Management Consulting Discussion

Originally Posted by Bhowie

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Thanks for fielding all of the questions AF.

+1

Originally Posted by Bhowie

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Thanks for fielding all of the questions AF.
+1. If we get this Atlanta meetup off the ground, I owe you a beer.

Originally Posted by Artisan Fan

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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.
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.

Originally Posted by Bhowie

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Thanks for fielding all of the questions AF.
+1, thanks Fran.. We bust your balls over this a good bit, but you're a good sport..

Originally Posted by nerdykarim

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+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.

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

Do qual's ever get a shot? Or, at the very least, those with Econ B.A's as opposed to straight business degrees.

Originally Posted by Don Carlos

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

Not really. And partnership chances at the Big 3 are actually realistic, not like partnership at a V100 which is often nothing more than a mirage.

I think both careers are terrible in terms of "work life balance". But at least there's a pot of gold at the end of the rainbow in MC that you can maybe attain AND the work is usually interesting. Big Law is almost never interesting and you mostly just grind away in a sweatshop for a few years and then peace out for in house work.

Originally Posted by Don Carlos

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

Originally Posted by Lord-Barrington

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Not really. And partnership chances at the Big 3 are actually realistic, not like partnership at a V100 which is often nothing more than a mirage.

I think both careers are terrible in terms of "work life balance". But at least there's a pot of gold at the end of the rainbow in MC that you can maybe attain AND the work is usually interesting. Big Law is almost never interesting and you mostly just grind away in a sweatshop for a few years and then peace out for in house work.

I'm honestly not that concerned with making boatloads of money. The idea of consulting appeals to me a lot more than the idea of either litigation or transactional law (though I think that I would enjoy working in-house in a smaller firm as well) and I'm interested in strategy and human capital. Honestly, I'd be willing to apply for associate positions alongside college grads if I had a fair shake at working my way up the consulting ladder from there--I'm just not sure how a consulting firm would react to a JD/MBA putting himself in that position (probably negatively).

Originally Posted by Bhowie

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Thanks for fielding all of the questions AF.

Originally Posted by cross22

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+1

Originally Posted by nerdykarim

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

Originally Posted by gnatty8

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+1, thanks Fran.. We bust your balls over this a good bit, but you're a good sport..
You are welcome, glad to help.

Originally Posted by Don Carlos

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You make a shitload more money climbing the ladder in BigLaw than you do in Big Three consulting. A shitload.
I don't think that is correct. I also think the odds are more steep against you for big law money.

Originally Posted by ConcernedParent

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Do qual's ever get a shot? Or, at the very least, those with Econ B.A's as opposed to straight business degrees.
Yes they do. Need great grades from a great school and interesting work/project experience.

Originally Posted by Lord-Barrington

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Not really. And partnership chances at the Big 3 are actually realistic, not like partnership at a V100 which is often nothing more than a mirage.
Well said.

Originally Posted by nerdykarim

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I'm honestly not that concerned with making boatloads of money. The idea of consulting appeals to me a lot more than the idea of either litigation or transactional law (though I think that I would enjoy working in-house in a smaller firm as well) and I'm interested in strategy and human capital. Honestly, I'd be willing to apply for associate positions alongside college grads if I had a fair shake at working my way up the consulting ladder from there--I'm just not sure how a consulting firm would react to a JD/MBA putting himself in that position (probably negatively).

I think you would have a shot at it. Get good at taking case study interviews and suggest your pitch should include that you learned problem solving skills in law school that are diiferent from a typical MBA perspective.

Originally Posted by nerdykarim

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I'm honestly not that concerned with making boatloads of money. The idea of consulting appeals to me a lot more than the idea of either litigation or transactional law (though I think that I would enjoy working in-house in a smaller firm as well) and I'm interested in strategy and human capital. Honestly, I'd be willing to apply for associate positions alongside college grads if I had a fair shake at working my way up the consulting ladder from there--I'm just not sure how a consulting firm would react to a JD/MBA putting himself in that position (probably negatively).
Based on everything I've heard about consulting, it's interesting work but a terrible lifestyle in the long run. Based on everything I KNOW about Biglaw (having a brother who works in a V10 firm) it's boring ass work coupled with a terrible lifestyle.

Originally Posted by Lord-Barrington

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Based on everything I've heard about consulting, it's interesting work but a terrible lifestyle in the long run. Based on everything I KNOW about Biglaw (having a brother who works in a V10 firm) it's boring ass work coupled with a terrible lifestyle.

This is probably pretty close to the mark but the consulting lifestyle can be decent if not perfect at some firms.

Originally Posted by Artisan Fan

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Backgrounds of experienced hires are generally things like advanced math/statistics, risk management, law and MD degrees. Healthcare is a booming area as is healthcare economics.

AF, how do you lure people from math/stats to consulting over quant jobs?

Originally Posted by Artisan Fan

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Yes, do an author search for Ethan Raisel.

Will do, thanks.

I hope I can talk to you at the Atlanta meetup as well AF - both about stereos and consulting. I just signed an offer letter with one of the big three last Friday (we'll say the best, so not McKinsey ). I'm an engineering Ph.D, but in retrospect, it wasn't too hard to pick up case interview skills. I just practiced a few times over beers with friends at Marlows in Midtown .

Originally Posted by Plestor

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AF, how do you lure people from math/stats to consulting over quant jobs?
My impression going through that process was that while it's generally a similar pool of people that apply to both (MBAs, MDs, JDs, Ph.Ds etc.), people generally have their heart set on either MBB or one of the bulge bracket firms. If you go through the process and have offers, you're much more likely to have a hard time picking between BCG and McKinsey versus Goldman and McKinsey. When I was considering career paths, I considered boutique finance firms, GS, and the MBBs. I never even applied to anything in finance and just went through the process with two of the MBBs - and picked one of those. I felt like consulting was more in line with what I wanted to do and would also help me get where I want to be five - ten years from now.

Originally Posted by Plestor

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AF, how do you lure people from math/stats to consulting over quant jobs?

Higher pay generally in my experience and the opportunity to work on more exciting projects.

One theme you see in consulting is that the pay is not the only thing. Many top performers also want a steep learning curve and want to be challenged.

Pete Walker, a senior McKinsey leader, told a small group of us once during the dot com years that McKinsey would compete well on salaries but also had to offer unparalleled learning. Google was drawing away talent at the time.