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Which MBA will open the door to McKinsey, BCG and Bain?

Which MBA will open the door to McKinsey, BCG and Bain?



Consulting Times December 2011 Top-Consultant.com

Consulting Times December 2011 Top-Consultant.com



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    Which MBA will open the door to McKinsey, BCG and Bain? Which MBA will open the door to McKinsey, BCG and Bain? Document Transcript

    • Consulting TimesDecember 2011 | Top-Consultant.comWhich MBA will open the doorto McKinsey, BCG and Bain? FEATUREConsultants find inspirationin the oddest places
    • Looking to accelerate your career from delivery consultant tobusiness winner? Need to refine your sales skills in this harsh economic climate? Then this event will prove invaluable.... The Art ofSelling Consulting Services London (Westminster) - Friday 11th May 2012Top-Consultant.coms most popular seminar ever
    • Consulting TimesCONTENTS Stella Bowdell named head of Institute of Consulting 4 Uncertainty forces consultancy buyers to consider cost cutting again 4 BearingPoint appoints new partner to lead communications practice 5 Atos appoints Ursula Morgenstern CEO for UK and Ireland 5 Which MBA will open the door to McKinsey, BCG and Bain? 7 Public sector outsourcing undergoing unprecedented shift in focus 9 Consulting’s next big thing 10 With friends like these… 12 Career options after consulting – Moving into industry or the City 16 Consulting, fast and slow 19 Selling in the Consulting World – Cross-selling v.s. an integrated approach 20 Consultants find inspiration in the oddest places 22 Zambeasy.com Limited Advertising: All views expressed in signed articles do Northcliffe House advertising@top-consultant.com not necessarily reflect the views of Consult- 2 Derry Street ing-Times.com. London W8 5TT Enquiries: United Kingdom customer.service@top-consultant.com All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or Registered in England and Wales transmitted, in any form or by any means, electronic, with company number 3947933 +44 (0) 207 667 6880 mechanical, photocopying, recording or otherwise VAT Number GB 243 5711 74 without the prior permission of the copyright owner. www.top-consultant.com 3
    • December 2011 NEWS NEW HORIZONS Stella Bowdell named Uncertainty forces consultancy buyers head of Institute of to consider cost cutting again Consulting LONDON – A new report which reaching for the advice of the tracks the buying trends of key strategy houses – with half of LONDON – The UK’s professional management consultancy buy- private sector clients (outside body for consultants and advisers, ers, with a combined annual of financial services) expecting the Institute of Consulting has an- spend in excess of £2.5bn, has an increase here – with manu- nounced that Stella Bowdell has found that the threat of sover- facturing, pharmaceuticals and been appointed as the new Head eign insolvency and a European energy the sectors in most need of the Institute of Consulting. banking crisis is forcing busi- of their advice. nesses to put cost cutting back Bowdell, who joins the Institute on the agenda. The report highlights that every of Consulting (IC) from the Char- time the economy has moved tered Management Institute The Sourceforconsulting.com from one broad phase to the (CMI), brings over 20 years’ expe- report released this week found next – growth into recession, rience in working with a range that nearly 40 per cent of con- recession into recovery – and of consultancy sectors, including sultancy buyers expect to specifically at the points at public, financial, construction spend more on advice about which that phase manifests it- and manufacturing, to her new operational efficiency over the self in any given sector, there role. She will be responsible for next six months – an 11 per is a spike in demand for either growing the Institute and build- cent increase on the number strategy consulting firms or for ing on the foundations estab- from the same period last year. strategy consultants. lished through the successful re- branding in early 2011. Ed Haigh, Head of Marketing IT consulting on the rise and Content at Sourceforcon- Bowdell comments: "The Institute sulting.com said: “What will be In the context of a flat consult- of Consulting is a standard bearer interesting is to see the form ing market, a third of clients for professionalism and quality in cost cutting takes. Much of the are also expecting to increase the consulting industry and I am easy work has probably already expenditure on IT consulting. delighted to be joining as its new been done, and it seems unlike- However, demand looks as Head. My initial focus is building ly that many companies would though it may be far weaker partnerships and highlighting the have relaxed their grip on costsin the financial services sec- benefits of IC membership – we too much in the intervening tor than it will be in the rest of already have a fantastic resource period, given the ongoing eco- the private sector as regulatory for consultants and practices in nomic uncertainty. work is driving the agenda in our ConsultingDirect library and this sector, and creating a ‘no we will soon be launching a na- “So what’s likely to come next change’ scenario across most tional register of consultants for if cost-cutting is back on the consulting services. buyers of consulting services." agenda is a series of deeper, more precise cuts; the likes of HR firms picking up the pieces Bowdell will report directly to which may require highly spe- Huw Hilditch-Roberts, Director cialised consultants.” The report also found that with in Charge of the Institute of Con- record levels of unemployment sulting, who concluded: " I’m de- Increasing demand for strat- across Europe (recently hitting lighted to welcome Stella to the egy consultants a 17-year high in the UK), HR team. Stella’s proven experience services are increasingly in de- in leading employer engage- The report says that with the mand – as people are laid off, ment, qualifications and mem- prospect of a double dip re- HR consulting firms are getting bership growth will be invaluable cession looming larger than it involved helping organisations as the IC continues its growth this ever has, clients appear to be to reshape. year and in 2012." 4 www.top-consultant.com
    • NEWS Consulting TimesAPPOINTMENTSBearingPoint appoints Atos appoints Ursula Morgensternnew partner to lead CEO for UK and Irelandcommunications practice PARIS -- Atos, the international IT suming the role of UK Chief Op- services company, announced erating Officer earlier this year,LONDON – BearingPoint has an- that Ursula Morgenstern will be from 2009 Morgenstern was Se-nounced the appointment of a appointed as CEO for Atos UK nior Vice President responsiblenew Partner, Rob Staples, who will & Ireland, and Group Executive for Private Sector Markets, andbe responsible for BearingPoints committee member from Janu- from 2007 she was Senior ViceUK Communications practice. In ary 1st, 2012. President responsible for Sys-this newly created role he will be tems Integration.building upon BearingPoints ex- Morgenstern, previously UK andtensive global telecoms and me- Ireland Chief Operating Officer, Prior to that, she held a varietydia experience with clients such will be responsible for driving of roles in Systems Integrationas Vodafone, France Telecom, the strategic direction of Atos including management rolesDeutsche Telekom and Telefonica in the UK & Ireland to ensure for sectors, custom practices,to support UK based clients in the high quality service delivery to and package solutions businesssector. clients, and continued business units. growth.Staples is a communications in- In the UK and Ireland Atos em-dustry specialist with over 20 Morgenstern will be replacing ploys 10,000 business technolo-years operational and consult- Keith Wilman who expressed his gists who design, develop anding experience gained working desire to retire from his position manage the business processesin Europe, Asia, Latin America, as UK & Ireland CEO. Wilman and technology behind manythe United States and the Middle will be appointed Chairman for of the core services that peopleEast. He has extensive experience Atos UK & Ireland, a non-execu- use every day from:working with CEOs and board tive position from which he willlevel clients in the telecommuni- support Morgenstern during • Supporting £450 millioncations and media industries to 2012 – in particular in the field transactions on the UK railhelp shape their strategic agen- of strategic relationships with network every yeardas. key customers. In addition, Wil- man will become a special advi- • Allowing more than 6.4 mil-He joins from Capgemini Consult- sor to Thierry Breton, Chairman lion people to completeing, where he was Vice President and CEO of Atos. their tax return onlineand Global Sector Lead for theTelecom, Media & Entertainment Breton said: “Ursula brings im- • Enabling £250 million ofsector. mense business experience and bookings every year for Pre- technology expertise and I am mier Inn through their busi-Stefan Spohr, Managing Partner confident that she will continue ness account card schemeUK and Ireland, said: "Robs ap- the strong track record of Keithpointment is an important stra- Wilman, to ensure further suc- • Managing over 50% of all re-tegic step for BearingPoint in cess in the UK and Ireland for ferrals for initial hospital andthe UK. The telecoms and media Atos. She is assuming her role at clinic appointments in Eng-sectors are amongst the most an exciting time for the UK busi- land through the Choosedynamic in the UK and are at the ness, which grew in size by 50% and Book programmeheart of technological and social following the integration of Sie-development. BearingPoint has mens IT Solutions and Services • Supporting more than 30substantial depth of experience earlier this year.” million MOT tests each yearin these sectors and Rob joins usat the ideal time to grow our pres- Morgenstern joined Atos in • Compiling the football fix-ence and help UK based telecoms 2002 through the acquisition tures list for the English Pre-and media companies exploit of KPMG Consulting. Before as- mier Leaguethese developments." www.top-consultant.com 5
    • Salary Benchmarking Report 2011/12 A comprehensive study of remuneration levels within the IT & Management Consulting sectors Sponsored byNow available for free download
    • COVER STORY Consulting Times Which MBA will open the door to McKinsey, BCG and Bain?by TONY RESTELL, Top-Consultant.comIn this article we share the Top 25 ed to establish which schools lar analyses were also conductedbusiness schools to attend if you would open the door for them to for other strategy firms like mywant to secure a career with McK- pursue a career at McKinsey, BCG former employer Roland Bergerinsey, BCG or Bain. or Bain, we counselled them not Strategy Consultants. But for to rely on hearsay and opinions the purposes of this article weSocial media means this data is but to seek the hard facts. Any ca- wanted to just share one defini-now readily available and so we reers service worth its salt should tive league table for the schoolsstart this article by reproduc- be able to provide a breakdown you should attend if you want toing the rankings according to an of the employers where its recent pursue a career with a top-tieranalysis of LinkedIn profiles. graduates have managed to se- strategy consultancy rather than cure employment. Or why not le- get bogged down in firm-by-firmIts one of the cardinal rules of verage the power of social media detail (feel free to contact XiaoX-consulting - dont accept opin- and conduct your own custom iao Ma if youd like to see the fullions and conjecture if hard data analysis based on querying of the results).is available that can provide the LinkedIn network?indisputable answer! The data table below shows how XiaoXiao Ma went away and did many consultants each firm cur-So when approached by a pro- just that - and the results above rently employs who have an MBAspective MBA student who want- are the fruition of this work. Simi- obtained from each of the www.top-consultant.com 7
    • December 2011 COVER STORY Rank School Bain McKinsey BCG Total leading business schools. In oth- er words, only profiles for those 1 Harvard Business School 255 421 278 954 people who have secured a job with McKinsey, BCG or Bain after having studied for their MBA and 2 INSEAD 184 460 221 865 who are still with that firm. The important caveats are that this 3 University of Pennsylvania: Wharton 204 342 246 792 methodology excludes data for people who joined these firms 4 Northwestern University: Kellogg 126 260 231 617 post-MBA and have since left; and similarly includes those peo- 5 Columbia Business School 63 241 111 415 ple who were with McKinsey, BCG or Bain prior to their MBA, were 6 Stanford University GSB 98 157 88 343 sponsored through an MBA and now have returned to their em- 7 MIT Sloan School of Management 70 165 88 323 ployer as part of the sponsorship deal (without having to undergo 8 University of Chicago: Booth 63 152 108 323 the MBA selection process). On the latter point firms will only 9 LBS 43 204 76 323 sponsor consultants to go to the schools they hold in the highest 10 HEC School of Management 77 102 129 308 regard, so this should have no bearing on the rankings. Whilst 11 University of Michigan: Ross 52 103 76 231 on the former point, we see no reason why graduates from a particular school would be more 12 Dartmouth College: Tuck 50 70 47 167 likely to quit consulting than any other school, so wouldnt expect 13 New York University: Stern 20 85 46 151 this to have a material impact on the rankings either. 14 Duke University: Fuqua 24 60 51 135 Were very grateful to XiaoXiao 15 HAAS UC Berkeley 27 70 26 123 Ma for allowing us to share this work with you - and hope it has 16 IESE Business School 27 48 33 108 answered one of the most often- asked and enduring of questions 17 University of Virginia: Darden 35 38 25 98 in the consulting community! CT 18 Esade 27 29 41 97 19 UCLA: Anderson 21 46 20 87 Caveat: Whilst we have given some steer to the research methodology 20 University of Texas at Austin: McCombs 20 31 24 75 used above, Top-Consultant makes no representations as to the accu- 21 Cornell University: Johnson 24 33 6 63 racy of the resulting table - not least because it relies on data that is a statistical sample of all consulting 22 University of North Carolina: Kenan-Flagler 11 27 19 57 employees and so cannot be 100% accurate. Please do undertake 23 Yale School of Management 6 25 22 53 your own research before deciding which business school to attend - 24 IMD 11 24 15 50 and crucially check on a schools recent success rate in securing em- 25 Oxford: Said 7 28 14 49 ployment for MBA graduates with your target employers. 8 www.top-consultant.com
    • NEWS Consulting TimesPublic sector outsourcing undergoingunprecedented shift in focusFirms reveal government budget pressures driving surge in outsourcing adoption on con-tinent, TPI data shows.LONDON – TPI, the Information and the Nordics, as central andServices Group (ISG) companies, local governments are adopt-said today that public sector ing outsourcing at an increasedbudget pressures are driving an pace. Compass, the premier inde-increase in the adoption of out- pendent global provider of busi-sourcing as a strategy to improve ness and information technol-operational excellence in Conti- ogy benchmarking, performancenental Europe and a wave of con- improvement, data and analytics “With the recent change in gov-tract renegotiations in the United services, reports that the shift is ernment in the UK and accompa-Kingdom. especially evident in France. For nying public sector funding shifts, the first time, the country’s larg- outsourcing activity has beenThe number of public sector out- est IT outsourcing projects are in re-evaluated,” explained Stevesourcing contracts awarded in the public sector due to efforts Tuppen, president, UK Compass.Continental Europe jumped by to consolidate the government’s "Service providers now recognisemore than 70 per cent in the first extensive telecommunications the need for providing better val-half of the year, according to data network. ue for money.from TPI, the leading indepen-dent sourcing data and advisory "The public sector in France has "Although these same providersfirm in the world. The public sec- not heavily relied on outsourcing have previously offered cost re-tor’s total contract value (TCV) on in the past," said Lyonel Roüast, duction and changes to their de-the continent grew 40 percent. President, EMEA, Compass. "The livery models, it is only now that cost of IT was not considered a pressure to reduce costs acrossFor service providers this will main priority for the government. the public sector has heightenedmean placing a greater emphasis However, now that the need for that authorities are taking a stepon forging close working partner- cost reductions and more ef- back to evaluate outsourcing ac-ships with public sector bodies. ficient services is being recog- tivity and have the clarity to re-Duncan Aitchison, Partner and nized, attitudes are beginning to view the objectives, targets andPresident, EMEA, TPI, said: "Un- change." outcomes."derstanding the difficult path thegovernment now has to take and In the United Kingdom, which has Tuppen predicts that the exten-negotiating the balance between historically outpaced Continental sive restructuring of outsourcingproviding a value proposition, Europe in outsourcing penetra- contracts in the public sector willwith services that help govern- tion, the number of public sector result in more innovative agree-ments achieve often complex outsourcing contracts awarded ments and service integration.goals in a streamlined way will be also rose 70 percent during the "We expect to see an increase inkey for outsourcers moving for- first half of 2011, according to the standardisation of public sec-ward." TPI. However, public sector TCV in tor outsourcing contracts and the UK fell 47 percent as authori- increased use of multi-sourcing,This surge is taking place across ties sought to restructure existing both of which will result in aContinental Europe, including agreements to reflect changed strengthening of service as wellGermany, the Benelux countries priorities. as greater flexibility," he said. CT www.top-consultant.com 9
    • December 2011 COMMENT Consulting’s next big thing Could this no-growth period be the right time to fundamentally reshape the ways that people are employed, asks Mick James. by MICK JAMES The latest Labour Market Out- consultants is disastrous. At least The second line of defence is ob- look from the Chartered Institute recruiters and trainers suffer a viously managing whatever un- of Personnel and Development swift death. For consultants it can certainty you can get any kind of (CIPD) makes for disturbing read- be the death of a thousand cuts, a grip on. Recruiters tell me any ing. Private sector growth is slack- as decision cycles stretch out to- kind of risk specialism is in great ening; confidence in the public wards infinity. demand despite the relatively sector is through the floor. poor showing of that profession What can consultants do to alle- recently. But risk isn’t all about ex- According to public policy advis- viate this corporate constipation? ternalities. Companies are littered er at the CIPD Gerwyn Davies the Well, we all know fear is a great with internal risks from basic figures point to a “slow, painful loosener of bowels, so there will health and safety hazards, which contraction in the jobs market”. always be a few clients coming are liable to take great lumps out Employers are apparently locked through who realise that they can of people, to more subtle risks in a “wait and see” mode and this no longer put off vital decisions such as poor access to informa- is leading them to postpone all about their business. The finan- tion leading to bad decision mak- employment decisions, not only cial sector remains lively, because ing. not hiring but not making redun- of the near-constant application dancies either. That has to be the of fire to its feet from regulators Of course, it would be lovely to most mixed blessing: knowing and markets. enter a downtime with all this you are underutilised but being sort of stuff having already been kept on nevertheless, with the For the rest it’s not so easy. One sewn up. “Mend the roof while Sword of Damocles hanging over thing consultants can’t do much the sun is shining” is a great mot- your head. about is reduce the general air to, but people only tend to come of uncertainty. Make an appoint- out with it once the rain has set The spectre that is stalking the ment to see a client about the in. And that’s also a good time to land is uncertainty. And while crisis in the eurozone and by the mend the roof. it’s not good for employers and time you get to their premises, a stressful for individuals, the rescue package will be agreed. By Companies that are otherwise in knock-on effect on service sup- the time you’re back at the office, a state of stagnation would do pliers like recruiters, trainers and it will have fallen apart. well to get some of these sorts of 10 www.top-consultant.com
    • COMMENT Consulting Timesprojects going, if only to give ter- what was normally seen as un-minally bored staff something to changeable goes into flux, whiledo. The question is how can con- what we expect to change be-sultants either help to inspire this comes set in stone.process and insert themselvesinto it and ensure it is done well. Growth is seen as the natural con- dition of economies and compa-The first rule for any consultant nies, and to be against it is seenshould be to maintain client as an anti-materialist or anti-cap-contact at all costs. Well, maybe italist. Yet we all see negatives toexcept one, which is future busi- growth, not simply in destruc-ness. We’ve all seen over the last tion of resources but more subtlefew years what happens when areas: the dilution of companypeople start cutting fee rates in culture, the loss of customer inti-response to a recession—they macy, the growth of internal bu-stay down. reaucracy. It’s not clear whether customers or clients even likeRisk-reward or gain-sharing can growth: I may be fond of my localhelp here and has gained a lot of butcher but the last thing I wantground in recent years but tends is for him to open a chain of meatto be seen in the context of larger shops.projects that put a lot of pres-sure on cash-flow. In the current So the steady-state business hascontext, activity needs to come at least something going for it?to a more granular level: think of- What about eliminating the neg-fering to stick your hand down atives? Consultants have done athe back of someone’s sofa and lot towards making employmentshare the spare change you find. more flexible, but that has beenIf a way can be found to maintain a fairly one-sided affair with a lotcustomer intimacy that provides of the uncertainty falling to thebenefits for both parties, then it side of the employee. More re-can only lead to greater coopera- cently, companies asked, and got,tion in the future. a lot from their staff to help them survive the recession in terms ofBut all this is dancing round the short-working, pay cuts and sab-edges of the real problem: rainy baticals. Could ways be found today activities for bored kids in incorporate the lessons from thatthe holidays. Sooner or later the period to fundamentally reshapekids are going to look up and the ways that people are em-ask: what if it never stops rain- ployed, so that even an organisa-ing. What if very year is like 2011, tion with a fixed headcount couldwhere it pours down on the Au- still be a dynamic place to work?gust Bank Holiday but we getgorgeous sunshine on Remem- For too long now the debatebrance Sunday? What if our crisis about new ways of working hasis the new normal? been framed in largely reactive terms. There’s a potential to cre-I’ve talked a lot about the lack of ate something new, potentially toa “next big thing” in consultancy, attack our problems from a differ-and that’s because these nor- ent direction rather than simplymally don’t come about unless wait for the growth fairy to turnthey’ve been preceded by some up. Otherwise it’s difficult to seesort of paradigm shift, in which where this will all end. www.top-consultant.com 11
    • December 2011 FEATURE With friends like these… Would you rather spend time locked in a room with your clients or your colleagues? Malcolm Sleath of 12boxes suggests we seriously underestimate the effort it takes to create an effective team. by MALCOLM SLEATH Question: You often write about other things, the electrician want- guy, electrician and painter) had one-to-one encounters with cli- ed to get on with wiring up the been working individually to the ents, but most people work in mains in the skirting trunking. highest professional standards teams. Sometimes I find clients The IT guy needed to get at the they knew. are the easy part; the difficult re-channel for his data cables. And lationships are with colleagues. both of them were trying to work Admittedly, that was a relatively What do you think? around the cable broadband in- trivial example and the technol- stallers who were grappling with ogy involved was hardly ground- Answer: It’s often not the col- an unfamiliar piece of kit. breaking. But you only have to leagues themselves that are dif- scale things up, imagine the kind ficult, but the lack of team-work- Nobody, including me, thought of project where there are several ing. But what does this mean, things through. The result was unknowns, and throw in a few beyond just being kind and con- that the electrician took advan- cultural differences, to see how siderate to one another? It takes tage of the IT guy’s absence to easy it is for highly intelligent and self-discipline to work effectively pull some of the data cables capable people to really screw in a team, and most people need through so he could put the lids things up. to find out that simply doing on the trunking and ‘finish his job what you are already doing to the properly’. Unfortunately, the reel Despite this being something best of your ability does not make of data cable had a fault, which that ‘everybody knows’, people you a good team member. meant that several cable runs had continually underestimate the ef- to be replaced. But before this fort and investment required to Here’s a simple illustration. I’ve could be done, the painter had build an effective team and main- been having a new home office made everything look nice by fill- tain teamwork. built. Most of the time I have been ing any gaps he saw between the able to manage the process by wall and the top channel trunking Doing the right kind of work: relating to people working on the lids. The result was that yours tru- Teams undertake two kinds of project individually, or delegating ly spent a morning with a Stanley work: ‘activity work’ and ‘process to someone. But on one particu- knife, trying to ease off the trunk- work’. Activity work is what every- larly memorable day, there were ing lids without damaging the one thinks work is about: getting nine people in the space. Among paintwork. Yet each person (IT stuff through the door and de- 12 www.top-consultant.com
    • FEATURE Consulting Times between discussing process and cursions of others. The notice on activity. On week one they would the fish restaurant door was a discuss what they were doing. simple but highly effective way of Any issues about how they were doing just that. doing it were noted and held over. On week two, they talked Taking team development seri- about how they were doing ously: If a team is worth develop- things, making time for only the ing it’s worth investing in. People most urgent operational issues often think of team-building as that could not be put off. Failing an away-day event with walls to plan for process work and the plastered with yellow PostIt® ‘development dip’ is probably one notes and a bit of beanbag throw- of the most common mistakes in ing, drumming, or quad-biking change management, and that thrown in for the feel good factor. includes projects and business Such events often fail to make start-ups. the distinction between giving people an experience of effective Leadership: Like good therapists team-working, which is admitted- (who are experts in managing ly of value, and building an effec- people through change) leaders tive team. Here are some pointers in change need to do three things. that I have acquired while work- First they need to be potent. This ing to develop effective teams. is not about one person (male or female) being macho; it’s about Give it time. A team development people in the team feeling safe. process is not cheap. There seemslivering value to customers out- It’s that kind of calm, authorita- to be something magic aboutside or inside the organisation. tive quality that outdoor coaches 48 hours off site, including twoProcess work is about holding have when they are getting you nights residential. The best eventsthe group together, maintaining to abseil. To display this quality seem to run from about 17:30 onits boundary (who you let in and consistently takes a lot of energy day one to 17:30 on day three.who you don’t) and helping it to and focus. Effective leaders lookfunction effectively. In times of after themselves to ensure they An effective team will tackle andchange, the amount of process have it available. resolve real issues, but begin itswork required rises dramatically, team development by puttingresulting in a loss of productivity. Potency is important because them to one side. The most ef- the second thing leaders need fective processes seem to startI call this the development dip, to do is give people permission with getting the team to observebecause it should only be tem- to change: “It’s OK to do things themselves solving inconsequen-porary and represents a form of differently.” Change feels inher- tial but challenging puzzles. Get-investment. Near where I live, a ently unsafe. It can be exciting or ting them to review how theynew fish restaurant has opened. threatening, depending on how tackle things and what worksIn the window is a notice asking you feel about yourself. Good and what doesn’t by repeatedlypotential customers to bear with leaders give people permission using the Honey and Mumfordthem while they are getting used to ‘feel the fear and do it anyway’. ‘act, review, conclude and planto new equipment and working Working with them is like being cycle’ means that this elementtogether. The owner understands on one of those theme park rides of process work (learning) soonthe development dip and is man- that are scary and safe at the becomes second nature. You canaging customer expectations. same time. “Yes,” they say, “I know supplement this with self-scored(Last time I walked past it was you are shaking inside. And you inventories. I happen to like Bel-packed.) can do this.” bin team roles and the Learning Styles Questionnaire as they haveOne team with whom I had the Finally, good leaders protect face validity and immediate rel-privilege to work became high- their team while they are going evance to team operation andly effective by alternating their through change. They give them learning.weekly management meetings space and defend it from the in- www.top-consultant.com 13
    • Now available forfree download The Definitive Guide to UK Consulting Firms T. Restell & V. A. Kumar (eds) �2nd e dition
    • FEATURE Consulting TimesIncidentally, you need suitablyqualified and experienced peo-ple to set up the ‘challenging puz-zles’ and they need to understandthe part these play in the wholething. As I’ve found to my cost,just hiring in people who seem tohave a good track record in ‘teamevents’ doesn’t really work.When the team has developedtheir own rules for effective work-ing based on this ‘trivial’ experi-ence, you can move on to lookingat the ‘serious issues’. I’ve foundit helpful to collect these in ad-vance of the team-building pro-cess so they are unaffected by thecloser bonds that come from theteam development process.Good feelings about one anotherdon’t make these issues disap-pear. Putting them in the deep vidual sheets and passed around When the right investmentfreeze for the start of the event the table to be read and initialled is made, difficulties with col-means they have the same qual- by each participant. Apart from leagues can be dramatically re-ity as the cold, hard, real world in the shuffle of paper, and the scrib- duced when they discover thatwhich the team has to operate. bling of pens, the only sounds their ‘weaknesses’ are usually you hear are chuckles or grunts strengths used at the wrong timeBy the morning of the third day, of recognition. in the wrong place.about forty hours in to our 48hour event, the team should have After all the issues have been read Internal competition is dramati-processed the lessons they have by everyone, the facilitator might cally reduced and collaborationlearned from the artificially con- offer some structure to help the increased when people can seestructed tasks, and drawn up a team get started, but it is made their individual contribution andset of rules they want to apply to clear that team is responsible for qualities are widely recognised.‘real life’. shaping the resolution of the is- sues into a comprehensive action Unfortunately, many ‘touchy-Of course, most teams will come plan by applying the rules they feely’ approaches to team devel-up with similar rules, but the way have devised. opment have fallen into disre-they are expressed is often highly pute, not because they were badindividual and contains refer- The team leader is charged with in themselves, but because theences that outsiders would not ensuring that people know they lessons learned were not trans-understand. This seems to be an have permission to try out these lated into a practical observableimportant part of the bonding new ways of working, and pro- action plan.process. tecting them while they do so. But perhaps the underlying rea-Once these rules are recorded My experience has been that son why investment in such ap-and in place, the real issues can the action plans that result from proaches is so rare is that manybe taken out of the freezer and this kind of process are much organisations have a culturepresented to the team. To ensure more robust and resilient than which rewards competitive be-objectivity, this is done without those which arise from shallower haviour and overlooks genuineattribution. It’s quite a good idea events, where hidden agendas effectiveness. To change that re-to have a silent reading process often stay hidden and ‘difficult’ is- quires bravery and true leader-with the issues presented on indi- sues are unresolved. ship. CT www.top-consultant.com 15
    • December 2011 FEATURE Career options after consulting – Moving into industry or the City from THE DEFINITIVE GUIDE to UK CONSULTING FIRMS (2nd Edition) Consulting is a tremendously re- • Working in private equity/ven- difficult issue for consulting firms warding career, where personal ture capital in respect of employee retention, development meets long-term • Investment banking as many of their top staff are reg- earnings. However, there will be ularly appropriated by other ar- numerous moments during your This list is not exclusive, and, eas purely due to much higher re- career as a consultant where you therefore, there will always be muneration packages. This effect may be approached by organisa- other career paths that consul- does, however, work both ways tions outside of consultancy look- tants move on to. The options and it is often the case that lead- ing to appropriate your skills. This listed are the five most common ing industry experts are poached type of approach is testament to and will be analysed using the by consultancy firms. the fact that consulting has el- four key hygiene factors, which evated your skills and personal any individual should apply to 2. Lifestyle worth to a level that few other their current and future job roles. The key differences here are: careers could have matched. This Hours. It will come as no surprise is one of the many key reasons 1. Salary that consultants can work long individuals, such as yourself, have The first hygiene factor is salary; hours. They can average 12-14 chosen a career in consulting. the greatest superficial difference hours a day but it can vary signifi- between one career path and an- cantly depending on client, team This article will identify the types other. Although we all appreciate goals etc. The challenge with of options open to a consultant that in this modern, fast moving working hours is that if a consul- who may be looking to migrate world, salary is not always the tant moves into corporate indus- into new areas, and analyse the most important driver in choos- try or internal consulting they can four key hygiene factors that in- ing a career path, it still plays an expect their hours to be in the 1 fluence this decision. The four key important part in ones decision 0-12 hours a day range. However hygiene factors that will be used making. For instance, consultants if they choose to become an in- to assess which path provides and investment bankers are often dependent, or move into venture the greatest rewards are: salary, paid comparable base salaries. capital or investment banking, lifestyle, skills development and However, at the end of the year in- their hours could range from 12- networking. vestment bankers can be handed 16 hours a day. It will depend very bonuses in excess of 50% of their much on your appetite for work- The options salaries. This means that in terms ing hours in the new career you There are five main options open of cashflow throughout the year, choose. to a consultant migrating from their compensation is very simi- consultancy. They are: lar, but having that golden payout Travel. Consultants, depending • Moving into corporate industry at year end can make a distinct on the firm, spend 25-75% of their difference. Cashflow or not, the time travelling. At the Big 4 con- • Becoming an internal consultant extra money is substantial and a sultancy firms (KPMG, PwC, E&Y • Setting up as an independent defining driver of why many con- and Deloitte) you can expect to consultant sultants switch to careers such as be travelling 50-75% of the time. investment banking. This is also a However, in corporate industry 16 www.top-consultant.com
    • FEATURE Consulting Timesand most of the other areas con- mutual learning will shift depend- ily influenced by your colleaguessult¬ ants will be looking to move ing on which new career path you and your firms alumni.into, they will spend around 90% choose. A move into corporate in-of their time in one office. dustry will greet you with a short This is not to say that consulting induction programme to ramp offers numerous networking op-Relationships. Interaction and up your skills followed by a get portunities and if you migratetime spent with co-workers, man- on with it mentality where your you will suffer the consequences;agers and the firm itself are less ability to fulfil your job is of great- far from it. During your career asdiscussed but equally important er importance than your ability to a consultant you will have alreadyareas. Consulting firms have a self-actualise. harnessed the power of the con-very communal atmosphere, sultants networking philosophy,where the centre of alignment This mind set change wiII be dif- and carry with you a plethora ofis not only focused on project ficult for some consultants, and different names in your Rolodex.completion but also ensuring therefore they may choose toyour professional success. This at- move into internal consultancy, Now you can harness them to aidtitude permeates all interactions. or start their own firm. This would any move you wish to make, orManagers rarely yell, co-workers allow you to continue the consul- take the basic networking skillstry to help each other out when- tants ethos, but in the new envi- you have learnt with you intoever possible and companies are ronment that you perhaps wish your new field, and harvest theorganised to provide sup¬ port to move into. current employees and alumnito consultants through training, network for those fantastic newexpertise etc. 4. Networking contacts. The networking side of careerHowever, other careers such as paths is often less discussed but Conclusioncorporate industry or investment no less important. Consultants If you had asked the likes ofbanking have a more competi- may have worked on or come Wolfgang Bernhard (chairman oftive, hierarchical setup. You can into con¬ tact with a vast array Volkswagen), Vittorio Colao (CEOexpect tenser relationships with of fields - from industry to aca- of Vodafone) or William Hagueyour bosses, and co-workers are demia, government to non-profit. (leader of the Conservative Partymuch less willing to help each Networking is important at con- 199 7-2001), when they each leftother out. Their focus is on their sulting firms and social events are McKinsey & Company if they hadown success, and your accom- focused on helping consultants made the right choice, I am sureplishments mean more competi- build contacts and relationships that they would intimate thattion for the biggest bonuses. throughout their firm and oth- their success, post consulting, ers. This will mean you have most has been testament to the skills3. Skills development likely built up a large array of con- development and networkingDuring your time as a consultant, tacts across several different ar- which their time in consultancyyou will have most likely received eas. gave them. This has allowed themsome excellent business train- in their post consultancy careersing. There is a distinct focus on However, individuals working in to make decisions based aroundintense exposure to textbook other fields often do consider- salary and lifestyle.business principles and practices ably less networking - most con-and the project team model leads tinue within the specific world in Your career in consultancy is trulyto mentorship opportunities which they are based, for exam- the gift that keeps on giving. Notwith managers, partners, and co- ple a banker, will stay firmly in the only does it provide fantastic ca-workers. Finally you will have had financial services arena. In corpo- reer opportunities within itselfconstant client interaction which rate industry, silos within an or- as a field, but it also provides youdevelops client skills - from man- ganisations structure and culture with the perfect launch pad toaging client teams to running often mean you will have limited migrate into new pastures as andmeetings and to learning how to expo¬ sure across the company when you see fit. CTnavigate different corporate envi- to other groups, departments,ronments. etc. One key factor for fields out- Download The Difinitive Guide to side of consulting is that your UK Consulting Firms (2nd Edition)As you migrate into new areas, professional network and future here.this ethos of self-progression, and career opportunities will be heav- www.top-consultant.com 17
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    • COMMENT Consulting TimesConsulting, fast and slowDaniel Kahneman’s Thinking, Fast and Slow isn’t about consulting, but it could be, saysFiona Czerniawska, co-Founder of Source.by FIONA CZERNIAWSKAThe Nobel prize-winning econo- Consulting involves a mixture ofmist takes ideas he developed the two ways of thinking. Fromwith Amos Tversky on behav- the huge number of interviewsioural economics and decision- we’re doing with clients at themaking and examines the psy- moment, it’s clear that there is achology that may help explain lot of respect for the consultantswhy we all – contrary to what whose expertise and experienceeconomists used to think – make enables them to make judge- the heart of the most damningirrational choices. ments which are both fast and criticism that clients levy against informed. Like the Grand Master, consultants, that the latter take aHis focus is on what he calls Sys- they’ve built up an enormous “cookie-cutter” or “one size fits all”tem 1 and System 2. System 1 is body of knowledge which they approach to solving problems.the fast-moving bit of our brain, can automatically tap into. Sys-capable of making automatic tem 2-style thinking comes into You could argue that the fault lieschoices without conscious inter- play where people and organisa- on both sides. Clients, impatientvention – detecting that one ob- tions don’t have that pre-existing for immediate results, are unwill-ject is more distant than another, reservoir of knowledge. Consult- ing to go through the longer Sys-understanding a simple sentence, ing here involves bringing an tem 2 approach and consultantsand so on. open mind and taking the time kowtow to this approach. But I to gather and analyse data be- actually think the finger of blameIt includes both innate skills we fore coming to any conclusions. in this instance points squarely atshare with other animals and It can be a slow, painful process, the consultants. All too often con-learned skills, such as under- and sometimes the answers chal- sultants find themselves workingstanding social situations and lenge everyone’s assumptions. in unfamiliar areas and have toreading. Some of the latter are fall back on their intuition for an-widely shared, but others are But clients rightly have no time swers. Moreover, as Kahnemanonly acquired by experts: thus, for that other form of System 1 points out, this involves simplify-the Grand Master of chess who thinking: intuition. Non-expert ing the question. Most of us can’tmakes an apparently intuitive intuition relies on extrapolating do complex maths in our headsjudgement about the outcome from your personal experience but if we round the numbers weof a game is in fact tapping into a without recognising how biased can make an intuitive guess; simi-vast reserve of knowledge. that may be. Aspiring consultants larly, a consultant who’s flounder- who’ve worked on similar prob- ing around for a solution will sim-By contrast, the operations of lems with – say – two banks will plify the client’s problem.System 2 require focus and we assume that all banks share thisdo them less well when we’re dis- problem. They’re less likely to lis- The answer lies in specialisationtracted. While driving a car on a fa- ten to what the third bank is tell- (building up the reserve to drawmiliar road, largely empty of traf- ing them and will interpret what on), honesty (being clear whenfic, we can maintain a reasonable they hear in the context of what you lack the former) and in beingconversation with a passenger. they expect to hear. Things get able to resist the temptation toBut dealing with an unexpected worse over time: selective hear- hold forth on any given subject.obstacle shifts our thinking pro- ing means that each subsequentcess from System 1 to System 2: conversation reinforces an exist- Faster is not always better inmost of us stop talking and listen- ing pattern rather than challeng- consulting any more than it is ining in order to concentrate. ing it. Non-expert intuition lies at thinking. CT www.top-consultant.com 19
    • December 2011 FEATURE Selling in the Consulting World Cross-selling v.s. an integrated approach Have you confused attempting to add value to your clients by cross-selling instead of providing a truly inte- grated approach, asks Lars Tewes, MD of SBR Consulting. by LARS TEWES In the current climate, working The definition of cross-selling is you, integrated or cross-selling. with your existing clients and re- introducing another part of the The question to continually ask taining them through continually business when there is a known yourself is, “Are you seeing the adding value is essential. This ar- need. This is a healthy thing to do revenue that you expect to come ticle addresses why integrating but is probably not achieved as in from clients in your space?” You your services within a client may often as one would like. know the correct answer so if it is not be happening quite as you “no” then one or more of the fol- wish and I will recommend four More upsetting is the number of lowing are the potential reasons: ways to ensure an integrated ap- times a consultant hears that they proach can happen and how you have lost out to a competitor and • Integrated selling is not a can influence it. the client contact says something natural part of your sales to you like, “You should have told strategy Our definition of an integrated us, we did not know you could approach is whereby the client help in that area,” or, “We see you The Heads of each service/offer- has a strong understanding of all as a real partner in “x” services ing often do not lead the way on your services early on in the sales since that is where your strengths this. They are technical experts in process and so they know how lie. We did not think of you for “y” their field, and so lead and chase you can partner with them long- services”. This can be infuriating, business that fits their natural term. Of course, there are some especially if your firm are experts skillset, as opposed to leading situations where it is more ap- in “y” service but the client just with another part of the group. propriate to initially focus on one did not know and whose fault is For example: accounting firms key area of need and prove your that? leading with the Audit function value there first. However, this is when either consulting or adviso- not an excuse to not make time Depending on your business ry services may be the real need; to help the key decision makers model, you will know which engineering firms leading with know about your full portfolio. method is more common for the buildings and infrastructure 20 www.top-consultant.com
    • FEATURE Consulting Times technical specialists, do not want to ruin “their” relationship by passing it over to someone else. • Worried about being seen as too pushy or “salesy” Many are mistaken into thinking In a society where companies are that if they share the bigger pic- spending £000’s of pounds on ture of how their firm can add ways to touch the prospects, it is value in other areas the prospect amazing how little time is spent will think they have moved into internally on some of the easier sales mode. However, when done and more natural wins. correctly, it should have the exact opposite effect on the prospect 3. Have the confidence to ap- and show that you care about proach a client as an integrated providing the right solution at provider not just about your the right time for their business. particular expertise • Not part of an individuals Be aware that timing is impor- targets and objectives tant and needs to be considered based on the stage the prospect Although there is a huge benefit is in their buying cycle, however to the firm for integrated selling do not allow this to become the and cross selling to take place, in excuse that stops you from ever lots of cases, the individuals may picking up the phone. Suggest not have real motivation to make a meeting to discuss how you it happen. I’m not talking solely could add even more value. You about monetary motivation but might be surprised how manygroup when one of the consult- there needs to be at least some take you up on this.ing workstreams may be more driver that shows that they wereapplicable to build the relation- instrumental in securing the win. 4. Remember that you need toship; marketing firms leading There are numerous ways a firm be building relationships withwith their core marketing service can do this without breaking the all the decision makerswhen a newer technological of- bank.fering may be more enticing from This strategy forces you to buildthe client’s perspective and add So how can you ensure that your the right relationships, not justthe competitive advantage re- business creates an integrated with you internal champion whoquired. sales approach? Here are 4 ways knows you for only one thing, but to make this happen: now with the 3 key decision mak- • Trust in the other teams/ ers; the Money, the Authority and individuals within the busi- 1. Decide it is part of the Board’s the Need (M.A.N.) ness / Directors’ overall strategy. In conclusion, decide that whenOften not spoken about out loud It can no longer be just hearsay or you talk about integrated solu-when discussing integrated sell- lip service. Communicate this at tions to your internal team youing in internal meetings, is that every possible opportunity. Build really mean it. Then allow timemany are concerned about the in drivers to encourage the right to collaborate, debate and workability and trustworthiness of behaviours to make this happen. together for the greater vision ofsome of their peers to add value. the firm. Add motivational driversThis is a harsh statement but I 2. Make time for the Directors that encourage this. The currenthave lost count of the number of and Client Directors to meet economic environment meanstimes I have heard this comment and share key accounts and this has to become a major areaduring training over the years. strategies of focus if you are going to future-People, especially analytical/ proof your business. CT www.top-consultant.com 21
    • December 2011 FEATURE Consultants find inspiration in the oddest places Is there room for artisanry in consultancy, asks Mick James. by MICK JAMES Consultants find inspiration in artisanal,’ so we didn’t do it.” the oddest places: Jonathan Chocqueel-Mangan of leadership Instead, Tyler Mangan relies as specialists Tyler Mangan found much as the French artisan on the the ideal metaphor in a leather “Where did you get that lovely workshop on a cobbled street in bag?” effect. France. structure but if the leadership “CEOs talk to each other,” says team doesn’t have the ability, it “It was all really good quality and Chocqueel-Mangan. “We love doesn’t matter how great the pro- I talked to the guy who ran it and what we do and we are very good cesses are. Equally, it’s no good if found he has customers in Tokyo at it, and we are big enough and you’ve got sclerotic processes.” and Milan and Paris,” he says. Sur- bold enough to work with the top prisingly, the owner had no ambi- organisations.” Typically, clients would look to a tion to ramp up production: “He consultancy for process work and said, ‘I’m an artisan—that’s not The firm’s approach stems very a headhunter to build its leader- what I do. I can gain a worldwide much from its founders’ experi- ship team. Chocqueel-Mangan market as an artisan,’ I thought, ences, bringing together diverse sees this split in approach—be- what if a consultancy was like areas such as big ticket project tween building infrastructure that.” consultancy, headhunting, or- and developing leadership capa- ganisational psychology and the bility—as having been imposed For Chocqueel-Mangan, and his balanced scorecard—and notic- by the professional services in- co-founder Jana Klimecki, “Does ing a major lacuna in the consul- dustry. “Clients in main don’t split this fit the artisan model?” has tancy model. them, it’s artificial,” he says. “We become something of a catch work to build process and capa- phrase. “How do we know all the change bility.” we do fits with what the board- “We were looking at hiring some- room are doing, and how does A large part of Tyler Mangan’s one, a real business development the boardroom’s work translate business comes from private type, who was talking about cre- to the organisation?” says Choc- equity firms, who are very alive ating a great pipeline and funnel- queel-Mangan. “With some types to the idea that due diligence ling people through,” he said. “But of transitions, it’s all very well to should encompass HR issues. then we thought ‘this doesn’t feel build the processes and infra- 22 www.top-consultant.com
    • FEATURE Consulting Times der—the one that says ‘sell them high in relevance, but useless as a project.’ There may not be a a piece of research. We want work project.” that is highly rigorous and high- ly relevant and we strive to find Unsurprisingly, Tyler Mangan people who worry about things is not pursuing the headlong like that, who don’t see the world growth strategy of other consul- simplistically.” tancies: Fully understanding that the “We think we can get to 40 with problem is central to Tyler Man- an artisan feel,” he says. “That’s gan’s approach: “We need to un- still tiny, and there might be sev- derstand the problem before we eral offices around the world, we start charging you,” says Choc- could have three offices of 15 or queel-Mangan. “Consultants in 20 people.” general are pretty clueless about how clients think about price. We That means a slightly different say, read the proposal. If it’s more proposition to staff: “We don’t expensive or less expensive than hire everyone in the expecta- you were expecting then one of tion they will become a partner,” us doesn’t understand this. Once says Chocqueel-Mangan. “Lots of we get to a situation where we people say ‘I love consulting and all know what the problem is, we I love working with clients but I very rarely have any fee discus- don’t want to abandon my craft sions.” to climb the ladder.’” Tyler Mangan also offers an un- The people who would struggle, conditional client satisfaction he says, are those who don’t love guarantee (which, Chocqueel- their craft enough or who don’t Mangan points out, is every con-“We help them assess whether have enough content to operate sultancy client’s legal right in anythis management team can de- at board level. “We want artisans, case).liver their investment strategy,” people who love their craft andsays Chocqueel-Mangan. “For ex- have content they are passionate “We offer this guarantee as a wayample, one CEO was very good at about, he adds. of making sure we are really con-team building; but we saw that as fident in the client and that wea weakness, because he wouldn’t The trade-off is a better quality can work with them,” he says. “Ifbe very good at building the new, of live, without excessive travel you think we’ve only achievedvirtual team.” and weekend working: “Every- 80% pay us 80%. There are no one gets a research week—like a metrics—the only provision isSometimes this means challeng- reading week at university—be- that you sit down and tell us whating clients; effectively, telling cause we are here to have some- we could have done better.”them “we don’t think you are up thing to say,” he says. “You can gofor this.” where you want, if you want to Can the artisanal approach work just read and think, there are no in the growth-obsessed consul-“That’s the joy of being a small deliverables.” tancy business? Tyler Mangan hasfirm, we can tell them what we certainly nailed their colours toreally think,” says Chocqueel- Tyler Mangan tends to hire peo- the mast. When I ask Chocqueel-Mangan. “We only need a few ple with masters degrees rather Mangan why the firm has basedclients but they have to be great than MBAs, which adds a certain itself in the largely consultant-clients—we can’t afford to have intellectual rigour to their ap- free Clerkenwell area of Londonbad clients.” proach: “We understand what he delivers the answer like a we are reading,” says Chocqueel- punchline:This also means ignoring what Mangan. “For example, an articleChocqueel-Mangan calls the “lit- in the McKinsey Quarterly might “We’re artisans—we live in thetle devil that sits on your shoul- be a very good article and very jewellery quarter.” CT www.top-consultant.com 23
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