Consulting firms guide: top consultant 09

Top-Consultant.com
Guide to Consulting Firms

Top-Consultant.com
18b Charles Street | Mayfair | London | W1J 5DU | +44 (0) 207 667 6880
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Table of Contents

Things to consider when applying for consulting firms
Insights from management consultants

Strategy, Boutique & Full-Service firms
Three types of firms to consider

Additional Resources
Annual reports about the consulting industry

Appendix
A list of firms overlooked by the majority of applicants

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Things to consider when applying to consulting firms
Insights from management consultants

There are numerous reasons you may be
considering a career in consulting. The
high-flying lifestyle, the money, the pres-
tige, the learning experience…

… so this report starts off by identifying the
things that actual management consultants
are most looking for in their next consulting
job.

These insights are based on a survey of ~1,500
consultants from the likes of Accenture, McKin-
sey and Capgemini, as well as numerous smaller
firms.

By assessing the things that real consultants are
most concerned to secure in their next career
move, you can begin to understand the research
that you need to be undertaking about future
employers and the types of questions you need
to be asking your potential employer.


It is clear that remuneration is the number one Retention factors ranked by consultants
concern of actual consultants, especially in a 2007 2007 2005
booming market like today’s. Being able to influ- Rank Retention Factor Score Rank Change
ence the projects you’re assigned to and feeling
1 Firm has better remuneration / pay than the competition 5.42 2 +1
confident of having a good work/life balance
are also clearly important. If these issues are the 2 Firm involves consultants in the staffing process - allowing
ones that most concern actual management consultants to influence which projects they are assigned to 5.17 1 -1
consultants then they should surely be the
3 Firm has a culture where evening and weekend
issues that concern you most as a prospective
work is discouraged 4.78 6 +3
management consultant?
4 Firm invests heavily in staff training 4.78 3 -1
Top-Consultant’s advice: make sure you drill
down on each of these factors during the ap- 5 Firm offers flexible working hours 4.59 5 No change
plication procedure, or you could well end up 6 Firm manages client expectations to ensure consultants
a disaffected employee and back on the job are not expected to be away on client site 5 days a week 4.51 4 -2
market within a year or two…
7 Firm actively encourages consultants to work
from home if desired 4.01 7 No change
8 Firm tries to foster great morale / team spirit by organising
regular social events and team activities 3.81 8 No change
9 Firm will allow consultants to take sabbaticals /
extended leaves of absence 3.78 9 No change
10 Firm sponsors MBA studies 3.44 10 No change
11 Firm shows willingness to accommodate consultants who
wish to move to the countryside rather than living in the city 3.21 11 No change
12 Firm provides a creche / nursery facilities 1.98 12 No change
Source: Top-Consultant.com Retention Report 2007


What are the best approaches to adopt Future trends in candidate application behaviour

when job-hunting in consulting?

With the rise of the internet, the options for
finding a job in consulting have multiplied. But
which routes are the most effective – and where
should you be focusing your efforts?

A survey of over 1,600 consultants provides
some food for thought. When asked to score
the channels used in their last career move,
candidates favoured personal referrals over
all other means of applying. So if you have
contacts in consulting firms, don’t be afraid of
calling in a few favours!! Internet job sites and
recruitment agencies were the next best option.

Source: Top-Consultant.com Recruitment Channel Report 2007


y
Strateg
Introduction: Be sure to differentiate
between Strategy, Boutique and Full-service
Boutique consulting firms

Full-Service When contemplating a career in consulting,
it is critical to differentiate between the types
of firms in existence. The term “consulting” is
now used to cover a wide array of activities, so
the work you will undertake at various types of
firms can be quite different. This can have major
implications for both your job satisfaction and
career prospects – both inside and outside of
consulting.

Overleaf we show a graphical segmentation
Strategy, Boutique & Full-service firms of the sector, breaking the industry down into
strategy firms, boutique firms and full-service
Three types of firms to consider firms. There are many differences between each
type, which we shall outline later in this chapter.


However, the graphical representation focuses Segmentation of the consulting industry
on perhaps the two most telling figures: average
revenue generation per consultant and total
headcount. Revenue Boutique Firms Strategy Firms
per
consultant McKinsey
Work of a strategic or highly specialised nature
tends to involve smaller teams with high billing Monitor BCG
rates per consultant – strategy and boutique Marakon
LEK Roland
firms fall into this category. Full-service firms, Berger Bain
OC&C
by contrast, are characterised by large project Parthenon
BAH
teams (often 30+) and much lower billing Mercer
rates per consultant. The implications will be $300,000
discussed later in this chapter. Independents Full-service Firms

Firm size has ramifications in terms of career
progression (how regimented is the firm?),
Accenture
culture and likely project responsibilities.
Deloitte
Boutique firms will typically be ~200 strong, IBM
strategy firms 1,000 – 5,000 and full-service firms Capgemini
EDS
CSC
anything up to 80,000+ consultants.
$150,000
0 1,000 Firm size (head count)
When applying, it is unlikely that more than two
types of firm will offer the type of role you are
looking for.


Strategy Firms OVERVIEW:
Strategy consultancies focus on providing
(such as McKinsey, BCG, Bain) company directors with strategic advice on
the likely future direction of their industry
- and subsequently the strategic actions that
the company ought to undertake to exploit
resulting opportunities. Strategy consultancies
tend to operate globally through a network of
international offices. The business model of a
strategy consultancy revolves around a much
higher billing rate than for full-service firms.
Profitability is achieved through sizeable mark-
ups on each consultant employed, rather than
through a smaller mark-up on a larger volume
of consultants (as with full-service firms). The
cost of winning new clients is high, so the key
ratio for such firms is the repeat business rate
(what % of clients undertake a new assignment
with the consultancy when a project is
concluded). Utilisation is also monitored
carefully, though targets are lower than for full-
service firms since much more time is devoted
to proposal-writing in an attempt to win new
clients.


TYPICAL FIRM PROFILE: PLUS POINTS: NEGATIVE POINTS:
Firms will typically have offices covering the + Alumni tend to be treated exceptionally - Some firms operate an up-or-out policy
major geographies, but rely much more on well because they are the future client which is much more rigid than in other
international staffing to fulfil project briefs. stream of the firm. types of consultancies.
They will have a greater number of Principals/
Partners for each junior consultant – partly + Project teams will also be much smaller, - The high workload associated with con-
because of the greater sales effort required at five being typical, so there is no room for sulting is perhaps most extreme in strat-
such firms, and partly because Partners have hangers-on but much greater scope for egy firms.
to be more active on project assignments once impressing at an early age and achieving
won. Most strategy firms are quite arrogant in fast-track career progression. - International travel is more often than not
the sense that they are exceptionally selective an inextricable part of the job, so remain-
about who they hire. Each tends to have its + Considerable scope for international travel ing with a firm and developing family
own unique slant (must be academically and for early exposure to decision-makers commitments can prove very difficult.
from the elite; must have had entrepreneurial in industry.
experience; must have held outstanding - Strategy firms are the worst hit in a down-
extra-curricular positions at University) which + Opens doors both to leading Business turn, so there are times in the economic
permeates the firm’s culture. Each tends Schools (if contemplating an MBA) and to cycle when it will be almost impossible to
to recruit in its own mould, even if this is strategic roles in industry. break into the sector.
outwardly denied.
+ Early career is likely to be generalist in
nature – giving exposure to many sectors
and functions; early exposure to Partners/
Directors maximises the learning experi-
ence.


Boutique Firms OVERVIEW:
Boutique consultancies focus on providing
(such as LEK, Detica, Parthenon) company directors with either sector-specific
advice (eg. telecoms or automotive) or
functionally-specialised advice (eg. marketing,
CRM). Boutique consultancies will typically
have one office – or a handful at most – that
can service global clients but usually only
within a few target markets.The business
model of a boutique consultancy is similar to
a strategy firm in that a key ratio is the repeat
business rate (the % of clients that undertake
a new assignment with the consultancy
when a project is concluded). The strength of
boutique firms is their undoubted expertise
in their particular field; their weakness is that
they cannot meet all the consulting needs of a
client, nor bring to the table experience learnt
from similar but unconnected industries. It is
not uncommon, therefore, for clients to have
both boutique and strategy consultancies
advising at the same time.


TYPICAL FIRM PROFILE: PLUS POINTS: NEGATIVE POINTS:
Boutique consultancies very often have an + There is the potential to focus from day - Career limitations when joining strategy or
identifiable figure-head leading the firm. Their one on a particular functional or sectoral full-service firms. Unless you are looking
character will often owe a lot to the character specialism in a way that is quite difficult to join as a specialist, preferably bringing
of this figure-head. They are also very often within a strategy consulting firm. excellent client contacts, it will be difficult
created as a spin-off from either a strategy or to transition to the other types of firms
a full-service consulting firm. Understanding + Project teams are also small, giving re- later in your career.
how the firm came to be created can give sponsibility at an early age and close con-
considerable insight into what it is like to be an tact with the firm’s founders. - In some industries (eg. Aviation, telecoms),
employee there (eg. a consultancy created by the only way to win enough client assign-
ex-Accenture professionals is likely to have an + Likely to be the most enjoyable work ments is to win overseas assignments
Accenture feel to it). atmosphere of all consulting firms, with – which in some firms will mean extended
considerable camaraderie and a small-firm periods of overseas travel.
In terms of project work, the boutique feel.
consultancies tend to be similar to strategy - The success of the firm – and therefore
consultancies. Small teams provide business- your remuneration – is very much tied to
critical advice to the highest levels within a the performance of the sector/ function
client organisation. Working hours are likely you have specialised in. You will be more
to be more acceptable, though, as these firms exposed to a downturn in a specific sector.
have more of a small-firm feel to them and are
much less elitist than strategy firms


Full-service Firms OVERVIEW:
Full-service firms are global consulting
(such as Accenture, Deloitte) organisations, who have typically built up
a comprehensive client base through prior
work as auditors or through their role as IT
implementation experts. The business model
of a full-service firm is based on maximising
utilisation of consultants at a relatively low
price-point. Selling a wide range of services to
the client base is critical in ensuring a low cost
of sales (maximising the value of each client
relationship).


TYPICAL FIRM PROFILE:
Full-service firms tend to have a large number
of junior consulting staff for each Partner-level
professional. This fits perfectly with the type
of work sold – typically large-scale projects PLUS POINTS: NEGATIVE POINTS:
requiring sizeable teams, often of 30 or more + Very strong and co-ordinated training - Frustrating rules, procedures and
consultants. A lot of work is implementation courses to ensure consistency of service regulations are an inevitable part of work-
and outsourcing focused, where project offering is achieved throughout the firm. ing for such large corporations.
duration is frequently 6+ months.
These firms will also have an array of partner
+ Large project teams ensure new-hires are - Large project teams mean you will have
broken in gently. insights into one specific aspect of a busi-
/ alliance arrangements with firms such as ness rather than an overview of how the
SAP, Siebel and the like. At one of these firms,
alliance-derived business accounts for 45%
+ Potential for internal transfers if you decide whole clients’ business operates.
to change your desired specialism or relo-
of consulting revenues. So one of the main
demand-generators for full-service firms is
cate internationally. - Promotion-track is highly rigid, so the very
best will not enjoy the same accelerated
clients’ desire to implement the latest technical
solutions. Many now describe themselves as
+ Blue-Chip client base provides great expo- career paths they might achieve at smaller
sure and learning experience – plus excel- firms.
“solutions integrators” rather than consultants. lent contacts should you decide to move
Outsourcing is another large component of out of consulting later in your career. - Given size of project teams, less likely to be
their business, so you may well be providing working directly with Blue-Chip Directors
consulting advice for a newly-outsourced
business process.
+ International travel less frequent as net- – liasing with middle-management more
work of overseas offices can staff interna- usual.
Full-service firms will typically have units tional projects (though possibility remains
serving all industry-verticals and all functional to work on overseas assignments if de-
specialisms. They often have parts of the sired).
business that compete (eg. HR and strategy)
with boutique and strategy firms. More often
than not, though, these arms provide add-
on services to existing clients rather than
competing head-on with the smaller firms.


Additional resources Recruitment Channels Retention

Top-Consultant.com publishes a range of
consulting reports each year. All are free to
download and you may find those listed here
provide considerable additional insights into
our industry.

7 Tips for Candidates Salary Benchmarking


Appendix Achiever Business Solutions
Acres Management Consulting
http://www.achieverplus.com
http://www.acres.com
A shortlist of firms who are Actica Consulting http://www.actica.co.uk

being overlooked by the ma- Adventis http://www.adventis.com
Allery Scotts http://www.alleryscotts.co.uk
jority of applicants, and where Alsbridge http://www.alsbridge.com
you stand the best chance of Altran http://www.altran.com
Amdocs Consulting http://www.amdocs.com
success AMTEC Consultingplc http://www.amtec.co.uk
Analysys http://www.analysys.com
Anpro http://www.anpro.co.uk
Applied Expertise http://www.applied-expertise.com
Identifying new-comers to approach Applied Value http://www.appliedvalue.com
Ariba http://www.ariba.com
Arup http://www.arup.com
As should be clear from the preceding
commentary, there are numerous consultancies Atkins Management Consultancy http://www.mantix.com
who – because they are slightly less well known Atos Origin http://www.atosorigin.com
amongst candidates – you should stand a better Baker Robbins & Company http://www.brco.com
chance of being hired by. Having researched the Basis http://www.basis.co.uk
industry, we provide listings of consultancies BDR Consulting http://www.bdr-consulting.com
you may want to research and apply to direct:
Berkshire Consultancy http://www.berkshire.co.uk
Billetts Marketing Sciences http://www.billetts.com
Bluerock Consulting http://www.bluerock-consulting.com
Bourton Group http://www.bourton.co.uk
BRAXXON http://www.braxxon.co.uk
BT Global Services http://www.btglobalservices.com
BTA Consulting http://www.btaconsulting.co.uk


Burke http://www.burke.com eg solutions http://www.eguk.co.uk
Bernard William Associates http://www.bwa.uk.net Eide Bailly http://www.eidebailly.com
Callow & Associates MC http://www.callow.ca ER Consultants http://www.erconsultants.co.uk
Cambridge Group http://www.cambridgegroup.com Eurobase Consultancy http://www.eurobase-international.com
Capco http://www.capco.com Fair Isaac http://www.fairisaac.com
Capita Advisory Services http://www.capitaadvisoryservices.co.uk FBM-Consulting http://www.fbm-consulting.com
Catalyst Development http://www.catalyst.co.uk Frazer-Nash Consultancy http://www.fnc.co.uk
Central Europe Trust Co. http://www.cet.co.uk Gartner Consulting http://www.gartner.com
Charles River Associates http://www.crai.com Generator http://www.consultgenerator.com
Commercial Advantage http://www.commercialadvantage.com Gibson Consulting Group http://www.gibsonconsultants.com
Compass Management Consulting http://www.compassmc.com Glendinning Management Consultants http://www.glendinning.co.uk
Cornwell Management Consultants http://www.cornwell.co.uk Goss Gilroy http://www.ggi.ca
Credo Group http://www.credo-group.com Grant Thornton International http://www.gti.org
Curzon & Company http://www.curzoncompany.com Greenwich Consulting http://www.greenwich-consulting.com
Customer Relationship Management http://www.crmuk.co.uk Hartley McMaster http://www.hmcm.co.uk
D.M. Management Consultants http://www.dmmc.co.uk Hatch Consulting http://www.hatch.ca
Darwin Consulting http://www.darwinconsulting.co.uk HEDRA Limited http://www.hedra.co.uk
Davies Consulting http://www.daviescon.com Heidrick & Struggles http://www.heidrick.com
Delphi Marketing Associates http://www.delphimarketing.co.uk Hill Cannon http://www.hillcannon.com
Diamond Management & http://www.diamondconsultants.com Hitachi Consulting http://www.hitachiconsulting.com
Technology Consultants Hogg Robinson http://www.hoggrobinson.com
DMR Consulting http://www.dmr.ca HOSCA Management Consultants http://www.hosca.co.uk
Dunnett Shaw & Partners http://www.dunnettshaw.co.uk INTEC Management Ltd. http://www.intecm.co.uk
EA Consulting Group http://www.e-a.co.uk Iris Financial Solutions www.irisfinancial.com
Eastbridge Consulting http://www.eastbridge.ca IT/NET Consultants http://www.itnet.ca
Edengene http://www.edengene.com Jacobs Consultancy http://www.jacobsconsultancy.com
Efficio http://www.efficioconsulting.com Javelin Group http://www.javelingroup.com


John Ormond MC http://www.jomc.co.uk New Management Network http://www.new-management-network.com
Kaisen Consulting http://www.kaisen.co.uk Newburn Consulting http://www.newburn.co.uk
Kaiser Associates http://www.kaiserassociates.com Oakland Consulting http://www.oaklandconsulting.com
Keane http://www.keane.com Oakleigh Consulting http://www.oakleigh.co.uk
KeyStar Consultancy http://www.keystar-consultancy.com Office for Business Architecture http://www.obaconsulting.com
Knightsbridge http://www.knightsbridge.ca Opta http://www.opta.com
Kurt Salmon Associates http://www.kurtsalmon.com PA Consulting Group http://www.paconsulting.com
Lawrence Somerset http://www.l-s-l.com Pagoda http://www.pagodaconsulting.com
LBI International http://www.lbigroup.com PennaChange Consulting http://www.e-penna.com
L.E.K. Consulting http://www.lek.com PKF International http://www.pkf.com
LogicaCMG http://www.logicacmg.com Plaut Strategy Consulting http://www.plautworld.com
Logistics Consulting Parters http://www.lcp-ashlyns.com Princeton Consulting UK http://www.princecon.com
Lumina Management Consultants http://www.lumina.ca Pristine Group http://www.pristinegroup.com
Luther Pendragon http://www.luther.co.uk Probus BNW http://www.probusbnw.com
Management Consulting Group plc http://www.mcgplc.com PRTM http://www.prtm.com
Metapraxis http://www.metapraxis.com Qedis http://www.qedis.com
Methods Consulting http://www.methods.co.uk QOD http://www.qod.co.uk
Metra MartechLimited http://www.metra-martech.com QP Group http://www.qpgroup.com
mi2g Software http://www.mi2g.com Realise http://www.realise.co.uk
Molten http://www.molten-group.com REL Consultancy Group http://www.relconsult.com
Monitor Group http://www.monitor.com Right Management Consultants http://www.right.com
Moorhouse Consulting http://www.moorhouseconsulting.com Resources Management Consultants http://www.rmc-canada.com
Morgan Chambers http://www.morganchambers.com/ Robert E. Nolan Company http://www.renolan.com
Morgan Clarke Consulting http://www.morgan-clarke.co.uk RSM McGladrey http://www.rsmmcgladrey.com
Morse http://www.morse.com SDG http://www.sdg.com
Navigant Consulting http://www.navigantconsulting.com SECOR Consulting http://www.secorconsulting.com
netdecisions http://www.netdecisions.com SGS http://www.sgs.com


Softlab http://www.softlab.com
Sphinx http://www.sphinx-group.com
Steria http://www.steria.com
Strategic Decisions Group http://www.sdg.com Top-Consultant.com
SustainAbility http://www.sustainability.com The leading careers website for candidates seeking a
career within the management consultancy sector.
Symbia http://www.symbia.com
Tata Consultancy Services http://www.tcs.com
TCA Consulting http://www.tcagroup.com
Tefen Europe http://www.tefen.com TopITconsultant.com
The Consultancy Company http://www.the-consultancy.co.uk The leading careers website for candidates seeking a
The Coverdale Organisation http://www.coverdale.com career within the IT consulting sector.
The Maxima Group http://www.maxima-group.com
The Technology Partnership http://www.techprt.co.uk
ThoughtWorks http://www.thoughtworks.com Consultant-News.com
Towers Perrin http://www.towersperrin.com A comprehensive news site covering all the latest
Tribal http://www.tribalgroup.co.uk developments in the world of consulting.
Turnkey Management Consulting http://www.tkmc.ca
Viant/VIA International http://www.viaint.co.uk
WCI Group http://www.wcigroup.com Consulting-Times.com
Western Management Consultants http://www.wmc.ca A monthly publication bringing you the top stories
Wipro Technologies http://www.wipro.com from the world of consulting - a synopsis of key devel-
opments for those working in the consulting industry.
Xayce http://www.xayce.com
ZS Associates http://www.zsassociates.com


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