industry experience with (hopefully) a year or so of management experience will position me more favorably than if I did 2 years of SCM and then transitioned to a 2nd tier consulting firm.
     
  15. otc

    otc Senior member

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    Some truth to that. Long hours and travel are tougher when you are older and possibly also have a family.

    to a 23 year old who is cool with going a good bit of time between hanging out with friends and who likes new places (even odd places without much tourist potential)...the travel bit sounds awesome.

    I even considered a job at the chicago fed that would have had most of the travel be to random little towns in the midwest...
    Now that I am in my niche-consulting gig with no travel...I have purchased a cat. This would make the travel a bit annoying since I'd have to hire a service.
     
  16. Lord-Barrington

    Lord-Barrington Senior member

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    to a 23 year old who is cool with going a good bit of time between hanging out with friends and who likes new places (even odd places without much tourist potential)...the travel bit sounds awesome.

    I even considered a job at the chicago fed that would have had most of the travel be to random little towns in the midwest...
    Now that I am in my niche-consulting gig with no travel...I have purchased a cat. This would make the travel a bit annoying since I'd have to hire a service.


    I travel for work and I mostly dislike it. Usually you aren't in the city enough to do anything and unless it's a city with a good nightlife there's never much to do after your workday is over. My impression of consulting though is that by the time your workday is over, your only option is BED!
     
  17. Matt

    Matt Senior member

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    to a 23 year old who is cool with going a good bit of time between hanging out with friends and who likes new places (even odd places without much tourist potential)...the travel bit sounds awesome.
    you get over it. I did it for about a year when I was 26, and it was exciting as hell...for the first two months. It was a tiring drag for the rest - although I did spice it up a bit toward the end by refusing to stay in the corporate hotels and crashing in random guest houses in local neighbourhoods. That was pretty fun (and made for some very amusing cash claims when everyone else was claiming back 250 a night Sheraton bills, and I was lodging nine bucks for Mr. Lim's Guesthouse) but at least it forced me to go exploring a bit when I was hungry and so on. Still...ya, glad I've had that experience. No desire to do it again any time soon.
     
  18. level32

    level32 Senior member

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    I did the Sunday-Friday/Saturday travel on a 6 month assignment. Was excited in the beginning but then felt like I was putting my life on hold.
     
  19. Artisan Fan

    Artisan Fan Senior member

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    I had not done much international travel until McKinsey so the first two years were pretty exciting flying all over the place.

    Travel has become a much ruder, more challenging aspect since 9/11 though. The TSA does seem to be getting a bit better on my recent travels but the hassle factor is high.
     
  20. Artisan Fan

    Artisan Fan Senior member

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    I think most know the lifestyle and work load of a consultant is hard. It may be worth looking at the benefits of doing this and why I think it was such a great move for me. Here are some top benefits.

    **You learn to tell a story about what your team can do in a manner that is supported by evidence and a vision for the industry.

    **You learn how to break down very complex problems in a logical yet creative fashion. This is obviously valuable in all sorts of life areas.

    **You learn how to communicate with senior business leaders. Invaluable for any career.

    **You learn how to build frameworks (a specialty of mine) that help communicate a variety of business topics. This helps communicate complex ideas and phenomena to 30K foot view people like executives and helps prioritize what areas of the framework to focus on.

    **You learn to "drive to the bottom line" which means what is the economic value of doing activity A?

    **You learn to prioritize activities and create both a personal project plan for your team and an end result (typically) action plan for the client.

    **You learn to manage difficult situations at a client where identification of key stakeholders and managing different personality types is critical.

    **You gain a super and dynamic alumni network for life. The contacts I made at McKinsey have opened numerous and amazing doors for me. This is at least true for the Big 3 and probably true for the Top 10 consulting firms.

    It's a very worthwhile job with very unique elements. If this type of work seems interesting to you, I urge you to strongly consider it for a career or career start.
     

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