Management Consulting Discussion

[Artisan Fan]

Originally Posted by calisanfran

Yep - Pharma, NJE.

Did my BCR there. Nice office.

 

[kxk]

Originally Posted by calisanfran

Sure, I agree that your chances to get into VC / PE are higher coming out of MC than from getting an engineering job out of school. Don't get me wrong, there are many examples of folks who have gotten into VC from MC. I just believe that: (a) its a very very small % of MCers who get into VC directly from MC
Hi, thanks for all these nuggets of info. I'm newly starting this coming Sept with one of the MBB (the weakest one in PE, it seems). Now, I don't have delusions of sliding into a sweet PE gig after 2-3 years, but it's def something I'd like to aspire to. You said "get into VC [and PE, I assume] directly from MC" which seems to indicate that there are sometimes steps I can/need to take in between... what might they be? Also:

Originally Posted by Artisan Fan

In a strategy house...Bain/BCG/McKinsey: Consultants $150-200K plus bonus Engagement Manager $250-300K+ plus bonus Partner $400K+ plus bonus Senior Partner/Director $500K+ plus bonus and all get nice benefits. Have not seen the margins but at least 50%+ for margins.
Not for class of 2011, it seems.

 

[Artisan Fan]

Originally Posted by kxk

Not for class of 2011, it seems.

Pay may have come down due to the recession.

 

[kxk]

Originally Posted by Artisan Fan

Pay may have come down due to the recession.

Hugely. I signed with an overseas office, so my salary is not representative, but from what I can tell, it seems to be in the 115-120 range this year. The signing bonus, however, seems unaffected.

 

[kxk]

Originally Posted by nerdykarim

+1. If we get this Atlanta meetup off the ground, I owe you a beer.

Are there a lot of lawyers w/ MBAs who end up doing strategy (or human capital) consulting? I'd like to get into consulting, but my approach is going to be far from traditional. I'm currently a third-year JD/MBA with no real work experience outside of internships/summer work, so I'm wondering if I should try to get into consulting at an entry level (which would probably put me alongside a bunch of college kids) or work in the legal services industry for a few years and then make a play at senior consultant openings.


afaik, JD grads start at the same level as MBA recruits. Most JDs tend not to have significant work experience, so I don't think you're at a great disadvantage there. MBB firms all have online application systems for non-MBA degree holders. It was a little more tricky for the lower/boutique firms but I would think overall that these firms are less keen on hiring JD's. However if you still have that MBA, use it, man.

 

[kxk]

Originally Posted by Don Carlos

You make a shitload more money climbing the ladder in BigLaw than you do in Big Three consulting. A shitload.

Seems to be a pretty steep ladder to climb, though. And if one was in law mainly for the money, the exit options for those that have fallen from the ladder seem mostly pretty unappealing.

 

[raginberriodoom]

It seems like most people in this thread have had years of experience in MC. I don't mean to steer the discussion away too much, but I'm currently going through the recruiting process for summer internships for MC firms. Could people who have interviewed candidates shed some light on what you really look for in an intern (beyond all the stereotypical comments that everyone tells you) especially for MBB?

 

[nerdykarim]

Originally Posted by kxk

afaik, JD grads start at the same level as MBA recruits. Most JDs tend not to have significant work experience, so I don't think you're at a great disadvantage there. MBB firms all have online application systems for non-MBA degree holders. It was a little more tricky for the lower/boutique firms but I would think overall that these firms are less keen on hiring JD's. However if you still have that MBA, use it, man.

Thanks, I appreciate it.

 

[JoelF]

Good thread, interesting to hear the experiences of people in the MBB world and on that level. I've taken a different route to this, background in corp law, a short stint in fixed income trading, then wound up in consulting basically because of an interest in technology. Had some MBB interviews when I made the switch but nothing worked out. I realized there was a niche doing business requirements for financial systems, no one wants to do that stuff (just trading & risk, no ERP). Got into some major banks and now a commodities / agribusiness corporate on the backs of solution providers, then looked for opportunities to upsell from the inside. So the people I worked for were IT but I was positioned as the bridge to the business. It has not been the ideal strategy but has actually worked out to some extent. Current client is a major commodities trading house. I've worked for this client going on four years, first through a solution provider on a risk implementation, then independently on an ocean freight trading system. This week had a proposal accepted going toward some higher value-add stuff, includes risk measures and strategy, process, governance etc. So still sitting down in IT but trying to work my way a bit up the value chain. My rates are not the greatest (mid one hundreds) but it's enough for an OK living as an independent since I bill full time.

Just felt like putting this out there. I don't really have consulting colleagues on my level and I miss that. Mostly hang out with the IT consultants at work who are very smart people but a different view of the world. Any comments from AF & others welcome.

 

[Artisan Fan]

Originally Posted by JoelF

Good thread, interesting to hear the experiences of people in the MBB world and on that level. I've taken a different route to this, background in corp law, a short stint in fixed income trading, then wound up in consulting basically because of an interest in technology. Had some MBB interviews when I made the switch but nothing worked out. I realized there was a niche doing business requirements for financial systems, no one wants to do that stuff (just trading & risk, no ERP). Got into some major banks and now a commodities / agribusiness corporate on the backs of solution providers, then looked for opportunities to upsell from the inside. So the people I worked for were IT but I was positioned as the bridge to the business. It has not been the ideal strategy but has actually worked out to some extent. Current client is a major commodities trading house. I've worked for this client going on four years, first through a solution provider on a risk implementation, then independently on an ocean freight trading system. This week had a proposal accepted going toward some higher value-add stuff, includes risk measures and strategy, process, governance etc. So still sitting down in IT but trying to work my way a bit up the value chain. My rates are not the greatest (mid one hundreds) but it's enough for an OK living as an independent since I bill full time. Just felt like putting this out there. I don't really have consulting colleagues on my level and I miss that. Mostly hang out with the IT consultants at work who are very smart people but a different view of the world. Any comments from AF & others welcome.
A few paths you might look into: 1. Technology Firm or Analytics Firm: IBM BAO (business analytics unit) or Accenture or FICO for providing solutions. 2. Risk-Oriented Consulting Firm: Oliver, Wyman or First Manhattan come to mind. 3. Technology arm of a Consulting Firm: BTO at McKinsey. You will want to create case studies in a problem-solution-results format and prep for case studies.

 

[JoelF]

Originally Posted by Artisan Fan

A few paths you might look into:

1. Technology Firm or Analytics Firm: IBM BAO (business analytics unit) or Accenture or FICO for providing solutions.

2. Risk-Oriented Consulting Firm: Oliver, Wyman or First Manhattan come to mind.

3. Technology arm of a Consulting Firm: BTO at McKinsey.

You will want to create case studies in a problem-solution-results format and prep for case studies.

Good suggestions AF, thank you. I guess for the moment I do have a comfortable perch with this client. Felt good this week, presented a proposal to the product line head, divisional CFO and corporate chief risk officer. Was not a huge thing but in any case they accepted instantly. So just trying to think where things go from here, maybe expand horizons a bit at some point. Is having been independent a negative in talking to Big 4 or MBB?

 

[Artisan Fan]

Originally Posted by JoelF

Good suggestions AF, thank you. I guess for the moment I do have a comfortable perch with this client. Felt good this week, presented a proposal to the product line head, divisional CFO and corporate chief risk officer. Was not a huge thing but in any case they accepted instantly. So just trying to think where things go from here, maybe expand horizons a bit at some point. Is having been independent a negative in talking to Big 4 or MBB?

I don't think so. It sounds like you have good work experience so as long as they find that appealing you have a shot.

McKinsey likes to engage with people around ideas. If you can reach a McK consultant with a fresh bit of thinking then you might have some leverage. McK also has a huge financial services team.

 

[Artisan Fan]

With a lot of these firms it is probably good advice to say the following: Use your qualifications to get your foot in the door. Then use work experience and fresh thinking to stay there. It also helps in my experience to be very intellectually curious. I think that helped me at McKinsey. The better the questions you ask, the more comfortable they are on your intelligence and problem solving ability.

 

[Matt]

how long were you at McK? How long in the role with your current consulting firm? How old are you?

 

[Artisan Fan]

Originally Posted by Matt

how long were you at McK? How long in the role with your current consulting firm? How old are you?
That's Top Secret information. I could tell you but then I would have to kill you.