The Long Term Consulting Career Value Proposition
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The Long Term Consulting Career Value Proposition

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  • Describe how senior roles at consulting firms differ from the junior rolesGive an overview of the consulting value proposition – both benefits and costs – at Manager and PartnerGive some thoughts on people who have gotten the most out of the long-term consulting career

The Long Term Consulting Career Value Proposition Presentation Transcript

  • 1. Visit evisors.com to browse all consulting experts who can help you with: • Informational Interviews • Resumes & Cover Letters • Mock Interviews …and more! Hosted by: Career Advisors on Demand..com/webinars
  • 2. The Long-Term Consulting Career Value Proposition featuring: James Weiss Former Senior Manager at Hosted by: Caitlin Quan Evisors Marketing & Operations Associate Hosted by: Career Advisors on Demand..com/webinars
  • 3. Agenda 1. About James 2. Why are we talking about this? 3. Being a Manager 4. Being a Partner 5. Q&A Hosted by: Career Advisors on Demand..com/webinars
  • 4. About James “Entrepreneur and Reformed Consultant” • >6 years post MBA at Bain NYC, Singapore, HK • Promoted early to Manager, then to Senior Manager • Specialized in PE, Media, and FS Tech • Left in „10 to start up / advise early-stage companies • Princeton AB, Wharton MBA • Started career at DreamWorks in LA, then built two Internet companies Hosted by: Career Advisors on Demand..com/webinars
  • 5. Why are you here? • Considering joining a consultancy as an “experienced hire” • In a consulting firm today contemplating your long-term commitment • Thinking about consulting vs. other long-term job options Hosted by: Career Advisors on Demand..com/webinars
  • 6. Most common two questions I get 1. How do I get a job in consulting? 2. What it’s like to be a manager or partner? Hosted by: Career Advisors on Demand..com/webinars
  • 7. $$$ Partnership $$$ !! Hosted by: Career Advisors on Demand..com/webinars
  • 8. Well, not exactly. Hosted by: Career Advisors on Demand..com/webinars
  • 9. High Level: What’s the Job? Associate / Consultant Pose questions, get answers and keep the manager happy Manager / Principal Manage teams, recruit associates, keep client happy Partner / Director Sell projects, make managers, build the firm, keep fellow partners happy Hosted by: Career Advisors on Demand..com/webinars
  • 10. The Manager Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 11. Being a Manager: What’s the job? Managers are… • Running a team • Working directly with senior executives on the client side • Helping deliver thought-leadership to your firm • Mentoring associates and junior clients • Trying to look credible… but not too credible Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 12. Being a Manager: What do you get? Managers get… • Training and experience: You learn a lot – throughput goes WAY up, and you focus on people management • Value jump: Start to become worth more in the marketplace • Prestige: Begin to be recognized as an expert in and out of the firm Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 13. Being a Manager: The Ugly Welcome to the middle. Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 14. Being a Manager: The Ugly As a Manager you have to deal with… • Everyone – no one is happy, and they all now comes to you • Ridiculous workloads • Less money and respect than you probably deserve (especially from Partners) • Travel and sacrifice for your “craft” Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 15. What comes next? When Managers leave, they go to… • Large companies, in Director/VP-level strategy or analytical roles, with track to “operational role” in 1.5-3 years • Operations groups in PE funds, or Director- level roles in their portfolios • More rarely: Deal-side roles in PE; operating roles in mid-sized companies; BD or marketing roles in small / startup companies Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 16. Upshot The Manager role is… • Really good training for being a General Manager (although external firms don‟t always see it that way) • A chance to develop more significant senior relationships outside the firm • Opportunity to become an expert in a field • Well-compensated – a major step up from Consultant • A long way from Partner (3-7 years), with the long- term challenge of satisfying a lot of constituents Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 17. Now… before we go into Partner… Welcome to the partner promotion process. Hope the gods smile upon you. Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 18. The Partner Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 19. Being a Partner: What’s the job? Partners are… • Selling! Upselling and breaking new business • Building relationships • No longer project managing: Set up the case, get things going, set the tone, then check out • Pitching, writing proposals, speaking at conferences, writing white papers • Mentoring managers • Helping lead the firm Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 20. Being a Partner: What do you get? Partners get… • Money: Wealth (but eat what you kill) • Autonomy: You are now responsible for a line of business and results • Job security: Most firms rarely push out partners, and there‟s often a “revolving door” • Intellectual stimulation: You‟re working on many things at once • Prestige: Being a partner = respect • Interesting opportunities: Both in and out of the firm Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 21. Being a Partner: The Ugly Thought you had control? Ha! Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 22. Being a Partner: The Ugly As a partner you … • Actually have a lot less control over your life – the sooner you give up your calendar the better off you are! • Struggle to move jobs – few jobs pay as well, give you the intellectual stimulation, and have the job security • Are hard to employ – a highly-paid person without “execution experience” is a tough sell Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 23. What comes next In most firms, partners don’t leave. If you’ve gone through the pain of getting there, you stay. Those who leave go to… • Roles within the firm – specialties, practice area heads, developmental roles • Divisional Head / SVP roles, or Head of Strategy, at larger companies • Rarely: Partner roles at other service firms; CEO roles (mid-sized firms, ex-clients); PE / VC (very rare) Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 24. Upshot The Partner role can be fantastic if you… • Want to live well and develop wealth (but don‟t expect to be a billionaire / master of the universe) • Recognize you‟re a salesperson (or sales manager) with a P&L, not a corporate executive • Enjoy being a “smart dude” – you‟re a (well-paid) prof • Take control – successful partners build their practice on what they do well and love, and set boundaries • Embrace the flexibility within your firm – there are many chances to try things and reinvent yourself Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 25. Closing thoughts • Compared with other careers, consultancy can be quite high on the value vs. effort equation • Culture and people are paramount - it‟s a human capital business – if you love the culture and the people it can be a wonderful, uplifting career • Few companies have as much fluidity as consultancies. If you like variety and intellectual stimulation, it only gets better with time… • … but, if you want to run a business, it only gets harder and further away the more senior you get Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 26. Connect Book your one-on-one session with James at www.evisors.com/expert/689 James Weiss Former Senior Manager at He can help you with: • Career Assessment • Consulting Interview Practice • Resume Development …and more! Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 27. Questions & Answers Hosted by:See the rest at evisors.com/webinars/webinar/68
  • 28. Questions & Answers Question 1: What advice would you give to someone transitioning into consulting post-MBA? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 29. Questions & Answers Question 2: Can an experienced expert in a specialized field enter a consulting firm either mid-level or senior level? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 30. Questions & Answers Question 3: Can you work on other projects that are not within your industry of expertise? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 31. Questions & Answers Question 4: What is the most important skill a consultant must have to advance in their career? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 32. Questions & Answers Question 5: How can you transition into consulting if you do not have any prior experience? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 33. Questions & Answers Question 6: Do you feel your experience with Bain Consulting help you handle future business situations? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 34. Questions & Answers Question 7: What was the work/life balance like at Bain Consulting? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 35. Questions & Answers Question 8: What is the career lifespan of a consultant? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 36. Questions & Answers Question 9: How does the expected career trajectory differ between a professional hire and an MBA graduate? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 37. Questions & Answers Question 10: Is it possible for a line manager to get a job in management consulting? Hosted by:See the answer at evisors.com/webinars/webinar/68
  • 38. Questions & Answers Question 11: Why did you ultimately decide to leave Bain Consulting? Hosted by:See the answer at evisors.com/webinars/webinar/68