The document provides an overview of the major consulting firms and how to choose which firms may be the best fit. It segments firms into categories such as "Top Tier", boutiques, specialists, and full service. The "Top Tier" firms like McKinsey, BCG, and Bain are very selective in their hiring and focus on corporate strategy work. Medium and smaller firms provide alternatives and may offer more focused work or faster career progression. The best fit depends on what drives an individual in terms of work, culture, career track, and other factors. Not everyone can get a job at a "Top Tier" firm so having a backup plan is advised.
1. Page 0 Who Are The Consultants?J-P Martins, Consulting Careers TeamSeptember 2009 Page 0 Page 0
2. 1 Today’s agenda: Two main questions Who are the consultants? Which suit you best? 1
3. 2 The consulting industry is big, and hard to navigate and research $170-200 bn worldwide BLT (consulting specialist executive search firm) list 370 firms in the UK alone And this list misses some firms that I know and that hired this year A handful of brand names dominate most people’s thoughts on the industry, and your aspirations…
4. 3 The most useful way to segment firms is by fees and size High Global Elite (‘Top Tier’) Strategy Boutiques Global Elite (‘Top Tier’) Strategy Boutiques BCG McKinsey Mars & Co Bain Booz PRTM ATK Diamond Revenue per Consultant ZS Associates IBM Atkins Deloitte Accenture CapGemini Diamond Global ‘Full Service’ Specialists Specialists Low 10 100,000 Size of Firm (# consultants) Source: ADD Resources
5. 4 The most useful way to segment firms is by fees and size High Global Elite (‘Top Tier’) Strategy Boutiques BCG McKinsey Mars & Co Bain Booz PRTM ATK Diamond Revenue per Consultant ZS Associates IBM Atkins Deloitte Accenture CapGemini Diamond Global ‘Full Service’ Specialists Low 10 100,000 Size of Firm (# consultants) Source: ADD Resources
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7. Strategy, M&A, PE, Operations, Processes, OrganisationGlobal, Full Service Accenture, Deloitte, IBM, PA Consulting Part of much larger firms, leverage accounting, auditing, corporate finance, systems relationships Functional & Sector Specialists Finance: Oliver Wyman, McKinsey Corporate Finance IT: McKinsey BTO, Axon, Sales and Marketing: ZS Associates, Wolff Olins HR: Watson Wyatt, Hay, Towers Perrin Specialise in a sector (eg FS, FMCG, transport, construction…) or function (eg finance, HR…) ‘Small’ Boutiques e.g., Greenwich Associates, Mars & Co, Very many firms, some quite small Internal Consultants e.g., Diageo, Reuters, Shell, Deutsche Post, Vodafone, Oracle Often do the same work as consultants Many different titles All these segments are interested in recruiting from London Business School
9. 7 Who do you want to work for?(1 of 2) Consultants: pre MBA vs. Aspirations 25% want to be consultants 24% of you already are Note: data for MBA 2011 class only
10. 8 Who do you want to work for?(2 of 2) Which consulting firms – your preferred recruiters Note: data for MBA2010 class
20. 11 Observed cultural differences between McKinsey, BCG and Bain Influence Generalist, Private equity focus More specialised, including specialist hiring McKinsey Value Bain BCG Generalist Ideas
21. 12 You can’t all get jobs in the ‘top tier’ Illustrative Top Tier Recruiter 2008-9 – London Business School hiring only Applications 1st Round Interviews 2nd Round Interviews Hires 350 92 (26%) 33 (9%) 10 (3%) 160 190 52 17 4 16 6 40 Blue = Spring (‘summer internship’) recruiting Red = Autumn (‘full time’) recruiting
22. 13 Medium Firms (incl. ‘Top Tier’) More focused on consulting than ‘Full Service’ Many famous brand names Career building step Prestige Large Firms (‘Full Service’) Systematic training Many offices Recruiting not as competitive More specialised entry points Scope for career change Generalist ‘Strategy’ Firms Higher price points demand innovation Greater focus on bespoke approaches Comparing types of consulting employer Small Firms Bigger fish in a smaller pool Talent more visible Greater breadth of work? Recruitment less competitive By size… ‘Specialists’ and ‘Full Service’ Firms Lower prices mean they’re selling experience More ‘formulaic’ approaches By price point…
23. 14 What matters to you? Aspiring Consultants Consultants Quality of work and clients Environment/culture Clear, predictable career track Personal development Quality of workmates Financial reward Brand name, security Partner prospects Turning experience into consulting Intellectual challenge Source: ADD Resources
24. 15 What matters to you? ‘Top Tier’ Boutiques ‘Full Service’ Quality of colleagues Brand name impact Earnings progression International work Type/level of work Speed of promotion Work/life balance Job security Ease of getting hired Source: ADD Resources
25. 16 Promotion track may also differ between firms 1 Bain, 2 McKinsey, 3 BCG, 4 Booz Note: Timings approximate 16
26. 17 Promotion track may also differ between firms Slower in ‘Full Service’ Faster in Boutiques 6-9 years 1 Bain, 2 McKinsey, 3 BCG, 4 Booz Note: Timings approximate 17
27. 18 A few words on experience Irrelevant Valued Balance Sought Relevant Specialist roles, generalist firms Generalist roles, generalist firms Non-Consulting Experience Generalist roles, generalist firms Specialist roles, generalist firms Specialist firms Specialist firms Entry level roles Areas of weakness/ question marks in some areas Higher level roles (especially around sales ability outside ‘top tier’) Entry level roles Good quantitative/ problem solving experience Good performer across other dimensions Consulting Experience
28. 19 Recap I hope this has given you some ways to think about which firms to apply to Don’t apply only to McKinsey, BCG and Bain If you do apply to the top tier firms, have a backup strategy Choose firms based on what drives you, your strengths, and research on the firms concerned
29. 20 The London Business School Consulting Careers Team Page 20 20 Who are we?
