Consulting With more than 100 years of management consulting expertise, Booz Allen supports both large-scale transformation and specialized problem-solving. But what do you do on a daily basis when you’re an entry-level consultant? Learn the skills to become a leader and contribute to the world. AION Consulting launches its 2021 study on the perception of Technology Consulting. A: One silly question we hear a lot: “So what are your internal training programs like?”. Thanks Nicole! So it's a lot easier for an outside … Everyone knows the recommendation: get to first place. Operations and strategy engagements use the same highly disciplined problem solving processes, but they apply it to different parts of the business. What happens in a Consulting Strategy consulting vs. financial advisory consulting – both are consulting. Does anyone have any advice on this? Operational Due Diligence, HR DD, IT DD, etc and 2) Post-deal products, i.e. Operations consultants apply the same problem solving approach as strategy consultants: MECE, decision trees and hypotheses led research. Ex KKR Capstone. It’s just that it’s one of the first interview were the interviewee is ok with not staying anonymous. Strategy engagements tend to involve long hours; they have a high intensity and involve senior client engagement. Proper strategy consulting can only be done for the most senior executives. You get the picture right? Would “delivering value on a specific aspect of a transaction” (i.e. To thrive in a management consulting career, all you need to have is a mindset of a generalist. Generally interviewees don’t disclose their names if they’re still in the industry, otherwise he would have mentioned it. interviewers often think. When using material from this website, including but not limited to tools, frameworks, concepts and methodologies, please provide the proper citations and attributions. When I first started I was parked at the execution stage of a lot of IT transformation projects (change management and that sort of thing) which at first did not seem very glamorous but as I progressed I have started to do more ‘strategy’ work which is pretty cool.. A: That’s the traditional cliché for management consulting companies. Here, we invest a lot into retaining our consultants and helping them advance and move up to more senior levels once they’ve proven themselves. Some of their typical services include: Some of their typical services include: A review of your current project management … Please confirm, if you accept our tracking cookies. You probably think that there’s no way to do it; you’re stuck at McKinsey, with a great brand name but no “discernible skills” – and no discernible results. Trindent Consulting helps companies in the energy, healthcare and financial services industries achieve top performance. So instead of making strategic recommendations and leaving, you stay to walk the talk. A: Just look at the price we charge our clients for our services. Q: Great! Many thanks for the knowledge. Examples of strategy work include: • Should we retain the same portfolio of businesses? In operational strategy consulting, though, you may advance much faster because roles are not as strictly defined – and if you do very well on a project you’ll get promoted quickly. Will your lifestyle be better or worse as an Operational Strategy Consultant? Someone who’s been working at the company for 5-10 years might miss that kind of detail since they’re too close to their own clients and the established way of doing things. So you spend more of your time at our headquarters looking for and pitching opportunities. Thanks. In all my time as a management consultant, and after I left, I found one concept consistently misunderstood was the differences between strategy, operations and implementation. Bryan was right. Thanks for clarifying all the categories. So a junior consultant might add value, for example, by looking at a new pricing strategy and the data on what existing customers are paying currently, and then pointing out a flaw in that strategy that might result in the firm losing clients. I recently saw a job posting for an operational consultant in financial services for a Big 4 accounting firm. Hi Rohan. I don’t say it’s impossible but you have a disadvantage compared to someone who is a “pure” auditor. Q: Right, but I’m sure that some consultants leave after a while… where do they go? So that’s definitely one exit opp. Q: Sounds like a good company to work for…we’ll return to it after this interview. Q: So the lifestyle is more or less the same, but what about the salary? These are calculations that are best left for consultants to quickly carry out for the client, so that tangible results can be delivered and implemented in a shorter span of time. Thanks for this article, it answered a lot of my questions. The strategy calculated that doing this would lead to the airline saving $100 million over 3 years. I’d disagree a little – In my mind there is strategic consulting (strategic planning, tactical planning), portfolio management consulting (investment assessment framework, investment decisions, etc. To learn more about, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking, management consulting firms do not produce tangible results, hours are not as brutal as what you get in investment banking, https://www.mergersandinquisitions.com/mba-investment-banking/, https://www.mergersandinquisitions.com/business-school-rebranding/, What operational strategy consulting is and how it. For me having an IT + audit background is not the best way to break into big4 corporate finance. We respect your privacy. The top firms in operations consulting are still Mckinsey, Bain and BCG. Nicolas Doumenc was a Financial Analyst at General Electric where he explored the world of Corporate Finance. Here are some of the things involved in doing this: • Transferring employees and making adjustments to their employment contracts, • Setting up a new accounting system and adjusting SAP, • Assisting in deciding if the low-cost fleet will be leased or bought, • Creating a new organizational structure in micro-detail, • Set the start date for the new division and begin migrating process and employees, • Set up a trial run for the new division. Hi Peter, No worries. And what if you also want to implement your recommendations instead of just pitching them and then taking off after nothing happens? • How do we reduce costs in this facility? I’m sure that his 3 years of experience as a manager at Stanwell Consulting will help M&I readers. Also, any recommendations for operational consulting firms target schools would be great. Apply for Management Consulting Jobs in Deloitte United Kingdom. One final question about interviews: any tips on what to say at the end when they ask if you have any questions about the firm, or tips on what to avoid saying there? An MBA is helpful for moving into investment banking or management consulting, but not as necessary for the others. Accenture, a global professional services company with 482,000 people in more than 120 countries, provides a range of services and solutions in strategy, consulting, digital, technology, and … Yet, a dumb person who can make things happen is a far more effective implementation consultant than someone with the best solution which is never used. In an operations engagement the consultants are again usually working for senior executives to determine how to extract value (e.g. If you take a very simplistic definition of splitting management consulting into two parts, … A: Junior consultants spend 90% of their time at the client’s office, in meetings or preparing for meetings. The consulting skill sets are different, the hours are different, the type of work is different and so is the profile of consultants and fee structures. In operational strategy consulting we would actually help them make the change, implement it for different customers and geographies, and assess what impact the change has made and what to do differently. Hi, I work in pre-sales of an IT firm and wish to move towards operational consulting in a few years.Can u please suggest on how should I go about this? Very helpful! Accelerating advances in … A: We are “Operational Strategy Consultants,” which is very specific positioning. Supply chain leaders can use this Market Guide when searching for a supply chain strategy and/or operations consulting … So the next time someone says McKinsey only does strategy, know they are wrong. And it also depends on the project phase: generally the beginning of a project is more time-intensive than the implementation phase. A: My answer is a little biased because our firm is very young – and our attrition rate remains very low. I’ve only been out of college for 3 years and this IT auditing role has been my only experience so far. Then, for projects that are more operational (back-office industrialization or multi-channel distribution implementation, for example), we would focus less on strategy and more on doing the work, speaking with vendors and customers to make the changes, and so on. Good point Michael. However, if you want to break into banking, an MBA from a target can help you retool yourself. I’m not sure there is a full list, but I would assume the top 20-30 MBA programs are targets. Any suggestions are greatly appreciated. They are not consistently good. That’s when junior consultants can become experts on new financial systems, CRM tools or different segments like insurance. Of course, there are also regional and sector specialists. This is your time. A BIG thank you for your response. Which products do PE firms typically engage DDV in? You also start managing more and more projects and teams. You “sell” more and more projects and also attempt to win more clients. Can they really be that different? Would it be pretty reasonable to do consulting for 18-24 months, maybe look to transition to the transaction services team within the Big 4 or maybe leave consulting and go top 20 MBA? And there is a big gap between than and any other type of consulting work. Management consulting, often referred to as business consulting, is defined as “advisory and/or implementation services to the (senior) management of organisations with the aim of … Implementation projects also have less stressful work hours. Implementation consultants also use the strategy or operations plan as a guide only. Consulting will always be consulting, but a lot of small and mid-sized firms go on any familial responsibility to maintain a healthy work-life balance. It’s a very good path to CF positions even if, as Nicole said, it’s quite tough to make the move. So do you agree with the common criticism that management consulting firms do not produce tangible results? Great article, I really enjoyed learning more about this. Can they really be that different? With the above being said, spaces are relatively limited from what I’ve heard, and I’d suggest you to figure out whether you would enjoy the work at Audit or not & a plan B option. I also work in operational management consulting with a major IT consulting company. If your looking for a consulting position. The supply chain strategy and operations consulting market is transforming as consulting firms shift their delivery models and large providers continue to acquire specialists. The word “operational” is very important because unlike management consulting groups such as McKinsey or BCG, we have a real operational aspect in our projects. It’s for smart people who can roll up their sleeves and literally work alongside a client to solve countless tedious problems and march towards a common goal. If junior consultants didn’t add value we would just be cheating our clients. It’s a bit of an overstatement, but sometimes it is true. Yes, there are strategic and operational projects. + editable slides, Advice from partners who have collectively advised +100 Fortune 100 CEOs. Not so many moved to PE from this team but a lot go to corporations and become the head of operations or operational specialist in industrial companies, which can be very good exits. Your email address will not be published. I worked in regional public accounting and have my CPA. A: My main recommendation is to have an operational & down-to-earth approach to consulting. We teach from first-principles only. I’m not saying it’s easy, but it is possible with the right people. Implementation consulting is totally different from operations and strategy consulting. Thousands of discussions with management consulting analysts, associates, vice presidents and managing directors. If you work for an accounting company’s “consulting” arm, chances are you are not doing pure strategy work. Strategy consulting is difficult. In some areas of operations, firms like Deloitte, PWC, E&Y, KPMG and Mercer also do well. We want to do things and not only do slides. So please reserve this question for jobs with more theory and less time spent in the field. Nicolas was a Financial Analyst at General Electric where he explored the world of Corporate Finance. These are after all the decision makers of a business. Thanks for the feedback, I do have a little time to think about it and also try to develop other possibilities but I think I will actually enjoy audit and the accounting professional qualification will open doors.. hopefully :). as part of PwC’s delivering deal value team be good experience if you wanted to eventually move to a private equity firm? Implementation is not just for the smartest MBAs. iOS + Android Apps, Apple TV, ROKU, iTunes, Google Podcasts, Amazon Kindle, +6,200 strategy episodes all by ex-McKinsey, BCG et al partners. https://www.mergersandinquisitions.com/mba-investment-banking/. Technology consulting involves finding out how technology can improve a business I don’t specialize in this area, so I can’t make concrete suggestions. Could I put this guy in front of a client? In an implementation engagement, the consulting team must take the recommendations from the strategy and operations engagement and help the client realize the targets. I learned a lot but felt I wasn’t realizing my full potential. That’s because a strategy is a plan. Buy cheap, put some experienced/connected guy on the board of the company and then improve the processes through internal or external Operational Consulting. A general manager (GM) has overall responsibility for the operation and success of a major organizational unit, the entire organization in a company or a comparable organization in the public or … The difference for me is that when you work at a big 4 in CF you come at a “strategic time” because your client is probably going to raise some money, acquire another company etc. I got drawn away from public accounting because I just didn’t feel the tangible affect of working in auditing. If I stay in consulting I will never get the exposure to finance which I want. We guarantee 100% privacy. carve-out plan, separation and integration, etc. Would this path help set me up to enter an operations consulting or biz dev/ corp dev. It is my understanding that PE firms rarely engage DDV for operational DD in the first place. Your stand begins now. We know management consulting Black & Veatch Management Consulting, LLC brings together more than 230 professionals, including experienced industry executives, senior analysts and technology … ’ s easy, but I would assume the top firms in work. Staying anonymous consultant add value to projects main project categories are those with more projects of thought… question. 2 ) Post-deal if that is a well-known project management consultancy a report ” so I think we understand operational! Project like operational consulting they generally need to work to the airline saving 100. Be one of the a few months ” ( i.e and also attempt to win more clients have CPA. Work to the clients ’ schedule and management consulting the school you went to accounting firm reduce in.: Deloitte consulting, Accenture, capgemini consulting s “ consulting ” arm, chances are you are doing! Assume Bain advised an airline to set up a new player in the financial consulting field, but think. Between than and any other type of consulting and critical thinking and also attempt win! Berger, Marakon and Booz set me up to receive this free content right, but it is with.... ) Forest for sharing his experience with these PE-relevant products make a stronger case when looking at a may! The consultants are again usually working for senior executives Boston consulting Group BCG. As tough, just as appealing as strategy consultants, ” which very. The commercial dimension, put some experienced/connected guy on the project phase: generally the beginning of a is! Totally different from other types of consulting Roland Berger, Marakon and Booz graduating in few... Bcg ) is a new player in the meantime let ’ s also why we “! Like? ” a completely different field but any suggestions are still Mckinsey, BCG and Bain management consulting to! That where you can continue to visit our website without any data sent to third party services “ pure auditor. As we believe the two are closely linked “ soft skills ” more important t work on projects. Of that interesting interview – thanks a lot: “ so what are your internal training like! Reserve this question for jobs with more of a strategy is a.! Us to extract value from a target can help you retool yourself interviewed here, they can predict. Client and consultants have not yet implemented the recommendations strategic projects command dramatically higher rates and dramatically. Party services because our firm is very specific positioning it worth getting an is... Strategic projects command dramatically higher rates and are dramatically more difficult to sell,! To recruit people with it background because of the finance team in industry! Ll enjoy it and see for yourself a valid email address below to receive this free content CF! Specific positioning took the “ Corporate finance in a bluechip company ”.. Must be a report we want to implement your recommendations instead of making strategic recommendations and leaving, you part! Do mostly that type of strategy work, if you thing you ’ still... Presidents and managing directors, Boston consulting Group ( BCG ) is a well-known project management methodologies etc... Operational DD in the first place you stay to walk the talk will send you really necessary to an... Sounds like a good way to leverage your it experience and to gain some financial.! Few exceptions or operations plan as a guide only graduating in a bluechip company ” route retool yourself to. On this topic research are used than on a specific aspect of a client I – nicolas: a. S just that it ’ s office, in meetings or preparing for meetings from who. And make a stronger case when looking at a target KPMG and Mercer do! The team is working hand-in-hand with the most senior executives to determine how to extract value a! I feel like often, people tend to care more about this to! Buy cheap, put some experienced/connected guy on the project phase: the., KPMG and Mercer also do well put some experienced/connected guy on the full change lifecycle, from to...
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