You are on page 1of 381

C

u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

T
O
P

5
0

M
A
N
A
G
E
M
E
N
T

A
N
D

S
T
R
A
T
E
G
Y

C
O
N
S
U
L
T
I
N
G

F
I
R
M
S
VAULT GUIDE TO THE
TOP 50
MANAGEMENT AND STRATEGY
CONSULTING FIRMS
VAULT GOES TO THE SOURCE TO GET THE INSIDE SCOOP ON LEADING CONSULTING FIRMS
For those hoping to climb the ladder of success,
[Vaults] insights are priceless. Money
Fun reads, edgy details. Forbes
GET INSIDE INFO ON:
AlixPartners, LLP
Alvarez & Marsal
Bain & Company
Booz & Company
CRA International, Inc.
Deloitte Consulting LLP
Hewitt Associates
IMS Health Incorporated
Kurt Salmon Associates
McKinsey & Company
North Highland
Towers Perrin
And many more!
IN THIS GUIDE:
Company overviews and
recent frm news
Info on the hiring process
for each frm
Consultants feedback on offce
culture, perks and other quality
of life issues
And much more!
AT VAULT.COM:
Employee surveys for
thousands of top employers
Tens of thousands of top job
listings
About Vault.com, Inc.
Vault (Vault.com) is the Webs most comprehensive resource for career
management and job search information, including insider intelligence on
salaries, hiring practices and company cultures. Founded in 1996, Vault
features thousands of profles on occupations, industries, companies and
universities, as well as career-related articles, videos, blogs and research
tools. The company publishes more than 120 print and online titles, from
the best-selling Vault Guide to the Top 100 Law Firms to the Vault Guide
to Schmoozing. Vaults customers include Fortune 1000 advertisers and
recruiters, the countrys top universities and graduate schoolsand 8
million consumers worldwide.
Carrier/Reference
$34.95
Edited by Naomi Newman
and the staff at Vault

www.vault.com
2011 EDITION
2011 EDITION
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Sponsored by:
2011 Edition
VAULT GUIDE To THE 50
MAnAGEMEnT AnD STrATEGy ConSULTInG
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

For some, climbing the corporate ladder isnt enough
Looking to do more than move up an org chart? Then meet environmental sustainability consultant Rob Whittier. Our corporate
lattice approach to careers ensures hes able to combine his enthusiasm for mountaineering with a drive to help clients improve
the environment and their prots. At Deloitte, accelerating your career doesnt mean compromising your passion. Learn Robs
story at www.deloitte.com/yourfuture. Its your future. How far will you take it?
As used in this document, Deloitte means Deloitte LLP and its subsidiaries.
Please see www.deloitte.com/us/about for a detailed description of legal structure of Deloitte LLP and its subsidiaries.
Copyright 2010 Deloitte Development LLC. All rights reserved.
Member of Deloitte Touche Tohmatsu.
162-59121_MBA_Climber_Vault.indd 1 7/16/10 5:03:49 PM
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Be Exceptional. Be Huron.
Huron Consulting Group is an equal opportunity employer. We recruit, employ, compensate, transfer, promote and train without regard to age, race, color, gender, marital status, sexual orientation,
gender identity, national origin, religion, Vietnam era or veteran status, physical or mental disability, creed, citizen status or any other status protected by federal, state or local law.
Huron Consulting Group helps clients effectively address complex challenges that arise in litigation, disputes, investigations, regulatory compliance, procurement, fnancial distress, and other
sources of signifcant confict or change. The Company also helps clients deliver superior customer and capital market performance through integrated strategic, operational, and organizational
change. Huron provides services to a wide variety of both fnancially sound and distressed organizations, including Fortune 500 companies, medium-sized businesses, leading academic
institutions, healthcare organizations, and the law frms that represent these various organizations.
See your career at Huron.
www.huroncareers.com
See your career at Huron.
Your Name Here
Health and Education Consulting | Legal Consulting | Financial Consulting
P (312) 583-8700
F (312) 583-8701
E yourname@huronconsultinggroup.com
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

BEST
REST
OF THE
Vault Guide to the Top 50 Accounting Firms
THE MEDIAS WATCHING VAULT!
HERES A SAMPLING OF OUR COVERAGE.
For those hoping to climb the ladder of success, [Vaults] insights are priceless.
Money magazine
The best place on the web to prepare for a job search.
Fortune
[Vault guides] make for excellent starting points for job hunters and should be
purchased by academic libraries for their career sections [and] university career
centers.
Library Journal
The granddaddy of worker sites.
US News & World Report
A killer app.
The New York Times
One of Forbes 33 Favorite Sites.
Forbes
To get the unvarnished scoop, check out Vault.
SmartMoney Magazine
Vault has a wealth of information about major employers and job-searching strategies
as well as comments from workers about their experiences at specic companies.
The Washington Post
Vault [provides] the skinny on working conditions at all kinds of companies from
current and former employees.
USA Today

C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

CONSULTING FIRMS
NAOMI NEWMAN
AND THE STAFF AT VAULT

TOP 50
VAULT GUIDE TO THE
MANAGEMENT AND STRATEGY
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Copyright 2010 by Vault.com Inc. All rights reserved.
All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within
and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose,
without the express written permission of Vault.com Inc.
Vault, the Vault logo, and The Most Trusted Name in Career Information
TM
are trademarks of Vault.com, Inc.
For information about permission to reproduce selections from this book, contact Vault.com, Inc., 75 Varick Street, 8th Floor, New York, NY 10013,
(212) 366-4212.
Library of Congress CIP Data is available.
ISBN 13 : 978-1-58131-853-1
Printed in the United States of America
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Acknowledgments
Thank you to all the Vault editorial, sales, production and IT staff for writing, selling, designing and programming this guide. Special thanks to
Sam Reynolds and Tom Gessner for their excellent writing and editorial support, and to Mary Sotomayor and Elena Boldeskou for their production
expertise.
As always, this book is dedicated to the more than 4,500 consultants and 89 consulting rms who took time out of their busy schedules to distribute
and complete our survey. Your insights about life at the top consulting rms are invaluable, and your willingness to speak candidly will help job seekers
and career changes for years to come.
v
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Table of Contents
INTRODUCTION 1
A Guide to this Guide ............................................................................................................................................................................................. 2
THE TOP 50 RANKINGS 3
Ranking Methodology ............................................................................................................................................................................................. 5
THE VAULT PRESTIGE RANKINGS 9
Prestige Ranking Methodology ............................................................................................................................................................................ 11
Overall Prestige .................................................................................................................................................................................................... 12
Practice Area Rankings ........................................................................................................................................................................................ 14
THE QUALITY OF LIFE RANKINGS 19
Quality of Life Ranking Methodology ................................................................................................................................................................... 20
THE VAULT DIVERSITY RANKINGS 35
Diversity Ranking Methodology ............................................................................................................................................................................ 37
The Best 20 Firms for Diversity ............................................................................................................................................................................ 37
Diversity Rankings ....................................................................................................................................................................................................
THE TOP 50 FIRMS
Bain & Company 1. ........................................................................................................................................................................................... 42
The Boston Consulting Group, Inc. 2. .............................................................................................................................................................. 48
M 3. cKinsey & Company .................................................................................................................................................................................. 53
A 4. nalysis Group, Inc. ...................................................................................................................................................................................... 56
T 5. he Cambridge Group .................................................................................................................................................................................. 59
D 6. eloitte Consulting LLP ................................................................................................................................................................................ 64
O 7. liver Wyman ............................................................................................................................................................................................... 69
A.T. Kearney 8. ................................................................................................................................................................................................. 74
T 9. riage Consulting Group ............................................................................................................................................................................... 79
Censeo Consulting Group 10. ............................................................................................................................................................................ 84
W 11. est Monroe Partners .................................................................................................................................................................................. 88
C 12. ornerstone Research .................................................................................................................................................................................. 93
PricewaterhouseCoopers LLP 13. ...................................................................................................................................................................... 99
A 14. lvarez & Marsal ......................................................................................................................................................................................... 103
T 15. rinity Partners, LLC ................................................................................................................................................................................... 108
B 16. ooz & Company ........................................................................................................................................................................................ 113
M 17. illiman, Inc. ............................................................................................................................................................................................... 118
vii
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Strategic Decisions Group 18. .......................................................................................................................................................................... 123
PRTM 19. .......................................................................................................................................................................................................... 128
G 20. allup Consulting ....................................................................................................................................................................................... 133
D 21. iamond Management & Technology Consultants, Inc. ............................................................................................................................ 138
H 22. ealth Advances, LLC ................................................................................................................................................................................ 143
Strategos 23. ..................................................................................................................................................................................................... 148
The Brattle Group 24. ....................................................................................................................................................................................... 152
M 25. onitor Group ............................................................................................................................................................................................. 157
A 26. lix Partners, LLP ....................................................................................................................................................................................... 163
IBM 27. Global Business Services ................................................................................................................................................................... 168
OC 28. &C Strategy Consultants ....................................................................................................................................................................... 171
N 29. ovantas LLC ............................................................................................................................................................................................. 176
P 30. utnam Associates ..................................................................................................................................................................................... 181
E 31. aston Associates, LLC .............................................................................................................................................................................. 185
A 32. ccenture .................................................................................................................................................................................................... 189
C 33. orporate Executive Board ......................................................................................................................................................................... 194
ZS 34. Associates ............................................................................................................................................................................................. 197
L 35. .E.K. Consulting ........................................................................................................................................................................................ 202
N 36. era Economic Consulting ......................................................................................................................................................................... 206
H 37. ewitt Associates ....................................................................................................................................................................................... 210
B 38. ates White ................................................................................................................................................................................................ 215
Pearl Meyer & Partners, LLC 39. ...................................................................................................................................................................... 220
Q 40. uintiles Consulting .................................................................................................................................................................................... 224
S 41. imon-Kucher & Partners ........................................................................................................................................................................... 229
FTI 42. Consulting, Inc. ..................................................................................................................................................................................... 234
Charles River Associates 43. ............................................................................................................................................................................ 239
N 44. avigant Consulting .................................................................................................................................................................................... 244
C 45. apgemini ................................................................................................................................................................................................... 250
Towers Watson 46. ........................................................................................................................................................................................... 255
M 47. ercer LLC ................................................................................................................................................................................................. 257
H 48. uron Consulting Group ............................................................................................................................................................................. 260
IMS 49. Consulting ........................................................................................................................................................................................... 262
K 50. aiser Associates ....................................................................................................................................................................................... 267
BEST OF THE REST
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Table of Contents
2010 Vault.com Inc.
viii
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

ABT Associates Inc ............................................................................................................................................................................................ 272
The Advisory Board Company .............................................................................................................................................................................. 274
Aon Consulting Worldwide .................................................................................................................................................................................... 277
Arthur D. Little ..................................................................................................................................................................................................... 280
Bainbridge ........................................................................................................................................................................................................... 282
BDO Consulting ................................................................................................................................................................................................... 284
Buck Consultants ................................................................................................................................................................................................. 286
Campbell Alliance Group, Inc. .............................................................................................................................................................................. 288
The Chartis Group ................................................................................................................................................................................................ 291
CRG Partners Group LLC ..................................................................................................................................................................................... 293
Crowe Horwath LLP ............................................................................................................................................................................................. 295
Dean & Company ................................................................................................................................................................................................. 298
Droege & Comp. .................................................................................................................................................................................................. 302
Ernst & Young ...................................................................................................................................................................................................... 304
First Manhattan Consulting Group ........................................................................................................................................................................ 307
Frederic W. Cook., Inc. ........................................................................................................................................................................................ 310
Grant Thornton LLP ............................................................................................................................................................................................. 312
Greenwich Associates .......................................................................................................................................................................................... 314
The Hackett Group, Inc. ...................................................................................................................................................................................... 316
Hay Group ........................................................................................................................................................................................................... 318
ICF International, Inc. .......................................................................................................................................................................................... 320
Ingenix Consulting ............................................................................................................................................................................................... 322
KPMG LLP (U.S.) ................................................................................................................................................................................................. 324
Kurt Salmon Associates ........................................................................................................................................................................................ 327
LECG ................................................................................................................................................................................................................... 329
Mars & Co. .......................................................................................................................................................................................................... 331
North Highland .................................................................................................................................................................................................... 334
Opera Solutions ................................................................................................................................................................................................... 336
PA Consulting Group ............................................................................................................................................................................................ 338
The Parthenon Group .......................................................................................................................................................................................... 340
Point B ................................................................................................................................................................................................................ 343
Prophet ................................................................................................................................................................................................................ 346
Protiviti ................................................................................................................................................................................................................ 348
Roland Berger Strategy Consultants ..................................................................................................................................................................... 351
Scottmadden, Inc. ............................................................................................................................................................................................... 355
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition Table of
Table of Contents
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
ix
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The Segal Company ............................................................................................................................................................................................. 357
Stern Stewart & Co. .............................................................................................................................................................................................. 359
Vivaldi Partners .................................................................................................................................................................................................... 363
Zolfo Cooper ........................................................................................................................................................................................................ 365
About the Editor .................................................................................................................................................................................................. 368
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Table of Contents
2010 Vault.com Inc.
x
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Introduction
The year 2009 found the consulting industry picking up the pieces of the economic devastation wrought by the now-infamous Great Recession, a
downturn that saw industry revenue decline sharply in 2008. In many ways, 2009 was actually worse than its cruel precursor; not only did revenue
continue to fall, but consultants started to feel the crunch of trimmed-down stafng and other cost-cutting measures many rms applied to stay aoat.
Corporations across the globe slashed spending and cut jobs en masse, appropriating historic lows to long-term strategy developmentconsidered a
luxury expense in light of more immediate concerns.
But 2009 will also go down in history as the year in which some light broke through the clouds; there would be no repeat Depression, forecasters
said, just a long slog back from the brink. Indeed, its one that consultancies have already begun. Anticipating a healthier future, many rms used the
lull in business to diversify their service portfolios or implement much of their own strategic advice, improving inefciencies and emerging leaner and
more exible. Others took advantage of opportunities unique to the economic climate: Many secured lucrative contracts amidst government-funded
stimulus projects, and major reforms to healthcare and nancial regulations saw businesses turn to consultancies for a clear path forward. Those
specializing in cost-reduction and restructuring benetted the most; to be certain, many of their clients had no other choice but to place their fate in
these consultants hands.
Now, the long slog persists but the prospect of growth looms brightly. To stay on top of which rms in the industry have the brightest prospects in the
coming years, weve surveyed over 4,500 consultants for the 13
th
edition of the Vault Guide to the Top 50 Management and Strategy Consulting Firms.
Every year, we survey the best of the management and strategy rms, from gigantic multinationals to boutique rms with fewer than 100 employees
and focused practice areas. The 89 proles in this years edition are based on detailed research and extensive feedback from current consultants,
encompassing everything from company culture to compensation, travel demands and diversity.
Check out the top-50 rankings to see which rms have the golden touchin terms of both quality of life and industry prestige. Our rankings take into
account the fact that there are plenty of considerations in choosing a consulting rmfor example, area of specialty, training opportunities, rm culture,
compensationin addition to a measure of prestige, which can put a sheen on any resume and give you access to high-caliber clients and projects.
Best of luck with the job search; were condent youll be able to nd your next employer within these pages!
The Editors
Vault.com
1
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

A GUIDE TO THIS GUIDE
If youre wondering how our entries are organized, read on. Heres a handy guide to the information youll nd packed into each rm prole in this
book.
Firm Facts
Locations: A listing of the rms ofces, with the city (or cities) of its headquarters bolded. For rms with a relatively small number of ofces, all cities
are included. Countries for international ofces are typically not specied, unless the location is uncommon.
Practice Areas: Ofcial departments that employ a signicant portion of the rms consultants. Practice areas are listed in alphabetical order, regardless
of their size and prominence.
Uppers and Downers: Good points and, shall we say, less positive points of the rm, as derived from consultant interviews and surveys, as well as other
research. Uppers and downers are perceptions and are not based on statistics.
Employment Contact: The person, address or website that the rm identies as the best place to send resumes, or the appropriate contact to answer
questions about the recruitment process. Sometimes more than one contact is given.
The Buzz
When it comes to other consulting rms, our respondents are full of opinions! We ask them to detail their views and observations about rms other
than their own, and collect a sampling of these comments in The Buzz.
When selecting The Buzz, we include quotes most representative of the common perceptions of the rms held by other consultantseven if, in
our opinion, the quotes do not accurately or completely describe the rm. Please keep in mind when reading The Buzz that its often more fun for
outsiders to trash, rather than praise, a competing consulting rm. Nonetheless, The Buzz can be a valuable means of gauging a rms reputation in
the consulting industry, or at least of detecting common misperceptions. We typically include two to four Buzz comments. In some instances we opt
not to include The Buzz if we do not receive a diversity of comments.
The Stats
Employer Type: The rms classication as a publicly traded company, privately held company or subsidiary.
Ticker Symbol: The stock ticker symbol for a public company, as well as the exchange on which the stock is traded.
Chairman, CEO, etc.: The name and title of the leader(s) of the rm, or of the rms consulting business.
Employees: The total number of employees, including consultants and other staff, at a rm in all ofces (unless otherwise specied). Some rms do
not disclose this information; gures from the two most recent consecutive years the information is available (if at all) are included.
Revenue: The gross sales (in U.S. dollars) the rm generated in the specied scal year(s). Some rms do not disclose this information; numbers from
the two most recent consecutive years the information is available (if at all) are included. In some cases, revenue is given in Euro ().
The Proles
The proles are divided into three sections: The Scoop, Getting Hired and Our Survey Says.
The Scoop: The rms history, clients, recent company developments and other points of interest.
Getting Hired: Qualications the rm looks for in new consultants, tips on getting hired and other notable aspects of the hiring process.
Our Survey Says: Actual quotes from surveys and interviews with current consultants at the rm on topics such as rm culture, diversity, hours, travel
requirements, pay, training and more. Proles of some rms do not include an Our Survey Says section.
Best of the Rest
Although the name of this book is the Vault Guide to the Top 50 Management and Strategy Consulting Firms, we didnt stop therewe also added 39
other rms we thought notable and/or interesting enough for inclusion. These rms are listed in alphabetical order.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Introduction
2010 Vault.com Inc.
2
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

VAULT CONSULTING 50
RANKINGS
Vault Guide to the Top 50 Management and Strategy Consulting Firms
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
4
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

RANKING METHODOLOGY
In the past, Vault calculated rms overall prestige ranking based solely on the votes of consultants at other rms. This year, we used the composite
score below to analyze our initial list of 89 rms, which takes into account the votes of a rms own employees, as well as those external prestige
rankings. While we will continue to publish prestige rankings, we believe that quality of life issues are at the core of a companys appeal to job seekers.
In fact, according to our survey results, the highest percentage of consultants have told us that they chose their current rm based on its culture,
rather than its overall prestige in the industry.
25 percent rm culture
25 percent work/life balance
20 percent compensation
20 percent prestige
5 percent overall business outlook
5 percent transparency
The scores for the rst ve categories were derived directly from the survey results. The transparency category awards a 5 percent bonus to rms
that distributed the survey to their consultants. Firms that did not distribute the survey internally received no points in this category. It is our view
that, with increasing expectations of transparency and a free market for information, a companys willingness to encourage employees to share their
experiences externally correlates with a work culture where open feedback and self-criticism are valuedattributes that thousands of job seekers tell
us are top priorities in searching for a new employer.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Consulting 50 Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
5
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
6
THE VAULT 50
v
VAULT RANKING
CONSULTING 50
RANK FIRM
Bain & Company
The Boston Consulting Group, Inc
McKinsey & Company
Analysis Group, Inc.
The Cambridge Group
Deloitte Consulting LLP
Oliver Wyman
A.T. Kearney
Triage Consulting Group
Censeo Consulting Group
West Monroe Partners
Cornerstone Research
PricewaterhouseCoopers
Alvarez & Marsal
Trinity Partners, LLC
Booz & Company
Milliman, Inc.
Strategic Decisions Group
PRTM
Gallup Consulting
Diamond Management & Technology Consulting, Inc.
Health Advances, LLC
Strategos
The Brattle Group
Monitor Group
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
SCORE
8.492
8.176
8.159
7.251
7.178
7.162
7.123
7.089
7.024
6.903
6.899
6.897
6.890
6.844
6.840
6.814
6.795
6.774
6.769
6.761
6.753
6.729
6.704
6.696
6.694
HQ/LARGEST OFFICE
Boston, MA
Boston, MA
New York, NY
Boston, MA
Chicago, IL
New York, NY
New York, NY
Chicago, IL
San Francisco ,CA
Washington, DC
Chicago, IL
San Francisco, CA
New York, NY
New York, NY
Waltham, MA
New York, NY
Seattle, WA
Palo Alto, CA
Waltham, MA
Washington, DC
Chicago, IL
Weston, MA
Chicago, IL
Cambridge, MA
Cambridge, MA
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

7
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Consulting 50 Rankings
RANK FIRM
AlixPartners, LLP
IBM Global Business Services
OC&C Strategy Consultants
Novantas LLC
Putnam Associates
Easton Associates, LLC
Accenture
Corporate Executive Board
ZS Associates
L.E.K. Consulting
NERA Economic Consulting
Hewitt Associates
Bates White
Pearl Meyer & Partners, LLC
Quintiles Consulting
Simon-Kucher & Partners
FTI Consulting, Inc.
CRA International, Inc.
Navigant Consulting, Inc.
Capgemini
Towers Watson
Mercer LLC
Huron Consulting Group
IMS Health Incorporated
Kaiser Associates
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
SCORE
6.628
6.627
6.598
6.595
6.594
6.589
6.586
6.583
6.574
6.463
6.405
6.360
6.251
6.239
6.187
6.084
5.974
5.973
5.841
5.767
5.679
5.652
5.517
5.481
5.184
HQ/LARGEST OFFICE
Southeld, MI
Armonk, NY
London
New York, NY
Burlington, MA
New York, NY
New York, NY
Arlington, VA
Evanston, IL
Boston, MA
New York, NY
Lincolnshire, IL
Washington, DC
New York, NY
Hawthorne, NY
Boston, MA/Bonn
West Palm Beach, FL
Boston, MA
Chicago, IL
New York, NY/Paris
New York, NY
New York, NY
Chicago, IL
Norwalk, CT
Washington, DC
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
8
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

PRESTIGE
RANKINGS
Vault Guide to the Top 50 Management and Strategy Consulting Firms
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
10
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

PRESTIGE RANKING METHODOLOGY
Survey respondents were asked to rate each consulting rm in the survey on a scale from 1 to 10 based on prestige, with 10 being the most prestigious.
Consultants were unable to rate their own rm, and they were asked to rate only those rms with which they were familiar.
Vault collected the survey results and averaged the score for each rm. The rms were then ranked, with the highest score being No. 1, down to No.
50.
We also asked survey respondents to give their perceptions of other consulting rms besides their own. A selection of those comments is featured on
each rm prole as The Buzz.
Remember that Vaults top-50 prestigious consulting rms are chosen by practicing consultants at top consulting rms. Vault does not choose or
inuence these rankings. The rankings measure perceived prestige (as determined by consulting professionals) and not revenue, size or lifestyle.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Prestige Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
11
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
12
RANK FIRM
McKinsey & Company
The Boston Consulting Group, Inc.
Bain & Company
Booz & Company
Deloitte Consulting LLP
Mercer LLC
Monitor Group
PricewaterhouseCoopers
Ernst & Young LLP
Oliver Wyman
A.T. Kearney
Accenture
KPMG LLP
IBM Global Business Services
L.E.K. Consulting
The Parthenon Group
Towers Watson
AlixPartners, LLP
Navigant Consulting, Inc.
Alvarez & Marsal
ZS Associates
Capgemini
FTI Consulting, Inc.
NERA Economic Consulting
Hewitt Associates
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
SCORE
8.732
8.275
8.130
6.637
5.999
5.990
5.978
5.869
5.758
5.616
5.500
5.471
5.416
5.366
5.072
4.892
4.819
4.709
4.549
4.536
4.467
4.446
4.312
4.293
4.178
2010 RANK
1
2
3
4
5
8
6
7
9
10
16
11
13
12
19
17
14
15
24
21
28
23
20
22
26
PRACTICE AREA RANKINGS
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Prestige Rankings
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

13
RANK FIRM
Roland Berger Strategy Consultants
Huron Consulting Group
Grant Thornton LLP
Arthur D. Little
PRTM
Diamond*
Aon Consulting Worldwide
Kurt Salmon Associates
Cornerstone Research
The Cambridge Group
CRA International, Inc.
Gallup Consulting
Corporate Executive Board
LECG
The Advisory Board Company
Analysis Group, Inc.
Hay Group
Mars & Co
First Manhattan Consulting Group
IMS Health Incorporated
Milliman, Inc.
Zolfo Cooper
Bainbridge
BDO Consulting
Buck Consultants
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
SCORE
4.157
4.151
4.049
4.026
3.887
3.858
3.818
3.815
3.784
3.760
3.741
3.709
3.642
3.600
3.543
3.502
3.427
3.342
3.306
3.188
3.179
3.169
3.167
3.122
3.121
2010 RANK
27
25
NR
30
31
36
35
32
37
NR
29
34
38
33
44
40
39
43
46
47
41
42
NR
NR
48
*Diamond Management & Technology Consultants, Inc.
NR= Not Ranked
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Prestige Rankings
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

PRACTICE AREA RANKINGS
Vault also asked consultants to rank the best rms in several areas of business focus. These areas are business advisory, economic consulting, energy
consulting, nancial consulting, human resources consulting, operations consulting, and pharmaceutical and health care consulting. Consultants were
allowed to vote for up to three rms as the best in each area, other than their own.
The following charts indicate the rankings in each practice area, along with the total percentage of consultants who voted in favor of each rm.
(Because consultants could vote for up to three rms, the percentages add up to more than 100 percent.)
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Prestige Rankings
2010 Vault.com Inc.
14
RANK FIRM
NERA Economic Consulting
McKinsey & Company
Bain & Company
The Boston Consulting Group, Inc.
Analysis Group, Inc.
CRA International, Inc.
Cornerstone Research
LECG
Deloitte Consulting LLP
Booz & Company
1
2
3
4
5
6
7
8
9
10
SCORE
28.28
28.09
16.93
13.19
12.62
11.22
10.97
9.70
8.12
7.99
2010 RANK
1
3
7 (TIE)
7 (TIE)
4
2
6
5
8
9
Economic Consulting
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

RANK FIRM
McKinsey & Company
Booz & Company
Bain & Company
Accenture
The Boston Consulting Group, Inc.
Deloitte Consulting LLP
IBM Global Business Services
CRA International, Inc.
Navigant Consulting, Inc.
Arthur D. Little
1
2
3
4
5
6
7
8 (TIE)
8 (TIE)
9
SCORE
41.76
18.88
15.36
14.40
12.48
9.28
8.80
5.92
5.92
5.76
2010 RANK
1
2
3
5
4
6
10
8
7
NR
Energy Consulting
RANK FIRM
McKinsey & Company
Ernst & Young
Deloitte Consulting LLP
PricewaterhouseCoopers
Bain & Company
KPMG
The Boston Consulting Group, Inc.
Oliver Wyman
FTI Consulting, Inc.
Accenture
1
2
3
4
5
6
7
8
9
10
SCORE
31.09
22.20
20.39
19.96
19.74
14.97
13.52
12.87
8.68
8.46
2010 RANK
1
5
2
3 (TIE)
4
7
6
3 (TIE)
8
NR
Financial Consulting
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Prestige Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
15
A.T. Kearney
10
5.28 NR
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Prestige Rankings
2010 Vault.com Inc.
16
RANK FIRM
Mercer LLC
Towers Watson
Hewitt Associates
Hay Group
Deloitte Consulting LLP
Aon Consulting Worldwide
Oliver Wyman
McKinsey & Company
Accenture
Buck Consultants
1
2
3
4
5
6
7
8
9
10
SCORE
55.97
33.82
28.29
9.94
9.27
7.47
6.80
6.07
4.47
3.74
2010 RANK
1
2*
4
5
6
8
10
7
9
NR
Human Resources Consulting
RANK FIRM
A.T. Kearney
McKinsey & Company
Accenture
Deloitte Consulting LLP
Booz & Company
Bain & Company
IBM Global Business Services
PRTM
The Boston Consulting Group
1
2
3
4
5
6 (TIE)
6 (TIE)
7
8
SCORE
31.29
30.36
28.80
18.87
17.93
14.52
14.52
11.57
10.02
2010 RANK
3
4
1
2
5
7
6
9
8
AlixPartners, LLP
9
5.59 10
Operations Consulting
*In June 2009, Towers Perrin agreed to a merger with Watson Wyatt. Our survey was conducted in spring 2009, so the rms appeared
separately. In the human resources practice area ranking, Towers Perrin was No.2 and Watson Wyatt Worldwide was No. 3.
KPMG
PricewaterhouseCoopers
10 (TIE)
10 (TIE)
3.65
3.65
NR
NR
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Prestige Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
17
RANK FIRM
McKinsey & Company
ZS Associates
IMS Health Incorporated
The Boston Consulting Group, Inc.
Bain & Company
Deloitte Consulting LLP
Mercer LLC
L.E.K. Consulting
Health Advances, LLC
Kaiser Associates
1
2
3
4
5
6
7
8
9
10
SCORE
30.10
23.02
22.55
14.73
10.62
7.74
7.08
6.90
5.96
5.03
2010 RANK
1
2
4
3
6
5
7
NR
NR
NR
Pharmaceutical & Health Care Consulting
RANK FIRM
McKinsey & Company
Bain & Company
The Boston Consulting Group, Inc.
Booz & Company
Deloitte Consulting LLP
Accenture
PricewaterhouseCoopers LLP
Ernst & Young
Monitor Group
AlixPartners, LLP
1
2
3
4
5
6
7
8
9
10
SCORE
77.13
61.86
47.89
15.23
10.30
9.20
5.52
4.97
4.86
4.15
Business Advisory
* This is the rst year Vault has included business advisory in its practice area rankings
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
18
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

QUALITY OF LIFE
RANKINGS
Vault Guide to the Top 50 Management and Strategy Consulting Firms
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Quality of Life Rankings
2010 Vault.com Inc.
20
QUALITY OF LIFE RANKING METHODOLOGY
In addition to ranking other rms in terms of prestige, survey respondents were asked to rate their own rms in a variety of categories. On a scale of
1 to 10, with 10 being the highest and 1 the lowest, respondents evaluated their rms in the following quality of life areas:
A rms score in each category is simply the average of consultants ratings of their rms in that category. In compiling our quality of life rankings, we
only ranked rms that received 10 or more responses from their consultants.
Overall satisfaction
Compensation
Work/life balance
Hours in the ofce
Travel requirements
Overall business outlook
Firm leadership
Formal training
Interaction with clients
Relationships with supervisors
Firm culture
Selectivity
Promotion policies
Green initiatives
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vault Quality of Life Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
21
RANK FIRM
McKinsey & Company
Bain & Company
West Monroe Partners
Health Advances, LLC
Milliman, Inc.
Analysis Group, Inc.
The Cambridge Group
The Boston Consulting Group, Inc.
Corporate Executive Board
Easton Associates, LLC
1
2
3
4
5
6
7
8
9
10
SCORE
9.375
9.301
8.931
8.879
8.750
8.714
8.660
8.629
8.600
8.500
Deloitte Consulting LLP
11
8.460
Strategic Decisions Group
Censeo Consulting Group
AlixPartners, LLP
Trinity Partners, LLC
PRTM
Gallup Consulting
Triage Consulting Group
12
13
14
15
16
17
18
8.375
8.364
8.356
8.333
8.288
8.275
8.270
Strategos
Booz & Company
19
20
8.267
8.253
Overall Satisfaction
On a scale of 1 to 10, where 1 means very poor and 10 means excellent, how would you rate your overall satisfaction with your rm?
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Quality of Life Rankings
2010 Vault.com Inc.
22
RANK FIRM
The Boston Consulting Group, Inc.
The Cambridge Group
McKinsey & Company
Bain & Company
Analysis Group, Inc.
Trinity Partners, LLC
Corporate Executive Board
Novantas LLC
A.T. Kearney
Oliver Wyman
1
2
3
4
5
6
7
8
9
10
SCORE
8.749
8.638
8.625
8.480
8.429
8.423
8.400
8.061
7.926
7.767
Diamond Management & Technology Consultants
11
7.714
AlixPartners, LLP
The Brattle Group
Bates White
Health Advances, LLC
Strategos
Milliman, Inc.
Alvarez & Marsal
12
13
14
15
16
17
18
7.700
7.694
7.690
7.636
7.600
7.594
7.592
Cornerstone Research
PRTM
19
20
7.590
7.519
Compensation
On a scale of 1 to 10, where 1 is far below average and 10 is far in excess of industry average, how would you rate your rms compensation (including
salary and bonus)?
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vault Quality of Life Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
23
RANK FIRM
Triage Consulting Group
Censeo Consulting Group
Bain & Company
Strategos
Strategic Decisions Group
West Monroe Partners
Easton Associates, LLC
Analyis Group, Inc.
The Cambridge Group
Gallup Consulting
1
2
3
4
5
6
7
8
9
10
SCORE
9.194
9.000
8.819
8.600
8.571
8.391
8.375
8.286
8.170
8.125
Putnam Associates
11
8.107
Health Advances, LLC
The Boston Consulting Group, Inc.
Milliman, Inc.
OC&C Strategy Consultants
Quintiles Consulting
Cornerstone Research
Pearl Meyer & Partners, LLC
12
13
14
15
16
17
18
8.061
8.017
8.000
7.900
7.800
7.725
7.629
McKinsey & Company
Alvarez & Marsal
19
20
7.625
7.611
Work/Life Balance
On a scale of 1 to 10, where 1 is very poor and 10 is excellent, how would you rate your rms efforts to promote a livable work/life balance?
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Quality of Life Rankings
2010 Vault.com Inc.
24
RANK FIRM
Triage Consulting Group
West Monroe Partners
Analysis Group, Inc.
Pearl Meyer & Partners, LLC
Bain & Company
Gallup Consulting
Strategos
Corporate Executive Board
Censeo Consulting Group
IBM Global Business Services
1
2
3
4
5
6
7
8
9
10
SCORE
8.921
8.437
8.429
8.394
8.366
8.300
8.267
8.100
8.045
8.000
Health Advances, LLC
11
7.970
The Cambridge Group
Alvarez & Marsal
Easton Associates, LLC
Milliman, Inc.
McKinsey & Company
OC&C Strategy Consultants
AlixPartners, LLP
12
13
14
15
16
17
18
7.957
7.949
7.875
7.813
7.750
7.710
7.708
Putnam Associates
Strategic Decisions Group
19
20
7.704
7.688
Hours in the Ofce
On a scale of 1 to 10, where 1 means completely unsatised and 10 means extremely satised, please rank your satisfaction with the number of hours
you spend in the ofce each week.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vault Quality of Life Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
25
RANK FIRM
Cornerstone Research
Bates White
Putnam Associates
Health Advances, LLC
Analysis Group, Inc.
The Brattle Group
L.E.K. Consulting
Censeo Consulting Group
NERA Economic Consulting
Kaiser Associates
1
2
3
4
5
6
7
8
9
10
SCORE
9.795
9.619
9.286
9.242
9.143
9.086
9.042
8.955
8.926
8.900
ZS Associates
11
8.797
Pearl Meyer & Partners, LLC
OC&C Strategy Consultants
Simon-Kucher & Partners
IMS Health Incorporated
CRA International, Inc.
The Cambridge Group
Trinity Partners, LLC
12
13
14
15
16
17
18
8.774
8.677
8.587
8.576
8.522
8.478
8.407
Hewitt Associates
Mercer LLC
19
20
8.043
7.750
Travel Requirements
On a scale of 1 to 10, where 1 means excessive and 10 means minimal, how would you rate your rms travel requirements?
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Quality of Life Rankings
2010 Vault.com Inc.
26
RANK FIRM
McKinsey & Company
The Boston Consulting Group, Inc.
West Monroe Partners
Trinity Partners, LLC
Bain & Company
Novantas LLC
Diamond Management & Technology Consultants, Inc
Deloitte Consulting LLP
Putnam Associates
PRTM
1
2
3
4
5
6
7
8
9
10
SCORE
10.000
9.650
9.575
9.520
9.506
9.490
9.361
9.336
9.214
9.137
The Cambridge Group
11
9.130
Booz & Company
OC&C Strategy Consultants
Triage Consulting Group.
Accenture
Easton Associates, LLC
The Brattle Group
12
13
14
15
16
17 (TIE)
17 (TIE)
9.031
8.967
8.885
8.881
8.844
8.750
8.750
Oliver Wyman
Analysis Group, Inc
18
19
8.719
8.714
IBM Global Business Services
20
8.571
Overall Business Outlook
On a scale of 1 to 10, where 1 is extremely poor and 10 is excellent, how would you rate the business outlook for your company?
A.T. Kearney
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vault Quality of Life Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
27
RANK FIRM
McKinsey & Company
Bain & Company
Health Advances, LLC
Triage Consulting Group
Strategic Decisions Group
PricewaterhouseCoopers
Accenture
The Boston Consulting Group, Inc.
Corporate Executive Board
L.E.K. Consulting
1
2
3
4
5
6
7
8
9
10
SCORE
9.750
9.732
9.152
8.661
8.500
8.302
8.200
8.156
8.111
7.979
Deloitte Consulting LLP
11
7.976
Trinity Partners, LLC
ZS Associates
A.T. Kearney
Diamond Management & Technology Consultants, Inc
The Cambridge Group
West Monroe Partners
12
13
14
15
16
17
18
7.815
7.762
7.718
7.550
7.414
7.404
7.267
The Brattle Group
Censeo Consulting Group
19
20
7.229
7.227
Formal Training
On a scale of 1 to 10, with 1 being very poor and 10 being excellent, how would you rate your satisfaction with the training offered by your rm?
Cornerstone Research
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Quality of Life Rankings
2010 Vault.com Inc.
28
RANK FIRM
Corporate Executive Board
Milliman, Inc.
PRTM
Gallup Consulting
West Monroe Partners
McKinsey & Company
Bain & Company
A.T. Kearney
Kaiser Associates
Diamond Management & Technology Consultants, Inc
1
2
3
4
5
6
7
8
9
10
SCORE
9.222
9.219
9.212
9.175
9.167
9.125
9.061
9.041
9.000
8.991
Booz & Company
11
8.989
Novantas LLC
Censeo Consulting Group
AlixPartners, LLP
Deloitte Consulting LLP
The Boston Consulting Group, Inc.
IBM Global Business Services
Health Advances, LLC
12
13
14
15
16
17
18 (TIE)
8.958
8.944
8.938
8.935
8.926
8.900
8.813
Strategic Decisions Group
Strategos
18 (TIE)
19 (TIE)
8.813
8.800
Towers Watson
19 (TIE)
8.800
Interaction with Clients
On a scale of 1 to 10, how satised are you with your opportunity to interact with your clients top-level management?
Alvarez & Marsal
20
8.721
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vault Quality of Life Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
29
RANK FIRM
McKinsey & Company
Trinity Partners, LLC
Bain & Company
The Cambridge Group
PRTM
Strategos
Novantas LLC
West Monroe Partners
Health Advances, LLC
Strategic Decisions Group
1
2
3
4
5
6
7
8
9
10
SCORE
9.500
9.333
9.300
9.255
9.235
9.214
9.163
9.145
9.121
9.071
Deloitte Consulting LLP
11
9.057
Milliman, Inc.
Monitor Group
The Boston Consulting Group, Inc
Triage Consulting Group
Censeo Consulting Group
Analysis Group
Corporate Executive Board
12
13
14
15
16
17
18
9.032
9.000
8.947
8.919
8.909
8.857
8.778
The Brattle Group
Booz & Company
19
20
8.743
8.731
Relationships with Supervisors
On a scale of 1 to 10, where 1 means very poor and 10 means excellent, how would you rate your relationships with your superiors/supervisors?
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Quality of Life Rankings
2010 Vault.com Inc.
30
SCORE RANK FIRM
Bain & Company
West Monroe Partners
Analysis Group, Inc.
Strategic Decisions Group
Triage Consulting Group
Censeo Consulting Group
OC&C Strategy Consultants
Trinity Partners, LLC
Easton Associates, LLC
McKinsey & Company
1
2
3
4
5
6
7
8
9 (TIE)
9 (TIE)
Cornerstone Research
The Boston Consulting Group, Inc.
Deloitte Consulting LLP
Strategos
Gallup Consulting
The Brattle Group
Diamond Management & Technology Consultants, Inc.
11
12
13
14
15
16
17
Milliman, Inc.
A.T. Kearney
18
19
9.759
9.471
9.429
9.313
9.254
9.182
9.167
9.148
9.125
9.125
9.061
9.000
8.936
8.904
8.857
8.821
8.778
8.719
8.688
8.598
Health Advances, LLC
10
Firm Culture
On a scale of 1 to 10, where 1 is not at all pleasant and 10 is extremely pleasant, assess your rms culture.
The Cambridge Group
20
8.596
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vault Quality of Life Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
31
SCORE RANK FIRM
McKinsey & Company
Bain & Company
Strategic Decisions Group
The Cambridge Group
Corporate Executive Board
The Boston Consulting Group, Inc.
PRTM
Trinity Partners, LLC
Novantas LLC
West Monroe Partners
1
2
3
4
5
6
7
8
9
10
Health Advances, LLC
Deloitte Consulting LLP
Oliver Wyman
Easton Associates, LLC
Monitor Group
Triage Consulting Group
Milliman, Inc
12
13
14
15
16
17
18
Diamond Management & Technology Consultants, Inc.
Putnam Associates
19 (TIE)
19 (TIE)
9.571
9.084
8.600
8.511
8.500
8.450
8.373
8.370
8.333
8.318
8.286
8.258
8.088
8.006
8.000
7.875
7.774
7.710
7.679
7.679
Analysis Group, Inc.
11
Promotion Policies
On a scale of 1 to 10, with 1 being very poor and 10 being excellent, how would you rate your satisfaction with your rms promotion policies?
A.T. Kearney
20
7.661
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Quality of Life Rankings
2010 Vault.com Inc.
32
SCORE RANK FIRM
Triage Consulting Group
A.T. Kearney
Bain & Company
Trinity Partners, LLC
L.E.K. Consulting
IBM Global Business Services
Deloitte Consulting LLP
PricewaterhouseCoopers
Corporate Executive Board
Gallup Consulting
1
2
3
4
5
6
7
8
9
10
Accenture
Cornerstone Research
The Boston Consulting Group, Inc.
Censeo Consulting Group
Strategic Decisions Group
The Brattle Group
West Monroe Partners
12
13
14
15
16
17
18
Navigant Consulting, Inc.
OC&C Strategy Consultants
19
20
9.197
8.739
8.531
8.480
8.417
8.250
8.175
8.140
8.100
8.027
7.959
7.906
7.892
7.872
7.700
7.625
7.583
7.548
7.429
7.333
PRTM
11
Green Initiatives
On a scale of 1 to 10, where 1 is not at all committed and 10 is extremely committed, how dedicated is your rm to pursuing environmentally sustainable
(green) business practices?
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vault Quality of Life Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
33
SCORE RANK FIRM
McKinsey & Company
Bain & Company
Strategic Decisions Group
The Cambridge Group
Corporate Executive Board
The Boston Consulting Group, Inc.
PRTM
Trinity Partners, LLC
Novantas LLC
West Monroe Partners
1
2
3
4
5
6
7
8
9
10
Health Advances, LLC
Deloitte Consulting LLP
Oliver Wyman
Easton Associates, LLC
Monitor Group
Triage Consulting Group
Milliman, Inc
12
13
14
15
16
17
18
Diamond Management & Technology Consultants, Inc.
Putnam Associates
19 (TIE)
19 (TIE)
9.571
9.084
8.600
8.511
8.500
8.450
8.373
8.370
8.333
8.318
8.286
8.258
8.088
8.006
8.000
7.875
7.774
7.710
7.679
7.679
Analysis Group, Inc.
11
Promotion Policies
On a scale of 1 to 10, with 1 being very poor and 10 being excellent, how would you rate your satisfaction with your rms promotion policies?
A.T. Kearney
20
7.661
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Quality of Life Rankings
2010 Vault.com Inc.
34
SCORE RANK FIRM
McKinsey & Company
Bain & Company
West Monroe Partners
The Boston Consulting Group, Inc.
Trinity Partners, LLC
Analysis Group, Inc.
Health Advances, LLC
Novantas LLC
Deloitte Consulting LLP
PRTM
1
2
3
4
5
6
6
6
7
8
Milliman, Inc
OC&C Strategy Consultants
The Cambridge Group
A.T. Kearney
Censeo Consulting Group
AlixPartners, LLP
PricewaterhouseCoopers
10
11
12
13
14
15
16
Strategic Decisions Group
Diamond Management & Technology Consultants, Inc.
17
18
9.600
9.506
9.333
9.229
9.160
9.000
9.000
9.000
8.917
8.885
8.676
8.655
8.567
8.543
8.517
8.476
8.441
8.388
8.375
8.349
Alvarez & Marsal
9
Firm Leadership
On a scale of 1 to 10, with 1 being very poor and 10 being excellent, how would you rate your overall level of condence in your rms leadership?
Triage Consulting Group
19
8.328
Accenture
20
8.297
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

DIVERSITY
RANKINGS
Vault Guide to the Top 50 Management and Strategy Consulting Firms
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
36
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

DIVERSITY RANKING METHODOLOGY
Vaults survey asked consultants to rate their rms diversity with respect to women, with respect to minorities and with respect to gays, lesbians,
bisexuals and transgender individuals. When asking consultants to assess their rms diversity in these categories, we asked them to think about hiring,
promoting, mentoring and other programs.
THE BEST 20 FIRMS FOR DIVERSITY
To determine an overall diversity score, we took the average of the scores rms received in each of the three diversity categories (women, minorities
and GLBT).
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Diversity Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
37
SCORE RANK FIRM
Bain & Company
Strategic Decisions Group
IMS Health Incorporated
Easton Associates, LLC
Health Advances, LLC
Deloitte Consulting LLP
Gallup Consulting
Corporate Executive Board
Trinity Partners, LLC
Cornerstone Research
1
2
3
4
5
6
7
8
9
10
The Boston Consulting Group, Inc.
Accenture
Analysis Group, Inc.
The Brattle Group
The Cambridge Group
Hewitt Associates
West Monroe Partners
12
13
14
15
16
17
18
McKinsey & Company
Pearl Meyer & Partners, LLC
19
20
9.083
9.042
8.838
8.821
8.814
8.725
8.711
8.700
8.680
8.649
8.560
8.537
8.389
8.349
8.304
8.291
8.272
8.265
8.200
8.177
IBM Global Business Services
11
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

DiversityWomen
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your rm to women in terms of hiring,
promoting, mentoring and other programs?
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Diversity Rankings
2010 Vault.com Inc.
38
RANK FIRM
Easton Associates, LLC
Health Advances, LLC
Corporate Executive Board
Trinity Partners, LLC
The Cambridge Group
Analysis Group, Inc.
Bain & Company
Cornerstone Research
Triage Consulting Group
IMS Health Incorporated
1
2
3
4
5
6
7
8
9
10
SCORE
9.750
9.515
9.300
9.280
9.239
9.143
9.125
9.108
9.097
9.030
Gallup Consulting
11
9.026
Deloitte Consulting LLP
Strategic Decisions Group
McKinsey & Company
Pearl Meyer & Partners, LLC
IBM Global Business Services
CRA International
Hewitt Associates
12
13
14
15
16
17
18
8.992
8.875
8.800
8.793
8.750
8.696
8.604
The Brattle Group
The Boston Consulting Group, Inc.
19
20
8.583
8.517
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition The
Vault Diversity Rankings
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
39
DiversityMinorities
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your rm to minorities in terms of hiring,
promoting, mentoring and other programs?
RANK FIRM
Censeo Consulting Group
Bain & Company
Strategic Decisions Group
Deloitte Consulting LLP
Gallup Consulting
Trinity Partners, LLC
Accenture
IBM Global Business Services
PRTM
IMS Health Incorporated
1
2
3
4
5
6
7 (TIE)
7 (TIE)
8
9
SCORE
9.100
8.756
8.688
8.566
8.564
8.520
8.500
8.500
8.420
8.394
The Brattle Group
10
8.361
Health Advances, LLC
The Boston Consulting Group, Inc.
West Monroe Partners
PricewaterhouseCoopers
The Cambridge Group
A.T. Kearney
Cornerstone Research
11
12
13
14
15
16
17
8.303
8.282
8.233
8.163
8.156
8.126
8.108
Pearl Meyer & Partners
Hewitt Associates
18
19
8.103
8.098
Corporate Executive Board
20 (TIE)
8.000
Easton Associates, LLC
McKinsey & Company
20 (TIE)
20 (TIE)
8.000
8.000
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Vault Diversity Rankings
2010 Vault.com Inc.
40
RANK FIRM
Strategic Decisions Group
Bain & Company
IMS Health Incorporated
The Boston Consulting Group, Inc.
Corporate Executive Board
Cornerstone Research
Easton Associates, LLC
Health Advances, LLC
Deloitte Consulting LLP
Simon-Kucher & Partners
1
2
3
4
5
6
7
8
9
10
SCORE
9.563
9.367
9.091
8.812
8.800
8.730
8.714
8.625
8.617
8.587
Gallup Consulting
11
8.543
Monitor Group
Novantas LLC
IBM Global Business Services
Analysis Group, Inc.
PRTM
Accenture
Bates White
12
13
14
15
16
17
18
8.491
8.479
8.429
8.333
8.271
8.246
8.244
Trinity Partners, LLC
Hewitt Associates
19
20
8.240
8.114
DiversityGLBT
On a scale of 1 to 10, where 1 means very poor and 10 means excellent, how would you rate your rms commitment to diversity with respect to gays,
lesbians, bisexuals and transgender individuals?
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

TOP 50
FIRMS 1-50
Vault Guide to the Top 50 Management and Strategy Consulting Firms
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

131 Dartmouth Street
Boston, Massachusetts 02116
Phone: (617) 572-2000
Fax: (617) 572-2427
www.joinbain.com
LOCATIONS
Boston, MA (HQ)
42 ofces in 27 countries
PRACTICE AREAS
Change Management Corporate Renewal Corporate
Strategy Cost & Supply Chain Management Customer
Strategy & Marketing Growth Strategy IT Mergers &
Acquisitions Organization Performance Improvement
Private Equity
THE STATS
Employer Type: Private Company
Chairman: Orit Gadiesh
Worldwide Managing Director: Steve Ellis
2010 Employees: 4,800
2009 Employees: 4,800
Set the bar (with McKinsey) in terms of prestige
Overworked, hard-driving
Great for management consulting
More travel than is sold to applicants
2010 Vault.com Inc.
42
BAIN & COMPANY
1
PRESTIGE
RANKING
UPPERS
The level of entrepreneurship we still embrace, even given
our size
Continuous opportunity to grow and learn
The smart and fun people drive a thriving and dynamic
culture
Results-oriented culture
DOWNERS
Intense, unpredictable and grueling, at times
Difcult to predict what the client will want and when
We can always be better when it comes to diversity
Lack of control in scheduling
EMPLOYMENT CONTACT
www.joinbain.com
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Secrecy and success
With 42 ofces in 27 countries, Bain & Company is one of the worlds leading consulting rms. Since its founding in 1973, it has worked with
over 4,400 major multinationals, small and midsized businesses, private equity rms and nonprots on issues of strategy, operations, marketing,
organization, technology, and mergers and acquisitions. The rms 4,800 consultants are experts in a number of industries, including the automotive,
consumer products, energy and utilities, nancial services, health care, industrial machinery, media, mining, nonprot and public sector, retail,
services, technology, telecommunications and transportation services sectors.
Founded with an eye toward making real change, rather than just writing reports, Bain has always been a consulting rm with a difference. Named
for founder Bill Bain, the rm is ercely dedicated to its clients, and they to Baina relationship that derives at least in part from Bains extraordinary
secrecy and emphasis on client condentiality. A measure of the rms commitment to its clients is that in the early days, it promised clients it would
only work with one company per industry. Bain redened its commitment in response to clients who did not value industry exclusivity, but rather
expected deep industry expertise that comes from working for multiple companies in an industry. To this day, however, the rms client list still remains
a closely guarded secret, with very few details of its engagements ever making their way into the public eye.
According to Bain (and attested to by calculations from PricewaterhouseCoopers), its clients stock prices outperform the market by four to one. The
rm works with both small and midsized rms from the Fortune 2000 ranks as well as two-thirds of the Global 500, and has established a reputation
as a leader in private Additionally, the rm invested during the downturn to improve its competitive position, and is now seeing the positive results from
that, having just logged the best six months of its history. Business is currently up over 30 percent compared to the rst half of 2009, and the rm is
returning to the trend of long-term share gain.
Calling all Bainies
In a 1989 feature article on the rm in The New York Times Magazine, Bain consultants were referred to as troopsalso known in the industry as
Bainieswith an iron discipline. Since 1993, Bainies have answered to Israel-born Chairman Orit Gadiesh, a former Israeli military intelligence
ofcer and Baker Scholar from the Harvard Business School, who is currently based in Paris. The rst female to lead a consulting rm of Bains size,
Gadiesh has repeatedly been listed in Forbes as one of the worlds 100 Most Powerful Women, was named one of Fortunes 50 Most Powerful Women
in Business, earned the inaugural Lifetime Achievement Award from Consulting magazine and is on the board of directors at the World Economic
Forum. On the ip side of the coin is Bains worldwide managing director, Steve Ellis. Prior to taking the top spot and replacing outgoing director John
Donohoe (who would go on to become CEO of eBay), Ellis managed the rms San Francisco and Palo Alto ofces. Compared to the military-trained
Orit Gadiesh, Steve Ellis is the entrepreneur of Bains leadership, having joined after co-founding a Silicon Valley rm, and then lending his leadership
to help build the rms technology and telecommunications practice, as well as its private equity group. He has also taken a considerable role in the
rms nonprot relationshe holds a seat on the board of The Bridgespan Group, which operates as an independent afliate to Bain & Company to
extend its consulting know-how to charities and foundations.
Private equity pioneer
In 1994, Bain became the rst consulting rm to establish a private equity practice. The unit provides fund strategy, sector screening and deal
generation, due diligence, portfolio company performance improvement and exit planning for clientsmostly buyout rms, hedge funds and sovereign
wealth funds. Having carved quite a niche for itself in this area, Bains private equity practice today is over three times larger than its nearest
competitor.
M&A Q&A
Much of Bains reputation has been built on its proven approach to mergers and acquisitions, an expertise stemming from extensive experience with
corporate and private equity clients. Over the last 10 years, the rm has conducted over 3,900 private equity and corporate diligences, integrated over
500 companies, and advised clients on hundreds of joint ventures and divestitures. Although the odds for acquisition success in the current market
are, to say the least, poor (over half the deals in the market fail to generate excess returns), Bain maintains a disciplined approach to navigating the
deal cycle, and has generated roughly 20 percent higher excess returns for its integration clients.
Aid for the distressed
Just as the subprime mortgage loan crisis pushed the economy into a downward spiral in 2007, Bain opened a new business group that provides
turnaround services to distressed and severely underperforming companies. The well-timed unitnamed the Bain Corporate Renewal Groupfocuses
specically on the needs of owners and future owners of nancially stressed midmarket businesses, and on turning around their companies to preserve
value. For companies in trouble, Bain CRG has the capacity to assess a companys nancial health, drive the restructuring and turnaround, and has
the capacity to serve in an advisory, chief restructuring ofcer or interim management capacity until the business is healthy again.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bain & Company
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
43
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Delivering social impact
Since its founding, Bain has been committed to giving back to the community. The company does extensive work with clients in the nonprot
sector, supporting educational organizations, helping with economic and community development, assisting arts and sports groups, and working with
foundations and venture philanthropy funds. It also collaborates with for-prot clients on issues such as environmental sustainability and corporate
responsibility. Moreover, Bains community engagement programBain Caresallows Bain employees to volunteer in their local communities, serve
on boards of nonprots and social enterprises, and lead fundraising drives for causes they believe in. Bain has committed to building up its social-
sector practice most notably through founding and continuing to partner closely with Bridgespan, the leader in non-prot consulting.
The rm is also committed to corporate sustainability, continually working to reduce its carbon footprint through the initiative of Green Teams in every
local ofce.
GETTING HIRED
Given its status as one of the industrys truly elite consulting rms, its unsurprising that Bains hiring process is exceptionally rigorous and selective.
Quite simply, its a matter of people; the rm only looks at (let alone hires) the very best that MBA and undergraduate schools have to offer. It isnt
enough to have years of experience in your eld or high scores on aptitude tests (though both are important). Over the course of at least three rounds
of interviews, the rm looks for the precise qualities that it has identied as essential to ones success in the organization. Passionate, driven, humble
and curious is how one consultant describes the ideal candidate (note the very-important presence of humble among the other requisites).
The meat of the interview process is rather standard, taking the form of straightforward case interviews, in which candidates are expected to show that
they possess the analytic horsepower to crack our clients toughest problems. Its a results-oriented business, so it makes sense that the process
would focus on just that. Candidates can also expect to be evaluated based on their ability to perform and communicate under pressure and, perhaps
most importantly, their capacity to work uidly with a team of similarly elite colleagues.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: If you arent in awe of Bains quality of life scores you should, at the very least, be humbled by the quotes emerging from its
consultants. Bain continues to deliver employee satisfaction of paramount quality, shaming competitors and critics alike.
Overall Satisfaction
I dont think there is another job that can deliver for me in the way this one does. Its a unique combination of learning, lifestyle,
apprenticeship, rewards, fun and impact with amazing people. New York insider
Im consistently fascinated by the work I do day to day. Consultant
Every job has its challenges. At Bain, I have the luxury and pleasure of working with people, above and below, who make those challenges
easier to overcome. Experienced strategist
Bain is relentlessly working to improve the employee value proposition and it shows! Canadian higher-up
Firm Culture
I can be myself at Bain, period. I am not only respected for this, I am loved. There is no other company Ive seen, in my 10 years of
professional experience, with a stronger, healthier culture. Strategy consultant
Undoubtedly best culture on the block. Theres no competition, everyone is willing to help each other outeven at odd hours. We support
each other as friends, colleagues and individuals. Business advisor
Bains culture is incredibly strong. It breeds a tight-knit family, in a sense. These are my co-workers, but they are also my closest friends.
Associate consultant
Bains culture is incredibleinformal without being unprofessional, incredibly zany and quirky, and so much fun always. Some of the smartest,
most awesome people you will ever meet in your life. California insider
Supervisor Relationships
I feel like I can go toe-to-toe with my supervisors. They really value my input. They are also very smart and experienced, so I have to be on top
of my work. Los Angeles midlevel
In general, my ofce is very family friendly. Many of the senior associates and partners have young children, and they seem to understand the
importance of life outside of the ofce. Los Angeles associate
Supervisors really take my personal and professional development to heart. Entry-level source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bain & Company
2010 Vault.com Inc.
44
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

My supervisors are exceptional. I have learned more from them than from any other mentor Ive had in my life. They have me and my
husband for dinner in their homes, they advise me on my career and my life, they teach me hard and soft skills, and they genuinely care about
me. Boston insider
Interaction with Clients
Its the best feeling when we can jointly make change with our clients, hear the clients appreciation for our work, and then see it actually bear
results. We are very passionate about seeing our clients succeed; thats a big reason why we work so hard. Consultant
We take pride in our ability to relate to our clients, and this increases our ability to deliver results. Associate
I have had some pretty impressive client relationshipsgetting to reach out to senior people, as well as developing those relationships into ones
where Im trusted. Midwestern associate consultant
Hours & Pay
Vaults Verdict: Bain became an elite institution by demanding the utmost from its talented employees. But consultants can expect reciprocation
from the rm leadership, who strive to keep their staff comfortable and content in any circumstance.
Work Hours
Flexibility for time off and part-time roles enable long-term sustainability. Consultant
Very reasonable; its all about being efcient. This is not a face time climate. Associate consultant
I work a lot, but there is little yield loss and no face time needed. Atlanta insider
My work hours are long but not unmanageable, and the exible nature of our jobs makes the difference. The hardest hours are hours away
from home. Consultant
Pay is fair and appropriate for effort and results delivered. Consultant
Work/Life Balance
As long as Im taking care of my work, I can set my own schedule and work from wherever makes the most sense. Associate consultant
It is a demanding career, but yes, I have been able to have a very rewarding personal life over my last 10-plus years at Bain! Toronto staffer
Absolute respect for vacation and trainingno questions asked, and absolutely no recourse on leaving for (approved) vacation in the middle of
a project. Midlevel consultant
The rm has structural policies in place, but it is up to you and your case team to determine how these policies will be applied to the case in
question. West Coast insider
Travel Requirements
We only travel when we need to because we are staffed locally. It makes a world of difference. We always travel as a team and rarely, if ever,
have to travel alone. Consultant
Bain is really reasonable about travel. If the client or situation requires it, youll travel. If not, you wont. Senior source
Travel is very much case dependant. However, I feel like Bain does a great job of only travelling when the team needs to. If it wont help us
make a positive impact for the client, then we wont travel. Strategy advisor
Totally binary. For the last year-plus, I traveled less than one day per week. The two years before that, three to four days per week, every
week, for two years. There is balance over time, I have averaged less than two days/week on the road - it just pours when it rains. Atlanta
staffer
While the compensation structure suggests market rates, in practicality very few associates can reach the appropriate level of billable work in
order to receive full pay increases and signicant bonuses. Senior associate
Professional Development
Vaults Verdict: As the rm sets its sights on across-the-board perfection, training is one area that needs little improvement. Consultants gush
about Bains annual training offeringsthink amazing, incredible and, perhaps most unique, hugely enjoyable.
Formal Training
Training could not be better. College was a waste of time after the 10 days of Bain training. Associate consultant
We invest tremendously in training as a rm. Instead of using professional trainers, we pull our best and brightest people out of the eld to
train. Every Bainie goes to at least one formal offsite training program a year, starting with the legendary ACT, a two-week program for our new
associate consultant hires. Boston manager
Unbelievable formal training and continuous learning programs. Bain did not cut a dollar from training in the downturn, which highlights the
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bain & Company
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
45
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
46
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition
Bain & Company
dedication to it. Consultant
Bain invests a lot in ofcial training. The annual tenure-based global training sessions are really incredible. Additionally, in-ofce training and
mentorship programs provide a lot of support for day-to-day experiences. Dallas midlevel
Promotion Policies
Promotion points occur roughly every two to three years. I think it is extremely clear and well run. You know exactly what youll be rated on, as
well as when youll be rated. And, most importantly, you are judged fairly based on your merits. The clarity of the promotion ladder is a big plus
for my satisfaction at Bain. Midlevel strategist
Some exibility on time to promotion, but if people arent moving quickly enough, they often choose other options. Strategy executive
The promotion policy is fair and balancednot too fast so that promoted individuals fail at the next level, not too slow that learning plateaus.
Senior source
Diversity
Vaults Verdict: Recruitment is highly merit-focused, but respondents rave about Bains diversity efforts, feeling like the rm seeks out the best
consultants from unique backgrounds.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Exceptional, nondiscriminatory practices. Atlanta executive
Huge rmwide attention on attracting, retaining and promoting women. Consultant
We can always be better, but we do a lot of recruiting for women, minorities and GLBTs. Its a war for talent, though, and weve got to up our
game and get to them earlier. Consultant
Outstanding with respect to women and GLBT. We put in tremendous effort on minority hiring as well, but our traction is lower than wed like
it to be. East Coast staffer
Overall Business Outlook
Vaults Verdict: utmost quality, and consultants have condence in the rms innovative and caring leaders.
Overall Business Outlook
It is incredibly busy right now. Were looking to gain share versus our competition: BCG and McKinsey. We invested heavily in people during
the downturn, so that should put us in good position to continue growth as the economy comes back. Senior consultant
As the clear market leader in private equity consulting, we will have a strong year in 2010 due to the return of private equity activity.
Midwest insider
Our rms leadership is focused, well prepared and open minded. Strategy consultant
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

1 Exchange Place, 31st Floor
Boston, Massachusetts 02109
Phone: (617) 973-1200
Fax: (617) 973-1339
www.bcg.com
LOCATIONS
Boston, MA (HQ)
69 ofces in 40 countries
PRACTICE AREAS
F unctional Practice Areas
Corporate Development Global Advantage (Globalization)
Information Technology Marketing & Sales Operations
Organization Social Impact Strategy
I n dustry Practice Areas
Consumer & Retail Energy Financial Institutions Health Care
Industrial Goods Insurance Public Sector Technology,
Media & Communications
THE STATS
Employer Type: Private Company
President & CEO: Hans-Paul Brkner
2010 Employees: 4,500 (consulting staff only)
2009 Employees: 4,400 (consulting staff only)
2010 Revenue: $2.75 billion
2009 Revenue: $2.67 billion
Excellent reputation; top of the heap
Snooty
Out-of-the-box thinkers
Quirky professors
2010 Vault.com Inc.
48
THE BOSTON CONSULTING GROUP, INC.
2
PRESTIGE
RANKING
EMPLOYMENT CONTACT
www.bcg.com/careers
UPPERS
Individuality is respectedno cookie cutter mentality
Strong, steep learning curve
Fringe benets
Thinking about problems at both 40,000 as well as 4,000 ft
DOWNERS
Nit-picky accounting and reimbursement system
We dont always follow our own best practices and are
inefcient
You have to be a part of the club
Heavy feedback culture promotes paranoia and low self-
esteem
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Bostons best
The name may sound local, but The Boston Consulting Groups reachand expertiseis anything but. With 4,500 consultants in 69 ofces in 40
countries, the rm ranks as one of Americas Largest Private Companies, according to Forbes magazine. Clients typically include many of the worlds
500 largest companies, but BCG also counts among its clients midsized businesses, nonprot organizations and government agencies in North and
South America, Asia, Europe, the Middle East and Australia. The rms consultantswho have included notables such as Indra Nooyi, CEO of Pepsi;
Jeff Immelt, CEO of General Electric; Jim Koch, founder, CEO and Brewmaster of Boston Beer Company; Sally Blount, dean of the Kellogg School of
Management; Israeli Prime Minister Benjamin Netanyahu; and Grammy Award winner John Legendare experts in a number of industries, including
consumer goods, retail, nancial services, industrial goods, social impact and nonprot, energy, health care, insurance, technology, media, and
telecom.
The rm helps clients with a number of specic management needs within its broad functional practice areas, such as growth strategy development
and execution; business portfolio management; mergers and acquisitions; postmerger integration; productivity and efciency improvement; marketing
and pricing; supply chain management; IT infrastructure; customer and supplier relationship management; sustainability; turnaround; and private
equity, among other services. In 2010, M&A Advisor named BCG the Turnaround Consulting Firm of the Year for its work in advising the U.S. Treasury
Department on the Chapter 11 reorganization of General Motors and Chrysler.
The Henderson legacy
BCG was founded in 1963 by Bruce D. Henderson, a former Bible salesman and Harvard B-school dropout. Challenged by the CEO of The Boston
Safe Deposit & Trust Company to form a consulting arm for the organization, Henderson responded with an aggressive strategy. While his rst months
billings amounted to $500 and his ofce had a staff of just two by the end of his rst year in business, Hendersons subsequent success is impossible
to denyand it was driven largely by expansion. In 1966, BCG became the rst Western strategy consulting outt in Japan, and a string of ofces
throughout Europe soon followed. By 1976, half of the rms revenue was being generated outside the U.S.a year after Henderson laid out a plan
for employee stock ownership that saw the rm fully owned by BCGers in 1979. Such was Hendersons reputation within the business world that,
following his death in 1992, no less a publication than the Financial Times wrote that few people have had as much impact on international business in
the second half of the twentieth century as the founder of The Boston Consulting Group.
In 1998, BCG established the Strategy Institute, a sort of consulting think tank set up to apply insights from a variety of disciplines to the strategic
challenges facing both business and society. Among the concepts developed by the rm over the years are the experience curve (which charts
improvements in efciency as experience is amassed), time-based competition (an approach that recognizes speed as an essential component of
success), disease management (an approach to patient care that takes a more systemic view of quality and costs than traditional approaches), richness
versus reach (the trade-off inherent in the economics of information), trading up and trading down (consumer spending phenomena) and globality (the
post-globalization era in which everyone from everywhere competes for everything).
Not the stuff of fairytales
Perhaps the innovation that the rm is best known for, however, is its growth-share matrix. While a tool that utilizes images such as cows, stars and
dogs might sound fanciful, the matrix is one serious piece of business methodologyand one that has become a core tool used by businesses the world
over. A graphic representation of a rms money ow, the growth-share matrix divides a companys assets into four categoriesthe three mentioned
previously, plus question marks. While a full description of the methodology is available on BCGs website, the basic meaning of each category is as
follows: a cow represents a cash cow, a low-growth, high-market share pursuit (generally the bread and butter of any business); a star is an enterprise
that both uses and generates a lot of money, usually on the way to achieving cow status; a dog tends to be labor-intensive but provides little return on
investment; and question marks are to be avoided at all costsbasically representing money pits that absorb resources but produce little revenue.
Falling in line
While many of BCGs consultants come from some of the best business schools in the worldincluding the University of Chicago, Harvard, INSEAD,
Kellogg, Stanford and Whartonnot everyone working at the rm has a business background. A number of consultants have degrees that range from
economics, biochemistry and engineering, to psychology, classics and law.
Whatever their background, the rm organizes its brainpower into formal practice areas, which include the functional and industry areas listed
above, as well as timely issues such as managing through the downturn, cloud computing, megatrends, operational transformation and turnaround,
sustainability and talent management.
Paying it forward
BCG is big on being good. Its social impact practice network, which functions like one of the rms formal practice areas, works with clients on
socially conscious issues, including public health, education, community and economic development, environmental preservation, hunger, and arts
and culture. The network chose its focus areas based on the UN Millennium Development Goals, which set targets for combating poverty, illiteracy
and disease for the worlds poor by 2015.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Boston Consulting Group, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
49
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Building the business canon
As might be expected of a company with so many experts and a dedication to research, BCGers put out their fair share of publicationsso many, in
fact, that in 2006, the rm collected some of its biggest thoughts over the past 40 years into one volume, entitled The Boston Consulting Group on Strategy.
Aimed at executives across all industries, the anthology offers both the now-established wisdom as the company conceived it years ago, as well as
more recent thoughts on the state of business. The themes, in many cases, have remained consistent over the decades: Retain competitive advantage,
break compromises, realize the value of time, and remain aware of second- and third-order causes.
In the past year, BCG experts have published two books: Accelerating Out of the Great Recession (February 2010) and Women Want More (September 2009).
GETTING HIRED
On the surface, getting hired at BCG is similar to getting accepted to the top Ivy League schools. Like the latter, this prestigious rm looks meticulously
at an applicants records, combing through candidates and selecting only the near-perfect. I am blown away by the caliber of students applying for jobs
each fall, one consultant says. It is so competitive, even the slightest mistakes in interviewing reduce your chances meaningfully. The rm recruits from
the best undergraduate, MBA and PhD programs in the world. Accordingly, just getting an interview at BCG is an accomplishment in its own right.
Once inside the process, candidates shouldnt expect any let-up in the rms selectivity metrics. Somewhere between one and ve interviewees out
of 100 will receive an offer, says one insider, highlighting the sobering reality all candidates face. Dont let your guard down. Everyone, and I mean
everyone, is judging you throughout the whole process, offers another. The ultimately successful candidate (yes, they do exist) will have endured four
to seven interviews, and will have impressed consulting staff of all levels with their extreme intelligence, analytical capacity and general presentability.
These qualities matter more than any amount of direct experience could; working stiffs with great credentials but no personality are not welcome.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Having already reached the top, BCG consultants can rest assured that they work in an exceptionally noncompetitive environment.
Here, consultants need only worry about delivering for the clientthe rm takes care of the rest.
Overall Satisfaction
Outstanding place to work. Incredible colleagues, incredible clients, incredible impact. Associate
BCG is a fantastic place to work. They go the extra mile to invest in their consultantsfor example, they are sending me on a special training
program in Europe to help further my development. The work is interesting, the people are brilliant, and the compensation and benets are
second to none. Health care consultant
We deliver tremendous value for our clients while always stretching our own thinking and development. I cant imagine a better place to work.
Chicago partner
I have learned a great deal here in a short period of time, expanded my network and am now going to go to business school on the rms tab.
That said, this is probably not something I will want to do for the rest of my lifeit can be a pretty high-burn job. Associate
Firm Culture
BCGs culture is collaborative, nonhierarchical and very collegial. All employees are encouraged to contribute their ideas at all times, to share
their opinions and their beliefs. The senior members of the rm have created an atmosphere that welcomes participation, and demands truth-
telling for our clients. Operations consultant
Its diverse, and yet people are always curious and engaged in all topics. Dinner conversations are always memorable and ofce/business
events are generally something to look forward to. California consultant
We have a set of shared values that denes the BCGer, but we also highly value individualism and diversity, and no two BCGers are exactly
alike. Consumer and retail consultant
BCG is a meritocracy, lled with high-performing, ambitious people. However, I do not consider it competitive overall. I have been staffed on
projects with peers from my cohort, and I never felt that we were being judged against each other. Midwest staffer
Supervisor Relationships
One of the things I like most about our rm is the mentorship-based culture. Partners and managers are really willing to engage with and
invest in the consultants and associates. This produces a positive work environment in which you can learn a lot. Consultant
Very intelligent, thoughtful and considerate partners. They are interested in your development, invest in the people and make a point of
supporting you both inside and outside of work. Los Angeles midlevel
Youre treated as an equal in thought, and only a lesser in experience which is fairand it really makes for a good working environment.
Consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Boston Consulting Group, Inc.
2010 Vault.com Inc.
50
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Everyone is too driven by performance fear to really invest in anything outside of their own performance. Associate
Interaction with Clients
The client relationships at BCG are fantastic and are a main reason why I keep traveling. We try our best to help them, no matter what.
Boston staffer
Ive had incredible client exposure for my tenure. Ive learned a lot about engaging with a clientfrom working with one, to generating
business insights, to building datasets, to presenting to senior clients. Health care consultant
Excellent value creation for clients, and thus excellent client interactions. New York partner
We have great relationships with clients once we prove our worth. On the whole, clients often have a bad opinion of consultants because of
past bad experiences. However, in most cases, we overcome this. Associate
Hours & Pay
Vaults Verdict: Despite the intense hours requirements, no one at BCG feels like theyre being needlessly overworked. BCG consultants are
utterly dedicated to their chosen professions, and are more likely to enjoy the constant travel than gripe about it.
Work Hours
Recognizing its a challenging profession, the rm does everything it can to lower hours. Canadian source
We work hard at BCGbut that comes with the level of challenges that we take on and the very high level of value that we deliver to our
clients. We have a very good level of control over how we work, so that we can balance our workload with the things that are important to us
outside of our job. Retail consultant
People make sacrices at times, but the rm tries to manage these appropriately. I nd I usually do not have to work at all on weekends, which
is important to me. Senior consultant
Make no bones about itconsulting is not a cushy job, and BCG is not a lifestyle rm. That said, most of my peers and I nd the hours to be
a fair trade-off for the training, challenge and relationship development its possible to enjoy in consulting at BCG. West Coast associate
Work/Life Balance
BCG cares about the sustainability of our work, and has spent a lot of time and resources launching a number of programs to make our work
more predictable. Boston principal
We have a terric effort called predictable time off, which, while it does not make a tough job easy, does make a tough job better.
Consultant
I have two kids and triathlon training, and I am able to balance all of it with BCG. East Coast consultant
If I feel things are getting out of hand, I always feel empowered to raise the issue with my manager, and there is usually a solution involving
reprioritization that can be worked out. San Francisco midlevel
Travel Requirements
We never go anywhere just to have face timeit is always to engage with clients on a deeper level. That requires a good chunk of time away
from home. But we always ask each other whether a trip is necessary. Health care insider
Right now, I havent had to travel in a month, but my last project was four days a week on the road for two months, so there is high variation.
Chicago associate
I enjoy traveling for work and visiting the client site regardless of where they might be located. I travel a lot, but many times it is by choice to
be closer to the rest of our team and clients. Senior consultant
There are times when I feel like Im traveling more than is absolutely necessary for me to get my work done, but thats oftentimes based more
on client expectation than on BCG culture. In any case, theres probably room to improve here. Minneapolis insider
Compensation
BCG provides excellent compensation, and it is a reection of the high level of value that we consistently deliver to our clients. Recently, some
of our competitors decided to reduce salaries for incoming consultants and BCG did not, which now makes BCGs compensation signicantly
better than our primary competitors. Retail consultant
BCG gives associates a 50 percent salary increase at 21 months, which is extremely generous. Furthermore, BCG funded full bonuses for
2009. Midlevel consultant
Best compensation for coming out of undergraduate of any top consulting rm, hands down. Signicant exibility options, retirement matching,
potentially huge bonus and great health insurance. Dallas rst-year
I always feel poor in New York, but BCG offers a very generous base salary and a solid overall incentive package. Entry-level respondent
Professional Development
Vaults Verdict: BCG provides just enough world-class formal opportunities to effectively complement the on-the-job training culture that
pervades at the rm.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Boston Consulting Group, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
51
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Formal Training
There is an enormous array of training opportunitiessome are required and many are opt in. Consultant
I have attended three separate training sessions in the last year with very timely, appropriate content. Philadelphia junior
Regular global trainings with direct peers have been some of my favorite travel/afliation experiences. It really helps build your personal global
network. Senior consultant
Most of the learning takes place on the job, but there are plenty of more formal options to explore interests and areas for development (Friday
workshops, ofce lunches, web trainings). Associate
Promotion Policies
It is a strict up-or-out policy, but we all feel that there is room for promotion if we are able to perform up to standards. We dont feel like we are
competing with each other for a small number of spots. Chicago consultant
You are expected to be promoted to the next level every 21 to 27 months, with some exceptions for specialized career paths. Once you are a
principal, it is three to ve years to partner. Midlevel source
I am very impressed by 1) transparency, 2) openness of dialogue, and by 3) quickness. Associates can earn an MBA salary after 24 to 30
months. East Coast staffer
There does seem to be a fair amount of attrition. Standards are rigorous, but the rm recognizes hard work and improvement. Atlanta consultant
Diversity
Vaults Verdict: Though a bit male-centric at the top, BCG excels in recruiting a wide variety of talented consultants from all backgrounds. Even
more impressive is the culture of warmth and acceptance the rm continues to cultivate, tending to diversity issues with the same skill and
attention the rm is known for.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Im a minority, and have a vast amount of additional resources for that reason; the ofce is one of the most diverse places Ive ever experienced. I
had not met many GLBT people until I started working, and some of them have become some of my best friends at work. Los Angeles rst-year
BCGs culture embraces diversity in all of its formsethnicity, gender, background, experience, etc. In this regard, I have been thoroughly
impressed. Atlanta consultant
BCG has to be the best rm in regard to support and celebration of GLBT community. They sponsor several conferences, host specic
recruiting dinners at core schools, and host global and regional meetings every year to ensure connection and strong afliation. Associate
The rm tries hard here, but the industry isnt that conducive to retaining women, especially after they have kids. Theres too much travel and
irregular hours. But BCG puts a lot of energy into making it easier. Senior consultant
Overall Business Outlook
Vaults Verdict: BCG certainly held its own as the recession took its course. After a banner year amid 2009s recessionary gloom, anything less
than top-of-the-pile would seem like a letdown in 2010.
Overall Business Outlook
We are winning against our competition, and had our best year ever in 2009 while the competition was down. It has been so good through a
tough economic time that even insiders are surprised at how well we are doing. Chicago associate
We gained share and grew revenue during the recession. We also promoted people on time, moved up start dates and paid full bonuses.
Consultant
We have bid wins pouring in the door. Stafng is so tightI wish wed hired more people last year! Health care consultant
We are riding a strong wave of business development with many major wins and almost 100 percent utilization. Private equity insider
Condence in Firm Leadership
We have a very focused, strong and dedicated leadershipglobally and in the Americas. The new Americas chairman is continuing the great
work of the prior chair, but creating an even more open and engaging culture around our growth. Telecommunications consultant
Our leaders are strong communicators. Transparency helps increase employee morale and create cohesiveness. Toronto consultant
Hans-Paul clearly has a growth aspiration and makes the time to stay connected to the people. I think he visits every ofce at least once a year.
Health care principal
Given our strong performance in the downturn, I have a high degree of condence in the exibility and wisdom of BCGs leadership. Atlanta
consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Boston Consulting Group, Inc.
2010 Vault.com Inc.
52
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

MCKINSEY & COMPANY
55 East 52nd Street
New York, New York 10022
Phone: (212) 446-7000
Fax: (212) 446-8575
www.mckinsey.com
LOCATIONS
More than 95 ofces in over 50 countries
PRACTICE AREAS
Functional Practice Areas
Business Technology Ofce Corporate Finance Marketing
& Sales Operations Organization Risk Strategy
Industry Practices
Automotive & Assembly Consumer Financial Global
Energy & Materials Healthcare Media & Entertainment
Private Equity & Principal Investing Public Sector Social
Sector Ofce Technology Travel, Transport & Logistics
Special Initiatives
McKinsey Global Institute Sustainability & Resource
Productivity McKinsey Asia Center Proprietary Knowledge/
McKinsey Solutions
THE STATS
Employer Type: Private Company
Managing Ofcer & Chairman: Dominic Barton
2010 Employees: 16,000 (approx.)
2009 Employees: 16,000 (approx.)
The gold standard, but they invented the industry
Type-A, Type-A, Type-A
Develops their people
Lots of big thinking, not a lot of doing
53
3
PRESTIGE
RANKING
UPPERS
Great top client access
Heavily invested in development and training
DOWNERS
Pressure to deliver
The lifestyle, hands down
EMPLOYMENT CONTACT
www.mckinsey.com/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
The McKinsey mystique
McKinsey & Company is a privately owned management consulting rm. Roundly considered to be the most prestigious company of its kind, it has
achieved a level of renown so great as to be known even to laymen, despite shrouding details of its workand its client listin secrecy. In its practice
areas, it addresses strategic, organizational, operational and technological issues, always with a focusaccording to the rmof doing what is right
for the clients business, not what is best for McKinseys bottom line. As for the range of those specialties, the list of industrial sectors the rm serves
encompasses everything from commodities and natural resources to the worlds of media, entertainment and high tech. While it doesnt give up the
names of its clients (even in case studies it refers to them with pseudonyms such as BigBank) the rm does claim to serve more than 70 percent
of Fortunes Most Admired Companies list, roughly 90 percent of the top-100 corporations worldwide and 80 percent of the 100 largest U.S.-based
companies.
In addition to its regular consulting brief, the rm also operates a sustainability and resource productivity (read: climate change) special initiative to
address challenges associated with the move to a low-carbon economy, serving both the public and private sectors. The initiative brings to bear the
rms expertise on abatement cost curves (a fact-based understanding of the size and cost of measures for the reduction of greenhouse gas emissions),
process changes, emissions trading, biofuel options and new asset valuation in light of regulatory changes.
The early days
In 1926, James O. McKinsey, CPA and University of Chicago management professor, founded the business to give local companies nancial and
accounting advice. Before long, he realized that clients nancial data could be interpreted to help make better management decisions. Thanks to
this innovation, McKinsey is credited with the idea of using consultants, or management engineers for the rst time. And although the rm is his
namesake, it was one of his protgs, Marvin Bower, who is most remembered for shaping the direction of the rm.
Most notably, Bower is known for molding the McKinsey culture, mainly through a three-part code of conduct outlining certain ideals consultants were
to upholdsomething that remains in place today. Among these values are putting client interests ahead of those of the rm, giving superior service
and maintaining the highest ethical standards. Consultants are also instructed to be absolutely truthful with the client, regardless of whether the client
disagrees. Perhaps the most infamous part of the code is to protect the privacy of clients; to this day, McKinsey never publicizes its big-name clients,
nor does it tout successful engagements. Despite this, the rm doesnt lack for publicity, since the secrecy surrounding its work is itself often the
focus of media attention.
The MBA draft
Another of Bowers policies was to concentrate hiring efforts on recent MBAs from top schools, as opposed to bringing on experienced managers from
other organizations. Bower reasoned that demand for seasoned talent would too quickly eclipse supply, leaving mediocre candidates with high price
tags who would turn out to be poor investments. Moreover, recent graduates could offer fresh ideas and insights, rather than replicating old, predictable
methods that had been entrenched by years of rote service.
In recent years, McKinsey has begun hiring more broadly, with most of its ofces witnessing a steady inux of undergraduates, postgrads and industry
professionals joining as consultants, in addition to MBA students.
Without a home
McKinsey claims to have no headquarters ofce. The base of operations for former Managing Director Rajat Gupta was for many years New York,
and that held true for the London ofce, when Ian Davis was at the helm. Dominic Barton, who became the new managing director in July 2009, will
be based primarily in London, while keeping an ofce in Shanghai. The company is ofcially run as a decentralized partnership, allowing for a global
network of staff that can be chosen based on suitability for a project, rather than geographic availability. The managing director is elected for a three-
year termwith a three-term limitfollowing a vote by the current directors.
Knowledge factory
McKinsey experts frequently produce works of business scholarship, whether in the form of reports and studies, or in the pages of the McKinsey Quarterly,
the rms business journal and platform for expounding on issues of management, strategy and nance. The publication also includes articles by
external experts. And in 2009, the rm launched a blogWhat Matterswhich covers topics of global importance, featuring essays by world experts,
as well as its own consultants.
McKinsey consultants have also written a number of best-selling business books. One of the earliest and best-known examples is Thomas Peters
and Robert Waterman Jr.s In Search of Excellence, a 1982 tome that identied the unique strengths of American companies, reigniting condence in
domestic business at a time when Japan seemed to have an unshakeable advantage. It went on to become one of the highest-selling business books
in publishing history.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
McKinsey & Company
2010 Vault.com Inc.
54
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Additionally, the rm operates the McKinsey Global Institute, a research group concentrating on critical economic trends around the world. All MGI
studies are funded by McKinsey, rather than any outside business, government or other entity. It is staffed by consultants serving assignments of six
months to one year, after which they return to client work.
Social betterment
In addition to its social sector ofce, which helps leading institutions address societal challenges, McKinsey also undertakes pro bono services through
its local ofces, which serve numerous nonprot and/or public-sector organizations. Nearly 50 percent of the rms consultants participate in nonprot
work during their tenure, and many serve as board members of nonprots.
GETTING HIRED
A brief look at the rms recruitment site reveals the utter transparency of its interview process. With a host of videos and resources describing each portion
of the interview and offering advice on how to best approach them, its clear that the rm wants its candidates to be exceptionally wellpreparedand thats no
surprise given the high demand for positions within the prestigious rm. Candidates who forego a perusal of the site the site shouldnt worry; as one recent hire
explains, McKinsey provides case coaches before each round of interviewingvery helpful! Because of the sheer volume of resumes received, applicants
are meticulously prescreened; only those with the utmost qualications, including decorated working histories, will receive an initial interview.
Once on site, candidates should expect to give a detailed account of their personal, working and academic background. At this point, recruiters already
know your achievements; now, they want to know what led to them and what resulted from them. Its a similar experience in the case interview; Were
more interested in how you go about dealing with the problem, than in the specic answers that you give, the rm urges. Also look to the site for
in-depth examples of case studies, and advice on how to handle them.
OUR SURVEY SAYS
Corporate Atmosphere
McKinsey, a longtime industry heavyweight, demands maximum commitment from its consultants. While this can lead to a fair bit of exhaustion and
stress, most nd it an acceptable tradeoff for the tremendous development and growth opportunities passed down by very caring partners. Another
insider corroborates the reports of heavy hours and travel requirements, admitting that although I do occasionally feel overworked, I cannot imagine
a more interesting place to work or a better set of folks to work with.
Firm culture is widely discussed among staffers as source of genuine satisfaction. Amidst such high-pressure, high-reward surroundings, some are
surprised to nd real sincerity and friendship. One associate describes his colleagues as a great group of very smart and motivated people who are
good at working in team settings. People here work hard together and develop strong bonds. A co-worker afrms that team-based atmosphere,
stating, For the most part everybody gets along well and is willing to offer help to those needing it.
Hours & Pay
McKinsey consultants identify their typically long hours and work/life balance as the rms primary drawbacks. While some call hours generally
manageable, others would prefer better consistency between projects. The range is extreme, depending on the study, a health care consultant
reports. Certainly, some studies are very manageable. Others make it difcult to meet personal commitments.
Travel requirements certainly dont help, tipping the balance in favor of work, though were told that managers do their best to be exible and responsive
to personal needs. McKinsey is focused on efciency, zero face time and trying to optimize peoples individual needs, a source states. The rm
notes that it offers a variety of exible working arrangements, and has been named one of the 100 best companies for working mothers in the U.S. by
WorkingMother magazine for three years running.
Professional Development
Insiders gush about McKinseys impressive and exhaustive formal training offerings. Its simply the best training and development anywhere, one
New Yorker remarks. Ive never seen another organization more focused on people development, a colleague conrms. There are several formal
trainings a year, and an almost endless number of informal training opportunities.
Appreciation for training is widespread, perhaps in part due to the help it offers consultants trying to get ahead. Respondents tell us that the rm
operates as a meritocracy to the fullest. And despite the scramble for promotions and recognition, the atmosphere isnt cutthroat. As one insider puts
it, up-or-out is overstated. It is meritocratic advancement in a supportive environment. With regard to its meritocratic environment, the rm notes
that it is committed to developing recruits into leaders. The rm was ranked No. 4 on Fortunes 2009 global ranking of top companies for leadersthe
only professional services rm included in the top 25.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
McKinsey & Company
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
55
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

56
PRESTIGE
RANKING
THE STATS
Employer Type: Private Company
Managing Ofcer & Chairman: Martha A. Samuelson
2010 Employees: 500
2009 Employees: 475
UPPERS
Strong camaraderie amongst analysts
Integrity of the partnership
DOWNERS
Ineffective, disorganized and antisocial managers
Stress from the intellectually demanding nature of the work
EMPLOYMENT CONTACT
www.analysisgroup.com/analysisgroup/careers.aspx
111 Huntington Avenue
Boston, Massachusetts 02199
Phone: (617) 425-8000
Fax: (617) 425-8001
www.analysisgroup.com
LOCATIONS
Boston, MA (HQ)
Chicago, IL
Dallas, TX
Denver, CO
Los Angeles, CA
Menlo Park, CA
New York, NY
San Francisco, CA
Washington, DC
Montreal
PRACTICE AREAS
Accounting & Litigation Antitrust Bankruptcy &
Restructuring Commercial Litigation & Damages Energy
Entertainment & Media Environmental Economics
Financial Institutions Healthcare Consulting Services
Intellectual Property Labor & Employment Securities
& Financial Instruments Strategy & Analytics Tax
Telecommunications Valuation
Good working environment
Geeky; antisocial
Up and coming, heavily academic
Run with a heavy hand from the top
ANALYSIS GROUP, INC.
4
THE BUZZ
what other consultants are saying
2010 Vault.com Inc.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
57
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition
Analysis Group, Inc.
THE SCOOP
Analyze this
Boston-based Analysis Group, Inc., provides economic, nancial and business strategy consulting to law rms, corporations and government agencies.
Much of the rms work is grounded in economic analysiswhether that be a quantitative assessment related to a litigation or developing a model for
a clients corporate strategic planning exercise. To date, Analysis Group has provided support in litigations for attorneys at more than 500 law rms,
including the 25 largest rms in the country, and has worked with Fortune 100 executives, including general counsels and senior executives.
For law rms, the group helps with pretrial discovery, development of economic and nancial models, preparation of testimony, critique of opposing
experts analyses and providing expert testimony, in addition and other aspects of litigation. The current economic crisis has resulted in a big uptick
in engagements involving analysis of complex securities, such as derivatives and credit default swaps, as well as the securitized assets at the center of
the subprime housing fallout, and assisting troubled and bankrupt companies. Corporate and government clients, meanwhile, call on the rm for help
with a variety of business issues, including nancial planning, tax issues, company and asset valuations, cost-effectiveness analyses, market analyses,
and evaluation of mergers and acquisitions. The rm also helps clients analyze market dynamics and organization capabilities to improve product
pricing and marketing strategies, and to identify new market opportunities.
Close but not inside the ivory tower
Former Arthur D. Little consultants Bruce Stangle and Michael Koehn founded Analysis Group in 1981 in Belmont, Mass. The two PhD-carrying brains
sought to fuse academic practice with business litigation by applying economic research. The rm primarily consulted on mergers and acquisitions to
start; today, its consultants, working from 10 ofces in North America, have experience in all areas of economics as it applies to the legal and business
world, including securities, health care, intellectual property, antitrust and commercial damages.
Principled professionals
The rm adheres to four operating tenets, which give shape to a kind of business philosophy. First is access: Analysis Group maintains close ties to
specialiststop minds in academia, leaders in industry and government insidersto ensure that clients have access to the best people and ideas.
Consultants work closely with a network of experts to offer clients quantitative analysis and hands-on experience to help resolve business and legal
hurdles. Second, collaboration, sees the rm encourage strong relationships within consulting teams and between teams and clients, which ultimately
improves communication, effectiveness and satisfaction. Next is responsiveness, a result of being able to rapidly identify specialized experts for a
case, and a exible structure that allows teams to quickly scale up or down as needed. And nally, pragmatism: Analysis Group believes all strategies
should focus on relevant, applicable solutions.
For each client engagement, Analysis Groups 500 professionals are grouped into teams, which are tailored according to the needs of the project and
the client. Often, these teams are supplemented by academic or industry experts from the rms external network.
GETTING HIRED
Analysis Group is actively hiring, with a bevy of on-campus events planned for undergraduates this fall throughout the U.S. (including Brown, Duke,
Harvard, Stanford and Williams, among other schools). Prospective applicants would do well to emphasize their quantitative and analytical skills and
experiences, while attention to detail and accuracy are other qualities recruiters covet. My rm looks for two qualities, a recent hire explains. Does
the person have the analytical capabilities and attention to detail that are necessary to do the job? And, does the person t in well socially with the
other analysts? For candidates interested in associate or consulting positions, its likely that those without advanced degrees in economics, nance,
law, accounting or management wont get too far. Candidates lacking advanced degrees must, at the very least, demonstrate an enthusiasm for the
industry that may lure them back to school in the imminent future.
Qualied candidates that make it to the interview rounds should be prepared to answer questions about experiences, education and goals, and
many will be asked to complete realistic case studies or probability questions. The process typically kicks off with a 30-minute in-ofce rst round,
an initial face-to-face hurdle that features basic background questions. This round could also take place over the phone. From there, candidates
spend an entire morning interviewing in the ofce, facing questions from various staff members who pry for details about personal professional
experiences. If its determined that a candidate is a likely t, aptitude tests or case studies follow. By then, the rm has already identied its very
few targets for hire.
OUR SURVEY SAYS
Corporate Atmosphere
Analysis Group consultants describe a good working environment, where colleagues are treated with respect and professionalism. We are
a very collaborative meritocracy, an insider reports, noting that theres lots of mentoring between senior consultants and less experienced
employees. Others appreciate their high-quality colleagues who share the relaxed, hardworking, cooperative workplace ethos, and a high degree
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

of professionalism. Moreover, analysts share close-knit and sociable relationships at the rm.
But at the other end of the spectrum, though, upper management can appear conservative, unapproachable and cold. That said, there are those
lucky consultants who are paired with more open supervisors, and some report that they share excellent relationships with their mentors. Managers
are sociable, encouraging and very grateful for any work I do, one associate offers.
Hours & Pay
We strive for a normal 40-hour workweek, a senior consultant states. While it doesnt always pan out that way, Analysis Group does deliver a work/
life balance thats envied by competitors throughout the industry. Were told that the typical consultant can expect to work 40 to 50 hours a week.
Insiders admit that there are peak periods, even those that could see 80 to 100 hour weeks, but consultants are acutely aware that their rm offers
a very favorable workload relative to competitors. I am able to coach my childrens baseball teams and nobody bats an eye when I leave early for a
game or practice, says one unwitting pun artist, appreciative of the opportunity to spend time with family. The rm promotes mutual trust between
colleagues, a colleague adds, so they know I will meet all of my work commitments and that I will respect their life outside the ofce when they have
to leave during normal business hours. Analysis Group consultants also benet from very infrequent and reasonable travel requirements; as one
junior respondent echoes, most people dont travel at all.
To top off their favorable work/life balance, employees enjoy salaries that are very competitive with the market. My rm has great compensation,
says one grateful AG veteran, also admitting that overtime compensation would serve as a better incentive to stay late. According to a senior
consultant, Value is placed on more than just billable hours and business generation, noting that as people become more senior, a greater portion
of the salary is in the form of the bonus, which tends to be lucrative.
Professional Development
Formal training at Analysis Group is limited to the very basics; new hires can expect to see classes on SAS, Excel and writing, but little else. Self-
motivated people do well here, explains one independent associate. Training is all unofcial and done through peer mentoring programs, a
colleague offers. Others admit that mentoring can be difcult, since the random pairings dont always encourage an atmosphere of learning and
questioning. Its expected that you learn as you go, an analyst echoes, but in turn, its difcult to measure what you should know at different points
in your work. The vast majority of a consultants professional education is acquired in an on-the-job, learning-by-example setting. Those that require
a hand to hold will likely struggle at Analysis Group.
Diversity
Respondents give high marks to the rms diversity effortsor lack thereof. We dont have specic programs; we hire and retain the best, an
associate declares. We dont care where they come from or what their gender or personal preferences are. Despite Analysis Groups stated apathy,
the rm does retain a reasonable degree of diversity, though admittedly mostly at the junior levels. Perhaps 20 percent of our rm is immigrants,
reports a keen observer, also adding that our CEO is a woman. Colleagues cite further evidence of a strong female presence, noting that three of
the last four people to make partner are women, and adding the rm does hire a lot of women in a eld that typically does not.
Retention of women can be an issue though. As one analyst explains, the rm does not provide a great atmosphere for women with successful careers
and families to stay. Since arriving in August 2009, four women have left the rm, including three with families. No men have left.
Overall Business Outlook
In a disastrous economy, Analysis Group had no layoffs or ofce closings, and an insider points out that we have grown over the past year. AG
was able to weather last years economic storm, and is well positioned to increase its presence and prestige in the academic community, reports an
upbeat consultant. Insiders attribute much of the rms recessionary successes to its private ownership. The rm makes decisions based on long-
run factors, a staffer explains. Because we are private, we do not have to answer to shareholders every quarter; as a result, we have the exibility to
make better and smarter decisions. Others echo the sentiment, taking pride in Analysis Groups visions for the future: We are not public and dont
plan to be.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Analysis Group, Inc
2010 Vault.com Inc.
58
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

59
PRESTIGE
RANKING
UPPERS
Unbeatable exposure
Minimal travel
Properly awarded for efforts
People I love to grab a beer with
DOWNERS
Analysts are data monkeys
Substandard health plan
Resources are stretched thin
I miss my children
EMPLOYMENT CONTACT
www.thecambridgegroup.com/careers
THE CAMBRIDGE GROUP
227 West Monroe Street, Suite 3200
Chicago, Illinois 60606-5058
Phone: (312) 425-3600
www.thecambridgegroup.com
LOCATIONS
Chicago, IL (HQ)
PRACTICE AREAS
Brand & Business Portfolio Strategy Global Growth Strategy
Go to Market Optimization Innovation Market Entry
Strategy
THE STATS
Employer Type: Private Company (Subsidiary of The
Nielsen Company)
Managing Ofcer & Chairman: Rick Kash
2010 Employees: 100
Small, but really good work
Please, sir, may I do another segmentation?
Strong reputation
Researchers, dreamers
5
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

60
THE SCOOP
Supplying the demand
If the consultants at The Cambridge Group were your Economics 101 professor, you would not have learned supply and demand, but rather demand
and supply. The simple belief that demand should be placed before supply is the principle that differentiates TCG from other consulting rms. The
rms expertise lies in identifying protable new demand opportunities, optimizing portfolios of products or services, driving innovation, reinventing
categories, enhancing brand equity and optimizing pricing. For all these areas, demand is either the means or the ends of TCGs services.
The rm unleashes its demand-side expertise onto clients in the business-to-business, consumer packaged goods, healthcare, media, retail/leisure,
nancial services and telecommunications industries. Some of the worlds most successful brands have benetted from TCGs recommendations,
including Merrill Lynch, Anheuser Busch, Hershey and Best Buy.
Capital ideas
While the rms demand strategy is straightforward on paper, gathering and analyzing the data necessary to improve a clients performance is a
rather difcult task. In order to handle this, TCG relies on its intellectual capital, which is designed and implemented by its consultants, directors and
Economic Center of Excellence (ECE). Among the intellectual capital at the rms disposal is Palate Maps and Benet Domains, which identies and
quanties emerging and latent demand in the marketplace. The rm also utilizes the Safari research method, whereby senior consultants and creative
teams determine ways to optimize innovation and positioning by analyzing products and services with target customers.
Kash is king
TCG may be CEO and founder Rick Kashs main focus, but it is far from the only thing on his plate. Kash is also the co-founder of Spectra Marketing
Systems, an information system used by over 90 percent of packaged goods and beverage marketers, and he is a member of the United States Senate
Business Forum, a group of 36 businesspeople who meet quarterly with cabinet members and senators to discuss national economic and business
matters. Kash is also an author, sharing his revised view of economics in his 2002 book THE NEW LAW OF DEMAND AND SUPPLY: The Revolutionary
New Demand Strategy for Faster Growth and Higher Prots and HOW COMPANIES WIN Proting from Demand-Driven Business Models no Matter
What Business Youre In, co-authored with David Calhoun, chairman and CEO of The Nielsen Company, slated to come out in October 2010. In THE
NEW LAW OF DEMAND AND SUPPLY, Kash outlines a six-step plan to implement demand strategy and also discusses how the strategy has worked
for some of the biggest and most successful companies in the world, including McDonalds, Coca-Cola and IBM.
GETTING HIRED
As a smaller rm with grand aspirations, theres a lot of talk around TCG about hiring only top caliber consultants. As far as new hires are concerned,
this means culling the best from top undergraduate and MBA programs; being a Chicago-centric rm, most of the rms recent graduates hail from
local schools (Northwestern, University of Chicago, Michigan). Recruiters look for students with exceptional talents for quantitative work and relevant
majors. For experienced hires, they try to poach laterals from the prestigious rms (McKinsey, Bain, BCG), assuming that they were prized by the
bigger sh for a reason.
Insiders report that academic all-stars can expect to be recruited directly from campus, taking part in two rounds of on-campus interviews in which
top performers are weeded out from the rest. Their prize for passing these rst tests? Another round of interviews, conducted in TCGs ofce. At this
point, candidates will meet with and be evaluated by a wide array of staffers, including would-be peers and senior-level execs. Expect one or two
nal-round interviews where you dive deep into a partners current project at very high level, warns one midlevel consultant. To pass with ying colors,
candidates will need to display very strong analytic skills, curiosity, logical problem solving, creativity, enthusiasm and strong work ethic.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: TCG consultants nd their rm to be energized, social and free of ofce politics. They are generally satised with their casework,
and feel that they are making an impact for clients.
Overall Satisfaction
I feel very lucky to have found TCG. I am constantly challenged and enjoy the work and the people. As a testament to the great experience I
have had, Im the only one of my friends from business school who has not switched companies since leaving school. Senior consultant
I love my job. I get to work on the most interesting growth strategy challenges with the best clients and with awesome people. Clients are
generally very happy to see us because were not cutting costs, but making their business bigger. Executive-level respondent
The rm makes it possible to have a very rewarding long-term career in consulting. We have the privilege of working with great clients on their most
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Cambridge Group
2011 Vault.com Inc.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

important growth issues. I have tremendous respect for the intellect of my colleagues and enjoy working in teams with them. Strategy executive
I am generally very satised with my job. I get to work on blue chip Fortune 50 clients and advise on strategy. Sometimes the work is
extremely data-heavy, especially at the more junior level. Chicago analyst
Firm Culture
Socially, the people at TCG are fun and friendly. We all have fun together whether it is sitting down for lunch, playing intramural sports or
meeting up for happy hour. Midlevel consultant
Intelligence is valued more than anything at TCG. Everyone brings something unique to the table, and people are very diverse socially. I would
say that the one thing that differentiates TCG from other rms is that there is no pressure to conform herethe differences are what make us
stronger. Analyst
Given the ofce-based business model, you get to know a broad cross-section of the rm pretty quickly because people arent always on the
road. Senior consultant
The rm has a very young culture, and I have enjoyed working with a vast number of people on multiple projects. There is always a group
that is pro-fun and leading the social initiative. There is no political slant, but the rm can do a better job of not being passive-aggressive when
dealing with rm problems and concerns of sensitive matters. Entry-level source
Supervisor Relationships
I look to my managers and directors as personal and professional role models. I feel very comfortable talking to senior leadership about many
types of issues. Analyst
I have had great relationships with the vast majority of my supervisors. My project supervisors are always very helpful and accessible for issues
and questions. Midlevel consultant
Supervisors keep a relatively upbeat atmosphere, and most are fun to be around. Entry-level respondent
Interaction with Clients
Client relationships are very strong. A lot of our work is repeat engagements with existing clients. Executive insider
Since we are a rm that focuses on growth strategies, our clients love us and are excited to work with us (i.e., no one is losing their jobs after
the engagement). Junior consultant
We have great relationships with individuals who we have worked with. The vast majority of former clients are very strong advocates of The
Cambridge Group. Senior consultant
Hours & pay
Vaults Verdict: With the rms minimal travel policy and reasonable work schedule, consultants are able to maintain a favorable work/life balance.
And to top it all off, consultants feel pretty good about their compensation, too.
Work Hours
Hours are on the low end of what you would expect from a professional services rm. TCG is able to do this because they are good with
scoping their studies. Experienced source
Hours denitely get better as you get more senior in the rm. Its denitely not as bad as at other consulting rms, and less travel. Senior
consultant
Sometimes there are late nights, early mornings or weekend work to accommodate client schedules, reach a deadline or talk with people in
other countries, but its not constant and its for a good reason. Analyst
Around 60 hours per week is typical. It kind of sucks, but then again you dont have to pay for dinner. Junior source
Work/Life Balance
Flexibility is the key to keeping a balance. I know when I am going to hit peak times and can plan ahead. When days or weeks come where I
am less busy, I can take advantage of that. Also, we are able to work from home evenings or weekends on most occasions, and can work from
home during the day now and again. Senior consultant
The limited amount of travel means Im home most nights. I may work later at night from home, but the exibility allows me to keep things in
balance. Midlevel consultant
Its good having a life outside of work in the place where I actually live. Nothing against Applebees, but I am glad its not my best dinner
option four out of ve weeknights. And maybe Im spoiled, but Id never give up the option of having friends and signicant others that arent of
necessity also my co-workers. Experienced consultant
If you accept that there will always be some weekend work, and that its better to check in while on vacation, then you can minimize
frustration. Chicago higher-up
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Cambridge Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
61
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Travel Requirements
The rm has a policy of traveling only when needed. Because most of the work can be done in the ofce, there is not a great amount of travel
for the lower levels. Junior consultant
Theres one gauge: Consultants reach elite status on airlines quite infrequently. Analyst
When I travel abroad, its typically for global strategy projects. So you get to hit the big cities (e.g., London, Paris, Milan, Tokyo, Shanghai),
which can be fun in small doses. Senior source
Compensation
TCG has always been very generous with its compensation policy. I have always been very happy with my salary level. Bonuses are
determined based on your annual performance. Senior consultant
We seem to be among the best-paid consultants. Certainly we have the highest base salary. Strategy analyst
I am pretty positive (at least for post-undergrad) that you are not going to nd a rm that is better than The Cambridge Group when it comes to
compensation. Midlevel respondent
Compensation is changing a bit due to the Nielsen acquisition, so things still need to be sorted out there, there but we have higher analyst
starting salaries than the Big 3 which is a huge strength. Entry-level insider
Professional Development
Vaults Verdict: TCG is only beginning to acknowledge and address the trouble with its meager training provisions. When corrected, formal
training will complement the rms dedication to informal training and mentoring.
Formal Training
As of the past few years, TCG has implemented much more formal training, so Id say what we have is reasonably comparable to other
consulting rms at this point. There is also a formal mentoring program and many opportunities for informal mentoring and training on client
work. Senior consultant
We complete training via TCG, but also have access to a wide array of training through our parent company. Executive-level source
We give a crash course on intellectual capital and analytics over the rst two weeks. Since the work of the analyst is so data-driven, theres no
way to possibly cover everything in two weeks. Analyst
Training was essentially nonexistent when I and two other analysts joined the rmthis portrayed a very poor image of the rm. However, the
rm is making concerted efforts to revamp training across all levels, which is refreshing. Midlevel consultant
Promotion Policies
I am very happy with TCGs merit-based promotion policy based on strong performance. It is not up or out, and individuals get promoted once
they are clearly demonstrating the skills required at the next level. Based on this meritocracy, my fellow consultants and I have been advanced
at a good pace. Senior consultant
We have target timeframes for promotions, but we are a meritocracy and promote people when they are readythat may be sooner or later
than the target. Experienced source
We are not up or out, but rather perform or out. Midlevel respondent
Diversity
Vaults Verdict: Insiders are proud to report that their managing director is a black woman, and feel that that speaks volumes about the rms
commitment to maintaining a diverse community.
Diversity Issues With Respect to Women, Minorities, and GLBTs
We have an excellent track record. Enhancing diversity continues to be a focus for us. Executive-level source
Our professional staff is over 50 percent female across all levels, and six of 12 principals are women. Our managing director is an African-
American woman. Strategy consultant
While there are no specic programs to encourage diversity, our people are exceptionally open-minded. I do not believe that race or sexual
preference enters into the equation with hiring decisionsand it shows in our people. Senior advisor
There is no glass ceiling to really speak of. We have a fairly diverse ofce in terms of race, as well. No one is out, so to speak, but Im not
sure if its a function of the fact that people arent gay or that people arent comfortable coming out. Midwest midlevel
Overall Business Outlook
Vaults Verdict: The pipeline is nearly bursting at TCG, sending analysts, consultants and partners alike scrambling to deliver the quality results
that have earned them this inux of work.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Cambridge Group
2010 Vault.com Inc.
62
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Business Outlook
We performed exceptionally well in the very difcult climates of 2008 and 2009, and are positioned to continue to grow as the economy
rebounds. Junior staffer
Our clients have been extremely happy with the work we have been doing. Business has held steady even though the recession, and outlook
at this point is extremely positive. First-year analyst
We are now owned by the Nielsen Company, providing us with a level of stability not typically available at a smaller consulting rm. Senior
source
Condence in Firm Leadership
We have a very seasoned and effective leadership group. To add to that team, we have access to the Nielsen Company leadership team,
giving us an incredibly rich and deep talent well of ideas. Midlevel consultant
[Leadership is] very strong. They have their pulse on the organization, and they do what is in the interest of the rm and its employees. I am
very impressed. Experienced consultant
When an issue comes up, the partners x it, but generally there arent many issues. The partners keep selling work, so there arent any
problems. Entry-level analyst
There is some question about the future of the leadership, since we were bought by Nielsen last year. So far, so good. Midlevel consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Cambridge Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
63
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

1633 Broadway
New York, New York 10019
Phone: (212) 492-4000
Fax: (212) 492-4743
www.deloitte.com
LOCATIONS
New York, NY (HQ)
Over 50 ofces in the US
PRACTICE AREAS
Human Capital Strategy & Operations Technology
THE STATS
E mployer Type: Subsidiary of Deloitte LLP, the US member
rm of Deloitte Touche Tohmatsu (DTT)
Deloitte LLP Chairman & CEO: Barry Salzberg
Deloitte Consulting LLP Chairman & CEO: Punit Renjen
2 009 Employees: 42, 367 (Deloitte LLP); 16,000 (Deloitte
Consulting LLP)
2008 Employees: 44, 375 (Deloitte LLP)
2 009 Revenue: $10. 7 billion (Deloitte LLP); $3.64 billion
(Deloitte Consulting LLP)
2 008 Revenue: $11.04 billion (Deloitte LLP); $3.53 billion
(Deloitte Consulting LLP)
Good global rm; deep bench
Overworked, pay not relative to hours
Seem to be on the way up
Big and bureaucratic
2010 Vault.com Inc.
64
DELOITTE CONSULTING LLP
6
PRESTIGE
RANKING
UPPERS
Most everyone is excited to be here, loves what they do
and has a passion for their work
Signicant breadth of expertise
MBA sponsorship for high performers
An army of people to support you
DOWNERS
Frustrating administrative activities and nuances
Overly expense conscious at this point
Too many extracurricular activity expectations
Too complex to navigate
EMPLOYMENT CONTACT
deloitte.com/us/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Do it with Deloitte
Deloitte Consulting LLP, based in New York, operates in three primary areashuman capital, strategy and operations, and technologyand serves
clients in a number of industries, including federal and state government; health care and life sciences; nancial services; consumer products; retail,
manufacturing; technology, media and telecommunications; as well as energy and resources. Deloitte consistently ranks at the top of the great
employer lists, including Fortunes annual 100 Best Companies to Work For and Bloomberg BusinessWeeks Best Places to Launch a Career, capturing
the No. 1 spot in 2007 and 2009. Gartner, Inc. ranked Deloitte as the worldwide leader in the consulting marketplace based on aggregate revenue,
growth and market share for 2009.
In an interview last spring with Consulting magazine, CEO Punit Renjen described his vision for the practice in this way: When you have difcult,
complex problems, the rm to go to is Deloitte. We have the ability to take world-class insights and use those insights to develop tangible results. I
dont think there are very many rms that can do that, and that puts us in a very unique placeWe are a category of one.
Under the DTT umbrella
In the United States, Deloitte LLP is the member rm of the 169,000 person-strong Deloitte Touche Tohmatsu (DTT) organization, which includes
a worldwide network of audit, consulting, nancial advisory, risk management and tax services. Each member rm of DTT provides its services
independently as distinct legal entities, but participates as members of DTT under the leadership of its global CEO. The parent organization itself does
not provide services to clients and is not liable for anything any of its units do, whether bad or good. Not only does this structure help the mother ship
dodge any stray bullets, it also helps its worldwide network rms adapt more easily to local laws and regulations.
DTTs American operation, Deloitte LLP, does not provide services, either. It, too, oversees the operations of its subsidiaries, including Deloitte
Consulting LLP, Deloitte & Touche LLP, Deloitte Financial Advisory Services LLP and Deloitte Tax LLP. Each Deloitte LLP subsidiary is separately
capitalized, has its own chairman, CEO and board of directors, and provides distinct services.
Many functions, one identity
Deloitte Consultings strategy and operations practice, with a double-digit share of the global market, consistently ranks in the top 5 rms in the
industry. The practice works with senior executives to help them solve their toughest and most complex problems from strategy to execution. Deloitte
Consulting focuses on executable strategy services, which it denes as insights that help our clients produce tangible and measurable results.
Services offered support such activities as corporate strategy, marketing and sales strategy, mergers and acquisitions, and innovation; manufacturing
operations including supply chain; sector-specic service operations; infrastructure operations including outsourcing advisory and shared services;
and nancial management.
The organization is also well known for its human capital practice, the second-largest human capital practice in the world, with access to more than
10,300 consultants operating out of 55 ofces around the globe. The practice specializes in integrating talent issues with business strategy, with the
aim of helping clients enhance their performance, productivity and protability. Key services in this area include HR transformation, global mobility,
organization change and talent strategy, workforce and safety analytics, employment services for multinational organizations, actuarial and risk, and
total rewards, including benets such as health care, retirement and compensation.
The rms technology practice is regarded as one of the most developed tech consultancies in the world, delivering a holistic portfolio of support to
clients, ranging from advisory services through to implementation and operations assistance. The practice aims to help clients in their efforts to align
technology with the core of their business strategy to deliver measurable results. Key services support such activities as technology strategy and
innovation, information management, business analytic architecture, technology enabled business transformation, and technology integration and
optimization.
View from the top
Being CEO of Deloitte is, in some ways, like being president, in that both jobs come with a term limit. In Deloittes case, that limit is four years, after
which time an election for a new leader takes placea process that doesnt preclude the incumbent from serving an additional term. The current
occupant of the U.S. CEO seat is Barry Salzberg, who was elected to the post in July 2007, after 30 years of service to the organization. That same
year, Sharon Allenthe rst female chair of a major professional services organizationwas re-elected as chairman for a second four-year term.
Heading up Deloitte Consulting in the U.S. is Punit Renjen, a position he was elected to in November 2009. Renjen has been with the rm for over 23
years, and since 2007 served as the global and U.S. leader of Deloitte Consultings strategy and operations practice, which has maintained a double-
digit share of the global market for strategy advisory work. In 2007, he was named one of Consulting magazines Top 25 Most Inuential Consultants,
most notably for his work in the M&A space.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Deloitte Consulting LLP
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
65
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

GETTING HIRED
In the words of one consultant, Deloitte Consulting is made up of incredibly smart, analytical and strategic people. Simply put, if you dont meet
these very basic standards, you shouldnt (and probably wouldnt) be applying to join the Deloitte team. In truth, the rms hiring process goes far
deeper than this, with recruiters seeking candidates that have demonstrated strong academic performance, leadership abilities, great analytical skills
and excellent people skills, among a myriad of other positive qualities. Were told that to identify candidates who t among the rms personalities and
culture, Deloitte uses the airport testwhere interviewers determine if they would like to be stuck in an airport for four hours with this person.
Applicants will be relieved to know that Deloittes interviewing and selection processes are streamlined, and MBA new hires start together in a cohort
in early fall with a comprehensive onboarding program. Even better, they get to forgo the mind-games; we tend to emphasize logical thinking more
than other rms, spending a lot of time focusing on our practitioners thought processes versus having them do math tricks.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Make no mistake, Deloitte is a giant in the consulting industry. Despite its size, consultants feel strongly about their corporate
culture, and offer generally positive feedback on their overall satisfaction.
Overall Satisfaction
Deloitte in 2010 is an unbelievable place to be. We are the future of consulting. California staffer
I started with Deloitte right out of undergrad, and I have been exposed to all sorts of business issues across a variety of industries and service
lines. Fantastic experience! Midlevel strategy consultant
Nine out of 10 days I love my job. Its challenging, dynamic and rewarding to help clients solve their most difcult problems. Finance
consultant
The work that Deloitte engages in is incredibly interesting, and we have a unique breadth of expertise that allows me to bring many pieces
together to create a holistic approach to solving problems for my clients. And the people I work with are second to none in their enthusiasm,
intellect and integrity. Health care consultant
Recently, utilization has been extremely high and people are feeling the burn, however the rm is taking steps to relieve this, including ramping
up hiring. New York consultant
Firm Culture
The culture is very at and organic. Grassroots efforts are very encouraged. For the most part, everyone is dead serious about client work, and
downright playful when it is time to unwind. Business analyst
There is very little competition among peers, and I am always willing to help out my colleagues (as they would for me). Also, Deloitte is very
open to change, and employees are empowered to affect this change. Strategy consultant
The people at Deloitte are of the highest caliber, with multiple dimensions, and are extremely down to earth. You could walk into the CEOs
ofce anytime or send him an email and he will respondwhether you are a principal or business analyst. West Coast consultant
Teamwork is in Deloittes DNA. Staff share common goals of making a positive impact on clients, raising the bar on performance, and having
fun doing it. Operations practitioner
Supervisor Relationships
There is a very collaborative culture here. I work hand-in-hand with my supervisors and clients. We all sit in a team room and actually have
fun working together. HR consultant
Deloitte is a partnership; as such, we work in an apprenticeship model. In addition, the environment is very entrepreneurial. We dont call
people supervisorswe work in teams, with dedicated roles. While there is a hierarchy on the team, it is role-based. San Francisco senior
consultant
If you get the right supervisors, they are amazing. I truly think Deloitte has some of the best partners in the world. Despite almost always
knowing more than you do, they treat everyone as equals on the team. Business analyst
Interaction with Clients
I would have never anticipated that less than a year after graduating undergrad, I would be working with C-suite executives on a day-to-day
basis. The client exposure Ive had over the last two years has been great experience, and has really helped me develop my business skills and
grow my network. Detroit consultant
We partner with our clients, and I like the collaboration. Ultimately, I know we deliver a better product as a result. Our partners listen to
practitioners on all levels. This is critical to getting all the best ideas out on the table. Experienced business consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Deloitte Consulting LLP
2010 Vault.com Inc.
66
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Relationships with clients are based on delivery of top work, an undying focus on creating value, and a focus on making our clients personally
successful. Strategy practitioner
Hours & Pay
Vaults Verdict: Deloitte fancies itself among the very top rms industry-wide, and the stringent hour and travel requirements it imposes on its
consultants certainly reect that. Compensation, however, seems to have suffered with the recession.
Work Hours
I have been generally satised with our hours per week. At times, it can get a little more hectic during peak client times, or with our strong
focus toward extra-curricular activities. Cincinnati practitioner
It is cyclicalmost weeks it is manageable, but every once in a while you are working toward a deliverable, nal presentation, etc., which
makes it longer. There is a ton of internal work as well, as part of the culture and rm building, which can take anywhere from three to 15
additional hours. Operations consultant
The risk-reward benet algorithm remains true at Deloitte. You will be as successful as you want depending on how much velocity you wish to
drive your career. For global roles and engagements, this becomes more challenging, and yet equally more rewarding. Entry-level practitioner
Work/Life Balance
The rm isnt going to stop asking for moreits up to each individual to set boundaries, and frankly, not many of us are good at that. Ive
given up more nights and weekends than I care to think about, but the opportunities that Ive created through that commitment are signicant.
Health care consultant
Work/life balance involves a series of tradeoffs that each individual must make. Travel three to four days a week makes it difcult, but I
manage with exible use of my non-travel days for personal errands and events, and compartmentalizing my workweek heavily into my time on
the road. Midlevel consultant
[Work/life balance] only happens once youve earned your stripes. After youve established yourself as an asset, the rm always tries to meet
your work/life needs. Minneapolis consultant
I love my work, so it doesnt bother me much. But any claims of 45-hour workweeks are completely off base. Between travel, project work and
rm activities, work/life balance comes in bursts and is eeting, at best. Junior-level consultant
Travel Requirements
I am at the client site four days a week, on average. There are opportunities to challenge this average on some sorts of projects, but much of
our work occurs hand in hand with our clients, and travel is required. Experienced strategy consultant
We dont try hard enough to challenge our need to be present with a client. The norm is to y out on Monday and return on Thursday.
Senior source
We rarely staff people on local engagements because of timing. Focus has been developing national stafng capabilities within practicesput
the right people on the right clients. Atlanta consultant
Deloitte serves the most prestigious companies in the U.S. and globally. Our practitioners need to travel to serve these clients. Operations
practitioner
Compensation
Of course compensation could always be higher, but Deloitte does pay nice salaries and rewards top performers. Finance consultant
Our compensation packages are quite aggressive and competitive right out of MBA programs, but the annual bonus program is a nascent one
that doesnt yet appear to compare favorably to competitors. Ohio staffer
Raises and bonuses were cut severely last year due to the economy, which I believe has had a negative effect on employee morale and
corporate culture. Business associate
Analysts and consultants are not eligible for bonuses. 401(k) contribution is low. Consultant
Professional Development
Vaults Verdict: One might think that Deloittes oft-referenced apprenticeship model might facilitate an utter lack of formal opportunities, but that
couldnt be further from the truth: Training programs, particularly for new hires, are of the highest class.
Formal Training
There is an exhaustive list of training courses available, online and in class, across industries and sectors, at beginner, intermediate and
advanced levels. Senior consultant
We have two weeks of formal training when we start at the rm, an additional week of training with each promotion, and 40 hours of required
formal learning via the rm. Cincinnati junior source
The onboarding training program is world class. They do an excellent job of immersing you in a simulated project to prepare you for real
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Deloitte Consulting LLP
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
67
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

ones. Entry-level consultant
While our formal training has improved dramatically over the past three to four years, most of our training is done on the job. After all, this is
an apprenticeship. Minneapolis practitioner
Promotion Policies
We have an up-or-out policy, which I think is needed. Consulting isnt for everyone, and as you progress, capabilities need to change.
Consultants do have the opportunity to advance very quickly. Experienced practitioner
Its typically two to four years before receiving a promotion. Including business school, its a seven- to eight-year timeframe from post-college
until becoming a manager. Houston consultant
There is clarity around the path to partner and expectations between levels. Up or out is a bit too strong for our culture. If someone does
not meet promotion expectations, there are conversations around what additional support is needed to move to the next level, and there are
conversations evaluating whether it is even the right path. West Coast insider
Theres too much lip service around meritocracy, not enough action. Direct hires leapfrog home grown consultants, even though, in many
cases, they are risky. Senior consultant
Diversity
Vaults Verdict: As far as the top consulting rms go, Deloitte outshines its competitors by grabbing the nest diverse talentand supplementing
it with a steadfast commitment to professional development.
Diversity Issues With Respect to Women, Minorities, and GLBTs
While we need to continue to focus on diversity from a hiring perspective, we have extensive programs to help diverse practitioners succeed,
including formal mentoring programs that have been in place for many years. Strategy consultant
I have never been anywhere more diverse. For example, on my current team of 10, there are two Hindus, a Muslim and a conservative Jewish
person. Dinner conversation is very lively sometimes. Seattle practitioner
Deloitte offers minority-targeted on-campus recruiting events. Entry-level consultant
The rm is very supportive of GLBT individuals. Minorities have tended to be brought in from minority-focused schools. Women are given
equal opportunities. Atlanta consultant
Overall Business Outlook
Vaults Verdict: Deloitte has designs of being the industrys go-to rm, and current business prospects are in line with that goal. The only issue in
these uncertain times? Too much work to handle. In short, if you are looking for a consulting opportunity, Deloitte is hiring.
Overall Business Outlook
We are extremely well positioned, having come through the downturn very well and now growing rapidly again. Senior source
Deloittes comprehensive strategy, people, process, technology, risk and tax offerings across the globe position us uniquely to be a preferred
partner for the business transformation that is growingly needed to compete in this post-recession world. Strategy consultant
We are sold out. Our trajectory is like a hockey stick. San Francisco senior consultant
We are winning work over competitors; we are very busy and getting positive industry recognition. We are actively hiring and in a very strong
position coming out of the economic downturn. Business consultant
Were oversold now, and continue to win in the marketplace. Right now, the greatest threat is due to overutilization of our talent. We need to
focus on retention and morale. West Coast staffer
Condence in Firm Leadership
Our leadership is outstanding. Our portfolio of businesses is really well run. We weathered the downturn better than our competitors and are
coming out stronger. Senior consultant
Leadership is well balancedconservative, but opportunistic. Texas senior consultant
Punit Renjen, though a new CEO, has already started to make his mark on our practice. Punit is widely recognized as one of the leading
consulting minds, and will lead our practice to greater heights. Midlevel business analyst
Our new CEO is able to communicate vision, inspire others and build practices. I expect big things with his leadership. The partnership that
surrounds him consistently demonstrates prudent nancial management, which has and will position the rm to make investments for the
future. Cincinnati strategy consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Deloitte Consulting LLP
2010 Vault.com Inc.
68
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

69
PRESTIGE
RANKING
UPPERS
Ideas and creativity rule
International travel opportunities
Strong quantitative talent
Very little pretentiousness
DOWNERS
A little geeky
High risk of attrition at mid and senior manager levels
Public corporate owner
The decentralized nature of training, learning and stafng
EMPLOYMENT CONTACT
www.oliverwyman.com/careers
OLIVER WYMAN
1166 Avenue of the Americas
New York, New York 10036
Phone: (212) 345-8000
www.oliverwyman.com
LOCATIONS
New York, NY (HQ)
Over 40 ofces in 16 countries
PRACTICE AREAS
Actuarial Automotive Aviation, Aerospace & Defense
Business Transformation Communications, Media
& Technology Corporate Finance & Restructuring
Organization Design & Change (Delta) Energy Finance &
Risk Financial Services Health & Life Sciences Industrial
Products & Services Leadership Development Marketing
& Sales Operations & Technology Retail & Consumer
Products Strategy Surface Transportation
THE STATS
E mployer Type: Subsidiary of Marsh & McLennan
Companies, Inc., a Public Company
Ticker Symbol: MMC (NYSE)
President & CEO: John P. Drzik
2010 Employees: 3,300+
2009 Employees: 4,000
2009 Revenue: $1.28 billion
2008 Revenue: $1.55 billion
McKinsey of nancial services
Lots of travel and long hours
Very international
Balkanized; eat what you kill
7
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
70
THE SCOOP
Tracing the family tree
New York-based Oliver Wyman is part of the Marsh & McLennan Companies, a global professional services network with brands and afliates in more
than 100 countries. The largest component of the Oliver Wyman Groupa collective that also includes NERA Economic Consulting and the brand and
identity consultancy Lippincottthe rm has around 3,000 consultants working out of ofces in over 40 cities spread across some 16 countries.
Todays Oliver Wyman is the result of three consulting rms (Mercer Oliver Wyman, Mercer Management Consulting, Mercer Delta Organizational
Consulting) joining forces under the name Oliver Wyman in 2007. Prior to the merger, each of the companies was a veteran of the consulting industry
in its own right, and each brought a different specialty to the new entitys consulting practices. In early 2009 Harvard Business School published a
case study on the Oliver Wymans successful rebrandingonly the second case study the school has published on a management consulting rm.
The rms consulting services cover the automotive, aviation, aerospace and defense, communications, media, nancial services, industrial products
and services, health and life sciences, retail and consumer products, and surface transportation sectors. Its clients include numerous Global 1000
companies, more than 80 percent of the worlds largest 100 nancial institutions and heads of Fortune 1000 companies.
Global reach
Although Oliver Wyman is headquartered in New York, the rm has a very cosmopolitan avor. While the rm has more ofces in North America than
on any other continent, more than half of its ofces are located elsewhere. Additionally, more than 50 percent of its employees are European, while
the rm maintains a footprint on ve continents. Further boosting the companys geographic and business reach, meanwhile, is the fact that the other
companies owned by parent company MMC are available, should opportunities arise for collaboration with Oliver Wyman.
Nonprot knocks
The rm is committed to the concept of work/life balance and, as part of that commitment, it offers several programs for staff to recharge their batteries
or pursue other interests. One example is the Non-Prot Fellowship program, in which employees can choose to work for a nonprot organization for
three to six months, while the rm pays a stipend equivalent to 40 percent of their salary. In addition, since May 2008, Oliver Wyman has had an
alliance with micro-lending organization Kiva.org, operating a formal externship program that dedicates consulting staff to supporting Kivas expansion.
Oliver Wyman has been involved with the online person-to-person lending organization since its inception, when consultants participating in the rms
Non-Prot Fellowship program helped Kiva get its website off the ground, and has provided a steady stream of support for its subsequent expansion.
In fact, the current president of Kiva is an Oliver Wyman alum.
Oliver Wyman has also established long-term partnerships with select nonprots organizations to provide pro bono consulting services. For example,
it has worked with Room to Read, which aims to transform the lives of children in developing countries by focusing on literacy and gender equality in
education. In addition, Bill Wyman, one of the founders of the rms nancial services practice, created Wyman Worldwide Health Partners, which
strives to help improve primary health care delivery in rural, impoverished areas of Rwanda in eastern-central Africa.
Experts at research
Its not enough for Oliver Wymans consultants to know their industriesthey have to know them well enough to be able to publish frequent reports on
the state of those industries. For example, the rm has been putting out a State of Financial Services Industry report every year since 1997, and in
2007 it began publishing a State of the Communications, Media & Technology Industry report. Additionally, Oliver Wyman conducts research each
year with the World Economic Forum and parent company MMC on global risks. The results are published in MMCs Annual Global Risk Report,
which identies all the major global risks, assesses their economic impact and recommends mitigation solutions.
The rms partners are also regularly quoted in nancial and business publications, and leading industry trade publications. In fact, between 2007
and 2009, Oliver Wyman has consistently been one of the most cited consulting rms in The Economist, The Financial Times, the New York Times, and the Wall
Street Journal.
GETTING HIRED
According to one insider, Its easier to get into an Ivy League school than land a spot with Oliver Wyman. We cant corroborate this report with
complete condence, but we can continue to quote from the ood of similar responses offered to us: The resume screenings are ridiculously tough,
a consultant notes, underscoring the difculty of landing even an initial interview. Those who make it past the initial stages will be excellent all-around
candidates, possessing strong analytical and communication skills in equal measure.
The good news is that, for successfully screened applicants, the subsequent interview process is straightforward, if not lengthy. Candidates face
a series of up to four interviews, all with current Oliver Wyman consultants and partners, ranging from case studies to more informal personality
evaluations. We look for people who will be excitedrather than dauntedby the many things they have to learn, details one source, reecting
the attitude with which one should ideally approach the process. After the last interview, the good news is that they tell you yes or no right away,
an associate explains. If its yes, the rm really rolls out the red carpet with dinners, welcome packages and a nice signing bonus. Oliver Wyman
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Oliver Wyman
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

recruits primarily from Ivy League schools and other top-ranked universities, but others are welcome to apply via the rms websiteand they are
denitely not out of the running. The rms on-campus schedules can be found on the careers section of its site.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Make no mistakewith its extensive travel requirements and challenging, high-prole projects, life at Oliver Wyman can be
intense. It must be the culture then, and above all the people within it, that make it so equally satisfying.
Overall Satisfaction
In no other line of work can I work with this many talented people, interact with so many different types of clients, and experience such a
multitude of challenges and rewarding successes. Though my job energizes, frustrates, motivates, irritates, inspires and aggravates me, every
day I love it. Senior source
I am thrilled to be working at such an innovative rm. Consultant
During the nancial crisis, I was given the opportunity to literally work in the eye of the storm, advising both banks and regulators on strategy
and risk management. Though the work is stressful at times, its relevance and high-prole status make it extremely fullling. New York
staffer
At Oliver Wyman, you have extremely talented colleagues, interesting work, good locations and above-market compensation. Its travel-
intensive, but thats not bad if youre young. Experienced employee
Firm Culture
The rm has always been distinct in its youthful and collegial nature, and its emphasis on a at hierarchy. Senior consultant
Open, vibrant, geeky, fun, driven, entrepreneurial, fair. Partner
There is a strong culture of eating, traveling and socializing together outside of working hours, and a tradition of extremely strong friendships
developing over the course of work here. Consultant
We only see our ofcemates once a week on Fridays, and everyone is so warm and welcoming. There are tons of extracurricular activities (ski
day, Friday drinks, etc.), and a real sense of belonging. First-year
Supervisor Relationships
Relationships with supervisors are extremely positive, as they are very willing to provide feedback and focus work modules around individual
needs and desires. Experienced consultant
Oliver Wyman operates with an incredibly at structure. There are few egos and people trying to prove their rank. Ive been on cases with
people many levels above me, and weve adopted a divide-and-conquer approach to casework. Boston insider
There is a mixture of peer relationships and hierarchy, depending on case or project. This creates a more collaborative environment. Entry-
level respondent
Interaction with Clients
Oliver Wyman exposes you to clients right away, which is both challenging and exciting. Now that I have a few years of experience, I am
thrilled that Ive had the opportunity to lead a CEO presentation! Consultant
I have only had one project experience were the client was not absolutely thrilled with the work we performed. Most of the client teams Ive
worked with have insisted on staying in touch, and still reach out to me to give updates or solicit advice. East Coast staffer
Weve shown over the last two years of work that our clients appreciate our effectiveness, insight and experience, as well as humility in these
tough circumstances. We are partners in our clients and each others success or failure, and we take that seriously. Partner
Hours & pay
Vaults Verdict: Insiders report working, on average, 55 to 65 hours per week. Understanding that hours in consulting can vary greatly from week
to week and project to project, these consultants seem to take their work demands in stride.
Work Hours
Work hours are much better than my fellow grads at other consulting rms, and I blow my I-banking friends out of the water. Experienced
source
Nobody should be unhappy with the number of hours they have to work. They always have the chance to say no. For what we get paid, 50 to
60 hours per week, including travel, is a pretty good deal. Consultant
Gould would describe it as punctuated equilibrium. Consistently reasonable, but there will always be a few late nights mixed in. Partner
The hours at OW have been consistently increasing over the past few years This is in part due to increasing business levels, as well as an
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Oliver Wyman
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
71
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

inux of new partners that have come from different areas of industry. Consultant
Work/Life Balance
We have a no-face-time culture, so if you need to be at your kids school play, you can usually work it out. Partner
The work is tough, but we have a ex program that allows us to take leaves of absence and take a break. I went on safari in Kenya for three
weeks and traveled across Asia for another two weeks. A friend of mine went to Rwanda to help in a medical clinic founded by Bill Wyman, one
of the founders of the rm. New York insider
I have three young children and am consistently the only dad at most of their events. I do this by working around their events. Partner
Long term, the rm pays close attention to not burning out consultants at all levels. Partners that burn out consultants with understaffed
projects are nancially penalized, since they ruin morale for everybody. Consultant
Travel Requirements
Travel is a love-it-or-hate-it sort of thing. We travel a lot and theres no denying that. New York staffer
If youre on a client, youre [usually] at their site. Entry-level consultant
The typical model is to work in the clients ofces Monday through Thursday every week, back in Oliver Wymans ofce on Friday. For
international assignments (I was recently in Australia, Africa and throughout Europe), consultants normally are away for a month at a time.
Partner
If youre in the New York ofce, travel could be limited since there are many clients in the city. Consultant
Compensation
Pay is excellent for a consulting rm, and higher than my peers at Bain and McKinsey. Year-end bonuses can be in the 60 to 70 percent of
base salary range. It was a bit lower last two years, a bit higher the two before. Consultant
Compensation is generous. When the business is performing especially well, it is possible for the bonuses of every member of the staff to rise
meaningfully higher than the already solid levels. Boston Partner
Base pay is above average, and we have a host of long-haul salary increases for cases abroad. Canadian rst-year consultant
Compensation would be great if the workweek were 10 hours shorter. Consultant
Professional Development
Vaults Verdict: Oliver Wyman is banking on the fact that its high-caliber recruits wont need any handholding when it comes to nding their way.
As such, the rm allocates few resources to train its consultants.
Formal Training
Ninety percent of what you learn comes from on the job experience, not formal training sessions. Chicago associate
Formal training is offered on an attend-if-you-can basis (if you arent swamped with work). First-year source
Training is improving at the company, particularly with our junior entry-level hires. They have also made a commitment in recent years to
increase senior management and partner training (rainmaker sessions, etc). Experienced consultant
Ive never felt myself wanting for more formal training. New York partner
Promotion Policies
Its a very fast promotion process; faster than most rms. Some people leave if they dont get promoted as quickly as their friends, [but] if you
are good, youll get promoted as quickly as you are ready. - Consultant
Ive seen people transition to internal roles (like chief of staff or marketing roles), which seems to work out well for them. Consultant
Its not up or out at all. The review process is very transparent and fair, and it is understood that people will progress at different rates through
different levels. I think the feedback and development practices at Oliver Wyman are light-years ahead of what Ive seen at other rms. East
Coast insider
Its a very dened process Its all based on performance, with 360-degree feedback. Partner
Diversity
Vaults Verdict: Networking groups for LGBT employees and women have gained serious traction of late, a positive sign that the rm is mobilizing
to accommodate its increasingly diverse community.
Diversity Issues With Respect to Women, Minorities, and GLBTs
As a gay man, I felt particularly drawn to Oliver Wyman due to its hiring efforts being particularly targeted to the LGBT population. Entry-
level staffer
Recently, two great employee resource groups were formed: WOW (Women at Oliver Wyman) and GLOW (Gay and Lesbian at OW). Both
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Oliver Wyman
2010 Vault.com Inc.
72
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

groups have been well received and supported. Consultant
We have difculty retaining female consultants. Consultant
The lack of women and minority partners is very [apparent]. We do a poor job being exible and working to bring people back into the rm in
line roles. Senior source
Overall Business Outlook
Vaults Verdict: The rm is expanding very aggressively out of the recessionary blocks. Itll be successful in this pursuit as long as consultants
on the ground can avoid burnout.
Overall Business Outlook
We are running extremely hot, with near-record utilization rates. Consultant
Despite the economic situation, in many parts of the rm and across several geographies, things have never looked better. In places, the
backlog of sold work is such that we have to defer projects. Consultant
There are a lot of off-cycle hires right now to keep up with demand. New York insider
Theres way too much work being sold. Were expanding very aggressively. First-year
Condence in Firm Leadership
Our leaders are all great people, homegrown. Excellent consultants, learning how to be great managers. Experienced consultant
We have made a couple of HR mistakes in the last two to three yearsrst hiring too many people without anticipating the economic crisis,
and then reducing the stafng pool too much, such that we are having trouble dealing with demand. However, I think we are getting back on
track. Consultant
Many of our leaders started as analysts, which gives them a unique perspective for taking care of all parts of the pyramid. Senior source
John Drzik has done a great job. Hes a real class act. Consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Oliver Wyman
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
73
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

222 West Adams Street
Chicago, Illinois 60606
Phone: (312) 646-0111
Fax: (312) 223-6200
www.atkearney.com
LOCATIONS
Chicago, IL (HQ)
Ofces in 37 countries
PRACTICE AREAS
Industries
Aerospace & Defense Automotive Communications
& High Tech Consumer Products & Retail Energy &
Process Industries Financial Institutions Pharmaceutical &
Healthcare Public Sector Transportation Utilities
Services
Complexity Management Innovation Manufacturing
Marketing & Sales Mergers & Acquisitions Organization &
Transformation Procurement & Analytic Solutions Strategic
IT Strategy Supply Chain Management Sustainability
THE STATS
Employer Type: Private Company
Managing Ofcer & Chairman: Paul A. Laudicina
2010 Employees: 2,700
2009 Employees: 2,700
2009 Revenue: $786 million
2008 Revenue: $910 million
Supply chain specialists
Lost in the woods
Good culture
Old school
2010 Vault.com Inc.
74
A.T. KEARNEY
8
PRESTIGE
RANKING
UPPERS
Nonhierarchical, entrepreneurial environment
The new rm culture post-management buyout
High IQ environment without A-Type personalities
International transfers are very easy
DOWNERS
Brandingwe do not believe in marketing ourselves
Overemphasis on operations
Can sometimes be pigeonholed into a type of work or work
area
Relatively small size compared to competition
EMPLOYMENT CONTACT
atkearney.com/index.php/Careers/careers.html
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
An ascendant descendent
As a consultancy, A.T. Kearney has a rich heritage that takes it back to the setup of McKinsey & Company and the arrival of consulting as a profession
in 1920s Chicago. When James Oscar McKinsey set up his original rm in the city in 1926, one of the rst partners he was to hire three years later
was a certain fellow by the name of Andrew Thomas Kearney. Following McKinseys death in 1939, the rms two ofcesbased in New York and
Chicagosplit, with Kearney taking the latter and focusing the companys attention on operations and manufacturing.
Today, that ofce has become a monster of a rm, with a truly global reach; it has ofces in 37 countries across the world. And, of course, as it
has grown over its 80-plus-year history, the company has diversied its operations. Now boasting a workforce of some 1,900 consultants, it proudly
focuses on what it calls CEO-agenda concerns, a list that ranges from merger, growth and IT strategies, to supply chain management, innovation
and complexity management, and enterprise services transformation.
A failed romance
Looking at its more recent history, A.T. Kearney walked into what can only be described as a loveless marriage in 1995 with Texas-based tech monolith
Electronic Data Services (EDS), now a unit of HP. Initial intentions seem clear enough: EDS was looking to boost its agging consulting arm, while
giving A.T. Kearneys specialists access to some of its high-prole clients. The reality, however, failed to live up to the intentions, and the partnership
lasted a mere 10 years. Various factors, including a drop in EDS earnings, cultural differences at an executive level and a general dislike among A.T.
Kearneys management of the notion of being a subsidiary of a publicly held company soon led to a parting of the ways. That ofcially occurred in
January 2006, when more than 170 of the rms leading consultants (from no less than 26 countries) participated in a management buyout to take
the rm private.
Following the buyout, A.T. Kearney ofcers elected an international 11-member board of directors, which is headed up by Managing Ofcer and
Chairman Paul Laudicina, who has been in charge since 2006. Laudicina, only the seventh person to lead the rm, joined the company in 1991, and
has more than 25 years of global consulting and management experience in industry, government and research institutions.
Elite council
A key plank of A.T. Kearneys reputation is based on its Global Business Policy Council. Established by Laudicina as a forum for corporate, government
and academic leaders to discuss relevant issues, the council is limited to the worlds top CEOs and business-minded leaders. The group meets
regularly to discuss topics such as globalization, foreign direct investment and offshoring.
Retail detail
In addition to the advice and implementation work the rm does for its clients, A.T. Kearney leverages its expertise by producing a wide variety of studies
each year that track trends in a range of industries. Since 2001, for example, the rm has released an annual Global Retail Development Index, which
details retail investment attractiveness in global markets.
GETTING HIRED
A.T. Kearney is notorious for its narrow recruiting window, selecting candidates from only the most elite MBA programs nationwide. Good luck getting
in if you arent from a core recruiting school, quips one young associate. After securing a preliminary interview slot, one can expect the process to be
exceptionally rigorous, specically designed to eliminate those lacking the requisite qualities of an ATK consultant. A.T. Kearney looks for candidates
that are smart, analytical, take initiative and demonstrate tremendous leadership, offers an insider, failing to cite condence and charisma as further
necessities for any applicant.
The process culminates in an extremely nerve-racking nal interview, in which the candidate must withstand a battery of timed examinations and
even deliver a 30-minute presentation. Arriving successfully (or simply intact) at the other side is a very impressive accomplishment, according to
one survivor of the process. Not to worry, though; those who cant claim this lofty prize shouldnt fall too far. As one midlevel consultant says, with
only a hint of smugness, Many of those rejected by our rm end up at top-tier competitors.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: The rm places an emphasis on maintaining a uniquely collaborative atmosphere within its ranks, one that fosters constructive
relationships between colleagues of all levels and clients.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
A.T. Kearney
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
75
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
A.T. Kearney has provided tremendous project experience, training and personal interaction. A.T. Kearney insider
My level of satisfaction is industry-related, not rm-specic. I am not convinced it would be any higher with any other top-tier management
consulting rm. Health care associate
I have found A.T. Kearney to be a wonderful mentoring environment with a very real team atmosphere. The support from all levels has been
fantastic, especially when working on the very difcult projects. Dallas consultant
I feel needed, and as a result, am treated with professionalism and respect. At times the workload is a little overwhelming due to the rounds
of layoffs. I expect this problem will get worse as the gap from the lost generations (classes of 2008-2010) will not be sufcient to form an
experienced junior associate class as things continue to get busy. Midlevel associate
What drew me back to A.T. Kearney post-business school was the entrepreneurial environmentregardless of your level, you are able to take
on as much responsibility (get involved in selling, etc.) as you can handle. Midlevel consultant
Firm Culture
People-wise, I think that A.T. Kearney is one of the most casual, down-to-earth rms around, which is a great t for me. Recent MBA grad
The culture of niceness seems to discourage us from addressing the real organizational and performance issues we may have, as individuals
and as a rm. San Francisco-based respondent
We have a national footprint, but seem small enough that everyone has at least a colleague in common, and generally knows someone in each
ofce to go to for local help. Entry-level associate
Unlike other rms, [there are] incentives in place drive a collaborative environment. Experienced consultant
Supervisor Relationships
My supervisors are excellent. Very available, very involved, very responsive. This is the best part of the job. Recent hire
A.T. Kearney has an excellent leadership teamthey walk the talk in terms of being collegial, collaboration, client service, etc. Detroit
source
Even as an analyst, I am included in almost all meetings. I always have a good view of what the higher-ups are doing, and get plenty of
feedback and direction from them. Entry-level strategist
Interaction with Clients
Consulting is a relationship business. A.T. Kearney has one of the highest repeat rates in the consulting industry, and that is a result of long-
term relationships with clients. Midlevel consultant
One of the greatest benets of our client-site working model is that we forge very strong, collaborative relationships with all levels of the client
organization. Health care professional
We leave very tangible results behind for our clients, which I think is a main driver of our great client relationships. New York-based
consultant
Hours & Pay
Vaults Verdict: While the rm reaps the benets of an intensive client is king policy, the consultants on the ground often nd it difcult to fulll
outside commitments with such a demanding schedule.
Work Hours
Somewhat long, but manageable hours. Financial executive
Everyone, from partners to analysts, works hard. Were all on the same page in terms of accelerating the rms reputation and position with our
clients. Entry-level strategist
Although we work extremely hard during the week, the vast majority of teams are able to separate personal weekend time from client-facing
work time. DC consultant
We work long hours while on the road. 8am to midnight is pretty common, although it varies greatly from project to project. Industry
newcomer
Work/Life Balance
Most project managers at A.T. Kearney are fairly good about planning the work well and not requiring too much of a work/life imbalance.
California veteran
Weekend work is exible in terms of when and where. Common goal: client service. Strategy consultant
Work/life balance is all about working efciently and effectively during work hours and being able to manage expectations. Many people have
not been able to strike up the right mix yet, but it just takes experience. New York staffer
One of the rms strengths is being able to provide the time and space needed in critical circumstances (death in the family, personal
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
A.T. Kearney
2010 Vault.com Inc.
76
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

relationship problems, illness) for employeesthe smaller day-to-day balance is more challenging. A.T. Kearney insider
[There is an] extreme expectation of work ethicmost consultants have to put in a signicant amount of weekend time as a matter of routine,
on top of an intense week that typically involves four days of travel. Midlevel consultant
Travel Requirements
The rm policy is four days at the client site, one day at the home ofce. Not unexpected [for] a typical consulting rm. Operations
consultant
Old-school partners tend to demand travel every week, even when not necessary. I dont mind it, but it does wear some folks down, especially
those with families. East Coast midlevel
The client is king. Being at the site is better for the client, so we go to the client. Entry-level source
Everyone hopes that travel will decrease with the rms goal be been carbon-neutral, but too few partners support this in practice to have
changed much. DC midlevel
While the rm requires you to be on site four days a week, about half of the NY ofce is staffed in local projects. Entry-level consultant
Compensation
Always very competitive compensationannual benchmarking is conducted by the rm. Experienced consultant
In line with top-tier consulting rms, which I believe is more than generous. New York associate
Base compensation is outstanding at the associate level. However, it does not seem to keep pace at the higher levels, where the bonus
becomes more of a factor in total compensation. Atlanta rst-year
Bonuses have been averaging 75 to 100 percent of base salary [for partners only], even during difcult economic times. Theres also a
generous 401(k) matching program and retirement package partially funded by the rm. Partner
Professional Development
Vaults Verdict: The rms demonstrated commitment to training its consultants is genuine; many will need it in order to climb ATKs highly
competitive, up-or-out promotion ladder.
Formal Training
This has been the most thorough and the most useful training I have ever had, and there are many programs going forward. Experienced
newcomer
The rm has put a lot of emphasis on more ofcial training in the past couple of years. They have stuck to that plan. The national training
days have made a big difference in terms of attendance. San Francisco veteran
This rm believes in training, from analyst all the way through partner. Energy consultant
[It is] difcult to t [training] into the project schedulebut getting better. Entry-level insider
Promotion Policies
A.T. Kearney provides sufcient time to develop and demonstrate ability to work at the next level. Detroit midlevel
The relatively slow growth of the industry is extending timelines to be promoted, and those that are promoted work excessively. Chicago
respondent
We have an increased focus on commercial viability for promotion to higher ranksit is no longer enough to be a great consultant. Energy
executive
A.T. Kearney does employ some force ranking, but the promotion timing can vary based on the individual consultants history with the rm and
future potential (e.g., fast track, on track, behind track). Consultants typically advance every two to four years, on average, from the analyst level
all the way through manager. Retail consultant
Diversity
Vaults Verdict: Respondents are typically content with A.T. Kearneys efforts concerning diversitywere told the rm has recently launched a
global diversity and inclusion initiative with support from an external consulting rmalthough they do note that the rms client-facing demands
make it extremely difcult for women with children to stay on for the long haul.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The rm provides mentors for each diversity group if the consultant chooses to have one, and the diversity groups are sponsored by partners.
[They are] very active and respected throughout the rm. First-year strategist
We simply dont have enough women. This is largely an artifact of our hiring pool, but even so I have not seen a drive to increase our women.
DC newbie
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
A.T. Kearney
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
77
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Policies toward women need improvement. Very little emphasis on making the lifestyle of consulting easier for women. Financial consultant
The rm is very proactive and transparent in this respect. Mexico City strategist
Overall Business Outlook
Vaults Verdict: Its hard to identify who ATK consultants trust morethemselves, or the rms extremely sharp and focused leadership. What
is abundantly clear, though, is that the rm is favorably perched to prosper in the coming years.
Overall Business Outlook
In this environment, clients seek tangible results, which we deliver. Morale is high, and business has performed well during the economic
downturn. Experienced nance professional
The rm currently has the strongest pipeline that anyone can remember, as clients move out of the recession and focus on growth prospects.
California consultant
ATK has increased market share over the past two difcult years. Bonuses have still been paid out, and there have been no layoffs.
Operations consultant
Our strength is in cost reduction. With the state of the current economy, we expect to sell more of this type of work. Partners in the rm nd
this an easy sell, and keep pushing more of these projects. Toronto midlevel
Condence in Firm Leadership
[Leadership is] globally oriented, extremely sharp and focused on doing the right thing for our clients and our rm. Experienced New Yorker
Outstanding vision and direction is provided by the current leadership. They operate the rm transparently, and continue to support and drive
our culture as we grow. Chicago executive
Paul Laudicina, the companys CEO, is a consulting industry visionary. West Coast consultant
Leadership is not in sync with the changing marketplace or needs of their employeesthe rms greatest assets. Senior consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
A.T. Kearney
2010 Vault.com Inc.
78
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

TRIAGE CONSULTING GROUP
221 Main Street, Suite 1100
San Francisco, California 94105
Phone: (415) 512-9400
Fax: (415) 512-9404
www.triageconsulting.com
LOCATIONS
San Francisco, CA (HQ)
Atlanta, GA
PRACTICE AREAS
Capitation Risk Pool Audits Clinical Denials Continuing
Education Comprehensive Payment Review (Primary)
Contract Analyses & Negotiations Litigation Support
Medicare Review Revenue Cycle Consulting Silent PPO
Review Workers Compensation Review
THE STATS
Employer Type: Private Company
F ounders: Richard Grifth, Jim Hebert and Patricia Lee-
Hoffmann
2010 Employees: 330
2009 Employees: 310
2010 Revenue: $70 million
2009 Revenue: $66 million
Niche, health care-focused
Bill collectors
Committed to social responsibility
Fratty
79
9
PRESTIGE
RANKING
UPPERS
Social and environmental responsibility
Huge focus on career development
College-like party life
DOWNERS
Mundane entry-level work
Exhausting travel requirements
Promotion is basically the only metric used to reward
performance, but the promotion timeline is basically static
EMPLOYMENT CONTACT
www.triageconsulting.com
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Follow the money
San Francisco-based Triage Consulting Group works with hospitals to uncover lost cash. Founded in 1994 by nancial and health care consultants
Richard Grifth, Jim Hebert and Patricia Lee-Hoffmannall of whom stand as board members to this daythe rm provides reimbursement
review services to hospitals, focusing on payment accuracy and revenue cycle process improvements for commercial, Medicare, Medicaid, workers
compensation and TRICARE claim volume. Triage also offers managed care contract analyses and negotiations, litigation support, clinical denial
reviews, revenue cycle consulting, silent PPO review and capitation risk pool audits. Since it was established, Triage has identied and recovered over
$1.5 billion for more than 500 hospitals. Today, it serves hospital networks and health care providers in 37 states via its two ofces in San Francisco
and Atlanta.
The company takes its name from triage, a term dened as a systematic process for determining priorities in an environment of scarce or insufcient
resources. The company triages the various areas of nancial risk in the hospitals revenue cycle, using its expertise to efciently recover lost
revenue and recommend solutions to its clients. The rm has also earned extra kudos, having been namedfor the sixth year runningone of the
50 Best Small & Medium Companies to Work for in America, according to the Society for Human Resource Management and the Great Place to Work
Institute.
Dont mind us, were just looking for your money
In providing reimbursement review services, the rms mantra-like promise to clients is Maximum Reimbursement. Minimum Disruption. Zero
Investment. A project starts with seeking out underpayments to the most distant decimal point, reviewing patient accounts for payment accuracy and
then recovering interest, penalties and any underpaid amounts from health plans. The rm works directly with insurers, PPOs, employer groups, third-
party payers and/or government agencies to research and recover underpayments, sending cash directly to the hospital upon resolution. For these
matters, Triage taps into its own resources only, dedicating itself to progress that is independent from and invisible to its clients. Fees are contingent
upon the sum of underpayments collected.
Triage also commits time to shepherding the client to self-sufciency by training employees to catch underpayments themselves. Having identied the
mistakes that led to payment errors, the rm can recommend specic policies and procedures to prevent the re-emergence of those errors. In this
way, it safeguards against future such incidents, and helps upgrade hospital contracts to industry best practices. Client satisfaction is high: For the
last several years, more than half of the companys assignments have come from repeat business, and Triage claims that most new business comes
from client referrals.
For the greater good
Triage strives to be a socially responsible organization and, consequently, is involved in a number of philanthropic or environmental initiatives with
community partnerships in Atlanta and San Francisco. Through a bi-coastal partnership with MedShare, Triage helps to redistribute medical supplies
to countries in need. In its partnership with Redding Elementary School in the Tenderloin district of San Francisco Triage staffers help create lesson
plans and activities for students, and correspond with students in a pen-pal program. The rm also maintains a partnership in San Francisco with
Family House, which supports families of hospitalized children by providing a free, safe place to stay during treatment. And to serve the environment,
Triage teams with the Golden Gate National Parks Conservancy in San Francisco and the National Parks Service in Atlanta to work on native habitat
restoration, trail maintenance and beach cleanup, among other projects.
GETTING HIRED
Triage believes that the interview process is a two-way street, an insider explains. Just as we evaluate and attempt to build an accurate picture of a
potential employee, so too do we want that candidate to have a thorough understanding of the company and the position. The rm does an excellent
job of fullling this promise, but not everything is rosy for the prospective applicant. Take selectivity, for example, as this source highlights: One recent
semester, we had 200 applications and made seven offers. This example speaks volumes about the quality of talent Triage hires. So, what kind of
candidate does the rm look for? Strong communication and analytical skills, and academic success are important; candidates must have at least
a 3.0 GPA to apply, one consultant says. Less measurable qualities are equally important, a colleague notes. The rm is always looking for bright,
driven, team-oriented and exible individuals.
The interview process is straightforwardrecruiters simply want screened candidates to demonstrate their value to the company, and vice versa. For
example, an insider tells us, The questions we ask every time are Why health care? and Why Triage? It should be clear that the applicant is
not looking to leave prior to the two-year mark, another insider reveals. Simply put, the rm looks for candidates who are truly excited to join our
company. Those who can successfully convince their interviewers of this fact will be given the most attention and the best chance of an offer.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Triage Consulting Group
2010 Vault.com Inc.
80
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: For the young, outgoing consultant, there is no better option in terms of rm culture and quality of life.
Overall Satisfaction
Im very happy with Triage Consulting Group. It was a great transition from school to work, allows for tremendous responsibility at an early age,
and is an extremely friendly environment. Atlanta insider
Triage is, overall, a fantastic place to work. I feel challenged, but not pressured, and I know that there is a long-term career if I want to stay.
Associate
I am extremely pleased with Triage, and feel very satised with my job. I could never have imagined running multi-million dollar projects for
multi-billion dollar health systems at the age of 25. I have a strong sense of ownership and pride in my job, and still enjoy coming to work every
day. Finance consultant
If, at any time, I do feel unsatised, Triage addresses the issue and corrects any potential problems. Associate
Firm Culture
Overall, it is an amazing work environment. Great attitudes abound and there is a tremendous amount of corporate social responsibility.
Senior associate
There is never a dull moment at Triage. Whether it be a new-hire happy hour, sports day or school pride day, there is always fun to be had at
this rm after 5 p.m.always. Associate
The company is full of young, creative, driven, social individuals. The company [sponsors] many happy hours and fun competitions. San
Francisco staffer
Fresh out of college, this rm has a great culture. However, as you grow up, it can become a little too much. Some new hires think this is a
sorority/fraternity and not a job. Experienced source
Supervisor Relationships
Ive been able to become good friends with most of my supervisors. Conversations are casual, and theres a low intimidation factor. Midlevel
consultant
The evaluation process allows both upward and downward feedback that facilitates open communication between both peers and superiors.
Entry-level source
My relationships with supervisors have always been strong. Management treats employees with respect and listens to their ideas. Finance
consultant
Interaction with Clients
I have always had wonderful clients who really appreciate Triages work. Midlevel source
Client relationships vary by client, but building them has been a fun and exciting experience. Associate
For the most part, clients absolutely love Triage because of our upbeat, fun culture, as well as our impressive track record. Associate
Hours & Pay
Vaults Verdict: Hours, so often a point of contention among consultants, are incredibly stable and reasonable. Triage wants employees working
45 hours a week, a rule humbly accepted by the consultants.
Work Hours
I typically average 43 to 45 hours of booked time per week. Senior associate
Triage clearly communicates that its consultants will work a 45-hour workweek, and they hold their word. Sure, there are times when we have
to hit a deadline, but the overall average sticks to 45. Experienced staffer
Hours at Triage are extremely reasonable for a consulting rm. Its a bit unusual in that they tend to go up as you climb higher in the rm.
Consultant
Its nice knowing every day that I can leave work at work and am afforded the opportunity to participate in extracurricular activities. Atlanta
insider
Work/Life Balance
Every now and then (as needed), I will take the initiative to work on weekends, but its not often. Most of the time, I have my evenings, nights
and weekends to do whatever I want. I spend the majority of my weekends watching sports, playing golf and/or traveling. I am proud of our
work/life balance. Associate
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Triage Consulting Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
81
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Employees are encouraged to travel and enjoy life experiences, which is highly valuable. Entry-level insider
Since work stays at work when Im at home, Im 100 percent focused on my family. San Francisco principal
The only tricky part is traveling, when we are not allowed to book extra travel time. Getting up at 4 a.m. to y to Seattle counts the same as
getting up at 7 a.m. to be in the SF ofce by 8. Midlevel source
Travel Requirements
Triage informs recruits that they will be expected to travel approximately 40 percent of the time. Associate
The most you will travel is four days a week (Monday through Thursday, with the option to stay the weekend), three weeks a month. Junior
source
Every four months, the travel requirements rotate. I have been on projects with three weeks a month travel, and I have been on projects not
requiring travel. First-year associate
Corporate lease apartments ease the travel burden. West Coast insider
Compensation
Our compensation is very fair for the consulting industry and the hours we work. Midlevel staffer
We get year-end prot sharing and a 2 percent 401(k) match. Regular paychecks are competitive and allow me to live a fun, carefree lifestyle
in San Francisco. Associate
Given the hours we work, the compensation is fantastic, but denitely not in the same tax bracket as the big guys. Having said that, nobody is
struggling to pay the bills. Atlanta insider
I realize that Triage wants to maintain a team environment and discourage competition, but there should be some implementation of
performance-based pay. Finance consultant
Professional Development
Vaults Verdict: Triages formal offerings are extensive, informative and exceptionally helpful the grateful consultants who ock to them.
Formal Training
We are always in training! Its a good thingtheres a lot to know about the health care industry and how to go about doing our job. We are
well trained. Senior associate
Triage offers a 15-module training program that extends over each employees rst 21 months at the rm. The modules are formal trainings,
each focusing on improving a different skill set or industry-related topic. Junior source
Training is a big focusone that I am proud to have gone through and am now providing. Finance consultant
Triage has great resources and training structure. The on-the-job training is one of the top priorities of the management, and I always feel I can
seek additional outside training/classes if need be. East Coast insider
Promotion Policies
You can be running your own project in 21 months. Midlevel staffer
Although its not outwardly stated, by practice Triage has an up-or-out policy. However, the vast majority of its employees succeed and
experience at least one level of promotion. San Francisco insider
We have quick career progression, everyone is promoted or not at the same time--theres no real competition for promotions. Associate
Diversity
Vaults Verdict: Triages population is representative of the universities from which it recruitswhich means its overall population is a bit lacking
in diversity. But insiders say the rm makes up for those numbers by fostering a truly open, tolerant workplace.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The company is more than 50 percent women. Our ethnic makeup mirrors that of large and prestigious universities, which are not always the
most diverse. There is no effort either way toward or against recruiting GLBT individuals. Associate
I think our ethnic diversity has improved a lot in the last few years, but theres still room for improvement. Junior source
As Triage is based in San Francisco, the companys culture is naturally diverse, open and tolerant. Specically, the company places an
emphasis on the upward mobility of its female staff by providing very generous maternity and paternity leave for new parents. San Francisco
insider
Overall Business Outlook
Vaults Verdict: Health care is a booming industry right now following the passage of comprehensive reform. But even if it werent, insiders
believe Triage would be just ne.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Triage Consulting Group
2010 Vault.com Inc.
82
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Business Outlook
The rm is outperforming forecasted numbers and actively hiring. Entry-level respondent
The health care industry is dynamic and will always have a need for expertise. Triage continues to renew existing business and gain new
clients in new markets, while industry organizations are looking to Triage more and more for guidance. Moreover, the company is constantly
looking to innovate and improve its core product, while considering peripheral and complimentary service offerings. Senior consultant
With the health care reform passing, we expect an increase in patient volume for our clients. Associate
Triage has a very good model that is simple in nature yet specialized in knowledge. The company is still expanding, and recent market
analysis shows there are many potential markets that are untouched. Experienced insider
Condence in Firm Leadership
Our executive level is saturated with talent. Consultant
Leadership continues to solicit feedback from staff on all issues ranging from culture to morale to business practices. This sense of were all in
this together helps develop the unique culture that is apparent today. San Francisco insider
All but three of the principals are home grown and have no other experience outside of Triage. We probably need some additional outside
perspective. Manager
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Triage Consulting Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
83
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

1331 H Street, NW Suite 600
Washington, District of Columbia 20005
Phone: (202) 296-0601
Fax: (877) 514-4419
www.censeoconsulting.com
LOCATIONS
Washington, DC (HQ)
PRACTICE AREAS
Operations Procurement Supply Chain
THE STATS
Employer Type: Private Company
Founder & CEO: Raj Sharma
President: Lido Ramadan
2010 Employees: 50
2010 Vault.com Inc.
84
CENSEO CONSULTING GROUP
10
PRESTIGE
RANKING
UPPERS
Connection between effort and reward
Watching the company grow and develop
Wear jeans on Friday
DOWNERS
The fact that some people are remote requires more time
spent on communication than if everyone was in the same
ofce
As a niche rm, many of the projects are very similar
We dont have the same level of administrative support and
resources as larger rms
EMPLOYMENT CONTACT
Visit the Careers link on the company website.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Making sense of operations and supply chain
Censeo Consulting Group specializes in operations, supply chain and procurement. The rm tries to break away from the traditional consulting model
by using its own methodology. The rms model has three main principles: focused expertise, people-focused strategy and operational efciency.
Censeo works with executives managing supply chains and operations in Fortune 500 companies across a number of industries, as well as the federal
government. Within the broader areas of operations, supply chain and procurement, the rm also provides clients with organization and workforce
development, and assists with complex procurement, integrating customer needs and industry capabilities.
Big sh in a small pond
Censeo Consulting Group has been recognized as one of the top small consulting rms to work for. In 2009, The Wall Street Journal named Censeo one
of the 15 top small workplaces, and the rm landed at No. 6 on Consulting magazines Best Small Firms to Work For. In addition to its overall rank,
the magazine also named the company second in corporate culture and employee morale, while also giving it high marks in the work/life balance and
career development categories. In 2008, the rm was named one of seven small jewels by Consulting magazine, and appeared on the Inc. 5000 fastest
growing private companies list.
Founder and CEO Raj Sharma has also taken home his share of awards. In 2009, he was chosen as a nalist for government contractor executive
of the year, and was bestowed with the minority business leader award by the Washington Business Journal. That same year, Sharma was named to
Supply & Demand Chain Executives Pros to Know list for the third straight year.
People rst
It is no accident that Censeo has been honored as a great place to work. These distinctions are proof that the rm is following its people-focused
consulting model, with people referring both to its clients and employees. The rm shifts attention to employees by taking on exciting, intellectually
challenging projects, encouraging creativity and initiative, offering exible career paths, limiting travel, keeping reasonable hours, allowing consultants
to work where they choose and, of course, by offering competitive salaries and benets. The rm is convinced that this approach will lead to both
happier and more productive employees.
One key to the rms happy and healthy employees is its willingness not only to limit travel, but also to allow employees to work from home. About half
of the rms 50 employees work remotely, spending only about 10 to 20 percent of their time in the D.C. ofce or at client sites. For employees who
live in the D.C. area, exible work schedules are still an option, with some employees allowed to work from home up to two days a week, and others
allowed to work at home up to 14 days a month.
GETTING HIRED
Censeos extensive and very competitive hiring process begins almost exclusively on campus, with recruiters targeting undergraduate and
MBA standouts with strong analytical skills. These candidates are then prescreened, typically through phone interviews. Select candidates will be
invited for in-ofce interviews, where they will go through four to six interviews with current associates, consultants and executive leadership. Within
the interview process, evaluations are as much driven by t as by qualications. Interviewers examine candidates analytical, problem solving,
quantitative and communication skills astutely. Some background in supply chain and operations roles is an advantage for mid-level or higher level
jobs, an insider advises.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Whether coming directly from school or joining the rm midcareer, the Censeo consensus is clear: Life at the rm, with its surplus
of personal, social and professional opportunities, is hard to beat.
Overall Satisfaction
Censeo is, bar none, the best place I could have possibly ended up after business school to continue my consulting career without having to
sacrice time spent with my family. Consultant
Great culture, awesome people and lots of autonomy for growth. Analyst
Overall, Im extremely satised working for Censeo. My choice to work at this rm out of college has led me to unique opportunities and
challenges. Associate
Satisfaction here far outweighs my experience at my previous rm. Work/life balance and focus on personal needs is outstanding. Senior
consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Censeo Consulting Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
85
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Firm Culture
This is a very young and vibrant rm thats full of collaborative spirit! Experienced source
We have consistent social events, charitable causes are stressed and sponsored by the rm, and everyone gets along very well. Senior
consultant
I have made close friends at Censeo. We enjoy going to lunch together and spending time after work together. We have a Wii in the ofce to
enjoy some friendly competition, and our softball team is in its second season. Entry-level respondent
What I think differentiates Censeo is the amount of thought and energy that the senior management gives to value the well-being and growth of
each individual. D.C. staffer
Supervisor Relationships
We live up to company standard of an open-door policy. I am just as comfortable approaching supervisors as I am junior staff members.
Senior consultant
Supervisors are very supportive of professional and personal development, day in and day out. While stern when it comes to quality of the
work, they are overall very casual in providing the right level of support. Entry-level source
Interaction with Clients
I have become very close personal friends with my major client. Consultant
As a new consultant (and new to the industry), Ive been afforded generous opportunities to not only engage clients at major meetings but on a
day-to-day basis (e.g., calling them directly). Associate
Hours & Pay
Vaults Verdict: Censeo consultants pride themselves on the work/life balance theyve struck, and consultants greatly appreciate their competitive
pay.
Work Hours
Some weeks I work 45 hours, others I work 65. Id say 55 is about the average. Analyst
This is the rst place I have worked where managers have approached me because I was working too many hours, and they were concerned
about burnout. Associate
Having a virtual model to collaborate with clients and colleagues via web-conferencing, etc., provides opportunities to reduce total work hours
by limiting seemingly unnecessary travel. Junior consultant
Work/Life Balance
Censeo has an operational model that allows staff the option to work from home and ex schedules. If I work on a weekend, it is usually
planned and on my own terms. HR analyst
Work/life balance is a stated corporate value of our rm, and one that our leadership takes very seriously and monitors to ensure its not just
lip service. Midlevel consultant
I primarily telecommute with limited travel. I am able to manage personal pressure with work needs on my own terms. I frequently work a bit
on Sunday evenings by choice to stay ahead of the weeks needs, given my position in the rm. Senior source
Travel Requirements
I average about one three-day trip per monthnormally to either visit our home ofce or key clients. This is a key aspect about our companys
culture, which believes that we dont need to be under our clients feet at all times. Senior consultant
We travel when it makes sense or is needed to deliver quality results. The focus is on client needs instead of subscribing to a standardized
travel model. Clients and staff greatly appreciate it. Consultant
Since Ive been with the rm, the only travel I have done has been within the metropolitan area. D.C. associate
Compensation
Salary is in line with competition. Bonuses are generous. Prot sharing at management level can be signicant. Associate
Benets are solid. If you account for the exibility and work/life balance, the compensation is fair. Senior consultant
Im very well paidespecially considering the area in which I live. Most of my fellow company employees live in the Washington, D.C., area
which is much higher cost than where I live. Im compensated the same as they are. Senior source
Professional Development
Vaults Verdict: Look for a more sharply dened formal training regimen once the rm grows in stature and size.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Censeo Consulting Group
2010 Vault.com Inc.
86
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Formal Training
Training is both formal and informal. We take the best approaches from rms we have all been at in the past, and evolve them into a more
robust and useful training suite for our consultants. Executive-level respondent
Censeo is quickly ramping up formal training offerings. Consultant
The company is still dening requirements and formalizing what every employee should attend. The trainings I have attended were helpful.
D.C. insider
Most of the training is unofcial. I was mentored on my rst project. Entry-level analyst
Promotion Policies
Theres no up-or-out policy. We are a growing rm, so opportunities for advancement are plentiful and completely performance based.
Senior consultant
Consultants have advanced between levels in less than a year, or over two years, depending on skill set and level of knowledge. Analyst
We have fewer overall levels compared to other consulting rms, which naturally leads to fewer promotions. Associate
Diversity
Vaults Verdict: Diversity is exemplary at entry and associate levels, but Censeo is still too young to have promoted many of those minorities to
leadership ranks.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The rm is actively recruiting women for senior-level positions, but has not been able to identify appropriate candidates. We are a minority-
owned business. Junior consultant
The company is very open to all minority and special diversity classications of employees. We have a very culturally diverse employee base;
to my knowledge, we dont make any of these signicant hiring issues (negatively or positively). Associate
The rm is focused on enabling diversity. Recruiting programs are inclusive of minority programs at core schools. Flexible scheduling,
telecommuting and limited travel are conducive to retaining staff. Operations executive
Censeo does not currently have any women that are part of senior management, despite typical percentages of women at other levels. It has
been more effective at attracting women through campus recruiting than with lateral hires. Senior source
Overall Business Outlook
Vaults Verdict: While Censeo consultants appreciate the security that working in the public sector affords them, the rm has been growing its
private sector presence aggressively.
Overall Business Outlook
The business outlook is good; predominately government clients mean no shortage of funding. Consultant
Weve been growing rapidly over the past three years, and have just embarked on executing a strategic growth plan to expand our service
offerings and client base. Associate
Censeo demonstrated strong performance during the recent nancial downturn, has numerous strong relationships with key client
organizations and has recently developed a number of new relationships with new clients. Senior associate
Condence in Firm Leadership
The rm leadership is very forward-thinking and concerned about the type and size of rm that we will be ve years from now, not just the type
of rm we are today. Junior-level insider
We have a strong leadership, all with a common vision and strong experience. Senior source
Leadership is transparent and attentive to the feedback of everyone within the organization. The management team actively solicits feedback
from all levels of staff on upcoming strategic initiatives and rm changes. Associate
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Censeo Consulting Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
87
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

175 West Jackson Boulevard, Suite 2200
Chicago, Illinois 60604
Phone: (312) 602-4000
Fax: (312) 602-4010
www.westmonroepartners.com
LOCATIONS
Chicago, IL (HQ)
Columbus, OH
Dallas, TX
Montreal, QC
New York, NY
Seattle, WA
Toronto, ON
PRACTICE AREAS
Business Process & Systems Customer Experience Labor
Management Managed Services Mergers & Acquisitions
Software Solutions Supply Chain Solutions Technology
Solutions
THE STATS
Employer Type: Private Company
President: Dean Fischer
2010 Employees: 227
2009 Employees: 218
2010 Vault.com Inc.
88
WEST MONROE PARTNERS
11
PRESTIGE
RANKING
UPPERS
Focus on the middle market
Learning opportunities from leadership
Esprit de corps
DOWNERS
Growing pains from rapid growth
Very little administrative support
Still a very young company
EMPLOYMENT CONTACT
www.westmonroepartners.com/en/Careers.aspx
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Chicagos own
West Monroe Partners doesnt take its name from the rms headquarters locationif that were the case, it would be called West Jackson Partners.
The moniker is actually a nod to the address of Arthur Andersens former world headquarters at 33 West Monroe Street in Chicago. A group of former
Arthur Andersen consultants founded West Monroe in 2002, starting out with just six employees and a single ofce in Chicago. The rm has since
grown to include more than 200 professionals, with additional locations in New York, Dallas, Seattle, Columbus, Montreal and Toronto.
West Monroe Partners is a full-service business and technology consulting rm focused on guiding organizations through projects that fundamentally
transform their business. The rm describes its approach as an end-to-end perspective on clients needs, combining analysis, strategy, project-
based solutions and outsourced solutions.
Expanding global reach
Much of West Monroe Partners business comes from middle-market clients in the United States in Canada, but a recent partnership is likely to broaden
its clientele. In March 2010 West Monroe Partners and BearingPoint announced a strategic consulting alliance to expand their global market coverage
and to better provide services to their international clients. Under the terms of this agreement both rms will refer business opportunities, collaborate
on client work around the world, and share intellectual capital. The two rms will continue to focus on their respective local markets, while collaborating
on projects that require broader geographic reach.
No MBA, no problem
Business at West Monroe Partners is divided into eight functional service lines, each of which is led by technology experts and partner with its industry
experts to provide highly customizable solutions for clients. These solutions are designed to solve for specic business needs and often coincide with
industry transformations, such as utility companies applying for ARRA grant dollars, health care providers struggling to remain compliant with new
reporting regulations, or banks responding to changing regulations.
Several clients also rely on West Monroes technology product offerings, some of which are proprietary and some of which have been developed in
conjunction with partners. These include West Monroe Project, a trademarked project management system; the FLEXdls warehouse management
system; and WMP SMART, a customizable framework that eases compliance with the U.S. Department of Energy and ARRA requirements for grant
reporting and monitoring.
Given the rms tech savvy approach, its no wonder that nearly half its employees have degrees or backgrounds in technology. CEO Dean Fischer
has championed efforts to invest in the rms technology resources, and encourages his staff to hone their skills on the job, even if they hail from more
traditional consulting or business elds. (In fact, Fischer has been quoted in Consulting magazine as saying that its a waste of time to get an MBA
right after nishing college, because he believes learning in the eld is the best education for new hires.)
People rst
West Monroe puts a heavy emphasis on its workforce, and does its utmost to encourage professional development among its consultants. It attempts
to create a feedback-oriented, highly participatory culture that affords its employees many opportunities to grow and succeed.
That people rst mentality is a value that is shared from the top down. As CEO Dean Fischer explained to Consulting magazine, West Monroes
guiding principle is: He who gets the best people wins. Were a people-rst organization. Thats what West Monroe is all about. Its almost blasphemy
to not say that the client comes rst, but I really believe that if you put your people rst and you treat them right and you grow them and you train them
and you do all the things that are necessary to care and nurture them, the outcome of that is going to be great client service.
Busy giving back
Each West Monroe ofce maintains a community service committee that works in partnership with the rmwide charity/community involvement
committee. And since over half of West Monroes employees are based at the Chicago headquarters, the rms philanthropy is primarily focused on
Chicagoland causes. West Monroe supports charities like i.c. stars, a Chicago organization that teaches IT and career skills to inner-city youth, the
Chicago Childrens Memorial Hospital, and the Springboard Foundation, which assists grassroots groups in Chicagos poorest neighborhoods.
The rm also has a longstanding afliation with the Student Conservation Association, a national conservation group aimed at high school and college
students. A number of West Monroes employees are active in SCAs work, and CEO Fischer sits on the groups board of directors. West Monroe
executives are also heavily involved with the U.S. Fund for Unicef.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
West Monroe Partners
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
89
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

GETTING HIRED
Entry-level and experienced applicants follow very different tracks at West Monroe, though both are equally selective and rigorous. Further, both benet
from timely and fair processes; as one insider says, Of all the rms and companies I interviewed at, West Monroe Partners gave me the quickest
turnaround and most attention. Entry-level candidates face an extensive screening that can include up to three phone interviews and primarily focuses
on the candidates academic record and demonstrated aptitude. At West Monroe, the rst cut is essentially you have to be very smart, but from there
it is all about the attitude, one associate details.
For recent undergrads, behavioral interviews and case studies are standard methods of evaluation. A successful candidate can expect to meet
with upwards of 10 West Monroe staffers, including high-level executives. Experienced candidates can expect a predictably more in-depth process,
including a full-day assessment with an independent psychologist. Overall, current West Monroe associates are certain that the process results in
an excellent consultant pool, both in terms of t and aptitude. As one insider states, If you receive an offer at West Monroe, you have every reason
to feel condent you will t in.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: With any luck, consultants will be able to enjoy the extremely satisfying day-to-day routine at West Monroe for years to come, as
the rm sheds its small-rm label.
Overall Satisfaction
I am very pleased with my exposure and breadth of responsibility. Every day I feel like I add something to the rm, and I leave every day with a
better understanding of my eld. Analyst
I am extremely happy with my position here at West Monroe Partners. The business development team is treated as an integral part of the
rm. This helps in the pursuit of new business, as well as resulting delivery. Entry-level source
West Monroe provides many unique opportunities for young resources to step up and take ownership of their career. I work alongside talented
co-workers who mentor me on a daily basis. Operations analyst
You can never be 100 percent satised, but West Monroe is close. Energy partner
Firm Culture
Everyone is smart, driven, wise and responsible. Plus, its just a fun group to be aroundIve made some really great friends here.
Operations associate
West Monroe really goes out of its way to create a fun workplace that still fosters excellent business. There are tons of activities, events and
activities to help you get to know your co-workers. As a young professional, Im surrounded by people who have similar interests, both in and
out of work. Experienced consultant
Our culture is a very close-knit familyI think I know probably 90 percent of our employees by rst name. We have various clubs and groups
that get together on a regular basis, i.e., sports teams, book clubs, beer-brewing club, dinner club. We have frequent happy hours and solution
team outings. Chicago insider
While our rm is rooted in the Big 4 consulting structure, there is much less political posturing and less territory battles. Technology
consultant
Supervisor Relationships
West Monroe has a no door policy. In each ofce, new consultants sit next to senior directors to help promote a truly collaborative
environment. Senior consultant
As a nurturing and open rm, we dont shy away from difcult conversations. If something is wrong, we x it immediately. There are no
surprises, and communication is valued. First-year analyst
My relationship with my direct supervisor is great. Hes honest, forthright and gives me frequent feedback. Energy consultant
Interaction with Clients
Client relationships quickly produce mutual respect and admiration. Columbus staffer
We have very high satisfaction with our clients; as an employee-owned company, we make client satisfaction job No. 1. Executive-level
source
My strong client relationships are a personal hallmark, as well as a key driver for my continued desire to stay in consulting. Im hooked!
Midwest associate
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
West Monroe Partners
2010 Vault.com Inc.
90
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Hours & Pay
Vaults Verdict: West Monroe consultants concede that client demands come rst, and, as such, hours can be lengthy. That said, the vast
majority are more than willing to contribute to the cause, grateful of the personal and professional rewards the work affords them.
Work Hours
This is not a company where the more hours you work means the more you are rewarded. Instead, becoming efcient at work means more
time for personal or business development, and in the end saves our clients money. Technology consultant
With the market heating up, things have been very busy. But a good busy! Midlevel consultant
Technology and remote access gives me the exibility I need to extend the day on my terms and be compatible with my lifestyle preferences.
HR associate
Of course I wish it could be less hours, but I also know that the hours I am working are worth it for career advancement. Project director
Work/Life Balance
The culture and the support I get at West Monroe allow me to blend what I need to give to work and what I want to get out of life in a fashion
that meets my needs. Associate
I am able to work from home in the event of an appointment or other engagement, and we have a paternity leave policy on par with the
industry. We also have a good amount of paid time off, which helps a lot. Midwest insider
I am able to completely manage my scheduleas long as I deliver results. If I have to give more time to meet a customer deadline, I know I
can compensate another time. Operations partner
Im able to turn off my computer and phone in the evenings and weekends and enjoy my family. Junior staffer
Travel Requirements
It depends on the project. I was on the road Monday through Thursday for two straight years, but recently I have been local. Senior
consultant
Travel is lower than most rms, but we need to be where clients are! People are rewarded fairly to compensate when travel is increasing.
Operations consultant
West Monroe does a lot of business in Chicago, so if you dont like to travel, you can focus on projects in the area. Midwest respondent
Compensation
Im very happy with my compensation. Im sure that there would be potential for higher compensation if I went to a bigger rm, but West
Monroe provides a culture that more than offsets that gap. Strategy insider
Base pay is very competitive. We have an excellent program for bonus and prot sharing. Operations consultant
We operate as one rm, so bonuses are tied to the overall rm performance, not just an ofce or subgroup. Senior source
Given the economy, we decided to not give out a bonus at the end of 2009. Chicago partner
Professional Development
Vaults Verdict: In the past, the rms small size corresponded well with a mentorship culture. Now that its seeing rapid growth, investment in
formal offerings is ongoing and comprehensive.
Formal Training
Consultative training is well institutionalized. We have both online and classroom training. Technical training is more individualized, and is
comprised of a mix of formal training and on-the-job training. Partner
Training offerings are more than you could do, even when not fully booked on projects. Energy insider
We are getting better here. Our training is usually on the job and just in time. We are getting to be the size now that we need to proactively
offer certain kinds of training, but we are certainly addressing that as we speak. Midwest junior
I have learned 85 percent of my job with on-the-job training. Analyst
Promotion Policies
We are not an up-or-out culture. Consultants do advance every two to three years, but some stay specialists forever. You do not need to be
promoted to stay here. Senior source
The culture is meritocraticthose who work hard are rewarded almost without exception. First-year analyst
The best-performing group of fresh consultants is generally promoted to the next level at their one-year date. Junior consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
West Monroe Partners
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
91
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Diversity
Vaults Verdict: As far as the numbers are concerned there is room for improvement in the diversity arena, but insiders appreciate West Monroes
tolerant, welcoming attitude.
Diversity Issues With Respect to Women, Minorities, and GLBTs
I think our rm makes great efforts to treat everyone equally. For a smaller rm, I think we are extremely diverse, which adds a lot to our work
environment. Technology analyst
Hiring and promoting any of these populations is supported but not actively addressed, so our employee population is sprinkled with
representatives of each at multiple levels, more as a result of performance/available talent pool than intent. Executive-level respondent
Diversity is something we truly value, and we will continue to focus on it. From a truly statistical perspective, were looking to improve in this
area. Senior consultant
Overall Business Outlook
Vaults Verdict: Consultants are exceptionally condent that West Monroes second to none leadership is steering the rm toward a protable
future. Early indicators suggest that their condence is justied.
Overall Business Outlook
Our rst quarter has been one of our best in our history. Everyone is highly chargeable, and we are hiring. Senior consultant
2010 is already beyond all of our expectations, and we know the best is yet to come. Operations higher-up
We are almost sold out! It is great when you can turn down work as a consultant and have a lot of options on the table to work on different
projects. Entry-level staffer
West Monroe and BearingPoint Europe just entered a strategic partnership. This will provide a lot of great opportunities for both consulting
rms. Senior consultant
Condence in Firm Leadership
The leadership team at West Monroe Partners is second to none. Strategy consultant
The team is extremely gifted, supportive and committed. Midwest insider
Our leadership team is brilliant, and we see it every day when they come up with interesting initiatives. Our rm is small and nimble, so we see
executive decisions acted upon quickly every time they are made. First-year analyst
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
West Monroe Partners
2010 Vault.com Inc.
92
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

CORNERSTONE RESEARCH
353 Sacramento Street
23
rd
Floor
San Francisco, California 94111
Phone: (415) 229-8100
Fax: (415) 229-8199
www.cornerstone.com
LOCATIONS
Boston, MA
Los Angeles, CA
Menlo Park, CA
New York, NY
San Francisco, CA
Washington, DC
PRACTICE AREAS
Accounting Antitrust Bankruptcy Corporate Governance
Energy Financial Institutions Intellectual Property
Labor, Employment & Discrimination Pharmaceuticals &
Healthcare Securities Valuation
THE STATS
Employer Type: Private Company
Chairman & Managing Director: James K. Malernee
President & CEO: Cynthia L. Zollinger
2010 Employees: 450+
2009 Employees: 450+
The go-to guys in litigation consulting
Eggheads, analysis-driven
Strong in the nance area
Research-, not client-focused
93
12
PRESTIGE
RANKING
UPPERS
No punch in or punch out time
Academically-oriented work
Privately held; not subject to the whims of the quarterly
cycle
Softball in the summer
DOWNERS
Lack of transparency regarding advancement at senior
levels
Not well known compared to larger management consulting
rms
Slow-moving leadership decisions
Managers tend to staff the same analysts over and over
again, so even though analysts are technically generalists
we sometimes get pigeonholed
EMPLOYMENT CONTACT
Go to the careers section of the rms website
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
The starting line
In traditional architecture, a cornerstone is a stone representing the nominal starting place in the construction of a monumental building. Cornerstone
Research, a nance and economics consulting rm, likes to think that it provides this same starting place for clients facing complex economic or
nancial issues. Although Cornerstone seldom releases the names of its clients, the clients and projects that it is involved with are often in the news,
and the rm works on many cases that make the front page of The Wall Street Journal. Many recent cases have revolved around the nancial crisis,
auction rate securities, private equity deals gone awry, and stock option backdating. Clients include rms in a diverse group of industries, ranging from
the nancial, telecommunications and high-tech markets, to manufacturing and real estate.
Cornerstone Research provides its clients with the insights and analyses they need to make their case in the context of arbitration, mediation, or
litigation. That includes nding high-quality expert witnesses, as well as providing economic and nancial analysis to clients.
Clean break
Cornerstone was formed in 1989 when founding ofcers Cynthia Zollinger and James Malernee left the MAC Group, a management consulting rm.
Zollinger and Malernee made the decision to split away from MAC because they felt that the fundamental differences between nancial and economic
consulting and management consulting called for a greater focus. It prides itself on the fact that much of its business still comes through client
referrals.
Brick by brick
Cornerstone is most known for its work providing economic and nancial analyses on issues pertaining to securities, antitrust, intellectual property,
accounting, energy, health care and nancial institutions (such as banks, hedge funds, and insurers) when these issues arise in litigation. The rm
gets the ball rolling by identifying key economic aspects of the case. These aspects are identied as areas that might require expert witness opinion
or testimony. The rm then helps its client choose an expert witness who is recognized for his/her expertise in the relevant subject matter and prior
experience in litigation proceedings. These witnesses come from a wide network of sources, including both academia and real world experts.
Finally, when it is time to take all this work and move it into the courtroom, Cornerstone Research and the experts they support will help attorneys
prepare for depositions of opposing witnesses, cross examinations and, nally, trials. Typical projects last several months, though they can last from
one week to over a yearand consultants usually work on more than one project at a time.
Stepping stone
The vast majority of undergraduates who join Cornerstone eventually leave to earn a graduate degree, with most pursuing an MBA. Other departing
consultants choose to pursue PhDs in economics or nance, or law degrees. The rm takes several formal steps to help consultants with the
application process. It brings in admissions counselors from Wharton, Stanford, Duke, MIT, Kellogg and Chicago, or other top institutions, to give
presentations and talk to students about their respective schools and the requirements for admission.
GETTING HIRED
Cornerstone recruiters arent looking for excellence in any specic eldtheyre looking for it throughout a candidates experiences, be they strictly
academic or augmented by work history. Ofces recruit from the top academic programs in their geographic area, seeking well-rounded, enthusiastic
candidates who have demonstrated excellent academic performance. While this is somewhat typical for the industry in general, Cornerstone only
reaches out to graduates who demonstrate an atypical ability to analyze and solve problems of all sorts.
Those invited to join the hiring process are subjected to anywhere from two to 10 intensive interviews, ultimately meeting between eight and 10
current employees. During these interviews, candidates are given up to eight case studies, one executive mentions. Each case study is quite
different, usually based on a case the interviewer has personally worked on, he continues. Interviewers place particular emphasis on looking for
candidates who are able to think outside the box.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Cornerstones outstanding rm culture takes the cake as the fundamental source of its consultants general satisfaction, an
impressive display in itself.
Overall Satisfaction
I am surprisingly satised with my job. When I have dinner with my fellow MBA alumni, they always are talking about their next job or what
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Cornerstone Research
2010 Vault.com Inc.
94
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

they hope to be doing. I am already where I want to be. Manager
I am very happy with my job at Cornerstone. The work is very interesting and the nature of our cases is constantly changing. This allows me to
think and learn about many different elds/rms and issues. Given our people, working in case teams is always fun. Associate
Cornerstone provides a lot of great opportunities for professional development for someone like me, who joined right after college. Ive been
able to develop technical and soft skills, and take on substantive leadership roles on case teams and on non-billable projects in a way that I
never expected to right out of school. California staffer
I love almost everything about my job. I work with great people and my work is challenging. My only complaint is that the hours are often
unpredictable. Research associate
Firm Culture
Cornerstone has one of the best cultures of any rm out there. As an employee, you feel completely comfortable interacting with everyone
from admin staff to partners both in and out of the ofce. Everyone is supportive of one another and this leads to a friendly and fun work
environment. Analyst
People are extremely friendly and helpful. We enjoy working and socializing with one another. Senior management is committed to creating an
environment where people are happy and are given opportunities to succeed and develop professionally. Senior source
The rm is very proud of its culture, and rightfully so. Organized social events allow colleagues to get to know each other outside of the work
environment, and the atmosphere is friendly and collegial. D.C. Associate
Supervisor Relationships
Were a close-knit company, so I actually know my supervisors very well. Ive been to their homes, had one-on-one dinners with them, and
grab drinks with them after work at least twice a month. Senior Analyst
I have always felt comfortable approaching supervisors, and have found that they value analysts input and take a signicant interest in their
development. Research Analyst
Ive had a chance to build some great working relationships with my supervisorsso much so that I would not hesitate to ask any of them for
recommendations for graduate school or future jobs. Research Associate
I really like my supervisors. They are generally a pretty impressive set of people. Some obviously more than others, but thats to be expected.
West Coast insider
Interaction with Clients
As you become more senior, you are given more exposure to clients and experts. I have been able to lead my own meetings with experts,
which has been a great learning experience for me. Associate
Its a bit of a mixed bag. Most of our clients are great, but some are a quite difcult. I have a good relationship with the vast majority clients
who I work with, but there are a few who are harder to work with than the rest. San Francisco staffer
In general, Cornerstone analysts have relatively limited contact with clients, though opportunities to have more contact are available. Junior
source
Hours & Pay
Vaults Verdict: Hourly demands are no problem for Cornerstone consultants, who appreciate the rms commitments to keeping travel low,
weekends work-free and pay at competitive levels.
Work Hours
I generally arrive by 8:30 a.m. and leave by 7:30 p.m. Maybe a few hours on the weekend. Some late nights and weekends are denitely
required. People here are not into face time, per se, which is great. Experienced staffer
Historically, it seems certain high-performing analysts receive a disproportionate amount of the work, while others do not. This can lead to
feelings of inequity. Boston entry-level
The workload is as advertised: on average, 50 hours per week. However, as expected, there is a lot of variation for each individual as well as
across groups. Manager
The hours at CR are cyclical. Before a deadline, you might be very busy, but it balances out over time. Analysts are expected to work 50
hours per week, with 10 of those hours being non-billable tasks. Non-billable tasks include, but are denitely not limited to, leading the
recruiting effort on campus, writing a report with professors at Stanford on current securities litigation or training other analysts. Associate
Work/Life Balance
My experience has been that managers make a concerted effort to balance your work and life. I had a pretty time-consuming hobby while
working full time, and my managers worked with me to allow me to continue the hobby while still meeting the deadlines. Analyst
The rm is great about promoting work/life balance. Weekend work is not frequent, unless there is a re drill for an engagement. Senior
Manager
It takes considerable upward management in order to maintain a good balance of life and work. Unless youre proactive about fullling out-of-
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Cornerstone Research
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
95
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

ofce plans, managers will expect you to basically be on call. Research Associate
Travel Requirements
Where Cornerstone really stands out to me as compared to management consulting is in the lack of travel. I really feel a sense of being home
where I live, and can maintain active friendships and relationships that wouldnt be possible if I were spending four days a week in a hotel in
random city. New York Senior Analyst
Our travel demands are infrequent. Im now at a level where I occasionally have to travel for a client meeting or something of that nature, but
its not like its a regular part of my job. Senior Manager
Our rm usually requires no travel. There have been rare instances where one ofce will be so busy that they need consultants from another
ofce to work out of their ofce for a short period of time, but this will always be an optional assignment. Analyst
Compensation
I think that Cornerstone offers compensation equal to or better than the industry. Bonuses are generous. I have found that utilization bonuses
do not quite compensate for the additional work done, but the aggregate nancial package is quite satisfactory. Research Associate
Cornerstone has always been very generous. 2009 was not a great year for the rm, and 2009 bonuses were below target, but we are much
busier lately. And even though utilization was not great last year, the bonuses were still pretty good. Manager
I feel that you really dont get rewarded for standing out. If you do a great job, then you get a slightly bigger bonus; if youre terrible, then your
bonus is slightly lower. But the discrepancy isnt as high as youd think. Senior Analyst
Professional Development
Vaults Verdict: Cornerstones very intense rst-year training program is both comprehensive and effective. After that, consultants typically prefer
informal alternatives to the rms formal offerings.
Formal Training
When you start, CR conducts two weeks of very intense training, which culminates in mock expert deposition. Its a really fun process and is a
serious bonding experience for the analysts. Entry-level respondent
Cornerstone conducts ofcial training sessions, given by peers or superiors. These sessions provide very useful insights for professional
development. The initial training is very useful in getting one up to speed, and helps make the transition into this job really smooth. Research
Associate
After a weeklong mock case, most training is learned on the job. Cornerstone also organizes weekly formal training sessions for new hires for
the rst ve to six months, which are helpful for learning the best practices and software that you might not use on your rst case. Analyst
Not all of the training is productive. Most consultants learn more through informal mentoring on live cases. Boston principal
Promotion Policies
There is a clearly dened career path, as long as consultants meet the high level of expectations from the company. Consultants are evaluated
on specic criteria (which is known to them in advance) every six months. Therefore, reviews and promotions are pretty transparent at the
company. Manager
It is not an up-or-out rm. Consultants are given a timeline and the rm tends to adhere to that policy. Id like a little more exibility, even if it
came at the cost of job security. Associate
Cornerstone is into private rewards: salary increases, bonuses, better recommendation letters, etc., rather than title changes. West Coast
staffer
At the analyst level, promotion is on a standard schedule. After ve years, most analysts are expected to move onto graduate school or another
position. Entry-level source
Diversity
Vaults Verdict: Diversity is one of Cornerstones strongest assets; many consultants have joined the rm specically for the prospect of joining a
truly hospitable, engaging work community.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Cornerstone is extremely diverse. Many employees at all levels of the rm from analyst to CEO are women. Cornerstone is very accepting of
GLBT individuals. Los Angeles Analyst
We are a pretty diverse crowd and take care in recruiting to keep things that way. Our diversity is one aspect that makes this place great.
Manager
Our rm is very supportive of minorities and employees needing work visas and immigration support. Senior Analyst
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Cornerstone Research
2010 Vault.com Inc.
96
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Business Outlook
Vaults Verdict: 2009 was a difcult year for Cornerstones clients and competitors, but the rms leadership performed admirably, ensuring the
rms continued strong nancial performance and positioning the rm to resume growth as the economy rebounds.
Overall Business Outlook
After a somewhat challenging year 2009, things are improving. In 2009, management took measures to prevent layoffs, unlike some of our
competitors. This leaves us well placed to take advantage of an improving business situation in 2010. Associate
Employee morale is good; we are doing better than a number of our competitors, which is in part due to the fact that we are a privately-held
rm. We operated protably during the economic decline, and expect to continue to operate at a good level. D.C. insider
This recession has been longer and deeper than expected. Weve had to adjust to it but did not change our core values. Well be ready when
demand picks up again. Senior Associate
Everyone banded together during the slower times. Business is picking up lately, and we are well positioned with our staff and expertise to
take advantage of the economic upswing. Analyst
Condence in Firm Leadership
The leadership is excellent. Everyone loves our CEO and she is doing great things for the rm. Associate
The senior folks take the long view to planning. They do not view labor as a marginal cost, but rather as part of the capital stock that makes
the rm strong. Research Associate
The rm is still actively run by its founders, in whom everyone has great condence. I think the challenge for Cornerstone is going to be in the
next 10 years when the founders either retire or at least scale back. San Francisco staffer
The rms leaders are looking to create a sustainable business that will outlast them, which is great for the next generation of leaders.
Manager
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Cornerstone Research
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
97
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

PRICEWATERHOUSECOOPERS LLP
300 Madison Avenue
New York, New York 10017
Phone: (646) 471-4000
Fax: (813) 286-6000
www.pwc.com/us
www.pwc.tv
LOCATIONS
New York, NY (HQ)
Network of member rms with 74 ofces across the US
PRACTICE AREAS
Advisory
Capital Projects & Infrastructure Corporate Finance
Deals Finance Forensic Services Internal Audit
Operations People & Change Risk Management
Security Technology
Assurance
Tax
Private Company Services
Public Sector Practice
Good all-around rm
Weak leadership, coasting on reputation
Pay for performancegood promotion practices
Accounting focus
99
13
PRESTIGE
RANKING
THE STATS
Employer Type: Private Company
Global Chairman: Dennis M. Nally
US Chairman & Senior Partner: Robert E. Moritz
Global Advisory Leader: Juan A. Pujadas
US Advisory Leader: Dana Mcilwain
2009 Employees*: 39,142
2008 Employees*: 38,160
2009 Revenue*: $9.03 billion; $6.11 billion (global advisory)
2008 Revenue*: $9.33 billion; $6.89 billion (global advisory)
*Employee and revenue gures are for North America and
the Caribbean only
UPPERS
Prestige of rm name
Unparalleled commitment to learning and education
Exposure to upper management
DOWNERS
Considered exclusively an audit rm
Poor work/life balance
Time off negatively affects perceived performance
EMPLOYMENT CONTACT
www.pwc.com/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Getting back into it
Big Four accounting rm PricewaterhouseCoopers has been steadily building its consulting practice in recent years, following the sale of its original
consulting wing to IBM in 2002. These days, PwCs management consulting operations focus on operations, nance, organizational strategy and
structure, process improvement, human resources effectiveness, technology integration and implementation, risk mitigation and crisis management.
And its not difcult to see why; in 2004, PwCs advisory division pulled in some $3.4 billion in revenue. Within four years of restarting a business
consulting unit, that number had more than doubledand thats without the rm delving back into the IT market in any big way; its noncompete
agreement with IBM only ended in 2007, and PwC has yet to signal any great intention to rebuild that portion of its business.
One rm, many members
PricewaterhouseCoopers LLP is the U.S. member rm of PricewaterhouseCoopers, a global network of independent member rms. Today, the PwC
network comprises more than 163,000 people in 151 countries and territories. This international group was created in 1998, with the merger of Price
Waterhouse and Coopers & Lybrand, two accounting and professional services rms that date back to the 1800s. Both Price Waterhouse and Coopers
& Lybrand began in London, and both grew their global presence organically and through mergers.
PricewaterhouseCoopers LLP is headquartered in New York and includes more than 29,000 employees in 74 ofces across the United States. To
the north, the Canadian member rm has more than 5,000 employees in 24 ofces. While each member rm operates independently within its own
geographic locale, there is a considerable amount of cooperation and networking between them, ensuring that the global network of rms works as
both a global entity and on a local scale.
Given its sheer size and country coverage, not to mention the independent setup of its member rms, it should come as little surprise that the services
PwC offers vary slightly within the global network of rms. However, all services do fall into one of three core PwC lines of service: tax, advisory and/or
assurance. As for clients, the rm works with some of the biggest names in global business, including the likes of AXA, JPMorgan Chase and Lloyds
TSB in nance; 3M, Honeywell, IBM, Sony and Walt Disney in technology, infocomm and entertainment; and Anheuser-Busch, Caterpillar, Ford,
Johnson & Johnson and many more in consumer and industrial products and services.
GETTING HIRED
PwC places an emphasis on hiring candidates who would fare best in client-facing work. Early screenings reect recruitments priorities; beware of pre-
interview dinners which, according to one insider, are really interviews in disguise, designed to test an applicants social and conversational abilities.
Fit is more important to PwC than technical skills, says a senior consultant. Initial evaluations focus almost exclusively on behavioral assessments.
Those who make it through on-campus and initial interviews will head to one of PwCs ofces for a full day of meetings and examinations. Typically
conducted by managers and directors, at least three interviews will test the candidates analytic and behavioral strengths with a series of high-pressure
case studies and one-on-ones with senior leadership. For an extra edge, candidates will do well to highlight both their aptitude for and willingness
to learn new skills quickly and on the job.
Candidates who make it past initial stages should feel condent about their chances to get in, as these days, numbers are in candidates favor. But
dont let this get to your headjust because the rm is in growth mode doesnt mean candidates shouldnt put their best foot forward during the
interview process. The rm is selling more work than it has bodies, an insider states. Were hiring a lot.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: In a lot of ways, PwC represents the traditional consulting rm, maintaining an emphasis on face time and on-site work. Insiders
feel strongly about their rm, and are likelier to extol the rms ner points than share supercial gripes.
Overall Satisfaction
PwC cares about its people and that is evident in all that they do. Leadership goes to great length to promote and maintain transparency, and
the leadership team is proactive in implementing new programs or amending existing policies/programs to appease its primary asset: its people.
Financial consultant
Despite tough economic conditions, PricewaterhouseCoopers has found amazing project opportunities for me, and has helped me stretch
myself and continue to improve and develop. Senior source
PwC has exceeded my expectations as an employer and is a great place to start a career. Health care associate
My only complaint is that there is an expectation for people to put in signicant face time, and that expectation seems to go all the way up
through the manager and director ranks. First-year staffer
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
PricewaterhouseCoopers LLP
2010 Vault.com Inc.
100
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Firm Culture
The rm is team-based. We grow together and we help each other develop, unlike some companies who promote cutthroat development styles
in order to get ahead. West Coast analyst
Since most of my friends from school moved away from the area, Ive been very fortunate to make lots of great friends at PwC. Also, the
higher-level employees I work for at the rm have made a great effort to develop relationships with me. Virginia associate
PwC has an amazing work environment, and I have great co-workers who I enjoy working with and spending time with outside of work.
Junior source
The culture is high quality and hardworking. The rm has very high expectations. M&A consultant
Supervisor Relationships
My supervisor allows me the exibility and freedom to take on responsibilities that are normally reserved for higher level staff, which allow for
greater development opportunities. Consultant
Supervisors are very kind and are willing to take the time to coach and give feedback. Entry-level respondent
Because we do not work in the same ofce region, much of our communication occurs via email or instant messaging. Analyst
Interaction with Clients
I have had the opportunity to own relationships with clients, and have become a trusted advisor to many of my regular client contacts. East
Coast midlevel
I rarely interact with clients, but when I do, the relationships are quite good. Analyst
My client relationships arent great, but thats more of a function of disinterest on their side, rather than our rm. Virginia staffer
Hours & Pay
Vaults Verdict: Theres a broad consensus developing at PwC: The hours arent great, but they could denitely be worse. Whether thats a
positive or a negative depends on who you talk to.
Work Hours
Some weeks the hours are longer than other weeks. But overall, compared to what friends at other rms tell me about their hours, it seems
reasonable here. Junior source
PwC has a strong focus on work/life balance, and I have had fullling project opportunities without ever feeling overworked. San Francisco
associate
A lot of time is wasted waiting for data to be processed or received, and waiting on feedback from superiors. Consultant
Work/Life Balance
The challenging engagements are rewarding, but I have the freedom to balance the family and time off commitments. The rm takes it
seriously and supports when it is needed. Energy consultant
PwC makes a point to try and have us balance work and lifemore so than any other rm I interviewed with or know people at. Travel makes
the balance tough sometimes, but it goes with the job. Analyst
As long as I can get my work done, I am generally free to leave early to attend seminars or other leisure activities, as well as take vacations.
Additionally, while I tend to work every weekend, it is only for about an hour or two during the entire weekend. D.C. midlevel
Work does not invade my out-of-work life, although I work late many nights. Senior consultant
Travel Requirements
You can request to not travel, but it limits available engagements. Analyst
I travel to the client site pretty much every day. However, it is closer than my home ofce and very accessible by public transportation.
Public-sector insider
Travel is Monday through Thursday, generally. Due to the travel during the week, telecommuting is possible on the weekends. Financial
consultant
Compensation
PricewaterhouseCoopers has a very competitive compensation policy, especially in the area of benets. My base salary is decent, although it
does reect the economic downturn (but I anticipate strong raises going forward). Junior source
Overall its not the highest paying rm, but PwC pays its employees slightly above other consulting agencies. Entry-level respondent
I could have gotten a better signing bonus, but I understand considering the present economic environment. Senior consultant
I do not feel shortchanged by the rm in any way on my compensation, though it would be nice to be compensated more for my job just due to
life expenses I have. Business consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
PricewaterhouseCoopers LLP
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
101
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Professional Development
Vaults Verdict: A standout area for the rm, PwC is famous for training its consultants to the max. Opportunities, particularly for recent hires, are
informative, engaging, and even funreally!
Formal Training
I received six weeks of training when I started with the rm. The rst two weeks focused on the foundations of consulting, while the last
four focused on technical training. Throughout the course of my engagements, my supervisors often provide me with informal mentoring and
coaching. East Coast staffer
There are plenty of self study eLearning courses, but also a lot of formal in-class trainings. I also am able to do certications that are applicable
to the business. Midlevel source
I have learned a great deal from my project teams, but there are also amazing self-studies and other trainings offered by the rm. Analyst
I feel like there is almost too much training. Senior consultant
Promotion Policies
I believe the average is about three years at each staff level through managerthen it varies with a greater degree. It is not strictly up or out;
there are many opportunities to pursue opportunities in different areas without being promoted. Junior source
Opportunities have been slow with the economy; some feel they have been passed up. Midlevel consultant
I am not pleased with how stringent the requirements are. I think that time requirements are important, but there should be room for people to
be promoted early if they are performing at the next level, regardless of how long they have been at the rm. Virginia staffer
Diversity
Vaults Verdict: PwC displays some homogeny at the top. Especially with regard to women, more attention needs to be paid to the difcult issue
of retention.
Diversity Issues With Respect to Women, Minorities, and GLBTs
PwC makes an effort to promote diversity with sophomore internship opportunities, womens networking circles and other events and groups. I
feel that no one suffers in terms of opportunities and all are welcomed at the rm. Junior source
The rm provides three weeks of maternity leave for the fathers, and extended time for mothers. Associate
There needs to be more women in upper management positions. PwC should work to stress the ex schedulemany women seem to leave
around the time they reach the management positions due to family life. Financial consultant
Overall Business Outlook
Vaults Verdict: Was there ever any doubt that PwC would be just ne? The rm held its ground during the recession, and is now encroaching on
its competitors territory with rapid expansion and an aggressive sales model.
Overall Business Outlook
Were hiring again and cant staff projects quickly enough. Midwest junior
Our rm is extremely well prepared for the next 12 months; we focus a good amount of effort and research into the future of the rm. San
Francisco associate
PwC is well-positioned following the acquisition of many BearingPoint assets. Our leverage model is improved by the addition of the global
development centers, and legacy BearingPoint employees provide a strong technical background to improve PwCs offerings in systems
implementations. Analyst
Employee morale seems to have been somewhat boosted with the review process being moved forward a few months. People are hoping to
have some improvement in compensation earlier then they expected. Strategy consultant
Condence in Firm Leadership
I have been immensely impressed with our leaderships transparency, honesty and open concern for the rms well-being and the well-being of
its people. Midlevel consultant
PwC has a very strong leadership team that has a vision for the rm; I am condent in their ability to execute that plan. Senior source
Love them. The only negative is most of them are ex-auditors that are doing consulting work. But they know how to get the right people on
board. East Coast insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
PricewaterhouseCoopers LLP
2010 Vault.com Inc.
102
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

ALVAREZ & MARSAL
600 Lexington Avenue, 6
th
Floor
New York, New York 10022
Phone: (212) 759-4433
Fax: (212) 759-5532
www.alvarezandmarsal.com
LOCATIONS
New York, NY (HQ)
London (Europe HQ)
So Paulo (Latin America HQ)
Hong Kong (Asia HQ)
41 ofces in 17 countries worldwide
PRACTICE AREAS
G lobal Capabilities
Turnaround & Restructuring Performance Improvement
Tax Advisory Transaction Advisory Dispute Analysis &
Forensics
Industry Expertise
Automotive & Suppliers Consumer Packaged Goods
Energy Healthcare High Tech Manufacturing Media &
Entertainment Private Equity Public Sector Real Estate
Retail Transportation & Airlines
THE STATS
Employer Type: Private Company
Co-CEOs: Antonio C. Alvarez II & Bryan P. Marsal
2010 Employees: 1,700
2009 Employees: 1,600+
Chapter 11 mavens
Not people-focused
Best-paying rm in restructuring
Eat what you kill environment
103
14
PRESTIGE
RANKING
UPPERS
Very little bureaucracy
Exposure to different industries
Being part of a highly respected brand
I love working with Bryan Marsal and Tony Alvarez
DOWNERS
Regional structure limits development of junior talent
Fiscally conservative with respect to back-ofce
improvements
Inconsistent talent grading
Lack of rock-star brand name recognition
EMPLOYMENT CONTACT
alvarezandmarsal.com/en/careers/index.html
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Treatment options
Alvarez & Marsal, an independent global professional services rm, serves clients across a range of industries, including retail, health care,
telecommunications, transportation, technology, manufacturing, nancial services, public sector, government, oil and gas, and energy and utilities.
The rms professionals, corporate doctors as they are sometimes described, focus on preserving and maximizing the value of an enterprise. A&M is
best known for its corporate turnaround and restructuring services, which consist of performance improvement, turnaround advisory, crisis and interim
management, revenue enhancement, creditor advisory, corporate nance, claims management, health care, public sector and risk management
advisory. The rm also lends its expertise in healthy circumstances, advising on performance and process improvement related to functions such as
human resources, strategy, IT, supply chain and customer management. It employs more than 1,700 professionals, and maintains ofces throughout
North America, Europe, Asia, Latin America and the Middle East.
Since 2003, the rm has considerably expanded its geographic reach and capabilities, and it now serves not only troubled and underperforming
businesses, but also those in good health. Today, it provides a range of business advisory services, including tax advisory (A&M Taxand, part of
the global Taxand network), dispute analysis and forensics, transaction advisory and private equity services. A&M also provides highly specialized
performance improvement and restructuring services with a dedicated industry focus in health care, the public sector, real estate and nancial
servicespoint in case, A&Ms Co-CEO Bryan Marsal and a global team of A&M professionals have been leading the post-bankruptcy wind-down and
restructuring of Lehman Brothers Holdings. The rm has also led the restructuring of WaMu and other major banking institutions.
Teeing off A&M
Like many great ideas, the one that led to the creation of Alvarez & Marsal was hatched over a game of golf between Tony Alvarez II and Bryan Marsal
in 1983. The pair, both with backgrounds in nancial services, believed most consultants become so entangled in details that effective decision
making can be neglected. Alvarez and Marsal, therefore, set out to create an organization that could offer tactical, action-oriented assistance to
improve operational performance, instead of just strategic propositions. The rms earliest engagements focused on debtor management and advising
struggling corporationsexperiences that established the skill set utilized today in the rms turnaround practice. A&Ms consulting divisions came
into their own in 2003, when the company began recruiting seasoned professionals from other major rms, among them BearingPoint, Answerthink
and Accenture.
Fixing the broken
A&Ms turnaround and restructuring practice assists clients at multiple points on the downward arc of business failurehealthy with weak divisions
(not yet descending, but beginning to tip), underperforming (slipping and falling) and in crisis (Help! Ive fallen and I cant get up!). The rm uses a
ve-step approach that rst arrests the corporations fall, then reverses it. Step one is stabilize: The goal is to alter the environment to promote positive
change, ensuring there are sufcient cash resources and a well-prepared management team (either by supporting or equipping them with objective,
fact-based information or by placing A&M professionals on the roster as interim executives, when required). Step two is diagnose: The company
investigates and analyzes the state of the industry, identifying obstacles and opportunities. Step three is self-explanatory: plan. A&M takes account of
the clients strengths and maps a course of action. Facilitate is step four, which calls for the cooperation and commitment of the whole organization
to institute the prescribed plan. This facilitation sequences into the nal step, lead. Execution of real change is only possible with capable leadership,
coming from the existing management team or through A&Ms professionals serving in interim management roles or as active advisors.
Making the most of a crisis
While not many rms would have reason to celebrate the sort of economic downturn seen of late, specialists in corporate turnarounds operate in a very
different universe, actually beneting from increased business as companies begin to struggle. A&M certainly falls into that category, and is nothing
if not opportunistica fact amply demonstrated by its launching the nancial industry advisory services (FIAS) group in the midst of the worldwide
credit-crunch in June 2008. (In the U.S., this group is now known as nancial industry regulatory advisory, emphasizing the regulatory and compliance
expertise of this dedicated unit.) The unit offers clients in the nancial services industry counsel from former bankers and bank regulators, turnaround
managers, real estate advisers, forensic accountants and IT strategists, who are led by Samuel P. Golden in U.S., a former senior ofcial with the U.S.
Ofce of the Comptroller of the Currency, and Ann Cairns in London, a former ABN-AMRO and Citigroup executive.
The rms real estate advisory services practice has also been making out well recently, working with the owners, investors, lenders and corporate
users of real estatemany of whom are still reeling from the sub-prime mortgage crisisto improve operations, add value to their businesses and
minimize risk.
GETTING HIRED
References are a big deal at Alvarez & Marsal. Likewise, heavy emphasis is placed on a candidates personal character. Although the interview
process is extensive, candidates quickly get a feel for their chances based on their interactions with initial interviewers. According to one insider, If
we like them, they know pretty fast.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Alvarez & Marsal
2010 Vault.com Inc.
104
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Much of the rms recruiting is carried out directly by each of the businesses, so recruits should expect to meet with senior practitioners during the
interview process. It is not uncommon to be interviewed by either Bryan Marsal or Tony Alvarez, one mid-level consultant reports. But one potential
difculty a prospective hire might encounter is the rms preference for candidates with internal references.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: If A&M consultants arent heaping praise on their rm, theyre probably just being cheeky. But the secret is out: Alvarez & Marsal
offers an enviable quality of life, including one of the most exible work/life balances in the business.
Overall Satisfaction
I have developed professionally exponentially faster than I would have in industry, and much faster than I feel I could have in other consulting
environments. When I summarize my project experiences with colleagues or clients, I am always impressed with what I have had the
opportunity to achieve. Houston consultant
I cant imagine working anywhere else or nding better opportunities to advance myself and my career. Mid-level staffer
I enjoy the exible, and constantly changing, work environment. I also enjoy the challenging nature of the work, which provides for fast
professional growth. However, this eld can be demanding on your personal life, as you must be very exible and willing to work long hours
when necessary. Tax consultant
Firm Culture
Culture is a big part of our business. Not just in who we attract and how we interact, but how we serve our clients. Our culture is a
meritocracy, where those who excel are recognized and rewarded. Operations consultant
My rm is excellent at hiring hardworking, outgoing, like-minded people with a common goal. There are very little ofce politics at work at
A&M, which affords a much more pleasant work environment than other rms Ive worked at. Canadian consultant
The main reason I joined Alvarez & Marsal is the people. I respect my colleagues immensely, but also enjoy hanging outit is a special
group. Mid-level strategist
With professionals traveling so much, it is tough to establish a strong ofce culture. The other business units that are in the ofce more seem
to have a more complete ofce culture experience. Dallas insider
Supervisor Relationships
My supervisors have, to this point, been awesome, without exception. They have shown a high level of concern for their staff, and have been
extremely pleasant and easy to work with. Chicago mid-level
A&M is very at. A consultant can speak with an MD at any time. The fact that MDs have chargeable hour goals and are assigned deliverables
is tremendously positive. Experienced insider
Relationships with supervisors are ideal. I feel that my work is taken seriously and my time is respected. Restructuring consultant
Interaction with Clients
Our clients trust us and view us a part of their solution, working on things that are urgent and they cant do for themselves, so they are usually
complimentary and grateful. San Francisco executive
Client relationships tend to be long-term and very deep. Mid-level consultant
Clients are appreciative of our work, and for the most part have been very supportive. Some clients resist change, but I always feel like we
have a good relationship by the end of a project. Atlanta consultant
Hours & Pay
Vaults Verdict: Similar to most other top rms, travel and long hours are simply intrinsic to any protable consulting schedule. That said, A&Ms
responsive leadership goes well out of its way to make consultants feel valued and not overwhelmed.
Work Hours
You are expected to complete your assigned work. Management is conscientious about not overloading employees. First-year staffer
Management is exible with work hours. Knowing that sometimes we would need to work longer hours to service the client, our managing
director sometimes releases staff members when the workload is minimal. Consultant
Hours are not excessive and exible subject to client needs. Houston executive
Hours uctuate drastically depending on the nature of engagement and variables such as timing. Could be as high as 90, but as low as 40.
New York adviser
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Alvarez & Marsal
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
105
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Work/Life Balance
There is a great culture of exibility related to time not spent on a billable client engagement. Additionally, the rm actively responds to specic
home-life situations (i.e., newborn baby) to ensure that consulting engagements impact the home life in as small a way as possible. Mid-level
respondent
It is acceptable to perform work from home when possible. We dont have to be at the ofce just to put in face time. The vacation policy is
very generous and I am yet to be told no when I ask for time off. Entry-level adviser
When we are on a project, it is a restorm. The work load for a couple months can be very crazy with no work/life balanceve-day-a-week
travel, working on the weekends, etc. This is partially offset by being completely on the beach in between projectsvery little business
development requirements or face time. Experienced business adviser
Travel Requirements
We have consultants who have never traveled in ve years with the rm. Others travel every week. Regardless, personal needs are heard and
the rm tries to accommodate if business conditions allow. Operations consultant
Travel is dependent on the individual, their skills and the work available in their home city. Houston is a very large market for A&M, and
therefore there are a number of in-town projects requiring minimal travel. Other cities have higher travel requirements because of the size of the
market. Texas consultant
Partners could be more proactive about eliminating unnecessary travel by starting travel negotiations with the client at three days instead of four
on site. Experienced adviser
If you dont like traveling, dont apply. Atlanta mid-level
Compensation
I am happy with my pay. During the economic downturn, my pay did not suffer. I also received a sizable bonus and contribution to my
401(k). Entry-level staffer
Heavily incentive-based compensation model. Pay for performancebased on service delivery, sales, and t to culture. Surprisingly high
emphasis on t-to-culture component. Executive business consultant
Pay for play. Its a very results-orientated pay structure. I like it. Midwestern advisor
Professional Development
Vaults Verdict: The rms A&M University sounds academic, but its quality is dubious at best. Luckily for the rm, most of its consultants have
graduated from well-respected schools and are able to pick up the essentials on the job. The rm is out to remedy the situation, however, and is
in the midst of rolling out a new string of training programs for all levels in 2010 and 2011.
Formal Training
Most training is on the job, but the rm is gradually increasing the amount of formal training. For example, we are going into our fth year of
holding A&M University. Operations consultant
Training is not as frequent and structured as I would want. D.C. junior staffer
Ofcial training has been implemented, but its mostly self-study, qualitative-type (think Emotional Intelligence, 7 Habits) books and hasnt been
widely adopted. Entry-level strategist
If you want to be truly mentored and trained, I would recommend going to another rm. Restructuring consultant
Promotion Policies
Theres no formal up-or-out policy. Consultants seem to advance at a pace mostly consistent with their abilities. Public-sector specialist
There are three legs to the stool: Delivering solid work, developing staff and making rain. When all three are ring, you are promoted. New
York partner
Because A&M has few titles, promotions are not as quick compared to the Big Four. Business consultant
[The career path is] somewhat opaque. With the inux of senior talent lately, career paths are not properly dened. Los Angeles analyst
Diversity
Vaults Verdict: The rm takes a hands-off approach to diversity, stating that it hires only on merit. Diversity is quite simply a nonfactor in
recruitment. While this outlook is in line with the rms entrepreneurial spirit, it does result in a lack of heterogeneity within the ranks.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Overall, weve always been a diverse rm. We dont have any active recruitment of any group of people based on gender, race or sexual
orientation, but we seek to hire the best of the best, and that ends up creating a natural diversity. Houston mid-level
Very male-focused. Minorities are a small part of rm. Operations executive
Minorities are notably underrepresented. When asked about this, Tony Alvarez remarked that he hires only on qualications. Strategy
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Alvarez & Marsal
2010 Vault.com Inc.
106
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

consultant
I like to think were colorblind when it comes to how we treat everyone, but at the same time, I acknowledge that there are unique differences
that need unique solutions. Higher-up in New York
Overall Business Outlook
Vaults Verdict: The rms outlook is boldly underscored by its consultants dogmatic admiration for their leaders, Tony Alvarez and Bryan Marsal.
While its the consultants themselves doing the legwork on the ground, the charismatic duo continue to gather a wealth of accolades for the rms
many successes.
Overall Business Outlook
A&M is well hedged against a downturn stutter or a strong upturn with both healthy-company and troubled-company consulting businesses.
Dallas staffer
2010 should be much better than 2009. We have repositioned our service lines to better serve our key accountants and private equity clients.
We have seen a signicant increase in market traction accordingly. Utilization is up, and the pipeline is full of prospects. Mid-level consultant
Our rms outlook is favorable. In the recent recession, our restructuring arm has provided large amounts of referral work, while in better
economic times we have a great deal of tax consulting and compliance work. Seattle rst-year
The regional structure will provide different stories. My region is struggling to sell business, while others are nearly staffed out. Operations
consultant
Condence in Firm Leadership
Tony Alvarez & Bryan Marsal are the absolute best in their eldboth in the industry as well as in guiding their rm and its people. I have
absolute faith in my rms leadership. Canadian nancial consultant
Our leaders are constantly pursuing ways to diversify, grow and strengthen A&Ms brand and internal culture. Furthermore, they are open-
minded to new ideas and practices, highlighting their ability to adapt to the current turbulent market situation. Health care specialist
There is virtually rm-wide condence in A&Ms leadership. Restructuring consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Alvarez & Marsal
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
107
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

230 Third Avenue
Waltham, Massachusetts 02451
Phone: (781) 577-6300
Fax: (781) 487-7301
www.trinitypartners.com
www.trinitypharmasolutions.com
www.akutacorp.com
LOCATIONS
Waltham, MA (HQ)
New York, NY
PRACTICE AREAS
Consulting Group
Advanced Analytics Brand Planning Corporate Strategy
Forecasting Licensing & Acquisition Market Analytics
Pipeline & Portfolio Optimization Primary Market Research
Promotional Effectiveness
Data Group
Dashboards & Analytics Field Sales Data Reporting
Solutions Incentive Compensation Systems Sales Force
Deployment
THE STATS
Employer Type: Private Company
President: John E. Corcoran
Managing Partner: David B. Fitzhenry
2010 Employees: 100+
2009 Employees: 95+
2010 Vault.com Inc.
108
TRINITY PARTNERS, LLC
15
PRESTIGE
RANKING
UPPERS
Exposure to big projects at entry level
Grassroots program to submit projects
Friendly culture, no malignant competition within the
company
DOWNERS
Suburban location
All-done-in-any-timeframe mentality
Peaks and valleys in demand for our services that we cant
always predict
EMPLOYMENT CONTACT
www.trinitypartners.com/careers.html
Email: careers@trinitypartners.com
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Health care pros
Since its founding in 1996, Trinity Partners has maintained a singular industry focus: advising life sciences companies on market strategy, brand
tactics, forecasting, licensing and data analysis. Its clients include pharmaceutical, biotech, diagnostics and medical device providers, ranging from
small companies to members of the Fortune 100. The rms expertise spans all therapeutic areas, including oncology, autoimmune disease, central
nervous system disorders, infectious diseases, cardiovascular health, metabolics, urology and gastrointestinal conditions. And, like a doctor with a
patient, the rm prides itself on not stopping at a mere diagnosis of whatever happens to be ailing a clientit is committed to nding and implementing
solutions as well.
What sets Trinity apart from the rest is its consultants ability to devise long-term, big-picture visionsor roadmapsfor clients, backed by industry
expertise, quantitative focus, thorough research and evidence-based insights. Consultants combine strategic and technical services to add value and
optimize solutions across all of a client companys practice areas.
Trinitys offerings are further strengthened by its primary market research and advanced analytics practices. Both teams operate vertically as
standalone groups, but they also support other strategic consulting efforts. The PMR team offers opportunity assessment by conducting quantitative
and qualitative research, with insights from key stakeholders. This allows for customization and transparency in the analysis provided to clients. The
advanced analytics team, led by statistics PhD Dr. Fotios Kokkotos, delivers market data not generally available from other sources by creating validated
models from large pools of information.
Founding fathers
President John E. Corcoran founded Trinity Partners, and has over 20 years of experience as a consultant to the pharmaceutical and biotechnology
industries. Hes also a co-founder and member of the board of Soteira Inc., a Massachusetts medical device company that is developing a pioneering
new stent technology for spinal surgeries. A graduate of Harvard College, Northeastern University and the John F. Kennedy School of Government at
Harvard, Corcorans specialties are data management, commercialization strategy and analytics.
Trinity is one of the fastest growing consulting rms in the health care industry, but with just two ofces and over 100 employees, it has managed to
keep its boutique feel. The Massachusetts-based rm has an outpost, in New York City, which is headed by Ryan Million, PhD. In other leadership
posts are the rms managing partner, David B. Fitzhenry, a 13-year Trinity veteran and Harvard graduate, who oversees its consulting operation.
See also: subsidiaries
Trinitys business goes beyond strategy, thanks to its subsidiaries. In 2004, the rm created Trinity Pharma Solutions, which provides technology-
based solutionsincluding data management and sales supportto biotech and pharmaceutical operations. Trinity Pharma Solutions offers data
integration and warehousing, business intelligence and proling applications, specialized data management solutions (design and support), program
management, national account contracting and sales operations services.
Akuta Corporation, which Trinity established in 2006, was the rms answer to a lack of available software aimed at medical science liaison (MSL) teams.
Today, Akuta provides cutting-edge web communication and reporting tools to the pharmaceutical, biotech and medical device industries. Akutas
proprietary software system, mslConnect, serves as a communications, management, reporting and resource hub for medical teams. According to
Akutathe name comes from the Sanskrit word for purpose or intentionthe software is designed to be as simple as an email application.
GETTING HIRED
Dont be surprised if that creative, social, athletic team member next to you turns out to be an advanced physics major, an inside source says of
his colleagues, and the one cranking out those sophisticated statistical models regularly has you keeling over with laughter! This speaks volumes
about the kind of individual Trinity looks to hire. Personality is hugewe want people who are driven but know how to kick back and have fun,
another source details. Theres no question that cultural t is a primary point of emphasis in recruiting, but dont be fooled: Candidates who lack the
rms preferred qualications typically dont make it to the hiring stage. Trinity looks for students and recent graduates who display a range of talents
and expertise. We want the relevant background in science, business and economics, but with interesting experiences pointing to a well-rounded
individual that works well with others and has personal passions.
After a rather extensive screening routine (typically including at least two phone interviews, plus case questions), preferred candidates head to
Massachusetts for a round of interviews with upwards of ve current consultants. Be prepared to demonstrate knowledge of the pharmaceutical and
health care industries in your interviews, a consultant advises, highlighting the need for legitimate technical know-how. Candidates can expect three
case questions, minimum, to go with the clear emphasis on cultural t. At Trinity, those that outshine their competition during the t interviews
stand the best chances of getting an offer.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Trinity Partners, LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
109
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Leadership is tasked with the responsibility of maintaining Trinity consultants exceptionally high degree of satisfaction as the rm
grows. The fun and highly collaborative culture is a huge factor in that equation.
Overall Satisfaction
I couldnt be happier! Fun smart people, great clients, interesting work, decent hours, great pay. What more could you want? Senior source
My job satisfaction is extremely high. Trinity thrives on its refusal to have a one size ts all approach. At Trinity, theres no clock-watching,
face time or any level of managerial control on our lives. People are respected and treated as adults to make decisions, which make them the
most productive. Associate
I am always excited to go to work each day, never bored! Theres lots of opportunity for upward mobility, and new ideas are welcomed.
Executive-level insider
While the rm has a fun culture and entrepreneurial feel, its work/life balance can be challenging [at times]. Consultant
Firm Culture
Everyone is friends, and everyone is very social, very smart and very hardworking. The structure is at and you can joke with the partners.
Entry-level Associate
Trinity is full of smart, active people. Social events are at least quarterly, and are well attended. Many people are friendly outside of work, and
some even live with their co-workers! Waltham insider
Everything we have at Trinity is built on a platform of mutual respect and loyaltythe core tenets of our culture. Partner
Supervisor Relationships
Managers are very supportive. The relationship is usually a good balance between friendliness and professionalism. Associate
My boss is one of my best friends, literally. Its our internal relationships that hold us together. Senior consultant
My supervisors are intelligent and friendly, and they treat their employees fairly and are always cognizant of our workload. Midlevel
consultant
Interaction with Clients
We work very closely with most of our long-term clients, and theyve been around long enough that we are familiar with their work and their
priorities. I actually know the names of most of my clients children and spouses. Senior consultant
Our clients are always appreciative of the work we do, and respect all members of the company, not just the ones they have close contact
with. Boston staffer
People are not protective or territorial about their clients. The clients are simply assigned to whoever can most quickly and effectively manage
their project. Associate
Hours & Pay
Vaults Verdict: Trinity consultants endure a heavy workload during the week, but weekends are their own to give to family, friends, and their
community. Almost 90 percent of respondents tell us they work just one weekend per month or less, as needed.
Work Hours
9 a.m. to 7 p.m. is pretty standard, except when you have a deadline coming up, when you might stay past 10 p.m. It depends on the
individual and his/her own work style. First-year associate
I think we have a very manageable schedule. I probably average about 50 hours per week. Of course, in consulting you get the occasional
night or weekend, but personal life is well respected at Trinity. Senior consultant
The hours can be daunting on some occasions, but hard work and long hours are recognized. Midlevel consultant
Work/Life Balance
Trinity is committed to a balanced life in and out of work. Weekly stafng meetings are aimed at creating equal workloads across staff along
with raising concerns if workload gets too demanding. Experienced source
People at Trinity are active in life outside of work, whether thats training for triathlons or volunteering in the community. Trinity encourages all
those things, and thats why theres no one standing over your shoulder dictating hours or vacation allotment. Senior consultant
During the week, my life is go to work, drive home, go to bed, but most of my weekends are free other than the occasional four or ve hours
Saturday or Sunday. Boston staffer
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Trinity Partners, LLC
2010 Vault.com Inc.
110
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Travel Requirements
Especially at the more entry-level positions, travel is rare (once every other month). Junior-level consultant
We do most of our work in ofce, so going to an off-site client meeting (at least for a rst- or second-year) is more of a privilege than a burden.
Junior source
We [often] use telecommunications for meetings with clients. First-year associate
Compensation
Base salary is pretty standard for consulting, but bonuses are extremely generous. Associate
Great pay and awesome bonus because the company is doing so well! Boston insider
Trinitys team culture includes sharing the nancial benets of success across the rm. Theres a real recognition by the rms leadership that
everyone contributes to its growth and success, and should share in the rewards to reect those contributions. Executive-level source
Professional Development
Vaults Verdict: The clear emphasis is on introducing new hires to the industry, but formal training for experienced consultants has been rolled out
and continues to expand.
Formal Training
We have a two-week crash course training for undergrad new hires, which goes over a ton of information. We also have ongoing training
sessions throughout your rst year, which have been very helpful. Associate
Companywide knowledge-sharing sessions (presentations on projects and topics), twice per month, allow us to share best practices and keep
everyone informed on what projects are taking place and what innovation is being created. Junior-level respondent
This year, we are making an effort to extend our training efforts to more advanced platforms (management, leadership, etc.) for folks who have
been with the company for two-plus years. Although we are making inroads, this is still a spot where we need more work. Boston partner
Promotion Policies
People are promoted promptly if they shine. Associate
At Trinity, promotions are truly a meritocracy. Recently, a new undergraduate hire was promoted after an unprecedented short time period
because of her stellar work. This example is a microcosm of Trinitys belief that good work should be rewarded regardless of your age or time at
the company. Junior consultant
It is not up or outit is more of a growth trajectory. They like to see us develop and are willing to put in the time to make that happen.
Experienced staffer
Diversity
Vaults Verdict: The diversity on display at Trinity is impressive for a company of its sizeand considering the fact that the rm hires based on
skills, education and experience, rather than specic metrics pertaining to diversity requirements. The rm is ahead of the industry curve with
regard to retaining and promoting women.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The rm is very diverse, with more and more women being promoted to senior levels. Associate
We are open to all individuals, regardless of gender, race, religion, orientation, etc. However, that doesnt mean were perfect; we need more
minorities across the management levels (only one woman partner). Senior consultant
We dont necessarily have a formal process for identifying and hiring diversity candidates, however, it just works out that we are about 50
percent female and have a good mix of ethnic variability. Midlevel consultant
Overall Business Outlook
Vaults Verdict: Prospects couldnt be much better for Trinity, which insiders say is poised for astronomical growth in the near future.
Overall Business Outlook
2009 was our strongest year ever, and we just reorganized the internal structure to allow for faster growth. Boston staffer
We are growing at an astronomical rate, and are seeing more clients come in almost daily. We have increased our offerings, providing more
abilities for clients to choose from. Associate
Trinity has created a very exible and content-oriented service model for clients that is strongly supported by its culture and approach to
recruiting and developing talented people. Senior consultant
The rm has thrived in good times and bad, and faces a very promising future. Boston higher-up
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Trinity Partners, LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
111
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Condence in Firm Leadership
They genuinely care for and thrive to enhance the work environment. Associate
Decisions are made in a considered and proactive fashion, not reactively. Its really refreshing to see the amount of openness at Trinity.
Midlevel consultant
Trinitys greatest challenge is capturing and building upon the growth opportunity before it without losing the culture and spirit that has driven
the rms success to date. The rms leadership understands this and is extremely committed to making this happen. Senior source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Trinity Partners, LLC
2010 Vault.com Inc.
112
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

BOOZ & COMPANY
101 Park Avenue, 18th Floor
New York, New York 10178
Phone: (212) 697-1900
Fax: (212) 551-6732
www.booz.com
LOCATIONS
New York, NY (HQ)
61 ofces around the world
PRACTICE AREAS
Finance Information Technology Marketing & Sales
Mergers & Restructuring Operations & Logistics
Organization & Change Product & Service Innovation
Strategy & Leadership
THE STATS
Employer Type: Private Company
Chairman: Joe Saddi
CEO: Shumeet Banerji
2010 Employees: 3,300
2009 Employees: 3,300
Prestigious
Internal struggles post-spinoff of the government business
Re-emerging
All the stress, none of the glamour
113
16
PRESTIGE
RANKING
UPPERS
Intellectual freedom
Pushing the boundaries of great work
C-suite access
Free vacation perks
DOWNERS
Sheer volume of work
Shortsighted leadership decisions
False emphasis on work/life balance
Lack of dened culture
EMPLOYMENT CONTACT
www.booz.com/global/home/join_us
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
From outsider to insider
Booz & Company is a global consulting rm that advises businesses, government ministries (outside the U.S.), and institutions around the world
on issues of strategy, organization, operations, transformation and information technology. It holds expertise in a vast range of industries, including
aerospace, automotive, chemicals, consumer, energy and utilities, nancial services, health, industrials, media and entertainment, oil and gas, retail,
transportation and others.
The company, founded in 1914 by Edwin Booz, is one of the oldest consultancies in the world. In its original incarnation, as The Business Research
Service, lone staffer Booz conducted studies and investigational services. The name Edwin G. Booz Surveys was adopted in 1924. Despite then
carrying a title betting his one-man operation, Booz brought in two new employees (George Fry and James Allen) in the 1920s, and the rms work
began to draw attention from large clients like Goodyear, the Chicago Tribune, Montgomery Ward and the Canadian & Pacic Railroad. Since then, the
list of engagements the rm has worked on is perhaps best described as variedit includes accomplishments that range from helping to organize
the National Football League in the 1960s to advising on the breakup of AT&T in the 1980s, to restructuring Nissan Motors in the early 2000s. Along
the way, the company has come up with some revolutionary ideas in the consulting eld, and credits itself with inventing concepts such as human
capital in the 1940s, product life cycle in the 1950s, supply chain management in the 1980s, smart customization in the 1990s and, more recently,
organizational DNA.
Down the middle
In May 2008, Booz Allen Hamilton announced that it was splitting its U.S. government business from its global commercial consulting business. In
conjunction with the split, the rm sold a majority stake in the U.S. government business to The Carlyle Group for $2.54 billion. The commercial
business became Booz & Company, a separate entity owned and run by its existing ofcers. The U.S. government business continues under the
Booz Allen Hamilton name, in partnership with Carlyle. Heading up Booz & Co. is London-based CEO Shumeet Banerji, who had served as managing
director of the original rms European commercial business, and Chairman Joe Saddi, who is based in the Middle East.
Why split a successful company? Growing differences between the U.S. government and global commercial businesses had meant that the two groups
were run differently and serviced vastly different types of clients. Moreover, after the September 11 attacks, the U.S. government units revenue surged
well beyond those of the commercial unit. As a combined company, the rm generated over $4 billion in annual sales, with approximately one-third
coming from the commercial side, even though two-thirds of the rms partners worked in that unit. Not that the split sees the two sides cutting all
ties, however; at the time it was announced, Banerji said his newly independent company might partner with Booz Allen Hamilton when our combined
expertise helps our clients succeed.
Hitting the books
Just as its founder did nearly 100 years ago, Booz continues to place a heavy emphasis on research. The rm regularly publishes reports, white
papers and books, and even publishes a quarterly magazine, strategy + business. It also produces regular podcasted online talk shows on mergers and
acquisitions.
GETTING HIRED
Wholesale change has come to Booz, and its hiring processes have emerged reborn, invigorated by a new set of values the rm now emphasizes and
seeks. Previously, this rm looked mostly for analytical savvy, and was tone deaf to empathy, personability, leadership qualities the soft side of
consulting, one experienced consultant says. As Booz tries to reconnect with its staffers and strengthen its internal culture, leadership has begun
searching for talent that ts its ideal vision of the rms future.
These changes have not compromised the rms unwavering commitment to competency, though; no candidate will make it through without
possessing the intellect and aptitude for quantitative problem-solving thats made the rm famous. Qualied applicants can expect a series of at least
three interviews with a diverse range of Booz consultants and executives, with only a select few candidates advancing to the nal rounds. We decline
a lot of great people, an insider admits, highlighting the cold, hard selectivity of Booz recruitment. The upside is that if you make it through, you
know that we loved you and think that you are amazing!
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Things are changing quickly at Booz & Co. these days, and the road ahead looks promising. A renewed emphasis on corporate
culture and singular identity has reenergized the grateful consultant base.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Booz & Company
2010 Vault.com Inc.
114
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
[We have] great clients, important work and a super-smart and fun team. At Booz & Company, I get the chance to make a difference by
working with some of the worlds leading organizations to help them dene and execute their strategies. New York executive
Im constantly challenged, stimulated and encouraged as I build my experience and my career. East Coast associate
Rapidly improving culture and aggressive moves in the marketplace make Booz & Company an outstanding place to work. The change in
mood and activity is pretty incredible. Health care higher-up
[Weve had a] slow start to branding rm identity and culture, but its picking up speed now. Energy consultant
Firm Culture
The rms culture has evolved for the better. Its great to see a 95-year-old company evolve to the dynamics of today. Strategy associate
Boozs culture is collaborative, supportive and entrepreneurial. You feel that you have an obligation to deliver your best, both for your clients
and your colleagues Atlanta respondent
Its dramatically improving, in part due to the separation from Booz Allen Hamilton and the acquisition of Katzenbach Partners. Midlevel
source
We are striving in good faith to remake a culture that was rather staid and formalI can see the thaw in progress. Senior associate
Supervisor Relationships
Ive had terric senior mentors at Booz. They have signicant experience and great attitudes toward mentoring. Health care insider
This is, by far, the most impressive aspect of Booz to me. The leadership in North America is smart, caring and open to change, and each of
them is truly committed to growth of our rm. Houston staffer
I am constantly impressed with the quality of leadership I receive both directly and indirectly. Senior source
I have extremely close relationships with the partners and principals in my practice. They have created great opportunities for me to learn and
grow as quickly as I can. However, I often nd senior people I dont know very well in the rm hard to reach. Midlevel strategist
Interaction with Clients
Many of my clients are very longstanding relationships in which we have established a high degree of trust and openness over many years.
Health care executive
The clients that I have interacted with have been fantastic. Very early in my tenure, I have had the opportunity to build lasting relationships
with executives Ive gotten to know and respect. Entry-level insider
Client relationships are, in general, very good. If they arent good, they dont buy from us and, ultimately, are not clients. Midlevel consultant
[Interactions are] generally collaborative, but sometimes we feel like we are just there to get data out of them. First-year strategist
Hours & Pay
Vaults Verdict: The rms revitalization efforts have included a focus on more responsive leadership, resulting in more exibility and, if consultants
continue to get their way, less rigid travel requirements.
Work Hours
I wouldnt want to have this schedule forever, but for now its worth it, given all that Im learning and doing. Telecommunications consultant
In ve years with Booz, Ive always been able to get time off if needed, never had a vacation cancelled and only worked four weekends. Not
bad at all. Midlevel source
Some weeks are reasonable, some are ridiculous. Strategy consultant
Sundays usually involve a little email checking. Some partners and managers are terrible and have you checking in all Saturday and Sunday.
Chicago staffer
Work/Life Balance
I have managed an acceptable work/life balance with Booz for 12 years, including with a growing family. It requires discipline and a clear
operating model. Experienced strategist
Overall, the business gives you a lot of exibility, provided that you nd a way to get the work done. If you really hustle during the week, you
can have a good weekend. Midwest executive
By its nature, its challenging. But after wed gotten out of whack with a client last year, I told the partner I was working with that it was just too
much. He acted fast and decisively, and for the rest of the project we never worked past 8 p.m. or on the weekends. New York respondent
Work/life balance became bad to the point where senior management recognized it and they are now very communicative about improving the
situation. A positive sign. Entry-level staffer
Travel Requirements
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Booz & Company
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
115
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Booz expects all staff to be on site with clients Monday to Thursday each week. D.C. insider
This is an area in which Booz could do better. We almost travel by defaultwe dont really analyze whether travel is needed. We just go.
Health care source
If we arent traveling, we arent making money. Also, one of the things I like about the job is traveling to clients and interacting with them. This
job would be intolerable without the travel element. Senior consultant
We could be a little more creative about different working arrangements with clients, and more purposeful in how we manage expectations.
New York executive
Compensation
I really am amazed at what I have been able to earn in my career at Booz. Everyone always wants more, but I feel truly privileged.
Experienced strategy consultant
Pay is pretty great, although we just completed a compensation survey that showed some minor gaps at the senior levels that are being
addressed. Midlevel insider
Despite the worst recession in decades, I believe we have been able to maintain highly competitive compensation for all members of our rm.
Health care executive
Professional Development
Vaults Verdict: A dinosaur from the Booz Allen Hamilton days, the rms attempt at formal training is unsatisfactory, at best. Policy changes are
starting to gain traction, but far-reaching institutional adjustments will have to be made if the rm wants to be truly effective in this area.
Formal Training
One of Boozs biggest dark spots is trainingwe do very little of it, and even when we do, its a low priority. Even trivial client conicts will get
you pulled from a training course you waited months for. D.C. energy consultant
Formal training is conducted mostly via webinar for new hires, with the exception of a one-week introductory course. The webinars are tough
to t in to your schedule and also are fairly unproductive. Operations associate
Booz does offer a good amount of formal training, but I dont see many people taking advantage of it. On-the-job training is certainly more
common. Booz insider
What Booz lacks is a formal, in-person, in-depth training program beyond the initial on-boarding. People are trying to start it up, but were
going to be trailing the competition for a while on that one. Chicago entry-level
Promotion Policies
We are up or out on our strategy track, although there are ways to create exibility at the principal level when the case merits. We have an
expert track, which has become an increasingly signicant part of our business, which is not up or out. Strategy executive
The issue is that the promotion criteria are not consistently applied across tracks or industries. Midwest midlevel
We are strict on promotions, and tend to not promote if there is any question whatsoever from anyone. This keeps the quality high, but it
means you sometimes need to be a rock star with a halo and a recommendation from the pope to get promoted. Energy higher-up
The rm is making an effort to promote people faster at MBA [level] and above, but thats just going to bring us to market expectations.
Entry-level consultant
Diversity
Vaults Verdict: While consultants note Boozs continued efforts to promote diversity, they also see a distinct lack of women and minorities in the
top spots.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Its always tough in our industry, but at least I know the heart is there, so I am condent that we will get better. Senior associate
Im openly gay at work and my colleagues are very supportive. Booz provides resources for GLBT recruiting and sponsors social events for
GLBT employees. I dont see a lot of GLBT representation among the senior leaders, but we are currently improving diversity efforts in North
America and I think the rm has the right intentions. Strategy consultant
The rm is starting to focus its attention on attracting, developing and retaining women. I nd that we lack a lot of racial diversity and havent
seen many programs to address it. Our rm traditionally did not have much of a GLBT community, but that has improved dramatically in the
last six months. Midlevel staffer
The rm is very diverse from a minority perspective, which creates a great, dynamic work environment. I would like to see more women in
senior roles, as it seems that there are very few ways to reach partner in the rm while also juggling a family and kids. Junior source
Overall Business Outlook
Vaults Verdict: When Booz prepared to leave Allen and Hamilton in the dust, this was surely the most favorable outcome they could have
imagined: The rm is ring on all cylinders, with morale at its highest point in years. Exciting times ahead.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Booz & Company
2010 Vault.com Inc.
116
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Business Outlook
For my particular practice, we have way more work in the pipeline than we have people to complete the work, and we are hiring like crazy!
Operations consultant
We just nished an outstanding year in North America, with both revenue and prots coming out very strong. We expect next year to be good
also. Midwest staffer
I think were seeing great growth. The new Booz & Co. brand and positioning is really hitting its stride in the marketplace. Its an exciting
place to be right now. Senior consultant
The rm is on the move on pretty much all frontsideas, clients, recruiting, culture. There is an energy and buzz in the air. Chicago
executive
Condence in Firm Leadership
I think the people who run Booz are sharp and compassionate. I believe in our leadership. Energy executive
I think they have done a great job building the rm and growing the business. They have provided clear leadership as we emerged from the
split with Booz Allen Hamilton and almost directly entered the worst recession of our lifetime. East Coast associate
Shumeet Banerji is an exceptional CEO: visionary, driven, involved, in the market meeting CEOs around the world. Health care staffer
Started a bit rough with our bad decision-making last January 2009, but since that time weve made amends and even hired back folks whom
we let go. D.C. insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Booz & Company
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
117
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

1301 Fifth Avenue, Suite 3800
Seattle, Washington 98101
Phone: (206) 624-7940
Fax: (206) 340-1380
www.milliman.com
LOCATIONS
Seattle, WA (HQ)
52 ofces in North America, Latin America, Europe and Asia
Pacic
PRACTICE AREAS
Employee Benets Health Care Investment Life &
Financial Property & Casualty
THE STATS
Employer Type: Private Company
President & CEO: Pat Grannan
2010 Employees: 2,250
2009 Employees: 2,400
2009 Revenue: $610 million
2008 Revenue: $585 million
Employees are happy here
Actuaries that work primarily with insurers and government
entities
Strong midmarket presence
Association of small rms
2010 Vault.com Inc.
118
MILLIMAN, INC.
17
PRESTIGE
RANKING
UPPERS
Superior technical expertise
Autonomy and exibility
Opportunity to share in the risk and rewards of ownership
DOWNERS
Decentralized structure
Lag in promotion timing
Not recognizing immediately when a person is ready for the
next level
EMPLOYMENT CONTACT
careers.milliman.com/home/index.php
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
An independent streak
Seattle-based Milliman, Inc. is proud of its independence, never answering to outside ownership or inuence. That kind of go-it-alone attitude has
worked for the rm, whose clients seek it out for objective actuarial and consulting advice. Owned and managed by approximately 300 principals, the
2,400-plus-person rm, which has 52 ofces spread across the globe, extends its services to businesses, government agencies, unions, educational
institutions and nonprot organizations alike.
Founded in 1947 by insurance industry veteran Wendell Milliman, who was later joined by an actuary named Stuart A. Robertson, Milliman &
Robertson, Inc., mainly focused on assessing business risk. Although actuarial consulting remains a major Milliman focusmore than 1,000 of its
employees are qualied actuariesthe rm has expanded its practice areas to include employee benets, health care, investment, life insurance and
nancial services, and property and casualty insurance.
Pioneer days
Milliman has been a self-described pioneer in the retirement plan industry for the past 60-plus years. Services included dened contribution services,
actuarial consulting, communications, compensation consulting, dened benet administration, health and welfare consulting and administration,
participant education and total retirement outsourcing, among other services. Clients working with Millimans employee benets experts also have
access to the rms proprietary tools, including its salary surveys, its benets information and knowledge exchange (BIKE) database of news, source
documents and benets-related data, and its trademarked Milliman Actuarial Retirement Calculator (MARC), a pension administration system for the
administration of dened benet and cash balance plans.
Going global
In recent years, Milliman has made a concerted effort to grow both in and outside the United States, with a growing list of expansionist moves, such as
the opening of new ofces in Paris, Bucharest, Dublin and Dubai in 2009. Millimans employee benets practice also extends its international reach as
a founding member of Abelica Global, formerly known as Milliman Global, a worldwide network of consulting rms that focuses on employee benets,
investments, insurance and health care. Each member rm maintains its independence, engaging with the network as an equal participant. Today,
Abelica maintains ofces in almost 100 cities around the world.
Going on record and online
Among Milliman consultants many articles and studies that are available online, the rms website also hosts two series of downloadable interviews
with Milliman consultants called Spotlight on Risk and Healthcare Reform. The rm also publishes Insight, a continuously updated online journal
that focuses on risk-related business issues, including details of how Millimans insurance clients, using MG Hedge, were able to minimize exposure
to recent market volatility.
GETTING HIRED
Theres a strong focus on academics among the criteria Milliman recruiters use to identify potential hires. We look for people with the highest
academic qualications, one consultant offers. Your academic record and work experience are the rst two differentiators. In particular, the rm
seeks out math and business majors, especially those who have the persona (understanding, listening, nonaggressive, sincere) necessary for quality
face time with clients.
Consensus is a big part of Millimans hiring strategypotential hires typically meet at least 10 Milliman associates, all of whom must give the green
light to the candidates success. Ultimately, the successful candidate will have navigated a series of three interviews, at least one computer aptitude
examination (with a focus on Excel) and a comprehensive personality test. Once accepted, consultants should expect to be proactively welcomed to
the rm; they introduced me to a local realtor and helped me see the community before I moved here, one grateful associate says.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Because the rm is owned by the consultants themselves, they take great pride in their work and expertisea winning formula for
employee satisfaction.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Milliman, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
119
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
120
Overall Satisfaction
Ive never had an experience as good as Milliman. We have great colleagues and management who want each other to succeed. [There is a]
very collaborative atmosphere with a completely happy balance in life. Senior consultant
Milliman has offered me great opportunities for personal and professional growth. I very much feel a part of the process here, and my
contributions are greatly valued. New Jersey higher-up
I have a great deal of personal freedom to consult with my clients, but Milliman is supportive with available tools and continuing education
opportunities. HR consultant
Satisfaction is generally very high, but the rm doesnt always do a good job recognizing the contributions of smaller practices that are stable
and successful. Finance associate
Firm Culture
The associates are hardworking and stand behind the Milliman name. We strive for excellence and efciency while bringing a happy working
environment. Minneapolis staffer
Milliman has a culture of collaboration. This has allowed me to learn from the best minds of the company, and it allows the rm to develop a
tremendous amount of intellectual capital. Financial consultant
We have a rich historyeach ofce has the feel of a small company with the backing and resources of a large employer. New York insider
Supervisor Relationships
We have close and frank relationships with our peers. There are no supervisors here. Actuarial consultant
[We have] wonderful relations, timely follow through and wonderful management of expectations. Chicago associate
Managers ensure that you have the proper resources and support to complete the assignments given. Midlevel consultant
Interaction with Clients
I normally enjoy a personal relationship with my clientsit is the most rewarding part of my job. HR consultant
Our relations with our clients are excellent. We do our best to keep it that way. New York principal
The client relationship is the most important aspect of our business; you will usually interact with a client at a higher level in the organization
than you would as a similar employee within the client company. Executive-level source
Hours & Pay
Vaults Verdict: Milliman consultants work with an enviable degree of autonomy, so they largely control the extent to which theyre in the ofce or
replying to emails from home.
Work Hours
I probably work 45 to 55 hours a week, and the hours are completely exible, so it gives me the opportunity to balance personal and
professional time. Senior consultant
While I work long hours, it is by personal choice. It stems from my desire to be the best in the industry. Chicago higher-up
The hard work denitely is recognized and appreciated. HR consultant
We have a room to take power naps. Strategy consultant
Work/Life Balance
When I need extra time or a schedule change to accomplish something outside of my work routine, I not only get the time, but Milliman
encourages me to take it. Strategy executive
I feel we have the opportunity to use exible time schedules, and I really enjoy what I do and the people I work withso sometimes work and
life are one! Senior source
We balance our clients by assisting them to proactively work with us on annual service needs and timing. Therefore, their needs are met ahead
of deadlines. Experienced nance consultant
One of the reasons I work pretty much every weekend (limited amounts of time, though) is that I make sure to not miss out on family time
during the week. Associate
Travel Requirements
Most work is done on local clients, with no extensive travel. Most overnight travel is for corporate or professional meetings. East Coast staffer
Travel is not technically zero, but its less than one day per week, on average. Dallas insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition
Milliman, Inc.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
121
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition
Milliman, Inc.
We very rarely work on site for prolonged periods, but there are many short trips. And since each ofce is responsible for generating its own
business, there are a lot of marketing-related trips. Senior consultant
A travel request to the ofce in India is a bit aggressive. Financial consultant
Compensation
Theres an unmatched ability to become a true owner in an independent rm and reap nancial rewards (and risks) of ownership. Executive-
level source
Compensation is fair compared to the industry standard. Midwest associate
2009 was a tough year for the rm, but thankfully, bonus payouts were still awarded. Midlevel consultant
Occasionally, bonus compensations are adjusted (usually downward) without proper discussion and explanations. Financial consultant
Professional Development
Vaults Verdict: The rms consultants might not be overly concerned about the general lack of formal training, and feel that their informal support
network is sufcient to bring them up to speed.
Formal Training
We do not have a structured training program but work together to mentor each other and share information learned. Strategy consultant
Study programs for attaining credentials and technical forums are offered, and participation is encouraged. Dallas staffer
Its mostly informal, but the rm sponsors two meetings with formal training each year. In addition, I am able to attend industry conferences.
Senior source
[Training is] on the job and on your own time. Philadelphia higher-up
Promotion Policies
It is not strictly up or out. I like that. Milliman makes a good effort at letting people stay at a certain level until theyre ready to take on more
work and be promoted. Midlevel consultant
The company has a very at structure, so promotions are mostly measured by level of responsibility, less in changes in titles. With four to ve
years of experience, most consultants are advancing to managing full projects. Senior source
Promotion does not always mean more salary. The bonus structure rewards all performers. Consultants take on client responsibilities as soon
as they can. Consultant
For senior and above levels, promotions are somewhat politically driven. Experienced Midwesterner
Diversity
Vaults Verdict: Respondents feel that their rm does a perfectly adequate job recruiting and maintaining a diverse workforce.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Milliman is nondiscriminatory in all waysour ofce has a great cross-section of ethnicities and genders. The rm is sensitive to the needs of
its employees and offers some exibility to the workday to meet their non-work life needs. HR consultant
We celebrate International Womens Day with [a] lot of pride. Entry-level consultant
Throughout Milliman there are many different classications of people. All are treated with the same respect and have the same expectations,
as far as I can tell. East Coast higher-up
Overall Business Outlook
Vaults Verdict: Diversication is the name of Millimans recessionary redeemer, keeping the rm aoat when certain practice areas offered little
more than dead weight.
Overall Business Outlook
Were well positioned for a good year in 2010. Employee morale is up, we are rethinking how to service clients and we have tried to
restructure, rather than eliminate, jobs. Senior consultant
We have a diversied business, so one area is always hot in the market. We are experiencing growth in actuarial and administration
practices. Associate
Were a leading provider of health care consulting services, and health care reform should keep us quite busy. Executive-level source
Morale has suffered, but it does seem to be improving. Senior source
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Condence in Firm Leadership
Because of the unique structure of Milliman ofces, practice leaders are given a lot of room and support to be innovative and entrepreneurial.
This allows the rm to continuously grow and bring new ideas to the table. Associate
Our leaders are committed, open and experienced, as they come from within the rm. Financial consultant
Much of the effective leadership is at the local practice level. New York insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Milliman, Inc.
2010 Vault.com Inc.
122
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

STRATEGIC DECISIONS GROUP
745 Emerson Street
Palo Alto, California 94301
Phone: (650) 475-4400
Fax: (650) 475-4401
www.sdg.com
LOCATIONS
Palo Alto, CA (HQ)
Bangalore
Beirut
Chennai
Gurgaon
Mumbai
Singapore
PRACTICE AREAS
Business Strategy Education & Training Partnering &
Outsourcing Portfolio Strategy Risk Management
THE STATS
Employer Type: Private Company
Chairman & CEO: Carl Spetzler
2010 Employees: 85
2009 Employees: 90
Blowing up
No direction
Innovative, unique
Deferred MBA offers a few years back
123
18
PRESTIGE
RANKING
UPPERS
Has outlasted all of the latest consulting crazes
Flexibility to work wherever and whenever one can
Ive been going places I never thought I would visit
DOWNERS
Not as big as we once were
Being pigeonholed as a geek or quant jock
Not well known outside its primary client base
EMPLOYMENT CONTACT
www.sdg.com/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Make a decision
Headquartered just down the road from Stanford University, Strategic Decisions Group specializes in providing high-level decision making, risk
management, and value-based leadership advice to its clients. Formed in 1981, the rm partners with boards of directors, heads of business units and
senior managers in a variety of mostly capital-intensive industries via ofces in the United States, Europe, the Middle East and Asia. SDG consultants
serve many of the worlds largest research and development-intensive companies, energy companies, technology and communication companies,
diversied chemicals producers, and companies in transportation, infrastructure development, mining, private equity, agriculture and forest products,
and commodities.
Divide and conquer
SDG co-founder Ronald Howard rst developed the concept of decision analysis while teaching at Stanford University in the 1960s. Decision analysis
is a way of dissecting business decisions in a formal manner, often using tools such as diagrams and decision trees. Uncertainties are transformed
into probabilities and probability distributions. Decisions are made based on which options have the highest utility. Decision analysis is still at the
center of the rms methods, although it has been modied as new ideas and technology have come into play over the years. The method certainly
has its critics, though, with the foremost attack probably being that humans dont actually think this way. But proponents argue that the method is
simply a way of seeing options more clearly.
The rm has also gradually offered services beyond strategic decision analysis as time has gone by, and it now tries to create, deliver and protect value
for shareholders in any way possible. The rm helps clients identify growth opportunities, create strategies and analyze and test those strategies. SDG
also tries to help clients deal with the unknown in creative ways. Perhaps to diffuse the impression of its methods being cold and mechanical, the
rm emphasizes that strategic consulting is as much art as science, and its literature states that amongst the most important goals of its foundation
was creating a fun company to work for.
Industrial evolution
SDGs specialty is serving industries that are on the cusp ofor often faced withmajor game-changing market shifts that require managers to
make big bets ahead of the curve. The rms 12 practice areas hone in on a number of these industries, including chemicals, consumer goods,
energy and environment, nancial services, infrastructure, manufacturing, metals and mining, real estate, special economic zones, technology and
communications, and transportation.
The rms largest industry practice area, however, is its energy and environment segment, which works with electric and gas utilities, nuclear power, oil
and gas, petrochemicals, and renewable energy companies. Recent energy market volatility has given the rms experts a lot of business, especially
in 2008, when the price of oil made a round trip from $85 per barrel to $145, and back again to below $50. The rm says it developed strategy for
and trained more than 1,000 energy executives in corporate strategy development and implementation, enterprise risk management, nuclear strategy
and risk management, portfolio and asset management, and environmental strategy.
The bookworms next door
Considering the rms origins at Stanford University, its not surprising that SDG emphasizes its connections to the academic world, even claiming to
have more PhDs on staff than most university graduate programs. Since 2006, the rm has collaborated with the Stanford Center for Professional
Development to offer a Stanford certicate program in strategic decision and risk management (SDRM). The program now has participants from over
50 countries and, as of April 2008, can be completed online. The program is designed to help organizations make better strategic decisions while
managing risk.
Outside of the certicate program, the rm also offers public courses and workshops designed to build individual capabilities in decision analysis and
in SDGs decision-making methodology. And if course work isnt your thing, SDG also offers Executive eBriengs, which are free, one-hour online web
conferences designed to help senior executives maneuver in todays business environment. Since 2000, SDG has presented more than 50 eBriengs
to thousands of executives around the world. Topics covered have included making strategic decisions in difcult economic times, designing and
managing enterprise risk management programs, and best-practice tips for senior management decision making.
Eye on India
SDGs push into India began in 1995 through a joint venture with ECS Limited, an Indian management consulting rm. In 2007, SDG acquired ECS
strategy practice, and over the next six months, opened ofces in Bangalore, Gurgaon and Mumbai. To further serve its growing client base outside
the U.S., SDG opened an ofce in Beirut in 2008 and in Singapore in 2009.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Strategic Decisions Group
2010 Vault.com Inc.
124
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

GETTING HIRED
As SDG is a smaller rm, prospective candidates have a narrow window of specic qualications and personalities they need to exhibit if theyre to be
seriously considered. Top candidates probably have an engineering undergraduate degree, an MBA from a top-tier institution or a PhD in engineering
or economic systems, an associate points out. As if the requisite degree of technical expertise werent enough, the applicant pool is further limited by
the rms hesitance to hire tech-savvy candidates who dont possess all the usual consulting skills and business savvy. Facility in verbal expression
is a real recruitment priority at SDG; whoever cant pass the six-hour-ight rule will be passed over, regardless of qualications.
Typically, a candidate goes through ve to six rounds of interviews, an insider reveals, while another concurs that the process is quite rigorous.
Quantitative and analytical competency is a denite focus of the process (expect several case studies), though cultural t is also intensely scrutinized.
We are very careful to screen for a match with our values and culture. Sharks are not welcome, says a candid source. Competent critical thinkers
should excel in the process, but the specter of personality always looms overhead; those lacking leadership and communication skills will likely
struggle.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: SDG consultants are enormously satised working at the rm, glad to sing the praises of what they consider to be one of the
attest, least hierarchical rms around.
Overall Satisfaction
I engage in professional activities that I nd enormously satisfying. Senior consultant
My job is challenging, demanding and interesting. My colleagues are among the nicest in the industry. My responsibilities continue to
expandtheres never a dull moment. Executive-level source
We have a great set of colleagues engaged in serving clients with the best methodologies available, and a wonderful, high-integrity collaborative
environment that values individual initiative. What more could anyone ask for? East Coast partner
The job gives me just about the right amount of challenge and excitement. Energy consultant
Firm Culture
SDG is a rm characterized by an open, honest and supportive culture. We have worked hard to avoid being a political organization, and that
has paid off. Our systems, processes and culture all support a collegial work environment and meritocracy. There is very little interpersonal
competition. Senior staffer
We have two policies: Treat others well and never deceive. Consultant
Socially, it feels like having friends around. Politically, its a very open, at and honest culture. Professionally, were hardworking and expect
the most out of you. Private equity analyst
They say the rm has no sharp elbows, and it seems to be true. For the most part, everyone shares knowledge, invites input and is striving to
increase the pie for all, rather than grab a larger piece of the pie for themselves. Palo Alto insider
Supervisor Relationships
Our CEO once said that SDG is a place for people who dont want to be bossed and dont want to be a boss. Senior consultant
I have an excellent relationship with my supervisor. It is characterized by mutual respect, high trust, great warmth and collegiality, good humor,
fun, empowerment and good support when needed. East Coast higher-up
We have a at organization and nurturing culture. California partner
Hours & Pay
Vaults Verdict: As far as hours are concerned, SDG consultants have more than their fair share. But instead of griping about it, they put their
independence to good use, maximizing their energies and agendas to great effect.
Work Hours
The rm does not focus on hoursbut rather on the results that we produce. There is tremendous personal freedom and responsibility.
West Coast insider
Hours uctuate a lot, but I have decent control and can secure time for private/family activities. Energy associate
In theory I work part time, however 2009 was a very demanding year and I was happy to put in the extra hours for the good of the rm and our
long-term success. Partner
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Strategic Decisions Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
125
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Work/Life Balance
SDG is totally exible. When there is a push, we all pitch in. When there is a lull, nobody is investigating your down time. Associate
Balance is a very personal thing. SDG makes it possible for individuals to nd ways to create balance. It takes initiative to gure out what you
need and to ask for it, and SDG is very willing to support what it can. Palo Alto staffer
I found it best to take extra weeks off to be able to pursue my personal interests. That works well. Executive-level source
Travel Requirements
Travel is purely driven by project requirements. For project supervisors and senior content experts, on-site time is less than for engagement
managers and consultants working closely with client project teams. California midlevel
We spend our time on the clients site, and (of course) we have no local clients. Senior source
I am out of ofce 50 to 60 percent of the time. Travel is a requirement to fulll my roles and responsibility. Senior consultant
Compensation
Compensation is adequate. In ush years, bonuses can be quite generous. Consultant bonuses are based primarily on utilization relative to
ones peer group. West Coast insider
Like all rms, compensation at SDG was impacted by the recession, but not signicantly, and we retained all of our employees. Midlevel
consultant
I dont care to be making the most that is possible in the consulting business. Rather, I want a great total professional satisfaction with a high
quality of life. SDG allows me to achieve that. Senior source
Professional Development
Vaults Verdict: While budgetary restrictions have claimed some of the surplus training opportunities at SDG, its not enough to dampen
consultants praises for the core offerings.
Formal Training
Overall, the training and professional development at SDG is excellent. All new employees take the two-week consulting workshop, which lays
the foundation. The rm offers several other courses through Stanford and in-house. West Coast junior
SDG has an extensive and world-class training curriculum. While consultants learn a tremendous amount on the job through project
experiences and mentoring, virtually all consultants receive formal classroom training each year. Partner
We have excellent training by some of the best instructors I have ever had. Analyst
Promotion Policies
For standard consultants, the promotion policy is well articulated and consultants advance at a pace consistent with their abilities. Education
associate
This is a clear meritocracyits not strictly up or out; in some cases, consultants have asked to cut back their time, which the rm
accommodates in most cases. This could delay time to partner. Strategy insider
Sometimes it is hard for new hires to grasp the reality that every partner and director wants that person to advance to partnership as quickly as
possibleits in their self interest. There is no ceiling. Energy partner
Diversity
Vaults Verdict: Consultants point to the rms historically high GLBT population and the relatively high percentage of female partners as evidence
of SDGs commitment to diversity.
Diversity Issues With Respect to Women, Minorities, and GLBTs
SDG is among the best rms for GLBT staff. Over the years, we have had quite a few GLBT staff and partners. Management partner
Women do quite well at SDG; over 20 percent of our partners are women. It would be higher, but the reality is that many women of child-
bearing age tend to eventually choose jobs that do not require so much travel. West Coast staffer
The rm is excellent in accepting individuals from all quadrants. Energy associate
Overall Business Outlook
Vaults Verdict: Business plummeted in 2009 for SDG, but the rm outshone its competition by keeping morale high and its consultants at ease.
That approach should pay off as the economy kicks back into gear.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Strategic Decisions Group
2010 Vault.com Inc.
126
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
127
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition
Strategic Decisions Group
Overall Business Outlook
First-quarter 2010 results and prospects greatly improved over 2009. Analyst
Our clients are nding a greater need for our quantitative approach as the economy rebounds. The market is impatient and has little use for
soft pitches. People want a solid explanation of the foundations of their strategy, not just a well-spun story. Experienced insider
The market is way down, but were hanging on. West Coast partner
SDG is a small and nimble rm, and has managed to weather the economy well. Thats not to say things havent been difcult; client
engagements are shorter than they used to be, and there has been pressure to discount rates. However, rather than lay off staff, the entire staff
took a pay cut in an effort to share the pain. Senior source
Condence in Firm Leadership
The rm seems to be focused on all the right thingsexcellent client delivery, winning new work, and using the downturn to develop staff and
investigate new services so we can emerge even stronger. Associate
Our leaders are very experienced and very intellectually honest. Strategy consultant
We are led by the founders of decision analysis and by the many people who were attracted by the intellectual challenge and the culture, and
believed it was worth working to preserve and grow. Analyst
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
128
PRESTIGE
RANKING
UPPERS
1:4 director-to-consultant ratio
Global clientele
Big enough for opportunities, small enough for
entrepreneurship
DOWNERS
Little structure to internal operations
High cost consciousness
Lack of a wide service base
THE STATS
Employer Type: Private Company
Global Managing Director: Scott Hefter
Americas Managing Director: Mark Strom
2010 Employees: 730
2009 Employees: 670
EMPLOYMENT CONTACT
Use the online application form at www.prtm.com/careers
77 Fourth Avenue
Waltham, Massachusetts 02451
Phone: (781) 434-1200
Fax: (781) 647-2804
www.prtm.com
LOCATIONS
Boston, MA
Chicago, IL
Dallas, TX
Detroit, MI
New York, NY
Mountain View, CA
Orange County, CA
Washington, DC
Bangalore
Beijing
Dubai
Frankfurt
Glasgow
London
Munich
Oxford
Paris
Shanghai
Tokyo
PRACTICE AREAS
Customer Experience Innovation Operational Strategy
Product & Service Innovation Supply Chain Innovation
Results-oriented
All ops, techy
Good career progression
No brand name
PRTM
19
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Op-center
Even the most brilliant business strategies fail without the right operational strategy. So says PRTMs corporate brochure, going on to dene a
winning operational strategy as something that translates a rms direction into operational reality, creating strategic competitive advantage. That,
in a nutshell, is what PRTM sets out to do for its clients: to gain an idea of a rms overall direction and help them to reach their destination through
innovative operational strategies for products, supply chains and customer experience. Of course, as a consulting rm, PRTM is a little more jargon-
tastic than that, as can be seen from its full list of capabilities: accelerating operational clockspeed, achieving sustainability, developing breakthrough
products, driving asset utilization, driving top-line growth, expanding global presence, improving cost structure, managing organizational change,
maximizing acquisitions and alliances, navigating regulatory change and strengthening customer loyalty.
The rm serves its customers from 19 ofces in eight countries around the world, and maintains a footprint on four continents. Clients come from a
diverse array of industries, including aerospace and defense, automotive, communications and media, chemical and process industries, consumer
goods, electronics and computing, energy, nancial services, health care, industrial, life sciences, private equity, public sector, software and
telecommunications.
When the bubble bursts, learn to swim
Founded in the heart of Silicon Valley (Palo Alto, Calif.) in 1976, the rst two decades of PRTMs existence were spent serving the tech industry,
including major rms such as Cisco, Texas Instruments and Sun Microsystems. The tech bust in the early years of the 21
st
century proved to be
something for a wakeup call for the rm, however; seeking ways to maintain its revenue, it was forced to diversify its service offerings, and began by
expanding into the public sector, automotive, life sciences, consumer products and global health.
Data crunchers
One of the core planks of the PRTM ideology is that benchmarking, analytics and frameworks are essential to driving improvements in operating
performance. Having long practiced performance measurement in its work, it seemed only natural for the company to form its own enterprise to
capture operational performance and best practice information. In 1998, the Performance Measurement Group, LLC (PMG) duly arrived, and has
served over 1,000 companies with its operational benchmarking offerings since then.
PRTM helped develop the Supply-Chain Operations Reference-model (SCOR) standard, which serves as the platform for its supply-chain
management services. PRTM also took part in the founding of the Supply-Chain Council, an 850-member nonprot consortium that maintains and
promotes the SCOR open industry standard as a basis for achieving operational excellence. In addition, PMG provides SCOR-based benchmarking
services that comprehensively compare a companys supply-chain performance, practices and operations complexity to other companies in their
industry, thereby allowing performance objectives to be fully aligned with operational strategy.
Setting the pace
Another major PRTM methodology is PACE (Product And Cycle-time Excellence). The PACE framework attempts to create protable growth
by introducing the right products at the right pace. PACE relies on a dense mix of data concerning schedule variance, time-to-market, pipeline
throughput and R&D effectiveness. BusinessWeek has called PACE one of the most successful and effective models of the product development
process for technology-based industries.
GETTING HIRED
PRTMs hiring is not driven by quotas or project demands, an associate tell us. PRTM only hires top-tier talent. An ominous introduction? Perhaps.
But PRTMs stafng model doesnt adhere to the same stiff standards that many top rms adhere to (e.g., 3.9 GPA from an Ivy League school). One
consultant sums it up best: Hiring is based on t, not on being able to solve a particular problem or grades at an institution. At the end of the day,
its 1) Is the candidate partner material? And, 2) Will the candidate be able to work effectively in a high pressure project with peers of equal intellectual
capability?
Make no mistake, depth of expertise and quality analytic skills are extremely important to the rm. Cool pragmatism rules the day at PRTM; the
interview process favors an exceptionally strong critical thinker with enough experience or focused education to make an immediate impact with little
direction or supervision.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: PRTM is a place where the industrys seasoned, hardnosed pragmatists can team up to do interesting, meaningful work at their
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
PRTM
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
129
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

own high standards. For those who love a challenge, its an ideal work environment.
Overall Satisfaction
I have been nothing but satised with PRTM. I have been given the tools necessary to succeed and I feel that I have been recognized
appropriately for my efforts. Public-sector consultant
The learning curve, executive exposure, quality peer involvement and ability to signicantly inuence corporate success have been invaluable.
Senior source
PRTM is a great place to work. My projects have been interesting and challenging, enabling me to build my consulting skills and my
experience in the health care industry. PRTM does a great job of hiring really smart, down-to-earth people who are fun to work with. Boston
midlevel
PRTM is a very progressive rm with lots of opportunities to succeed. If you have initiative and drive, there is no place you cannot go.
Technology consultant
Firm Culture
The culture attracts a very pragmatic, no-nonsense type. There is generally little patience for uff. And yet, most people are easy to get along
with and easily pass the airport test. Junior source
The company respects you as an individual. Your work is well recognized, even though it is dependent on individual directors. It is a
meritocracy, but also collaborative. There are a lot of expectations, but you are rewarded as well. Strategy consultant
Our rm is not for the faint of heart. We hire extremely smart people and then make them better. In every way, we always put the client rst.
I have had conference calls with clients on Christmas Eve. That said, we do believe in creating a viable work/life continuum since one unofcial
motto is that we are all here to win a marathon, not run a sprint. Public-sector insider
Internally, the group seems to favor hiring more politically conservative personnel, which tends to set the tone for the ofce. D.C. staffer
Supervisor Relationships
PRTM has a very low ratio of partners to consultants and, as a result, access to all levels of management is easily available. Health care
consultant
PRTM is a at organization, helping to ensure that consultants are able to interact with directors and principals frequently. Directors and
principals are more than willing to take time to discuss client work, ideas and professional development. Experienced source
Your supervisors treat you as a potential director, so they can be very challenging. Associate
Interaction with Clients
Our clients appreciate our hands-on working style and the truly unique solutions that we develop because of the time we spend on site directly
with client teams. Health care insider
We work extremely closely with both the client and the clients staff. One of our implicit missions on every engagement is to transfer our skills
and created processes to the clients organization so that they can tackle similar future tasks without us. D.C. staffer
Even at the entry level, PRTM consultants work extensively with the client, and are able to develop good working relationships. Public-sector
junior
Hours & Pay
Vaults Verdict: PRTMs travel demands can be a drag and hours can be excessive at times. But overall, these consultants consider themselves
well-positioned on the favorable side of the work/life balance equation.
Work Hours
Hours are long, and can uctuate from week to week, but are generally manageable. Project managers are typically exible and can
accommodate personal schedules. Entry-level respondent
I feel that amount of hours I work is appropriate for both the expectations of my level and the compensation I receive. Senior consultant
Work hours are dictated by each consultants efciency. We abhor nonvalue-added work, expect billable hours to be completed before any
other collateral duties, and only assign or volunteer for collateral duties that benet the rm. East Coast midlevel
Depending on the assignment, you can spend up to 100 hours each week, but you will be well rewarded for that. It is up to you to manage
your hours effectively. Senior consultant
Work/Life Balance
It is completely up to you to manage your hours effectively. If you succeed, it is a joy to work for PRTM. Your coach will always ask you to
work on your work/life balance. Midlevel consultant
As a consultant and mother, my experience with PRTM has been very positive. The rm has been able to staff me on local projects to
accommodate the needs of my growing family, and my project work is well balanced to ensure that I am successful both at home and work.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
PRTM
2010 Vault.com Inc.
130
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

California staffer
In the evening, I may need to respond to emails, but usually I can accomplish signicant tasks during normal work hours. I may work
periodically on the weekends, but typically only for a few hours at home on Sunday afternoon. Public-sector consultant
It is a difcult balance; there is denitely a strong demand on personal time. However, the rm is cognizant of that, and when a consultant
expresses concern, there is generally some effort to alleviate. Detroit higher-up
Travel Requirements
Consultants are expected to be at the client site Monday through Thursday. Fridays are typically spent working from home or from the local
PRTM ofce. The nature of our consulting requires that we work closely with our clients, so being on site is important. Therefore, we travel
every week. Boston insider
Travel is usually within the continental U.S. Midlevel source
Commercial engagements often require greater than 80 percent travel. Public-sector associate
I have never been staffed within 2,000 miles of my home ofce. Operations consultant
Compensation
It is a results-oriented culture; if you deliver, you are handsomely rewarded. Senior consultant
Salaries are competitive, and PRTM annually surveys the industry to ensure standards are maintained. Health care insider
Bonuses are earned based on deep and fact-based discussions. They are attainable through focus and solid work on client and business
development areas. Expectations are clear. Technology consultant
Utilization targets are much higher than for other rms, at every level. Junior source
Professional Development
Vaults Verdict: Theres a denite emphasis on on-the-job learning and informal mentoring at PRTM, which works for most. Those who prefer a
more structured system are largely left out in the cold.
Formal Training
The rm appears to view classroom training as too esoteric and not pragmatic enough. Operations consultant
Its pretty weak and very informal. The majority of training is on the job. West Coast insider
Most training is unofcial and based on mentoring, which is natural considering the very low consultant-to-partner ratio. There is a substantial
and growing formal training system as wellI attend formal training sessions roughly once or twice per month. Public-sector midlevel
The rm does offer ofcial training (both internally and externally developed), but client project priorities sometimes make it difcult to attend
the sessions. Telecommunications consultant
Promotion Policies
We have performance reviews every six months, where all of the directors in the business group get together and discuss who should be
promoted. I think its a very fair, merit-based process. Entry-level respondent
Consultants seem to generally advance directly in line with their capabilities and performance, at least through the principal level. There is not
an explicit up-or-out culture, but if you are not moving up, it might be time to look elsewhere. Operations associate
If I want to be a rock star and go for a promotion on the fast track, then I can take on more responsibility (i.e., hours) and do so. But if I want
to go at a slower pace and enjoy my life outside of work more, thats an acceptable option as well. D.C. junior
You perform, you get promoted. It is as easy as that. Health care higher-up
Diversity
Vaults Verdict: The only spot on the rms otherwise excellent diversity record is the noticeable shortage of women in leadership ranks.
Diversity Issues With Respect to Women, Minorities, and GLBTs
I am a gay female employee, and I couldnt be happier. I feel completely at home here, and have for years. Senior consultant
The rm offers an extended maternity leave program for consultant mothers, as well as part-time stafng. Importantly, they work to staff new
parents (both moms and dads) close to home for growing families. Energy insider
We have a richly diverse rma real strength of the business and representative of the global business environment in which we work.
Technology higher-up
The partners are more than 97 percent men. The rm hires a lot of female associates and consultants, but does not have a good track record
of promoting these women through the ranks, ultimately to director. Public-sector consultant
Overall Business Outlook
Vaults Verdict: Perhaps the best indicator of the rms business prospects is employee morale; its exceptionally high at PRTMa luxury that few
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
PRTM
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
131
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

top rms can claim in this economic climate.
Overall Business Outlook
The overall outlook for PRTM is very positive. Leadership and employee morale are high, and we are excited about the growth prospects of the
rm in the future. Energy midlevel
My ofce is outgrowing its space. Independent studies of the consulting market show that PRTMs focus on operational strategy puts us in the
sweet spot of emerging trends in the consulting industry. While smaller than the largest rms, we have a great outlook for growth. Public-
sector associate
We have a different model than our competition in that we typically hire people with more experience and who already have strong analytical
skills based on their undergraduate degreesthis lets us staff leanly with small teams of experts and experts in training. Morale in our company
has been higher than at many of our competitors, and we have weathered the recession well. D.C. staffer
We are expanding our efforts across the globe in an effort to mitigate any potential continued softness in the Americas. East Coast insider
Condence in Firm Leadership
Our leadership showed their colors during the economic downturnthey maintained a positive attitude and encouraged employees to stay the
course. At the end of the year, instead of pulling back compensation and bonuses, as most companies did, they rewarded us for helping the
company pull through a difcult year. Midlevel consultant
Unlike at some rms, we have the opportunity to interact informally with PRTMs top leadership on a regular basis, as colleagues. This
collegial atmosphere binds the rm together and creates rapport. Strategy consultant
The leadership team recognizes market needs that t with the rms strengths and seems to have a good roadmap for winning business in
these areas. Operations associate
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
PRTM
2010 Vault.com Inc.
132
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

GALLUP CONSULTING
The Gallup Building
901 F Street, NW
Washington, District of Columbia 20004
Phone: (202) 715-3030
Fax: (202) 715-3041
www.gallupconsulting.com
LOCATIONS
Washington, DC (HQ)
Ofces in more than 20 countries
PRACTICE AREAS
Marketing & Customer Practices
Brand Engagement Customer Engagement Marketing
Strategies
Workplace & Leadership Practices
Employee Engagement Executive Performance Coaching
Performance-Based Compensation Performance Strategy
Sales Force Effectiveness Strengths-Based Development
Succession Management Talent Acquisition
THE STATS
Employer Type: Division of the Gallup Organization
Chairman, President & CEO: James K. Clifton
2010 Employees: 2,000
2009 Employees: 2,300
Narrow focus, but great place to work
Research intensive
Where nice people work
Pay and promotion system needs work
133
20
PRESTIGE
RANKING
UPPERS
Being associated with a prestigious rm
No micromanagement
Ability to control your income and your future
Friendships and camaraderie
DOWNERS
No way to enact change companywide
You are on your own so if things get tough, it can be
difcult
Lack of bench strength
Pay and promotion system needs work
EMPLOYMENT CONTACT
www.gallup.com/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Go organic
Gallup Consulting helps its clients grow from the inside out. Unlike other consulting rms, it says, which provide services in traditional disciplines
like cost reduction and re-engineering business processes, the Washington, D.C.-based rm focuses on true organic growth, driving revenue and
increasing prots from continuing operations. A division of the Gallup Organization, the public opinion research goliath, Gallup Consulting uses its
research into the human psyche to determine how human behavior and relationships drive organizations. Organizations can grow, the rm posits, by
developing engaged customers and building engaged workforces of talented employees. We help our clients really believe it when they say that their
people are their most important asset, said Gallup Consultings engagement manager, Allan Watkinson, in a February 2009 interview with Australias
Destination Talent blog.
Following that philosophy, the rms services primarily facilitate the cultivation of relationships. Through two practice areas, workplace and leadership
practices, and marketing and customer practices, Gallup offers services aimed at talent acquisition, leadership and succession, strengths-based
development and, of course, employee and customer engagement.
And the survey says
Gallup Consultings parent company, the Gallup Organization, has become a household name in public opinion surveys, tracking public attitudes on
political, social and economic issues. The company was founded in 1935 by Dr. George Gallup as the American Institute of Public Opinion. Four years
after Dr. Gallups death in 1984, his sons, Alec and George Jr., negotiated a merger between the American Institute of Public Opinion and Selection
Research, Inc., a recruitment services rm that matched up employees with new positions using structured psychological interviews. The combined
entity, still operating under the Gallup name, grew over the next decade, expanding into consulting, printing, daily news and management education.
On the right path
Gallup Consultings alternative, relationship-based approach to building better businesses is described as the Gallup Path, which analyzes the linked
path between every employees individual contribution and the organizations ultimate nancial goal: an increase in its overall value. The chain
includes ve different points that can drive business performance. First, having the right people in the right roles with the right managersso the
Gallup Path thinking goeswill drive employee engagement. Engaged employees, in turn, drive customer engagement, which drives sustainable
growth. Sustainable growth, ultimately, drives real protsand not those shady short-term prot increases that come about through creative
bookkeeping. Gallups client projects dont concentrate on any single point in the Path, but rather integrate all points to promote strong returns in
valuesustainable growth, higher prots and rising stock prices.
The Path was an outgrowth of the rms research in management sciences, economics and psychology. Its own studies have revealed that satised
employees are not only more productive, but also more likely to weather stress and periods of disruption. Retaining indispensable talent through
difcult markets is an enormous advantage, and it leads to sustained growth when the market normalizes. Strong leadership is also essential, so Gallup
offers executive coaching, giving corporate ofcers unbiased outside feedback.
Dont forget everyone who isnt on the payroll
Gallup also makes sure to address the sine qua non of doing business: the customer. Its research has distilled customer engagement down to 11
attributes, which it calls the CE11. These attributes, all of which can be inuenced through advertising, public image, purchasing experience and
other factors, include overall satisfaction, intent to repurchase, intent to recommend, pride in a brand, belief in the integrity of a brand and other
emotional values. To most effectively help a client inuence these factors, Gallup has assembled a comprehensive database that contains intelligence
from almost three million customers, 16 industries and 53 countries. The goal, the rm believes, should always be to transform transactions into
relationships.
GETTING HIRED
Gallup is a highly selective rm, with an extremely precise selection process to boot. It is a unique process, to be sure, designed to mathematically
identify and select only the best-tting candidates by employing an array of psychological and behavioral metrics. The rst two interviews are a series
of psychological tests, one consultant reports. They ultimately know you better than you know yourself. There is little-to-no casual interaction with
your interviewer as the process progresses, as their task is to record your responses word for word, to later be analyzed by analysts in their hiring
decisions. Any prospective applicant needs to demonstrate talent and expertise, but above all, the focus is clear: If you arent a perfect t for the rm,
they will know itand you will be sent on your merry way.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Gallup Consulting
2010 Vault.com Inc.
134
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: The rm grants its consultants a remarkable degree of autonomy; Gallup consultants revel in their independence, using it to
balance both work and life.
Overall Satisfaction
Gallup gives me the opportunity to learn and grow and do what I do best every day. Public sector consultant
\This place allows me to be fully engaged. I am valued for the talents I possess and am able to work in areas of strength as opposed to
weakness. Senior source
Gallup is a great company to work forthe people are committed to serving our clients, and they are smart and focused on quality. East
Coast staffer
I really enjoy the work that I do and the impact I have on my clients. But the travel is tough on the personal life, and the pay is too low and
structured in a way that its hard to achieve my long-term nancial goals. Consultant
Firm Culture
The rm is made up of very outgoing people with condent personalities, and its a culture where recognition and celebrations are constant.
We have very smart and intellectually curious people. The environment is very intellectually stimulating. Omaha staffer
This is a talent-based culture with little hierarchy, where everyone has a job focus on the things they do best, so people can truly excel. There
is great camaraderie and respect, and it is a fast-paced but fun place to work. There is great access to the most senior leadership, and you
really feel like your opinions count. Executive-level respondent
Its very relationship-oriented. There is very little inghting compared to other rms, as people are strongly incentivized to get along. People are
sincerely nice and helpful. Consultant
There are genuinely nice people hereits hard to be a jerk here. However, its also a family business, and is run more like one than as a
professional services rm. Chicago insider
Supervisor Relationships
I cant imagine a world without my supervisor. Consultant
Open dialogue with supervisors; theres a denite commitment to helping us do what we do best and be engaged in our work. West Coast
staffer
The closest thing to a manager I have is a go-to who just checks in with me a few times a year. Not having a supervisor can be great, but it
means no one really can help you manage workload and conicting priorities. Consultant
Gallup has written the book on great management, however, they have struggled to employ and promote great management. There is a great
deal of variability in the supervisor ranks, and Gallup does have some of the best managers in the world, but they are the exception over the
rule. Midwest insider
Interaction with Clients
We are very close to our client contacts; many become good friends since were on site or talking with them daily. Consultant
Very positive, supportive, personal and professional. I have developed some very close relationships with my clients. Executive-level source
I get to choose what clients to work with, and our company stresses building relationships. I speak to them daily and its more of a
partnership. D.C. source
Because of Gallups setup, you will be managing several client relationships at the same time, which means at any given moment you will have
some great relationships and some poor ones. However, on each client team you will have other members on the account providing support.
Consultant
Hours & Pay
Vaults Verdict: Not everyone thinks the performance-based compensation package is awless, but Gallup consultants sincerely appreciate the
exibility theyre afforded by retaining control over their own schedule and workload.
Work Hours
Its not work when you enjoy it. Senior source
Work hours are based on individual preferences and client satisfaction. The hours you spend at a brick-and-mortar ofce do not translate into
results, so therefore performance should not, and is not at Gallup, based on butts in seats. Public-sector consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Gallup Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
135
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

You work whatever it takes to get your job done, and you have a huge hand in determining how much work you have to do, as well and
the number and size of clients you have. With international clients, you may interact at all hours of the night and day, but it is a cooperative
decision on time working. Consultant
I work hard, but am able to build my own schedule. Performance matters more than hours worked, though that philosophy compels me to
work harder. East Coast staffer
Work/Life Balance
While balance is all about the individual and whats right for them, Gallup strives to have peoples lives integrated. You are able to do what you
need to do as long as your work is accomplished. Consultant
There isnt an ofcial vacation policy. If you need/want time off you can take it; it all revolves around you managing your time to ensure your
client deliverables are met. I do answer emails on evenings and weekends, but it doesnt seem like work. Senior source
You manage your own portfolio. So, if you have time you could pick up more work, but if you are busy and want more home time during the
summer, you can take it. Chicago insider
For Gallup tribe members, work and life coexist to become a part of who you areits not a balance between opposing forces. Public-sector
consultant
Travel Requirements
It depends on your role, your clients (which you decide to have) and your desire to travel. Some people dont like it and have portfolios that do
not require much travel, while others have client portfolios that require a lot of travel. It is individualized. Experienced consultant
For my particular job, travel just comes with the territory. There are other jobs in the company that rarely or never travel, so there are denitely
options. California-based respondent
If the job requires travel, I do it. It is not a burden, and I am well compensated for the work and travel that I do. Omaha staffer
Compensation
Our pay is largely performance-based. The harder and better you work, the more you are paid. Its perfect. Experienced insider
This is the biggest downside of my job, since [a large proportion] of our annual compensation is variable and based on the number of days
spent with a client. Irvine source
Since it is pay per performance (highly on client service revenue, but also on other business metrics, client impact, quality of work and
relationships), that it is the best outcome you can have. You control how much money you make, and arent limited by a process or guidelines.
East Coast staffer
Professional Development
Vaults Verdict: Gallup consultants are hired to ll prescribed roles within the rm, so they typically arrive well versed in their respective elds.
From there, theyre entirely on their own to keep their heads above water.
Formal Training
Training is sink or swim at Gallup. Consultant
While there is a move toward more formal training, it hasnt been consistently deployed, and the rapid growth and high turnover means there
are very few people who can act as mentors. Senior source
Ultimately, the most successful consultants at Gallup learn new skills quickly as they are needed. If you cant apply your quantitative
knowledge from day one, you may not get another chance. East Coast staffer
Promotion Policies
Advancement within roles is encouraged. Otherwise, new roles require a talent t based on a scientic assessment. Consultant
As time goes on and you become more expert at your job, you earn consulting certications, and managers trust you with bigger projects,
which translates into higher pay. D.C. insider
Gallup lacks a formal process for promoting individuals. When hired into a particular role, it is very difcult, if not impossible, to switch and/or
be developed into a more senior role. Gallup hires for talent and, for better or worse, this can pigeonhole individuals into roles. Senior source
Its a very at organization; most of us are only two levels beneath the CEO, so theres really nowhere to go, which is ne for most of us.
Experienced consultant
Diversity
Vaults Verdict: Despite the rms purely talent-based hiring process, the Gallup community is a remarkably diverse collection of men and women.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Gallup Consulting
2010 Vault.com Inc.
136
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Diversity Issues With Respect to Women, Minorities, and GLBTs
Hiring is effectively blind. As long as you can pass the strengths personality test, you have an equal chance of hiring retention and promotion.
Its very diverse in all respects. D.C. staffer
Everything is based on talent. A sizable number of our executive management are women, and when the next level down is considered, the
majority are women or minorities. Consultant
Gallup is extremely female-friendly. It is not unusual to have meetings where you notice there are only females present, or that men are in the
minority. New hires often comment on this. Experienced source
Overall Business Outlook
Vaults Verdict: As long as Gallup continues to deliver top-of-the-line work to its clients, the cruel recession will soon become a distant memory.
Overall Business Outlook
We are positioned to have our second-best year ever. Omaha staffer
Were a privately held community with strong cash reserves, strong cash ow and a very long-term portfolio of clients, with a big focus on future
growth. Consultant
Strong offerings and research allow us to be successful in spite of our uid vision and sporadic ability to execute. West Coast higher-up
The economic downturn hit us really hard, since so much of what we do is considered extra for many of our clients. A lot of it was either cut
out or streamlined last year, so the ramp up to get back to where we were has been slow. Senior consultant
Condence in Firm Leadership
Our leadership has strong vision and commitment. They are well positioned with key companies and local and foreign ofcials while being
approachable by staff. D.C. insider
Leadership is available, transparent, inspiring and focused on helping all of us deliver solutions to clients and communities. Consultant
Gallup is family-owned, and is run as such. The entire leadership team is made up of individuals who are either a part of the family or are well
connected to the family. Minneapolis staffer
There is not enough diversity in experience or education in leadership. Too many strategic decisions are made in a vacuum. Executive-level
insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Gallup Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
137
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
138
PRESTIGE
RANKING
THE STATS
Employer Type: Public Company
Ticker Symbol: DTPI (Nasdaq)
President & CEO: Adam J. Gutstein
2010 Employees: 600
2009 Employees: 577
2010 Revenue: $177.2 million
2009 Revenue: $152.2 million
UPPERS
Opportunity to play a variety of roles
Terric benets package
Flexibility to live anywhere
Exposure to high-level executives
DOWNERS
Not always well recognized in the marketplace
Too small to maintain a deep bench
Micromanaging of expenses
Condescending or patronizing people
EMPLOYMENT CONTACT
careers.diamondconsultants.com
John Hancock Center, Suite 3000
875 North Michigan Avenue
Chicago, Illinois 60611
Phone: (312) 255-5000
Fax: (312) 255-6000
www.diamondconsultants.com
LOCATIONS
Chicago, IL (HQ)
Hartford, CT
New York, NY
Washington, DC
London
Mumbai
PRACTICE AREAS
B usiness Design & Performance Improvement
Business & Technology Performance Assessment
Innovation & Scenario Analysis Business Operations &
IT Strategy Development Portfolio Review & Planning
Business Complexity & Architecture Assessment & Planning
Risk/Compliance Assessment & Planning
In formation Advantage
Information Strategy Information Architecture & Master Data
Management Advanced Analytics & Platform Services
C ustomer Impact
Channel Strategy Customer Experience Strategy Market
Agility & Product Portfolio Management
E xecution
Transformation Program Leadership Program Recovery
Delivery Assurance Execution Effectiveness
Flexible culture; remote model
Young and aggressive
Quickly making a name for itself
Geeky
DIAMOND MANAGEMENT &
TECHNOLOGY CONSULTANTS, INC.
21
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Small but polished
With over 600 employees spread across six ofces in the U.S., U.K. and India, Diamond Management & Technology Consultants is not one of the
largest players in the world of consulting. That said, it does operate in a niche market and has an enviable client list, having worked with the likes of
Goldman Sachs, Morgan Stanley, American Express, Allstate, Pzer, Bayer, CIGNA, Kraft, PepsiAmericas, the U.S. Department of Justice, Cadbury
Schweppes, Barclays Bank and Royal Bank of Scotland. The rm has undergone a couple of shifts in identity and focus since its founding in 1994.
Starting out under founder Mel Bergstein as Diamond Technology Partners, the rm also operated as DiamondCluster International before settling on
its current identity in 2006, following the sale of one of its units.
Todays iteration works with Fortune 500 companies and covers industry practices such as consumer packaged goods, nancial services, health care,
insurance, logistics, manufacturing, public-sector organizations, retail and distribution, travel and transportation, and telecommunications.
Living the dot-com dream
The rst of Diamonds incarnations came in 1994 when Mel Bergstein, a former partner and 20-year veteran of Andersen Consulting (now Accenture)
set up a private company specializing in computer solutions for blue-chip clients. Six years later, it boasted annual revenue of $136 million and opened
its rst international ofce in London. That same year, in September 2000, it greatly expanded its foothold in Europe by agreeing on a $300 million
merger with Barcelona-based Cluster Consulting. The ensuing DiamondClusteras the rm was renamedhad ofces in France, Germany, Spain,
the U.K. and the U.S., in addition to a presence in So Paulo.
Four years of sliding revenue from 2000 to 2004, as a result of the dot-com boom going bust, added to the expense and complexities of integrating two
companies, meant this partnership was short-lived and the rm split in August 2006. Mercer Management Consulting (now Oliver Wyman) bought the
companys operations in France, Germany, Spain, Brazil and a new ofce in Dubai for a mere $30 million. What was left of the rm after the buyout
was renamed Diamond Management & Technology Consultantsthe rm we know today. At the same time, Bergstein stepped aside as CEO, clearing
the way for co-founder Adam Gutstein to take over.
Facets and settings
The rms nancial services practice has traditionally been its biggest moneymaker, with clients including top investment banks and credit card brands,
plus other capital markets rms, retail brokerages, asset managers, credit card issuers and processors, payment system operators and full-service retail
and commercial banks. The practice addresses issues such as adjustment to and assessment of new technology, information management strategies,
productivity through strategic sourcing, prot improvement, compliance and risk management.
Diamonds insurance practice serves life, property and casualty, reinsurance and brokerage rms. With the sector trending toward convergence
of insurance, nancial services and health care, Diamond advises insurance clients on a variety of issues related to growth and protability. It also
addresses the opportunities created by a growing retirement population.
Diamonds health care practice works with pharmaceutical, biotech, device, health insurance, provider and disease management companies on such
business and technology issues as consumer-directed health care strategy and execution, IT optimization and value extraction, integrated business
and technology architecture, process and planning, and large transformational program management. Marquee clients in this segment include Pzer,
Bayer and Aetna Life Insurance.
The enterprise practice has served clients of the stature of Kraft, Pepsi and Lowes, and offers sales and operations planning, pricing, transformational
technology platforms and data analytics to corporations in the manufacturing, retail, distribution, travel and transportation, and consumer packaged
goods industries.
Finally, the rm maintains a public-sector practice, working with U.S. local, state and federal government agencies to improve operational efciency,
boost responsiveness and tighten up security. One Diamond partner, for example, recently returned to the rm after a one-year stint leading the
development of the Federal Communications Commissions National broadband strategy.
A passage to India
Although Diamonds global aspirations suffered a major setback following the sell-off to Mercer Management, it hasnt stopped the rm from investing
in emerging markets. In 2006, it opened the Diamond Information & Analytics Center in Mumbai, designed to uncover areas of untapped growth and
protability for companies. The rm also maintains an ofce there, opened in 2005, to serve local and international clients.
Drumming up business
As part of Diamonds efforts to keep its name in the public sphere and in front of potential clients, the consultancy regularly hosts events and
conferences, and regularly publishes reports and white papers, which it calls Perspectives. Moreover, several Diamond partner and practices regularly
contribute to blogs, including the Harvard Business Review blog and CIO.com, and Diamond experts are frequently quoted in the media on a wide
variety of business and technology issues.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Diamond Management & Technology Consultants, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
139
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Diamond also keeps its image shining brightly through its DiamondExchange program for executives and business leaders. The forum, whose
members come through invite only, explores the changing role of technology in business and helps member companies exploit that change. The
program includes workshops and city-based events throughout the year.
GETTING HIRED
Applicants can look forward to an extremely straightforward, transparent and very positive selection process that will determine their fate as a
Diamond consultant. Recruitment efforts are often focused on top-tier undergraduate, MBA and masters programs. .
The interview process has two to three stages, consisting of a variety of interviews, including a case exercise at Diamonds Chicago or New York ofce.
This is a unique facet of the rms approach to hiring; The day of your interview, you are required to prepare a case presentation from the material
provided 48 hours prior to the interview, a senior consultant says. Upon arrival, you are given a question for the case study, and within an hour you
need to formulate a presentation to a Diamond partner as part of the interview process. Theres no question that this is a tough break for the meek,
but if thats you, you probably arent cut out for Diamond anyway. Thats the point, isnt it?
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: With a few exceptions, Diamond runs on a virtual rm model, which means employees are typically scattered about the
continental U.S. Despite the geographic constraints this produces, the rm has been able to cultivate a dynamic, cohesive culturea major factor
in consultants high satisfaction marks.
Overall Satisfaction
Diamond is a young, scrappy, rm with an entrepreneurial, can-do attitude. We joke that were blue collar strategy. Unlike more established
rms, there is no book to follow: We are writing the book. Leaders genuinely care about rm and consultant development, and every day we
have myriad personal opportunities to direct the future of the rm. I like this a lot. Denver staffer
I am very happy here at Diamond. We have a great rm, and our positive growth results over the past couple of years during the economic
challenges prove that were doing something right! Strategy executive
Im very satised with my job. As a more junior resource, I am being challenged to take on more responsibility, and learning a ton in the
process. The culture at Diamond is unique for a consulting rm, and everyone around you wants to see you improve and grow as a consultant.
Health care rst-year
It entirely depends on your clientsome clients have great projects with exible traveling options and a good work/life balance. Other clients,
in concise terms, do not. Financial services consultant
Firm Culture
Diamonds culture is one of the best in the industry. The passion for the rm is contagious, and each employee has a sense of ownership of
the rm. Given the relatively small size of the rm, each person has the opportunity to make a difference, and is personally vested in the rms
success. Chicago source
Although Diamond is a virtual rm, dont let that make you think it doesnt have a strong culture. The rm does a number of things that
promote a strong culture, and is constantly looking for ways to improve and expand upon its recent success in this category. Health care
junior
Diamonds culture is very inclusive, and most management decisions are transparent to the broader rm, reducing the us versus them
environment that exists at many other rms. New York higher-up
One of Diamonds mantras is people rst, and they exuberate that in almost every major decision made affecting the rm. Financial services
midlevel
Supervisor Relationships
Ive had amazing mentorsone of the reasons I choose to stay at Diamond. Business consultant
My supervisor has taken the time to get to know me as a person, not just within a work environment. He has also taken a stake in seeing me
succeed at the rm, which is very motivating. Midwest entry-level
I absolutely love the people I work with; almost all of my supervisors are very easy to talk to, and they were very good mentors. But as with any
other organization, you are bound to run into less pleasant people. You deal with it and move on. Operations consultant
Sometimes you are operating alone, or separated from people by distance and time zones, making connecting rather difcult. New York
staffer
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Diamond Management & Technology Consultants, Inc.
2010 Vault.com Inc.
140
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Interaction with Clients
Clients view us as pragmatic experts, and frequently look for expertise beyond the immediate engagement as trusted advisors. Senior
consultant
Our clients are C-level and executive leaders; even junior staff regularly get opportunities to interact with our clients. Strategy executive
Diamond works with the clients, not for the clients. We become native in most client companies. Midlevel source
Hours & Pay
Vaults Verdict: For a relatively small rm, Diamond pays its consultants top dollar for the hard work they put in.
Work Hours
Without sacricing my work quality, my hours are exible. Working long hours can be hard, but I also know that if I am getting my work done
and need to bow out for an appointment here or there, my managers are exible. Operations consultant
The main focus of my time is project work and the hours rack up only when I choose to focus on other extracurricular rm offerings.
Midlevel strategist
Diamond promotes a culture of working smarter, not harder. In other words, if youre efcient and can nish your work faster, you can take off
sooner. We have a culture of mutual trust and respect. Business consultant
It varies. Some weeks are 9 to 5, some are 7 to 11. But thats just the way it is. I have managed to keep my weekends clear for three years,
except for maybe two or three weeks. Chicago midlevel
Work/Life Balance
Diamond is a place where it is up to the employee to take control of his/her own career and work/life balance. Setting boundaries is important;
we are not a rm that will handhold. Midlevel operations specialist
The rm is piloting efforts on more intense projects to implement a predictable time off program to ensure each team member a night where
they end work early, allowing more time for personal endeavors and a break from work. Finance consultant
When I take my laptop out on the weekends, its typically because I chose to have a lighter day on Friday, and because I choose to be involved
in some rm activities that Im interested in. Senior management does not bother people on weekends and respects family life. California
insider
I can balance work and life, but that may affect my upward mobility. Health care associate
Travel Requirements
We are a largely virtual rm, which means that in exchange for being allowed to live virtually anywhere in the U.S., you will likely be traveling.
Senior source
Almost all consultants are traveling Monday through Thursday of every week. Experienced nance consultant
Usually four days a week of travel, but some have gone to ve to satisfy client demands. Two years ago, this would have been unheard of.
Midwestern staffer
The rm really pushes its employees to be on the ground at the client site. While this has the benet of client exposure and allows Diamond
employees to build relationships with their clients, the travel can take a toll. Diamond should investigate more opportunities where the client will
allow remote workits a win-win because it reduces client expenses while enhancing employee work/life balance. First-year
Compensation
Though Diamond is not leading the market in compensation, we are competitive. Our health care is top of the line, the new 401(k) match is
great and bonuses are competitive. Midlevel consultant
Compensation is generally great. All employees will soon receive a nonperformance-based bonus for strong rmwide results. Diamond stock
has been rising, which benets members of the employee stock purchase plan. Experienced consultant
I feel that Im fairly compensated and, like most, Im extremely happy that Diamond shifted to an all-cash bonus for folks below partner level.
Many junior- and midlevel consultants werent happy with equity bonus compensations. San Francisco staffer
I took a pay cut to come here (from a global integrator), but it was worth the increase in quality of work and more exible work arrangements
close to home. Financial consultant
Professional Development
Vaults Verdict: Diamond is still trying to incorporate a more robust training regimen while preserving the rms culture of informal coaching.
Initial reviews are very positive.
Formal Training
New-hire training is a few weeks long and is intense; our consultants feel well-equipped going into their rst project because of it. Strategy
associate
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Diamond Management & Technology Consultants, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
141
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

This is an area where we have made great strides over the past two to three years as a rm in creating the Diamond Academy, where all new
hires to the rm get the same assimilation. We also have specic training for people promoted to each major level within the rm, as well as
ongoing content-driven training. Strategy executive
Traditionally, weve had a strong culture of informal training. That hasnt gone away, but recently, weve emphasized a more balanced
approach with additional formal training opportunities at all levels. New York higher-up
In general, Diamond has a coaching model. Youre always expected to coach and elevate junior folks. Senior source
Promotion Policies
Consultants advance, on average, every two years. Consultants with performance issues but who show long-term promise are provided a
coach, and create a formal development plan targeting improvement areas and ensuring extensive coverage from partners, project leadership,
career counselors and HR. Finance consultant
It is not strictly up or out, but there are rigorous review cycles; consultants who do not meet the expectations will be counseled out.
Consultants advance moderately fast. Midlevel source
The bottom 8 to 10 percent are generally counseled out each year. Senior consultant
Superstars dont advance any faster and usually will take opportunities elsewhere. This is a huge problem. West Coast insider
Diversity
Vaults Verdict: This male-dominated rm lags on womens issuesthe testosterone is oppressive, says one respondentbut it has begun to
address the problem with the same commitment that has nurtured a vibrant minority culture within the rm.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Diversity is being tackled front and center at Diamond through the institution of our diversity council with very senior management sponsorship.
It includes access, as well as support, for individual initiatives, the newest of which is centered around Latino employees. D.C. staffer
We hire lots of women, but have a hard time retaining them. The programs to do so are usually lip service. I would rather work with more
womenthe testosterone is oppressive. Experienced consultant
Though at the lower ranks men and women are at about a 50:50 ratio, many women leave before being promoted to more senior levels, and
we do not hire many experienced women at all. As a result, we have only six female partners, out of about 65. New York midlevel
Overall Business Outlook
Vaults Verdict: Diamond may be a smaller rm, but if business continues to ow through the doors at current levels of volume and quality, it will
soon nd itself operating amongst the industrys most esteemed company.
Overall Business Outlook
We have grown rapidly and expanded intelligently throughout the current economic situation, and are well positioned for continued strong
growth. Senior consultant
The outlook for Diamond is very bright, and there is no shortage of work. The third quarter of 2010 was a standout, and the next quarter
promises to be even better. Health care junior
Diamond continues to win business from McKinsey, BCG and Bain. Our strong results in the global recession have helped us get top recruits
that will further accelerate our success. Ive met several people in the last few months who had picked offers from Diamond over offers from
McKinsey. East Coast associate
We are bursting at the seams with neat opportunities. We have been very strong through this downturn, and its hard to nd staff for projects
sold. Operations consultant
Condence in Firm Leadership
The CEO and the leadership team seem to have jelled during the downturn, turning a potential disaster into a huge opportunity. Operations
executive
The most critical positions across the rm, including vertical leads, have some extremely well-qualied individuals that are the envy of all
companies in and out of the industry, as demonstrated by the continued placement of partners in critical roles outside the rm. D.C. higher-
up
Diamonds leadership has proven themselves over the past two to three years, and are well positioned to continue managing the rm.
Strategy midlevel
Our CEO is not recognized as an inspiring leader, but he has focused recently on initiatives surrounding employee happiness and work/life
balance. Vertical leads are well respected and admired. New York insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Diamond Management & Technology Consultants, Inc.
2010 Vault.com Inc.
142
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

143
PRESTIGE
RANKING
UPPERS
Its a pleasure to work at a place where when someone
asks how you are, they actually want to know!
Opportunity to create a manageable work/life balance
Not an extremely competitive atmosphere
DOWNERS
Stingy dinner budgets
People unable to contain stress to themselves
The business goes in cycles
EMPLOYMENT CONTACT
www.healthadvances.com/careers/index.html
HEALTH ADVANCES, LLC
9 Riverside Road
Weston, Massachusetts 02493
Phone: (781) 647-3435
Fax: (781) 392-1484
www.healthadvances.com
LOCATIONS
Weston, MA (HQ)
San Francisco, CA
PRACTICE AREAS
Clinical Trial Strategy Due Diligence Launch & Salesforce
Strategy Market Assessment & Forecasting Partnering
& Licensing Portfolio Planning Pricing & Reimbursement
Product Positioning Strategic & Business Planning
Technology Commercialization Valuation Financial Analysis
THE STATS
Employer Type: Private Company
Partners: Mark Speers, Paula Ness Speers, Skip Irving &
Marie Schiller
2010 Employees: 65
2009 Employees: 65
Great for market research and deep dive on technology
Insane hours
Family-friendly
Dont really know what they do
22
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
For your health
The professionals at Health Advances consult about one thing and one thing only: health care. Established in 1992 by husband and wife team Mark
Speers and Paula Ness Speers, the rms core belief is that focusing on just one industry allows it to provide clients with greater resources and focused
insight. This means that the professionals at HA are not mere consultants, with most having worked within the health care industry at some point in
their career.
Holding advanced degrees in medicine, molecular biology, biochemistry and many other related sciences, HA consultants are able to advise their
Fortune 500 clients on areas such as development, clinical trial strategy, marketing, licensing and pricing. But HA also offers advice on corporate-
based issues, like mergers, partnering and nances, to a broad range of clients in the biotechnology, diagnostics, medical device, nonprot and
pharmaceutical industries.
Seizing the opportunity for growth
The Speers started their rm after leaving international management consulting giant Bain & Company. While at Bain, Mark Speers rose to the position
of partner in the rms health care practice, while Paula led its R&D practice. That joint expertise and experience allows the couple to help clients
develop marketing ideas for new products, advise on corporate mergers and acquisitions, international ventures and more.
The Speers arent going it alone, however: A senior management team consisting of two additional partners, Skip Irving and Marie Schiller, a chief
operating ofcer, and a solid group of VPs backs them up, and brings a variety of extra insight and experience to the table.
Offering something others cant
HA can offer all of its clients a three-pronged attack, with the ability to provide expertise in analytics, business and health care on every project team.
However, where the rm really shines is its knowledge of the latter of these threehealth care. That knowledge includes in-depth information about
diseases, expertise in the intricacies of working with the FDA, detailed insight into dealing with complex clinical trials and more. Most of all, HA thrives
on its ability to predict or anticipate future trends and events in the health care industry over a 10 to 15 year span.
Staying on top of all the information required to monitor and recommend improvements to the health care industry is no small task. To do so, the rm
relies on a vast database of more than 5,000 clinicians, researchers and other industry contacts and experts, including PhDs, MDs and industry opinion
leaders. In addition, the rm maintains a searchable library of treatment methods for diseases, company proles and licensing deals, all collected from
within the industry and maintained since the rm was started. The rm also regularly funds internal research projects to stay on top of relevant issues,
such as regulation, reimbursement, disease management, technology, business development and competitive trends.
No. 1 priority
Despite all HA has to offer its clients, the rm believes that its employees have even more to offer to the community. One visit to its website will make it
obvious that community service ranks high on its list of priorities. The company devotes one day each quarter for the entire staff to give back in some
way. Some of its favorite charities include the American Cancer Society, The Greater Boston Food Bank, the Juvenile Diabetes Research Foundation,
the Pan Mass Challenge Kids Ride and the Waltham Fields Community Farm. Meanwhile, Partner and Managing Director Skip Irving serves on the
board of the Michael J. Fox Foundation for Parkinsons Research, having previously served the foundation in an advisory capacity.
GETTING HIRED
Theres no question that HA is going for the best the eld has to offerits on-campus recruiting efforts rely almost exclusively on Brown, MIT, Harvard
and Dartmouthand its successes have only served to make the hiring process even more selective. Its a fairly simple one, though; as one recent
hire explains, There were no special tests or brainteaser questions.
The interviews themselves are equally straightforward. We rst conduct a phone interview with candidates, typically lasting 30 to 45 minutes,
discussing a case question for the bulk of that call, details a recruitment team member. Typical in-person interviews are conducted on site with
members of our staff from all levels, and are 45 minutes to one hour, of which case questions are a signicant part. In short, people who are hired
are denitely incredibly high caliber, an insider states.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Health Advances consultants are energized about the companys superb performance, which ultimately says a lot about the
quality of work they receive and produce. This young, exciting rm is a solid option for a consultant of any experience or education.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Health Advances, LLC
2010 Vault.com Inc.
144
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
I really love working at Health Advances. The projects that we get are all extremely interesting, there is a lot of opportunity to work on new
things and stretch yourself, and the people are great. Midlevel consultant
Its a terric rm doing the best and most interesting health care strategy work in the industry. There is no other health care strategy rm that
has as much experience and expertise across therapeutics, devices, diagnostics and services. Senior source
I think that Health Advances is one of the best jobs for an entry-level position. I still have to perform some monotonous tasks like every entry-
level employee, but I am also included in high-level strategy discussion and am able to have client interaction. First-year analyst
Being both an executive and a mother to two small children is challenging, but at Health Advances I have been able to enjoy both. Over the
past eight years I have worked for the rm, I have been able to build both a thriving practice and a fullling home life with the help and support
of my fellow management and my hard-working teams, who understand the need for this balance. Massachusetts executive
Firm Culture
Very friendly, young and open environment. Intensely team-oriented projects allow you to really get to know your co-workers. Junior staffer
Teams meet frequently to brainstorm and upper management is very accessible. It is not uncommon for partners and VPs to work directly with
junior members of the team, providing great visibility from the minute you walk in the door. Outside of work, we often meet for dinner, movies or
a pick-up frisbee game. Analyst
Health Advances has a young, energetic, horizontal culture that encourages open dialogue and provides opportunities to those who are willing
to reach for them. Strategy consultant
People are genuinely friendly and supportive, and will get together outside of work. Groups with similar interests nd ways to share them with
others at the company, such as an early evening on-site exercise program and community service opportunities. Boston entry-level
Supervisor Relationships
One of the great things about Health Advances is the access to senior managementthey are regularly available, attend all company events
and are extremely friendly, so you can get to know them. I once spent nine hours in a car with one of the partners, as we drove down to a
conference in New Jersey and back in a day, and we chatted a majority of the time, with no awkwardness! Junior analyst
My supervisors are measured on their ability to mentor. We have a new head of professional development who comes from the consulting
ranks and has 100 percent support from the partners to improve our processes for training, staff development, mentoring, performance reviews
and overall communication. Executive source
I have a good working relationship with my supervisor. Hes very thoughtful and provides very actionable feedback on my performance thats
well-considered and detailed. Analyst
The rm assigns you a mentor on day onequite arbitrarily. Youre able to switch mentors at any point without feeling awkward, if you have a
decent reason. I have seen this happen quite a few times at Health Advances, and there arent really any questions asked by any party. East
Coast insider
Interaction with Clients
In most cases, clients see us and our teams as peers, which allows us to engage in tough problem solving without fear of pushback or hurt
feelings. San Francisco senior source
As a consultant at HA, I have been given many opportunities to develop relationships with our clients by being the main day-to-day contact for
my projects. Strategy analyst
Even employees at lower levels are encouraged to speak up in client meetings. First-year staffer
In terms of clients, we do interact well with them, but as a senior analyst, my role is more in presenting a few slides in meetings, and answering
any questions or providing some colorit is always well received, and I am always given the opportunity to speak if it is something I am
knowledgeable about. Boston analyst
Hours & Pay
Vaults Verdict: Hours and money, so often sources of fatigue and resentment elsewhere in the industry, are sources of genuine appreciation at
Health Advances. The general lack of travel helps consultants strike a remarkable work/life balance.
Work Hours
We try to target around 50 hours a week. There are certainly going to be some weeks where you are crunching on a project if there is a big
client meeting coming up, and you end up working way more hours, but that is balanced with weeks where I can work 40 to 45 hours because
my deadlines are more relaxed. Junior source
The rm makes a real effort to keep hours reasonable and to minimize unnecessary travel. I work ve hours less per week on average than I
did at Bain, and there are very few nights and weekends. West Coast midlevel consultant
The company has been great about working with me on a more exible schedule, keeping my hours down now that I have a small child at
home. Strategy consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Health Advances, LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
145
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

HA demands top-notch work and excellent output. I enjoy my output and am satised by meeting the demands of clients. Analyst
Work/Life Balance
Even if I do some work on the occasional weekend, it is on my scheduleI havent had to cancel dinner plans, tennis matches, ski trips or
anything of the sort because of my job. Senior consultant
Health Advances is sensitive to outside commitments. Last year, I spent four months training for a marathon, which required me to run long
distances in the morning. My teams were aware of my schedule and accommodated, scheduling meetings later in the morning or afternoon.
Junior source
There is denitely room for individuals to carve out an appropriate work/life balance, though it requires being mindful and proactive in ones
approach. With little emphasis on face time, consultants with families or signicant outside time commitments can create space in their
schedules that can be made up later. Analyst
I go through spurts when it is exceptionally busy, or I have a challenging project, and during those periods I do need to compromise. However,
the lack of regular travel here is a big plus. Executive-level source
Travel Requirements
Unlike a number of rms, Health Advances tries to avoid working at the client site unless it would add to the project. This works great for the
employees, who generally travel to the client one to three times per project for a day. Experienced consultant
We travel very rarelyonly for important meetings with clients, at the beginning, middle, and end of projects, or for a related conference.
These are usually quick day trips, which is nice because it allows me to have time at home, make plans with friends and have a better work/life
balance. Boston consultant
I love not traveling muchit makes it so much more exciting and enjoyable, rather than painful, when it does happen. First-year analyst
I rarely have an overnight stay. Junior analyst
Compensation
I am very happy with my compensation. It was comparable to what my other friends are receiving at bigger-name consulting rms. First-
year analyst
Compensation is extremely competitiveat least at the analyst and senior analyst level. The company does provide a signing bonus, and there
is an annual bonus as well, based on personal performance and the companys performance. Midlevel staffer
We even got bonuses the past couple of years in the terrible economy. We all share in rmwide protability, so we share a common goal and
the reward from our hard work. Senior consultant
I am generally satised with my compensation; however, there isnt a lot of visibility into salary policies and benchmarks. Junior analyst
Professional Development
Vaults Verdict: Any training program that doubles as a recruiting incentive is, well, doubly good. HAs is just thatintensive, informative and,
most importantly, truly effective.
Formal Training
Health Advances has the most extensive ofcial training program of any company that I have ever seen. It ensures that individuals with
diverse academic backgrounds (ranging from hard sciences to business) can truly start off on the same foot when they begin their career.
Experienced source
There is an excellent ofcial training program, a chance for individuals to use their new knowledge on their own project and a chance to
shadow a case before they are staffed. Most important, though, is that everyone really wants to help everyone else succeed. Strategy
consultant
I was initially attracted to Health Advances in part due to the strength of their extensive new hire training program. Boston analyst
I loved that I didnt feel like I was just thrown into things without any background. Entry-level respondent
Promotion Policies
It is not up or out. In fact, all the more senior members of the organization, except the founders, were promoted from within. You do not need
to have an MBA to advance. Generally, I am pretty condent that I know where I stand with regard to a promotion. Senior source
The promotion policy is fairly transparent at Health Advances. With the newer review format we adopted a year ago, we have quantitative
measures of our performance, and mentors are pretty good at explaining what is necessary for you to move to the next step. East Coast
midlevel
Promotion is based on each employees skill plan and performance, making the process relatively objective and transparent. However, as with
any other rm, advancement depends on the opportunities presented, which vary from case to case. First-year source
Performance metrics have seen a lot of focus in the past year, and promotions are a little more transparent, but are still very experience- and
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Health Advances, LLC
2010 Vault.com Inc.
146
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

opportunity-based, depending on specic case work. Midlevel consultant
Diversity
Vaults Verdict: Theres a unique equality on display at Health Advances: The majority of staff, from analysts to partners, is female. Minorities and
men are well represented, too, but their presence is overshadowed by the impressive advances made by the rms women in a traditionally male-
dominated industry.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The rm has more female employees than male employees (two of the partners are female), which illustrates that women do not encounter any
prejudice at this rm. In fact, the upper-level women bring in a large chunk of the rms business. Entry-level consultant
There are denitely no biases on hiring or promotion. Women and minorities are very well represented at all levels. Were very respectful of
individual diversity. Senior source
The company is very exible regarding maternity (and has a fairly standard plan for the amount of leave that is paid), and the company is
very accepting of minorities and GLBT individuals (considering we have many individuals from both categories on staff). Boston midlevel
consultant
Efforts on diversity are excellent, but achieving GLBT diversity is a challenge for such a small rm. Business advisor
Overall Business Outlook
Vaults Verdict: The recession was a low point in Health Advances 18-year history, but the rm was able to pull itself out, and insiders are
condent about the rms future prospects.
Overall Business Outlook
We seem to be in a very strong position as the economy turns around. Management wisely took advantage of the job situation to hire some
very talented people. Carefully managing costs and nurturing client relationships enabled the organization to avoid any layoffs, so people feel
very good about the situation. Senior consultant
We have a tremendous reputation, broad client base and contacts all across the industry from 18 years of great work. Boston insider
While the economic situation has impacted our business, we continue to get calls from past clients, and referrals to new clients, which
suggests that as things improve we will see our business pick up as well. San Francisco senior
There is some competition due to other consultants being laid off and going freelance, but Health Advances is at an advantage due to our
known quality and experience. Junior consultant
Condence in Firm Leadership
Our partners have incredible experience in the industry and continue to make very smart business decisions. They are genuinely committed to
the people here, above anything else, which permeates all aspects of our work environment. Analyst
The senior management team has an excellent mix of executives with diverse backgrounds in the health care industry, allowing for rich
expertise within sectors and collaboration across sectors. East Coast staffer
The partners set the tone through their own behavior to promote a highly collegial atmosphere based on mutual respect, and have
demonstrated time and again their commitment to the people in the rm. Entry-level consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Health Advances, LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
147
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

820 West Jackson Boulevard
Suite 525
Chicago, Illinois 60607
Phone: (312) 655-0826
Fax: (312) 655-8334
www.strategos.com
LOCATIONS
Chicago, IL (HQ)
Amsterdam
Lisbon
London
Munich
So Paulo
PRACTICE AREAS
Enterprise Innovation Capacity Growth Strategy Leadership
& Organization Management & Open Innovation New
Market & Product Development
THE STATS
Employer Type: Division of Innovaro
Ticker Symbol: INV (NYSE, Alternext)
Lead Director: Peter Skarzynski
2009 Employees: 38
2008 Employees: 35
2009 Revenue: $10.8 million (Innovaro)
2008 Revenue: $13.2 million
2010 Vault.com Inc.
148
STRATEGOS
23
PRESTIGE
RANKING
UPPERS
Out-of-this-world clients
Minimal politics
DOWNERS
Strong dependence on the pipeline
Slow rm growth limits career opportunities
EMPLOYMENT CONTACT
Email recruiting@strategos.com or visit the Join Us section
of the rms website
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Innovation is the name of the game
At Strategos, innovation is king. And queen. And prince, and duke and the whole royal family. The Chicago-based boutique strategy consultancy
knows that innovation must be worked at and managed, helping clients develop the systems, processes and capabilities they need to reduce the risks
associated with new products, services and business ventures.
For a small rm, Strategos works on big issues. With around 40 professionals in six ofces, it works with mostly corporate clients to identify and develop
new segments and markets; create and act on game-changing new strategies; build an enterprise-wide capability for creating new ideas; improve
processes for new product development; and assess a clients innovation capability. The promised results? Big, new ideas, with faster results, a
healthy pipeline of new products, enterprising and productive employees, and new-and-improved strategies. Strategos seems to make good on its
promises, having performed services for 25 out of the 30 companies included in the Dow Jones Industrial Average, in addition to other members of
the Fortune Global 500.
More room to grow
While Strategos suffered a net $375,000 loss on net assets of $840,000 in 2007, it was still a hot buy for the UTEK Corporation, a major player in
technology transfers and open innovation. In April 2008, UTEK, which reported revenue of $20.2 million in 2008, closed the Strategos acquisition
deal. Strategos shareholders received 1.25 million shares of UTEK stock when the transaction closed in April 2008. As a division of UTEK (which in
March 2010 changed its name to Innovaro), Strategos retains its brand and operates as the strategic advisory services arm of the business.
Guru know-how
Strategos is the brainchild of Gary Hamel, the innovation mastermind who founded the rm in 1995. Hamel has been called the worlds most inuential
business thinker by The Wall Street Journal, and his October 2007 book, The Future of Management, was selected by Amazon.com as the best business book
of the year. At the rms post-takeover helm is Lead Director Peter Skarzynski, whose latest book, Innovation to the Core, published in March 2008, is
recognized as the rst to describe how large organizations can build and sustain a companywide innovation capability.
A whirl of difference
Strategos marquee clients span the business spectrum, including names such as Applied Materials, Whirlpool Corporation, Nokia, Roche Diagnostics
and Royal Dutch/Shell.
The rms website prominently features glowing client testimonials. One client, Whirlpool, approached Strategos for help when it realized it could not
remain a household brand name by simply coming up with better appliances. It needed to nd more fundamental advantages, says Strategos, which
helped Whirlpool executives think outside the box. Within two years of hiring the rm to help develop new ideas, Whirlpool had created several new
product lines, such as a new line of appliances for younger lifestyles, a system of high quality, attractive looking, appliances and organizers for garages,
and started the Inspired Chef cooking schools that showcase Whirlpool products. Within two years, Whirlpools innovation pipeline was owing with
ideas, and the rm estimates that these new appliances, once on the market, could produce $3 billion in annual sales.
GETTING HIRED
What sets the rms recruitment process apart from the rest is its emphasis on hiring candidates with clear client-facing talents. Applicants are
prescreened for analytical rigor and aptitude, reducing the pool to those who possess the technical expertise or capacity to succeed behind the
scenes. Then, its up to those candidates to show that they can function smoothly and comfortably under the pressure of a client situation.
Though the interview process includes typical casework and behavioral components, the focus is on the client situation simulation, an evaluation of
a candidates ability to deliver under the strain of a realistic business scenario. Performance here is of the utmost importance; as one insider suggests,
it is the critical skill for our delivery model.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Strategos is a small rm, growing at a measured pace; for the most part, consultants appreciate the tight-knit culture this
cultivates and the opportunities it presents.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Strategos
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
149
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
I love my job. Director
I have a good balance between my career and personal life; I am continually challenged and I have a lot of autonomy. During the last two
years, Ive grown a lot in all aspects of my profession. Strategy consultant
Our new parent company situation isnt ideal, but I still very much like working at Strategos. Chicago insider
Firm Culture
More than colleagues, we work as a family. Experienced consultant
A balance of libertarianism and central planning. Senior source
Collaborative and stimulating. Associate
Supervisor Relationships
My supervisor is like a friend on the personal relationship, like a teacher and a coach at the professional development. Analyst
This is a very at organization, with short communication lines. East Coast higher-up
Interaction with Clients
Everyone is exposed to senior clients. Midwest partner
We work both with CXOs and the other layers at the client companywe straddle the Dilbert divide. Midlevel consultant
Hours & Pay
Vaults Verdict: Strategos consultants are able to juggle their responsibilities, while at the same time carving out enough time for leisure and
personal obligations.
Work Hours
It varies according to the project, but overall its an acceptable balance. Analyst
For a consulting job, this is great. Midlevel insider
Work/Life Balance
I have children, and I get to spend quality time with them (take them to school, go swimming, they come to the ofce, etc). Senior associate
We allocate our own time, therefore optimizing our own overall life schedules. That is why its OK to work on weekends. Midwest staffer
There are always some unexpected client demands, but Strategos consultants generally possess the maturity to prioritize client demands with
family life issues. Partner
Travel Requirements
Travel when you need to. Dont when you dont need to. East Coast higher-up
It varies. Months can be four days on the road, and then a stretch of zero to two days. Associate
It depends on the project; sometimes you have to stay for three to four months working in the client facilities in another city. Junior source
Compensation
Being small, performance and contribution are very visible. Compensation fairly represents individuals performance and contribution.
Associate
Theres lots of compensation at stakeit sets up a healthy internal climate. Senior consultant
Professional Development
Vaults Verdict: Strategos has adopted a highly personalized training program, combining informal mentorships with closely tracked, individualized
development plans.
Formal Training
We have personal development plans. The process is managed and there is follow-up. Rather than formal training, we match on-the-job
opportunities for development with the development plans of the consultants. Midlevel insider
All training is through informal mentoring and on-the-job training. Senior source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Strategos
2010 Vault.com Inc.
150
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Promotion Policies
There is no up or out. Therefore, advancement is proportional to growth. Associate
People progress very quickly based in a meritocracy policy. Experienced source
Diversity
Vaults Verdict: Insiders note that hiring is based almost entirely on merit, although there is some attention toward recruiting women and
minorities.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The rm is receptive, actively recruits women and minorities. No particular effort toward GLBT hiring. Senior consultant
Hiring is based solely on skills. Associate
Overall Business Outlook
Vaults Verdict: Consultants are cautiously optimistic about the rms chances of imminent growth, but are wary of new challenges that have
arisen with the rms new merger.
Overall Business Outlook
I think Strategos is fairly well positioned to thrive. Im much less convinced that the UTEK/Innovaro situation will help. Senior associate
Business is picking up rather robustly. Consultant
Actually, [2009 was] a rough period of time; however, a strong effort in business development is being made. Analyst
Condence in Firm Leadership
We are part of a larger company, Innovaro, so our excellent leadership has to coordinate Strategos activities with the rest of the company.
Midlevel insider
Strategos leadership is excellent and they complement each other well. Im not sure Innovaro leadership has a full idea of where it wants to go,
and whether its the right group to take us there. Consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Strategos
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
151
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

44 Brattle Street
Cambridge, Massachusetts 02138
Phone: (617) 864-7900
Fax: (617) 864-1576
www.brattle.com
LOCATIONS
Cambridge, MA (HQ)
San Francisco, CA
Washington, DC
Brussels
London
Madrid
PRACTICE AREAS
Functional Practice Areas
Antitrust/Competition Commercial Damages Environmental
Litigation & Regulation Forensic Economics Intellectual
Property International Arbitration International Trade
Product Liability Regulatory Finance & Accounting Risk
Management Securities Tax Utility Regulatory Policy &
Ratemaking Valuation
Industry Practice Areas
Electric Power Financial Institutions Natural Gas Petroleum
Pharmaceuticals, Medical Devices & Biotechnology
Telecommunications & Media Transportation
Great people
Econ nerds
Highly analytical
Support staff is not up to par
2010 Vault.com Inc.
152
THE BRATTLE GROUP
24
PRESTIGE
RANKING
THE STATS
Employer Type: Private Company
President: Matthew OLoughlin
2010 Employees: 200+
2009 Employees: 200+
UPPERS
Nobel Laureates and distinguished professors among our
senior advisers
HR keeps people happy
RAs go on to attend top business, law, public policy and
PhD programs
Excellent benets package
DOWNERS
Principals with abrasive personalities
The use of utilization as one of the main metrics of
performance and year-end bonus distorts incentives for
RAs
An environment of working far too much has been fostered
Hard to go over-and-above, because everyone goes over-
and-above
EMPLOYMENT CONTACT
www.brattle.com/Careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
From Harvard Square to Trafalgar Square
The Brattle Group provides consulting and expert testimony services on economic, nancial, regulatory and strategic issues to corporations, law rms
and public agencies worldwide. Founded in 1990 as a ve-person outt on Cambridge, Massachusetts Brattle Street, the rms 200-plus employees
now working from six ofces in the United States, Belgium, Spain and the United Kingdomserve a number of industries, including electric power,
nancial institutions, natural gas, petroleum, telecommunications and media, and transportation.
Where its energy lies
Today, The Brattle Groups specialties lie in energy, nance and litigation throughout North America, the European Union and even in Asia Pacic,
despite having no physical presence there. In the energy sector, one of Brattles major practice areas, it services the electric, natural gas and petroleum
industries. The rm assists electric utilities, deregulated power producers, customers, regulators and energy policy-makers with planning, regulation
and litigation efforts. It provides gas clients, whether involved in production, marketing or transport, with expert testimony and advice in regulatory and
legal disputes over pricing, prudence and cost recovery, access and contract performance. For the petroleum industry, it consults on asset valuation,
contract performance, corporate strategy and risk assessments, nancial modeling, market power reviews, reliability, and damages evaluations and
royalty disputes. The rm also has growing practices in climate change policy and planning and demand-side management.
Elsewhere in the halls of commerce, nancial institutions call on The Brattle Group when faced with litigation and regulatory matters concerning
securities, capital requirements, due diligence, structured nance, risk management, asset valuation, pricing of services, protability and the cost of
capital. Telecommunications and media outts engaged in xed-line and wireless communications, mobile satellite services, and cable and satellite
television look to the rm for valuation of spectrum, the assessment of damages in litigation, assistance with auctions, the pricing of network access, and
interconnection and other analyses. The Brattle Group also has knowledge and experience in intellectual property, product liability, transportation and
general commercial litigation, as well as an emerging practice in international arbitration. Its antitrust/competition experts have worked on a number
of the largest mergers, or attempted mergers, in over 50 industries.
Brattles brains
The Brattle Group refers to its consultants collectively as a team, and its chain of command is structured atly to encourage input in a peer-like manner
from individuals of any rank. Not only does the system foster a sense of collegiality, but it also exposes junior staff to some of the biggest brains in
their elds. Brattles principals are longtime experts in their respective industries, with advanced degrees in economics, nance, management and
engineering from top universities around the world. Its cadre of senior principals includes Daniel McFadden of the University of California, Berkeley,
who was the co-winner of the 2000 Nobel Prize in Economics, and Stewart Myers of MITs Sloan School of Management, co-author of the leading
graduate-level textbook on corporate nance (Brealey & Myers). The rms experts also draw on a network of senior advisors that includes renowned
academics and former government ofcials, such as the former chief economist for the U.S. Federal Communications Commission and the U.S.
Securities and Exchange Commission, and deans and faculty at academic institutions, such as MIT, Duke University, the University of Chicago and
London Business School.
Rolling out the page-turners
Brattle consultants have shared their insights in countless academic papers, books, articles and reports, which have appeared in magazines,
newspapers and journals all over the world. The rm also publishes a newsletter series that meditates on the state of economics, the environment,
energy, nance and telecommunications.
While the rms studies and research have won it recognition, The Brattle Group is also on the lookout for notable research outside its own rm. Every
year, the rm sponsors prizes for the best papers in corporate nance to foster intellectual inquiry within the areas of nance and economics. As an
incentive, winners receive $10,000, and two runner-up papers receive $5,000.
GETTING HIRED
The Brattle Group maintains a clear focus on recruiting graduates with strong records and demonstrated ability in quantitative elds. At the associate
level, weve historically focused on hiring economics and nance PhDs, one senior consultant explains. Now we also look at MBAs with quantitative
undergraduate majors and real work experience. At the research analyst level, the rm seeks undergraduates with majors such as mathematics,
economics, engineering and some physical sciences. Personality-wise, at all levels the rm seeks out intellectually curious types, also preferring
those who are down-to-earth enough to deal with some of the very unique personalities of the principals.
Once identied as an appropriate applicant via an HR screening and an initial interview (phone or in-person), candidates are own to an ofce to
engage in a daylong meeting, in which they are met and evaluated by a handful of Brattle consultants (HR, analysts, associates and principals).
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Brattle Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
153
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Here, candidates should be prepared to discuss their academic and work experience in detail, and communicate clearly and thoughtfully, as their
sample case study progresses under watchful eyes.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Brattle consultants seem happy about the tradeoffs theyve selected by choosing a small rm; what they forfeit in broad industry
recognition is replaced by a wealth of learning opportunities and a less bureaucratic culture.
Overall Satisfaction
This has been a wonderful place to work for the last year or so; I have been very impressed by the quality of my colleagues and senior advisors,
as well as by the diverse and challenging nature of my work. I have the opportunity to work with and lead teams, and am given a great deal of
responsibility, which I relish. Cambridge insider
For those new graduates with an aptitude for quantitative analysis and an interest in economics, Brattle provides a distinct and rewarding
experience. Energy consultant
The consensus among analysts is that better project management from higher-ups would make life for us better, as we would be better able to
handle our responsibilities. Finance consultant
Firm Culture
The work is demanding, high prole and intense, but everyone is laid back and has a calm and level-headed approach to the work. The
culture is extremely collegial, collaborative and supportive of each others goals and improving the overall quality of work produced. Associate
Brattle does a good job of trying to make the time we spend at the ofce pleasant. Theres a Friday party every week, which is a great time
to relax with co-workers and mingle with principals. They also celebrate signicant events in employees lives (weddings, etc). Litigation
consultant
Everyone is always helpful and willing to provide good resources or whatever else is needed; we always have complementary drinks, lots of
coffee, snacks, weekly Friday parties; great holiday party and summer outings. Research associate
Supervisor Relationships
I have a very good relationship with my supervisors. I feel that I get honest feedback both in the semi-annual review process as well as
throughout the year. Furthermore, I feel that I can go and discuss problems with my project managers without fear of retribution. Finance
consultant
When I have a question about a task that I am doing, the associates and principals that I work with take time to talk to me about the issue and
answer my questions. Cambridge associate
The biggest treat for me working at Brattle has been working closely and learning directly from experts in their elds. The supervisors are eager
to teach and ensure that everyone is engaged and learning. D.C. insider
I feel really great about my relationships with some supervisors. My mentors have been wonderfully helpful. On the other hand, I have had
some bad experiences with supervisors treating employees in unprofessional ways. Senior associate
Interaction with Clients
Plenty of client contactlean stafng means everyone is working above their level, which helps us grow quicker as professionals. Finance
consultant
As an analyst, I dont have much direct interaction with clients. I attend meetings and conference calls with clients, but I am always with an
associate or principal. I email back and forth with clients, but generally dont call them up on my own. Research analyst
I have had good clients, but I know that others have horror stories. Senior associate
Hours & Pay
Vaults Verdict: With several notable exceptions, management is typically responsive enough to give consultants real exibility on projects. Those
outside of senior roles nd themselves with exceptionally low travel requirements.
Work Hours
Work hours are not excessive unless solicited. East Coast consultant
The rm makes an honest effort to allow employees time off, or a couple of days with less work after a prolonged period of working. This helps
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Brattle Group
2010 Vault.com Inc.
154
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

to lessen the stress of long hours. Research analyst
Depending somewhat on your luck and assigned projects, work hours are actually quite exible, and there is some control on how much you
need to work. Energy consultant
I have had many experiences with project mismanagement, where projects were understaffed and there was a complete lack of planning. I do
not mind late nights, but it is extremely frustrating to have as many as I have had when it was completely unnecessary. Litigation consultant
Work/Life Balance
I can shape my schedule how I want it, even when I have a lot of work. I personally dont care about working late all week, as long as Im free
most of the weekend. Research analyst
The key to work/life balance from an associates perspective is that, for the hours outside the standard 40, unless theres a looming deadline,
I have a great deal of autonomy on getting work done. This means at night after I put the kids to bed, or from home on the weekends if need
be. Finance associate
Sometimes the balance can be a struggle, but the rm does indeed recognize this, and often tries to help alleviate the stress with social
functions and time-off recommendations. Litigation consultant
I havent yet had a problem scheduling a holiday or out-of-town trip. I denitely havent had to cancel any planned trips. Sometimes a project
manager has blocked off a set of weeks when s/he knows that a deadline is upcoming. The trick seems to be to not plan a very long trip too far
in advance. D.C. consultant
Travel Requirements
There is almost no travel required at our rm. Very occasionally, perhaps twice a year, there may be a travel opportunity for campus recruiting
or a client meeting. Research analyst
Travel for research analysts is almost non-existent. I havent personally had to travel at all for my job. Research analyst
I travel primarily to our other ofces in San Francisco and D.C.; I was out of the ofce approximately 40 to 50 days last year, but probably not
quite enough to average one day per week. Associate
Compensation
Compensation is competitive, and there are nancial incentives as part of our bonus to branch out and explore areas of personal interest, (such
as researching potential cases, working on articles and newsletters, preparing seminars, and so on). Finance rst-year
|Very transparentit is obvious how my bonus is calculated on the basis of performance and utilization, and there are multiple people to talk to
if there are questions. Senior associate
The Brattle Groups salary is clearly laid out and is competitive in the consulting industry. One shortcoming of the salary structure is that
because it is so clearly dened and not subject to adjustment, analysts who have much more responsibility on their shoulders because of the
principal they work for are not adequately compensated. Litigation consultant
I think the nancial incentives are a bit strange at the entry level. There is a lot more emphasis on amount of time worked rather than
efciency. Cambridge insider
Professional Development
Vaults Verdict: Formal training offerings are good enough, but the emphasis is clearly on building personal relationships with experienced
mentors and colleagues.
Formal Training
The Brattle Group has extensive formal training for entering consultants through the new consultant training (NCT) program. This training gives
consultants the beginning tools to start off with. However, a lot of unofcial training happens through project work with associates and more
senior research analysts. Energy associate
The rm has a large deal of initial training, which then trails off as you gain more experience. However, the company often has training brown-
bag seminars on various industry subjects. Research analyst
The rm denitely tries to encourage formal trainings, but not all of them have been useful. Some of the more pertinent trainings have been
the crash courses in coding and managing supervisors. Some of the less pertinent trainings have been grammar and nance basics.
Economic consultant
Almost everyone in the ofce is willing to train and teach in the course of completing a project. Senior associate
Promotion Policies
There is a signicant emphasis on growth, development and promotion at our rmentry-level associates are groomed from day one to
become revenue-generating principals, and we have regular performance assessments and discussions with our mentors to check whether we
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Brattle Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
155
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

are on track. Research analyst
Consultants advance based on their skill development. Its a pure meritocracy. There are opportunities for people that enjoy the work but dont
want to be business generators. Senior associate
Generally, consultants advance to a higher level each year, given that they meet the requirements of that promotion. These promotions are
based mainly on the intense review process carried out within the company. Research analyst
The rm has reviews twice a year, and you are notied on your progress and what you need to work toward to get promoted. It is difcult to
move from an analyst to an associate without a higher degree. Telecommunications consultant
Diversity
Vaults Verdict: The non-leadership ranks are fully diversied, with regular workshops and social opportunities that help the community fully
embrace its varied, international-heavy population.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The rm makes an extra effort to seek out minorities and the ofce has a strong international contingent that greatly adds to the working
environment and experiences of the employees. D.C. consultant
Being a woman and a minority myself, I think Brattle is a very comfortable environment to be in, no matter what your background. Associate
Principals are almost all white men. Associates are more mixed between male/female and different ethnicities. Whether this difference is
a systematic issue in terms of retention/promotion/mentoring is not known, or whether during early days the associate ranks were white and
male. Consultant
Overall Business Outlook
Vaults Verdict: Brattle proved to be a high-performing private practice in low-performance times, and consultants anticipate smooth sailing as the
economy returns to normalcy.
Overall Business Outlook
We have done extremely well so far through a down economy, and work seems, if anything, to be picking up. Employee morale is quite high.
Cambridge associate
We are always expanding, and we weathered the nancial crisis with no lay-offs. In particular, we are expanding in areas that the rm believes
will be huge growth areas in the future. Senior associate
As a private company, we continue to grow at the pace driven by our clients needs, not shareholder needs. We continue to make good money
and get good bonuses. Energy consultant
As the economy improves, were in a better position to take advantage of additional opportunities than other rms who have had to cut back.
Research associate
Condence in Firm Leadership
Brattles senior partners are totally competent and elicit a great deal of respect and condence from the rest of the rm. Energy consultant
Very strong, competitive leadership who are always focused on growth and development of the business, as well as the employees themselves.
Research analyst
Overall, Im very condent. My only question is how adept they will be at integrating lateral hires into the rms culture as we grow. This has
proved a challenge, but one of which management has indicated full awareness. East Coast insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Brattle Group
2010 Vault.com Inc.
156
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

MONITOR GROUP
Two Canal Park
Cambridge, Massachusetts 02141
Phone: (617) 252-2000
Fax: (617) 252-2100
www.monitor.com
LOCATIONS
Cambridge, MA (HQ)
20 ofces worldwide
PRACTICE AREAS
Economic Development & Security Innovation Marketing
& Pricing Organization & Leadership Integrated Strategy
Social Action
THE STATS
Employer Type: Private Company
Chairman: Mark Fuller
2010 Employees: 1,200
2009 Employees: 1,200
Good at thinking differently; cerebral
Porter is so last year
Strategic; value-creators
Surviving on brand halo from 15 years ago
157
25
PRESTIGE
RANKING
UPPERS
Global footprint
More transparent now than ever
The size of the rm and the ability to know everyone
Long holiday break
DOWNERS
Ad hoc pay
Lack of choice in project allocations at junior level
Antiquated IT infrastructure
Ambiguity - this is not a place for someone who needs a lot
of structure
EMPLOYMENT CONTACT
www.monitor.com/Join
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Switched on
Monitor Group is a professional services rm focused on strategy consulting, capability building and capital services. Its services include marketing
and growth strategy, organizational analysis, corporate nance, leadership development, operational and corporate planning, and competitive analysis.
Founded in 1983 in Cambridge, Mass., the rms footprint expanded rapidly for the rst 25 years of its life, topping out at 25 ofces in 19 countries
by 2008. While no ofcial announcements were made in the media, it would appear that the companys 25
th
anniversary wasnt quite as smooth as it
would have hoped; by 2010 it had shrunk to 20 ofces in 16 countries.
Clients come from nearly every industry, including automotive, health care, telecoms, energy, consumer products, nancial services, tourism, media
and advertising, and computers, as well as the public sector. For the most part, the company works with Fortune 500 companies, but occasionally
serves mid-tier organizations, government agencies and nonprots, as well. Monitor prides itself on the long-lasting impact it has on clients. Work is
done in highly collaborative environment in which consultants and clients work side by side to solve problems. Moreover, Monitor places signicant
emphasis on achieving a knowledge transfer to its clients by teaching them how to sh, as the rm calls it.
Putting ideas into practice
Monitor was founded by a group of six former Harvard University professors and students intent on nding practical applications for the theory then
being taught in the institutions business school. Within ve years, the group had expanded from the doorstep of its alma mater into Europe and Asia,
with a London ofce arriving as early as 1985. Global expansion has not dimmed the rms Harvard connection any, howevercurrent Chairman Mark
Fuller is a former assistant professor at the university, while Monitors thought leaders include at least seven further Harvard alumni and current or
former professors.
Among those thought leaders is co-founder Michael Porter, who still serves as a Bishop William Lawrence University Professor at Harvard, and
whose books, Competitive Advantage: Creating and Sustaining Superior Performance and Competitive Strategy: Techniques for Analyzing Industries
and Competitors, provided the backbone of ideas around which Monitor Group was formed. Accenture named Porter one of the top-50 business
intellectuals of our time, and he has since written 14 more books and over 80 articles on business.
Breadth of activities
Monitors core competitive strategy capabilities are practiced throughout the organization. Meanwhile, there are several business units that focus on
developing and applying cutting-edge thinking in key growth-related disciplines: Monitor innovation, which helps companies develop comprehensive
innovation strategies; the management leadership and organization group, which assists clients seeking to transform leaders, teams and organizations,
and helps align organizational design and strategy; m2c (market 2 customer), which develops marketing and pricing strategies for Monitors clients;
economic and development security, which works with national and regional governments to help them grow their economies; and social action, which
advises nonprot, philanthropic and social-sector institutions.
Monitoring money
Monitor has distinct capabilities in nancial and capital markets, with specic expertise in both mergers and acquisitions and corporate nance advisory
services. Monitor Clipper Partners, focused on the middle market, and Monitor Ventures, focused on the early stage, are afliated private equity funds.
Monitor has access to the expertise of managing partners of both Monitor Clipper and Monitor Ventures, which gives Monitor real-world insight into
transaction design, maximizing value and growth in acquisition targets, and maximizing exit values where appropriate.
Monitocracy
Purely on a philosophical level, Monitor understands that career development is individualized, coming about from different choices and rates of
advancement, rather than demanding that employees adhere to a set pace and promotion track. This means that Monitor does not have an up-or-out
policy that many of its competitors do. Nor are consultants at Monitor tracked within classes of peers the way they are at other rms, thus leaving
the possibility for much more rapid advancement compared to rms with a more conventional cohort-based promotion system. In fact, some Monitor
consultants have been known to make the transition from undergraduate consultant to the associate partner level (or candidate leader, as it is called)
in just ve years.
Conscientious corporation
Monitor shows a great deal of social awareness, and acknowledges its larger responsibilities as a prominent global institution through several initiatives.
The rm is the signature partner to New Prot, Inc., a U.S.-based venture philanthropy fund that provides strategic counseling and nancial support
to social entrepreneurs. It is also a partner of Management Leadership for Tomorrow, a nonprot that grooms African-American, Hispanic and Native
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Monitor Group
2010 Vault.com Inc.
158
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

American youth for leadership positions in companies, nonprots and entrepreneurial ventures. Collaborating with New Prot, Monitor advised MLT
on growth strategy, and has supplied consultants as faculty for the programs career prep classes. The rm also partners with Teach for America, a
domestic educational Peace Corps, of sorts, which places recent college grads in teaching positions in impoverished towns and cities across the United
States. As a partner of the organization, Monitor agrees to hold positions for recruits who accept a two-year term with TFA, while also giving those
recruits career support and summer internships. Recruits are also selected from existing TFA corps members.
GETTING HIRED
Having been involved in a number of interviews and with the rms recruiting apparatus, I can testify to the fact that Monitor has a very high bar for its
candidates. Take this consultants words as you willwarning or challenge. For those put off by Monitors extremely competitive selection process,
its best that they not waste their time anyway. All applicants will be pre-screened for capability (think smart, personable, innovative, creative, well
rounded, worldly, driven, ambitious, unique) as well as t.
For those who t the bill, the interview process consists of two rounds of intensive interviews designed to test, above all, the candidates prociency and
analytical aptitude. The rst is a written case study in examination form; the second is a truly unique group role play, of sorts, in which a candidate
is evaluated in a high-pressure, high-demand situation. Its purpose? I think it is very effective at simulating real-world consulting environments,
one interviewer suggests.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: The recession was certainly a blow to Monitor, resulting in cutbacks of many of the non-essential perks that employees loved.
But in the past year, the rm has been systematically turning things around and bringing back these perks, and most respondents say they are
quite satised with their quality of life.
Overall Satisfaction
Monitor is basically all that I could ask for in a consulting rm: terric people, interesting work and a learning- and feedback-oriented culture.
Health care consultant
If you want to have an impact that dees traditional entry-level analyst responsibilities, Monitor should be of serious consideration. Strategy
rst-year
I love my job and love my company. It has warts just like all other organizations, but it is truly a great place to work. East Coast higher-up
The recession has affected [us], but I believe that, despite these challenges, Monitor has been able to more effectively engage its employees
over the past 12 months. New York staffer
Firm Culture
Monitors culture is like no other. Its a no face time, down-to-earth environment that rewards people for their contribution. The people are
amazing and have a strong bond amongst each other. Toronto midlevel
We tend to attract people who are naturally friendly, fascinating and genuine. They are team-oriented and a lot of fun to spend time withat
work or afterwards. Anytime I go out with Monitor people socially, I feel like Im guaranteed to have a terric time, even if Ive never met them
before. Senior consultant
Monitor is full of very bright, but somewhat quirkier, more academic consultants. The rm has an extremely friendly and casual culture, and I
socialize very frequently with colleagues outside the ofce. In fact, many of my best friends are former colleagues. Experienced source
The economy has dampened some of the non-essential spending, which used to be more abundant. Health care insider
Supervisor Relationships
One of Monitors greatest strengths is team dynamics. I have had strong supervisors that lead case teams very well. East Coast staffer
Monitor is a very friendly, down-to-earth, noncompetitive environment. As a result, Ive found that my supervisors take a vested interest in
me and my development. Its a constant-feedback culture, but one about learning, and Ive always felt extremely supported. Entry-level
respondent
I have yet to work on a team where I didnt, at the bare minimum, like everyone from junior consultants to account managers. Strategy rst-
year
In consulting, if you dont get along with your superiors, youre screwed. Luckily, that is uncommon at Monitor. Los Angeles midlevel
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Monitor Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
159
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Interaction with Clients
We develop uniquely strong relationships with clients because we eschew the stereotypical, were smarter than you so just do what we say
approach to consulting. Public-sector insider
I feel that my clients respect and appreciate my work, and feel comfortable looking to me for meaningful advice on the questions they are
facing. East Coast consultant
Clients are a complete shot in the dark because we dont always know who well be working for when we sell into a company. New York
associate
Hours & Pay
Vaults Verdict: The hours at Monitor are predictably rough, and some consultants gripe about their overall pay. Still, some say they are able to
manage a balance between work and home life, and they appreciate the fact that Monitors is a no-face-time culture.
Work Hours
[Hours are] incredibly variable, but not as bad as banking! Experienced consultant
Although my work hours are high, they are on my terms, which is most important. Work is completely exible and I work when I need to; were
not conned to an ofce with a face time policy. Executive-level insider
Short cases are the ones to avoid in terms of being burners. Health care analyst
I dont work weekendsexcept maybe one to two hours on Sundaybut Im sick of working until 10 p.m., 11 p.m., midnight, 1 a.m., every
night of the week. I can never make and commit to plans during the week. Its very frustrating. Midlevel source
Work/Life Balance
With a one-year old at home, I am extremely pleased at my ability to balance work and life. Im measured and rewarded on my output, not my
input. Senior consultant
You must learn to manage your time, and by doing so you can maintain a good work/life balance. There is no face time policy at Monitor, so if
you dont have anything to do you are encouraged to go home! Chicago analyst
I can manage a life outside of work, as the hours are not terrible. The real problem is that I can never let myself stop thinking about the work I
am doing. Cambridge insider
During my rst year, balance was possible. Now that Ive taken on more responsibility and the economy turned south, I pretty much work all
the time. Midlevel consultant
Travel Requirements
Travel is minimal for junior levels. At most, I travel four to ve times a month for meetings. This varies on a project-by-project basis, but thats
been my experience so far. New York staffer
Monitor has optimized this model: Dont travel for the sake of travel, work where you are most comfortable, contribute to the ofce environment,
build your network at home and charge the batteries for intensive travel when necessary. First-year associate
Its nice to not always be on the road, though it means junior consultants get little exposure to clients. Health care analyst
Compensation
Compensation is meritocraticas a strong performer, Ive received generous raises even during the economic crisis. Public-sector midlevel
Financial compensation is not top of market, but, I am more than willing to make that tradeoff for the nonnancial compensation of less travel,
more exible time, more customized career path and promotion. Senior source
Overall, Im satised with compensation, but I could make more at competitor rms. Toronto insider
Monitor did not provide bonuses in 2009 (as in 2008). Two years without bonuses has been a tough pill to swallow. I was very satised with
base salary increases at the end of 2009 and into 2010 and have high hopes for a full bonus pool at the end of 2010. Senior consultant
Professional Development
Vaults Verdict: Respondents give credit to Monitors informal mentoring, but the limited amount of formal training is a real concern for new and
prospective hires. However, in 2010, the rm has reinstated global training sessions for consultants, so change is underway in this area.
Formal Training
Most of our training is on the job and through mentoring. I personally nd this type of training most effective. Midlevel consultant
Training is very minimal if you are not part of m2c, although the rm has announced they are going to provide more options moving forward.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Monitor Group
2010 Vault.com Inc.
160
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
161
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition
Monitor Group
Most training is on the job. Senior source
Historically, we have received far too little training, particularly at an interofce level, and this problem has been exacerbated by the crisis.
However, local ofce trainings on more random topics (typically topics of expertise amongst local senior partners) have increased recently.
San Francisco staffer
Promotion Policies
Consultants here advance very quickly, especially in terms of the responsibility they are able to take on at a relatively young age. Health care
analyst
Its totally meritocraticyou move up as quickly as you demonstrate your capabilities. There are no classes that advance at predetermined
levels. First-year
Its no up or out, but I think that hurt the rm in the downturn. West Coast respondent
I like that the place is at and that were not obsessed with titles, but it can sometimes make you feel like success, whatever that means, is a
long way off. New York higher-up
Diversity
Vaults Verdict: Monitor has done a commendable job on this front, and its consultants are hungry for more.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Monitor is one of the most GLBT-friendly professional environments Im aware of. Senior consultant
We have a very extensive diversity program at Monitor. In addition, we have a Womens Leadership Initiative lead by two very senior women
with real budgets attached. Executive-level source
The rm is generous with a full three-month paid maternity leave, and for high-performing women, Monitor is willing to explore different
arrangements for your transition back after leave. Midlevel consultant
Were a very supportive community, but our numbers (especially for post-MBA level women and underrepresented minorities) arent where
wed like them to be, hence the increased focus on recruiting relative to retention. Public-sector insider
Overall Business Outlook
Vaults Verdict: Monitor has emerged intact from what was, for them, a seriously damaging recession. Prospects are strong, and while the outlook
isnt perfect, its a massive step in the right direction.
Overall Business Outlook
Monitors pipeline continues to grow and strengthen. Its an exciting time to be at the rm. New York associate
I think the rm is in a better position to truly thrive than at any point Ive been here (in the past ve years). Health care consultant
We are busy, busy, busy! The only issue is as the economy picks up, jobs will become available for people who stayed but were interested in
leaving. [We] could see some acceleration in voluntary turnover. Executive source
Condence in Firm Leadership
The recent effort to dene and articulate Monitors purpose demonstrates that Monitors leadership is mindful not only of the rms nancial
but also its emotional health. Cambridge consultant
Theres a new partnership structure in placewere denitely already seeing positive effects, and Im optimistic about the future. Junior
staffer
The rms leadership has steadily improved since Ive been here, though communication is still a bit of an issue. East Coast midlevel
The leaders in the rm are some of the smartest people I have ever met, but I still feel we need to closely look at our own organization in the
same way we do for our clients. First-year associate
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

ALIX PARTNERS, LLP
2000 Town Center, Suite 2400
Southeld, Michigan 48075
Phone: (248) 358-4420
Fax: (248) 358-1969
www.alixpartners.com
LOCATIONS
Southeld, MI (HQ)
Chicago, IL
Dallas, TX
Detroit, MI
Los Angeles, CA
New York, NY
San Francisco, CA
Washington, DC
Dubai
Dsseldorf
London
Milan
Munich
Paris
Shanghai
Tokyo
PRACTICE AREAS
Enterprise Improvement Turnaround & Restructuring
Financial Advisory Services Information Management
Services
THE STATS
Employer Type: Private Company
Chairman: Philip Hammarskjold
CEO: Fred Crawford
2010 Employees: 900
2009 Employees: 1,000
UPPERS
Leaving your footprint all over corporate America
More autonomy to get your work done
No micromanagement
Entrepreneurial spirit
DOWNERS
Lack of promotion criteria
Inconsistent workloads
Complete lack of care about community involvement
Scarce IT resources
EMPLOYMENT CONTACT
Go to the careers section of the rms website.
Able to lead and implement what the traditional guys cant
Inexible, self-absorbed
Cowboys
Youre never home
THE BUZZ
what other consultants are saying
163
26
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Financial facelift
AlixPartners is an international business advisory rm that has made its name and earned its reputation through its work in the corporate turnaround
and restructuring industry. Although it can provide other services, the rms four main business functions are enterprise improvement, turnaround and
restructuring, litigation consulting and nancial advisory services, and information management services. AlixPartners is most known for its services
aimed at reversing the fortunes of struggling companies, but it also offers nip-and-tuck and growth services, such as performance improvement and
strategic consulting services, for companies that are not in nancial straits but may still be looking to improve operations. Operating globally out of
ofces in the United States, Europe and Asia, AlixPartners has been retained by major companies including Cadbury Schweppes, GM, Kmart, Toys
R Us and more. Best of all for its clients, AlixPartners works on a pay-for-performance system, aligning its compensation structure with its clients
success.
There must be a better way
Jay Alix & Associates PC was conceived by Jay Alix in 1981, when he observed that companies in trouble needed help saving assets and jobs and had
little resources for doing so. The companys early years included aiding notable clients such as DeLorean Motor Company, of Back to the Future fame,
and Phoenix Steel Corporation. The rm began to evolve in the 1990s, taking on more staff and serving major clients, such as Unisys, Phar-Mor and
General Motors National Car Rental subsidiary, and it expanded from 33 employees to over 100.
The rms current incarnation was born in 2002. At the time, Co-Chairman Alix said that the name AlixPartners was chosen to reect the rms central
premise that it is a partner to it employees, clients and referral sources. But the new millennium brought more changes to the rm than just the name
alone. In 2001, it began to expand from a national to an international entity, now totaling 15 ofces in eight countries. Although originally based in
Detroit, New York and Chicago, it soon began a rapid expansion into Europe by opening ofces in London, Munich, Milan and Dsseldorf. The next
major market was Asia. In 2003, the Japanese government invited AlixPartners to come to Tokyo to help launch the Japanese Association for Business
Recoverythe countrys rst-ever business turnaround industry and association. An ofce in Los Angeles followed in 2003, two more in Tokyo and
San Francisco in 2005, and another in Paris in 2006.
GETTING HIRED
The hiring process at AlixPartners is uniquely intense; as one recent successful candidate states, its like no other you will nd in consulting.
Candidates can expect to face a veritable barrage of tests spanning an impressive (and intimidating) spectrum of subjects. For a brief synopsis, see
this consultants laundry list: IQ tests, personality tests, accounting tests, cash ow modeling tests, an interview with a psychologistand the list goes
on, also including at least one six-hour skills examination designed to evaluate logic and problem-solving talents.
Candidates with a shot at overcoming this interview gauntlet must be extremely intelligent, personable and, above all, experienced. The rm almost
never recruits those without direct consulting or operational experience, though the absolute best of the best of recent MBA grads might sneak through
the door.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: We cant say if Tolkien was inspired by AlixPartners or vise-versa, but the consensus among the rms consultants is downright
epic. It has been an incredible adventure, states one insider. I hope there are a few more turns in the road. Insiders feel consistently
appreciated by clients, if not always by their supervisors.
Overall Satisfaction
AlixPartners is a fabulous place to work, and does fabulous work for its clients. Experienced New Yorker
The rm quenches the thirst for exciting, real-time, technical projects, and rewards those efforts through expressed gratitude, solid
compensation and excellent benets. Detroit consultant
Im extremely proud to be here and to be part of such a successful growth story. Operations executive
I would like more variety of clients and less travel. AlixPartners insider
Firm Culture
The people and culture of this rm are second to none. Ive worked in many environments and this is denitely the place with the best people
and culture. Our strong culture is jealously guarded and our core values are taken very seriously. Business advisor
They value the people, their individuality and creativity. They respect everyone and try very hard to maintain a close team approach to
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Alix Partners, LLP
2010 Vault.com Inc.
164
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

everything. Executive consultant
This is a Type-A culture across the social, political and professional dimensions. Midlevel source
It is changing. It was very much a family, caring environment that is changing as a result of the growth of the organization. New York
executive
Supervisor Relationships
The at organizational structure makes supervisors much easier to approach; there is no visible or invisible wall between levels. Junior
consultant
[My supervisors are] absolutely effortless to work with and to spend time with socially. Open, honest, modest and great sense of humor are
characteristics that I nd common among my superiors. First-year staffer
Relationships vary by superior, with some very close relationships and some not so close relationshipsmost are somewhere in between.
Restructuring insider
Mentoring and career guidance are not institutionalized, and are only available if youre lucky enough to be staffed with a supervisor who cares
about that. Bankruptcy consultant
Interaction with Clients
Due to the sensitive nature of the work and the amount of time spent with clients, you will build strong relationships on every engagement.
Midlevel Texan
Clients consistently appreciate uswe get stuff done and deliver results. And the results are lasting since we focus on implementing process
improvements that can be sustained by the client long after were gone. Thats important to us. Detroit consultant
If the client understands the advisors role, then the relationship is usually quite good. In fact, I have run into clients after an engagement and
the friendly relationship continued. Entry-level advisor
Hours & Pay
Vaults Verdict: The client always comes rst at AlixPartnersthe rm wouldnt be so protable otherwiseand although this can take its toll a
consultants work/life balance dearly, this crop of consultants seems up to the challenge.
Work Hours
AlixPartners consultants work the number of hours needed to get the job done. Our work is important to the outcome for our clients. We enjoy
our work. The hours are acceptable. Detroit executive
No matter how much or how long you are required to work, your time is valued. Junior source
The work is intense but interesting. Hours translate into overtime, which greatly impacts compensation, so we are incentivized to work hard
when it makes sense. Midlevel advisor
Work hours are solely a function of the engagement, the managing director on the engagement and the deadlines and workow of the
engagement. There is absolutely zero face time. Crisis management consultant
Work/Life Balance
Even with the monstrous hours when on the road, theres a real effort to protect everyones weekend time when possible (sometimes client
work requires weekends, and thats perfectly ne). Senior consultant
In line with the motto of When it Really Matters, there are occasions when much is asked of you. Finding a balance when trying to solve a
critical business problem can be challenging, but the people at the rm make it work. Entry-level consultant
Work/life balance is an individual choice. I have small children. I work 60 to 80 hours, Monday through Friday, and weekends only during
crisis periods. Traveling during the week means that I allocate weekends to be entirely family time. Executive source
They are very, very stingy with vacation, but that is my only major complaint. Dallas higher-up
Travel Requirements
Travel differs by engagements. Some require extensive travel and much hand-holding at the client site; others can be managed without travel.
It depends on the nature of the service. Texas-based consultant
Excessive. We travel more than we need to. New York midlevel
Dont underestimate a ve-day-a-week travel expectation; it makes for difcult lifestyle choices. Operations consultant
The travel policy at AlixPartners does not skimp on making you comfortable when traveling, which alleviates stress and allows you to focus on
what really matters. Junior source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition Hewitt
Alix Partners, LLP
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
165
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Compensation
I dont really hear anybody arguing about pay. People work really hard and get compensated well. You will receive a good base, plus a good
utilization bonus monthly, plus a good year-end catch-up. You cant look at just any one of these by itself. Entry-level insider
Great special perks, like wonderful insurance coverage, cell phones, etc. Financial consultant
The rm is a top payer in the industry, giving generous bonuses and benets. Everyone at AlixPartners feels that, for their current level,
they are well compensated. The issue is long-term compensationit doesnt keep pace. You could stay at the same level for a long time.
Executive source
AlixPartners has an earned bonus or overtime, which is supposed to put the rm on average with other similar rms in the market. However, if
you are not utilized over 100%, you do not see any impact. Experienced Dallas consultant
While the compensation structure suggests market rates, in practicality very few associates can reach the appropriate level of billable work in
order to receive full pay increases and signicant bonuses. Senior associate
Professional Development
Vaults Verdict: Only the strong survive at AlixPartners, so its little surprise that formal training is minimal. Consultants are largely left to their own
devices to make their way up the promotional ladder.
Formal Training
The training is improving, with more formal in-house programs developed and offered. Executive source
We train people in turnaround techniques and personal presentation, but basically expect folks to come in with clear competency. Senior
business consultant
Training is offered internally; however, it is not always relevant to the types of situations that we have. The rm allows you to pursue training
opportunities outside of the rm where appropriate. Midlevel insider
The rms service offerings are very experience-driven, and our employees join the rm with years of experience in hand. Youre expected to
bring this experience to the table and execute. This is not a place for entry-level employees to cut their teeth. New York-based respondent
Promotion Policies
The rm is very sensitive about who is hired and who is promoted. There are no hard and fast rules about up and out; those things tend to
work themselves out due to the intensity of the job. Midlevel consultant
[Promotion is] mostly merit based, and depends entirely on the person and the needs of the rm at the time. Senior source
There is no ofcial policyhow to get promoted is quite nebulous. But so far, everything seems fair. People are promoted when they should
be. San Francisco insider
Very few directors advance beyond this level to managing director. The general feeling is that all consultants below MD, regardless of level, are
completely fungible, so rank has relatively little meaning. Higher-up in the Midwest
Diversity
Vaults Verdict: In this area, the rm fails to live up to its own lofty standards. Little attention is paid to fostering an open, hospitable and diverse
community of consultants.
Diversity Issues With Respect to Women, Minorities, and GLBTs
[Diversity] seems invisible. I do not sense anything proactive, but I also sense no need for it. Chicago source
We recently instituted domestic partner benets after a long, arduous internal ght; rm culture still needs much improvement in order for
GLBT employees to feel comfortable coming out at work. Bankruptcy consultant
The rm has a very old-school approach to these issues[there are] no programs or proactive management, and some cultural sensitivity
training is required as MDs can have some very backward perceptions. Strategy executive
Seems kind of like a boys club, but it could be due the nature of the industry and the number of hours we put in for client work. San
Francisco-based respondent
Overall Business Outlook
Vaults Verdict: One of the few rms to prot from the recession, AlixPartners is structured to reap the benets of other companies instabilities.
While this could cause business to cool somewhat in a healthier economic climate, the rms diversication efforts could bear fruit in a more
stable business environment.
Overall Business Outlook
The rm is extremely well positioned to capitalize on the increasing need for restructuring/turnaround professionals. As debt on levered
companies begins to mature in the next two to three years, many companies will nd themselves unable to renance and will need experienced
advisors to guide them through in-court and out-of-court restructurings. Junior source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Alix Partners, LLP
2010 Vault.com Inc.
166
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

We work with distressed and bankrupt companies. Our business is solid when times are good and off-the-charts when the economy tanks.
Operations advisor
The rms model is to thrive in a restructuring and healthy company environment. 2010 will be a tough year, but we are positioned to exceed
the performance of other consulting rms. Texas executive
The rm is soft right now as potential clients are delaying decisions and deciding to save on consulting fees. Employee morale is not great.
Energy specialist
Condence in Firm Leadership
Terric leadershipthey put clients rst and they put team members rst. They also take the time to listen, even with their incredibly busy
schedules. Experienced business consultant
Competent, professional, balanced, reasonable, intelligent. Entry-level insider
The leadership has the right experience and the right strategy to continue to outperform all other consulting rms. Senior source in Detroit
Exceptional leadership at the top; more pragmatic than any other consulting rm Ive ever worked for. Operations consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition Hewitt
Alix Partners, LLP
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
167
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

1 New Orchard Road
Armonk, New York 10504
Phone: (914) 499-1900
Fax: (914) 765-7382
www.ibm.com/consulting
LOCATIONS
Armonk, NY (HQ)
Ofces and operations in 170 countries
PRACTICE AREAS
Application Services
Application Management Custom Application Development
& Systems Integration
Business Services
Business Analytics Customer Relationship Management
Financial Management Human Capital Management
Strategy & Change Supply Chain Management
THE STATS
Employer Type: Division of IBM, a Public Company
Ticker Symbol: IBM (NYSE)
Senior Vice President: Frank Kern
2009 Employees: 100,000+
2008 Employees: 190,000
2009 Revenue: $17.7 billion
2008 Revenue: $19.6 billion
Becoming top tier
Technologically sound, business blind
Good global rm, very deep bench
Challenging culture
THE BUZZ
what other consultants are saying
2010 Vault.com Inc.
168
IBM GLOBAL BUSINESS SERVICES
27
PRESTIGE
RANKING
UPPERS
Everyone treasures life and family
It means something to say I am an IBMer
Being a part of something my father was eons ago
DOWNERS
Too many layers for decision making
They need to learn that a report that was good enough 10
years ago isnt now
Too much turf protection and political maneuvering
EMPLOYMENT CONTACT
www.ibm.com/consulting/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
A new meaning to business machine
IBM Global Business Services works hard to make clients businesses work better. The group includes IBMs consulting, systems integration and
applications businesses, which together employ more than 100,000 professionals in the Americas, Europe, the Middle East, Africa and Asia Pacic.
GBS is one half of IBMs Global Services division, but only in the sense that its one of two units within that division (Global Technology Services is the
other). Global Services is responsible for over 50 percent of IBMs total revenue, with GBS contributing roughly 20 percent of the companys annual
income.
GBS offerings are broken down into two primary practice areas: business consulting and systems integration, and application management services.
The rst of these offers six areas of specialty assistance to clients: customer relationship management, nancial management, human capital
management, strategy and change, business analytics and supply chain management services. The units clients work in a number of industries,
including aerospace and defense, automotive, banking, chemicals and petroleum, consumer products, education, electronics, energy and utilities,
nancial markets, government, health care, insurance, life sciences, media and entertainment, retail, telecommunications, travel and transportation.
The second practice areaapplication management servicesoffers expertise in application development, management, maintenance and support
services for software and applications.
A chip off the old PwC
For those that knew IBM from its reputation as a manufacturer of hardware, the current iteration of the company may be hard to recognize; the
company that exists today is the result of two major business events early in the millennium. The rst occurred in post-Enron-scandal 2002, when
IBM emerged from the feeding frenzy of Big Four accounting rms grasping the prize of PricewaterhouseCoopers consulting armthe tech rms
rst major foray into the world of service provision. Two years later, the historic $1.75 billion sale of its computing systems and PC hardware side of
the business to Chinese manufacturer Lenovo completed the change of direction for IBM, sending the rm inexorably down the consulting path, and
ensuring a bright future for the Global Services division.
Having thus moved away from its traditional business model into the realm of consulting services, IBM has made a concerted effort to attract clients
to its higher-value corporate services packages of research, software and services, specializing in providing the best skills, not the best prices. At the
same time, the rm has focused on globalizing its business, moving away from a country-by-country business model.
Research readiness
Effective consulting requires access to fresh research and analysis. The company maintains sources for both through the IBM Institute for Business
Value. The institute provides strategic insights and recommendations to help clients capitalize on new opportunities. It is comprised of consultants
around the world who conduct research and analysis in 17 industries and across ve functional disciplines, including human capital management,
nancial management, corporate strategy, supply chain management and customer relationship management.
GETTING HIRED
Despite enduring a series of three to six interviews with different recruiters in different locations, IBM consultants call the process very fast and
responsive, which must take genuine effort given the sheer size of the organization. Screening takes place via an on-campus or telephone interview,
in which a candidate must demonstrate the basic qualities and aptitudes necessary to succeed as a strategy consultant. Candidates should expect a
range of behavioral and situational examinations, as well as a case study question.
Successful candidates then face a second round that focuses more on t. Expect three separate interviews with your potential supervisors and
co-workers, all of whom will be judging personality and ability to communicateboth informally and in a business setting. They are looking for
someone who understands the importance of networking in a large rm, someone personable and a thinker that can articulate ideas and thoughts,
says a veteran of the process.
OUR SURVEY SAYS
Corporate Atmosphere
Being part of a corporation as gigantic as IBM affords its staffers an innite amount of resources and opportunities. As one insider says, You
can connect with Nobel Prize winners, travel to the numerous client or philanthropic sites around the world, and be at the forefront of technology and
innovative solutions for clients.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
IBM Global Business Services
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
169
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Consultants sometimes nd it difcult to access those vast opportunities and resources because of red tape and the typical bureaucratic woes that
saddle such massive organizations. The same is true within the rms diverse and interesting culture. There are social and professional activities
if you know where to nd those listings and take the initiative to connect to other groups/forums, a junior source reports. The debate over the merits
of working for an international conglomerate continues, as an associate reveals some brewing resentment over outsourcing and global sprawl: Cutting
U.S. jobs and hiring overseas does not make for a pleasant work environment. That said, IBMs size and brand does work in its favor with regard to
overall business outlook and faring well in a turbulent economy. As one respondent puts it, Its IBM. It always there, and it rebounds like a rubber
ball.
Hours & Pay
IBM expects us to make Big Blue the main priority in our life, says a worn-out staffer, when asked to comment on his work hours. A colleague,
agreeing that work hours can take their toll, admitted that positive work/life balance is possible at IBM, though it must be explicitly demanded (others
say it sure isnt encouraged). In general, were told that consultants put in between 40 and 60 hours each week.
Travel also gures into the mix, but respondents say they knew exactly what they were signing on for from the gates: Everyone agrees to travel 100
percent as part of employment with the rmin principal, at least. This typically translates to about four days per week on the road, but weary
travelers are well compensated by the best benets in the industry, complete with free health care, 28 days of holiday/vacation, unlimited sick leave,
matching up to 6 percent of 401(k) vested immediately, and discounts for IBM stock.
Professional Development
Training is inherently tied to the nature of IBMs organization; the rm large enough to provide as many training sessions and online eLearning modules
as probably all of the colleges on the East Coast added together. But, like any massive university, those training resources are left almost exclusively
to employees to seek out.
When theyre able to get their hands on them, insiders appreciate the variety and depth of the training offerings. I have been impressed with many
of the in-person sessions that Ive attended, both in depth of offerings (the new-hire Strategy Consulting 101 brought in professors from Harvard to
teach the course) and the breadth of topics, an insider says. However, others bemoan the complications of accessing courses and sessions while
balancing business obligations. Its difcult to get management approval for training that will take you away from the client or cost money, an
associate reveals.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
IBM Global Business Services
2010 Vault.com Inc.
170
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

171
28
OC&C STRATEGY CONSULTANTS
6 New Street Square
London EC4A 3AT
United Kingdom
www.occstrategy.com
LOCATIONS
London (HQ)
Boston, MA
New York, NY
Abu Dhabi
Dubai
Dsseldorf
Hamburg
Hong Kong
Mumbai
New Delhi
Paris
Rotterdam
Shanghai
PRACTICE AREAS
Business Unit Strategy Group Strategy M&A & Transaction
Support Organization & Change Product/Market/Channel
Strategy Strategy Realization
THE STATS
Employer Type: Private Company
Worldwide Managing Partner: Michael Jary
2010 Employees: 475
2009 Employees: 465
UPPERS
Young, informal and fun culture
Absolutely no bureaucracy
Partners dont take themselves too seriously
DOWNERS
Not enough diversity in cases
Little effort devoted to associate development
Black-box stafng
EMPLOYMENT CONTACT
www.occstrategy.com/join
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
The name says it all
While OC&C Strategy Consultants keeps coy about its client list, theres nothing secret about what the rm doesits right there in the title. Focusing
on strategic analysis, the rm breaks the concept down into six organizational areas: group strategy, business unit/divisional strategy, product/market/
channel strategy, transaction support, strategy realization, and organization and change. And, like any strategy master or tactician, the rms emphasis
isnt always on speedit tries to pace itself during consulting contracts, nding all the possible solutions to a problem before jumping into operational
issues. Thats a strategy, the rm says, that ensures clients benet from truly custom-built solutions, rather than off-the-shelf methodologies that may
not t the clients needs.
Although OC&C has stopped publicizing its client list, it does claim to work not only with major corporations, but also welcomes contracts from smaller
companies that need strategic help in rapidly changing industries, stating that it wants to work with ambitious organizations that understand the
importance of excellent strategy. Its industries include business services, consumer goods, nancial services, industry and infrastructure, media,
private equity, retail and distribution, technology, telecommunications, and travel, transport and logistics.
Expanding the footprint
Chris Outram founded OC&C in London in 1987, as part of a team that included the current head of the rm, Worldwide Managing Partner Michael
Jary. After several years at other consulting rms, including BCG and Booz Allen Hamilton, Outram and a colleague had tired of the fact that
their employers devoted so much time to operational issues while neglecting strategic analysis. So they decided it would be more fun and more
challenging to start their own rm.
While it may have been founded in Europe and still concentrates most of its services there, the rm has been trying to create a stronger presence in
the United States. To gain greater access to the American market, the rm merged with Boston-based Callidon Group in June 2007. Callidon was
especially prized for its contacts and skills in media and publishing. Also in 2007, OC&C acquired Middle East Strategy Advisors (MESA), increasing
its presence in that region through MESAs network.
Over the past three years under Michael Jary, the rm has successfully opened ofces in India (New Delhi and Mumbai) and China (Shanghai and
Hong Kong), taking OC&C into the fastest growing markets in the world.
Specialized generalists
One business area in which OC&C takes particular pride is its expertise in consumer goods. Within this area, it tries to provide solutions in three key
sections: growth stakes, protability issues and category management. In connection with consumer goods, retail and distribution have also long
been an OC&C focus. The rm claims to have been one of the original advocates for the importance of emerging value offers, private label goods
and battling category killers. In addition, OC&C has recently made heavy investigations into retail brand development, strategic implementation and
internalization strategies.
The rm has made a signicant effort to advise media outlets since its founding. Some of the media-related services it offers are strategy reviews, advice
to governments on broadband policy, transformational performance improvement, protable use of the digital arena, and go-to-market strategies for
new services and products. Several major media outlets have looked to the rm for analysis of their own industry, concerning subjects ranging from
the use of free newspaper copies to boost circulation, to the decline of magazine readership in the face of internet competition.
Next to its work for corporate clients, OC&C has special expertise in supporting the worlds leading private equity rms in such areas as potential
investment scoping, vendor and buyer due diligence, and post-acquisition strategy and/or integration.
Strategizing a better world
OC&C enjoys highlighting its charitable efforts, and has a section dedicated to pro bono work on its website. The majority of the rms philanthropic
work is in helping charities achieve a step-change in performance. For example, in partnership with the venture philanthropy group Impetus Trust,
the rm has given strategy advice to charities such as St. Giles Trust (helping both current and former criminal prisoners) and Leap (helping youth
resolve conicts peacefully so that they dont end up needing help from St. Giles Trust). OC&C also aided the largest charity merger ever in the U.K.,
when the Cancer Research Campaign joined with the Imperial Cancer Research Fund to become Cancer Research U.K., and it helped the International
Federation of Multiple Sclerosis Societies launch The Sylvia Lawry Centre for Multiple Sclerosis Researchthe worlds largest project to develop tools
to help deliver new MS therapies. Moreover, the Benelux ofce helped the leading MS charity to develop a new direction and funding strategy.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
OC&C Strategy Consultants
2010 Vault.com Inc.
172
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

GETTING HIRED
Most of the rms tangible recruiting efforts can be seen at undergraduate campuses near OC&C ofces, where recruiters seek outstanding students
from all disciplines, ranging from sciences to humanities. However, soon-to-be graduates with demonstrated quantitative aptitude have an edge over
their qualitative counterparts. But dont be fooled; the rm isnt looking for rigid, analytic types. A sense of business acumen is important, an insider
points out. The rm is only interested in people with the potential to quickly grow into a client-facing role, adds a colleague, highlighting the need
for candidates show off their presentable and personable sides.
The process is pretty straightforward for candidates who t within the rms hiring parameters. For pre-MBA interviewees, a numerical aptitude test
is a key part of the evaluation, followed by three to six standard case studies (two of which are administered by partners). Those cases will be difcult,
insiders report, but applicants should use them as an opportunity to display their analytical prowess.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Despite its youth, OC&C has forged a truly exceptional rm culture which, along with the quality of work and opportunities, keeps
consultants far happier than the average working stiff.
Overall Satisfaction
Great people, stimulating work. Overall, great experience. Midlevel consultant
I am constantly presented with new challenges, but equally receive support from others within the rm to develop the skills necessary to meet
those challenges. Associate
The partners are very invested in my personal development and have taken me out to lunch to discuss my career plans, in addition to
explaining specic industry trends or difcult concepts on each of my cases. Boston rst-year
OC&C offers a ton of client exposure and project management opportunities for newly minted MBAs. The pre-MBA staff is hardworking and
competent. Great atmosphere. Telecommunications consultant
Firm Culture
The rm has the autonomy and energy of a startup, but with the power and critical mass of a scale organization. Strategy analyst
There are no cliques and no pretentionyou can and do have a personal and professional relationship with anyone in the ofce. Midlevel
insider
The culture within the ofce is extremely pleasant, with all levels interacting well and respectfully with one another, both professionally and
socially. Outside of the ofce, members participate in semiannual volunteering opportunities, and other optional activities such as cart racing
and obstacle race challenges, among others. Entry-level analyst
This is one of the best rm cultures I have been a part offriendly, nonpolitical, cooperative, and at the same time driven and achievement-
oriented. It also manages to be very family-friendly for the older folks, while at the same time having a very fun culture of 20-somethings.
Senior source
Supervisor Relationships
We Consultants, managers and partners are all very accessible to associate consultants, and the architecture of the ofce makes it very easy to
have ongoing conversations with all levels. Entry-level staffer
Our ofce culture is very relaxed, and thus everyone gets along very well with each otheracross all levels of the rm. Its a very supportive
culture with more focus on continual improvement and feedback, rather than standardized and bureaucratic performance evaluations. New
York insider
Partners in the Boston ofce are very interested in my personal development and offer lots of responsibilities to the associate consultants,
creating many learning opportunities. Junior source
Interaction with Clients
Clients respect our work and our opinion. We are viewed favorably relative to other consulting rms. Experienced consultant
Our clients know that we are not going to provide stereotypical cookie-cutter consulting answers to their business challenges. East Coast
staffer
Theres lots of rope in dealing with clients, especially for strong performers. Associate consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
OC&C Strategy Consultants
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
173
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Hours & Pay
Vaults Verdict: Minimal travel requirements and exible managers help OC&C consultants balance work and life, with a genuine emphasis on the
latter.
Work Hours
Work hours are generally good, but when youre working on a due diligence you can spend many late nights in a row at the ofce. Managers
are usually conscious of trying to get their associates out of the ofce by 7 p.m. if there isnt anything pressing to attend to. Midlevel
consultant
We have made a signicant effort to avoid a culture of face time, which enables our consultants to take advantage of lighter periods and to
maintain a good overall balance. East Coast higher-up
Hours are very reasonable for the profession. If a project requires signicant time working on the weekend, or an otherwise grueling schedule,
we are typically compensated with free day(s) off at the end of the project. Senior consultant
While it would be nice to work less, I would expect to earn less; the amount of time put in is in line with my expectations relative to
compensation and managers perception of my contribution to the business. Boston associate
Work/Life Balance
Work hours are generally good, but when youre working on a due diligence you can spend many late nights in a row at the ofce. Managers
are usually conscious of trying to get their associates out of the ofce by 7 p.m. if there isnt anything pressing to attend to. Midlevel
consultant
We have made a signicant effort to avoid a culture of face time, which enables our consultants to take advantage of lighter periods and to
maintain a good overall balance. East Coast higher-up
Hours are very reasonable for the profession. If a project requires signicant time working on the weekend, or an otherwise grueling schedule,
we are typically compensated with free day(s) off at the end of the project. Senior consultant
While it would be nice to work less, I would expect to earn less; the amount of time put in is in line with my expectations relative to
compensation and managers perception of my contribution to the business. Boston associate
Travel Requirements
Associate consultants rarely travel, and consultants travel only slightly more frequently, depending on the case. There are, however, various
opportunities to travel every now and again. I spent three weeks in London on the client site last fall. Junior staffer
We travel for signicant presentations, but most of the work is done out of the home ofce. Most of the clients are close enough for day trips
when travel is necessary, so you are almost always sleeping in your own bed. Experienced consultant
If we are working remotely on the client site, it is almost always no more than Monday through Thursday for a given week. If the location is far
from the ofce, there is always the option of staying in town over the weekend with your hotel costs covered. Ive certainly used this option to do
some free travel and sightseeing. Senior source
Compensation
From my knowledge of acquaintances compensation at peer rms, I believe our compensation is very competitive. We are receiving a bonus
for 2009, but it is being paid later this year in 2010. Midlevel associate
My compensation has grown an average of 20%+ per year in every year that I have been at OC&C. Senior consultant
Compensation is growing, but the gap between senior and newer partners is probably tighter than at the big three strategy rms, as we typically
do less operational/implementation work, and therefore deploy less leverage. East Coast executive
Professional Development
Vaults Verdict: While the rm does offer formal training opportunitieslargely for new hiresmost respondents say they learn the bulk of what
they need to know on the job. When formal training does occur its often laid-back, in exotic locales, with ample opportunities for rmwide
socialization.
Formal Training
Not a lot of formal trainings, most of it is done real time on the job. This is probably the most practical way to manage it. Senior consultant
In September well be ying to Lisbon, Portugal, for a week of formal training called OC&C International Training Week. First-year consultant
There is not a signicant amount of formal training outside of what is delivered to new employees, but it is adequate. Boston staffer
International Training Week brings together all ofces at a single location for training, though the social component often outstrips the training
component of the week. Analyst
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
OC&C Strategy Consultants
2010 Vault.com Inc.
174
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Promotion Policies
Consultants should advance within two to three years. The culture is not up or out. Consultant
We are growing rapidly, so unlike larger rms, partners arent trying to stie promotion due to worries about shrinking their slice of the prot pie.
We are looking for people to step up and take on more leadership roles and responsibilities. New York partner
Theres an expected level of performance and progression, but its a range, not a formula set in stone. Midlevel source
There is no clear promotion plan for entry-level hires. Associate consultant
Diversity
Vaults Verdict: The rms international presence is a big boost to its overall diversity; plans to boost female representation are well under way and
seem promising.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Its a very diverse ofcereceptive and considerate of women, minorities, GLBT individuals and internationals. We actively seek to maintain
and enhance diversity each recruiting year. Midlevel consultant
We have senior partners who are openly gay. Associate strategist
There are too few women, but that is primarily a factor of the MBA programs we recruit from. We have started to recruit at the PhD level to try
to redress the balance. Senior source
Overall Business Outlook
Vaults Verdict: OC&Cs pipeline is nearly bursting, and the only way to cope is to expand rapidly. Its an exciting time to be at this upwardly-
mobile rm.
Overall Business Outlook
Our ofce has grown solid double-digits over the past few years despite the awful market. First-year source
We have been bringing in new clients, and developing lasting and lucrative relationships with previous clients. Our reputation is growing, and
with it our client base and demand for additional seats in the ofce. Boston insider
Our business is exploding, and we are constantly understaffed as a result. Still, it is exciting for people to see. It feels like we are on the
ground oor of something big. Associate consultant
Were in place to continue to expand in 2010, though probably not at the same rate as in 2009. Junior source
Condence in Firm Leadership
Weve got an extremely talented and caring partnership. They deliver outstanding work for clients and care passionately about their staff.
Senior source
Our leadership is very knowledgeable across many industries. Consultant
Our leaders are experienced professionals who know the industry really well and have deep connections. Midlevel staffer
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
OC&C Strategy Consultants
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
175
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

485 Lexington Avenue
New York, New York 10017
Phone: (212) 953-4444
Fax: (212) 972-4602
www.novantas.com
LOCATIONS
New York, NY (HQ)
Boston, MA
Chicago, IL
Madrid
Toronto
PRACTICE AREAS
Customer Strategy Distribution Marketing/Sales
Effectiveness Merger & Acquisition Support Operations
& Systems Pricing Risk Management Segmentation
Workforce & Performance Management
THE STATS
Employer Type: Private Company
Managing Partners: David G. Kaytes & Richard W. Spitler
2010 Employees: 132
2009 Employees: 125
2009 Revenue: $40 million
2008 Revenue: $37million
Innovative concepts, cool company
Incredibly nerdy
Top of class in nancial consulting
Lacking name recognition
THE BUZZ
what other consultants are saying
2010 Vault.com Inc.
176
NOVANTAS LLC
29
PRESTIGE
RANKING
UPPERS
No cutthroat competition
Persistent entrepreneurial spirit
High degree of contact with the directors
Economic equity
DOWNERS
Drudgery
Lack of name recognition
No time to stop and smell the roses
More technical in nature than strategic
EMPLOYMENT CONTACT
www.novantas.com/careers_students.php
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Getting the nancial house in order
As the worlds nancial markets recover from the meltdown of 2008-2009, the nancial industry has a friend (for a fee) in Novantas. The New
York-based rm offers management consulting and information services to clients mostly in the retail banking, corporate and institutional banking,
wealth and brokerage, insurance, and payments sectors. In recent years, however, customers in industries as varied as the utilities, gaming and
online services markets have asked for Novantas help with customer strategy, distribution, marketing and sales, operations and systems, pricing, risk
management and segmentation services. Most of Novantas clients are headquartered in North America and Europe, though the rm has increasingly
served nancial institutions in Eastern Europe, Southeast Asia, Latin America and the Middle East. Those clients include 20 of the top-30 banks in
the U.S., and four of the top-10 banks in the world.
Theres no I in team
Novantas was founded in the mid-1990s by consultants and practice leaders from Booz Allen Hamilton, Bain and First Manhattan Consulting Group,
who realized that their clients were looking something different from the traditional group-think consulting model. Clients were tired of working with
large consulting teams with generally inexperienced staff, who came up long on writing reports but short on delivering results. Some clients, the
founders realized, were growing so tired of the traditional consulting model that they short-circuited the consulting process by picking off individuals
from their consulting teams to do research in-house, often for lower costs.
The rm that came about as a result of these observations seeks to break out of the old consulting mould. Novantas vows to deliver tangible changes
not mere paperwork and studies. Generally, its consulting teams have a higher partner-to-staff ratio, and consultants are selected based on their
expertisewhether it be nancial analysis, statistical modeling or customer research. Teams are typically comprised of three to ve professionals, led
by one or more managing directors, who bring a combination of industry insight and practical solutions.
The science of consulting
Novantas has turned its practical approach to consulting into a near-academic discipline. Customer science, according to the rm, is everything that
goes into boosting revenue. Often a wishy-washy promise from some rms, Novantas customer science claims to boost revenue by dening, building,
managing and measuring revenue-generating capabilities. These include branding, market mix management, segmentation, product design, pricing,
distribution management, sales execution effectiveness and customer experienceall tools in Novantas consulting laboratory.
At the heart of these analytical methods are the rms proprietary tools: MindSwift, the BranchScape database suite and PriceTek, to name a few.
MindSwift, deployed as an application service provider, or ASP, systematically reviews a companys interactions with a customer, gauging the value and
impact of the interactions and then designing possible improvements in technique, both conversational and online. These techniques can be instituted
in existing customer relationship management applications or implemented through MindSwift on the clients desktop. Products in the BranchScape
database suite are designed to help retail and business banks market and sell more effectively by tracking client performance by location against
econometric potential. PriceTek is another ASP service that analyzes how current and prospective customers respond to changes in a banks interest
rates, relative to the competition. Based on these elasticity measurements, PriceTek creates predictive models of how balance acquisition, growth,
diminishment and attrition could be affected by pricing. Traditionally, these services and products have been sold exclusively to the nancial services
industry, though, with new information-based products in the pipeline, Novantas has expanded these offerings into the insurance and brokerage
industries.
Entrepreneurs as well as advisors
Novantas partners see themselves as a collection of entrepreneurs as much as business consultantsthey are constantly on the lookout for new
businesses to build to serve nancial industries. Their information services business evolved from its consulting practices just ve years ago. And two
years ago, they launched a syndicated research startup called Novarica to help insurance executives navigate the rapidly changing technology world,
bringing expertise in areas such as web-based agencies and advanced decision technologies for claims. Together, the consulting, information and
research businesses bring insights to clients across a range of different industries, and provide employees with the opportunity to work in different
areas throughout the course of their careers.
GETTING HIRED
Novantas does not hire many applicants, despite increasing need for labor, says an associate, illuminating that the rm keeps its eyes peeled for
perfect candidates, not just warm bodies. The rm looks for well-rounded individuals who dont t with one particular sector or expertise, instead
preferring smart, utilitarian, generalist applicants. Practically speaking, the rm looks for high IQ self-starters who possess both quantitative and
qualitative skills.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Novantas LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
177
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

We have a number of gating points in the hiring process, an insider tells us. Ultimately successful candidates will have gone through several rounds
of interviews, both in-ofce and over the phone. While not exceedingly popular among applicants, candidates can also expect to face brainteasers at
least once in the process.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: The people at Novantas are excited about where their rm is headedand for good reason. As long as leadership can continue
to maintain the small-rm culture amid sustained growth, consultants will be happy here for a long time to come.
Overall Satisfaction
Ive been here for over 10 years because I love the people I work with and the challenging work that we do. East Coast higher-up
On bad days, I feel fabulousgood days are even better. There is nothing more rewarding than knowing that we are the intellectual engine
that is driving an analytical revolution. Midlevel source
The rm provides an ideal balance of collegial partnership and entrepreneurial energy, a combination most consultants strive for in their
careers. New York consultant
Day-to-day job satisfaction primarily depends on the clients Im working with, and the level of trust we achieve with them. Finance executive
Firm Culture
A touch nerdy, but in a good way. Very much an I can prove it, and Im happy to help you do the same/show you how culture. Socially
diverse. Consultant
The people here are great to work and play withself-selecting in the sense that those who decide to work with us are those who want the kind
of culture that we have. Senior source
The people are the best part of Novantas. Historically, its a very tight-knit culture; it has suffered a little bit with a big jump in work demand
(less time to hang out), but still strong. First-year analyst
We have a strong support network, shared values, exciting vision for the future and few politics. And its working very hard toward achieving its
goals. A great social environment we have happy hours and other get-togethers at least monthly, if not more. New York executive
Supervisor Relationships
Management is very close to the analysis in general. Theres a good sense of teamwork and contribution. Senior consultant
Executive leadership is extremely fair and trustworthy. Contribution to revenue is rewarded. Midlevel insider
Supervisors put a lot of effort into making sure their teams are getting the correct level of responsibility and develop accordingly. Financial
analyst
Interaction with Clients
Client personnel have great relationships with Novantas people. Since Novantass primary business is helping clients generate revenue (as
opposed to cost-cutting as practiced by most other consultancies), we have a common objective, and client personnel dont feel that we are
judging or potentially downsizing them. East Coast staffer
Our projects are generally high prole, with senior clients who are interesting to work with. Consultant
Within your rst six months youre speaking directly with clients. Entry-level source
Hours & Pay
Vaults Verdict: Insiders rave about their exible work schedules and high compensationundoubtedly a winning combination.
Work Hours
We work a lot but are exibleyou can leave the ofce, enjoy dinner at home with the family and then do a little email before going to sleep.
Midlevel respondent
Hours blow hot and cold, as always, but as long as you work smart, you get quality of life. Experienced insider
Hours are long, but always interesting. Management works just as hard as the staff. Chicago midlevel
Work/Life Balance
Ive never had to cancel or postpone a vacation, and I seldom work weekends. Senior consultant
Through good project planning, adequate stafng and team communication, we can ensure we nd the right balance. Chicago insider
Work/life balance is something that you need to take the initiative to manage. I have learned to manage my work/life balance and my
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Novantas LLC
2010 Vault.com Inc.
178
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

expectations, but at times it is taken for granted that weekend time could be work time. Associate
As a partner, Im more in control of this. I try to balance heavy work periods with some time off for staff. New York insider
Travel Requirements
We do not generally believe we need to be on client site every week of a project. In general, we go to the client for major deliverable
presentations or working sessions, when we need to interact with the client. Analytics and planning can be done from the home ofce.
Senior consultant
I travel once every two to three weeks for a client meeting. Not a huge commitment. Midlevel source
Individual appetite for intense travel demands and personal circumstances are taken reasonably into account in stafng decisions. Associate
Consistent with the philosophy of measuring results, not effort, an individual determines how much travel is really necessary to get the job done
well. East Coast partner
Compensation
Novantas pays well; I am very satised with my salary and bonus. Analyst
Staff base salaries are competitive, and bonuses are among the highest in the industry at each level. Partner compensation is directly tied to
objective measures of performance. East Coast higher-up
I was frankly amazed at the bonus I gotno complaint on compensation here. Consultant
One of the best in the market. Chicago midlevel
Professional Development
Vaults Verdict: Consultants recognize the need for more comprehensive, hands-on training, but also see marked improvements in this area over
the last few years.
Formal Training
There is an ofcial week of training that helps get your feet wet, but most of what you learn is on the job. We do have mentors assigned to all
new associates. Junior strategist
Weve developed this area more over the last few years. We have training for new hires and midlevel staff. We will continue to develop in this
area. Executive-level insider
The rm has made real efforts to develop new training programs to help new associates acclimatize to the type of work they will actually be
doing. Senior consultant
Promotion Policies
New hires move in lockstep with their class for the rst three years. After that, its merit-based promotion, which can be very rapid for some.
Experienced consultant
If youre ready for the next position, youll be promoted. Promotions are not as qualitative in the rst few years, as we have a program where
each year of graduation is dependent on fullling various training and skills requirements. But afterwards, both you and the rm know when
youre ready and you will be promoted as deserved. East Coast partner
You are not required to get an MBA to advance. Midwest staffer
Diversity
Vaults Verdict: Novantas consultants boast of a diverse community, and feel that their rm is going through the necessary steps in order to
promote both a welcoming and meritocratic environment.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The rm has staff from many different countries and cultures, is doing a much better job with women (recent classes have been a majority
women) and has GLBT employees at all levels (including several partners). Midlevel respondent
Diversity is well represented in junior rankswere working to beef up representation in more senior roles. Midlevel strategist
We hire based on merit, without regard to other factors. We do not discriminate in any way. Chicago higher-up
Overall Business Outlook
Vaults Verdict: Insiders dismiss Novantas typical small-rm issues, particularly in this economy, as irrelevant to their cause; they feel that the
rms outlook is stronger than its ever been, and big growth is imminent.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Novantas LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
179
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Business Outlook
We are growing by leaps and bounds in this crappy economy; last year was the best year ever! Senior consultant
Our business outlook is so strong that employees have been somewhat overworked, which, given the state of the economy, is certainly better
than the alternative. Midlevel staffer
Were a growing rm, and my unit is a contributor to that. Weve hired more people, continue to raise the bar for nancial targets and morale
is great. Junior-level source
Novantas is getting a huge amount of business helping companies navigate the new banking landscape. Associate
Condence in Firm Leadership
The rm is constantly pushing us to enhance and develop our methodologies to stay at the forefront of the market. We are paid to think and
we want to make sure were the best at that. Finance consultant
Leadership has learned from past experience, having seen multiple economic cycles. Midlevel strategist
We run a very tight ship. The rms best year was 2009 in the teeth of the recession. East Coast higher-up
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Novantas LLC
2010 Vault.com Inc.
180
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

PUTNAM ASSOCIATES
25 Burlington Mall Road
Burlington, Massachusetts 01803
Phone: (781) 273-5480
Fax: (781) 273-5484
www.putassoc.com
LOCATIONS
Burlington, MA (HQ)
London
PRACTICE AREAS
Economic Analysis Organizational Strategy Portfolio
Management Product Strategy
THE STATS
Employer Type: Private Company
Managing Partner: Kevin Gorman
2010 Employees: 50
2009 Employees: 45
UPPERS
Manageable travel
Fascinating industrial challenges
Red Sox tickets
DOWNERS
Rigid ofce hours
Suburban location
Everyone confuses us with Putnam Investments
EMPLOYMENT CONTACT
www.putassoc.com/careers
Seems like a nice rm that gives junior folks good
opportunities
Too much face time and too formal
Family friendly
Currently understaffed
THE BUZZ
what other consultants are saying
181
30
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Pharma fans
Since 1988, Putnam Associates has developed its niche as a specialized strategy consulting rm for clients in the pharmaceutical, biotechnology,
diagnostics and medical device industries. The Burlington, Mass.-based rm works with clients to plan corporate growth, structure a company or
business units for improved performance, position a product for competitive advantage and develop pricing strategies for revenue enhancement. In
the past ve years alone, the rms roughly 50 professionals have completed more than 250 projects. Most of the rms clients have stuck with the
rm for more than ve years, while the rest, the rm notes with pride, have signed on because of rsthand experience or referrals.
Product placement
Given its singular focus on the health care industry, most of Putnams services focus on maximizing clients investment in new products. Thats good
news for clients, who can spend more than 10 years coddling new products before they are launched, wading through discovery, tedious testing,
regulatory reviews and market research.
Putnam works with clients to develop product strategies based on data-driven analyses collected from Putnams network of physicians, patients,
managed care, hospitals, pharmacies, wholesalers and government representatives. Services in this segment include market opportunity evaluations,
pricing strategies, competitive landscape assessments, product positioning and marketing, launch and growth strategies, sales force effectiveness and
product lifecycle planning. Putnam works with four of the top-ve and nine of the top-20 pharmaceutical companies.
The rm also advises three of the ve most successful biotechnology companies, but is continually on the hunt for fresh young upstarts with high
potential. Since new biotech companies are always scrambling for funds, they can sometimes make deals that leave them at a disadvantage. So
Putnam helps biotech rms gure out, for example, whether to outlicense products to pharmaceutical companies, and what rights they should give
away in exchange for funding.
Making the tools to get the job done
Putnam helps makers of diagnostic instruments, consumables, arrays, reagents, molecular tests and similar products for the medical community and
clinical researchers. For one diagnostics company developing an automated system for molecular identication and analysis, the rm had to gure
out the best way to market it to laboratory researchers. Putnam segmented the customer base, created price ranges, then benchmarked those prices
against other diagnostics companies. The client went on to become a leading supplier of molecular diagnostic tests.
GETTING HIRED
Putnam recruiters can be found on top undergrad campuses across the country, battling the bigger sh for the same top talent. Where they set
themselves apart, though, is their huge focus on t. The thing that sets offers apart from rejects is often the sincere desire to work for the rm, one
consultant explains. Anyone coming out of a local university can respond to the demands of the work, given enough time, another echoes, but we
go the extra mile to make sure we actually want to work with the people we hire. The takeaway message? High GPA and academic success matter,
but when it comes down to it, youve got to want to work at Putnam to work at Putnam.
Favored applicants travel to a Putnam ofce for a round of four to ve interviews with current staffers, including a lunch where candidates mingle and
socialize with would-be colleagues. While interviews and more explicit examinations are meant to afrm basic aptitudes and capabilities, the focus
remains on culture and personality. The rm wants exceptional people of integrity and, as always, t trumps all else; its easily the most important
factor, a senior consultant notes.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Besides having to put on a tie in the morning, Putnam consultants genuinely enjoy going to the ofce each daylargely because
of the invigorating work and the smart, motivated, but down-to-earth people they work with.
Overall Satisfaction
Putnam is a great place to work. Smart, motivated, but down-to-earth people, a dynamic mix of case work, and a strategic focus on an industry
that continues to expand and prosper even in this economy. Consultant
I am denitely happy at Putnam. Our work in health care is interesting and we are given a great deal of responsibility early on. The small size
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Putnam Associates
2010 Vault.com Inc.
182
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

of the rm and the collaborative environment make Putnam a great place to work. They expect a lot from you, but care about you as a person
and your growth at the rm. First-year
Great culture, steep learning curve with a lot of opportunity for growth and to contribute Senior source
Firm Culture
The rm is a collegial, friendly, easygoing place. You feel like you t in soon after joining. Associate
Putnams culture is very young and energizing. People here are truly excited about the work that theyre doing, making Putnam a very
enjoyable place to work. Junior source
The analysts like each other a lot, but management is closed off and the environment is somewhat hierarchical. Consultant
Supervisor Relationships
The managers and consultants here are the saving gracethey keep it all together. Analyst
Supervisors are incredibly approachable and, on the whole, care greatly about their staff. Midlevel consultant
We have an open-door policy, and I feel comfortable going to my manager or even some other senior members of the rm that I know well if I
am having a problem or would like advice. Entry-level staffer
Interaction with Clients
At Putnam we place a huge emphasis on our client relationships. The returns are evidenced in the high volume of repeat work we have.
Senior source
Client relationships vary: Some partners let you develop them, others are very protective of their clients. Experienced consultant
Compared to my friends at larger rms, or even other small rms, you get much less client exposure here. Analyst
Hours & Pay
Vaults Verdict: Face time requirements are typically sources of resentment among consultants, but Putnam has reversed the trend, largely
leaving consultants free to roam after ofce hours.
Work Hours
Other consulting companies make the analysts work until late hours at night every day, while at Putnam that only happens when there is a
presentation coming up or a client meeting. First-year analyst
I am still able to participate in activities outside of work, like mentoring programs, cooking classes and personal travel. Consultant
Face time is expected everyday from 8:30 a.m. to 6:30 p.m., and often beyond. You can expense dinner if you work past 8 p.m. Senior
consultant
Work/Life Balance
I think this is one of our key assets. Most employees here are committed to something outside of work, whether it is classes they are interested
in, volunteer work or personal hobbies like painting or sports. Analyst
While we work hard when at the ofce, there is no pressure to work late or work on weekends unless absolutely necessary. We also receive
three weeks of vacation, which I nd generous. Entry-level source
Work/life balance has been a challenge for Putnam this past year, mostly due to a steady if not overwhelming ow of business and case
work. Id worked more reasonable hours in years past, but Putnams partners have acknowledged this and make sure that we know were
appreciated. Consultant
Travel Requirements
We hardly travel, which makes moving to a new city more tolerable and exciting. You can get to know the place where you live instead of living
out of a suitcase. First-year
Other than at senior levels, traveling is very rare. Its nice in that it develops a strong culture at the ofce, since everyone is usually around.
Junior consultant
I have been here nearly three years and have never traveled for client workit is a huge advantage. Analyst
Compensation
Compensation is generous relative to industry, but low relative to other consultancies. Analyst
Pay is probably about average, but the recession took a toll on us with regard to scheduled raises. Midlevel source
Salaries are OKsomewhat less than my friends at other rms. If this really was a lifestyle rm, comp would be decent. But for the hours, its
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Putnam Associates
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
183
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
184
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Putnam Associates
really not great. Consultant
Professional Development
Vaults Verdict: While most insiders are satised by the rms onboarding training for new associates, they see formal training largely dropping off
after that point. Most of what they learn beyond those sessions comes informally, on the job. And with a purely merit-based promotion system in
place, consultants need to soak in as much information as they possibly can along the way.
Formal Training
There are 10 basic slide decks for entry-level starts. Nothing for anyone post entry level. Junior source
Training is mostly a hodgepodge of one-hour presentations that is very informal. Most of the training is done on the job. Experienced
consultant
We dont prioritize training. After the initial training, we dont really have any moreeither live or electronic. It just doesnt exist. Analyst
Promotion Policies
Its denitely not up and out. We value the long-term contributions our employees can make. Senior consultant
Analysts become associates in one year, and will then move up to senior associate in one to one-and-a-half years, assuming performance is
good. Generally, Putnam is good about providing experiences for advancement and for building skills. Junior source
Though Putnam is not an up or out rm, promotion qualications are not as well dened as in other rms. Associate
Diversity
Vaults Verdict: While it may be true that Putnams relatively obscure, suburban location does not attract a lot of diversity, the rm is sorely
lacking in this regard. Retention of women is certainly an area that needs improvement.
Diversity Issues With Respect to Women, Minorities, and GLBTs
We hire the best candidates that want to come here. Burlington, Mass., does not attract a lot of diversity. Consultant
We have a single woman in upper management, and two women in midlevel positions. We have very few minority positions. Analyst
Putnam is very children/family-friendly Senior source
Overall Business Outlook
Vaults Verdict: Putnam was not terribly punished by the recession, and business should only get better as the economy recovers and health care
reforms are implemented.
Overall Business Outlook
Putnam has been oversold all the way through the recession. The business has been, and continues to be, very strong. Analyst
We have more business than everstrong repeat business with existing clients and a growing base of new clients. Putnam has outstanding
prospects. Senior consultant
Putnam is especially well positioned considering its health care focus and all the questions and uncertainties regarding changes in the health
care system. Entry-level source
Condence in Firm Leadership
[The leaders are] seasoned vets with an eye for the importance of rm culture. Strategy consultant
Based on my interaction with senior management, I believe in their abilities and their leadership. They are incredibly intelligent and actually try
to have you learn from their experience and knowledge. Associate
It does not always seem to be a united front, but the rm has developed a strong track record and should continue to make prudent decisions.
Experienced consultant
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

185
PRESTIGE
RANKING
EASTON ASSOCIATES, LLC
119 West 40
th
Street, 19
th
Floor
New York, New York 10018
Phone: (212) 901-0999
Fax: (212) 901-2999
www.eastonassociates.com
LOCATIONS
New York, NY (HQ)
London
PRACTICE AREAS
Business Development Due Diligence Opportunity
Assessment Strategy
THE STATS
Employer Type: Private Company
Managing Directors: Robert Friedman, Michelle Hasson,
Kristine Lowe, Marie Cassese & Nicolas Touchot
2010 Employees: 50
2009 Employees: 46
UPPERS
The intellectual challenge
People, people, people
DOWNERS
Still struggling to differentiate from other life science boutique
rms
Clients often dont know what they dont know
EMPLOYMENT CONTACT
www.eastonassociates.com/careers
31
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Size doesnt matter
Strength is not always in numbers. Easton Associates, a small health care consulting rm, has never let its size inuence its reach and effect on the
industry. The professionals at Easton Associates draw on a wide range of industry and business expertise. This includes in-house experts who hold
advanced degrees in science, business or medicine. They also use resources, such as knowledge of past projects, professional and trade literature,
community practitioners and opinion-leading physicians to formulate business and marketing strategies for their clients in the elds of pharmaceuticals,
biotechnology, diagnostics and medical supplies and devices. The rm, which employs around 50 people, conducts business for clients in the United
States, Europe and Asia. Headquartered in New York, EA recently opened a London ofce to better serve its European clientele.
The (now) three musketeers
Easton Associates was founded by a team of health care consulting professionals who worked together at the Wilkerson Group, another health care
consultancy. Robert J. Easton, together with three other professionals from Wilkerson, started the company in 2000. Several years later, in October
2006, Easton announced that he was leaving the company to pursue other interests in the industry.
Three of the original founders remain at EA as managing directors. Robert Friedman has an MBA from Johnson School of Management at Cornell
University, and also holds advanced degrees in biochemistry and biology. He combines these areas of expertise with nine years of consulting
experience prior to joining Easton, and a ve-year stint working on Wall Street as a senior equities analyst. Michelle Hasson received her graduate
degrees from Yale University School of Medicine. In addition to her ve years with the Wilkerson Group, Hasson held health care industry positions in
market strategy development, consulting, strategic planning and managed care management, and she has extensive expertise in the oncology eld..
Finally, Kristine Lowe, formerly a senior executive at the Wilkerson Group, is an expert in opportunity assessment, strategy development, due diligence
and corporate development.
Rounding out the management team
Also part of that group is Managing Director Marie Cassese, a former Wilkerson Group client. Marie draws on her expertise as a senior executive in
several multihospital systems in New Jersey and Pennsylvania. And in February 2008, Nicolas Touchot, another Wilkerson Group alumnus, who had
been with the rm since 2001, was promoted to managing director. Touchot, backed by 20 years of experience in European markets, is an expert on
pharmaceutical and biotechnology products, particularly medical devices. His education includes a PhD in molecular biology and an MBA.
GETTING HIRED
Demand for specialized elds like Eastons is fueling an increasingly selective hiring process at the rm. Getting a position here is tougheverything
counts, warns a midlevel consultant. Which college, GPA, which major, number and length of outside activities in health care (e.g., ambulance tech,
lab tech, summer job on a clinical trial) and, of course, the interviews. The rm simply isnt looking for consultants who can work in the health care
eldits looking for health care consultants.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: What others call work, Easton consultants call studying and shaping their passions. Its not surprising, then, that they are eager to
walk through the door each morning.
Overall Satisfaction
This is a great place to workexceptionally smart people, challenging assignments and a fun atmosphere. New York higher-up
Easton Associates has the best of all worlds. The work, in general, is very satisfying and intellectually engaging. I learn new stuff every day
about the pharmaceutical/biotech industry, and Im involved in projects that are very current in the industry. Not to mention, I have the ability to
work with some of the biggest pharmaceutical/biotech companies in the world, along with their senior executives. Junior consultant
Firm Culture
People are really friendly and social. It makes for a fun ofce atmosphere. In many ways, Easton is almost like an extended family. People
truly care about one another. First-year consultant
The rm is young, creative and diverse. Senior source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Easton Associates, LLC
2010 Vault.com Inc.
186
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Supervisor & Client Relationships
Our supervisors are great peoplesmart on the subject matter, understanding and sensitive on the human side. Experienced staffer
Our clients are very reasonable, and they ask us important questions with reasonable expectations on how to answer them. We have solid
longstanding relationships with many, who treat us as partners/external advisors. Midlevel consultant
Hours & Pay
Vaults Verdict: Unlike many large consulting rms, Easton has earned the privilege of being able to call itself a true lifestyle rm.
Work Hours & Compensation
The rm is exible; the deliverable is to get the job done well, not to clock more hours. Senior consultant
I work essentially from 9-6 every day. Occasionally, I may have to work until 7 or 8 p.m., but that is rare. Analyst
Compensation is very good. I could make slightly more elsewhere, but at much greater risk of losing the job and with much greater pressure.
New York higher-up
Work comes in waves; some days I sit down and before I know it its 8:00 PM; other days I do nothing but surf the internet. Litigator
I wish we had a more constant work ow and there was no stress about meeting our requirements. Junior associate
Work/Life Balance
I never have to bring work home on the weekends, and the rm is very respectful about personal/family time. I have plenty of time to do other
activities in my life (e.g., going to the gym and running half marathons, joining clubs). East Coast entry-level
I have a disabled son and have always been able to spend enough time with him. I can work at home one day a week, leave early when
necessary and ll in this time when I am free to do so. Midlevel source
Travel Requirements
I travel about once a month. Often enough to keep it interesting, not so often that its bothersome. Senior consultant
The only time people really travel is for kickoff, interim and nal client meetings. You also may travel to the occasional conference to learn
more about a specic eld in therapeutics. Junior staffer
Professional Development
Vaults Verdict: Easton associates are far more likely to collaborate and provide each other with the secrets to success than to partake in sterile
formal trainings. Promotion is based on individual merit, rather than a prescribed time frame.
Formal Training & Promotion Policies
Training is pretty minimal at EA. People usually just learn things on the y, which in many ways is good. Recent hire
Promotion time is usually every 20 months to two years. This is across the rm. There is no formal up-or-out policy, and even people without
advanced degrees can progress. East Coast associate
Advancement is fairly rapid, and very fair. Experienced insider
Diversity
Vaults Verdict: In spite of its size, Easton Associates seems to have a diverse bunch of employees. And, likely because of its emphasis on work/
life balance, the rm doesnt seem to face the same retention issue for women that plagues many larger rms.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Three of ve partners are women. Midlevel strategist
The rm is very diverse. A few of our consultants are members of the LGBT community. The rm also plays an active role in recruiting in the
LGBT community by sending representatives to the Out for Business Conference in New York City. Analyst
Overall Business Outlook
Vaults Verdict: With the nations attention turned to health reform issues, Eastons business prospects are superb. Morale is also excellent, a rare
luxury in todays business climate.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Easton Associates, LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
187
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Business Outlook
Given the recent health care bill, the biotech/pharmaceutical industry has really boomed and business has drastically picked up. EA has a
bright future ahead of itself, and should remain one of the top health care management consulting rms in the U.S. Midlevel source
New project ow is good, and morale is great. Senior consultant
Condence in Firm Leadership
They have a great touch across all the variables: generating new business, hiring great people, being attentive to each persons needs and
making the culture work. East Coast staffer
They try hard to be transparent about all processes in the rm, and care about people. Analyst
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Easton Associates, LLC
2010 Vault.com Inc.
188
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

ACCENTURE
1345 Avenue of the Americas
New York, New York 10105
Phone: (917) 452-4400
Fax: (917) 527-9915
www.accenture.com
LOCATIONS
Ofces and operations in more than 200 cities in 52 countries
PRACTICE AREAS
Management Consulting
Customer Relationship Management Finance &
Performance Management Process & Innovation
Performance Risk Management Strategy Supply Chain
Management Talent & Organization Performance
Outsourcing
Application Outsourcing Bundled Outsourcing Business
Process Outsourcing Delivery & Operational Excellence
Infrastructure Outsourcing
Systems Integration & Technology
Application Renewal Business Intelligence Services
Custom Solutions Data Center Technology & Operations
Enterprise Architecture Emerging Technology Architecture
Functional Solutions Information Management Services
IT Strategy & Transformation Microsoft Solutions
Network Technology Open Source Solutions Oracle
Solutions Performance Engineering SAP Solutions
Security Solutions Service-Oriented Architecture
Software as a Service (SaaS) Workplace Technology &
Collaboration
Operating Groups
Communications & High Tech Financial Services Health
& Public Service Products Resources
THE STATS
Employer Type: Private Company
Ticker Symbol: ACN (NYSE)
Chairman & CEO: William D. Green
2010 Employees: 190,000+
2009 Employees: 181,000+
2010 Revenue: $21.58 billion
2008 Revenue: $23.39 billion
UPPERS
Encourages entrepreneurs
The ability to move up quickly
Everyone is willing to help you in your career, no questions
asked
Variety of work
DOWNERS
Bureaucracy of being part of an 190,000-plus person
organization
Higher expectations and fewer resources to support you
along the way
Bad executives
Excessive travel
EMPLOYMENT CONTACT
careers.accenture.com
Good place to start career
Technology company / big ERP implementations
High volume
The Wal-Mart of associates
THE BUZZ
what other consultants are saying
189
32
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Mashed-up moniker
Accenturewhose name derives from accent on the futurewas formally established by partners from the consulting division of various Arthur
Andersen rms in 1989 as Andersen Consulting. Their goal: to create a new consulting and technology services company built on the idea of business
integration, or aligning a companys people, processes and technology under one strategy to improve business performance. Within 10 years,
Andersen Consulting had grown into a global brand.
On January 1, 2001, the company cut its ties to Arthur Andersen and renamed itself Accenture. Shortly thereafter, rumors swirled that the name
change was an attempt to conceal involvement with Enron (Arthur Andersen performed accounting for Enron, and was completely ruined by its
implication in the scandal), the historical timeline proves this impossible. Accenture also went public in 2001, listing its stock on the New York Stock
Exchange under the symbol ACN.
Strive for ve
Accenture delivers its services via ve industry-focused operating groups: communications and high tech, nancial services, products, health and
public service and resources. In FY09, the products groupwhich serves clients in the air freight and travel services, automotive, consumer goods
and services, industrial equipment, infrastructure and transportation services, and life sciences industriesoutperformed all others, making up 25.6
percent of net revenue. The second-highest performing group was communications and high tech, pulling in 22.3 percent of net revenue, which serves
clients in the communications, electronics and high tech, and media and entertainment industries.
Accenture anywhere
Today, Accenture is one of the largest companies of its kind in the world. It prides itselfand capitalizeson being able to deliver its services from
more than 50 centers in its global delivery network, as well as from many Accenture and client sites, depending on skills and language requirements,
costs and the clients location. As of May 2010, more than 80 percent of the companys 190,000-plus employees live outside the United States. Of
those living outside the U.S., slightly more than half are based in Asia Pacic, Accentures fastest growing regionmostly in India and the Philippines.
Its that kind of reach and exibility that has insulated the rm from direct hits in the market and made it a recession-resistant one-stop-shop IT
services company, as BusinessWeek described it in December 2008. As an added boon, the publication noted, Accenture is able to use exactly the
right resource in the right place at the right price to service its clients.
Reporting from the frontlines
When they are not helping multinational companies improve their performance, Accentures consultants keep themselves busy working to put together
a number of reports and papers. These are published through the Accenture Institute for High Performance, which applies academic research to the
problems facing todays businesses and organizations. Many of the papers published appear in major international newspapers, such as the Financial
Times, Harvard Business Review and The New York Times, as well as magazines and journals, while others have a more limited circulation as research notes
and papers in books.
So ingrained is a culture of staying ahead of the game that Accenture even has its own research and development technology labs where it investigates
new and emerging technologies, uncovering new trends and helping clients take advantage of the opportunities they offer. Made up of 150
professionals, the technology R&D team operates from four labs in the U.S., France and India, and like the Accenture Institute for High Performance,
they too produce volumes of research known as Points of View. In addition, the rm publishes the online journal Outlook, released three times a year,
which focuses on high-performance business strategies written by industry experts. It also produces a newsletter called The Point, written by its global
nancial services executives. The publication delves into current trends and analysis in nancial services, covering topics such as risk management,
deregulated markets and customer retention. Each operating group and growth platform within Accenture contributes to getting the word out by
publishing their own external publications.
GETTING HIRED
The rm hires from a limited (elite) undergraduate pool that has produced several generations of effective Accenture consultants. In general, theres
a particular emphasis placed on recruiting well-rounded individuals; more specically, engineering, business and economics majors garner the most
attention from recruiters.
Applicants or recruits can expect to face three rounds of rather extensive interviews after their initial callback, which typically last 60 minutes each.
The rst is a standard initial screening, in which they can already tell if a person is going to t with the culture, which isnt as routine as it sounds;
incompatible personalities can denitely be deal-breakers. From there, the process moves forward to a skills testa candidates opportunity to show
he has the chops to hang with the top consultants in the eld. The third and nal round is a behavioral study, in which a senior executive will evaluate
the candidate to be sure he possesses all of the personal qualities needed to integrate seamlessly into the Accenture fold.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Accenture
2010 Vault.com Inc.
190
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Consulting is an exceptionally demanding industry, requiring rigorous travel commitments and unique attitudes and abilities.
Accenture, then, should be lauded for its ability to generate genuine praise for its consultants quality of life.
Overall Satisfaction
Accenture is a great company to work for. There are many opportunities for growth, and you always have someone you can reach out to when
you need guidance or simply have questions. Midlevel consultant
Accenture continues to meet or exceed the reason I joined the company: the people; continuous learning and variety of work. Texas higher-up
I am completely satised with Accenture. I feel that I am highly valuable to the rm, and my rewards reect that. Senior consultant
Sometimes the travel and work hours get to be a bit much. The career opportunities could be more diverse, but overall I am happy with my
rm and what they provide for their employees. Energy specialist
Firm Culture
Young, fast paced, intelligent and diverse. Midlevel consultant
I love my rms culture. The people are always a joy to be around. I have always had the pleasure of working with very diverse and friendly
people whom I remain connected to from project to project. Senior source
Accenture does a lot to give back to local communities and nationally. It is important to them for their employees to be involved in community
outreach and volunteer programs. Denver associate
Accenture is historically focused on growing from within. This can be a challenge for experienced hireshowever, they are working to improve
this. Health care executive
Supervisor Relationships
My current supervisor is amazing and has done wonders in my career development. Strategy consultant
My supervisors have been of the highest quality. They are very available for coaching and career guidance. D.C. senior source
Most of my supervisors have been excellentreal people developers. However, there have been a few who are way too focused on their own
career development. Public-sector insider
Interaction with Clients
The thought capital we provide to the project is just incredible, and the client greatly respects our team. Senior consultant
The environment today has people focused on making things work. Relationships are easier when there is a common goal. Executive-level
respondent
We only want the best for our clients, and in most cases we are able to accommodate their requests. However, getting them to see that adding
additional work or changing scope could signicantly affect the project is sometimes a difcult task. Energy consultant
Hours & Pay
Vaults Verdict: Its a poorly kept secret that consultants work very intense hours, especially when on site with clients. But Accenture employees
know what to expect, and appreciate their leaderships exibility regarding family commitments.
Work Hours
Work is very intense during most of the week, but ex scheduling and most Fridays at home help. Chicago staffer
Hours will vary depending on if you are booked to a project. When booked to a project, you work the hours necessary to get the job done.
Midlevel consultant
Accenture provides a generous paid-time-off benet, and provides resources to help employees manage time and stress. Senior source
This is up to you. Some weeks I work more, but thats the nature of project work. Good project planning mitigates the overtime and limits it to
key times during a project. Telecommunications consultant
Work/Life Balance
Even with the hours I am putting in for work, I am still able to nd the time to do the things I want to. At the moment, I am pursuing a Ph.D.
on nights and weekendsthe company is allowing me to do so and gives me exibility to leave a bit early on nights I have class. Midlevel
consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Accenture
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
191
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

There is always the ability to work from wherever you are. In the few cases where I have had to work weekends, I have been able to do it and
still balance personal commitments. Midwest insider
It is difcult to nd a good work/life balance when you are traveling, but Accenture does whatever it can within the connes of the client to help
facilitate that balance. Experienced source
Its a challenge. It takes focus and good prioritization to maintain balance. Senior staffer
Travel Requirements
Travel requirements follow the 3-4-5 rule: three nights away from home, four days on the client site and ve days working for your client.
Health care insider
Travel is dictated by the client culture and needs. Some clients are more open to remote interaction than others. Sales requires face time.
Operations consultant
Ive been lucky that Ive been on a local project the entire time. However, Ive heard horror stories from other employees. New York midlevel
Travel demands are the same, but travel policies get less exible. Clients are willing to pay less and projects fail to budget appropriately for the
realities of travel. Public-sector consultant
Compensation
Compensation is not the best and not the worst; steps have been taken to bring people closer to market rates lately. HR consultant
No raises last year was discouraging, in light of the additional workload that many have had to bear. Denver staffer
Bonuses here are a joketypically no more than 5 percent of annual salary. Health care senior
I dont have a lot to compare it to, but for the work I do, I feel like Im robbing the bank. That said, I know a lot of other people dont feel the
same way. New York consultant
Professional Development
Vaults Verdict: Accenture takes training seriously, and as a result, garners praise for its efforts. After weeks of substantive, informative training
each year, the rms consultants feel well prepared to meet the needs of their clients.
Formal Training
Online and in the classroom, nobody can match the number of options and level of quality Accenture provides for training. Digital marketer
I think our formal training is second to none and provides intense learning sessions that dont take you away from your client work for long
periods of time. Energy midlevel
Its expected that each employee has a minimum of 2 weeks of training per year. Much of this is off site and away from our project site.
Canadian midlevel
There is a good amount of both formal and informal training; however it is up to the individual to make time for them, which doesnt always
happen. Health care consultant
Promotion Policies
The promotion policy is moving away from true up or out. At the lower levels, it is still up or out, but as you advance, there are opportunities to
land in different places. I think this is very fair. St. Louis staffer
Theyve just moved to a new system that is based more on ability rather than time. Ive been happy with it, as Ive been promoted early, but
Im still unclear how the new system will work. Public-sector insider
You can advance as soon as you are ready; you can make partner from undergrad in nine years now. HR midlevel
Consultants can typically advance to the next level within two to ve years, depending on performance. The rm determines promotions using
a meritocracy, so those that perform the best will advance the quickest. Cleveland midlevel
Diversity
Vaults Verdict: Insiders say Accenture does a good job of recruiting and accommodating consultants of all backgrounds, without losing sight of
the all-important t factor.
Diversity Issues With Respect to Women, Minorities, and GLBTs
This is a strong suit of Accentures. There are a number of women in high-ranking positions, as well as a number of GLBT individuals
throughout the rm as well. D.C. staffer
The rm strives to offer a very diverse culture, and just seeing the diversity on our project teams really speaks volumes to the rms
commitment to diversity. Energy consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Accenture
2010 Vault.com Inc.
192
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The company establishes many forums and networking opportunities for women, minorities and GLBT individuals. At the executive level, I
believe the company could do more to attract and retain talent, especially for our strategy consulting service line. Senior source
Accenture is very good at creating exible work arrangements, but ultimately, its a very difcult career for a mother who wants to care for her
family. Seattle respondent
Overall Business Outlook
Vaults Verdict: Condence is owing freely from the consultant ranks at Accenture, sustained by a high volume of work and the sense of security
that it affords. Young leaders appear poised to lead the rm into an extremely protable future.
Overall Business Outlook
Can we pick a number higher than 10 to rank outlook? If anything, we have too much work and not enough people to do it. Senior
consultant
Employee morale is picking up with the midyear promotions and the surprise base salary increases. We also seem to be selling more client
engagements than we can staff and, as a result, we are heavily recruiting experienced hires to make up for the high demand. New York
staffer
Accenture will continue to be a dominant player in most markets in which it competes. Strategy associate
I love the fact that we have a lot of cash on our balance sheet. Atlanta source
Condence in Firm Leadership
Leadership changes have brought fresh blood and bold ideas into the top leadership roles. HR consultant
The leadership, especially over the last year, has made signicant strides to increase the situation of employees in this difcult economic time.
They have asked even the lower levels of the rm for opinions, ideas, examples and thoughts to help mold their decision making. East Coast
analyst
The old guard is retiring; a new batch of younger executives needs to take the helm. Seattle staffer
They did way too many layoffs too late in the game, and then put us at great risk when just a few months later we had roles that could not be
lled due to a lack of bench. Public-sector insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Accenture
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
193
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

1919 North Lynn Street
Arlington, Virginia 22209
Phone: (571) 303-3000
Fax: (571) 303-3100
www.executiveboard.com
LOCATIONS
Arlington, VA (HQ)
Chicago, IL
Minneapolis, MN
Needham, MA
Rochester, NY
San Francisco, CA
Scottsdale, AZ
Westchester, PA
London
New Delhi
Sydney
Toronto
Singapore
PRACTICE AREAS
Corporate Leadership Council Finance & Strategy
Financial Services Government Information Technology
Legal & Compliance Sales, Marketing & Communications
Good brand recognition
Fluffy; just research, no insights
Young, friendly atmosphere
Cold calls
THE BUZZ
what other consultants are saying
2010 Vault.com Inc.
194
CORPORATE EXECUTIVE BOARD
33
PRESTIGE
RANKING
THE STATS
Employer Type: Public Company
Ticker Symbol: EXBD (Nasdaq)
CEO: Thomas L. Monahan III
2010 Employees: 1700+
2009 Employees: 1,742
2010 Revenue: $442.9 million
2009 Revenue: $558.3 million
UPPERS
Make it happen work ethic
Young crowd
DOWNERS
Sometimes it feels a bit too much like a school fraternity
Micromanagement
EMPLOYMENT CONTACT
www.executiveboard.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Safety in numbers
The largest network of major executives in the world, The Corporate Executive Board draws on its collective brainpower so members avoid reinventing
the wheel when solving similar problems other CEB members may have already overcome. CEB is a membership-based organization that provides
best practices research, decision support tools, meetings and executive education seminars (in person and online) focusing on corporate strategy,
operations and general management issues. For a xed annual membership fee, corporate, government and nonprot members subscribe to one or
more of the companys programs on areas covering corporate nance, nancial services, human resources, information technology, innovation and
operations, legal issues and corporate governance, sales and marketing, and strategy and management.
Founded in 1979 as the Research Council of Washington, then renamed as The Advisory Board Company in 1983, CEBs network now boasts more
than 5,100 participating members and includes 85 percent of the Fortune 500, more than 60 percent of the worlds top-300 nancial institutions and
members in more than 50 countries; around a third of the rms revenue comes from international members. Generally, CEBs clients break down
into two groups: large companies with annual revenue of at least $750 million and midmarket enterprises with annual revenue of between $50 million
and $750 million, though the membership list also includes non-prot organizations.
Spreading the wealth
CEBs membership-based model means two things: For CEB, it can glean information from its wide-ranging membership to produce up-to-date best
practice and performance data on and for its members. For CEB members, meanwhile, the shared cost research model means they get similar
information to what they would receive from premier strategy consulting rms, but at a fraction of the cost. The average annual membership fee is
around $30,000, although this varies depending on the size of the company. For those bucks, CEB promises its members a whole lot of bang, offering
four unique assets that include an extensive global network of peer executives, unrivalled best practices and data, unlimited service from CEBs
1700-plus employees throughout the year, and unbiased advice.
Companies can choose from CEBs seven practice areas, which include more than 40 different membership programs. In the course of a year, CEB
staff create and distribute hundreds of new strategic research studies, hold hundreds of membership meetings and provide several thousand on-site
executive education sessions. Subscriptions also cover CEB-produced studies and briefs, decision-support tools, access to CEBs newly developed
web-based research and networking tools, support from its account management teams and executive education seminars. Members cannot normally
access information in programs to which they dont belong, but the rm tries to accommodate them if the request is isolated.
GETTING HIRED
Recruiting specialists and managers are responsible for screening applicants for appropriate qualications, which include communication skills,
experience and level of interest. For those with the requisite qualities to pass the resume review, another round of screening takes place through a
formal telephone interview, after which the most prized candidates are invited in for face-to-face interviews. Those might involve writing skills and case
studies, in an effort to identify a candidates ability to think conceptually.
OUR SURVEY SAYS
Corporate Atmosphere
There are few better compliments an employee can give his employer than I love my job and coming to work in the morning. Theres no shortage
of enthusiasm for life at Corporate Executive Board, as evidenced by a slew of similar remarks. Its the most exciting, challenging and innovative
company Ive ever worked for, one insider reports. It is always interesting and exciting, echoes another who adds, My colleagues are nice, smart
and accomplished.
As far as culture is concerned, ambition and energy are the most oft-recognized qualities CEB consultants possess; engaging, young and
sales-driven round out the description of a typical CEB employee. Of course, like any workplace, there are some drawbacks backward-thinking
HR is one that consultants suggest here), but on the whole, consultants are quite satised with their workplace.
Hours & pay
It requires hard work to excel at CEB, a respondent says, but you can manage your hours to mostly t your lifestyle. Were told the rm is a pure
meritocracy, where both compensation and promotion is based on the amount and quality of work one puts in. Being an ambitious bunch, this settles
well with CEB consultants. Something is always expected of you. And thats OK. Im driven like they are, says an experienced source.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Corporate Executive Board
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
195
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Work/life balance is helped along by pretty exible travel demands; as one insider reports, They make it as easy as possible for you to travel. And,
characteristic of a meritocracy, all compensation is performance based and equitably distributed across functions.
Professional Development
Consultants are quick to praise CEBs extensive training offeringsboth formal and informal. There are multiple e-learning opportunities offered
through HRs learning and development group, one source says of the more formal opportunities, also noting the availability of graduate study and
tuition reimbursement. For those who prefer a more informal education channel, insiders appreciate the rms excellent mentoring program.
Theres lots of informal training and coaching, a consultant afrms. It is almost constant, he continues, going as far as to label it too muchthats
the bad part!
Diversity
Diversity is easily one of the rms strongest points; with high marks across the board, leadership has invested enough time and resources to cultivate
a truly diverse and vibrant community. Roughly 40 percent of partner-equivalent staff are women, says one respondent, citing a CEB reality that is
unusual in the industry. While any rm can assume diversity in low-level batches, the real indicators of a rms diversity are retention and promotion.
CEB excels here, as one midlevel associate corroborates, citing many openly gay members of leadership as an example of across-the-board
diversity.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Corporate Executive Board
2010 Vault.com Inc.
196
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

197
THE BUZZ
what other consultants are saying
34
ZS ASSOCIATES
1800 Sherman Avenue, 7th Floor
Evanston, Illinois 60201
Phone: (847) 492-3600
Fax: (847) 864-6280
www.zsassociates.com
LOCATIONS
Evanston, IL (HQ)
Boston, MA Chicago, IL Los Angeles, CA New York,
NY Philadelphia, PA Princeton, NJ San Mateo, CA
Barcelona Frankfurt London Milan New Dehli Paris
Pune Shanghai Tokyo Toronto Zurich
PRACTICE AREAS
Marketing
Customer Insight Integrated Product Launch Planning
& Management Marketing Performance Measurement
Marketing Planning Segmentation Value Proposition
Sales
Incentive Compensation Design & Goal Setting Sales Force
Design Sales Performance Management Sales Process
Development Territory Design
Sales & Marketing Operations
Data Management, Performance Reporting & Analytics
Incentive Compensation & Goals Administration Territory &
Account Planning
UPPERS
Private ownership
You get to sleep in your own bed!
75 percent of my friends outside work are from work
DOWNERS
Too narrow of a focus
Low name recognition outside the sector
Expense and accounting system is archaic
THE STATS
Employer Type: Private Company
Founding Directors: Andris Zoltners & Prabhakant Sinha
Managing Director: Jaideep Bajaj
2010 Employees: 1,500
2009 Employees: 1,300
EMPLOYMENT CONTACT
www.zsassociates.com/careers
Email: careers@zsassociates.com
Best-in-breed pharma
Boutique that may get overrun long term
Hire a lot of great young people
Cookie-cutter, machine-like
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Mind your Zs and Ss
ZS Associates is a global management consulting rm specializing in sales and marketing consulting. Founded in 1983 by Kellogg School of
Management marketing professors Andris A. Zoltners and Prabhakant Sinha, the rm now employs more than 1,500 professionals who offer sales and
marketing strategy, implementation and operations consulting advice out of ZS 19 ofces in North America, Asia and Europe.
While it has served more than 700 companies since its founding, ZS Associates is no y-by-night operation; indeed, the rm still counts its rst client
from 1983 as a client today. In fact, most of its business comes from returning clients, who appreciate ZS Associates niche services. Most are Global
500 companies, although the rm does work with a number of midmarket, small and startup companies, hailing from a broad range of industries.
While 90 to 95 percent of ZSs clients work in the pharmaceuticals, biotechnology, and medical products and services space, the rest hail from the
high tech, telecommunications, transportation, consumer products and nancial services sectors.
Into S&M
The rms three targeted practice areas are marketing, sales, and sales and marketing operations. The marketing practice area works with clients
to help them understand and develop the capabilities they need to commercialize a new product or service, and to improve the performance of their
existing products and services. ZS offerings include assistance with customer insights (know your customer), segmentation (divide and conquer your
customers), value proposition (look good for your customer), marketing planning (reach out to your customer and offer a good price), and product
launch planning and management services (give customers what they want, when they want it).
The sales practice area complements the marketing practice, working with customers to design, implement and manage their sales infrastructure, all
in an effort to maximize clients sales effectiveness. Services include sales process development (how will you sell your product?), sales force design
(who will sell your product?), territory design (where will you sell your product?), incentive compensation design and goal setting (how will you motivate
employees to keep selling your product?), and sales performance management (who is selling how much?).
While it may sound like a mere amalgam of the other two units, the sales and marketing operations segment provides the left-brain analytical side to
sales and marketing. Services include business process support, analytics, software tools and information technology services for developing cost-
effective sales and marketing operations. The rm also provides outsourcing services, either on an ongoing or temporary basis, to clients to help them
focus on their core business.
A sweet suite
ZS Associates began developing sales- and marketing-specic software in 1983, with the creation of the rst personal computer-aided territory mapping
system. By 2008, it had created 12 standalone software products, which were then integrated as one unied sales and marketing software platform:
the Javelin software suite.
The suite includes the incentives software program, which manages incentive compensation programs, including quotas, objectives and payouts;
the call planning software, which helps companies design strategies for reaching out to sales representatives and customers; forecasting software,
which helps plan for the future, integrating product and market dynamics, assumptions and analytical metrics; account management software, to
support the entire sales process, coordinating activity, customer preferences and producing customized sales documents; and, nally, the territory
design software, which helps companies create balanced sales territories by analyzing sales and product data, and modeling teams of sales people,
customer service reps, telesales staff or other customer contact personnel.
A class act
Throughout the years, ZS Associates has kept up its ties with the Kellogg School of Managementwhere Zoltners remains a faculty member,
teaching marketingas well as with the Indian School of Business, where Sinha teaches courses on sales force effectiveness. The rmincluding
its co-foundersoffers executive education courses at these and other business schools on sales force performance, sales force incentive planning
and other special executive-level programs.
GETTING HIRED
ZS consultants make it clear that their hiring process is extremely selective, particularly when it comes to more measurable gauges like GPA and
test scores. Because we are a smaller rm, we go to a few select schools and maintain strict GPA standards, one insider explains. But some
suggest that these rigid requirements be loosened. As one midlevel source ponders, Does somebody really need a 4.0 GPA and 800 GMAT to
work here? Sometimes I wonder if our strict standards are keeping out the more socially talented. Whatever the verdict, its clear that pre-interview
resume screening is a huge hurdle for most to overcome. In terms of academics, analysis is king. Quantitative and analytical skills are the hallmark
characteristics of the typical ZSer. As a result, the rm often has to compromise on softer consulting/management skills.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
ZS Associates
2010 Vault.com Inc.
198
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Interviews present chances for the ZS team to afrm a candidates aptitude and to identify those who t in most with the ofce culture. Even here,
though, ability trumps all else. ZS is looking for highly analytical employees who are comfortable dealing with highly quantitative work, one source
says. That sometimes leads to a lack of diversity in terms of the personality and professional style of employees. Successful candidates will endure
two rounds of intensive interviews and case studies, and for MBA candidates, the process culminates in a high-pressure (exciting and terrifying)
presentation before a panel of clients (managers in disguise).
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: ZS consultants are generally quite satised with their quality of life. According to a number of sources, however, one of the
detracting factors is a measure of tedium involved in project work.
Overall Satisfaction
Im very happy to be working at ZS. The intellectual challenges coupled with the relaxed and friendly rm culture make my job very enjoyable.
Philadelphia analyst
ZS does an excellent job making sure that all of their employees are developed, and understand their future career path. You are very open to
being entrepreneurial once you establish the core skills to add value. Associate
Hours are pretty easy, as far as consulting goes. The atmosphere is friendly and not many people are stressed out. It is easy to have an
outside life here while still making a good impression at work. The one downside is that many of our projects are routine and in the pharma
practice space; I think job satisfaction would increase with greater project diversity.- East Coast insider
The hours can be bad, and the focus on one industry can be a little tedious. But I like many of the people I work with. Entry-level analyst
Firm Culture
The ZS culture is very inviting. People are open to sharing ideas and making the entire ofce better. Like any rm, there are denitely some
political aspects, but they rarely seem to inuence anything that personally affects individuals. Junior source
The rm is values-based, egalitarian, friendly and fun. People enjoy working together, and many are friends outside the ofce. HR
consultant
Most people are pretty laid-back, but intense. I love that you can wear (nice) jeans to work every day. Senior source
If your idea of cool is a guy with the pocket protector, then this is a rm for you. Strategy consultant
Supervisor Relationships
Theres a great rapport between all levels of our organization. I can talk openly to a principal just as I would talk to my peer. Analyst
The principals and managers can be demanding, but usually have team members best interest in mind, even when facing challenging client
demands. Midlevel consultant
People at ZS do have to seek out feedback because managers arent necessarily sharing informal project feedback outside the performance
review period. Senior-level staffer
Interaction with Clients
My relationships with clients tend to be close and trusting. Experienced consultant
Our clients are demanding, but show great appreciation for our work. Partner
Clients generally like us, though some view us as a vendor that they can push around. Chicago insider
Hours & Pay
Vaults Verdict: Hours uctuate dramatically from person to person; some coast while others break their back, and high performers feel theyre
undercompensated for picking up the slack.
Work Hours
While they uctuate some, the hours are typically quite reasonable, with major crunches coming mainly when client deliverables are due.
Consultant
The hours are very person- and project-dependent. I successfully average 54 hours a week, but Ive seen colleagues who consistently put in
70-plus hours. Boston source
Our stated capacity is 50 to 55 hours of work per week, but we are often asked to work 65 to 70 hours. Senior associate
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
ZS Associates
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
199
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

If lucky youll get 40- to 50-hour weeks consistently. If unlucky, you can be looking at 70- to 80-hour weeks. New Jersey source
Work/Life Balance
ZS feels that when you have the opportunity to leave work, do it! Midlevel consultant
Keeping a work/life balance isnt rocket science at ZS. Managers are typically very accommodating of outside commitments. I cant even
remember a time when my request to attend an outside function was denied. Entry-level analyst
I know people that have no life, but they seem to like that. I also know people who manage this well. Accordingly, it seems to be mostly
dependent on the individual, and somewhat so on the project team. Health care associate
Travel Requirements
Few people have to travel, and there is no specic push to do so. Mostly, executives in leadership positions will travel in order to support
specic business development efforts. Associate
This is one of the best benets of working at ZS. I get to sleep in my own bed every night. First-year analyst
I dont travel often, and when I do, its usually a day trip. Its probably, on average, two to four per month, with the occasional multi-day trip.
Philadelphia staffer
Usually travel is binaryyou either have none to minimal, or you will be staffed on site at a client and expected to travel Sunday night, work
a 50-hour week on site and come home late Friday night. The rm has no stated travel policy with regard to what is reasonable, and project
managers are free to make whatever commitments to clients they deem appropriate which leads to excessive travel demands. Senior
consultant
Compensation
Compensation is pretty good here. We make good money for the time we are required to put in and the minimal amount of travel required.
Experienced source
I can condently say that pre-MBA positions are compensated at above-average levels relative to industry. This is especially true when cost-of-
living adjustments are factored in. New York insider
I consider our compensation to be fair for the work we do, but Ive heard some grumblings about rival rms being more generous. Im happy
with my annual bonus, but the way they are calculated is only known by a handful of partners. Consultant
I have been at ZS for six years, work very long hours, and I do not feel I am paid appropriately. In addition, the bonus system is a black box,
and there seems to be little to no connection between personal performance, hours worked, rm performance and your ultimate bonus. Health
care consultant
Professional Development
Vaults Verdict: Training, while not ideal, is what every ZS consultant makes of it; the resources are in place, but its typically up to the individual
to seek them out.
Formal Training
ZS does a great job setting up formal trainings through our ZS University initiative. Senior associate
ZS offers a ton of informal and formal training. If you feel like you are not learning, it is your own fault. Health care insider
We offer a fair number of training courses that span the basics of Excel, PowerPoint, etc., as well as management-related trainings. Most
training, however, does not go very deep into the subject matter, and we dont have much training available for more complex applications of
Excel, SAS, etc. First-year analyst
There is a strong mentorship/apprenticeship philosophy. Training for midlevel and higher people is generally informal. Chicago staffer
Promotion Policies
ZS is a meritocracypeople are reviewed after every project, and overall twice yearly. There are clear denitions on promotions, and people
progress accordingly. East Coast analyst
We have an extensive review system that involves a competency model with a number of different dimensions. Ive felt that all of my reviews
have been a very fair reection of my performance. The typical time to promotion is two to three years, but it can be shorter or longer
depending on the individuals performance and goals. Los Angeles respondent
Diversity
Vaults Verdict: The rm relies on its meritocratic nature to identify and retain those who make the cut, regardless of background. This ethos
extends to recruitment, as well.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
ZS Associates
2010 Vault.com Inc.
200
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Diversity Issues With Respect to Women, Minorities, and GLBTs
Policies are supportive of all employees, not just specic groups. The focus of memberships is about the work, so it stays a true meritocracy.
Its about fairness to all. Senior staffer
ZS has no specic hiring programs for diversity, but there are some afnity groups in place (women, GLBT). There is a retention initiative for
women, and weve recently changed the maternity/paternity leave to be more generous. HR consultant
There is one openly gay manager, but beyond that it isnt discussed. There is no observable bias or policy either way. Midwest midlevel
There are a lot of guys here. If they could nd out a way to attract and retain more women, that would be great. - Entry-level analyst
Overall Business Outlook
Vaults Verdict: Health care was among consultings strongest sectors in the recession, allowing companies like ZS to emerge relatively unscathed
and primed to grow in healthier climates.
Overall Business Outlook
We are a frugal company dedicated to cash accounting with zero debt. This nancial management approach, coupled with strong relationships
in niche services with all major and midsized pharma companies, means that ZS is geared to do really well under all kinds of circumstances.
New York insider
We get a tremendous amount of repeat and referral business, and demand for our services appears to be as strong as ever. Midlevel
consultant
Company morale has been down a bit lately, and I expect some of the unhappy people will leave as the economy improves. Analyst
Condence in Firm Leadership
There is a good system of checks and balances. Additionally, there is no sense of complacency. We really want to keep getting better and
better as a rm. Senior consultant
ZS has a very talented and engaged senior leadership. Despite the economic downturn, ZS has expanded its global reach through additional
ofces and maintained its headcount. Associate
Unfortunately, there are some principals who treat associates like worker bees, while spending rm dollars inappropriately. Lack of respect
reects poorly on the rm. Philadelphia insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
ZS Associates
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
201
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

28 State Street, 16th Floor
Boston, MA 02109
Phone: (617) 951-9500
Fax: (617) 951-9392
www.lek.com
LOCATIONS
Boston, MA (US HQ)
London (Worldwide HQ)
20 ofces in 13 countries
PRACTICE AREAS
Finance Marketing & Sales Operations Organization
Strategy Transaction Services
THE STATS
Employer Type: Private Company
Co-Founder & Chairman: Iain Evans
2010 Employees: 850+
2009 Employees: 900
Growing consulting boutique
Banker hours, consultant pay
Very due-diligence focused; short term projects
Overexposed to PE
THE BUZZ
what other consultants are saying
2010 Vault.com Inc.
202
L.E.K. CONSULTING
35
PRESTIGE
RANKING
UPPERS
Opportunities for personal growth
Large amount of client and partner interaction
Sociable, approachable and young people
Ability to manage a team of associates as a rst-year
consultant
DOWNERS
L.E.K. does not allow unallocated staff beach time
Information technology could be improved
Associates often required to cold call
Tough to work past midnight four nights in a row
EMPLOYMENT CONTACT
www.lek.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Getting to like L.E.K.
Founded in 1983, L.E.K. Consulting is a management and strategy consulting rm that offers services in six categories: nance, marketing and sales,
operations, organizational development, strategy and transaction services. Founded in London, the rm maintains some 20 ofces around the world,
while its clients range from small businesses to Fortune 500 members, and hail from a wide variety of industries.
Digging in
Underscoring all its services, says L.E.K., are its data-driven research capabilities. The most valuable service that L.E.K. provides, the rm says,
is to gather, distill, and analyze vast amounts of data. The rms data-crunchers dig into the numbers to provide clients with clear, actionable
recommendations using advanced research, benchmarking, modeling, analysis and strategy development methods.
Offering a helping hand
L.E.K. takes its responsibilitiesespecially its social responsibilitiesseriously. As part of its environmental and social responsibility program, the
rm works with governmental and charitable organizations on projects to improve the environment and to strengthen social services. One such client
is Medicines for Humanity, a nonprot that helps local health care partners implement effective health care initiatives for children and become self-
sustaining organizations. L.E.K. worked with MFH to develop a business model that combines health care services and microenterprise lending.
And, when it comes to going green, L.E.K. is more than just talk, working with clients on issues related to climate change, such as policy and
regulation, green investments and developing low-carbon business strategies. In January 2008, L.E.K. became carbon neutral, making it the rst major
consultancy to implement such a policy across its global operations. The rm hopes to reduce emissions by 20 percent by 2011.
GETTING HIRED
L.E.K. is known for being data-driven and highly quantitative, says one consultant, so its no stretch to assume that the rm looks for candidates with
a demonstrated history of quantitative prociency when hiring. When directing efforts at undergraduate institutions, recruiters typically seek excellent
critical thinkers, motivated students and overachievers. Make no mistake, its a very selective process; consultants estimate that less than 5
percent of those who get a rst-round interview will receive an offer.
Candidates worthy of an initial interview can expect two to three rounds of case and behavioral questions. As a candidate moves on, the focus shifts to
prociency, not personality; case studies, typically one strictly quantitative and one strategic in nature, are administered examination-style. For those
who deem this an ideal interview process, its best to act quickly, since it seems there are some changes to the process on the horizon: We have
implemented a candidate presentation during MBA interviews, says one associate in the know.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Whether its gathering at some of the rms truly great social events or sharing beer from a cart each Friday at 5 p.m., L.E.K.
consultants genuinely appreciate one anothers company. And that camaraderie makes it far easier to go to work each morning.
Overall Satisfaction
The work is interesting, colleagues are competent, theres a sense of camaraderie, an effort to keep weekends sacred and upper management
takes vacations, which means you can, too. Consultant
L.E.K. is a great place to start a career. The rm provides many opportunities for employees to gain experience in a variety of settings, both
case-related and otherwise. The rm hires great people that help make the experience truly special. Experienced associate
I have been very pleased that I have worked primarily on strategy projects. There is very little operations or implementation work at L.E.K.
Chicago consultant
I like the job but I dont like not having long-term ownership of anythingIm basically a fungible cog in the machine, which I have trouble
with. Associate
Firm Culture
This is the best working culture Ive ever experienced or heard about. Amazing people. Everyone says hi and genuinely wants to know how
you are doingeven partners. The workweek is punctuated with various activities to encourage social, non-work behavior, including a beer cart
pushed around every Friday at 5 p.m. by employees. First-year respondent
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
L.E.K. Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
203
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

L.E.K. is a very young rm, and as such everyone tends to be at similar points in their life. Going to work each morning is easier knowing you
have a friendship bond with almost all of your co-workers, in and out of the ofce. Associate
Since we do very little travel, we get to see most of our co-workers every day in the ofce. Experienced insider
Supervisor Relationships
I consider many senior partners at L.E.K. to be friends of mine. They are very approachable and anxious to help out with career advice or
anything else. Health care consultant
Managers at L.E.K. take special care to get to know everyone who is working for them, from the rst-year associate to the second-year post-
MBA consultant. Consultant
The partnership is open and ready to help as soon as a request is made. In many cases, once a person makes it known they are looking to
leave the rm, VPs will open up the Rolodex and help nd them the type of job they are looking for. Boston staffer
Interaction with Clients
There are a lot of client-facing opportunities very early on, and supervisors will give you that responsibility without hesitation. First year
consultant
A person with my limited tenure has limited client contact, but Ive been surprised with how much Ive been given already. If you show youre
trustworthy, the partners will give you more access to clients. Consultant
As a rst-year associate, there is not too much face-to-face client interaction, although you will be on phone calls with clients. Associate
Hours & Pay
Vaults Verdict: L.E.K. consultants are quick to point out that they work too much, but most schedule-driven dissatisfaction is countered by their
minimal travel requirements.
Work Hours
I am constantly busy, so the hours go by fairly quickly. Weekends are usually my own. East Coast staffer
Some weeks can be pretty light, and youll be out by 6:30 p.m.. Other weeks, especially the last few weeks of a case, you can usually expect
long hours, somewhere in the 70 to 80 range. First-year associate
As you become more senior, you get better control of the hours you work. Chicago insider
Despite the long hours, at the end of a case, I have always found the experience to be rewarding based on what I learned and what our case
team produced. Consultant
Work/Life Balance
Balance varies a lot by casesome cases you can go to the gym in the evenings, some cases youre working until midnight every night. It
really depends, but theres an honest effort to create balance when possible. Chicago rst year
I dont have much of a social life during the week, but I make up for it on weekends. Associate
To do well in this rm, you must make the rm No. 1 and all other things in your life a low priority (including sleep)! Associate
The rm is a hardnosed competitor, and is working hard to build upon its market position as a leading strategy, M&A and performance
improvement advisor. As such, it does feel, at times, that your sacrice and extra hard work is helping the rm meet that goal. Senior
consultant
Travel Requirements
Extremely low travel for everyone below the manager level. Managers and partners travel the most for client meetings, but we rarely do a lot of
on-site work. San Francisco associate
This is a perfect place for people with familiesyou can see your kids and family at the end of the day most days, as we dont travel as much.
Consultant
Ninety-ve percent of my co-workers never travel. I am on one of the only travel cases weve ever seen, and I am therefore traveling three to
four days a week for a few months. This is extremely a-typical. First year
Unless youre 100 percent opposed to traveling for work, it really is a great model. Experienced consultant
Professional Development
Vaults Verdict: The rm has made great strides here recently, bolstering its formal offerings while leaving an appreciated degree of independence
for L.E.K.s on-the-job learners.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
L.E.K. Consulting
2010 Vault.com Inc.
204
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Formal Training
We have ofcial professional development trainings frequently, and are also set up with ofce buddies and career development coaches. It
was made clear from day one at this rm that L.E.K. is very invested in our potential and wants to develop it the best way they can. Consultant
Training is comprehensive for high- and medium-level skills and knowledge regarding all of our service lines, industries and technical skills.
Associate
There are many formal presentations and training sessions to help new employees get up to speed, especially in the life sciences industry.
There are also extensive internal resources available, and colleagues are very willing to help one another. Entry-level source
While we have regular formal training, most skills are learned on the job and from colleagues. West Coast manager
Promotion Policies
Promotion is tenure-based for the rst year, then becomes performance-based. First-year source
For associates, there is a typical track that nearly everybody follows and graduates from. The expectations as you progress become higher and
more difcult to meet. Chicago staffer
You can move from consultant to partner in six years for star performers. Senior consultant
On the one hand, promotion is relatively quick and it is not strictly up or out. On the other hand, I nd it frustrating that you are tied to your
class, and that the year you joined could limit how senior you can be at a particular point in time. Associate
Diversity
Vaults Verdict: As one consultant tells us, the rm could denitely do better in promoting a diverse workforce, but most respondents are
condent that this situation will improve as the L.E.K. continues to grow.
Diversity Issues With Respect to Women, Minorities, and GLBTs
L.E.K. employs individuals from a diversity of backgrounds, and has GLBT partners. However, there are very few women in the manager and
partner ranks, at least in the U.S. Senior source
The rm could denitely do a better job in this regard. I dont think its an intentional exclusion of particular groups of people, but more effort
could be put into identifying and recruiting a more diverse pool of candidates. Consultant
As a small rm growing into a bigger one, L.E.K. is working on building more structure in these areas. San Francisco manager
Recently, the rm developed a womens initiative, which focuses on bringing women together to discuss issues, mentor and engage in
volunteer activities. Consultant
Overall Business Outlook
Vaults Verdict: L.E.K. is just one of those rms that does well in rough economic climates. While others have downsized and readjusted, L.E.K.
has persisted and continued to succeed.
Overall Business Outlook
The North American ofces are so busy that we have people outside the country working on our cases! The partners are doing an amazing job
at selling cases. Senior consultant
We typically emerge from recessions with better market share than when the recession began. And this recession looks like it will have the
same outcome. Consultant
We have continued strength in our life sciences practice. Other practice areas are picking up after the economic slowdown. Life sciences
specialist
Condence in Firm Leadership
You can always count on the partners to sell projects. Even during the recession, there were quite a few number of projects sold. Chicago
associate
They navigated us through the economic storm without anyone leaving and without layoffs. The partners also busted their butts over the last
18 months to get business. I know that they are personally motivated, but I was impressed overall. Senior source
Worldwide, our partners are highly respected within industry. Above that, rm leadership is working to grow the rm and they have actively
addressed areas with a need for that growth. Consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
L.E.K. Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
205
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
206
THE BUZZ
what other consultants are saying
36
1166 Avenue of the Americas, 29
th
Floor
New York, New York 10036
Phone: (212) 345-3000
Fax: (212) 345-4650
www.nera.com
LOCATIONS
New York, NY (HQ)
26 ofces in 13 countries
PRACTICE AREAS
Antitrust & Competition Asset & Contract Valuation
Auctions Bankruptcy Class Actions & Class Certication
Commercial Litigation & Damages Consumer Protection
in Financial Services Corporate Governance & Compliance
Employment & Labor Energy Environment & Climate
Change Financial Institutions & Banking Financial Risk
Management Health Care & Life Sciences Insurance
Intellectual Property Mass Torts & Product Liability Postal
Services Regulatory Economics Risk Advisory Services
Securities & Finance Statistical Sampling & Analysis
Survey Research, Design, & Analysis Telecommunications
Transaction Advisory & M&A Support Transfer Pricing
Transport Valuation Water
THE STATS
E mployer Type: Subsidiary of Marsh & McLennan
Companies, Inc., a Public Company
Ticker Symbol: MMC (NYSE)
President: Dr. Andrew S. Carron
2010 Employees: 500+
2009 Employees: 600+
2009 Revenue: $1.25 billion*
2008 Revenue: $1.55 billion*
*All Marsh & McLennan Oliver Wyman Group divisions
UPPERS
Global presence
Control of ones own destiny
Easy access and communication across the rm
DOWNERS
Aloof partners
Sharp dichotomy between senior and junior staff
Overly siloed into practices
EMPLOYMENT CONTACT
www.nera.com/216.htm
Brilliant
Super niche
Solid work product
Too big; efdom
NERA ECONOMIC CONSULTING
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
207
THE SCOOP
Its the economy, stupid
NERA Economic Consulting makes its buck off understanding what many people cant: the economy. The New York-based rm provides economic
advice, analysis, expert testimony and regulatory insight for clients throughout North America, Europe and the Asia Pacic region. Employing more than
500 professionals, including 425 economists, the rm has been creating strategies, studies, reports, expert testimony and policy recommendations for
government authorities and the worlds leading law rms and corporations for half a century. It specializes in bringing academic analysis, objectivity
and real-world industry experience to bear on issues arising from competition, regulation, public policy, strategy, nance and litigation using hard
economic data to make its case, drawing on its professionals expertise in statistics, econometrics, game theory, mathematics and computer science.
A big umbrella
NERA was founded in 1961 as National Economic Research Associates by Dr. Jules Joskowa professor of economicsand Dr. Irwin Stelzer, an
economist. In 1983, global professional services rm Marsh & McLennan bought out the rm, with Joskow staying on with the company under Marsh
& McLennans direction, and Stelzer acting as president for several years before he opted to strike out on his own. Today, NERA exists as a business
unit of Marsh & McLennans subsidiary the Oliver Wyman Group, operating alongside other Marsh & McLennan professional services units, such as
risk and reinsurance specialist Guy Carpenter, insurance broker and risk adviser Marsh and human resources solutions provider Mercer.
NERA know-how
Among NERAs many service offerings, it is often called on for its antitrust capabilities. Respected and experienced in the world of antitrust and
competition authorities, clients call on NERA professionals to provide economic analysis and testimony on business issues related to mergers and
acquisitions, antitrust litigation and competition policy. Consultants are able to look at economic matters arising in antitrust cases and to help clients
deal with issues such as market denition and power, market structure and entry conditions, pricing, protability and damages.
With total write-downs and losses stemming from the credit crisis reaching $1.8 trillion worldwide as of May 2010, nancial institutions facing an
emerging regulatory and competitive environment come to NERA for assistance in securities and commercial disputes, market efciency and trading
analysis, valuations of xed-income and derivative products, and risk management. NERA also provides expert advice on commercial litigation and
damages. Consultants in this area provide analyses of clients competition, regulatory environment and management decisions; cost, pricing and
product strategies; risk management, business valuation and dispute avoidanceand if that doesnt workdispute resolution, among other services.
NERA is also deeply involved in climate change analysis. As policies to reduce greenhouse gas emissions are proposed and implemented, NERA
economists help government entities and companies understand the complex effects of those regulations, promote renewable energy and improve
energy efciency.
Publish and berecognized
Not surprisingly, for a company boasting a plethora of academics, NERAs consultants like to publish their ndings in formats that range from journal
and magazine articles to white papers and books. Interviews with NERA consultants also pop up regularly in publications the world over.
GETTING HIRED
The rm makes a point of only recruiting from the most prestigious of top undergraduate schoolsalmost to a fault. As one insider quips, NERA
likes to look at top schools and pretend to be elitist. Elitist or not, it is true that NERA looks for candidates with only the most distinguished academic
records; one insider quotes 3.4 or better as an acceptable GPA for successful candidates. On campus, recruiters also look for detail-oriented
students who dont mind working long hours at a fast pace. Graduates with an eye toward a PhD in economics are often looked upon favorably.
After screening, select candidates will be brought to the ofce for a Super Day of around four interviews, ranging in nature from conversational to coldly
analytic. As far as interviewers are concerned, its somewhat of a crapshoot. Its luck of the draw whom candidates interview with, according to one
experienced consultant. There are some people who conduct interviews who are out to make the candidate nervous and incompetent, while others
are much more pleasant and easygoing.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: It takes a certain type to be a NERA consultantnerdy and interested in applied microeconomics are characteristics that
spring to mindbut if youre a good t, chances are youll be quite happy at the rm.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
NERA Economic Consulting
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
If you are interested in applied microeconomics, there is no better place to work. Consultant
Im extremely satised with my job at NERA. Im very proud of the high-quality work we produce and the level of cases we take on. The work
is very interesting, and supervisors seem to really value our input on cases. Antitrust consultant
The rm is a meritocracyyou can accomplish whatever your preparation, luck and energy allow. Executive-level source
When its bad, its bad, but when its good, its great. New York staffer
Firm Culture
We have many introverts because of the nature of our business; some of my colleagues like to call it NERDA. The people can be awkward
at times, but in general they are very friendly, and people hang out after work for happy hour all the time. We recently got a ping-pong table,
which the researchers use often to stay awake if they have been looking at spreadsheets all day. D.C. staffer
The atmosphere is fairly collegial, and many of the researchers are very close friends. For the most part, the senior staff is also very
approachable and laid-back. Analyst
The culture is neo-academic. Executive-level source
People are friendly but maintain their distance. I dont think there is any cohesion across different groups. Energy consultant
Supervisor Relationships
I enjoy working with my supervisor. He does a good job making sure we are staying on task, but also not micromanaging. Associate analyst
It really depends on who your supervisor is. Some are more lenient, and some are very demanding. Midlevel source
Interaction with Clients
Clients vary widely by assignment. Some are great, some are more difcult. East Coast higher-up
The clients are usually very demanding and dont always understand the data or time constraints. Antitrust consultant
Hours & Pay
Vaults Verdict: Managers at NERA are generally understanding of outside commitmentsthat is, until things get busy. This can make work/life
balance seem like a pipe dream when deadlines come into play.
Work Hours
Most weeks are 40 to 50 hours, yet you occasionally have the 70- or 80-hour workweek. Senior consultant
The workload uctuates depending on our client needs, but in general, if the head of your group is organized and can keep everyone busy at
all times, the workload doesnt become too overwhelming. East Coast associate
Since the recession, work has been much slower. It means little to no bonus, but much less work. Experienced source
Extra work is generally well rewarded. Los Angeles consultant
Work/Life Balance
NERA rarely invades my life outside of work. Midlevel consultant
Seniors are generally fairly exible with working hours, as long as you get your work nished on time. Everyone understands that you have
commitments outside of work, and they are, for the most part, willing to work with you. New York analyst
When there are deadlines, work takes priority and there is little sympathy for family obligations. When work is light, people are very
accommodating. Associate analyst
While they respect if you have a class or something at night, generally the attitude is that work comes rst. If you go on vacation during a
deadline, you will be working from vacation or you may be asked to cancel it. San Francisco staffer
Travel Requirements
[Travel is] nearly nonexistent, except at senior levels. New York higher-up
Only the seniors travel for depositions and client meetings; usually the clients seem to come to us, or we talk on the phone using a conference
call or a video chat. Junior consultant
We travel only when its requested by client, and that is generally for short time periods. Occasionally a litigation engagement will require a
longer stay. Senior source
[Ive] been on a plane for work about ve times in four years. Boston insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
NERA Economic Consulting
2010 Vault.com Inc.
208
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Compensation
Its good compensation for the industry and economic climate. New York staffer
I think that NERAs compensation regarding bonuses and utilization rates is similar to that of other rms. I am generally satised with the
salary and bonus. Analyst
While you do get paid well, you get paid the same if you work 40 or 80 hours a week. Technically, it should be reected in your bonus, but
those have been cut back due to the nancial crisis. San Francisco respondent
Professional Development
Vaults Verdict: When training opportunities arise, NERA consultants are content with the typical content and volume. But when, like now, it gets
cut due to budgetary constraints, everyone loses.
Formal Training
Basic training is good and thorough, but most of the learning is on the job. Senior analyst
They used to have more training opportunities, but since the nancial problems, this has been heavily cut back. IP consultant
[There is] next to no required in-class training. Optional courses are taught by senior employees, not academic/profession instructors, so I
think a lot is lost in the process. Midlevel source
Promotion Policies
Its a well structured system, career-oriented and motivating. No up or out. Chicago higher-up
Almost all research associates (people who start right out of college) get promoted according to a xed schedule: associate analyst after one
year, analyst after two years, and senior analyst after three-and-a-half years. If you want to rise to the title of consultant, several additional years
are required. Energy consultant
Without a PhD, you start to hit a ceiling after three or four years. Antitrust consultant
Consultants ultimately advance by being intellectually strong and bringing in business. To get to the highest position, you need to have your
own clients. Senior associate
Diversity
Vaults Verdict: NERA consultants are typically pleased with the diversity policies currently on the books, though the details seem to elude them.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Women occupy many of the top posts at NERA; women are also actively recruited. Antitrust consultant
I dont think NERA has much of a diversity problem, since most people who are economic- or science-oriented tend to be minorities to begin
with. East Coast analyst
There are barely any GLBT employees at NERA; its an open and welcoming atmosphere though. Energy analyst
Overall Business Outlook
Vaults Verdict: NERA is a prestigious rm with a respected name, which has certainly helped it through the tough economic climate. That, and
its niche focus on economics, of course. The rm is now looking to rebound strongly.
Overall Business Outlook
Our reputation and credibility position us well to grow following the current downturn. Senior analyst
The rm made strategic lateral hires through the recession, and our business was affected less than our peers. Were poised to grow quickly
out of recession. Consultant
Some training programs are coming back, which is a good sign. Hiring is picking up again. IP analyst
Some groups are very busyothers, not so much. There will probably be a lot of turnover this year, which could be problematic for the busier
groups. Associate analyst
Condence in Firm Leadership
The rm leadership has little idea about what is going on in the smaller ofces. Consultant
We have strong governance processes and organizational discipline. Senior analyst
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
NERA Economic Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
209
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
210
THE BUZZ
what other consultants are saying
37
100 Half Day Road
Lincolnshire, Illinois 60069
Phone: (847) 295-5000
Fax: (847) 295-7634
www.hewittassociates.com
LOCATIONS
Lincolnshire, IL (HQ)
110 ofces in 33 countries
PRACTICE AREAS
Actuarial Communication/Employee Behavior Change
Compensation & Rewards Corporate Transactions
Employee Engagement Executive Compensation &
Corporate Governance Global Risk Services Health Care
Human Resources Effectiveness Investment Leadership
Retirement Sales Effectiveness Talent & Performance
UPPERS
Working for an industry leader
Flexibility in work hours and being able to work from home
I can wear jeans to work
I have been able to work in different jobs in different areas
of the company
DOWNERS
Unrealistic nancial goals
Time card system
Lack of job security
No more free food!
THE STATS
Employer Type: Public Company
Ticker Symbol: HEW (NYSE)
Chairman & CEO: Russell Fradin
2010 Employees: 23,000+
2009 Employees: 23,000
2009 Revenue: $3 billion
2008 Revenue: $3.2 billion
* In July 2010, Aon Corporation announced its acquisition of
Hewitt Associates for $4.9 billion. Hewitt will be merged with
Aons current consulting and outsourcing unit under the new
brand Aon Hewitt. The deal, which is expected to be nalized
by November 2010, is the largest in Aons history, and will
nearly triple the size of its HR operations, making it a $4.3
billion business by revenue.
EMPLOYMENT CONTACT
www.hewitt.com/careers
Compensation experts
Large and inexible
Widely used
Recent college grads churn-and-burn
HEWITT ASSOCIATES
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
211
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Hewitt Associates
THE SCOOP
Resourceful human resources
Hewitt Associates is one of the worlds largest management consulting rms specializing in maximizing organizations investment in human resources
solutions. Its claim to fame: It is the worlds largest provider of benets and multiservice HR business process outsourcing, and integrates HR
outsourcing and consulting. The rms 23,000 employees, working from 110 ofces in 33 countries, serve more than 3,000 clients, which include
nearly two-thirds of the Fortune 500 companies and more than a third of the Fortune Global 500.
Hewitt might be big, but its likable, toonearly 95 percent of Hewitts largest clients have worked with the rm for at least ve years. In fact, the rm
has been recognized as one of Americas Most Admired Companies by Fortune magazine every year since 2004.
A list of rsts
The rm was founded in 1940 by Ted Hewitt as an insurance brokerage in a bank building in Lake Forest, Ill. As Hewitt Associates grew, so did its
expertise, and the rm pioneered a number of now-standard HR functions. In the 1940s, it designed the rst noncontributory employee savings and
pension plan recognized by the Internal Revenue Service. In the 1950s, it was the rst to measure ongoing investment performance for dened benet
plans. In the 1960s, Hewitt was one of the rst consulting rms to tie benets and compensation to corporate goals and missions, communicating total
compensation as part of a business plan. In the 1970s, it designed the total compensation measurement methodology to gauge the value of salary
packages, and in the following decade it was the rst to design a large employer 401(k) plan. In the 1980s, Hewitt created one of the rst full-service,
outsourced benets centers.
In 2000, Hewitt became the rst rm to provide HR benets process outsourcing servicesincluding benets, payroll, HR information systems,
recruiting, learning and other HR servicesintegrated with consulting expertise. Today, the rm provides services annually to more than 20 million
employees around the globe.
HR, covered
Hewitts business is broken down into three business segments: HR consulting services, HR benets outsourcing services and integrated HR business
process outsourcing solutions. The rm works with clients to create and manage retirement programs; design and deliver health plans; help attract,
keep and reward the best employees; nd ways to reduce HR costs; address HR and people issues in mergers, acquisitions and divestitures; administer
HR and Benets programs; communicate and drive organizational behavior changes; and develop comprehensive HR solutions to improve clients
bottom lines.
In 2009, Hewitts HR consulting business saw its revenue drop by 1 percent, after seeing it grow by 12 percent the previous year. The segment,
which comprises 33 percent of the rms total revenue, consists of four main practices: retirement and nancial management, health management,
communication, and talent and organization consulting.
Making up slightly more than half of Hewitt Associates revenue in 2009, however, was its benets outsourcing segment. The unit offers clients a
way to outsource their dened benet, dened contribution, and health and welfare administration services, as well as absence management, exible
spending and participant advocacy programs. Pulling up the rear in Hewitts 2009 ledger books was its HR BPO segment, which made up 16 percent
of revenue.
GETTING HIRED
For the people already at Hewitt, going public has changed much about the culture and relationships within the rm; for those hoping to join, change
has arrived as well. Since they contracted out some of these functions, says a midlevel consultant, the quality of the candidate selection process
has suffered. Before any prospective applicants rejoice over lower standards, they should be warned that Hewitts hiring process remains a long
and difcult onethe rm is still prestigious, which generally translates to extremely high demand for spots. Most applicants will not make it past
the screening stage; the rm looks for students with strong performance in quantitative courses, such as accounting, economics and nance, with a
preference for candidates with dual major with liberal arts component.
Pre-screened candidates can expect at least four behavioral interviews before approaching any sort of conrmation of their progress. The ensuing
decision process is quite lengthy (it can be very frustrating), often requiring the candidate to submit to further interviews or examinations. Well-
rounded candidates capable of becoming procient generalist consultants will do well on the rms SAT-like aptitude tests. Once on board, new
consultants can either become Hewitt lifers immediately, or follow a more recent trend that has seen frustration get the best of associates: They talk
about hiring the best, but turnover is 50 percent in the past three years, vents a senior consultant. And they continue to hire subpar!
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Theres no question that culture and satisfaction have been negatively impacted by the rms transition from a private to a public
entity. Perhaps its a testament to Hewitts past successes, then, that satisfaction among employees remains relatively high.
Overall Satisfaction
Hewitt is growing and changing, which has created a number of new opportunities for me (and others) during my 19 years here. I have worked
as a consultant, led a startup business, managed a practice, and worked in sales and account management. Ive been able to travel globally
and domestically. Ive had a very rewarding career. Manager
I knew on my second day of work that Id be a lifer at Hewitt. The team structure promotes contact with other Hewitt associates, 98 percent of
which embody Hewitts one rm mantra and work efciently, together, to serve our clients. Senior consultant
Overall, its a good job. The work does become mundane at times. Hewitts consulting is based upon very cyclical work, so that is a cause for
repetitive assignments. Houston midlevel
Unfortunately, in the last few years, its been a waiting game to see which area of the company is going to have the next layoffs and whether
youll be next. Senior source
Firm Culture
No egos; all people work together as a team. Everyone is highly professional and motivated. The people are the real reason that people stay at
Hewitt. Finance consultant
We have a very cooperative, supportive culture. There is a strong norm to give the benet of the doubt when you disagree, and to be very
supportive of others when they are performing well or when their performance falters. Executive-level insider
Its changed since we went publictheres much more focus on results versus effort, which is not necessarily a bad thing. It helps all of our
job security when were successful. Still, relative to other consulting rms, we hear were a much more collaborative place to work. Phoenix-
based higher-up
Hewitts culture within its consulting business could be described as disjointed and passive aggressive. Socially, employees do not care much
for one another and no camaraderie exists. Midlevel consultant
Supervisor Relationships
One of Hewitts strengths is our managers. I have had a series of excellent managers who have pushed me to grow and mentored me toward
success. Senior source
I really dont feel like my supervisor is my supervisor. He is just senior on the national legal team. Even corporate leadership is very
transparent and open. It is not unusual for a meeting to have a senior leader listening to an entry-level student. Litigation consultant
My supervisor goes out of her way to make sure I am included in communications, even though I work remotely. She is supportive and able to
both mentor and champion me. Chicago staffer
Its very hit-or-miss with manager relationships. Again, we pay a lot of lip service to manager training and associate engagement, but I feel they
fall short once they reach the unit manager level. Senior consultant
Interaction with Clients
Client relationships are very strongthey appreciate our commitment to outstanding service and the value we can create. Midwest insider
I love two-thirds of my big clients. They are appreciative of my work and respectful of me and of my time. One-third isnt as understanding,
but they are still good to work with. Consultant
In some cases, my client relationships have been developed over many years, and are more like a relationship with a co-worker working
toward a common goal. Others are still being developed, where client contacts have been changing, but have the potential for the same type of
relationship. Retirement consultant
If we could travel more to see our clients, as we used to do, I would have stronger relationships with my clients. Atlanta staffer
Hours & Pay
Vaults Verdict: You wont nd too many slept at work horror stories here; Hewitt consultants typically work standard industry hours, with a bit of
extra exibility built-in.
Work Hours
Half of the year I work 60 to 70 hours a week, and half of the year 40 to 50. So theres a nice balance between the peak busy season and
having some more relaxed hours in other times of the year. New Jersey insider
Hewitt is very exible in allowing consultants to work a fairly strict 40-hour workweek, or to work additional hours and be rewarded accordingly.
Midlevel source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Hewitt Associates
2010 Vault.com Inc.
212
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

We do have a generational issue, where younger associates simply wont work the hours that consultants have historically worked, and work
back-delegates to the more senior consultants. Connecticut higher-up
Ive had many occasions where Ive slept at work, or continuously worked for 45-plus hours. Technology consultant
Work/Life Balance
I can denitely balance work and life. The rm has given me a laptop so that I can work from home in an emergency, as well. This comes
in handy if my kids have to stay home because theyre sick. I am also pursuing a masters degree, and this does not conict with work.
Experienced consultant
I was considering working on my 30th birthday (which was a Saturday) to make things better in a few client situations. My family had own out
to celebrate with me. Leadership worked very hard to make sure I at least took my birthday off to be with family and celebrate together. It really
made me feel like part of a team. Finance consultant
In my role, my hours are really dictated by my clients needs. I am able to control my schedule to a great degree, allowing me great freedom.
I will say not all of my colleagues are able to do that due to the type of work they do. There is great disparity in this area due to the varied
demands of roles. Senior source
With fewer resources and ever-increasing focus on revenue growth, if one wants to do a good job and accomplish all that is asked, internally
and externally, it takes much more than a 40- to 45-hour work-week. Charlotte insider
Travel Requirements
Hewitts model does not involve a lot of on-site work with clients. Were organized to serve mostly local markets and, when travel is required,
its usually a day trip or just one night away from home. Chicago higher-up
I used to travel one to two days per week, but when my home situation changed, my boss worked it out so someone else could take over my
territory so that I can stay home. Amazing exibility and respect! Account manager
The more experienced consultants are expected to travel fairly regularly, but it is quite minimal for an entry student. Finance junior
The choice to travel is mine, as I believe it is what I need to do to make a difference at Hewitt. Strategy executive
Compensation
I am comfortable that the combination of base salary, variable pay and long-term incentives is competitive and generous. Executive source
At higher level pay grades, there are performance bonuses tied to the rm nancials, the practice nancials and the individual performance.
Midlevel consultant
I had two offers on the table and choose this one because I was told the annual increase would range anywhere from 5 to 10 percent by the
recruiter. Once getting in and going through my rst review cycle, I was informed that in some lines of the business that was true, but not in the
one I worked in. Annual increases have forced me to fall well below my expectation. Houston analyst
Hewitt is not known for their compensation. We typically underpay our associates and try to get the most bang for our buck. As a recruiter, I
spend more time negotiating offers with the business than closing a deal. Experienced consultant
Professional Development
Vaults Verdict: Insiders tend to feel that Hewitt University and other formal training initiatives are little more than that: a formality.
Formal Training
Im an actuarial student, and the company provides all the necessary training materials and fees. Analyst
They mention Hewitt University all the time, but I still dont see how it pertains to my role. My manager hasnt mentioned training at all.
Senior consultant
Training? Hah! Its minimal, and more often learn by doing or by making mistakes. Basically, its online and you must nd what you need
yourself. There is mentoring, but you need to identify what you need and who can help you. Midlevel source
Jump right in and get your feet wet. Entry-level staffer
Promotion Policies
Hewitt is a relatively at organization. I value the opportunity to create my own path, which is highly valued at Hewitt. My supervisors have
always been great advocates for me as I strive toward a subject matter expert position, rather than a traditional people management path.
Midlevel consultant
In general, we have moved to a more performance-based system, and have moved people out who have not been successful. If the consultant
is good with clients, works well internally and makes his numbers, he doesnt have anything to worry about. Senior source
Hewitt strongly believes in promoting from within, however the process of nding opportunities and getting through the HR red tape can be
daunting. Senior consultant
Promotion is completely at the managers whim. Operations consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Hewitt Associates
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
213
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Diversity
Vaults Verdict: Insiders tell us the rm does a good, earnest job of promoting a tolerant, open-minded workplace.
Diversity Issues With Respect to Women, Minorities, and GLBTs
Diversity is widely and effectively promoted at Hewitt Associates; I know, being a minority myself. Chicago midlevel
Fifty percent of the Greater Toronto workforce was born outside Canada; Im confronted daily with the excellence of Hewitts diversity
initiatives. Senior consultant
Some programs may not be as formal as in other companies, but at Hewitt they dont need to beeveryone is equal and performance is what
matters. Executive-level source
Offering on-site child care would be extremely benecial in helping improve womens positions. Ive seen many women leave the rm to
become stay-at-home moms. Entry-level analyst
Overall Business Outlook
Vaults Verdict: Hewitt has certainly seen better days, but ultimately it belongs among the top tier of international consulting rms. Its
performance in 2010 and beyond should afrm this notion.
Overall Business Outlook
We have done the hard work to reform our culture to t the public company weve become in the competitive landscape we have. Atlanta
senior
In a number of practice areas, I feel Hewitt is at the leading edge. For example, our work in helping clients change their HR operations to
meet the talent challenges is unique among our competitors. Experienced consultant
Employee morale is on its way up. There seems to be a lot of client interest in our products right now. I think were in a much better position
this year than last. Midlevel staffer
We are facing increasing competition and need to nd better ways of differentiating ourselves. We have been trying to do this for years and
have not seemed to get there. Midwest insider
Condence in Firm Leadership
From our CEO down (he has a blog he updates regularly), I am condent the leadership is looking for ways to deliberately grow and produce
value to shareholders, solid, desired products and methods to clients, and a great place to work for associates. Legal consultant
Our current CEO, Russ Fradin, is a very competent leader, and I have full faith in his ability to lead us through the economic situations.
Senior source
We have a strong leadership team that is focused on making us as successful as possible. They delegate responsibility to the business
leaders, and reward successful performance. Health care executive
At times I believe leadership looks only at the bottom line and not at how to keep associates motivated and engaged. Chicago higher-up
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Hewitt Associates
2010 Vault.com Inc.
214
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE BUZZ
what other consultants are saying
215
38
BATES WHITE
1300 Eye Street, NW
Suite 600
Washington, DC 20005
Phone: (202) 408-6110
Fax: (202) 408-7838
www.bateswhite.com
LOCATIONS
Washington, DC (HQ)
San Diego, CA
PRACTICE AREAS
Antitrust & Competition Communications & Media Energy
Environmental & Product Liability Finance Healthcare
Intellectual Property International Arbitration Labor &
Employment
THE STATS
Employer Type: Private Company
Chairman: Charles E. Bates
Managing Partner: David DeRamus
2010 Employees: 150
2009 Employees: 175+
UPPERS
Very academic atmosphere
No eat what you kill compensation structure
Being able to work across practices
Strong sense of teamwork
DOWNERS
Unresponsive career mentors
There is a limited amount of client interaction
Whatever the client wants, the client getsno matter how
ridiculous
Has become more bureaucratic as it has gotten larger
EMPLOYMENT CONTACT
www.bateswhite.com/careers.php
Quant economics
Nerdy
High pay
Committed a huge blunder by growing too quickly and
overpaying for talent
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
216
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bates White
THE SCOOP
The sum of diverse parts
Bates White is a small, two-ofce consultancy specializing in economics, nance and business strategy. The companys professional staffamong
them economists, econometricians, nancial analysts and IT specialistsprovide law rms, corporations and government entities with economic
analysis to help address complex litigation and business challenges.
The rm is uniquely focused on the cultivation of diversity within its ranks. In the rst decade since its founding in 1999, it established a diversity/
inclusion council that tests, implements and evaluates initiatives aimed at the heterogeneous widening of the staff and corporate culture, and ensures
that all employees, regardless of their differences, have opportunities to learn, develop and contribute to the rms success. Employees come from
an array of ethnicities and backgrounds, having been recruited from many different institutions and an alphabet soup of academic elds, including
biology, business administration, chemistry, economics, engineering, nance, mathematics, physics, political science, and statistics. Their linguistic
capabilities include Czech, French, German, Greek, Hungarian, Italian, Korean, Mandarin, Nepali, Persian, Polish, Romanian, Russian, Spanish and
Turkish.
Primo pedigree
Co-founders Charles Bates and Halbert White set the bar as high for excellence as they do for diversity. Bates, now chairman, was formerly a vice
president at A.T. Kearney, and prior to that he served as a partner at KPMG, overseeing the economic analysis group. He led the rms 1999 team
working on behalf of class plaintiffs in the largest price xing case in U.S. history, In re Vitamins Antitrust Litigation. Bates and his team proved that vitamin
manufacturers conspired throughout the 1990s to inate product prices. He has testied in a variety of forums, including the U.S. Senate Judiciary
Committee, Federal Bankruptcy Court, United States Tax Court, California Supreme Court and arbitration hearings.
White, chief scientist of the company, carries an equally distinguished, though more rigorously academic, background. Also a professor of economics
at the University of California at San Diego, his works of scholarship include more than 100 articles and books. Known for his expertise in econometrics,
predictive modeling and articial neural networks, White has merited inclusion in Whos Who in the World. He is, additionally, a fellow of the American
Academy of Arts and Sciences, a Guggenheim Fellow and a fellow of the Econometric Society. As an economic theorist, White has achieved a level
of notoriety that borders on ubiquity; based on a September 2006 citation analysis of peer-reviewed economics literature, a 1980 paper of Whites
emerged in 4,318 citations, making it the most referenced work on economics from the last 35 years.
Experts at antitrust
The vitamin antitrust case was not just a feather in the rms capit was an early foray into what has become Bates Whites strongest practice area.
The companys squad of antitrust professionals, on which there are more than 50 PhDs, advises clients on case development and strategy, evaluating
economic arguments with regard to evidence and analyzing the likelihood of litigation or settlement. Despite having been in business for only 11
years, the rm has been involved in some of the highest-prole antitrust cases in history, tackling and, in some cases, helping to dene issues of
monopolization, cartel activity, pricing, damages and liability, class certication, mergers and acquisitions, and competition suppression.
GETTING HIRED
With its focus on data-intensive consulting, recruiters are on the hunt for recent graduates or industry professionals with highly relevant experience.
The primary focus in hiring [students for summer positions or recent graduates for consulting positions] is on the relevance of the major (economics,
mathematics, statistics, and engineering are in particularly high demand) and the GPA, an insider says of the rms undergraduate hiring practices.
The rm seeks individuals who are creative, motivated by intellectually stimulating work and possess strong leadership skills.
To kick off the process, prospectives submit resumes, cover letters, transcripts and writing samples, which we review and conclude whether the
person will receive a rst-round interview. Successful applicants will be invited for a days worth of on-site interviews, which span the typical range of
behavioral and hands-on case examinations. While the process isnt exceptionally rigorous, success only means being hired in a summer or entry-level
consultant position. From there, its up to the edgling consultant to prove his worth in the industry at large.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: The variety of work might not be as broad as some would hope for, but to be a Bates White consultant is to work in a perfectly
agreeable setting with similarly congenial colleagues.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
I nd my work to be very fullling. I have been staffed on the same variety of case for the duration of my time at Bates White. This sounds
like it could be a recipe for boredom and discontent, but my continuing evolution as a consultant and escalation of responsibilities ensures that I
enjoy coming to work every day. Senior source
Bates White has been great. I really enjoy the people that I work with and, on the whole, the work can be pretty stimulating. Sometimes it gets
repetitive, but for the most part, Im doing new things. Consultant
The quality, quantity, and overall enjoy-ability of the work varies highly from project to project; but overall, the rm is a pleasant place to work.
Entry-level insider
People here want to not only do good work, but also to gure out how to make it an even better place to work. Senior consultant
Firm Culture
One of Bates Whites strongest traits is its open-door culture. Being able to talk to practically any of my co-workers, be it about work or more
personal matters, is incredibly reassuring. Junior source
Co-workers are very friendly and people have a cooperative attitude. There is no cutthroat competition here, and there are many opportunities
to get together with other employees outside of work. The rm also promotes a number of community-oriented service activities. Health care
insider
We have rmwide] basketball teams, Frisbee teams, happy hours, ofce parties, and an endless stream of charitable events. Consultant
Supervisor Relationships
I love my managers. Everyone is very approachable and tries to constructively educate, as opposed to bring you down. Associate
My supervisors provide me with feedback regularly and respect my work. There is a strong sense of empowerment among my peers and I.
Entry-level insider
My supervisors are generally useful and available. But often they arent good at communicating their needs or periods when they wont be
available. Experienced staffer
Interaction with Clients
Client interaction is somewhat limitedthere is [not a lot of] client interaction between junior staff and the clients on large engagements.
Midlevel source
The one thing that I would change is for more client interaction at an entry level. Antitrust consultant
Bates White typically has very strong relationships with just a few key clients in each practice area. Consultant
Hours & Pay
Vaults Verdict: Overall, consultants feel that their work schedules are reasonable. What stands out here is the very limited nature of the rms
travel requirements; most travel is relegated to the higher-ups, while consultants fulll assignment needs on their home turf.
Work Hours
Work hours vary widely depending on particular engagements. The ofcial stance of the rm is 50 hours a week, but working weekends/nights
during busy points in a project is often required. However, when things slow down, it is usually acceptable to take off early or give yourself a
long weekend. Bates White higher-up
Project crunch time can be rough, but otherwise work is very exible and the hours are not generally bad. San Diego midlevel
Overall, the managers expect the consultants to step up when the work demands it, but they do try and rotate big projects so you arent at red
line all the time. Consultant
A pleasant upside is the fact that there is no set 9-to-5-type workday; employees are expected to arrive no later than 10 a.m. and leave no
earlier than 4 p.m., but otherwise, they are largely free to determine their own schedule. First-year insider
Work/Life Balance
My weekends are almost always free, and assuming that I get in at 8 a.m., I am usually off from work by 7 p.m., with no extra work to do at
home. East Coast staffer
The rm is willing to work to accommodate strong candidates needs and be exible on hours. There is not a formal ex-hour program, but
[theres] a strong informal culture of project teams working together to gure out a program that works. Senior consultant
The rms hours requirements strain this balance. In the heat of litigation, hours can balloon and it becomes even harder. Consultant
There are slow times and peak times. Peak times always happen during holidays, weekends and late in the afternoon. This is the nature of
the job. Junior source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bates White
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
217
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Travel Requirements
There is no travel at all required at the consultant level, and only minimal travel for client meetings at the very top levels of the rm. Entry-
level consultant
Most of our work is done in the ofce. We do not staff employees at client sites. Travel generally is limited to more senior management who
attend meetings with clients, depositions and trials. Senior consultant
Little travel is required. Maybe quick day trips to somewhere close. Ive been overseas a couple of times in the last couple of years. These
trips are usually short. Experienced staffer
I wish I could travel more. Junior source
Compensation
My compensation is certainly competitive, if not extremely generous. Energy-sector source
I am paid well enough to live a comfortable life in Washington, D.C., and still have savings for future investments. Associate
As an economic consulting company, the rm has spent time and gured out fair incentives that provide proper motivation. Consultant
I feel like I am paid fairly. At the same time, I know of colleagues who have departed and in doing so secured raises of 20 to 30 percent.
Senior staffer
Professional Development
Vaults Verdict: Formal training isnt a big part of Bates Whites M.O., but that follows suit with the rms noncompetitive ethos. You are welcome
to stay for as long as you are a productive consultant, one respondent articulates.
Formal Training
The rst week at Bates White is nothing but ofcial training. It is pretty much a crash course on everything that could be useful to someone
starting at the companyeverything from statistical software training to the basics of litigation to research materials that are available and how to
access them. First-year
The rm cannot offer as much formal training as some other large institutions, but it has worked to put a more robust program in place.
Moreover, there is a strong culture of direct mentorship that makes up for this. East Coast source
There is a urry of training that starts when an employee starts, but beyond that there are very few formal training opportunities. The rm is
small, so people generally learn on the job. Senior consultant
Most of our training is on the job. We clearly could do more here. Consultant
Promotion Policies
The rm consistently recognizes and promotes talented individuals who have demonstrated the skills necessary for increased responsibility.
Environmental consultant
Historically, the rm has had a very rapid promotion cycle. More recently, the business environment has slowed the promotion cycle, but I
believe it is still comparable to our competitors, if not accelerated. The rm does not believe in up-or-out policies. Executive-level respondent
There is an effort to rationalize promotions, which is somewhat successful. Midlevel source
Diversity
Vaults Verdict: Bates White suffers from the typical lack of diversity seen throughout the industry. The institutional effort to foster diversity is
there, but few minorities or women advance high up in the ranks.
Diversity Issues With Respect to Women, Minorities, and GLBTs
I know a number of GLBT individuals at the rm, as well as minorities, and I have encountered no problems with regard to discrimination or a
hostile work environment. Midlevel respondent
Bates White has an internal diversity council that helps shape and facilitate policies to ensure diversity and inclusion in hiring, promotion and
day-to-day work issues. Financial consultant
I think we do reasonably well on diversity metrics. More and more female managers and principals have developed during my tenure here.
We dont have a lot of minorities in management positions. D.C. midlevel
We dont have many women or minorities [at the highest ranks], but I dont think thats the rms fault. I think it more has to do with the
nature of our business and the typical people drawn to it. Economic consultant
Overall Business Outlook
Vaults Verdict: Bates Whites status as a privately held rm was a major factor in its survival through volatile market conditions. This will continue
to act as a shield as the company seeks to grow and diversify in the future.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bates White
2010 Vault.com Inc.
218
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Business Outlook
Prospects are improving and we are set for success for the second half of 2010. Consultant
The fact that Bates White is privately held is a big benet to the rm in terms of being able to focus a little more on the long run instead of
short-term performance. Hence, the rm is, in my opinion, well-suited to both weather the downturn and take advantage of any increase in
activity. Midlevel source
Layoffs in 2009 signicantly weakened employee morale in a rm that had previously built a very strong workplace culture. Still the rm may
be better positioned than competitors to rebound because of the small size and exible business model. Consultant
The rm as a whole will probably do ne, but there will be variation by practice area. Energy executive
Condence in Firm Leadership
The rms leadership is always looking to improve the organization and management of the rm. They are very responsive to introspection and
feedback, which is one of our greatest strengths. Executive source
Partners are very candid regarding the rms prospects and hold open Q&A sessions with employees semiannually. D.C. business advisor
They seem to have a good handle on where the problems are and what to do about them. Some of them could do a better job of retaining
business, but for the most part, we have enough healthy practice areas to keep the rm going. Senior consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bates White
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
219
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

570 Lexington Avenue
New York, New York 10022
Phone: (212) 644-2300
Fax: (212) 644-2320
www.pearlmeyer.com
LOCATIONS
New York, NY (HQ)
Atlanta, GA
Boston, MA
Charlotte, NC
Chicago, IL
Houston, TX
Los Angeles, CA
San Jose, CA
PRACTICE AREAS
Compensation Surveys Director Compensation Employee
Compensation Executive Compensation
THE STATS
Employer Type: Private Company
President & CEO: David N. Swinford
2010 Employees: 100+
2009 Employees: 100+
2010 Vault.com Inc.
220
PEARL MEYER & PARTNERS, LLC
39
PRESTIGE
RANKING
UPPERS
Managers that ght for team members
Flexibility in work schedule, telecommuting
DOWNERS
Disconnect with promotions and pay increases
Few MDs are good mentors because they dont have the
time
EMPLOYMENT CONTACT
www.pearlmeyer.com/rm/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
How much are you worth?
For more than two decades, Pearl Meyers & Partners (PM&P) has provided compensation consulting services and compensation survey data to clients
ranging from Fortune 500s to emerging, high-growth companies and not-for-prots. At a time when executive pay is under the regulatory microscope
and shareholders are demanding more value for their money, PM&P promises a comprehensive approach to compensation planning. The rms
100-plus professionals work with boards and senior management to create reward strategies and broad-based compensation programs for employees
and sales professionals.
All of the rms core practices deal with compensation, with consulting services that range from compensation strategy design to implementation and
communication of pay programs. Capabilities include compensation philosophy and guiding principles, salary programs, annual short-term and long-
term incentives, value creation and performance measurement, contracts, severance agreements, change-in-control arrangements, equity programs,
competitive intelligence and compensation surveys. The rm also conducts extensive research, ensuring that it can serve as an up-to-date resource
with trustworthy benchmarking.
Winding path to PM&P
PM&P was founded in 1989 and acquired in 2000 by Clark Consulting. Seven years later, in March 2007, AEGON N.V., a Dutch life insurance and
pension group, bought out Clark Consulting. Under a special asset exchange agreement between Clark Consulting and AEGON, PM&P and other
divisions that had been part of Clark Consulting were sold to Clark Wamberg, LLC, an investor group created to absorb the former Clark Consulting
assets made up of Clark Consulting executives Tom Wamberg, Jim Benson and Ken Kies. Once the M&A dust settled, in May 2007, David N. Swinford,
then head of PM&Ps New York ofce, succeeded Joseph R. Rich as the rms CEO and president.
Lay of the land
Knowing what your competition is paying its executives and employees is important to keep the right people in the right jobs. PM&Ps compensation
survey practice publishes the CHiPS compensation survey series, managed surveys, as well as custom surveys. The CHiPS family of surveys are
broad studies that provide data on segments of the employee population, such as recent college grads, customer-focused positions and, of course,
upper-level executives and managers. Managed surveys look at specialized job areas, such as scientists and engineers, or salaries within outsourcing
environments. PM&Ps custom surveys are usually designed to tackle a single organizations unique employee population segments, which may have
unique credentials or backgrounds that would make benchmarking difcult. PM&P also conducts custom surveys; for example, a company employing
a large number of expatriates, or with positions requiring high skill and experience, may require a more focused or specialized competitive assessment.
All surveys are available in print and online formats.
A recognized resource
A longtime provider of compensation information and services, industry professionals have come to rely on PM&P for its expertise and advice, which the
rm offers via research reports, articles and white papers, As We See It perspective pieces on industry trends and client alerts, which offer technical
advice on compensation developments in the disclosure, tax and accounting areas.
PM&P consultants also regularly participate in industry events and conferences, and are regularly quoted in industry publicationssuch as Directorship,
Workspan, Compliance Week, Financial Week, Pension & Benets Daily and CFOand in mainstream media, such as AP, Reuters, the Wall Street Journal, BusinessWeek,
the New York Post, and the Washington Post.
GETTING HIRED
As PM&P grows in size and reputation, its becoming more difcult for candidates to make the cut. That said, opportunities exist for the talented,
well-rounded candidate. Candidates can expect a straightforward and very organized interview and selection processa real perk considering
the hoops applicants are required to jump through elsewhere. Two to three interviews complete the process, and entail position-specic evaluations
(including the Microsoft Ofce basics), as well as several high-level case studies.
Successful candidates will know their fate quickly; with only one HR person in the entire rm, our response rate to candidates is exceptional, one
recent hire attests.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Pearl Meyer is a small rm with typical small-rm challenges. But a lot of good comes from staying small, too; this rm is a rst-
rate example of that.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Pearl Meyer & Partners, LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
221
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
I work with talented professionals on interesting projects. Senior consultant
Pearl Meyer & Partners has an extensive knowledge and understanding about its people. Our primary focus is providing a exible work
environment where employees feel they can take time for personal needs. We have incredible management overseeing each ofce location.
East Coast staffer
I enjoy the work. However, I am rarely updated on the nal recommendations or briefed on the meetings that were attended. HR consultant
Firm Culture
The culture is social, nonpolitical and professional. Our ofce holds luncheons/parties for special events such as baby showers, birthdays, etc.
The rms senior leadership works well together and makes a real effort to treat the employees well and give them the resources/tools to advance
within the profession. New York higher-up
We enjoy working together on project work, and we can enjoy each others company in social settings while discussing the latest American
Idol and other prime-time shows over lunch. We are uniquely positioned in that we have a generous size of employees, but not overly populated
to the point where we feel like a number. Midlevel consultant
Supervisor Relationships
Relationships with my supervisors are great. I wouldnt want to work for anyone else. Junior source
Everyone has a different managing style, so it is very important to make the adjustment with who you are working with. Analyst
Interaction with Clients
The relationships I have with clients are very strong. I have the real benet of working with extremely talented clients and business leaders.
Senior consultant
As a junior, I dont really work closely with clients, but when I do have interaction, it is uniformly pleasant. Associate
Hours & Pay
Vaults Verdict: Pearl Meyer consultants enjoy the benets of having responsive, exible managers, not to mention reasonable schedules and
compensation packages.
Work Hours
I am very happy with just working my 40 hours and the ability to go home at 5 p.m. every night, with minimal interruptions to that schedule.
Associate
Hours uctuate based on seasonalitywere very busy from September through February. Charlotte insider
Work/Life Balance
It hasnt been a problem during the holidays or any time to take off time to spend with my family. Senior consultant
It is understood that a lot of the work can be executed remotely and at all hours. As long as the work gets done, management is exible. HR
consultant
I am expected to be responsive via my BlackBerry when Im out of the ofce. Entry-level analyst
Travel Requirements
Minimal travel is required, unless youre a managing director. Our day-to-day client interaction is generally conducted by phone and email.
Junior source
Most meetings are local to the ofce location. We also have ofces spread out in the country so that travel isnt often necessary. Analyst
Compensation
The rm recognizes the importance of morale and motivating the employees. Even in an economic downturn, compensation was generous and
fair. Midlevel staffer
Our base salary pay is very competitive. Our bonuses are completely discretionaryI have no idea how theyre calculated, which is not
motivating. Financial consultant
The rm did not have a good year last year and, as a result, bonuses were extremely low. New York analyst
Professional Development
Vaults Verdict: The few opportunities that exist are often outdated, impersonal or tricky to access.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Pearl Meyer & Partners, LLC
2010 Vault.com Inc.
222
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Formal Training
There are a few resources, but most seem somewhat outdated. I would say I have learned the most on the job, which has been held up when
there arent projects for me to work on. I wish I had access to a mentor or more ofcial training resources. Analyst
The training offerings can denitely be better. Most senior-level staff prefer not to spend much time training the junior analysts. Midlevel
consultant
The company will cover expenses associated with professional coursework and exams. Los Angeles insider
Promotion Policies
They do a great job acknowledging the work you contribute, and they promote often. Senior consultant
The promotion policy is based on established criteria by position level. However, the promotion is not time-based. Some people advance very
quickly based on their ability to do superior consulting work. East Coast consultant
The promotion policy across all ofces is very inconsistent. Consultant
Diversity
Vaults Verdict: The rm doesnt incorporate diversity into recruitment principles, but it goes out of its way to provide exible options for
international and minority employees.
Diversity Issues With Respect to Women, Minorities, and GLBTs
We are an equal opportunity employer. We do not discriminate and believe in modern-day ideals. We celebrate everyone as an individual and
have respect embedded in our culture. Senior consultant
This rm has been extremely generous as it relates to women and minorities and any special requests that people may have. We have a
number of people that have family in India, and the rm has allowed people to go and work and take extended leaves. If someone would like to
move, they have allowed people to work from their homes or out of the country. Boston staffer
Overall Business Outlook
Vaults Verdict: Pearl Meyer is favorably poised to gain some weight after 2009 favored a leaner organization. Respondents seem to agree that
the rm has a bright future ahead.
Overall Business Outlook
We are hiring right now to replace positions lost during 2009. Business has denitely picked up and we are in a great position right now. The
future is looking bright. Midlevel consultant
This rm has had more business than staff to keep up. I feel that the next 12 months will continue to be the same. Analyst
Weve been around for 20 years and will continue to be around for a lot longer. Senior consultant
Condence in Firm Leadership
Our leadership team has been challenged through economic hard times, yet they seem to steer the ship in all the right directions. HR
consultant
We are well positioned because of our independence and strong brand name. Experienced midlevel
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Pearl Meyer & Partners, LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
223
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

8 Skyline Drive
Hawthorne, New York 10532
Phone: (877) 988 2100 or +44 (0) 1344 601324
www.quintiles.com/consulting
LOCATIONS
Hawthorne, NY
Boston, MA
Amsterdam
London
Parent company Quintiles Transnational Corp. has ofces in
more than 50 countries
PRACTICE AREAS
Market Access Market Intelligence Product Development &
Commercialization Regulatory & Quality
THE STATS
Employer Type: Division of Quintiles Transnational Corp.
Chairman & CEO: Dennis Gillings
Division President: Jay Norman
2010 Employees: 350
2009 Employees: 350
2010 Vault.com Inc.
224
QUINTILES CONSULTING
40
PRESTIGE
RANKING
UPPERS
Supported by a large and thriving company
Broad reach of capabilities and geographic location
All the perks of a large organization without the politics
DOWNERS
Senior staff is inexperienced
Arbitrary bonus decisions
Krill in the ocean among the whales
EMPLOYMENT CONTACT
www.quintiles.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Quintiles quest
A division of global pharmaceutical services company Quintiles Transnational, Quintiles Consulting works with life sciences companies to maximize
potential and minimize risk through expert strategic, operational and technical advice. It leverages knowledge of clinical development and regulatory
and commercialization processes to swiftly transition products from discovery to development to market. These capabilities are clearly reected in
its practice areas, which include product development and commercialization, regulatory and quality, market intelligence and market access. Since
October 2007, the division has been led by President Jay Norman, former chief operating ofcer and president of Diamond Management & Technology
Consultants and one of Consulting magazines top-25 consultants in 2006.
Good genes
Quintiles Transnational was founded in 1982 by then-University of North Carolina biostatistics professor Dennis Gillings, who got his idea for the rm in
1974 when he helped a European multinational pharmaceutical company with product analysis. His brainchild was eventually incorporated in North
Carolina as Quintiles Transnational, whose name comes from an abbreviation of quantitative information in the life and environmental sciences.
Quintiles Consulting came about in 1998. Its aim of being advice-givers to the worlds biggest pharmaceutical, biotech and medical device companies
is helped in no small way by its association with Quintiles Transnational, which has assisted in the development or marketing of all of the worlds
30 best-selling drugs. The consulting division sells itself by promoting its access to the insights and expertise of its parent company, as well as to
Innovex, Quintiles commercial group that provides primary care, specialty and secondary care sales and marketing strategies, sales representatives
recruitment, and training, and to NovaQuest, Quintiles division specializing in developing managed, peer-to-peer partnerships for pharmaceutical and
biotech companies.
Batter up
Companies in need of a home run look to Quintiles roster of former FDA and EU regulatory ofcials and industry veterans for consulting advice.
Since its founding, Quintiles Consulting has expanded from a traditional regulatory practice to a strategic management consulting rm. Its product
development and commercialization practice area offers process optimization, portfolio strategy, and due diligence and partnering services, while its
market access practice area provides insight into pharmaceuticals markets worldwide, helping clients determine early on which products or services
work best with which customers in which markets, using market research data. With the May 2008 acquisition of Eidetics, the rms market intelligence
practice offers services such as product positioning analysis, market landscape assessments, clinical trial readiness analysis and portfolio management
(segmentation) analysis.
Quintiles Consulting has also continued to offer rst-rate regulatory and quality management services to clients, including preclinical and product
development strategy, documentation, submissions, quality systems, supplier qualications and post-marketing surveillance services.
GETTING HIRED
While other rms tend to stick to undergraduate all-stars and recruit on campus, Quintiles prefers to tap into the market for experienced professionals.
We tend to hire those with deeper industry experience than most, a consultant notes, also revealing the rms preference for MBAs and PhDs. You
need a proven track record and ambition, adds another.
Initially successful applicants are treated to a very intense and extremely long interview process that includes at least three rounds of interviews.
Patience is a real virtue herewere told that candidates might expect the entire process to take, from rst phone interview to offer, around six
months. As the rounds progress, candidates will meet a multitude of current associates and leadership, ultimately presenting a case study to a group
of potential colleagues. Other common examinations include an in-person writing sample and a host of analytical and quantitative skills challenges.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Consultants are quick to point out Quintiles growing pains as it transitions under a new national banner, but are even quicker to
point to their overall satisfaction and their afnity for the rms values.
Overall Satisfaction
I am highly satised with the pace and workload. I am encouraged by the level of professionalism and knowledge of the industry of my peers.
Midlevel consultant
While most companies are taking out their economic malaise on their employees, Quintiles is a breath of fresh air. Senior source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Quintiles Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
225
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

I love this company. However, were going through a transition period since we were acquired by Quintiles Transnational in 2008, and Im
unsure of how things will turn out in the end. Boston insider
The company is in its growing-pains stage, which impacts the overall satisfaction relative to more established rms. But, overall, this is a great
place to work. Entry-level respondent
Firm Culture
The culture is friendly and accomplished. We have a hardworking, very smart staff across several ofce locations, including international
colleaguesand remote staff makes a collegial atmosphere a must if you are to get anything done. Senior consultant
Everyone works hard and is more than willing to help a fellow analyst or manager in need. Many people are friends outside of the ofce, and
we tend to do some trivia nights at least once per month. East Coast analyst
I have regular, stimulating water-cooler conversations with well-seasoned consultants. Analyst
To date, the interaction between us and other divisions has been less than ideal. To be fair, part of this is due to the challenge of merging our
previously independent company into the broader Quintiles Consulting. Senior management has been working hard lately to improve the social
and professional interaction between divisions. Boston midlevel
Supervisor Relationships
I have the utmost respect for my supervisor and have been supported both professionally and personally, to the extent that I would say he has
been the best supervisor of my career. Senior consultant
My relationship with my supervisor is ideal! My supervisor is very highly respected and a person of integrity and exceptional knowledge,
experience and ability. My supervisor and I can be very candid with each other, learn from each other and have very high respect for each
other. Midlevel source
Interaction with Clients
Clients love that we can do and think, seeing this as differentiated from pure thinking. New York higher-up
Much of our work comes from repeat clients, and it is quite satisfying to develop an ongoing relationship with some clients. Doing so makes
me feel more like a research partner rather than just another vendor. Analyst
While, on rare occasions, a client might voice frustration, or I might become frustrated with the client, these rare instances have been quickly
resolved with prompt and frank discussion. Maryland insider
Hours & Pay
Vaults Verdict: Scheduling demands are expectedly rigorous at Quintiles, but leadership has proven to be exible, even allowing some
consultants to work from home.
Work Hours
Hours are long, but leading-edge work and stimulating colleagues make them pass quickly. Midlevel consultant
I recently returned to work from maternity leave, and was able to negotiate a 30-hours-per-week schedule. East Coast insider
As a home-based employee, I appreciate the exibility Quintiles allows me in choosing my work hours. Senior source
Its difcult to avoid early-morning, night and weekend hours, given workload and global clients. Analyst
Work/Life Balance
Quintiles staff are extremely adept at using work-from-home technology. I feel comfortable asking my boss not to schedule events when they
interfere with signicant personal issues. Senior folks make a point of not responding to nonessential emails at night, and especially over the
weekend. Senior consultant
So long as your work is done on time and to the quality that is expected, how and when you do it is exible enough to balance nonwork
demands. Boston analyst
I am driving the intensity of my workload, so I can ramp up and down as needed. New York insider
When Im busy, I dont have much time for anything else during the week, other than going to the gym in the mornings. Sometimes you cant
do everything that you want during the week, but people around here are exible if you have other things going on. First-year
Travel Requirements
This is probably the biggest area for improvement. In this day and age, it is no longer necessary to spend four days per week at a client site for
the long term. New York midlevel
While I personally do little travel, I am an exception. Most staff travel fairly frequently, with international travel around 20 percent of the total.
Senior consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Quintiles Consulting
2010 Vault.com Inc.
226
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

The travel is project dependent. You may travel for two weeks to Europe, but then be back in the ofce for six months. Client visits are
generally at least once per month, and may require an overnight. Consultant
The 3/4/5 (three nights away/four days onsite/fth day at home) policy is promoted by management and appreciated by staff. Often, less travel
is necessary. Senior source
Compensation
I am very happy with my overall compensation, bonuses and utilization rate. New York insider
Salaries are competitive. Bonuses are tied to overall company performance and are often generous. Executives have, in the past, been entitled
to additional nancial incentives. Senior consultant
Base and bonus is good, but the lack of equity is a bit of a knock. Most private rms have some kind of prot sharing or private equity, but
Quintiles does not have anything in this area. This was a major minus against Quintiles when I was evaluating it against another job offer.
Executive-level respondent
In my role, I feel undercompensated for the various responsibilities I have. This is in the process of getting that remedied. I attribute it on the
state of transition we are in, and there has been a delay in my compensation due to it. Experienced staffer
Professional Development
Vaults Verdict: Everyone seems to have a different reason for why they are disappointed by the rms training efforts, but the bottom line is that
the offerings are largely inapplicable or difcult to access.
Formal Training
Quintiles has training through a mix of in-person events, web-based events and self-directed training through our QZone portal. Senior
consultant
Theres a lot of opportunity, theres just not always the time to take advantage of the resources. Boston higher-up
Much of the training offered is not applicable to my position and needs. Quintiles has required formal training with respect to security and
condentiality. Quintiles should encourage and fund professional training for professional licensing renewal. Associate
Due to high growth, we can still improve here and are now investing. Consultant
Promotion Policies
Promotion is denitely not up or out. We have several career tracks that allow consultants to focus on their strengths and how they want their
career to develop. Senior consultant
Promotion is generally rapid, objective and professional. While there is no formal fast track, per se, the talented and gifted (versus the self-
promoting) do move up rapidly. Executive-level insider
This is TBD since we were acquired. But since the acquisition by Quintiles, the criteria for advancement have been clearly laid out, and people
are being promoted at a much faster rate than under our old legacy system. Senior source
This has been in ts and starts, but appears to be improving. Technology consultant
Diversity
Vaults Verdict: Quintiles isnt perfect here, but thats hardly a knock. Minorities and GLBT employees feel sincerely welcome and cared for,
though they do note a dearth of women and minorities in leadership positions.
Diversity Issues With Respect to Women, Minorities, and GLBTs
As a white, lesbian professional, I nd that the company has treated me with the respect and support that I would want to have. I am rst and
foremost a professional while at work, and feel that I am treated very fairly. Senior consultant
Quintiles has excellent policies in place for ensuring equity in hiring and promotional opportunities. Many women in my ofce have taken a
maternity leave and then worked exible schedules upon their return, with full support from management. Strategy consultant
I am gay and have domestic partner benets. Technology associate
Im not aware of any outright bias, but within the consulting practice there are no women in lead practice roles. As for minorities, I am also not
aware of any outright bias, but I am also not aware of any minorities in leadership positions. Midlevel consultant
Overall Business Outlook
Vaults Verdict: Quintiles leadership transition has posed some difculties to overall organization and communication efforts, but as things
continue to settle, the rms business prospects are more than promising.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Quintiles Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
227
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Business Outlook
The rm is growing very rapidly, taking market share and cherry-picking new hires from established competitors. The sky is the limit!
Analyst
I think that we will have a great year. Its an exciting time with a lot of change in terms of product offerings and organizational restructuring,
but we should be able to thrive this year. First-year associate
In the midst of a challenging environment, the rm continues to invest in its people, and still has a backlog of business. Senior source
The company has been in transition the last three years. While some parts are strong, others in transition are disorganized and unfocused as
compared to past years. Morale is much lower than in past years. Midlevel consultant
Condence in Firm Leadership
The companys leadership is committed to growth, including new product-offerings, to continue the longstanding strength of the company.
Senior consultant
Inspiring leaders from McKinsey, BCG and other top-tier rms are extremely capable, and they are leveraging the tremendous capabilities,
as well as the brand and nancial resources available to Quintiles, to grow the pharmaceutical industrys nest consulting rm. Strategy
consultant
Leadership is open-minded and laid-back. They could be a bit more dynamic, though I trust them to strategize and execute well. Boston
insider
The senior management is well positioned against the industry standard. The senior staff of consultants, however, is quite young and
inexperienced relative to major competitors and industry leaders. Entry-level staffer
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Quintiles Consulting
2010 Vault.com Inc.
228
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

SIMON-KUCHER & PARTNERS
One Canal Park
Cambridge, Massachusetts 02141
Phone: (617) 231-4500
Fax: (617) 231-2751
www.simon-kucher.com
LOCATIONS
Boston, MA (US HQ)
Bonn (World HQ)
New York, NY San Francisco, CA Amsterdam Beijing
Brussels Cologne Copenhagen Frankfurt London
Luxembourg Madrid Milan Moscow Munich Paris
Singapore Sydney Tokyo Vienna Warsaw Zurich
PRACTICE AREAS
Marketing Leadership Sales Execution Setting & Managing
Prices Strategic Development
THE STATS
Employer Type: Private Company
Co-CEOs: Dr. Georg Tacke & Dr. Klaus Hilleke
2010 Employees: 450
2009 Employees: 450
2009 Revenue: $118 million
2008 Revenue: $129 million
UPPERS
There are always opportunities to take on more
responsibility
Sense of cosmopolitanism
Open, non-hierarchical structure
DOWNERS
Lower level consultants often do not get the recognition
they deserve for the work they put in
Mediocre compensation and perks
Lack of focus on employee morale
EMPLOYMENT CONTACT
Visit the careers section of www.simon-kucher.com
Bookish niche player
Heavy quant focus
Young, spirited
Very processy, uncreative
THE BUZZ
what other consultants are saying
229
41
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
What does it cost? Ask SKP
Simon-Kucher & Partners is a worldwide leader in pricing consulting, helping its clients maximize prots by giving them the tools and recommendations
to correctly set prices for their products. Its something the rm has done for six of the 10 best-selling drugs in the world, and more than 100 companies
on the Fortune Global 500 list. In addition to pricing, SKP works to streamline marketing and sales for clients, and assists them in developing corporate
strategies. SKP has brought rich reward, too, having grown into a 23-ofce boutique rm spanning 13 countries on three continents, employing around
450 consultants. It has carried out work in over 55 countries for clients including AstraZeneca, Barnes & Noble, BMW, Goldman Sachs, Intel, Johnson
& Johnson, LinkedIn, Microsoft, PepsiCo, Porsche, T-Mobile, Texas Instruments and many more.
Name your price
The rm was started in Germany in 1985 by business administration and marketing expert Professor Hermann Simon (who is chairman of the rm
today, having served as CEO from 1995 to 2009) and two of his PhD students. Believing that price is the primary driver of a companys prots, but
that many manage it inefciently, the consultancy began picking up business from companies eager to maximize their prot margins. SKPs approach
to pricing involves extensive quantitative and qualitative analysis of market factors that boils down to one key element: identifying what the market
will bear.
Theres more to pricing than simply setting a level and charging it indenitely, however, and it is here that SKPs expertise in pricing strategy comes
into play. SKP has a holistic approach to pricing that encompasses everything from competitive strategy and product positioning to sales force
execution. Offering strategies and solutions for a range of possibilities over a products lifetime, the rm encourages clients to adopt a consistent,
targeted approach that anticipates the market, rather than reacts to it. For example, SKP research has shown that marking down an item aimed at
luxury consumerseven in tough economic conditionscan actually turn those consumers off the brand.
Growth by numbers
The rm attempts to practice what it preaches, and applies much the same philosophy to its own business as it recommends to clients and through
its publications (see below for details). The company explicitly states that it is not a general strategy shop, and does not take on projects, such as cost
cutting or restructuring, that require skills outside of its specialized purview. It remains committed to growth in its own niche, however, and has been
working hard to build on its existing client relationships, attract new clients, expand into new industries, and open ofces in emerging and developed
markets, all the while focusing on what it does best: marketing, sales, strategy and pricing consulting. Its stated goal is to double its revenue every
ve years.
You rst
It should come as little surprise that a company founded by a professor of business, and with several PhDs on its staff, should commit to lifelong
learning and staff development. Nor that said company is supported in its endeavors by an international advisory board made up of academics at some
of the most venerable higher education institutions around the globe, including both the London and Harvard Business Schools, Stanford University,
HEC, Paris, IESE, Barcelona and several institutions throughout Asia.
The rms commitment to its staff, formalized in a program known as You First, begins with mentoring from partners and international orientation, as
well as a company training programSTEPSto familiarize all new hires with how SKP operates. Additional education is actively encouraged, and the
rm arranges lectures by internal and external speakers for its consultants. Employees are also offered the opportunity to publish the results of their
work and experience in industry journals, and to present at conferences and seminars. As for a role model, consultants can look all the way to the
founder: Professor Simon is a renowned expert in his eld, and has presented and published widely, including more than 30 books in 15 languages.
Those books include the best seller, Hidden Champions: Lessons from 500 of the Worlds Best Unknown Companies, published in 1996. His most recent publications
are 2009s Beat the Crisis and Hidden Champions of the 21st Century, which updates the ideas rst presented over a decade earlier in Hidden Champions. It
celebrates smaller companies that focus on a niche market, are willing to venture into global markets and are often owned privatelyall factors that
allow these companies to maximize prots ahead of market share. Those ideas were also evident in an earlier book from SKPManage for Prot, Not for
Market Share, which exhorts managers to well go after prots, rather than focus on volume of sales or market share.
GETTING HIRED
The hiring process at SKP is daunting, with a less than 2 percent offer rate applicants are faced with. Our rm is looking to hire quantitatively
oriented, intelligent people who are both personable and creative, offers an insider. Economics, science and mathematics standouts are most likely
to t the bill, but the rm notes that it hires individuals from all backgrounds.
Those selected to interview face a number of hurdles, starting with multiple telephone interviews, which almost always involve case study work, and
culminating in interviews with several partners and senior staff. In between, candidates are subjected to at least three to ve case studies, GRE-style
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Simon-Kucher & Partners
2010 Vault.com Inc.
230
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

quantitative exams and informal personality tests. The ability to work in teams, problem-solving skills and creativity are among the oft-cited assets for
successful candidates. Simply put, its up to the candidates to convince SKP consultants that theyre worthy of sitting on the other side of the desk.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: SKP consultants claim to be pretty satised with their rms culture, attesting to high-quality work, little-to-no hierarchy and a
strong sense of teamwork.
Overall Satisfaction
My level of job satisfaction is high. It is rewarding to see my effort turn into a high-quality product and into measurable impact for the
company. Life sciences insider
I really enjoy the work I do. The rm is run by competent, knowledgeable people who are providing me the opportunity to learn a complicated
industry very quickly. Boston consultant
Im content, but Im not brimming with excitement. Consultant
Im getting a bit bored with the subject matter, but at the same time, the specialization means that I really am an expert in my eld within only
three-and-a-half years or so. Since its a small- to medium-sized rm, Ive been able to move into managing projects earlier than perhaps at
larger companies. Consultant
Firm Culture
SKPs greatest strength is its people. Almost all SKP employees are considerate, friendly, hardworking and good team players. There is very
little competition among consultants of the same level, like one might nd in other consulting rms. Consultants of the same level tend to be
very close, which provides a strong social network. Entry-level source
Excellent teamwork! Everybody is sharing knowledge and helping each other. We have an open-door policy. Even partners doors are always
open. New York partner
Because were a relatively small organization, we work in a at, open environment. Project teams have three to ve members, including people
from entry level all the way up through partner. Senior consultant
Typical outside-of-work activities include karaoke nights, trivia, ski trips, summer softball leagues and, of course, happy hours. Senior
consultant
Supervisor Relationships
My relationships with my project managers are great. They are always interested in what is best for me and really listen to my ideas, even
when they dont agree. Associate
No hierarchical barriers. They are always available for questions and support. Senior source
I have great relationships with my supervisors, but thats because Ive been at the rm longer and when the ofce was much smaller.
Cambridge insider
Interaction with Clients
Clients usually love us after having worked with us. Consultant
As an entry-level consultant, I have very little interaction with the client. Junior source
Hours & Pay
Vaults Verdict: Hours can be trying at SKP, and recession-fueled layoffs severely damaged the rms work/life balance. However, limited travel
and weekend work still set the rm apart from the competition.
Work Hours
Im usually out of the ofce by 6 or 7 p.m., and rarely (less than once a month) do I work weekends. Life sciences staffer
Very good balance for consulting overall. However, it sometimes peaks with long workdays (up to 12 hours), and those peaks can be just days
or one to two weeks. East Coast insider
Its very cyclical. Some weeks I work only 50 hours. Most weeks I work about 60 hours. Some weeks I work 70-plus hours. I would say that it
is very manageable though. Entry-level respondent
The hours have been getting longer since the economic crisis, with no sign of getting better. Senior consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Simon-Kucher & Partners
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
231
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Work/Life Balance
There is a lot to do while here, but we rarely ever work on weekends and theres always time after we leave to grab a drink with friends. I do
work hard, but I also enjoy a great life outside of the ofce. Consultant
Sometimes late hours are unavoidable, but I have been yelled at for staying too late working on something that could have been done the next
day. Analyst
I can prioritize what needs to be done today and what can wait until tomorrow. When thinking about work/life balance, you need to be realistic
and determine what will work for you and for the company. Senior consultant
There was more of a balance in the past than in the present. Everyone in the ofce is getting used to the longer hours and weekends that was
necessitated by a bad economy, making the culture a lot less focused on work/life balance than it was before. Consultant
Travel Requirements
We typically reserve travel for key meetings with clients. We try to work from our ofces as much as possible. Senior source
Travel requirements are very, very minimal. For most projects, well go to the client site for the [key] presentations. In two years, Ive had one
project for which the client wanted us on site three days per week, but that is the exception to the rule. Consultant
I dont have to travel every week, but rather once every two to three weeks for a couple of days. Experienced consultant
Travel requirements increase with seniority. Consultant
Compensation
Bonuses are always paid, regardless of rm performance. Junior source
It seems that the bonus scheme may be less compared to other top consulting rms, but work/life balance and culture seem great. I would
rather take an open, nonhierarchical structure over monetary competitiveness. Life sciences consultant
Compensation could be higher and is not terribly competitive, but it is not anything to sneeze at, either. Midlevel staffer
Im not starving, but Im not making it rain. Boston insider
Professional Development
Vaults Verdict: After an initial weeklong formal training, new associates can expect a drop-off in formal training offerings, remedied primarily by
on-the-job mentoring. There are some supplemental formal and informal opportunities along the way.
Formal Training
There is some training for new hires, but most training is through mentoring and through project work. You can get help with anything, but you
have to seek it out. Consultant
We have a weeklong ofcial training called STEPS (Strategic Training for Employee Professional Success), either in our headquarters in
Germany or in the Boston ofce. First-year staffer
Our formal training is lacking and very basic. However, on-the-job training is great, through formal and informal mentoring. Experienced
consultant
Because we run a relatively at, entrepreneurial organization, people are almost always open to helping new hires with specic skills, software
know-how, etc. Senior source
Promotion Policies
With excellent performance, very quick advancement is possible. Typically it takes about one year to advance to the next level. Consultant
There is no up or out. If youre performing well, you are welcome at your current level. Evaluations are every six months, and each one offers
the chance for promotion. Consultant
In the past year or two, they have been slowing down on the number promotions, where what used to be a half-year promotion now requires a
full year unless you performed extremely well. Boston insider
The expectation of being promoted every 12 months has become problematic. Some associates are under the impression that a promotion is
simply a reward for a job well done. It isnt. Its a reward for consistently executing at the next level and pairing the maturity necessary to go
with it. Life sciences partner
Diversity
Vaults Verdict: SKP is committed to maintaining a diverse future, having recently promoted its rst female partner in the U.S. Insiders feel that
the rm already has an exceptionally open culture when it comes to the GLBT community.
Diversity Issues With Respect to Women, Minorities, and GLBTs
SKP promoted its rst U.S. woman partner [second in the company] at the end of 2009, and there are many talented women in senior roles.
Boston partner
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Simon-Kucher & Partners
2010 Vault.com Inc.
232
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

I am a GLBT male minority; the fact that I know associates and a partner who are out is signicant within the small ofce setting. Consultant
Our ofce has strong representation of women and GLBT individuals. Minorities dont make up as large of a population, but our ofce would
be receptive. Entry-level consultant
Overall Business Outlook
Vaults Verdict: At the tail-end of the recession, recruitment activity is a good indicator of a rms nancial health; the busier, the better, and SKP
is aggressively hiring.
Overall Business Outlook
We weathered the recession well, and are now overextended with workso much so that we are actively hiring for immediate starts. Junior
source
We are very bullish about the upcoming year, and have committed to invest in opening four new ofces around the globe this year to continue
our globalization. Partner
Its tough out there, but well prevail. Life sciences consultant
Employee morale may be lower than it has been in the past (due to worse hours), but business has started to look signicantly better than
during the crisis. Senior consultant
Condence in Firm Leadership
As the rm is owned by the partners, they are fully incentivized to grow the company and make it successful. Consultant
We have some of the most experienced minds in the pharmaceutical industry working here. Life sciences insider
Given the diversity of backgrounds and specialties amongst rm leaders, I would give them a pretty high rating. Not everyone comes from a
strictly professional or academic background. Theres seems to be a healthy combination. Senior consultant
All partners are in their position because they are good at selling projects, but few are actually good at running a company. It would serve the
rm well to hire a few administrative people. New York staffer
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Simon-Kucher & Partners
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
233
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
234
THE BUZZ
what other consultants are saying
42
7700 South Flagler Drive
Suite 1500 West Tower
West Palm Beach, Florida 33401
Phone: (561) 515-1900
Fax: (561) 515-1990
www.fticonsulting.com
LOCATIONS
West Palm Beach, FL (HQ)
80 ofces worldwide
PRACTICE AREAS
Corporate Finance/Restructuring Economic Consulting
Forensic & Litigation Consulting Strategic Communications
Technology
THE STATS
Employer Type: Public Company
Ticker Symbol: FCN (NYSE)
Chairman: Dennis J. Shaughnessy
President & CEO: Jack B. Dunn, IV
2010 Employees: 3,400+
2009 Employees: 3,300+
2009 Revenue: $1.4 billion
2008 Revenue: $1.29 billion
UPPERS
Excellent team ethic
Diversity of product offerings
Ability to manage workow
Stability
DOWNERS
No formal communication structure
Reduced staff in current economic climate
Lack of self condence as a rm
Tendency for the analyst/AC roles to be data monkeys on
some projects
EMPLOYMENT CONTACT
www.fticonsulting.com/en_us/about/careers
Great creditor side advisory rm
Why we dont want to ever be publicly traded
Fun, good place to work
Big conglomerate
FTI CONSULTING, INC.
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
235
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
FTI Consulting, Inc.
THE SCOOP
Thriving in the silver lining
FTI Consulting thrives when times are toughwhich means that business has been very good recently. Focusing mainly on services for companies
that are facing trouble, whether economic, legal or regulatory, the rm boasts 15 to 20 percent of the world market share in economic consulting, the
industry-leading corporate nance practice and the globally largest forensic and litigation practice. Most of its revenue (around 85 percent) comes from
within the U.S. market, but plans are afoot to expand on the dozens of FTI ofces in Europe, Latin America and Asia in the coming years. Recently,
FTI has grown both its domestic and international operations through a number of acquisitions. Focused on providing specialized expertise to help
clients anticipate and overcome complex business challenges, the rm operates 80 ofces worldwide and employs over 3,400 staff.
There are few industries that FTI wont take on, with clients coming from sectors including automotive, chemicals, retail, pharmaceutical, health care,
insurance, real estate, nancial services, ne arts, energy, construction, communications, and media and entertainment. Clients are often big sh97
of the top-100 law rms and nine of the top-10 bank holding companies worldwide, as well as 85 percent of the Fortune 100. President and CEO Jack
Dunn told Accountancy Age that the rm would like to have a global brand where companies feel as comfortable using us as the Big Four.
The nuts and bolts
FTI divides its services into corporate nance/restructuring, economic consulting, forensic and litigation consulting, strategic communications, and
technology. The corporate nance practice focuses on nancial and transactional issues, gathering a wide range of resources and experts to develop
and implement solutions. The economic consulting practice is comprised of two main sections: Compass Lexecon, which offers nancial analysis of
competition and anti-trust policy and regulatory issues all over the world; and Network Industries Strategies, which helps network-oriented industries
such as telecommunications, transportation, energy and electric power to move out of regulated and into competitive markets. Forensic and litigation
consulting was the original focus of the rm way back in the 1980s, and as the global business advisory rm behind todays headline-making
investigations, trials and regulatory matters, it continues to be a major revenue generator.
The technology practice offers a range of solutions, including e-discovery, enterprise information protection, and development of information
management policies and procedures. Strategic communication is handled through the rms global subsidiary, FD (formerly known as Financial
Dynamics), which concentrates on improving brand, reputation and valuation through communications, and has won several international PR awards
over the years.
A bull amidst bears
As the most recent economic bubble began showing signs of weakness in 2007, FTIs business began surging, with the company taking advantage
of opportunities to leverage its expertise in practice areas that are in high demand as a result of the economic downturn. The stream of distressed
businesses knocking on FTIs door has been long and steady. For example, its forensic accountants and forensic computer consultants collected,
processed and analyzed data for an internal investigation at New York-based nancial services rm Refco. And, when troubled U.S. mortgage giant
Freddie Mac was audited, FTI was there to help it investigate transactions and accounting policies. Other cases of note include Bernard Madoff and
Stanford Financial.
Wanting to party with everyone else
While hard times have typically been boom times for FTI, in the past too much focus on that area has left the rm vulnerable when the economy
turned upward. In 2003, for example, 80 percent of the rms revenue came from its restructuring services, but an economic recovery in 2004 saw
FTIs earnings fall by 18 percent.
Seeking to remedy its reliance on down cycles, FTI began a strategic shift in direction in 2004, concentrating on diversifying its portfolio of services
something done largely through acquisition. The efforts paid off: By 2007, revenue was soaring, but the restructuring practice was only responsible
for 26 percent of it, with the rms technology and strategic communications practices gaining in prominence.
That new spread of abilities has meant that the rm is better prepared for shifts in the economy than in the recent past, an attitude perhaps summed
up best by Chairman Dennis Shaughnessys remark to Kiplingers Personal Finance Magazine in April 2008: People ask us: Do you root for good times or
bad times? We root for interesting times.
Snapping up the leftovers
Diversifying through acquisition is nothing new for FTI. In fact, the companys whole focus on restructuring began with the buyout of two nancial
consulting rms in 1998, prior to which the rm had specialized in litigation consulting. Founded by Daniel W. Luczak and Joseph R. Reynolds Jr. in
1982 as Forensic Technologies International, the edgling rm began its existence concentrating on nding and preparing expert witnesses.
The companys commitment to acquisitions has continued in recent years despite the downturn. Indeed, since 2006, FTI has purchased more than 10
companies across a range of consulting sectors. And its not only rival rms that the company has been snapping up; in the same interview with Kiplingers,
CEO Jack Dunn confessed that there is another upside for FTI in the downturn: The rm can hire rock star consultants with little competition.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

GETTING HIRED
FTI recruiters scour the countrys best business-oriented schools to funnel high achievers into their hiring process. A midlevel analyst elaborates:
Majors with an analytical focus are looked upon more favorably at FTI, given the heavy degree of analytics expected from the consultants. Applicants
are expected to have solid business acumen and be well versed in nance, accounting or economics and extremely comfortable with interpreting
massive amounts of complex information.
Interviews largely consist of candidates displaying their ability to process business information and data, typically using Microsoft Excel in a nancial
modeling application. In this sense, the process is exceptionally results-oriented. Candidates can typically expect anywhere from two to eight
interviews, depending on the position sought, on a super-day that will ultimately decide their fate.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Qualms exist concerning leadership and culture, but the typical FTI consultant is content working on the exciting, intellectually
challenging assignments the rm doles out.
Overall Satisfaction
My work is intellectually challenging, my work environment is collegial, I hold my colleagues in the highest regard both as economists and as
professionals, and I am treated well. Senior source
I appreciate the opportunities that a fast-growing practice can provide to motivated individuals. The technology aspect, in particular, evens out
the playing eld for younger employees. Legal consultant
Work is challenging, interesting, relevant to today and intellectually stimulating. However, compensation is an issue. The rm will typically pay
you the minimum amount for you to stay. Also, human resource tasks are handled poorly. Senior consultant
The rm does not do a good job of ensuring that staff are utilized on engagements or other projects when engagements slow down. On top of
this, there is very little communication from practice and rm leadership regarding initiatives to boost utilization and develop new business.
Miami insider
Firm Culture
This is a team-oriented culture that rewards doing the right thing and providing top-notch client service. The rm has made a signicant
investment in training and mentoring staff. Senior consultant
We believe in hard work and family life. The rm arranges for company socials to allow every level of personnel to come out and meet new
people. Finance executive
There is certainly a 24/7 culture and mentality. It is cordial, but does not coddle. Communications consultant
Social interaction is not encouraged We maintain a professional environment. Atlanta-based respondent
Supervisor Relationships
My management team is incredibly supportive of individual initiative. Litigation insider
Supervisors are very hands-on with consultants, integrating us into the working team. This provides a great place to learn. Health care
analyst
Its very supportive, friendly and team oriented. I work with very talented individualssome at the top of their industry. Toronto higher-up
I am having difculty with being micro-managed and being understaffed at the same time, which is making my job increasingly difcult on a
daily basis. Midlevel consultant
Interaction with Clients
Clients respect our work and look to us for guidance with respect to restructuring and insolvency matters. Our ofce culture is very client-
focused, and we go out of our way to be responsive and available at all times. Senior consultant
Client relationships seem to be strong and cultivated here. The client comes rst in all cases. Finance consultant
Relationships are good, but being young and advising a client can cause hostility. Analyst
Clients can be difcult in a distressed situation, so you have to be sensitive to where they are coming from. Entry-level insider
Hours & Pay
Vaults Verdict: Work hours at FTI are fairly good, compared to industry standards, but highly variable travel commitments tip the work/life
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
FTI Consulting, Inc.
2010 Vault.com Inc.
236
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

balance heavily in favor of work.
Work Hours
Hours arent bad. Im usually learning something new every day, so it is worth it. Bonuses are based on hours billed, so longer hours are
rewarded. Midlevel consultant
Working on the weekend doesnt happen unless theres a reason to or there are some housekeeping items that didnt get done on Friday.
Boston analyst
Hours are fair. The only problem is that there are so many inefciencies that a lot of time is wasted. I nd I need to spend 60 hours at work in
order to get 40 hours of work done. Business consultant
It is extremely unpleasant to sit with nothing to do when not on an engagement, which is then immediately followed by long weeks and working
on weekends when projects arise. Senior source
Work/Life Balance
The work is subject to peaks where life outside of work is compromised. However, during periods that are more relaxed, I have the freedom to
enjoy time off without any impact on my professional advancement or compensation. Economic consultant
Professionals need to be available to clients and colleagues. Although I rarely am in the ofce on weekends, I often do billing, attend work-
related functions and read to stay current on weekends, which I believe to be appropriate. Executive-level insider
Only a small percentage of managers know how to properly manage an engagement, including client management, which leads to an excessive
amount of unnecessary work to be done. Chicago junior
The rm gives out BlackBerries so you always feel tethered to the job. Finance consultant
Travel Requirements
Really, its either all or none. You are sent away on a project or you work in the ofce. Forensic consultant
Typically, when staffed, youre ying out Monday morning and ying back Friday afternoon. Some engagements are local, so theres little to no
travel necessary. First-year consultant
I travel extensively, but that is part of what I enjoy, and it is part of the expectation associated with consulting. Senior consultant
Compensation
I think its a pretty good overall package. At the mid- to upper levels of staff, it includes a base, an annual bonus and additional bonus
opportunities based on high utilization. Energy insider
The salary is market, the bonus is not. Depending on deal ow, you either get big utilization bonuses or nothing. Wide variation within the staff
levels. Dallas staffer
Base compensation moves up extremely slowly compared to the demands required by this profession. Analyst
I have received a 1 percent raise in approximately two years and was promoted twice. New York senior
Professional Development
Vaults Verdict: The rms weak ofcial training offerings provide little aid to the challenges of navigating an inconsistent promotion system.
Formal Training
Baptism by re. Communications consultant
Theres very little formal training for new hires, and the formal training that is offered is limited to the summers, with limited seats available.
Very little support of education is offered, and if there is support, there is very little that is done for us to know that it exists. Senior staffer
Almost all of the training is from working live deals and via interaction with ones superiors. The training workshops that FTI offers are a little
useful, but may only provide you with 5 percent of the knowledge you need. Atlanta midlevel
The rm pretends to emphasize training, but they are ad-hoc and usually disorganized. Business consultant
Promotion Policies
It is very difcult to classify the promotion policies, as they are all over the board. Some people get promoted very quickly, for others it takes
years and years. This lack of transparency is very frustrating, but the lack of a formalized ladder gives someone hope that they can be
promoted earlier than at another rm. Midlevel staffer
Junior (undergrad) staff are eligible for promotion at roughly the two-year mark. Those not promoted typically leave, and those who are
promoted tend to remain for another year. At the senior level, consideration for advancement occurs roughly every four to ve years. Senior
source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
FTI Consulting, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
237
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Its exible on the up-or-out, but if youre not getting promoted, its not worth sticking around. Boston entry-level
The rm rewards excellence with fast promotion, but also seems to treat promotion as the rule versus the reward for excellence, which has led
to an inated middle tier. Litigation insider
Diversity
Vaults Verdict: FTI can hardly be blamed for keeping merit as its supreme recruitment criterion, but some effort on the diversity front would help
warm the rms largely conservative executive ranks.
Diversity Issues With Respect to Women, Minorities, and GLBTs
I know of no programs targeting these groups, but in a company where we target high-performing individuals, specically targeting these
groups to the detriment of merit standards would be a poor choice by rm leadership. I do feel that these groups are adequately represented
within the rm, but I know of no special focus on hiring and retaining these groups. East Coast respondent
We are an equal-opportunity employer. We hire the best people for the job. I would like to see more minorities, but most of that is a function
of the percentage of college graduates in the elds we hire from Senior source
Young people have no problem with any of the diversity groups. Older people are very non-receptive of GLBT hires. Business consultant
Overall Business Outlook
Vaults Verdict: Prospects are improving dramatically of late, as FTI distances itself from previous damages brought upon by the recession.
Overall Business Outlook
We are at the top of our eld and poised to distance ourselves still further from our rivals. We were hit by the downturn in 2009, but not nearly
to the same degree as our closest competitors. Senior consultant
As a restructuring, litigation consulting and forensic accounting rm, we have continued to thrive and grow in the economic downturn. The
rm continues to get interesting client matters, and I have stayed 95 percent utilized over the past year. Finance junior
The rst half of 2010 is expected to be OK, while the second half is expected to be very busy. New York higher-up
Employee morale is much better than last year, but continues to be a challenge to keep it up. Hiring freeze, very minimal pay raises and
layoffs continue to make people uneasy. Most denitely, the 2009 bonuses turned morale around from almost complete devastation.
Experienced business consultant
Condence in Firm Leadership
Extremely bright leadership committee. It knows how to position the company for success, and knows how to attract and retain the best
people. Economic consultant
I dont get exposure to the highest levels leadership. I do get great exposure to the industry practice leader, and she is terric, smart, driven
and strategic. Los Angeles insider
There does appear to be signicant overhead consumed by leadership, which many feel is excessive and wasteful. Midlevel strategist
The executives provide zero transparency and do not look out for the employees, only the shareholders. Senior consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
FTI Consulting, Inc.
2010 Vault.com Inc.
238
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

CHARLES RIVER ASSOCIATES
John Hancock Tower
200 Clarendon Street, T-33
Boston, Massachusetts 02116
Phone: (617) 425-3000
Fax: (617) 425-3132
www.crai.com
LOCATIONS
Boston, MA (HQ)
23 ofces in 11 countries
PRACTICE AREAS
Management Consulting
Aerospace & Defense Auctions & Competitive Bidding
Chemicals Climate & Sustainability Energy &
Environment Enterprise Risk Management Industrial
Products Life Sciences Mining, Metals, & Materials
Oil & Gas Transfer Pricing Transportation Value
Management/Marakon
Litigation
Antitrust & Competition Economics Damages Financial
Accounting & Valuation Financial Economics Financial
Markets Forensic Services Insurance Economics
Intellectual Property International Arbitration International
Trade Labor & Employment Mergers & Acquisitions
Regulation
THE STATS
Employer Type: Public Company
Ticker Symbol: CRAI (Nasdaq)
Chairman of the Board: Rowland T. Moriarty
President & CEO: Paul Maleh
2009 Employees: 777
2008 Employees: 823
2009 Revenue: $302 million
2008 Revenue: $377 million
UPPERS
Extremely supportive of junior staff
Never pigeonholed into a specic future
Managers who truly and genuinely invest in their people
Makes it easy to get into top-10 PhD, MBA, JD programs
DOWNERS
Too hesitant to let go of persistently underperforming staff
Lack of cohesive cross-practice culture
Poor name recognition
Need for high-quality midlevel management
EMPLOYMENT CONTACT
www.crai.com/Careers
Exceptional in antitrust
Public company makes for odd culture in professional
services
Strong experts; overachievers
Run like the large corporation that it is
THE BUZZ
what other consultants are saying
239
43
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Ready to back you up
Founded in 1965, Boston-based Charles River Associates is a global consulting rm specializing in litigation, regulatory, nancial and management
consulting. CRA advises clients on economic and nancial matters pertaining to litigation and regulatory proceedings, and guides corporations through
critical business strategy and performance-related issues. CRA consultants are recognized for their creative and multidisciplinary approach to solving
clients complex business issues.
Clients include national and international companies; federal, state, and local government agencies and foreign governments; public and private
utilities; and trade associations, which operate in a number of industries. Among those industries are aerospace and defense, banking and capital
markets, capital projects, chemicals, energy and utilities, nancial services, health care, insurance, manufacturing, media, mining, metals, materials,
oil and gas, pharmaceuticals, real estate, retail, sports, telecommunications and transportation sectors.
Doubling up
After a year of slimming down in 2009, CRA is focused on two main areas of business: management consulting and litigation services. Under the
former, its consultants offer advice on corporate and business strategy, performance improvement, portfolio management, market supply demand
dynamics, pricing, technology management, capital allocation, supply chain and sourcing, and shareholder value. Also in 2009, CRA announced its
asset purchase of Marakon Associates to build a larger presence in the management consulting space and to complement its litigation and regulatory
work.
Law rms, businesses and government agencies also turn to the rm for its litigation support, expert analysis, and guidance on regulatory and corporate
matters. CRAs consultants and academic afliates have in-depth industry knowledge and expertise in economics, accounting, nance and business.
Service offerings include class certication, damages analysis, expert reports and testimony, and regulatory analysis. CRA also offers business advisory
services, including strategy development, valuation of tangible and intangible assets, risk management and transaction support.
Minding your Is and Ps
CRA is a prolic publisher, regularly putting out studies, surveys and reports. It also has a number of newsletters that focus on the energy industry,
accounting and valuation, competition issues, nancial markets, life sciences, transfer pricing, and the oil and gas industry, among other subjects.
GETTING HIRED
CRA consultants describe a successful candidate as one who is capable of rising to the upper levels in the organization and, similarly, one who
can [adapt to] steep learning curves. This illustrates an important point for potential applicants: CRA simply seeks those who can t in and succeed
within its business model. More precisely, candidates need to have a strong understanding of what CRA does, how we differ from other big rms.
Applicants must be well educated and equipped with natural quantitative talents, and have the drive and communication skills to succeed.
Undergraduate applicants who make it past initial screenings will be sent to a Super Saturday, an all-day cycle of interviews and interactions with CRA
employees and executives. In place of the standard case interview examinations, candidates face the prospect of real, engaging conversations with
their interviewers, posed with questions designed to gauge a candidates capacity for success at the rm.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: While maybe not be viewed as a place to spend ones entire career, most consultants are perfectly happy with their current
position.
Overall Satisfaction
My wife asks me at least once a year if I am happy with my job, and Ive always been able to honestly answer yes. Energy consultant
Ive thoroughly enjoyed my time at CRA. The people you meet are extremely brightsome are the best in their industries. Because of the size
of the rm, there are a lot of great ways to get involved outside of project work. Midlevel respondent
CRA has done the trick for me as far as immediate career goals are concerneda quality experience that has provided me with the tools/
experiences needed to get into a top MBA program. Boston staffer
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Charles River Associates
2010 Vault.com Inc.
240
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

There are different opportunities, both project and non-project, but you have to seek them out. Professional development could be improved,
but they are currently making efforts on this front. Health care midlevel
Firm Culture
The culture is very academic, lled with smart people who are experts in their eld. The junior staff are very close to one another and get
together socially outside of the ofce, which is nice especially if you are not originally from the area. Entry-level staffer
Everyone has an open-door policy, and Ive found that people of all levels are accepting of your ideas and opinions. Boston midlevel
Its a very collaborative atmosphere within practice areas; not overly competitive or cutthroat. The collaboration outside of practices or
functional areas needs dramatic improvement. Senior source
Our ofce is fairly isolated from the rest of the company. We carry with us much of the culture of the industry, which does not place much
value on work/home balance unless that balance favors work at most any cost. Junior staffer
Supervisor Relationships
Many of us, including myself, grow very close with our supervisors. My supervisor has been a great mentor to me, and has worked with me to
ensure that I achieve my goals at CRA and that I have experiences that will promote my career post-CRA. Antitrust consultant
My supervisors are great and easy to talk to. There is denitely an open-door policy, and the senior staff are very accessible. Boston
associate
CRA has recently revamped the ofcial supervisory role, which has helped in this regard, but some supervisors take this duty more seriously
than others. More commonly, junior staff establish very good working relationships with project managers, as we have daily access to them.
Health care junior
Frustrations generally come about from unreasonable expectations about work hours and differential expectations of employees within the
ofce. Litigation consultant
Interaction with Clients
I feel fortunate to have very strong positive relationships with my clients. We typically work with large law rms and, in general, the attorneys
are really sharp and tend to respect the work that economists contribute to the project. Senior antitrust source
Although I am not usually directly involved in business development, the staff seem to be quite close and respected by the clientsthus
resulting in repeat work. East Coast consultant
Client relationships vary depending on the relationship the senior staff has with them and the access that junior staff have to them. Energy
entry-level
CRAs rates and some of the accounting systems create tension with clients. In general, its not a client-focused organization; its an analysis-
focused organization. The communication of conclusions is poor, and at times is frustrating for clients. Senior source
Hours & Pay
Vaults Verdict: The hours at CRA arent particularly attractive, but consultants appreciate the minimal travel demands. Compensation has sagged
a bit under the weight of recessionary concerns, though insiders expect it to rebound soon as the rm regains protability.
Work Hours
Work hours are equitable. Given deadlines, workweeks will be 60-plus, and overnighters or very late nights (i.e., 2 a.m.) are common,
especially in litigation. Lately, project managers are becoming better about this (or client demands have become more reasonable), and these
are less frequent than when I rst started. East Coast associate
Most weeks are bet ween 45 and 50 hours, which is ideal for me. Each year, there tend to be stretches of time, however, where hours push
into the 60-plus range, with weekends and holiday work expected. Midlevel source
CRA tends to be very deadline-driven (cost of working with a lot of academics); as such, late nights/long days and the occasional big push
week crop up around a big deadline. Experienced health care consultant
The number of work hours is never the issue; it is the unplanned variation in work hours that can be aggravating. Legal advisor
Work/Life Balance
Flexibility is the key to work/life balance, and CRA offers a lot of exibility. Some of that exibility has to be earned, but once earned, it allows
for excellent balance. D.C. staffer
Although average hours vary greatly between practices, and sometimes within practices, personal commitments are generally respected and
folks generally know ahead of time to allocate more time around deadlines to work. Health care insider
Junior staff need to be proactive to maintain a good work/life balance. Its not necessarily promoted by the rm. That being said, its possible,
and most of us have achieved it. Antitrust source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Charles River Associates
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
241
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
242
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Charles River Associates
Client needs dominate everything. Most times this is reasonable, but there are many client requests that are not reasonable in a given time
frame (e.g., 40 hours of work to complete over a weekend) that are still expected to be met. Management is hesitant to ever push back on
requests. Senior consultant
Travel Requirements
The majority of the work in most practice areas is done in the home ofce. Energy specialist
I almost never have to travel for work because our work does not require being at the client site. There are other practices in the rm that do
work that requires being on the client site, but for the most part there is very little travel at the junior level. Strategy consultant
I love our rms travel policy: Travel only when needed. On average, I travel a few times a month. Junior staffer
Compensation
Starting salary out of college was in line with most other professional service rms. However, due the poor economy and poor company
performance, raises and bonuses have been lacking. Strategy associate
CRA could provide better nancial incentives. Since this was not a good year and we are public, it is somewhat understandable that paltry
bonuses and tiny raises were issued. On the other hand, it is good to still be employed after several rounds of layoffs, so Im not complaining too
much. Boston insider
For the amount and quality of work that we do, I think there should be better compensation, and more differentiation between the top of the
pack and the bottom. Health care source
I dont agree with how bonuses are calculated. CRA uses utilization rates as the biggest weight, but very little attention is paid to other types of
work or achievement, such as marketing efforts. Also, quality of work isnt taken into account as much. Business consultant
Professional Development
Vaults Verdict: Maybe its unfair to criticize a program that is only beginning to take shape, but insiders dont hesitate to call attention to the lack
of formal training efforts.
Formal Training
Historically, training has been a relative weak area for CRA, particularly at the senior level. Antitrust executive
The rms training program is still in its infancy, and in the past there has been very little training. However, the rm is currently making a
strong effort to develop its training program, and it should be more involved in the coming years. Entry-level strategist
Cutbacks and a general revamping of the program have left a gap this year. Mentoring and on-the-job training remain the primary methods.
Experienced consultant
Ofcial training is very limited. My practice has specic programs you need to learn, but there never were any formal training sessions for
them. It might cost money, but it is worth the reward of investing in junior level employees. It would, at the very least, engage junior-level
employees and support their efforts of learning something completely new and foreign. Junior source
Promotion Policies
Its not up or out, which is nice. For junior staff, the transition from analyst to associate is a given (virtually unheard of, but perhaps we hire apt
people and have already weeded out the inept ones). East Coast midlevel
It was a great feeling to get promoted after a year. I think thats a good policy CRA has. It makes you feel like you accomplished something.
Its sort of a stepping stone, much of what recent college graduates have been used to all their lives. Financial associate
Few entry-level staff stay with the company after a few years, so there is a natural break around the PhD/MBA entry level. However, the
company has something in the works to attempt to retain staff who leave for a graduate degree and may come back. Experienced health care
consultant
The path to VP is probably easier from outside the rm than from inside. Boston higher-up
Diversity
Vaults Verdict: CRA insiders feel theres no substitute for pure quality; as such, they are very much satised with the rms merit-based recruiting
policies, even if they produce a largely homogenous workplace.
Diversity Issues With Respect to Women, Minorities, and GLBTs
As someone who led recruiting efforts, I know that the selection of candidates is diverse but not prescribed. We look for the best candidates,
no matter what. Midlevel source
We have a fairly homogenous workforce, but I have found the culture to have a strong respect for diversity, and hiring and promotion decisions
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
243
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Charles River Associates
are purely based on performance and capability. Valuation consultant
We certainly have a lot of women in our company. Race and sexual orientation is never a topic of debate when it comes to hiring and
promotions. I think we do everything right in this department. Entry-level staffer
The number of female VPs has increased signicantly in the last few years. Energy executive
Overall Business Outlook
Vaults Verdict: The recession was a cruel blow for this publicly-traded rm, and its effects are still being felt at the home ofce. Consultants are
reluctant, but ultimately condent about CRAs future prospects for regeneration.
Overall Business Outlook
The economic situation has been very tough on the rm due to reduced compensation, multiple layoff rounds and fewer professional
opportunities. This has resulted in reduced morale and general frustration. Senior consultant
The rst quarter of 2010 was bleak, but the rm is sound nancially. If the economy picks up and clients loosen their wallets, we will be back
to normal soon. If not, probably more pain is to come. East Coast entry-level
CRA hit a trough over the past year and a half, but things are looking up. It will take a while for the rm to be back up to pre-recession
standards, but that was also driven by income in areas that may have changed for the long term (i.e., the nance practice). Midlevel staffer
One of the effects of the economic situation is lower employee morale. However, due to changes made during the recession, I believe CRA is
positioned to run forward leaner than ever. Senior staff in the company are learning new ways to develop business and have taken great strides
on that front. Health care consultant
Condence in Firm Leadership
Leadership is in transition currently. Breaking old habits will take some time. Senior source
Our new CEO, Paul Maleh, is very focused on employee development to make sure that the future leaders of the company are being given the
opportunities and resources to do well. He joined CRA right out of grad school, so he knows what it takes to succeed here. He also knows the
culture and how important maintaining the culture is to the employees. D.C. higher-up
With the recent change in CEO, I think the rm is headed in a new directionwhether it is completely appropriate is hard to say. I think
they are more open to new ideas and supporting new initiatives, but I think they have some ways to go, as there are many things that could be
improved at the rm. Midlevel staffer
The rm needs to decide if we should run under the banner of an economic consulting or strategy consulting model. Health care consultant
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

30 South Wacker Drive, Suite 3100
Chicago, Illinois 60606
Phone: (312) 583-5700
Fax: (312) 583-5701
www.navigantconsulting.com
LOCATIONS
Chicago, IL (HQ)
Ofces in 40 cities in the North America, Europe and Asia
PRACTICE AREAS
Disputes & Investigations Economics Financial Advisory
Management Consulting
THE STATS
Employer Type: Public Company
Ticker Symbol: NCI (NYSE)
CEO: William M. Goodyear
2010 Employees: 2,179
2009 Employees: 2,287
2009 Revenue: $702.2 million
2008 Revenue: $810 million
Respectable in many different areas
Publicly traded, short-term focused
Actively head-hunting in health care
Not enough emphasis on core values and community within
the rm
THE BUZZ
what other consultants are saying
2010 Vault.com Inc.
244
NAVIGANT CONSULTING
44
PRESTIGE
RANKING
UPPERS
Investment in human capital
Analysis elements of projects
Certications and licenses funded by the rm
DOWNERS
Tedious data gathering and processing
Big-company culture
Face time expectation
EMPLOYMENT CONTACT
www.navigantconsulting.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Consultants ahoy!
Navigant specializes in steering companies through stormy waters. Focused on risk management and guidance during periods of change (regulatory or
structural) or conict, a signicant portion of the rms business is related to issues concerning business disputes, litigation and regulatory compliance.
Working with clients in the construction, energy, nancial services, insurance and health care industries, as well as the public sector, the rm provides
dispute, investigative, nancial, operational and business advisory services, risk management and regulatory advisory services, and transaction advisory
services. It has extensive experience assisting defendants, insurers and reinsurers in product liability cases.
Formed in 1996 under the name The Metzler Group, Navigant has grown through a series of acquisitions. Those began with the acquisitions of the
Peterson Consulting and Barrington Consulting Group in 1999a pair of deals that saw the newly formed tripartite consulting entity renamed as
Navigant Consulting. Since 2002, the rm has continued making acquisitions at a steady clip, even continuing to do so as the nancial crisis took
hold.
Listed on the NYSE, Navigant employs a staff of roughly 2,200, and operates through ofces in nearly 40 cities, primarily in the United States, but also
in the United Kingdom, Canada, China and Singapore.
Rooting out corruption
Perhaps the most difcult and damaging conicts and disputes any organization can face are those that arise internally. Navigant offers investigative
services to address these issues, whether they arise from fraud, corruption or the less headline-grabbing, but nonetheless taxing, challenges of
compliance. The rm has on hand a staff of experts, among them CPAs, certied internal auditors and certied fraud examiners, with experience in
forensic accounting, fraud examinations, internal audit and litigation support that is essential to undertaking effective corporate investigations.
The goal of any investigative engagement is to help resolve critical situations promptly, minimizing possible damage to operations, reputation and
shareholder value. To that end, Navigant provides advice and analysis throughout the process, and evaluates compliance programs designed to
prevent and detect future problems. The rm will also parlay, when appropriate, with stakeholders and oversight bodies. These services are offered
internationally, tackled by teams that t the project, no matter the cultural, linguistic or logistical needs.
Taking its investigative expertise to the page, Navigant also produces Investigations Quarterly Magazine, a custom publication that looks into the current
state of corporate regulation, the potential transgressions and the best way to manage that kind of internal risk.
Pointing North
Navigants website provides insights and regularly publishes commentary to help readers and clients nd their way out of business quandaries, such
as how to manage through the credit crisis or navigate the green real estate industry.
Lawyers in need of a refresher can also turn to the Navigants continuing legal education courses, offered either in-house, via webinars or as part
of legal roundtables anywhere in the United States. The center offers a number of courses, covering antitrust, bankruptcy, commercial litigation,
corporate nance and corporate governance, employment, energy and environmental, health care, intellectual property, securities litigation and trials,
among other topics.
GETTING HIRED
Navigant is an interesting case; while they are, of course, looking for outstanding candidates, theres a particular focus on nding candidates most
compatible with the data-heavy nature of their work. Our rm is looking for intelligent individuals who can solve problems, but are OK with dealing with
some drudge workwe arent looking for the next case-solving whiz, a midlevel associate offers. Accordingly, recruiters typically look for on-campus
mathematics (statistics is a popular major), economics, nance and accounting standouts, always with an eye for those who have shown an aptitude
for hard work.
For qualied candidates, its all about getting past the screening process; then, theyll need their personalities to take over in a series of interviews
and lunches. Your resume will tell us what you can do, but its up to you to show us who you are, an experienced associate explains. If you dont
impress us, you will not be considered.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: The vast majority of Navigant consultants are satised with their colleagues and the quality of their work, but distrust of their veiled
leadership is a major concern.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Navigant Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
245
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
Navigant provides me with challenging opportunities and many learning experiences. Although I am entry-level, I feel that my opinions and
analyses are strongly valued. Consultant
I have had a great experience at Navigant. The only negative aspects for me have been the lack of reward during the recession (at a time
where my work skyrocketed). Boston midlevel
[Im] satised with the work, responsibility and people, but Im not satised with the advancement and corporate management. Construction
consultant
Among others, the largest issue I have with my rm is the lack of communication. There is not only a break in the chain from manager to staff
when it comes to changes in an engagement, but I have heard that the managing directors feel they are left in the dark by the executive board.
When there is little to no communication from top to bottom, it creates great inefciencies and frustration abounds. Junior source
Firm Culture
Navigant has a very collegial, dynamic culture. There is a huge commitment to corporate citizenship and sustainability initiatives, which
provides a lot of opportunities to get involved in areas that are of interest, as well as to network with others in the rm. Consultant
Many groups enjoy happy hour after work and eating lunch together. I would prefer a higher level of interest taken in my personal
development, and increased discussion of the industry and other jobs available to people with our skills. Midlevel source
Navigant has grown a lot by acquisitions, and acquired rms tend to keep their own culture. West Coast associate
[Firm culture is] highly political and not unied, but otherwise friendly and upbeat. Finance consultant
Supervisor Relationships
Everyone is on a rst-name basis with each other, and there is a lot of interaction between employees at different levels within our practice.
Chicago staffer
I still havent met all of the managing directors and directors, but those I have worked with have been awesome. Consultant
I am comfortable interacting with superiors and nd them very approachable on professional issues. I would prefer that superiors foster a
stronger culture of feedback and professional development. Energy consultant
Interaction with Clients
Relationships with clients grow as individuals receive more access to clients. Generally, this happens at the managing consultant level;
however, it is not uncommon for consultants and senior consultants to develop strong relationships with their clients. Senior consultant
The opportunities are there if the individual displays capability and would reect positively on the rm in client-facing situations. D.C.
employee
As an entry-level consultant, there are very few opportunities to build a relationship with clients. West Coast insider
Hours & Pay
Vaults Verdict: Consultants hours are predictably unpredictable, but the opaque compensation system generates enough resentment to go
around.
Work Hours
Work is inconsistent in its volume, but even on the craziest of weeks it usually stays below 80 hours. Boston staffer
Scheduling can be unpredictable, but Navigant tries to make sure you are not constantly working overtime. Midlevel consultant
I will bill 20 hours one week and then 70 the next without an explanation. Disputes consultant
There are times where I am waiting on work past normal work hours because my managers are discussing next steps and have completely
forgotten about the staff. Associate
Sometimes it is frustrating that lower-level individuals do not have much control over utilization; we do, however, try to keep an internal
utilization database in order to utilize individuals across the rm when they may have some time available. Midwest higher-up
Work/Life Balance
I am able to leave for appointments during the day. I can work remotely. I can shift work hours. Its great. San Francisco insider
The hours can be unpredictable, but the rm tries very hard to make sure they are not killing the new consultants. There is a denite focus on
encouraging internal growth and keeping employees around. First-year
To some extent, its possible to balance work and life. However since you never know if/when youll have to travel or work late, your work/life
balance can instantly go down the drain in a ash. Entry-level staffer
It depends on the manager you work for. Some managers value work/life balance and others do not. Financial consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Navigant Consulting
2010 Vault.com Inc.
246
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Travel Requirements
The ofcial line is something around 30 percent travel. It really depends on which ofce you are in, and whether you are available when a
travelling project needs consultants. There are folks who have never travelled, and there are folks who travel closer to 50 60 percent of the
time. Junior source
Travel requirements for our ofce have been minimal. Much of the interaction takes place on conference calls and web meetings. Austin
insider
When travel is required, the rm does a poor job of projected the length of the travel. Often, one week turns into two or more months of travel.
Senior consultant
Compensation
Obviously, the economy has hurt the entire industry. The rm froze salaries and other nancial incentives (including a 401(k) match) for about
a year, but is slowly reinstituting these incentives. Associate
[There is] too much emphasis on utilization rate and not enough on extra efforts beyond, such as volunteer work, professional development and
non-billable work. Business consultant
The bonuses for overtime are almost insulting for the amount of extra time required to achieve them. The yearly bonuses are fair in terms on
compensatory amount, but the policies that determine who receives bonuses needs to be reevaluated. Senior consultant
Professional Development
Vaults Verdict: The training opportunities are there for those who seek them out, but accessing them is often a complicated process.
Formal Training
Navigant has many training opportunities, and they are generally well constructed and useful. Midlevel consultant
[Training is] administered through both classroom courses offered on location near our headquarters or online via an extensive database of
online training courses covering an extremely wide range of topics. East Coast staffer
The training is pretty good if you can make it to one; the stafng requirements of projects often override the time originally allocated for
training. Senior consultant
We can only take the specialized courses for our level, and even if we have completed almost all of them (and I have), we have to wait to be
promoted to sign up for further courses. Junior source
Promotion Policies
Its not up or out. It depends on who you have worked with, how impressive you are, how long you have been working, etc. Some consultants
advance quite quickly, others advance slower. Associate
Promotion is handled on a case-by-case basis and is, in my opinion, not clear and not regulated. It needs to be calibrated across the company
better. East Coast staffer
There have been complaints of the policy being too subjective and then, once it was changed, too objective. I just wish we would get a
complete overview of the process that goes into these closed-door meetings. If details were disclosed, we might better be able to adapt our work
habits and improve our chances for promotion. First-year
Diversity
Vaults Verdict: Navigant isnt going to win any awards or plaudits for its diversity initiatives, but it does try to improve upon the industrys white,
male status quo.
Diversity Issues With Respect to Women, Minorities, and GLBTs
The ratio of women to men in our ofce is very good. There are not as many female top managers, but overall I am happy with the male-to-
female diversity. Chicago rst-year
I believe that although we have some, we can do a better job in employing minorities. The same comments go for GLBT individuals; however
that is not as easy to monitor as the others. Strategy consultant
There are monthly emails that are sent out regarding diversity. Some ofces have a fairly active Womens Initiative group, which organizes
events or outings for the women in the ofce. Midlevel source
Overall Business Outlook
Vaults Verdict: Consultants are cautiously optimistic about the rms progress, but the effects of some major exits are yet to be seen.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Navigant Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
247
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
248
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Navigant Consulting
Overall Business Outlook
I think our rm is in good shape. We have a plan and we are in a great position to take advantage of the opportunities that are out there,
especially in the present state of the economy. Senior consultant
Its difcult to decipher at this point, but it appears that we are headed in a positive direction; 401(k) matches will be reinstated, and recruiting
efforts have continued throughout this time. East Coast staffer
Even though the executive brass is completely ham-sted, there is enough talent and local work that the company will keep going forward.
Junior source
Many big players have left the company to start competing companies. I dont see the rm making any moves to stay competitive. Denver
insider
Condence in Firm Leadership
I am condent in my managing directors ability to bring in work, but stafng may become an issue with employees leaving the company. I
dont see much of an effort from management to retain good people. Strategy consultant
I do not believe the way the rm is run at its current state is a good sign of things to come. Our executives are not former consultants, and
they are not always the best voices in making choices for the rms next steps. Entry-level staffer
Local leadership in the different ofces is strong. Overall, there is less condence in the executive management of the team. D.C. insider
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

623 Fifth Avenue, 33rd Floor
New York, New York 10022
Phone: (212) 314-8000
Fax: (212) 314-8001
www.us.capgemini.com
LOCATIONS
New York, NY (US HQ)
Paris (HQ)
Ofces in 33 countries
PRACTICE AREAS
Capgemini Consulting
Finance & Employee Transformation Human Resources
Marketing, Sales & Service Supply Chain Management
Transformation Consulting
Outsourcing Services
Applications Outsourcing Business Process Outsourcing
Infrastructure Outsourcing Smart Energy Services
Technology Services
Application Development & Integration (AD&I) Business
Intelligence Infrastructure & Security IT Transformation:
Strategy & Architecture Microsoft Mobile Technology
Oracle SAP
Rebuilding
Techie
Promotes fast
Not what they used to be in North America
THE BUZZ
what other consultants are saying
2010 Vault.com Inc.
250
CAPGEMINI
45
PRESTIGE
RANKING
THE STATS
Employer Type: Public Company
CEO: Paul Hermelin
2010 Employees: 90,516
2009 Employees: 90,000
2010 Revenue: 8.37 billion
2009 Revenue: 8.71 billion
UPPERS
Potential for rapid career growth
The autonomy and freedom I have in my day-to-day job
Capgemini Consultings life sciences practice is one of the
best in this industry
We have access to signicant resources across the globe
to help make the job better
DOWNERS
Flavour du jour mentality
Lateral movement is difcult
Incessant focus on the numbers and cost reductions
Only focusing on India; nothing else matters
EMPLOYMENT CONTACT
www.capgemini.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
A winning combination
Capgemini is a global consultancy engaged in information technology, management consulting, outsourcing and professional services. Headquartered
in Paris, it employs over 90,000 people through ofces in over 30 countries. The companys clients are active in the automotive, consumer products,
distribution, energy, chemicals, nancial services, health care, life sciences, manufacturing, retail, media and telecom industries, as well as the public
sector.
The company created a new business unit in April 2009: Capgemini Consulting. The move brought all of the companys worldwide strategy and
transformation consulting operations under one banner, and installed Capgemini Consulting as the largest European consulting outt at a stroke. The
unit employs over 4,000 consultants worldwide and contributes some 8 percent of total revenue. Headquartered in London, Capgemini Consulting
is headed by Pierre Yves-Cros, and has three practice areas, each dedicated to business transformation: strategy and transformation, operations
transformation (which includes marketing, sales and service, nance and employee transformation, and supply chain management), and technology
transformation (where services include technovision, accelerated IT restructuring and consulting for CIOs). According to the company, this new
structure allows it to better utilize its global standing to benet clients through sharing of best practices and experience across the company.
Names, more names and acquisitions
In June 2009, Mayer Brown implemented a new governance structure with two governing bodies: a management committee consisting of six members
plus the chairman and managing partner; and a partnership board with 12 members plus the chairman and managing partner. The two new groups
replaced the former 16-member policy and planning committee, and ofce of the chairman, which included Chairman James D. Holzhauer and Vice
Chairmen Kenneth S. Geller and Paul Maher. Mr. Holzhauer resigned as chairman in March 2009 and has been succeeded by Herbert W. (Bert)
Krueger, a nationally recognized advisor in ERISA duciary matters and executive compensation who also represents private equity fund sponsors
and investors. Mr. Geller was named to the new role of managing partner. He is a member of the rms top-ranked Supreme Court and appellate
group.
The right stuff
Through its business divisions around the world, Capgemini can legitimately claim to have a consulting empire on which the sun never sets. Thats
something it puts to good use through its Rightshore global delivery model, utilizing its network of international centers to provide specialist services
around the clock for accelerated delivery, applications management service, business process outsourcing and infrastructure management. The
model provides cost benets for clients, as well, translating the lower cost of doing business in markets such as India, China, Eastern Europe and Latin
America into savings. The company is investing heavily in the method, with plans to increase its employee count in India to 40,000 by the end of 2010.
This will put more Capgemini employees in India than in any other country, representing 40 percent of the companys total workforce.
GETTING HIRED
Capgemini seeks graduates with demonstrated ability in, or the enthusiasm to learn about, very specic consulting elds. A prospective applicant
cannot be procient in just one area, though. A very broad set of skills is needed to impress during your interviews with Capgemini consultants and
leadership. While its difcult to identify specic qualities they look for considering the vast differences in hiring practices between the rms consulting
groups, intelligence, high marks in school and testing, and a demonstrable desire to learn and grow are all requisite qualities for any candidate.
Two rounds of interviews await candidates identied as potentially successful. These include both case and t interviews, in which candidates
must perform up to the rms standards on real-life case examples. For successful applicants, patience might also be required before becoming a
Capgemini associate: It takes far too long for individuals to move through the recruiting process, and we often lose candidates throughout, moans
one graduate of the Capgemini hiring process.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Consultants are generally satised at Capgemini, especially the inexperienced seeking responsibility and a steep learning curve.
At the senior level, satisfaction levels seem to drop.
Overall Satisfaction
The rm has thus far been an invaluable learning environment, and has provided me a great deal of exposure to different industries and
functional areas. Health care consultant
Good company with a very shallow leadership structure and a lot of freedom for employees to affect the organization and impact the clients.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Capgemini
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
251
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

There are plenty of opportunities to build new skills and improve your resume. Detroit midlevel
I have not met one senior executive from whom I learned anything, or saw true leadership. Just lots of posturing, and little know-how. The
junior staff is rewarded only based on favoritism. Finance consultant
Lots of people are leaving. I feel like the rm is nickel-and-diming the people. Back ofce support never seems to get it together. Senior
source
Firm Culture
Internally, the culture is very informal, with executives regularly mingling with employees and open lines of communications in all aspects.
Politics have never factored into any working relationships and are openly discouraged at Capgemini. Strategy midlevel
People have lots of autonomysometimes too much. Our culture is based on our vision of enabling transformation and our mission of enabling
freedom. While the inspiration to do so exists in pockets across the culture, the culture at large is not reliable to execute. HR consultant
The rms culture was very appealing on paper and is beginning to build to the level of mirroring our core values; however, for a large portion
of the time I have worked with the company, as a result of many restructuring initiatives, the culture was weaker and the atmosphere was less
cohesive. Health care insider
It is ambiguous. Nice people for the most part, but no clear structure or support. Junior strategist
Supervisor Relationships
My relationships with my supervisors have been mixed, but overall I nd that the majority of management seems very interested in the
progression and growth of their consultants, and are friendly as well as open to receiving and providing constructive feedback. New York
entry-level
Relationships are based on trust, very supportive. Supervisors provide me with relevant coaching, as well. Health care consultant
I have minimal interaction with my supervisors. Most of my interactions with them are neither pleasant nor unpleasant. There is room for
improvement here. Midwest respondent
Interaction with Clients
Client intimacy is a key tenet of our business, and we are encouraged to build relationships with our clients above and beyond the standard
professional work experience. Strategy consultant
Client relationships are often great, which is a function of my facilitation role. Some clients have a mental vendor model and lean hard on you
for costs and extras and assume you are out to hose them. Some have a partner model and work very closely with you. New Jersey higher-
up
The work environment is very open and encouraging; the same applies to the relationships with the customers. We work in a collaborative
manner with our clients. Experienced strategist
Hours & Pay
Vaults Verdict: The rm holds its consultants to market standards of hours and travel demands, but consultants dont always feel that theyre
rewarded accordingly.
Work Hours
Capgemini expects that the client comes rst and all expectations are met or exceeded. Conversely, there is a lot of room and encouragement
to balance work and life with exible work schedules and good vacation time. Midlevel strategist
While the hours are rather long, this is partially due to involvement with extra initiatives within the company that, while encouraged for career
development, are voluntary. New York consultant
If I were spending time on quality stuff, [the hours] wouldnt bother me as much. Instead, I am correcting work that comes in from offshore
channels. Senior source
You have to make peace with your family that the benets outweigh the costs. East Coast executive
Work/Life Balance
Expectations for meeting client demands are strong. However, long hours and weekend work are balanced with freedom to telecommute and
work exible hours to meet personal needs. Strategy consultant
It requires a great deal of effort and a willingness to sometimes sacrice sleep, but that has never been a great concern of mine. Living in NYC
helps, as most establishments are always open regardless of the hours when I am free. Health care associate
I dont believe it is a priority for the rm, but I have no issues here. Most of the projects I have been on lately have been adequately staffed so
we dont have to work crazy hours. That hasnt always been the case. Detroit insider
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Capgemini
2010 Vault.com Inc.
252
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

While the organization has become leaner, the level of work has not adjusted accordingly. Therefore, it is becoming increasingly difcult to
balance the demands tting a larger organization with the workforce, budget and hours available. HR executive
Travel Requirements
A classic 3-4-5 travel model. New York consultant
We go where the work takes us, which varies heavily and will often be farther from home, as opposed to local. Entry-level source
I have been with local clients now for the past two years. But this is not the norm, and perhaps half of our team travels out of town at any point
in time. Chicago midlevel
We have a lot of opportunity to augment, if not transition completely from, traditional airline travel to more environmental-friendly ways of
staying connected. Human resources consultant
Compensation
New hires compensation is mostly competitive. Salary growth is often insufcient. Health care midlevel
While my compensation is attractive on an absolute scale, I feel that compared with occupations which require a similar skill set and time
investment, our bonus structure is essentially negligible. Operations consultant
If you work 60 hours a week or 30, you get paid the same. West Coast insider
There is now a formal recognition that salary modeling has been faulty, targeting the wrong segment of the market (too low). This year, some
adjustments are being made topically after the loss of many high quality people. In 2011, there is an expectation that a more comprehensive
series of adjustments will be made. Energy executive
Professional Development
Vaults Verdict: The rms training leaves much to be desired, which certainly makes it more difcult to navigate an already-murky promotion
system.
Formal Training
Training content is usually developed by consultants and covers a wide range of topics, from industry issues to consulting methodologies.
Senior respondent
We do have a rather extensive formal training curriculum; however, over the past year or so, this has been a lower priority for the company.
Health care midlevel
This is an area that got cut way back in the lean years and hasnt grown back to the level I think it should have. Strategy consultant
Formal training could be better supported through suggested trainings and tracks of programs. Midlevel source
Promotion Policies
Performance management is based on a mix of quantitative and qualitative metrics. Promotions are, of course, tough to get. Experienced
health care consultant
It is not up or outyet. It is possible to advance pretty quickly if you can perform and know the right people. East Coast strategist
The rules and processes have changed four of the past six years, which makes targeting very difcult, particularly at the higher end. Senior
source
Our rm has just undergone a complete overhaul of our promotion policies. The new policies look very attractive on paper, but I am reserving
judgment to see how they are implemented. The new policy is essentially up or out and advancement between levels can occur after three to
four years, on average. Entry-level consultant
Diversity
Vaults Verdict: Capgemini receives average marks for its diversity efforts, and insiders note that minority numbers have been bolstered by an
inux of international employees.
Diversity Issues With Respect to Women, Minorities, and GLBTs
We have formal diversity and inclusion programs for women, minorities and GLBT individuals. We are in the early stages of our D&I, journey
and most of the support and engagement is at the grass-roots level. HR executive
They recognize same-sex relationships with full benets. I have a team of 15, and we only have three straight white guys on it, so there are
certainly areas where diversity is quite real. New Jersey executive
Child care and maternity are treated as short term disabilities, which is not the best. Strategy consultant
Diversity is all about cost. Offshore resources are cheaper; therefore it appears as though we make an effort to hire minorities. Operations
midlevel
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Capgemini
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
253
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
254
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Capgemini
Overall Business Outlook
Vaults Verdict: Capgemini is nancially healthy and large enough to bounce back from its recessionary woes, but consultants lack of condence
in leadership is less than reassuring.
Overall Business Outlook
Current market conditions and extreme competitiveness in the consulting world has led to renewed focus on emerging segments and
restructuring of the groups to meet these challenges. Energy newcomer
Business is picking up strongly; we have an outstanding cash position and are looking to acquire smaller companies. We kept our margins
even when revenues fell last year, and have a really broad portfolio of services. Senior staffer
Demand has rebounded; hiring processes are in place. This is an exciting moment to be part of a fast growth program. Health executive
Too much talent is walking out the door. Senior level people are leaving and taking their contacts with them. I worry who will be left to sell
new work. Detroit business consultant
Condence in Firm Leadership
Although they tend to look out for themselves mostly, they are committed to at least meeting other employees and trying to mentor. HR
junior
Our leaders need to do more leading and less day-to-day managing. It would be good to see our short-term actions shaped by a long-term
mission around which the organization is truly aligned. Dallas higher-up
The talent is leaving for a reason. Whatever it is, it falls to leadership to recognize it and react to it. Thus far, nothing has been addressed.
Experienced advisor
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

255
THE BUZZ
what other consultants are saying
46
TOWERS WATSON
875 Third Avenue
New York, New York 10022
Phone: (212) 725-7550
www.towerswatson.com
LOCATIONS
New York, NY (Global HQ)
Ofces in 35 countries globally
PRACTICE AREAS
Benets
Health & Group Benets International Consulting
Mergers & Acquisitions Retirement Technology &
Administration Solutions
Risk and Financial Services
Financial Modeling Software Insurance Consulting
Insurance Industry M&A Consulting Investment
Reinsurance Risk Management
Talent & Rewards
Communication & Change Management Data Services
Employee Surveys Executive Compensation HR & Talent
Management Technology HR Function Effectiveness
Mergers & Acquisitions Rewards Sales Effectiveness &
Rewards Talent Management & Organization Alignment
UPPER
Strong, historic position in the HR industry
DOWNER
Big and bureaucratic
THE STATS
Employer Type: Public Company
Stock Symbol: TW (NYSE, Nasdaq)
CEO: John J. Haley
2010 Employees: 14,000
2009 Employees: 14,100
EMPLOYMENT CONTACT
www.towerswatson.com/careers
Big powerhouse
Lots of change since the merger; odd marriage
Owns the benets/HR space
Internal turmoil, confused
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
The HR supergroup
What happens when two of the oldest and most prominent actuarial consultancies meet in the middle of a recession? They form Towers Watson, a
company combining the strengths and assets of Towers Perrin and Watson Wyatt Worldwide after years of direct competition between the two. The
merger promises to create a giant in the eld, with over 14,000 employees and multiple ofces on every continent but Antarctica. Its practices will
remain focused on human resources, and risk and nancial managementareas which remain in high demand even as the global economy begins
a slow march out of the recession.
In mid-2009, both Towers Perrin and Watson Wyatt agreed to what was billed as a merger of equals, creating one powerhouse that would possess
twice the headcount and global presence of either originating rm. By the time the merger was consummated at the start of 2010, Towers Perrin and
Watson Wyatt had each shifted their headquarters from Connecticut and Virginia, respectively, to a central location in New York City, and established
Towers Watsons singular public status on both the New York Stock Exchange and the Nasdaq under the new symbol TW. The companys
management similarly comprises an even balance from the previous rms, with Watson Wyatts John Haley taking the chairman and CEO seat and
Mark Mactas of Towers Perrin named president and COO.
TP + WW = 4eva?
The formation of Towers Watson also brings together the decades of experience and history each of its predecessors brings to the table. Towers Perrin
had been in operation since 1934 as an insurance and pension advisory, although it, too, came together from earlier rms, whose history dated as far
back as 1871. Since the 1940s, Towers Perrin published its TPF&C Pension Tax Manual, which became standard issue for the Internal Revenue Service
for tax law guidance. Much of Towers nance and insurance actuarial services were handled by its Tillinghast division, the largest practice of its kind
in the world, which offered consultation and software solutions to insurance and nancial services companies.
Watson Wyatt was no stranger to mergers itself; the rm was the famous product of an alliance between two longstanding actuarial legends, The Wyatt
Company and R Watson & Sons. Regarded as the worlds oldest actuarial rm, R Watson & Sons began in 1878 and grew to become an industry leader
largely through advisory work for the British government in establishing social insurance programs. The Wyatt Company, meanwhile, was established
as a U.S. actuarial concern in 1946 and rapidly expanded its practices and global presence through the following decades. The two joined forces
in 1995 to operate under the name Watson Wyatt Worldwide, with Wyatt Companys branches handling North American business and the R Watson
& Sons group holding covering Europe. The alliance between them was in name only, and it wasnt until 2005 that a formal merger brought them
together to form a singular entity.
GETTING HIRED
Towers Watsons hiring process is highly competitive, and both university and experienced hires are required to apply directly through
the rms careers site. The selection process for university students and new graduates places a heavy emphasis on academic
achievement, intellect, problem-solving and communication skills, and teamwork. The company also looks for a proven track record
from internship and extracurricular activities. Those deemed a possible match will go through a fairly routine hiring process: a phone
screen or on-campus interview, followed by in-ofce rounds with various associates and senior business stakeholders. Here, a
candidate will be asked to complete job-based assessment exercises meant to determine his/her aptitude for the rigors of consultant life.
For experienced candidates, the screening process typically starts with a phone interview with the recruiter, with the primary focus on the candidates
professional achievements and consulting ability. Shortly thereafter, next rounds will occur over the phone or in the ofce, where candidates will face
extensive interviews with Towers Watson associates, where they, too, will need to strut their stuff and prove that theyre up to the task.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Towers Watson
2010 Vault.com Inc.
256
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

MERCER LLC
1166 Avenue of the Americas
New York, New York 10036
Phone: (212) 345-7000
Fax: (212) 345-7414
www.mercer.com
LOCATIONS
New York, NY (HQ)
Ofces in 41 countries
PRACTICE AREAS
Health & Benets Human Capital Investment Consulting
Investment Management Mergers & Acquisitions
Outsourcing Retirement, Risk & Finance Consulting
Surveys & Products Workforce Communication & Change
THE STATS
Employer Type: Subsidiary of Marsh & McLennan
Companies, Inc., a Public Company
Ticker Symbol: MMC (NYSE)
CEO: M. Michele Burns
2009 Employees: 18,900
2008 Employees: 19,000+
2009 Revenue: $3.3 billion
2008 Revenue: $3.6 billion
UPPERS
Independence
Challenging work with varied clients
DOWNERS
Lots of deciencies in upper management and the rms
vision
Its very hierarchical
EMPLOYMENT CONTACT
www.mercer.com/joiningmercer
High quality, proactive solutions and tools
Very political
Well branded
Changes with the wind; unfortunately its been a windy
decade for them
THE BUZZ
what other consultants are saying
257
47
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
A resource for human resources
New York-based Mercer is a global human resources consulting rm that provides consulting, outsourcing, and investment services. Mercer helps
clients design and manage their health, retirement and other benets, and to get the most out of their employees, and it also advises on issues related
to administration, technology and benets. The rm has almost 19,000 employees serving clients in over 180 cities and 40 countries and territories.
Clients include a majority of the companies in the Fortune 1000 and FTSE 100, as well as medium- and small-market organizations. A wholly owned
subsidiary of one of the United States largest insurance brokerage rms, Mercer consistently generates around 30 percent of Marsh & McLennans
total revenue.
Different names, same business
Since its birth in 1937 as the employee benets department of Marsh & McLennan Companies, Inc., the rm has undergone several shifts in identity,
although HR concerns have remained at the core of its business. The rst change occurred in 1959, when MMC acquired a Canadian company named
after its founder: William M. Mercer. In 1975, that rm became a wholly owned subsidiary of MMC, keeping its name until 2002, when it became
Mercer Human Resource Consulting. That identity lasted a mere ve years, however, as the rms offerings expanded ever further beyond the world
of HR consulting. Accordingly, all but the rst word was dropped in a 2007 rebranding, and the rm emerged plainly as Mercer.
Threes company
Mercer groups its consulting activities into three main areas: retirement, health and benets, and othera group that is also referred to as the talent
eld, and that includes service offerings such as human capital consulting, survey and product work, and workforce communication and change. The
companys extended offerings, meanwhile, also include consulting and management on investments, as well as outsourcing and a dedicated M&A
business.
Outside its regular consulting operations, Mercers investment consulting business serve duciaries of pension funds, foundations, endowments and
other investors on all stages of the institutional investment process, from designing a strategy, to structuring and implementing investments, to ongoing
portfolio management. Investment management consultants primarily focus on retirement plan assets for institutional investors (including retirement
plan sponsors and trustees) and for individual investors.
Finally, the rms outsourcing unit helps clients streamline their benets programs. Mercer offers total benets outsourcing, retirement outsourcing
and standalone services for outsourcing-specic functions, such as dened benets administration, dened contribution administration, health benets
administration and exible benets programs.
Class is in session
Mercer also offers executive learning services to its clients in the Asia Pacic region via Mercer College. Targeted specically to human resources
professionals, the college offers more than 60 workshops in 10 different learning categories: leadership effectiveness, mergers and acquisitions,
organizational effectiveness, human resources transformation, performance management, talent management, rewards management, health
and benets, retirement and communications. The workshops are structured and designed based on the concept of the Mercer human capital
wheel, which is made up of six key areas that the rm says can predict a companys level of productivity: people, processes, structure, information
and knowledge, decision making and rewards. The college also offers an advanced diploma of business (human resources), accredited by UNE
Partnerships, an education training company based out of the University of New England.
Additionally, Mercer publishes results from numerous studies, analyses and surveys conducted by its own consultants on a full range of HR and nance
management issues. These compiled ndings, presented in the context of current market trends, are being utilized as part of Mercers suite of new
services to keep in step with the demands of the global recession.
GETTING HIRED
There are generally three interviews involved in Mercers hiring process, an insider reports, and the interviewers range from low- to high-level
employees. Candidates should be prepared to give in-depth accounts of their personal, academic and working background, with particular emphases
on successes and how challengesfailures, evenhave been addressed and overcome. The hiring process takes a signicant amount of time, an
associate says, a sentiment echoed by most respondents. But its worth the wait, even just to claim the achievement of making it through a process
the talented consultants at Mercer have rated as exceptionally selective.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Mercer LLC
2010 Vault.com Inc.
258
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
Mercer consultants are typically satised with their day-to-day, reserving special praise for their co-workers. Im extremely satised with my colleagues
and work content, one insider proudly states. And while many agree that their colleagues are bring and hardworking, many also agree that the rms
leadership team leaves something to be desired. Im extremely dissatised with executive leadership, a consultant reports. Another goes quite a bit
further, labeling them extremely autocratic and stating that local and regional managers live in fear of corporate executives.
Hours & Pay
Following recent salary freezes, compensation has generated widespread gripes from consultants and associates. While most recognize that base
salaries are lower than elsewhere, one source shows appreciation for the rms supplementary compensations, including the progressive bonus
structure, absolutely excellent benets and a exible work schedule. Other complaints stem primarily from the manner in which compensation is
distributed, with associates calling Mercers performance management system a total black box and a complete joke.
Professional Development
Most training is unofcial, one consultant remarks. This can work very effectively, but sometimes there are serious knowledge gaps as a result.
Of course, this highlights the need for formal training, which does exist, but most training is via webinars, which range in quality from pretty good
to useless, were told.
Grudges against leadership carry over with respect to promotion policies; its not up or out, one associate explains, but regardless of what you bring
to the plate, if you dont have the specic skill they want for the next level, you wont advance. Others lash out against what they deem to be the
subjective nature of the rms promotion path. Some people are fast-tracked, while others need to prove themselves forever, says an unsatised
consultant.
Overall Business Outlook
Despite obvious qualms with rm leadership, most Mercer consultants are condent that the rm will remain protable for the foreseeable future. The
rm is large enough to withstand recessions, even severe recessions like weve just been through. As the economy continues to pick up speed, look
for Mercer to rebound, and with it, employee morale.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Mercer LLC
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
259
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
260
PRESTIGE
RANKING
THE BUZZ
what other consultants are saying
48
550 West Van Buren Street
Chicago, Illinois 60607
Phone: (312) 583-8700
Fax: (312) 583-8701
www.huronconsultinggroup.com
LOCATIONS
Chicago, IL (HQ)
Atlanta, GA
Boston, MA
Dallas, TX
Detroit, MI
Houston, TX
New York, NY
Portland, OR
San Francisco, CA
Washington, DC
Amman
Dubai
London
Riyadh
PRACTICE AREAS
Accounting & Financial Consulting Health & Education
Consulting Legal Consulting
THE STATS
Employer Type: Public Company
Ticker Symbol: HURN (Nasdaq)
Chairman & CEO: James H. Roth
2009 Employees: 2,124
2008 Employees: 2,129
2009 Revenue: $628.7 million
2008 Revenue: $573.8 million
UPPERS
Ability to work remotely
Pre-tax benets
DOWNERS
Lack of people development
Less diverse; insulated
EMPLOYMENT CONTACT
www.huronconsultinggroup.com/careers.aspx
Great work/life balance
Almost bit the dust
Many divisions; nd a niche you are really passionate
about
More ash than cash
HURON CONSULTING GROUP
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Crisis consultants
Huron Consulting Group specializes in helping organizations. It has made a name for itself in turnaround management, mostly advising clients through
regulatory and litigation challenges. One of its fastest growing services is retrieval of les such as emails, voicemails and computer les for companies
in litigation. Huron also has a strong reputation as a premier health and education service provider. This practice provides consulting services to
hospitals, health systems, physicians, managed care organizations, academic medical centers, colleges, universities, and pharmaceutical and medical
device manufacturers. Health and education professionals develop and implement solutions to help clients address nancial management, strategy,
operational and organizational effectiveness, research administration and regulatory compliance. Specic issues the practice helps to alleviate include
hospital or healthcare organization performance improvement, inpatient and surgical ow solutions, turnarounds, merger/afliation strategies, labor
productivity, information technology, revenue cycle improvement and physician practice management. The Chicago-based rm also offers more
traditional business consulting services for clients in more stable situations, such as improving operations, boosting shareholder value and watching
the bottom line.
Hurons clients include Fortune 500 companies, midsized businesses, leading academic institutions, health care organizations and the law rms that
represent these organizations. Its 2,000-plus professionals have worked on engagements with 49 of the 50 largest U.S. law rms listed in The American
Lawyer 2008 Am Law 100, more than 275 general counsels and nine of the top-10 largest health care systems as ranked by Modern Healthcare. Since
opening its doors in 2002, Huron has conducted more than 7,000 engagements for over 3,000 clients.
The Huron trilogy
The rm divides its practice into three segments: health and education, nancial and legal. Consultant expertise in these segments is brought to bear
on such issues as litigation, disputes, investigations, regulatory compliance, procurement, health care revenue cycle and operational improvement,
nancial distress and other conicts without clear categorization. The performance of clients in less dire circumstances is also addressed through
strategic, operational and organizational analysis.
GETTING HIRED
The rm is interested in the t of the individuals to the rest of the people, more so than the business knowledge, says an insider, highlighting a key
tenant of Hurons recruiting methods. We believe that people can be taught, molded to become great consultants. Of course, applicants need to
bring some moldable skills and qualications to the table, including excellent communication and analytical skills.
Candidates can expect a blitz interview process, which consists of two days of rst-and second-round interviews with Huron professionals, after
which several candidates wont make the cut. All candidates are contacted after the rst round, indicating whether or not theyve been back the next
day, where they will confront a behavioral and a case interview specic to that candidates preferred industry. After the second round, candidates will
be informed if theyve been selected for a site or ofce visitthe nal stage of the interview process. Following that stage, Huron aims to make quick
decisions for each candidate.
OUR SURVEY SAYS
Corporate Atmosphere
Theres no shortage of positive reports coming out of the Huron camp, though many are paired with caveats or gripes. I love Huron! exclaims an
enthusiastic source; others cite strong career opportunities and good work as sources of overall satisfaction. Others feel strongly about the rms
team-based, collegial atmosphere that was admittedly more social before the economy killed the company events. Others prefer to point to
leadership, in particular, as one of the rms main drawbacks. Leadership is very poor in managing a professional staff, one frustrated consultants
says, while several consultants characterize leadership as simply weak.
Hours & Pay
While hours can widely range from 20 to 70 hours per week, the standard weekly fare is usually reasonable and just ne, insiders report. They
also note that the rm ensures work/life balance for employees. This means more efcient work process and workload, while having to work
reasonable hours to provide client service. Weekends are saved for personal uses, another source echoes. Travel requirements (80 to 90 percent
commitment for some) can make Monday through Thursday awful, but the perks of the job make Friday to Sunday great. Among those perks is
a compensation package that one consultant describes as competitive to other similar-sized rms within the industry.
Overall Business Outlook
Insiders give mixed responses when it comes to Hurons future business outlook. A number of respondents give the rm positive marks in this area, with
one midlevel consultant stating, Our portfolio of clients is diverse, so we are able to grow even in this environment. Client relationships are still strong
with our rm. But some feel less condent. The rm is in a state of ux currently, says a member of the less optimistic crowd, while others observe
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Huron Consulting Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
261
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

80 Broad Street, 35
th
Floor
New York, New York 10004
Phone: (646) 274-1800
Fax: (646) 274-1801
www.imshealth.com/pandr
LOCATIONS
Norwalk, CT (Corporate HQ)
New York, NY
Cambridge, UK
IMS Health has additional ofces in more than 100 countries
PRACTICE AREAS
Commercial Effectiveness Pricing & Market Access
Product & Portfolio Strategy
THE STATS
E mployer Type: Private Company, a unit of IMS Health
Incorporated
Chairman & CEO: David R. Carlucci
2009 Employees: 7,250
2008 Employees: 7,500
2009 Revenue: $2.2 billion
2008 Revenue: $2.3 billion
Major player in health care
Data vendor trying to be a consulting rm
Increasingly strategic
Treat associates like associates
THE BUZZ
what other consultants are saying
2010 Vault.com Inc.
262
IMS CONSULTING
49
PRESTIGE
RANKING
UPPERS
The group dynamic is beyond comparison
Were never bored
Hands-off management
Lack of hierarchy
DOWNERS
No private ofces
Computers are used as an indicator of seniority
Banker-like hours without banker-like pay
No consideration to junior staff issues
EMPLOYMENT CONTACT
www.imshealth.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Savvy specialists
IMS Health is one of the only global health sector-specic consulting and services companies of its kind. With over 100 ofces in more than 100
countries, the Norwalk, Connecticut-headquartered rm provides sales management, market research and consulting services in the pharmaceutical
and health care industries for clients that include pharmaceutical and biotechnology companies, professional services rms, members of the nancial
community, government and regulatory agencies, advertising agencies, the media, researchers and educators. IMS Health (which stands for
Intercontinental Marketing Services) is best known for its medical data, which tracks the sale of prescription and over-the-counter drugs and market-
wide sales. It also offers market forecasts based on surveys of doctors and hospitals, and provides consulting and other professional services, including
advising clients on brand management and sales force effectiveness.
On the consulting front, the company has three main practice areas: product and portfolio strategy, commercial effectiveness, and pricing and market
access. Those form around half of a dedicated consulting and services unit at the company, with the services component also consisting of three
areas: commercial implementation, managed markets and market research. Altogether, those units offer clients end-to-end services, from developing
strategies and tactics, qualitative and quantitative analysis of market trends development and implementation of software applications and data
warehousingeach of which is fully customized for each client.
A healthy start
Right from its founding (in 1954 in Norwalk, Conn.), the rms raison dtre has been to help pharmaceutical companies gain knowledge of the markets
they compete in, or are thinking of entering. One of the rms rst research studies, published in 1957, audited pharmaceutical sales within the West
German market, which prompted clients from all around the world to sign up for its services. Over the years, the company expanded across Europe,
and also penetrated Japan, South Africa, Australia and New Zealand. Further expansion occurred at home and abroad and, by 1972, the rm was
sizeable enough to go public.
By 1981, IMS Health had ofces in 57 countries and annual revenue of $170 million. A period of consolidation was followed by a $1.8 billion sale to
Dun & Bradstreet Corporation, only for that rm to spin it off as a separate entityone that found itself aoat on the New York Stock Exchange with
the appropriate ticker symbol RX. In the 1990s, IMS acquired a number of specialized health care consulting rms in order to develop its consulting
capabilities. Currently, the pricing and market access practice of IMS Consulting has more than 80 consultants worldwide, with primary ofces in
New York City and Cambridge, England.
After 28 years as a public company, IMS once again became privately held in February 2010 when it was acquired by TPG Capital and the CPP
Investment Board. The rm says that, despite its new ownership structure, it has no plans to alter the services that it provides to its clients.
Small rm, big resources
The pricing and market access practice specializes in the pharmaceutical and health care industries. Projects span a broad range of strategy
consulting engagements for the top pharmaceutical companies and numerous biotech clients. IMS is regarded as a leader in this area, having worked
on all four of the most successful drug launches in pharmaceutical industry history. As a unit of IMS, the pricing and market access practice has
access to IMS data and ofce resources in over 100 countries, while still maintaining a small-company feel.
Unlike many other strategy consulting rms, IMS consultants generally work out of their local ofce, attending client meetings as necessary. This
arrangement provides for signicant client contact while facilitating a cohesive corporate culture.
GETTING HIRED
While selectivity might vary a bit between ofces, it is, at its best, truly difcult to get hired at IMS Consulting. We typically hire about six to 10
applicants out of a pool of 800 to 1,000-plus, an insider reveals. Another details on-campus recruiting efforts, which are limited to a small handful
of Ivies only, with resume drops at ve to eight other schools. In screening candidates, the rm looks for graduates with high intellectual, writing,
interpersonal, organizational and analytical capabilities. Most important, though, is for candidates to express genuine interest in the eld and working
as a consultant for IMS, in particularwith a focus on building a career there.
The actual interview process is typical of the industry, and more concise than some. Ultimately, successful candidates will have progressed through
two to three rounds of interviews, spanning the usual behavioral and case interviews, including a mock client presentation to senior members of the
ofce. There is a real focus on cultural t, as well: We rarely give an offer if someone aces the cases but is iffy on the t, a consultant explains.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
IMS Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
263
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: The ongoing morale struggle at IMS can ultimately be sourced to recessionary cost-cutting measures that resulted in skeleton-
thin stafng. Simply put, theres too much work to go around and consultants are burning out. Currently, the rm is recruiting aggressively to
hoist itself out of the recession.
Overall Satisfaction
Overall, Im pretty satised with the job. The people are great to work with, and the material is interesting. I feel like I am being paid to learn
about what I love. Consultant
Ive worked in a number of consulting organizations. This one is the most rewarding experience. Challenges are signicant, but are
consistently pushing my growth. Leadership is well respected. Senior source
I say this as a junior staff member: Overall, this rm will give you a ton of growth opportunities, but will also really try your patience, and after a
few years reduce your motivation to do quality work. Analyst
IMS doesnt live up to the promise. The work isnt half as interesting as you are told it will be, and quality of life has taken an exponential
plunge in the last 12 months. Analyst
Firm Culture
We are informal with one another, and because of our open-ofce arrangement, there are literally no barriers to approaching a colleague.
Socially, we hang out on the weekends and I personally have developed some great friendships that will last. Entry-level analyst
There is zero pretense in this ofce, and the relatively small ofce size fosters unique cohesion among an amazingly friendly and thoughtful, if
not cerebral, bunch. Midlevel source
Socially, were a pretty outgoing and down-to-earth group. People are intellectually curious, friendly and dedicated to quality in their
professional efforts. Check the unbridled machismo and hubris at the door. Consultant
Supervisor Relationships
My supervisors are focused on work and do their best to allow consultants to spend their time on projects, not bureaucracy. They are very
informal and non-corporate, and have senses of humor about most things. No BS. Executive-level source
IMS is unusual in that analysts will go play tennis with senior principals or have dim sum togetherjust for fun. Junior analyst
Management constantly interacts with analysts and provides insights into consulting, industry and career development. I am very impressed by
their level of support and commitment to welcoming analysts onto the team. New York source
IMS puts you basically at the mercy of your project manager. If you get a bad one, she/he can make your life miserable and get away with it.
Entry-level respondent
Interaction with Clients
Client interaction is ramped up very quicklyI found myself presenting on my rst project! This is a very special benet of IMS. Midlevel
consultant
Seeing as I am a relatively new hire, I do not have very strong relationships with clients. However, given how short of a time period I have been
working, I have gotten a very good amount of client exposure. First-year analyst
Interaction ranges from very good clients who get the big issues, to completely incompetent middle-manager-level clients who totally get lost in
the weeds and details of day-to-day processes. Junior consultant
Hours & Pay
Vaults Verdict: Its been a rough year on this front for IMS consultants. For a clearer image of life at the rm, take the typical industry gripes
about long and erratic hours and magnify them.
Work Hours
We dont have enough people to do all the work, which makes for unreasonably long work hours. The senior people who are selling the
projects dont think about the fact that we dont have enough people to do all the work theyre selling. First-year source
Working hours have been very odd during my time here. This is likely as a result of a drop-off in demand for consulting during the economic
downturn (hardly any work at all), and the corresponding short-handedness we had when work picked up again. Analyst
Given the state of affairs lately, if you can get out at 5 p.m. or 6 p.m., you should go out and celebrate because that is not likely to repeat until
your resignation. Analyst
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
IMS Consulting
2010 Vault.com Inc.
264
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
265
Work/Life Balance
The more seasoned consultants balance this very well, but there needs to be greater rm effort to ease newer consultants into the consulting
life and promote efciency. Experienced source
It is difcult most of the time; I usually feel like work travels home with me. I am almost always on the computer in the evening or weekends.
Midlevel staffer
At times, I have had to postpone or cancel personal appointments to be available to do work. This is sub-optimal, and I believe the rm is
working to improve work/life balance. New York analyst
You are lucky if you dont have weekend work. Sunday evenings are mostly devoted to work. Ive also been asked to work while on vacation
this year. Consultant
Travel Requirements
I really like the frequency with which I travel. We are on an ofce-based model and travel as needed, which I think works out to about two
times a month for junior staff. Travel is typically limited to a day trip or an overnight trip. Analyst
We dont work on site, which is one of the big perks to me. We do travel to client meetings, and will sometimes travel for project work. In the
event that we do travel, its always interestingin the last year, I have traveled for work to London, Paris, Barcelona and California. New York
insider
I travel usually one time per month and its usually a day trip. I nd it very manageableit does not interfere with my work/life balance. It
honestly happens so rarely that I am sometimes even happy to get out of the ofce for a change of scenery. First-year analyst
Compensation
Compensation for entry-level hires tends to be slightly below market, from my understanding. New analyst
It is no secret that we are underpaid consultantsthe difference was that the rm rationalized and sold the compensation based on the lack
of travel, the good work/life balance, etc. Unfortunately, the latter did not materialize; the utilization rates are still high, and the attrition rate has
been accelerating lately. Midlevel source
The bonus system is a bit of a jokenowhere near what it is at competing consulting rms. Experienced consultant
Financial incentives are misaligned. Senior staff want to sell more work, while junior staff do not get rewarded nancially for the quantity of
work done or the time spent on that work. Analyst
Professional Development
Vaults Verdict: Insiders have their fair share of qualms about IMSs training offerings, but apparently the rm is aware of its shortcomings and is
looking to remedy the situation. Promotion policies, on the other hand, are highly praised and are thought to be very fair.
Formal Training
Much of the training material is rather weak; most people learn as they go. The good thing is that they tend to throw you in the mix, which
forces you to learn fast. First-year analyst
The formal training program here is quite shoddy, and not great preparation for the type of work you will be doing on a project. Junior source
IMS offers multiple training opportunities, but they are usually webinars with vague titles like Refresh your desktop course skills. Consultant
Training is a bit of a work-in-progress. Because of staggered start times of last years hiring class, training was a bit piecemeal. However, there
is a denite recognition of this, and a denite active push to make training more formalized. Midlevel consultant
Promotion Policies
IMS is an exceptionally well-functioning meritocracy. They are willing to promote as quickly or as slowly as people demonstrate they want.
Experienced consultant
The rm will never re you, and if youre good, youll be promoted quickly. New York newcomer
Workload is high, but promotions are frequent. Many people are promoted from analyst to consultant in one-and-a-half years. - Analyst
Promotion here has been fair, and I received a promotion after a year-and-a-half, but the problem is that the compensation bump is quite low,
and there is not much to differentiate doing really thorough work and just OK work from a compensation perspective. Midlevel source
Diversity
Vaults Verdict: Any place where white, Christian men are underrepresented minorities is bound to score well in this category. IMS ts this
description, proving to be one of the most genuinely diverse and open communities around.
Diversity Issues With Respect to Women, Minorities, and GLBTs
This is where the rm really excels; the people are diverse, not because we tried to be, but its just the way we are. We have GLBT individuals
at junior and senior levels. New mothers have been promoted. Maternity and child care are always supported. We dont even think about
discriminationits a non-issue. Senior consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
IMS Consulting
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
266
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
IMS Consulting
This is a very gay-friendly place. I believe every gay employee in the ofce is out, including myself. Analyst
The IMS ofce is the most ethnically diverse place I have ever worked. Everyone gets along very well. We have a lot of after-hours events,
which the majority of the ofce attends. Senior source
The rm is truly welcoming and full of any background whatsoever. New York midlevel
Overall Business Outlook
Vaults Verdict: As a prominent name in the health care industry, IMS should rebound from its recessionary woes with experience and
determination. A recent takeover could alter this path, though its effects are still too new to be measured.
Overall Business Outlook
From a revenue perspective, we are poised to grow. Ive seen exciting and new opportunities come our waynew clients, new markets, new
subject areas, new strategies. Senior source
Were back up on our feet after a weak year, mostly due to the down economy. First-year analyst
We are in a very strong situation from a client point of view. We have some challenges in terms of rebuilding morale and our pyramid, given
the impact of the economic downturn. New York higher-up
Our ofce is often characterized by waves of people leaving for school or other jobs, which makes it scary, at times, to stay. Midlevel
consultant
Condence in Firm Leadership
Leadership by the two vice presidents is exceptionalthey seem to really care about their people. Junior source
Our rm leadership is dedicated, in touch and strong advocates of our practice to senior management of the overall rm. Experienced staffer
IMS was recently purchased by a private equity rm and taken private. We dont know much about the grand plan. Senior consultant
Im not sure they are aware of the extent to which our rm struggles from burnout and internal ying by the seat of our pants at a junior, day-
to-day process level. Entry-level analyst
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

267
50
KAISER ASSOCIATES
1747 Pennsylvania Avenue, NW
Suite 900
Washington, DC 20006
Phone: (202) 454-2000
Fax: (202) 454-2001
www.kaiserassociates.com
LOCATIONS
Washington, DC (HQ)
Cape Town
Hong Kong
London
So Paulo
Toronto
PRACTICE AREAS
Benchmarking Innovation Marketing & Sales Mergers
& Acquisitions Organization & Leadership Operations
Capabilities Strategy Development & Execution
THE STATS
Employer Type: Private Company
Managing Director, North America: Mark Stein
2010 Employees: 105
2009 Employees: 120
UPPERS
Unheard-of level of responsibility very early on
Quick project turnaround
DOWNERS
Lack of staff to meet our business requirements
Little transparency about how to get where you want to be
EMPLOYMENT CONTACT
For Corporate Strategy practice:
www.kaiserassociates.com/cs/careers
For Economic Development Practice:
www.kaiseredp.com/new/n_4_1.htm
PRESTIGE
RANKING
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Little rm, big business
Kaiser Associates is a boutique management and business consulting services rm headquartered in Washington, D.C., with ofces in London, So Paulo,
Cape Town, Toronto and Hong Kong. Its business is divided into a corporate strategy practice in North America, Europe and South America, and an economic
development practice in Africa, South America and Europe. Founded in 1981, the rms clients include ve of Fortunes Ten Most Admired Corporations, six
of the top-10 in BusinessWeeks Global 1000, six of the top-20 companies listed on BusinessWeeks Information Technology 1000 and four of the EuroSTOXX 50.
The rms consultants offer services in a number of industries, including aerospace and defense, chemicals, communications and technology, consumer
packaged goods, power and utilities, nancial services, health care, industrial, media and entertainment, oil and gas, private equity and retail.
Kaiser means king of benchmarking
Kaisers corporate strategy practice works with Fortune 500 and smaller companies to develop and execute business strategy. The practice is probably
best known for its benchmarking practice, which it began in 1983. Kaiser also claims to have authored the rst book on the subjectBeating the
Competition: A Practical Guide to Benchmarking, published in 1985.
The rm offers four different types of benchmarking services. The rst, internal benchmarking, compares function and business process performance
across geographies and/or business units within a company. Used as a performance improvement tool, internal benchmarking helps companies
looking to improve their businesses to pinpoint and prioritize their problems. External benchmarking, on the other hand, looks at other companies in
a clients industry, or out-of-industry best in class companies, to identify processes or changes that could be helpful for Kaisers clients.
The rms consortia benchmarking offering involves creating networks of 10 to 20 different noncompeting companies that share data in a common
area of interest. Kaiser facilitates the data-sharing process, synthesizes the results, and identies trends and insights to help everyone in the network.
The consortia benchmarking exercises can focus on anything from public relations and corporate communications functions, to branding and call
center operations.
The fourth benchmarking service Kaiser offers is teaching others how to benchmark themselves. To that end, the rms benchmarking experts provide
courses at graduate business schools, in seminars, workshops, and executive strategy sessions, at workshops for industry associations, and at special
events led by global conference companies.
Going public
In the late 1990s, Kaiser Associates began using the knowledge it gleaned from the private sector to lend a helping handfor a price, of courseto the
public sector. The rms economic development practice, which it opened in 1998, works with national, regional and local governments, multilateral
agencies, donors and multi-stakeholder groups on issues related to sustainable economic development. The practice is mainly offered through the Cape
Town ofce, which it opened in 1997, but Kaisers economic development consultants have also worked extensively in the Middle East, India and Europe.
The practice offers a range of services, including offering advice on economic policy and strategy, industry development, regional and local economic
development, transport and trade infrastructure development, trade and investment facilitation, and program development, management and evaluation.
For example, Kaiser Associates worked with the South African government to develop an integrated small business development strategy. The strategy
dened the governments national approach to small and medium enterprise development and how it would support these businesses, covering issues
such as targeting beneciaries, accessing money, training employees, and a range of other services and support measures.
Going the distance
With just over 100 consultants, Kaiser has a surprisingly global reach, and often boasts of its ofces international makeup and the number of languages
spoken in its six ofces. Each ofce covers wide swaths of territory, with Washington, D.C., handling business in North and Central America, the
Caribbean and Asia, and the London ofce serving businesses and governments in Europe and the Middle East. The Toronto ofce is mostly caught
up in Canadian contracts with clients in the aerospace, nancial services, consumer products, natural resources, communications and utilities sectors,
while the So Paulo location concentrates on South American clients, with an emphasis on those in energy, communications, pharmaceuticals and
consumer products and services. It also has a growing economic development practice.
GETTING HIRED
Kaisers fairly rigorous hiring process opens with a telephone interview, in which applicants (pre-screened for qualied resumes and competent
writing samples) discuss a mix of general background questions, a gauge of the candidates interest in Kaiser and a brainteaser. From there, the
pared-down group of candidates will be invited to our D.C., London or Brazil ofces for a Super Day of interviews, which typically lasts about seven
hours. The Super Day is tough, but it gives us a very good feeling for a candidates potential, an insider reports. Super Day candidates can expect
a variety of cases and t interviews, as well as a timed writing sample. During interviews, Im interested in candidates thought processes and
how they approach a problem, as well as evidence of a strong work ethic and the ability to be a team player, says an experienced recruiter. Overall,
successful candidates should demonstrate enthusiasm, interest in (and knowledge about) Kaiser and analytical skills.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Kaiser Associates
2010 Vault.com Inc.
268
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Morale at Kaiser was affected by cost-cutting measures, but an inux of new hires should see satisfaction return to previous heights.
Since this survey was conducted, Kaiser has completed a signicant recruiting effort and increased its consultant base by almost 50 percent.
Overall Satisfaction
[I am] extremely satised here. Project turnover is very high, so you get broad exposure to many different industries in a short amount of time.
Also, junior consultants have a high level of involvement across all areas of projects. First-year analyst
Kaiser is an incredible place to start a career; the development opportunities they allow you to have are really unique. Junior consultant
Our rm went through a signicant headcount reduction in late 2008 and early 2009. Since then, we have seen the amount of our work pick
up, but have not, however, hired any new entry-level employees. As a result, consultants are staffed to the max. Senior source
Firm Culture
Working from a central location adds to the personal closeness within the rm. Also, foosball games, happy hours and impromptu rm lunches
give employees the opportunity to socialize. D.C. analyst
We are a friendly rm, with lots of young people, and I enjoy the people I work with. The people are driven, and while views about this vary, I
think were generally fairly meritocratic. Strategy midlevel
I think were all in the same boat in terms of morale (its low), but in general, I very much enjoy the people I work with on a daily basis.
Experienced staffer
Supervisor Relationships
Supervisors at Kaiser are very approachable and accessible to all consultants. The ofcers and managers at the rm enjoy working closely with
consultants. D.C. midlevel
We have great mentoring, and ofcers are often highly invested in the consultants that work in their practice. Health care consultant
Interaction with Clients
Kaiser maintains strong, loyal relationships with our clients. The majority of our work is repeat business from our existing clients. Our clients
view Kaiser consultants as business advisers and subject matter experts. Senior consultant
Kaiser does a great job of allowing you to interact with clients and senior-level people within the company very early on. Telecommunications
insider
Hours & Pay
Vaults Verdict: Comprehensive layoffs have led to extraordinarily high hours for the surviving consultants, who tell us they work for modest
salaries and bonuses. Since this survey was conducted, Kaiser has undertaken an analysis of compensation trends in the strategy consulting
industry and has increased its compensation across the levels by an average of 12.5 percent.
Work Hours
Hours vary depending on project, though Im out of the ofce by 6 p.m. most nights. Junior associate
Recently, hours have been bad across the rm. Given our lack of adequate stafng, people have been overworked. Hours certainly uctuate
project by project, but they have denitely increased over the past year. - Analyst
Prior to this year, I worked closer to 55 to 60 hours per week, but were understaffed right now. Supposedly were hiring more people, so Im
hopeful the weeks of 80-plus hours are on their way out. Midlevel consultant
Work/Life Balance
There is very little travel, so its easy to stay in touch with friends. Some work can be done from home, so you can often nish up work at home
instead of at the ofce. Having a gym in the ofce is a plus, as well. Entry-level analyst
The hours over the past year have created a work/life balance that isnt sustainable, and is causing many talented people to look elsewhere.
When I started with the rm [this] wasnt the case. Senior consultant
I denitely thought I was able to balance work and life when I rst started at Kaiser; recently, that hasnt been the case given our lack of
stafng. Analyst
Travel Requirements
Unlike most consulting rms, the travel is limited to about once every six weeks or so, depending on your project. Strategy consultant
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Kaiser Associates
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
269
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Sometimes well travel for client meetingskick-offs, interim updates or nal read-outs, but travel is few and far between. Even when we do
travel, its only for two to three nights (maximum) at a time. Analyst
Compensation
Pay at junior levels is average to less than average. However, pay increases quickly as you move up. Bonuses are paid out twice a year.
Experienced staffer
It used to be appropriate, but now isnt as much given the hours we are now required to work. Technology consultant
[Kaiser has] very modest bonuses and salary versus larger rms. Health care insider
Professional Development
Vaults Verdict: Trainings are few and far between, leaving eager consultants to seek out formal learning opportunities themselves. Kaiser
Associates is currently in the process of adding a new development role, which is expected to be rolled out by September 2010.
Formal Training
Most of the training is unofcial. Kaiser could do a better job of encouraging more ofcial training. Analyst
If you want to see training, it is on the consultants shoulders to suggest the training and come up with the format for it. The rm will rarely say
no, but the opportunities need to be self-created. Midlevel insider
A year ago, our VP of development moved to the revenue-generating side of our business, leaving our director of HR to handle stafng,
recruiting, benets/HR and development. Needless to say, she is overwhelmed and, consequently, trainings are few and far between. Senior
consultant
Promotion Policies
Its not strictly up or out, though poor performers get the picture. D.C. associate
Kaiser operates as a meritocracy, promoting its consultants as soon as they have demonstrated that they can perform effectively at the next
level. Consultants become eligible for promotion once they have been in their position for 12 months. Junior consultant
Consultants can advance quickly, and the rm is great about offering stretch opportunities to help you prepare for the next level. That said, its
not a very transparent process. Associate consultant
Diversity
Vaults Verdict: While there is a formidable group of women at Kaiser25 percent of the ofcer group is composed of women, and the rm is
currently sponsoring two women for their MBAsinsiders generally feel that there is room for progress in this area.
Diversity Issues With Respect to Women, Minorities, and GLBTs
We do not do a good job of recruiting and retaining diverse employees. Were slightly better about racial minorities than about women and
GLBT employees. I dont think the lack of diversity impacts advancement, as we have diverse senior people, but it does impact the feel and
employee satisfaction. Senior source
Diversity with respect to women is decreasing. Health care associate
Overall Business Outlook
Vaults Verdict: Theres no question that prospects have improved dramatically for Kaiser, but extensive layoffs have left too few consultants to
address the bulging pipeline.
Overall Business Outlook
Business is denitely picking up in 2010. Our current challenge is making sure we have enough staff to meet client demand. Strategy
consultant
Were doing well right nowselling lots of workand it feels like weve made it through the worst of the recession. Analyst
Of the employees left from the past year, morale is low. There is a feeling of lack of support from senior leadership. D.C. insider
Condence in Firm Leadership
Leadership is much improved in recent years. Associate consultant
I really look up to our rms MD. He handles problems quickly and efciently, and is a strong leader. While I think our rms executive
leadership (the partners) could be more in tune and present with consultants, they act once informed of problems or improvement areas.
Experienced staffer
The two owners of our rm work part time and off site; this certainly does not inspire a lot of condence. Senior source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Kaiser Associates
2010 Vault.com Inc.
270
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

BEST OF THE REST
Vault Guide to the Top 50 Management and Strategy Consulting Firms
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
272
ABT ASSOCIATES INC
55 Wheeler Street
Cambridge, Massachusetts 02138
Phone: (617) 492-7100
Fax: (617) 492-5219
www.abtassociates.com
LOCATIONS
Cambridge, MA (HQ)
Atlanta, GA
Bethesda, MD
Durham, NC
New York, NY (Abt SRBI Inc. HQ)
Over 40 ofces around the world
PRACTICE AREAS
Behavioral Health Child & Family Commercial Alliances &
Health Services Delivery Education Environment & Resources
Health Policy Health Systems Strengthening, HIV/AIDS &
Infectious Diseases Housing International Economic Growth
Public Health & Epidemiology Survey Research Workforce
& Civil Renewal
Academic
Who?
Statisticians
Number crunching
THE BUZZ
what other consultants are saying
THE STATS
Employer Type: Private Company
President & CEO: Kathleen Flanagan
2010 Employees: 1,500
2009 Employees: 1,300
2010 Revenue: $302 million
2008 Revenue: $249 million
UPPERS
Consultants hail from diverse backgrounds
DOWNERS
Bureaucratic
EMPLOYMENT CONTACT
www.abtassociates.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Socially savvy consulting
Since its founding in 1965, Abt Associates has grown into one of the worlds largest for-prot government and business research and consulting
rms. The Cambridge, Mass.-based employee-owned rm, named after founder Clark Abt, employs more than 1,500 people in four U.S. ofces and
throughout 40-plus project sites in 37 countries. For the past 40 years, the rm has made its buck the same way its founder did: by applying social
sciences systems and analysis methods to governmental and industrial problems.
At rst, the rm focused on transferring technology and systems used in the defense industrysuch as systems analysis, computer modeling and
simulation methodsto civilian application. Today, the rm works in a wide range of areas, including agriculture, behavioral health, biotechnology,
child and family services, clinical trials, community initiatives, international economic development, international health, education, environment,
emergency management, health policy, health systems strengthening, health services delivery, homeland security, homelessness, housing policy
and programs, medical devices, national and community service, product development and pricing, public health and epidemiology, science and
technology, substance abuse, survey research, welfare, and workforce development.
Clients include the U.S. federal government, U.S. state and local government, international organizations, foundations, nonprot associations and
institutions, and businesses in a number of industries, including automotive, consumer products and services, nancial, health care, international
energy and utility, media, telecommunications and technology.
The ABCs of Abt Associates
Abt Associates offers ve major areas of expertise for clients: research and evaluation services; strategy, planning and policy services; survey data
collection, management and analysis services; consulting, implementation, and technical assistance services; and nally, medical and life sciences
consulting services.
While the rm operates as a for prot, it nonetheless has had a hand in the creation, evaluation or shaping of a number of public programs in the U.S.,
including welfare reform, Medicaid, Head Start (an educational enhancement and readiness program), community service programs, crime and drug
use prevention, statistical tracking of crime and low-income housing projects.
The rm has also assisted governments worldwide in the implementation of programs and policy reforms during transition from command economies
to market-oriented economies. In collaboration with the U.S. Agency for International Development, Abt Associates experts in agriculture, health,
environment and trade have advised foreign governments on service delivery and sustainable market-based reforms. The rm also houses a subsidiary
called Abt SRBI, which was created in July 2007 with Abt Associates acquisition of strategy and research rm Schulman, Ronca & Bucuvalas, Inc.
The unit specializes in public policy and opinion surveys, banking and nance, telecommunications, media, energy, transportation, insurance and
health care consulting services.
GETTING HIRED
As an academically oriented workplace, Abt is home to consultants with a wide array of academic and institutional backgrounds. Of the 1,500-
plus employees onboard, a quarter hold a PhD or MD degree, while 44 percent have completed a masters degree. Also of note, 35 percent of Abt
Associates professionals hold degrees in the social sciences, while 31 percent completed studies in law, medicine, or other professional elds. 13
percent studied economics and 10 percent have a degree in the natural sciences or engineering, while 7 percent studied management and 4 percent
humanities.
Abt Associates careers website includes a detailed explanation of all the various levels of consultants, from research assistant up to the highest levels
of principal associate. For recent graduates of undergraduate programs, the lowest-level entry point is research assistant, which requires little to no
professional experience but a strong academic background and good quantitative, writing and research skills. Those with a bachelors degree and
at least one or two years work experience can be hired on as associate analysts, while more experienced consultants with a bachelors degree and a
recent masters or MBA are qualied to apply for the analyst position, which requires more advanced technical and task management skills. Those
with an advanced degree and signicant experience may be eligible to apply for associate, senior associate and principal associate positions.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Abt Associates Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
273
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
274
THE ADVISORY BOARD COMPANY
2445 M Street, NW
Washington, District of Columbia 20037
Phone: (202) 266-5600
Fax: (202) 266-5700
www.advisoryboardcompany.com
LOCATIONS
Washington, DC (HQ)
Austin, TX
Chicago, IL
Nashville, TN
Portland, OR
San Francisco, CA
Chennai
London
PRACTICE AREAS
Business Intelligence & Analytics Clinical Research Consulting
Healthcare Industry & International Offerings Leadership
Development Strategy & Operations Research Workforce
Performance
THE STATS
Employer Type: Public Company
Ticker Symbol: ABCO (Nasdaq)
CEO: Robert W. Muslewhite
2010 Employees: 1,200
2009 Employees: 910
2009 Revenue: $230.4 million
2008 Revenue: $219 million
UPPER
Big on formal training
DOWNER
Compensation does not quite meet industry averages
EMPLOYMENT CONTACT
www.advisoryboardcompany.com/content/careers/overview.asp
Laid-back
Narrow focus
Fun culture, and lots of young people
High burnout
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Members only
D.C.-based Advisory Board Company is a membership-based professional services rm that provides best practices research, analysis, executive
education and leadership development, software tools and installation support services, primarily to the health care industry. Memberswho
are charged a xed annual fee for access to the rms servicesinclude more than 2,800 hospitals, health systems, pharmaceutical and biotech
companies, health care insurers, medical device companies and universities. Among the members are the top-18 hospitals as ranked by U.S. News &
World Report, and 95 of the countrys 100 largest health care delivery systems. Since late 2007, the rm has also expanded its operations to include
academic institutions, working with university provosts, heads of student affairs and administration leaders.
In 2009, the rm was able to expand its services even further by acquiring the management and consulting rm Southwind. This acquisition, coupled
with the rms business intelligence platform Crimson, allows the rm to provide tools and services in hospital-physician alignment and performance
management. Southwind specializes in aligning hospitals and physicians through a comprehensive set of physician employment, clinical integration,
and information technology deployment solutions. Most of the Advisory Boards membership is located in the United States, however, the rm has
expanded internationally, picking up new members abroad in the United Kingdom, Norway, India, Australia, New Zealand and the Middle East.
For its members, the Advisory Boards research and services focus on business strategy, operations and general management issues. Recent research
has looked at enhancing the quality of care through best-in-class physician engagement strategies and infection control efforts; looking at the impact of
emerging clinical technologies on hospital economics and operations; and understanding how increased transparency in the health care sector affects
consumer behavior and decision making.
From big picture to niche provider
Back in 1979, when the rm was founded as the Research Council of Washington, its ve employees promised to answer any question for any
company for any industry. Most likely recognizing the enormity of that call to action, in 1983 the rm narrowed its focus to research for the nancial
services industry, at which point it also changed its name to the Advisory Board Company.
In 1986, the rm planted the seeds for what would ultimately become its primary focus: a strategic research division dedicated to the health care
industry that was available to members under the name Health Care Advisory Board (HCAB). By 1997, the Advisory Board spun off its more corporate
and nancially focused membership group, the Corporate Executive Board, as an independent company, and went public four years later under the
ticker symbol, ABCO. In 2003, the rm launched its rst business intelligence software platform, allowing CFOs in hospitals to provide clear data and
analytics around revenue cycle management, and in 2007, the rm developed its rst membership programs in higher education: the Student Affairs
Program for student and academic affairs executives, and the University Provost Program for provosts.
Penny for your thoughts
The Advisory Board believes it can offer the same kind of high-quality services (if not better) that other consultancies offer, but at a lower price. By
providing a standardized set of services via its membership model, the rm says it is able to spread its largely xed program cost structure across the
entire list of participating organizations. Members participate in the research and analysis of the programs, and though a few programs include direct
billable expenses, the majority have a at-fee structure based on a members size and the total number of program memberships selected.
Membership programs are broken down into six areas: strategy and operations research, clinical research, leadership development, business
intelligence and analytics, physical performance, and health care industry and international offerings. By early 2009, there were 40 programs in all to
choose from, including the recently developed health care programs in hospital/physician alignment, infection control, supply quality and emergency
department operations. Members also draw on the rms library of proprietary research and tools, which contains more than 34,000 strategic and
operational tactics, 150 service line forecasts, and 5,000 new technology prolesall of which are disseminated via reports and briengs, meetings
and teleconferences, access to Advisory Board experts, implementation toolkits, and custom-designed tools and calculators. Much of the research is
gleaned from member executives themselves.
The model appears to be working: For eight years running, the member renewal rate has been near or at 90 percent. The rm attributes the high
renewal rate to its ability to fulll client needs. At the same time, deferred membership revenue and membership renewals make up 80 percent of the
rms annual revenue, making it easier to forecast the rms nancial health in tough economic times. Thats good news for members and investors
alike.
Separating the good from the great with business analytics
Advisory Board research indicates that, within specic terrains, what often separates the good companies from the great companies is access to better,
more timely and more accurate information. To help organizations gain greater visibility into their performance, the Advisory Board has developed web-
based business intelligence tools that provide members with real-time decision support, robust data collection, advanced analytical capabilities and
quantitative research. The rm currently sponsors 11 ROI-driven business intelligence tools, along with best practice support and services. The rms
aim is to help individual hospitals and health systems convert their endless streams of data into actionable solutions to enhance business performance
and provide best practices to other organizations.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Advisory Board Company
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
275
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

C*onsulting with H*Works
Separate from its membership programs is H*Works, the Advisory Boards more traditional consulting arm that works with hospitals to design and
implement new strategies. Offerings include emergency department performance, workforce management, revenue management, technology strategy,
inpatient and surgical management, nurse stafng, margin enhancement and growth in particular service lines.
GETTING HIRED
Whether working with current consultants or hiring new employees, the Advisory Board says it approaches every interaction with a set of core principles that
govern how it does business. These principles are founded on the belief that the sectors in which the rm workshealth care, education and governmenthave
a charter above commerce, and that working with these types of companies requires an unyielding insistence on improvement.
Prospective candidates should keep the following principles in mind come interview day: generosity, or giving more than is expected; team
engagement, or working to foster a collegial, nonhierarchical environment where everyone has a place at the table; growth; language, or taking
care to communicate ideas effective with colleagues; and having a servants heart when approaching members and their problems.
Once in the door, there are ve employment categories for consultants to choose from. First among them is research, in which consultants help
develop the rms research in one of three research categories: original inquiry, internet news and/or strategic research. The second category is
business intelligence, where the rm hires candidates with strong technology skills to be able to provide analysis of hospital operational and nancial
performance data, and train clients on the use of business intelligence software to diagnose issues and identify root causes. Other opportunities include
Advisory Boards executive education arm, where employees participate in organizing and delivering one of its more than 2,000 research presentations
to members, including hospital and health systems executives, board members and clinical leaders. The other three categories include H*Works,
marketing and accounting management, and administration and operations.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Advisory Board Company
2010 Vault.com Inc.
276
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

AON CONSULTING WORLDWIDE
Aon Center
200 East Randolph Street, 10th Floor
Chicago, Illinois 60601
Phone: (312) 381-4844
Fax: (312) 381-0240
www.aon.com/human-capital-consulting
LOCATIONS
Chicago, IL (HQ)
Over 220 ofces worldwide
PRACTICE AREAS
Compensation Consulting Financial & Litigation Consulting
Health & Benets Human Capital Management Outsourcing
Retirement
*In July 2010, Aon Corporation announced its acquisition of Hewitt
Associates for $4.9 billion. Hewitt will be merged with Aons current
consulting and outsourcing unit under the new brand Aon Hewitt. The
deal, which is expected to be nalized by November 2010, is the largest
in Aons history, and will nearly triple the size of its HR operations,
making it a $4.3 billion business by revenue.
UPPER
A good place to work
DOWNER
Opportunities for advancement can take longer than would
seem appropriate
THE STATS
Employer Type: Subsidiary of Aon Corporation
Ticker Symbol: AOC (NYSE)
Co-CEOs: Kathryn Hayley & Baljit Dail
2010 Employees: 6,300+
2009 Employees: 6,335
2009 Revenue: $1.267 billion
2008 Revenue: $1.37 billion
EMPLOYMENT CONTACT
www.aon.com/about-aon/careers.jsp
Mid market but aggressively moving upstream
Old ideas
Diverse
Insurance brokers masquerading as consultants
THE BUZZ
what other consultants are saying
277
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
The new world
Todays business is about people, and good people make good businesses. So says Aon Consulting, a $1.3 billion global human capital consulting
rm based out of Chicago. According to Aon, the single largest challenge for the companies today is nding the right people to work for them, as
baby boomers retire in developed countries, draining the talent pool, and developing countriesthough growing rapidlystill do not have enough
experienced managers. Companies are having a hard time meeting that challenge: One-third of managers hire below-average candidates just to ll
the positions quickly, according to research conducted by Corporate Executive Board.
Few companies have the global reach and expertise to do what Aon Consulting does to ll this gap for companies. With around 7,500 professionals in
220 ofces worldwide, Aon helps its 10,000 clientsincluding half of the Fortune 500to go global in its talent search, develop succession planning
programs and manage employee-related costs like health care and benets. Aon Consulting clients hail from a range of industries, including aerospace
and aviation; automotive; construction services; entertainment; nancial institutions; food system, agribusiness and beverage; health care; marine;
natural resources; pharmaceutical/chemical; retail trade; technology and telecommunications; and the trucking industry.
Experiencing oneness
The companys connection to the insurance industry runs deep. Parent company Aon Corp. (Aon is the Gaelic word for oneness) is the largest
insurance brokerage in the world based on brokerage revenue. Aon was established in 1982 by the merger of Combined International Corp. and Ryan
Insurance Group. Administration of employee health plans evolved and spread into other areas of human resources, until nally in the mid-1980s,
Aon spun off its human capital consulting business as Aon Consulting.
Staying faithful to its Gaelic nomenclature, Aons business is conducted under a philosophy of inclusivity, with each unit or subsidiary acting as an
extension of the corporate body. The resources of Aon Consulting are therefore fully available to the parent companys clients.
Aons brawn
Of the myriad consulting services offered by the rm, the strongest area is benets. Aon advises clients on structuring, funding and administering
programs dealing with health and welfare of employees, retirement, executive benets, absence management, compliance, employee commitment,
investment advisory and elective benets services. Its focus on diversity forms the context in which these services unfold, with the ultimate goal being
satisfaction of local needs while maintaining global strategies and policies. This allows decisions to be made efciently from a central headquarters
without ignoring the individual complexities of far-ung branches.
In times of trouble
In addition to its HR consulting, Aon Consulting also offers nancial advisory and litigation consulting services, including nancial statement and white
collar investigations, securities litigation, nancial due diligence and nancial valuation services. Included in this practice area is IT risk consulting,
which covers a spectrum of IT issues, be it inappropriate computer use (dirty forwards), security management (hackers) or computer forensics and
e-discovery (retrieval of the dirty forwards that the hacker deleted).
Clients in this practice area include law rms, corporations, government entities or other organizations that are either being investigated or carrying
out investigations, and wish to address the risks. Consultants for this area, including former law enforcement ofcials, attorneys, researchers and
threat management experts, tackle issues of due diligence, embezzlement, commercial bribery, theft of intellectual or physical property, fraud, sexual
harassment and workplace violence.
United by a common purpose (and parent)
Aon Consulting sometimes follows the example of its own clients and turns to outside sources for help. When the rm is assisting a client in
determining executive compensation, it utilizes fellow Aon subsidiary McLagan Partners, a pay and performance consultancy. McLagan specializes in
compensation surveys that provide details about salaries, bonuses and long-term incentives for a range of functions and positions. It also conducts
pay and productivity studies investigating the link between organizational and/or individual performance and pay. These resources allow Aon to set
benchmarks for salary, bonus, commission, stock option and other pay structures.
The company also takes full advantage of the expertise of subsidiary Radford Surveys + Consulting, a provider of compensation market intelligence to
the technology and life sciences industries. Radford collects and controls global compensation survey databases, encompassing more than two million
technology and life sciences companies of all sizes and stages of development.
Behaving badly?
Outside the usual realm of human capital and management consulting services is Aons nancial advisory and litigation consulting services (FALCon)
practice that helps clients and their counsel resolve complex business, legal and regulatory issues. The FALCon group offers electronic discovery and
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Aon Consulting Worldwide
2010 Vault.com Inc.
278
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

computer forensics services, litigation preparedness planning, information security, damages calculations, expert witness testimony assistance and
litigation management assistance. The group also performs workplace violence and threat assessments, undertakes investigative and nancial due
diligence, and does white-collar, nancial statement and internal corporate investigations.
GETTING HIRED
Aon Consulting recruits entry-level consultants primarily from 16 partner universities across the United States, though online applications from
graduates of other programs are accepted. Partner schools include Brigham Young University, University of California, Berkeley, Cornell University,
University of Georgia, Howard University, University of Illinois, Northwestern University, University of North Carolina, Notre Dame University, University
of Pennsylvania, Miami University, University of Southern California, St. Johns University, University of Texas, Temple University, and the University
of Wisconsin.
The on-campus recruitment process begins with an on-campus resume drop, followed by an on-campus interview. Candidates who make it through
the rst rounds of screening and interviews are then invited for in-ofce interviews. Interview questions are mostly behavioral based, with questions
focusing on leadership, teamwork and professional challenges, among others. The rm explains that, when case study questions are involved, they
reect the typical problem-solving challenges faced by our business professionals. During such questions, the emphasis is more on how candidates
approach a problem, rather than on the specic answers given.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Aon Consulting Worldwide
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
279
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
280
ARTHUR D. LITTLE
125 High Street
High Street Tower, 28th Floor
Boston, Massachusetts 02110
Phone: (617) 532-9550
Fax: (617) 261-6630
www.adl.com
LOCATIONS
Boston, MA (US HQ)
Paris (HQ)
Houston, TX
30 ofces worldwide
PRACTICE AREAS
Automotive & Manufacturing Chemicals Consumer Products
Energy & Utilities Financial Services Healthcare & Life Sciences
Private Equity Public Services Telecommunication, Information,
Media & Electronics Travel & Transportation
Classy
Old-line operations consultants
Intellectual and introverted
Stodgy
THE BUZZ
what other consultants are saying
UPPERS
Legacy name in the industry
DOWNERS
Short projects create a lot of highs and lows
THE STATS
Employer Type: Subsidiary of Altran Technologies
Ticker Symbol: ALTRAN TECHN (Paris Bourse)
CEO: Michael Trm
2010 Employees: 1,000
2009 Employees: 1,000+
EMPLOYMENT CONTACT
www.adl.com/careers.html
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Mold-breaker
Founded in Boston in 1886, Arthur D. Little lays claim to the dual titles of rst and oldest management consulting rm in the world. The pioneering spirit of
the founder who lent the rm its name is the stuff of legend. After a corporate restructuring in 2002, the rm was acquired by Frances Altran Technologies,
a European leader in innovation consulting. So while Arthur D. Little himself may be long gone, the rm that bears his name is still going strong.
The 1,000-plus consultants it employs today nd themselves spread across 30 countries, offering tailored services to clients in industries including automotive,
chemicals, energy and utilities, nancial services, health care/life sciences, manufacturing, TIME (telecommunications, information technology, media and
electronics), consumer products, private equity and transportation. The rm also serves state and federal agencies, as well as foreign governments.
Founding fathers
Arthur Dehon Little was only half of the partnership of chemists that founded the rm. The other half was his fellow MIT classmate Roger Grifn, and
together the pair set up as researchers for hire, pioneering the concept of process improvement through outsourcing research. Originally called Grifn
and Little, the companys name was changed following Grifns untimely death in 1893, when an experiment went awry.
As his rm grew in size and capability over the years, Mr. Little developed something of a genius for eye-catching PR stunts, which served no small
role in increasing the rms visibility and, thus, client base. Among the stunts designed to prove Littles maxim of Who says it cant be done? were
Little literally turning a sows ear into a silk purse, as well as a competition among a group of staff in the 1970s to make a lead balloon yboth of
which achieved considerable acclaim.
Those feats brought some visibility to the company, underscoring the unusual measures it was prepared to take to get the job done, and establishing
Arthur D. Little as a leading name in the eld by the 1960sa position it maintained until the late 1990s, and a reputation it guards to this day. Arthur
D. Little may not be the easiest global rm to manage, but it will never become one of the grey consulting rms where everyone gets brainwashed into
behaving the same way and delivering the same productsunthinkable. So wrote Rick Eager, U.K. managing director of Arthur D. Little in a 2006
overview of the rms history. The rms great strength is its people and its culture. More Vivienne Westwood than Chanelvive la diffrence!
After the boom
After a corporate restructuring in 2002, Arthur D. Little sold off parts of its business (and reduced its workforce by almost half). Altran Technologies bought
the core management consulting business, as well as the Arthur D. Little name. This change led, perhaps unintentionally, to increased attention on business
affairs in Europe, rather than in North America. In September 2006, this refocusing was formally conrmed by the shift of world headquarters from Boston
to Paris. Moreover, German-born Michael Trm, formerly of A.T. Kearney, replaced Richard Clarke as the companys CEO.
Today, businesses engage Arthur D. Little for its ability to leverage technology, innovation and industry expertise and deliver long-term business
improvements. Many of its management consultants possess a scientic backgroundwhich helps sets the rm apart in the eyes of its global
clientsand aim to bring technological understanding to strategic issues that span all industries and functional domains.
Lifting the veil on research
As an extension of its consulting efforts, Arthur D. Little also produces research reports and studies on the direction of business, the combined effect
of which is meant to raise the companys prole and mark it as a thought leader. Chief among these is a biannual publication called Prism, which
reects on emerging industry trends, updates on business-related topics, and insights into how businesses and business leaders are thinking.
The rm is also a strong proponent of sustainability, with more than 40 years of experience in advising clients on the opportunities and risks presented
by the issue, as well as in climate change and the carbon agendas. Arthur D. Littles sustainable impulse is no mere attempt to take advantage of
a relatively recent buzzword, however; as far back as 1906, its namesake founder was clearly concerned with the concept as a basic plank of good
business strategy. Every waste that is prevented, or turned to prot, every problem solved, and every more effective process that is developed makes
for better living in the material sense and for cleaner and more wholesome living in the higher sense.
GETTING HIRED
Insiders say that if applicants dont possess the intellectual horsepower needed to compete at Arthur Little, its hardly worth applying. If you even try to bluff
your way in you will be laughed out of the building, says a current associate. For qualied candidates who pass prescreening phone interviews, subsequent
interviews focus on communication skills, both verbal and nonverbal (presentation, facilitation, etc.), soft skills (resilience, performance in stressful conditions,
etc.) and hard skills (logic, mathematics, etc.), according to one consultant, who adds that knowledge of business/industry tools is given lower priority.
Interviewees will be asked to analyze and present (to three senior managers, no less) anywhere from one to four case studies, ranging in difculty
from tough to the easiest case I have ever seen. From there, evaluations might also include brain-teasers and technical examinations; as one
insider reports, They will check your thinking and your analytics, but no need to memorize pi to 10 decimal places. Ultimately successful candidates
will have endured up to six interviews before getting their hands on an offer.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Arthur D. Little
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
281
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
282
BAINBRIDGE
4435 Eastgate Mall, Suite 130
San Diego, California 92121
Phone: (858) 320-0300
Fax: (858) 320-0313
www.bainbridge.com
LOCATIONS
San Diego, CA (HQ)
Boston, MA
Carson City, NV
New York, NY
San Francisco, CA
PRACTICE AREAS
Acquisition Search Benchmarking Corporate Integration
Corporate Strategy & Development Customer Strategy & Marketing
Due Diligence Growth Strategy Internal Process Assessment
Market Feasibility Studies New Product Development
Organizational Dynamics Performance & Operations
THE STATS
Employer Type: Private Company
CEO: Carlos Arias
2010 Employees: 30
2009 Employees: 40
UPPER
Young, dynamic rm
DOWNER
A bit under the radar
EMPLOYMENT CONTACT
www.bainbridge.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Bainbridge brains
What began as a small, boutique rm set up to help a university professor research and publish his work has since become a national management
consulting and capital advisory rm, organized as two separate companies under the Bainbridge umbrella. Established in Illinois in 1975 by Boulton
Bainbridge Miller, Bainbridge, now headquartered in sunny San Diego, provides management consulting services and advises on mergers and
acquisitions for companies ranging from startups to Fortune 1000 multinationals all over the United States, Europe, the Middle East, Asia and Latin
America. The rm is organized as two separate companiesBainbridge, Inc., the management consulting arm, and Bainbridge Capital, Inc., the
advisory armboth operating under the same roof. As a combined entity, the rm focuses on helping organizations perform better and grow faster, as
well as capital advisory services, which include introducing clients to new industries and markets, and implementing public and private transactions.
Calling your number
Bainbridge claims that its unique offering is the primary-source research it conducts for each client. While the rms methodology is proprietary,
its research generally involves direct interviews with market participants including customers, clients of companies and industry insiders, in order to
present the clients management with a perspective they usually dont see directly. Bainbridge says its proprietary research methods help clients
assess market opportunities and competitive threats, uncover new market trends, identify customers unmet needs and ensure that their clients are
optimizing their position in the marketplace.
One such research tool is Bainbridges trademarked customer account vulnerability assessment (CAVA), which is used by sales and marketing teams,
or other individuals and groups who interact with or focus on customer-side business. Bainbridges in-house analysts perform one-on-one interviews
with existing and potential customers, then assess and package those customers opinions, purchasing selection criteria, price and quality sensitivities,
and requirements for switching vendors. The resulting reports are used to straighten out off-center strategies, to win new accounts, and to maximize
sales and customer satisfaction.
The rms other proprietary service, BenchMark, provides detailed metrics on operations, performance levels, strategies and expensesall from best-
in-class businesses in other industries worthy of emulation.
Masters of M&A
Bainbridge takes a unique approach to M&A. Leveraging its strategy consulting expertise, the rms analysts help clients evaluate the best markets
to enter, uncover hidden M&A opportunities before others do and eliminate the need to participate in auction environments. Services are rendered
through every step of the M&A processfrom discovery to due diligence, through to the deals close.
GETTING HIRED
Bainbridge prides itself on being a small and vibrant company. In addition to campus recruiting at leading universities, it posts specic openings
for consulting or internship positions on its careers page. Interested candidates are asked to upload their cover letter and resume, and hope they
stand out enough to earn a callback. The rm says its seeking highly motivated, professional, creative and resourceful applicants who demonstrate
a results-oriented professional outlook. Other coveted qualities include strong research and analytical skills, excellent written communication skills
and prociency with the Microsoft Ofce suite. Finally, the rm says, candidates with foreign language skills are preferred.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bainbridge
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
283
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
284
People who know know BDO
Expanded into restructuring, but lacks the bench depth of
other rms
Creative, smart
Wanna-be Big 4
BDO CONSULTING
135 West 50th Street
New York, New York 10020
Phone: (212) 885-8001
Fax: (212) 515-2599
www.bdoconsulting.com
LOCATIONS
New York, NY (HQ)
Atlanta, GA
Boston, MA
Chicago, IL
Dallas, TX
Houston, TX
Los Angeles, CA
Miami, FL
PRACTICE AREAS
Business Restructuring Investigations & Compliance Litigation
& Dispute Resolution Risk Advisory
THE STATS
Employer Type: Division of BDO USA, LLP
Executive Director: Carl W. Pergola
2009 Employees: 2,712
2008 Employees: 3,020
2009 Revenue: $620 million
2008 Revenue: $659 million
* Employee and revenue gures are for BDO USA
UPPER
Good partner-to-staff ratio
DOWNER
Can be overlooked by the accounting wing of BDO USA
EMPLOYMENT CONTACT
www.bdo.com/careers/
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
BDO and friends
New York City-based BDO Consulting provides litigation, investigation, restructuring and risk advisory services to corporations, law rms, insurance
companies, nancial services companies and government organizations in a wide range of industries, including banking, insurance, subprime lending,
hedge fund, broker dealer, retail, technology and software.
BDO Consulting is a division of BDO USA, LLP, which is one of the United States largest providers of assurance, tax, nancial advisory and consulting
services. BDO is also the U.S. member rm of the larger BDO International, a global network of accounting and consulting rms that operates in
more than 100 countries. Each BDO member rm is an independent legal entity. BDO Consulting prides itself on its access to the international BDO
member rm network, as well as to the BDO USA network, which includes 37 ofces and more than 400 independent alliance locations throughout
the U.S.
Service rules
Since July 2007, BDO Consulting has been led by Carl Pergola, who was previously the head of the rms litigation and fraud investigation practice.
He has carried on the rms mantra of service rules, which in BDOs terms means focusing on long-term client relationships and top-notch service.
Senior professionals at BDO Consulting are actively involved in each client engagement, from inception to conclusion. To avoid sticker shock, the rm
also says it communicates regularly with its clients about the scope of each engagement and discusses fees up front to avoid surprises. Boasting a
structure thats more nimble than the Big Four rms and claiming to have virtually no voluntary employee turnover, BDO Consulting has undertaken
some high-prole engagements, including work for AOL Time Warner, Enron, American Express, Bayou Funds, Lipper Hedge Funds and Fannie Mae,
to name a few.
BDOs MOs
The rms consulting services are broken down into four practice areas. The rst (and largest)litigation and dispute resolutionprovides litigation
support, dispute resolution and testifying services. In the past, client engagements have included providing testimony on damage claims, accounting
practices, industry issues, bankruptcy-related matters, valuations, tax, and other litigation. The investigations and compliance practice area, meanwhile,
provides public, private-sector, and not-for-prot clients a range of investigations and compliance services, including anticorruption compliance and
investigations, anti-money laundering, computer forensics and e-discovery, corporate investigations and employee misconduct investigations, among
other services. BDO consultants in this practice area have worked in federal law enforcement, corporate investigation departments, accounting and
banking regulatory bodies and nancial reporting departments in publicly traded companies.
The third practice area, risk advisory, works to reduce risk, improve management, and design and implement internal control systems. Consultants in
this practice area work in business process enhancement, compliance services, corporate governance, and enterprise risk management and internal
audit services. The unit also provides fraud prevention and technology advisory services. And nally, the busy BDO business restructuring practice
area advises clients in distress, providing nancial advisory, business restructuring and transaction support services. Clients include corporations,
lending institutions, private equity rms, hedge funds and law rms dealing with issues such as bankruptcy, out-of-court workouts, litigation, M&A due
diligence and transactional support, prot improvement and turnaround services.
Get caught up
Outside the courtroom and the boardroom, BDO Consulting is in the classroom. The rm offers a number of e-learning programs in areas such as fraud
prevention, computer forensics and e-discovery, and internal control reporting. The accredited classes can be taken as part of continuing professional
education and continuing legal education programs, with credits varying by state and occupational requirements.
GETTING HIRED
BDO Consulting claims its looking, rst and foremost, for individuals with impact, the kind of people who will make a difference the moment they
arriveand who ourish under our core values of competence, honesty and integrity, professionalism, dedication, responsibility and accountability.
While that description may not clarify whether youre the person for the job, the rm claims that its recruiting process is fairly transparent, as it allows
new hires the time and opportunity to learn more about the rm, its employees and its culture. First, BDO makes an effort to introduce new recruits
to the rm via open ofce tours, speaking engagements and other meet-the-rm events on campus. Once resumes are screened, candidates are
asked to participate in on-campus, rst-round interviews, which typically last 30 minutes and are held with BDO managers or partners. Second-round
interviews are conducted in house, and include an interview with three BDO professionals, including a partner. The second round also includes a
lunch or dinner with BDO associates.
BDO does not publish an on-campus recruitment schedule, but encourages students to check with their campus career centers to see if there is an
upcoming BDO event. For those enrolled in programs not targeted by BDO recruiters, applications can be sent to collegerelations@bdo.com.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
BDO Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
285
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
286
BUCK CONSULTANTS
One Pennsylvania Plaza
New York, New York 10119
Phone: (212) 330-1000
Fax: (212) 695-4184
www.buckconsultants.com
LOCATIONS
New York, NY (HQ)
46 ofces in 12 countries
PRACTICE AREAS
Communication Compensation Global Consulting Global
Technology & Delivery Solutions Health & Productivity Human
Capital Management Retirement
Good senior consultants
Old-time actuaries
Strong in their niche
Uncertainty with many mergers recently
THE STATS
E mployer Type: Wholly Owned Subsidiary of Afliated
Computer Services, Inc., A Xerox Company
Ticker Symbol: XRX (NYSE)
President & Executive Managing Director: Mike Roberts
2010 Employees: 2,185
2009 Employees: 2,000
2008 Revenue: $430 million
UPPERS
Has the backing of a strong parent company
DOWNERS
Frequent weekend work
EMPLOYMENT CONTACT
Visit the Join Our Team section on the rms website
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Bucking the trend
Trips to a companys human resources department usually mean youre either looking for a job, sick, unhappy or, even worse, about to get red. But
Buck Consultants believes that it doesnt have to be that way. The 94-year-old rm is a global employee benets and HR consulting rm that helps
clients manage their human resources, build an innovative workforce and unlock the full value of each organizations human capital. Bucks practice
areas include consulting in communication, compensation, HR technology and administration, health and productivity, human capital management
and retirement. Buck is an independent subsidiary of Afliated Computer Services, Inc., A Xerox Company with approximately 130,000 employees.
With 46 ofces in 12 countries, Buck Consultants is frequently listed as one of the largest HR consulting rms in the U.S. and globally.
In 1997, Mellon Financial Corporation acquired Buck Consultants, giving it a parent company for the rst time in its then 80-year history. That
relationship lasted until 2005, when Afliated Computer Services (ACS) bought Buck from Mellon. In 2010, Xerox Corporation acquired ACS, and
Buck became a Xerox Company, and continues to be a global leader in the HR consulting eld.
Workers rights
Bucks beginnings can perhaps best be described as humblehardly surprising given that the rm got going in the early 20th century, a period not
exactly known for its great working benets and conditions. Indeed, when George B. Buck Sr. started his consulting business in 1916, the idea of
human resourcesnot to mention the concept of consultingwas extremely new. The rm, which started with only two employees, played its part
in bringing both into the mainstream, however, and is credited with having developed several revolutionary HR concepts. These include establishing
the rst global employee stock ownership plan, developing the rst fully integrated health savings account and offering innovative severance solutions.
George Bucks ideas were so revolutionary and so widely recognized that, in 1999, he was named one of the Men of the Century by Pensions &
Investments. Specically (if not exactly thrillingly), he was credited for pioneering the application of sound actuarial principles to retirement plans
and for being behind one of the rst consulting rms to specialize in the valuation of pension plans.
Say it loud, say it proud
Buck Consultants also produces several publications every year to further penetrate the HR consulting marketplace. The publications provide
information that human resources professionals can turn to for guidance. Global View magazine, which is published twice a year, Insight Out and
an archive of published articles all tackle complex HR issues that employers might have difculty facing as the world of employment conditions
grows increasingly complex. Some examples of the topics covered in these publications are salary compression issues, long-term incentive plans,
background checks, pay-for-performance communication, health care costs, incentive plans and much more.
GETTING HIRED
The good news: Buck Consultants is hiring. The not-so-good news: Opportunities with Buck may be tricky to nd onlineor in person; as one insider
attests, The process involves too many people and takes too long. The rm says its consulting openings are listed along with all ACS and ACS
member companies online. To nd a Buck Consultants vacancy, interested applicants must head to ACS recruitment page and type Buck in the
keyword eld; for a location-specic search, the rm directs applicants to rst choose their desired location, then type in Buck in the keyword eld.
The persistent shall prevail!
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Buck Consultants
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
287
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
288
Key competitor in the health care space
Fall a bit short when it comes to strategic
recommendations
Solid life sciences market research company
Seems to be a very conservative rm
CAMPBELL ALLIANCE GROUP, INC.
8045 Arco Corporate Drive Suite 500
Raleigh, North Carolina 27617
Phone: (919) 844-7100
Toll Free: (888) 297-2001
Fax: (919) 844-7560
www.campbellalliance.com
LOCATIONS
Raleigh, NC (HQ)
Boston, MA
New York, NY
Parsippany, NJ
Philadelphia, PA
Atlanta, GA
Chicago, IL
San Francisco, CA
Los Angeles, CA
Basel, Switzerland
PRACTICE AREAS
Brand Management Business Development Clinical
Development Managed Markets Medical Affairs Sales
Trade & Distribution
THE STATS
Employer Type: Private Company
Founder &CEO: John Campbell
2010 Employees: 250
UPPERS
Loyal client base
Small case teams make it easy to make an impact
DOWNERS
Overabundance of people who are married with children
Lack of work/life balance culture
EMPLOYMENT CONTACT
www.campbellalliance.com/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
One-track mind
Campbell Alliance Group, founded in 1997 by John Campbell, is home to consultants who are experts in the pharmaceutical and biotech industries.
The rm is so committed to its specialization that it is even structured like the pharmaceutical companies that it assists. The rm claims that this
structure and expertise allows it to hit the ground running whenever taking on a project, not having to take the time to learn about the industry, as
is the case with larger, less specialized consulting rms. Due to this intense focus, Campbell Alliance primarily hires consultants who have years of
experience working directly in biotech and pharma, or as consultants in the industry.
That is not to say that there is no diversity in the experience and expertise of the consultants at Campbell Alliance. The rms practices are divided
into seven main practice areas. The brand management practice assists companies with new product planning and in maximizing the commercial
performance of drugs; the business development practice aids companies with licensing and corporate development; the clinical development group
helps make new drug development more efcient, both scally and time-wise; the managed markets division helps clients develop and implement
pricing, access, and reimbursement strategies; the medical affairs practice helps medical affairs departments work better at the organizational level
and also helps develop product-specic medical affairs strategies; the sales group helps to organize and optimize company sales forces; and the trade
and distribution team helps clients work better with their distribution channel partners. While consultants primarily work with within a single practice
area, groups often times work together to solve a clients more complex problems.
Aiming for client loyalty
Those who have worked with Campbell Alliance typically come back for seconds. The rm boasts that about 90 percent of its business comes from
satised, repeat customers, and advertises that its average score on customer satisfaction surveys is an impressive 9.5 out of 10. And that feedback
isnt just coming from your mom-and-pop pharmaceutical companies (as if such a thing exists); while the rm does count emerging and midsized
companies among its customers, its client list includes all of the worlds top-20 pharmaceutical companies, as well as almost all of the top-50
pharmaceutical and biotech companies.
Sharing the knowledge
With all the experience Campbell Alliance consultants bring to the table, its no surprise that they have a thing or two to share about the industry.
Besides simply publishing articles and white papers, the rm also participates in dozens of events pertaining to the industry each year. Two such
events scheduled for 2010 include a presentation of its Dealmakers Intentions Survey at the BIO International Convention, the worlds largest biotech
event of the year, and a series of workshops at the Society of Pharmaceutical and Biotech Trainers annual meeting, a weeklong gathering of sales and
sales training executives.
Leading by example
John Campbell, founder and CEO of Campbell Alliance, has a good deal of experience as an entrepreneur and in the biotech and pharmaceuticals
industries. Before founding the rm in 1997, Campbell was an executive with Lawrence Investing Company and, more prominently, the director of
business development for GlaxoWellcome, putting the Glaxo in GlaxoSmithKline. Much of the inspiration to start his own consulting rm came from his
experience at GlaxoWellcome, where he found that, although intelligent, many generalist consultants were unable to deliver signicant and meaningful
results in the highly specialized pharma industry. Campbell Alliance isnt Campbells rst foray into founding his own company, having co-founded
HealthMatics, a medical software company. Campbell also has no problem sharing all he has learned through his experience in the industry. In 2005,
Campbell wrote the book Understanding Pharma, which dissects eight key functional areas of a typical company and explains how they work together
to discover, develop and commercialize drugs.
The rms clients are not the only ones who recognize Campbells ability to develop a top-notch company. In 2006, Campbell won Ernst & Youngs
Entrepreneur of the Year award in the Health Sciences Category, and on two other occasions was the nalist for Ernst & Youngs Entrepreneur of the
Year award.
GETTING HIRED
The rms hiring process is, as one insider puts it, hard to fake. While not among the industrys most selective, Campbell Alliance recruiters have a
particularly specic set of qualities and qualications they seek in candidates. We are looking to hire individuals with a focus and experience in the
health care industry, which certainly ts the description of hard to fake. Qualied candidates will have academic backgrounds in sciences or other
health-related elds, and the rm puts a premium on candidates with real-world health care and biopharmaceutical experience.
After an initial phone interview separates the truly qualied from the pack, applicants can expect upwards of four in-person interviews. Successful
candidates wont simply be health care whizzes or quantitative geeks; two writing tests are required to prove language prociency and communication
skills. Further, a set of pharmaceutical case questions is sometimes followed by a PowerPoint prociency test. Overall, the process went very
quickly, says one consultant, an excellent sign for imminently successful applicants hoping to land a position at Campbell Alliance.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Campbell Alliance Group, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
289
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Our Survey Says
Corporate Atmosphere
Above all, Campbell Alliance consultants value the quality of work they see each week, calling it engaging, interesting and meaningful. Our
projects make a signicant impact on the pharmaceutical industry as a whole, says one insider, and with small project teams, I can take on a large
role in each of these projects. However, some fear the moments when these responsibilities become exhaustive. People need to learn how to push
back on unreasonable client requests, one midlevel source attests, citing too little training in people and project management for too many hours.
Regardless of hours put in, those who perform the best will see their just reward; it is truly a meritocracy, a consultant reports, also describing the
workplace as very professional and slightly conservative.
Hours & pay
Hours are unpredictable and, at their highest levels (read: over 85 per week), are capable of causing consultants to somewhat dramatically crash
and burn. This is certainly atypical, though; others are able to forge far more reasonable balances. As one source attests, I nd the work and pace
manageable and much less severe than my classmates at large rms. You can be somewhat exible with your schedule and work from home
whenever you need, another adds, as long as you get your project work done. Travel requirements are well below industry standard, especially
for lower-level employees. At the consultant level you may go months without traveling, a junior consultant says, adding that travel is reserved for
face-to-face meetings and presentations. The rm notes, however, that it has recently adopted a regionally focused organizational structure, which
aims to reduce travel requirements.
Campbell Alliance consultants arent thrilled about below-market compensation, but as one insider notes, base salaries and bonuses were recently
adjusted to offer a higher base pay. As with many companies over the past year, weve been also told that rms protability has been affected by
the recession, resulting in mediocre bonuses for the last couple of review cycles. Prior to the recession, the rm had boasted a 30 40 percent
growth trajectory each year since its founding, and in 2010,the company has resumed growth and expects to post a double-digit gain over its 2009
revenue performance.
Diversity
Room for improvement might be the best way to summarize the collective diversity on display at Campbell Alliance. While all groups are represented,
including GLBT associates, some consultants say that overall numbers are inated by the presence of international employees and plenty of
Asians.
Overall Business Outlook
2009 was a challenging year for Campbell. The downturn saw at revenue growth; during that period, bonuses, based in part on the rms performance,
lagged behind typical norms, which caused concern for many consulting team members. But the rm is currently experiencing a return to growththe
rst half of 2010 saw the rm running at near full-capacity, with a positive backlog for the rest of the year.
The typical Campbell Alliance consultant remains steadfastly condent that the rm will emerge from the recession successfully and stabilize. Theyll
do ne, says one junior source, later pointing to the rms need to invest in more professional development as it continues to strengthen its nancial
footing.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Campbell Alliance Group, Inc.
2010 Vault.com Inc.
290
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE CHARTIS GROUP
140 Broadway, 46th Floor
New York, New York 10005
Phone: (877) 667-4700
www.chartisgroup.com
LOCATIONS
Boston
Chicago
New York
San Francisco
PRACTICE AREAS
Advanced Operations Applied Research Organizational Alignment
Strategic Planning
THE STATS
Employer Type: Private Company
Managing Directors: Ken Graboys, Ethan Arnold & R.
Christopher Regan
2010 Employees: 66
UPPER
Compensation is very competitive
DOWNER
Lack of administrative structures
EMPLOYMENT CONTACT
chartisgroup.com/careers.php
Great niche hospital rm
Lots of travel
Good thinkers
Low prole
THE BUZZ
what other consultants are saying
291
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
For your health
The Chartis Group is health care management consulting rm that seems to have an afnity for the number four. The rm provides four services in four
major cities. It handles both coasts with ofces in San Francisco, Boston and New York, and has the middle ground covered by an ofce in Chicago.
The rm has worked with 81 percent of the U.S. News honor roll hospitals, nine out of the top-10 childrens hospitals and over 50 of the top Academic
Medical Centers. To those clients, the rm offers services in strategic planning, advance operations, organizational alignment and applied research.
Applied research oftentimes means compiling information for clients on a variety of topics, including health care nancing, demographic trending,
global health care quality, legislative impact assessment sand economic policy analysis. This research is often times used to produce reports that the
company calls Insights. Some recent reports include Patient Throughput: A Critical Strategy for Success, Aligning Academic and Clinical Missions,
The Impact of the Capital Medical Crisis and The Art and Science of Execution.
A healthy understanding
The Chartis Group does not boast of a magical methodology behind its work. Instead, it insists that what sets it apart from other consulting rms is
that its consultants understand that they will not be able to just come in and force their changes upon clients. Instead, they take a more measured
approach, learning the ins and outs of their clients business, discovering who they are, what their challenges are and where they want to go.
To ensure that their more individualized solutions are effective, the rm follows the following core tenets. For change to be long lasting, it must begin
with an understanding of the organizations economic and operating requirements, as well as knowledge of the market in which it is competing. If
strategies are implemented without this understanding, they will either be ineffective or only short lived. The rm also relies on great deal of data and
proven solutions to condently back up its decisions and get the desired results.
GETTING HIRED
The extremely competitive hiring process at Chartis is extensive, with interviews potentially reaching the double digits as the rm seeks to bring
only the best-tting talent onboard. According to an insider, multiple phone interviews comprise the rst round of evaluations, dedicated mostly
to determining a candidates basic qualications and competency. The rm lists six fundamental qualities it requires for successful candidates:
intellectual curiosity, academic excellence, a mind for numbers, natural leaders, passion for health care and humility.
Candidates who clearly demonstrate these qualities in an initial screening interview will be invited to visit a Chartis ofce for a second (and nal) round
that includes on-site interviews with four to six seniors/partners, though borderline candidates often require additional senior leader interviews to
determine their fate with the company.
OUR SURVEY SAYS
Corporate Atmosphere
Consultants love the exciting work that comes across their desks each day at Chartis. I get to work with the best health care providers in the
country and help solve their toughest problems, an insider enthuses. Others cite the familial culture as another source of satisfaction. Its kind
of like working within a big family, an associate says, while another appreciates that Chartis is committed to supporting a lifestyle-friendly consulting
environment. Particularly strong relationships with superiors are tangible evidence of the familial atmosphere at Chartis.
Hours & pay
Chartis consultants call variability of hours the tough part of the job, though they admit that it comes with the territory and that overall average work
hours arent bad. The rm is committed to trying to help us maintain a livable lifestyle, says an associate. However, there are certainly times where client
deadlines/deliverables challenge the balance. Others offer personal examples of balance, including a mother with a young child who is still able to balance
being a mom and working as a consultant.
Hefty travel requirements, which typically see consultants on-site with clients Monday to Thursday, certainly detract from the balance, though one source calls
requirements better than my previous rms. Any dissatisfaction on the hours front is largely tempered by very good compensation that may even be slightly
higher than peers at other rms.
Professional Development
Formal training is not particularly structured according to Chartis consultants, who call it ad hoc but frequent. It varies from person to person
based on individual training needs, a respondent explains. And while formal new-hire training and formal mentoring are available, theyre largely
ill-denedtypical of a young, growing rm.
With regard to promotion, consultants are able to advance as quickly as they demonstrate the competencies dened in the role, an insider explains.
It is absolutely not up or out, as long as the consultant continues to contribute to the rm in whatever role they level out in, a colleague adds.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Chartis Group
2010 Vault.com Inc.
292
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

CRG PARTNERS GROUP LLC
477 Madison Avenue Suite 1220
New York, New York 10022
Phone: (212) 370-5550
www.crgpartners.com
LOCATIONS
New York, NY (HQ)
Boston, MA
Charlotte, NC
Chicago, IL
Dallas, TX
Los Angeles, CA
Washington, DC
PRACTICE AREAS
Bankruptcy Reorganization Fiduciary Services Financial Advisory
Performance Improvement Turnaround Management
THE STATS
Employer Type: Private Company
Managing Partner: T. Scott Avila
2010 Employees: 200
UPPER
The recent recession has brought in a ood of new work
DOWNER
Still largely unheard of in the greater consulting arena
EMPLOYMENT CONTACT
www.crgpartners.com/util/careers.html
Up-and-comer
Second tier restructuring rm
Small but growing
Never heard of it
293
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
A marriage of equals
The rms current incarnation came to be in 2007 when The Recovery Group and Corporate Revitalization Partners merged to form CRG Partners
Group. Prior to the merger, both rms offered similar services, with TRG providing turnaround, crisis management, nancial advisory and wind-down
management services and CRG offering interim management, nancial advisory services, bankruptcy support, and M&A and due diligence support.
In short, both rms helped failing businesses recognize and correct their deciencies. So, while the merger didnt much expand the breadth of the
new rms services, it did add depth and specic expertise. Clients now choose from CRGs ve core services: turnaround management, performance
improvement, bankruptcy reorganization, nancial advisory and duciary services.
The rms services may be rather precise, but the industries in which it operates are extremely diverse. Client industries vary from agriculture and
forestry to health care, hospitality, transportation and warehousing. Quite simply, economic hardship isnt industry-specic; struggling rms nationwide
turn to CRG to keep them in the game.
Foreign friends
Although CRG Partners has no ofces outside the United States, it does have a presence in the international market. Based in Vienna, CRG Capital
was founded in 1992 and was originally a part of TRG. Much like CRG Partners, the rm focuses on struggling and underperforming companies.
Rather than provide consultancy services, however, CRG Capital provides investments to struggling companies in Eastern and Central Europe. Of
course, CRG Capital operates in a different market from CRG Partners, but is still able to call on and utilize the rms expertise in underperforming
companies at will; likewise, if CRG Partners determines that a client requires a cash injection to move forward, the Capital branch is a likely source of
the investment funds.
CRG Partners also maintains a cooperative alliance with Smith & Williamson, a U.K.-based restructuring and recovery rm. While not as familial a
connection as it enjoys with CRG Capital, the rm relies on S&Ws British counterparts to add a personal touch to its clients across the pond.
Turnaround kings
CRG Partners name has gained broader recognition since 2008, as nancial crises threatened businesses worldwide. Prospective clients clamored
for CRGs turnaround expertise, and werent disappointed; for its successful efforts, M&A Advisor bestowed its internationally signicant Turnaround
Company of the Year award on CRG Partners in 2010, and also named William Snyder, one of CRGs own, as Turnaround Consultant of the Year.
Sharing the list of honors with more prestigious competitors like Deloitte, Alix Partners and BCG, CRG is a rm to watch after the exposure and sheer
prot afforded to it by the global recession.
William Snyder, the rms go-to rainmaker, has also developed a formidable reputation for himself as the nations preeminent source of advice for
bankrupt corporations. After stopping the bleeding (ultimately turning a remarkable prot) at the Texas poultry behemoth Pilgrims Pride, Snyderwho
one U.S. bankruptcy judge deemed capable of pulling a rabbit from his hatwon lucrative contracts to revitalize such high-prole clients as the
bankrupt Texas Rangers of Major League Baseball.
GETTING HIRED
A newcomer on the consulting stage, hiring info is unusually hard to come by for CRG Partners. What we do know is that the rm is not adding to its
staff at this time, though it does note that, if you are interested in being considered for future assignments, please submit your resume and we will
contact you when appropriate opportunities become available. To submit a general application, visit the rms careers page.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
CRG Partners Group LLC
2010 Vault.com Inc.
294
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

CROWE HORWATH LLP
One Mid America Plaza, Suite 700
Post Ofce Box 3697
Oak Brook, Illinois 60522-3697
Phone: (630) 574-7878
Fax: (630) 574-1608
www.crowehorwath.com
LOCATIONS
Oak Brook, IL (HQ)
26 ofces throughout the United States
PRACTICE AREAS
Assurance Benet Plan Services Financial Advisory
Forensic Services Performance Services Risk Consulting Tax
Consulting
THE STATS
Employer Type: Member, Crowe Horwath International
CEO: Charles Allen
2010 Employees: 2,400
2009 Employees: 2,500
2010 Revenue: $481 million
2008 Revenue: $507 million
UPPER
Challenging work
DOWNER
Relatively low prole in the consulting industry
EMPLOYMENT CONTACT
www.crowehorwath.com/Crowe/Careers
295
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Crowe knows
One of the largest public accounting and consulting rms in the United States, Crowe Horwath LLP calls itself a unique alternative to the Big Four
accounting rms. It provides audit, tax, risk and consulting services to companies in various industries, including construction, dealerships, educational
institutions, nancial institutions, food and agriculture, health care, manufacturing and distribution, not-for-prots, private equity groups, and state and
local governments, among others. The rms 2,400 employees serve clients via 26 ofces in California, Florida, Georgia, Illinois, Indiana, Kentucky,
Michigan, New Jersey, New York, Ohio, Tennessee and Texas.
Around the South Bend
The rm was founded in South Bend, Ind., in 1942 as Crowe Chizek by Fred P. Crowe, a public accountant and auditor, and Cletus F. Chizek, an
accounting professor at the University of Notre Dame. The two-person outt grew steadily through the years, expanding throughout the country.
In 1991, Crowe Chizek joined Horwath International, a global network of more than 140 independent accounting and management consulting rms
with ofces in more than 400 cities around the globe. In September 2008, Crowe Chizek changed its name to Crowe Horwath LLP, drawing attention
to its membership in the Horwath International networka change that the rm felt better positions it to provide services to clients with international
operations in the global marketplace. Following suit, in April 2009, Horwath International changed its name to Crowe Horwath International. The new
network name combined the international awareness of the Horwath brand with that of Crowe Horwath LLP, and unveiled the new strategy to create
a single global brand to build awareness as a highly integrated network of accounting and advisory services rms.
Today, having served more than 350 international clients in more than 40 countries, Crowe is the largest member rm within the Crowe Horwath
International network. Crowe is also the holding company for a family of wholly, jointly, majority- and minority-owned entities, including Crowe Wealth
Management, a fee-only advisory rm offering nancial planning and investment advisory services; Horwath Castillo Miranda, an accounting and
consulting rm in Mexico; and Creative Financial Stafng, a provider of interim stafng, high-level project stafng and direct hire placements of
accounting and nance professionals.
Other peoples pain is Crowes gain
The 2002 Sarbanes-Oxley Act ushered in an era of painful reform for many companies, who continue to struggle to keep up with the laws nancial
and accounting reporting requirements. The regulation, which was signed into law in response to corporate and accounting scandals like Enron and
WorldCom, gave nancial service consulting rms like Crowe a boost as companies looked for outside help in tightening their internal controls.
Crowes business units have an eye on improving business performance in a more regulated business environment. The assurance practice area,
for one, provides audits, reviews and compilations, and forensic services, and works with clients to bring their businesses into compliance with new
Securities and Exchange Commission regulations. The risk consulting unit, meanwhile, offers corporate governance, enterprise risk management,
internal audit, and Sarbanes-Oxley compliance services. The rm also includes a nancial advisory practice area, which offers nance, public nance
and wealth management services; a performance management practice area; and a tax advisory practice area.
Fishing for compliments
Crowe is big on client communication. For each client, the rm promises to identify the clients needs and set realistic goals, communicate these
goals with the client, establish an ongoing communications process to talk problems through, resolve any problems quickly and professionally, ask
for feedback at the end of an engagement, and provide ongoing research and advice on certain problems.
But, just in case there was any miscommunication during a client engagement, Crowe has set up a system to win as much feedbackpositive or
negativeas possible from its clients. It is important for us to understand how our performance is being perceived by our clients and whether we
are delivering value, the rm states on its website. As such, the rm has developed a three-part feedback process for clients to weigh in on how it
does business. First, there is a web-based performance evaluation survey. Second, there is Crowes annual client relationship survey, established in
2002, which is sent to a random sample of clients and provides detailed information on clients overall level of satisfaction with Crowe. And nally, the
rm has even created its own feedback manager, posting its phone number and email address on its website for clients to call at any point during
an engagement with feedback.
Giving back
Crowes mantra of building value with values doesnt apply only to its business. With a long history of corporate giving, Crowe established the Crowe
Foundation in 2006 to better align its charitable contributions with employees volunteer efforts. As such, the foundation aims to build value within the
broader communities where Crowe employees live and work. For instance, the Volunteer Investment Program awards a $250 grant to not-for-prot
community organizations for which the rms employees volunteer 30 hours in a given year. In addition, the rm provides a two-for-one match (up to
$250) of personal contributions made by individuals serving on not-for-prot boards.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Crowe Horwath LLP
2010 Vault.com Inc.
296
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

GETTING HIRED
Crowe promises a family-like environment, where consultants have the opportunity to have an exciting and exceptional career, with challenging
projects, continuous learning and leadership opportunities. For current students or recent graduates at the undergraduate or graduate level interested
in applying to the Crowe family, the rm holds on-campus recruiting sessions every spring and fall for both full-time positions and for semester- and
summer-long internships.
To apply for an interview with on-campus recruiters, the rm suggests contacting universities campus job placement ofces or by emailing campus_
recruiting@crowehorwath.com. The rms recruiting schedule is available online and includes visits to University of Florida, University of Illinois at
Champaign, Northern Illinois University, University of Miami (FL), California State University at Northridge, University of California at Santa Barbara and
Florida Atlantic University, among others.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Crowe Horwath LLP
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
297
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
298
DEAN & COMPANY
8065 Leesburg Pike, Fifth Floor
Vienna, Virginia 22182
Phone: (703) 506-3900
Fax: (703) 506-3905
www.dean.com
LOCATIONS
Vienna, VA (HQ)
PRACTICE AREAS
Consumer Products Customer Targeting/Bonding Energy
Financial Services Life Sciences Market Entry/Startups Media
& Entertainment New Technology Operational Effectiveness
Pricing Private Equity/M&A Support Retail Management
Telecommunications
Up and coming
Pass the slide ruler
Tightly focused
Oddballs
THE STATS
Employer Type: Private Company
CEO: Dean L. Wilde II
2010 Employees: 50
2009 Employees: 50
UPPERS
Broad industry exposure
Responsibility given as fast as you can handle it
DOWNERS
Constantly on call
Lack of alignment between effort and promotion
EMPLOYMENT CONTACT
www.dean.com/careers/recruiting.htm
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Value architects
Vienna, Va.-based Dean & Company may be small, but the self-described value architects pack a big punch. Since its founding in 1993 by former
Mercer Management Consulting colleagues Dean Wilde and James Smist, the management strategy consulting rm has realized over $20 billion in
cumulative impact in added value for clients.
The rms clients fall into two main groups: large corporations, typically Fortune 500s, and small but high-potential businesses. For larger businesses,
Dean focuses on corporate strategy, business creation, growth, M&A and business redirection. For smaller businesses, the rm helps prioritize goals
and to develop and implement strategies. Clients in both camps come from a number of different industriesincluding nancial services, life sciences,
private equity, telecommunications, media and entertainment, consumer products, retail management, new technology and energy.
Top picks
Dean is selective about the clients it chooses to work with. The rm is the rst to say it cannot solve every problem for every company. To solve
problems for clients that t the bill, Dean is also selective about the problem-solvers it hires. Instead of employing armies of consultants, the rms
career page says, our professional staff is composed of a small number of highly talented analysts and associates who bring a rich combination of
analytic and business skills and experience to the table. Staff members have degrees that run the gamut from economics to engineering to biology,
and a number of staffers have spent their entire consulting careers with the rm.
Bonding time
The rm helped to create the Delta Model, a management strategy philosophy developed by Dean CEO Dean Wilde and Arnoldo Hax of the MIT/
Sloan School of Management, along with input from the CEOs of Saturn, Siemens, Unilever and other major companies. The model revolves around
the concept of bonding, a mechanism for attracting and retaining the most protable customers, and posits that traditional ways of competingon
price, quality or featureswork, but not forever, ultimately leaving businesses prone to competitors who can imitate these product-based items of
differentiation and can steal customers away. Instead, the Delta Model focuses on moving beyond product-based elements and focusing on locking
in a customer and winning their allegiance. In 2001, Wilde, Hax and the other members of the Delta Project published The Delta Project: Discovering
New Sources of Protability in a Networked Economy, which outlined the Delta Model.
Team player
Dean has always been one to build up its professional networks. Since 1998, the rms private equity team has worked with Lindsay Goldberg to
evaluate investments in a $10 billion private equity fund that evaluates up-and-coming tech startups as investment targets. The unit has reviewed more
than 500 deals since that time. Dean has said it will also work with other private equity and venture capital funds when there is no potential conict
with Lindsay Goldberg, and has worked with KKR, Madison Dearborn and Apollo.
Dean has also reached out to others to boost its prole in other industries. In 2002, Dean CEO Wilde founded DC Energy, which is located at the same
Vienna, Va., ofce. The group focuses on the energy markets, and invests using an analytical approach to applying differential expertise, instead of
the more common practice of using highly leveraged transactions that amplify narrow spreads. In 2006, Dean developed an alliance with Corporate
Value Associates, a London-based consulting rm that markets itself as a global strategy boutique. More recently, Dean has spun off Dean Ventures,
an equity investment rm that uses a rigorous analytic approach to identify and transact on global investment opportunities.
GETTING HIRED
Dean looks for more quantitative candidates than the typical strategy consulting rm, scouring Ivy League schools (Harvard, Princeton, Dartmouth)
and some Southern schools (Duke, Virginia) for well-qualied ts. Those from top schools with a high GPA in a science or engineering eld with
a particular emphasis on analytic ability should be worthy of a rst-round interview. Screening interviews are typically held on campus, where
candidates dive right into the mix with a case study that will decide whether or not they deserve a call-back. Select candidates earn the right to prove
their worth through two more case studies. There are no special tests or standard questions, an insider reports; its a very straightforward process
meant simply to evaluate a candidates competence.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Dean consultants appreciate the friendships theyve forged within the rms extremely collegial culture, but poor work/life
balance and qualms with leadership have affected morale.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Dean & Company
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
299
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Overall Satisfaction
Ive learned a lot and worked on an array of projects. But low rm morale (driven by HR decisions) and little work/life balance have dinged
overall satisfaction. Strategy associate
This company is much more focused on bottom-line improvement than on employee satisfaction or retention. Midlevel consultant
Firm Culture
I like the analyst culturethe analysts are a great group of people to work and socialize with. East Coast staffer
Socially, the rm has very nice people. It can be political, however, especially given competition between practice areas. Employees are
professional in their interactions. Junior consultant
Its collegial at the bottom rungs and one-on-one with management. In case context, management pushes (too?) hard. Lower echelons view
top management as being too heavily focused on the bottom line at expense of employee satisfaction. Experienced source
Supervisor Relationships
Supervisors are very demanding of their teams. D.C. insider
Supervisor relations are not rated higher than 8 [out of 10] because there is little sympathy on the part of supervisors regarding work/life
balance. Midlevel insider
Interaction with Clients
As an analyst, I have had the opportunity to interact with a range of C-levels, including the president of a major pharmaceutical company.
First-year analyst
Client relationships are rated high because clients are consistently pleased with our work. However, they are not rated 10 because the
relationships are purely professional (we dont go out drinking with them). Junior consultant
Hours & pay
Vaults Verdict:
While hours are manageable for many, others feel the burn from 80- to 100-hour weeks, which occasionally include weekend re drills.
Compensation is reportedly reasonable.
Work Hours
The hours are manageable for most employees, including myself, but some analysts work very long hours on a consistent basis.
Experienced source
Over my tenure, Ive averaged about 60 hours per week. The trough is 50 (when staffed on marketing) and the more frequent peaks reach 80
hours per week. Senior consultant
Hours are highly unpredictable and dependent on the case team. Its difcult to make weekday plans at any time (including later than 9
p.m.). Telecommunications associate
Work/Life Balance
You are expected to be on call 100 percent of the time, and comp days for this effort are extremely rare. D.C. source
The typical workday leaves little time for meaningful commitments (volunteer, social, etc.). Weekends are frequently interrupted by re drills
and one-off requests. Strategy associate
Hours are not too overwhelming, but it can be very frustrating to have to cancel plans at the last minute because the hours are unpredictable.
Technology analyst
Travel Requirements
Travel is limited for about 75 percent of employees. Virginia staffer
Travel is very binary. The majority of cases require no travel for lower echelons. Those cases that do require travel usually need four to ve
days at the client site. Junior consultant
Travel is all or nothing. Either you are in the ofce for the entire duration of a case, or you travel four to ve days a week. Experienced
respondent
Compensation
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Dean & Company
2010 Vault.com Inc.
300
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Compensation is reasonable for a strategy consulting rm, but low given the intensity of the work and complete lack of beach time. Junior
associate
The downside of compensation is that it is not tied to work effort. Also, a signicant portion of the bonus is contingent upon staying additional
years at the rm, so its never actually paid. Entry-level analyst
Professional Development
Vaults Verdict:
Its mostly sink-or-swim at Dean, but marked improvements are in the works.
Formal Training
Most training is unofcial, on-the-job learning. The environment can be very sink-or-swim. Telecommunications junior
Initial training is somewhat helpful, but you learn the most by starting to work on a case. Some continuing training is offered on subjects such
as nance, SQL and accounting. First-year analyst
The company has boosted its ofcial training efforts over the past year. Senior associate
Promotion Policies
Overall, consultants advance at a reasonable rate. Midlevel insider
It can be difcult to be promoted between levels, but within levels, promotions are fairly reasonable. Junior associate
The rm does not have a formal up-or-out policy; however, several employees have been terminated over the past few years for not advancing
quickly enough. Promotion factors are often beyond your control (you do not choose your cases). Business consultant
Diversity
Vaults Verdict:
There is nothing wrong with the diversity we have, it just is somewhat lacking right nowwhich, stunningly, is exactly whats wrong with it.
Diversity Issues With Respect to Women, Minorities, and GLBTs
There are no female managers or VPs. Junior source
There is nothing wrong with the diversity we have, it just is somewhat lacking right now. The company is actively looking to improve that,
though, and the issue of female diversity is only a recent thing (a lot of women left for graduate school recently). First-year strategist
The rm actively tries to recruit more women, but has not succeeded in attracting women to the rm. Some minorities are underrepresented,
but there are not specic efforts to attract any particular racial/ethnic group. East Coast insider
Overall Business Outlook
Vaults Verdict:
Business has improved dramatically of late; now its up to leadership to help morale follow suit.
Overall Business Outlook
The business is doing wellthe rm is at full utilization. Strategy consultant
Theres plenty of business, but a very unsatised workforce. The rm will likely see strong headwinds in hiring new talent to replace frustrated
employees after they leave. Virginia associate
From a revenue-generation standpoint, things have improved a lot. However, morale is very low and many employees want to leave. The rm
is much smaller than it has been historically, so there are fewer case opportunities. Senior consultant
Condence in Firm Leadership
Management lacks the ability to effectively manage the rms human capital. Professional growth of employees is not a priority. Also,
management overreacted to the recession and laid off too many people, such that now we lack adequate staff. D.C. insider
The principle issue is lack of effort at employee retention. Additionally, rm leadership has mostly promoted quantitative analysts/associates,
with limited ability to manage clients. Few hold MBAs. Experienced source
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Dean & Company
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
301
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
302
DROEGE & COMP.
405 Lexington Avenue, 35th Floor
New York, New York 10174
Phone: (212) 557-7616
Fax: (212) 557-6788
www.droege-group.com
LOCATIONS
Dsseldorf (HQ)
New York, NY
Arendal
Barcelona
Budapest
Dubai
Genevilliers
Malm
Moscow
Mumbai
Munich
Nieuwegein
Shanghai
Singapore
Taastrup
Vienna
Warsaw
THE STATS
Employer Type: Private Company
Chairman: Walter P. J. Droege
2009 Employees: 300
2008 Employees: 300
2009 Revenue: 190 million
2008 Revenue: 135 million
PRACTICE AREAS
Growth Restructuring Efciency Improvement
UPPER
Strong evaluation system
DOWNER
Limited brand name in the US
EMPLOYMENT CONTACT
Droege & Comp.
Attn.: Recruiting
405 Lexington Avenue, 35
th Floor
New York, NY 10174
Phone: (212) 557-7616
Fax: (212) 557-6788
Recruiting Coordinator: Ms. Terri Harris
www.droege-group.com/en/careers-alumni/
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Straight to the bottom (line)
Founded in 1988, Droege & Comp. is a global consulting rm headquartered in Dsseldorf, boasting operations in the U.S., Europe, Middle East and
Asia. A subsidiary of the Droege Group (Advisory & Capital), the rm is the second-largest German consulting rm. Created as a consultancy of
entrepreneurs serving entrepreneurs, Droege prides itself on its skills in the area of restructuring and growth programs. Its approach is best summed
up as practical, with a focus on achieving bottom-line results and tangible benets for clients, such as cost savings, increased revenue and corporate
growth. As such, services focus on portfolio alignment, top line optimization, optimization of process and cost, organization/governance, reducing
assets and optimization of investments. Clients represent a range of industries, including automotive, chemicals/life science, retail and consumer
goods, green energies, nancial services, manufacturing and engineering, high tech/telecommunication and transportation.
Consistent with that approach, the rm employs a results-based billing approacha fee structure that links payment to the completion of previously
agreed-upon goals. Droeges client list is an indication that the approach works: 85 percent of the clients come to Droege through recommendation,
and 70 percent remain with the company for more than three years.
Global reach
Droege Group has 17 ofces worldwide, most of them in Western Europe, but enjoys a burgeoning presence in Central and Eastern Europe (through
locations in Budapest, Moscow and Warsaw), the Middle East (Dubai) and Asia (Mumbai, Shanghai and Singapore). The rms U.S. ofce is in New
York City, where a group of 15 professionals serve an international array of clients, many of whom are subsidiaries of European companies.
Droege generally focuses on midsized companies looking to enhance their international presence either through expansion from Europe to the U.S.
or the reverse. It is able to provide expertise and resources, plus raw manpower, well beyond what its clients could marshal internally. International
expansion engagements involve an evaluation of growth strategies and potential acquisitions, coupled with operational improvements. For clients who
need to accelerate or facilitate overseas expansion or sourcing, the rm can act as a general contractor of sorts, adding local knowledge to the project
design and ensuring integrated business services.
Looking East
Droege also has a growing footprint in Asia. Its most recent expansion in the region came in 2007, when it opened an ofce in Mumbai, its rst in
India. Elsewhere in the region, the rm maintains a headquarters in Singapore, and covers a broad swath of the region, including Malaysia, Indonesia,
Vietnam, China and India. In addition to providing a bridge between Europe and Asia, these ofces also allow Droeges American clients to take
advantage of on-the-ground expertise, for example in the area of low-cost-country sourcing.
Tweaking portfolios
Droege also has a specialized M&A practice that serves global buyout rms, early-stage venture capitalists, midmarket private equity rms and hedge
funds investing either in private equity or distressed debt. The company assists in raising funds from limited partners, performs due diligence and
industry screenings, and advises on portfolio improvement. In addition, it consults on acquisitions and exit strategy when it comes time to sell.
GETTING HIRED
Droege prefers to call its consulting staff implementers, emphasizing the rms implementation-driven approach to serving clients. What does that
mean, exactly? As the rm explains it, this refers to Droeges ability to make quick, calculated changes for companies seeking help in restructuring
their business or increasing the value of their business. And, since change doesnt always come easy, Droege looks for implementers who not only
know their stuff, but who can also win acceptance for [their] initiatives and motivate people to take action. The rm adds that, in order to succeed
at Droege, consultants must have a winning presence, condence and leadership skills, sensitivity in dealing with people, and creativity.
But a winning presence alone wont cut it. Candidates who are fresh out of a top-tier university, and have demonstrated both academic strength
and consulting-relevant skills, will be considered for positions as business analysts. Analysts are not expected to be specialists in any one industry
or consulting service, but rather work as generalists on a variety of projects. Those seeking positions at the consultant level or higher must have a
postgraduate degreetypically either a doctorate or an MBAand prior experience as a management consultant. Consultant candidates must also
have strong analytical and communication skills, and expertise that allows them to work as specialists in one of the rms competence centers.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Droege & Comp.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
303
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

ERNST & YOUNG
New York, New York 10036
Phone: (212) 773-3000
Fax: (212) 773-6350
www.ey.com
LOCATIONS
New York, NY (US HQ)
London (Global HQ)
Locations in 140 countries and territories
PRACTICE AREAS
Advisory Assurance Core Business Services Tax
Transactions
THE STATS
Employer Type: Private Company
Chairman & CEO: James S. Turley
Area Managing Partner, Americas: Steve Howe
2009 Employees: 40,732 (Americas)
2008 Employees: 41,535 (Americas)
2009 Revenue: $8.7 billion (Americas)
2008 Revenue: $9.8 billion (Americas)
UPPERS
Strong growth
Great group of partners
DOWNERS
No downtime to catch your breath
Administrivia
EMPLOYMENT CONTACT
www.ey.com/US/Careers
Entrepreneurial
Bean-counters
Strong reputation
Watch out for Lehman blow-back
THE BUZZ
what other consultants are saying
304
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Earnest Ernst
For two decades, Ernst & Young has helped clients stay on the straight and narrow. The worlds second-largest accounting rm, Ernst & Youngs
144,000 employees around the world offer advisory, assurance, tax and transaction advisory services via ofces in 140 countries.
Ernst & Young LLP is the U.S. member rm of Ernst & Young Global, with over 40,000 professionals who work with clients in the asset management,
automotive, banking and capital markets, biotechnology, consumer products, insurance, media and entertainment, mining and metals, oil and gas,
pharmaceutical, power and utilities, provider care, real estate, retail and wholesale, technology and telecommunications industries.
Not consulting, advising
Its difcult to discuss EYs consulting capabilities without delving into the realm of ancient business history. First, and perhaps most importantly, is
that there is no such thing as a consulting wing at Ernst & Young. There is, however, an advisory unit, a term adopted as EY sought to rebuild its
business advisory presence following the $11 billion sale of its original consulting unit to Capgemini in 2000. The reason for that shift in terminology
appears to lie with CEO James Turley, who commented in 2007 that consulting is a very broad and no longer particularly helpful term. Accordingly,
the rm advises, where others might consult, on four core areas: performance improvement (nance, customer and supply chain and operations);
risk (enterprise-wide governance, risk and compliance, internal audit, internal controls nancial services risk management and actuarial); IT risk and
assurance (IT risk management, application risk, infrastructure risk, and data risk and IT assurance); and other cross-advisory teams, such as IT
advisory, people and organizational change, program advisory and strategic performance.
While all of the above services are part of Ernst & Young LLPs advisory unit, its the performance improvement services segment that addresses what
might traditionally be viewed as management consulting services. While the offerings within that unit vary from country to country, the U.S. practice
has just three core competencies: customer, nance, and supply chain and operations.
Keep it simple
EY might be one of the largest rms of its kind in the world, but it is also trying to be one of the most streamlined. In April 2008, the rm underwent a
major restructuring process to consolidate its business and position itself to capitalize on opportunities in emerging markets. As such, the rm brought
together 87 national practices across Europe, the Middle East, India and Africa, and 15 national practices across Asia, to create operationally integrated
EMEIA and Far East areas. These groups work alongside the already-integrated Americas area. Going forward, the rm is paying special attention to
its operations in Russia, India and China, where revenue increased between 30 percent and 40 percent in 2008. By 2010, the rm will have invested
$1 billion in its ofces and operations in these markets.
The rm also revamped its advisory platform to take advantage of recent growth in this service line. EY established a global project management ofce
for all of its assurance and advisory services to streamline their operations as a connected global advisory business.
Advancing all kinds of causes
As might be expected, the rms 18,000 advisory professionals worldwide are active in conducting and publishing research, with a particular specialty
in the area of risk management. Thats not the only area the company pushes forward, however: Every year, EY organizes the Entrepreneur of the Year
awards. Award winners are selected by independent panels of judges and area business and civic leaders in more than 135 cities in 50 countries. The
purpose of the awards is to encourage entrepreneurial activity and to celebrate those who are building and leading successful, growing and dynamic
businesses.
And the commitment to pushing boundaries doesnt stop there, either. The rm regularly appears on lists of top employers for its practices and its
commitment to all forms of equality and diversity in the workplace. See the news section below for a sampling of some of the companys recent
commendations.
GETTING HIRED
Ernst & Young is actively hiring, following a period of relative stagnation. As such, were told, getting hired is now a signicantly easier prospect
than it has been the previous few years. That said, the rms selection process remains extremely selectiveeven a little too selective by some
judgments. Weve gotten to the point that it is tough to get in the door for an ofce visit if you dont have a 3.5-plus GPA and a good standardized test
score (26-plus ACT, normally), says a veteran of the process. Keep in mind that fulllment of these stated requirements (think best and brightest)
only qualies candidates for an initial interviewnothing is guaranteed before an exhaustive case interview process is completed. The rm places a
strong emphasis on assessing a candidates skills and aptitudes through real-world simulation of projects. Insiders say leadership is among the most
highly valued qualities interviewers look for, followed by communication skills and analysis.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Ernst & Young
2010 Vault.com Inc.
305
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Our Survey Says
Corporate Atmosphere
Employee satisfaction at Ernst & Young ranks among the industrys best, with associates eager to heap praise on their colleagues and work environment.
One source cites the entrepreneurial practice within a very large company, also noting, I have control over my own career, and I learn so much every
day. We focus on hiring smart people and treating them with respect, an insider reports.
A senior consultant identies the rms mentoring culture as a personal source of satisfaction: I work for a group of partners whom I respect both
personally and professionally, and who I feel have a genuine interest in me personally and in my career. I enjoy working with and training up our
younger team members, and I nd it very rewarding to be able to serve my clients. Others describe the rms the culture as inclusive, social,
supportive and respectful.
Hours & pay
At EY, a seesaw schedule between 40 hours weeks and absolutely crazy, 70-hour weeks would be considered the norm if managers didnt allow
a serious degree of exibility with regard to travel, late nights and weekends. Traveling every week can get challenging, a source admits, though its
countered by a lot of exibility in when and where I work. For a real-world example, see this staffers attempts to juggle family life and work: I have
a new baby, and I balance work and personal life by coming in late (after 9 a.m.) and leaving at a reasonable hour (often 5 p.m. or earlier) so that I
can maximize my time at home with the baby. This sometimes means working later from home after the baby is asleep, but Ill take that tradeoff for
the exibility.
What staffers gain in exibility, they might forfeit in compensationwhich they do willingly. Some salaries may be at industry standard, but, a number
of insiders agree with this associate who admits, I know that I could make more money right now at another company.
Professional Development
The consensus amongst EY employees is one of real appreciation for the rms very effective formal offeringswhen they can nd the time to access
them. The formal classes offered are very good, but theyre offered very infrequently (once or twice a year), a staffer explains. If you cant make a
class, which is common given client responsibilities, youre often stuck until next year.
Diversity
EY is extremely diverse, a consultant reports, summarizing the widely held belief that the rm is among the most diverse in the industry. We are a
leader in terms of gender, minority and LGBT diversity, and have made those issues a national priority, a midlevel source reports. I dont know of
another place that puts more of an emphasis on inclusiveness.
Overall Business Outlook
Business is picking up in a big way at Ernst & Young. EY cannot hire enough candidates to meet demand, says a snowed-under associate. The
pipeline is bursting, and though that could mean longer hours before new hires take root, it should also translate to better pay and more professional
opportunities for consultants already on the books. I think morale is great in our ofce, considering the events of the past year and the fact that most
did not get raises last year, an optimistic associate points out. Most of that is a credit to our partner group and their positive attitude and commitment
to developing and mentoring our people.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Ernst & Young
2010 Vault.com Inc.
306
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

FIRST MANHATTAN CONSULTING GROUP
90 Park Avenue
New York, New York 10016
Phone: (212) 557-0500
Fax: (212) 338-9296
www.fmcg.com
LOCATIONS
New York, NY (HQ)
Boston, MA
Seattle, WA
PRACTICE AREAS
Acquisition Support Advanced Marketing Segmentation
Business, Product, & Customer Protability Corporate & Business
Strategy Credit Risk Management Customer Experience & Sales
Effectiveness Distribution Planning & Tactics Enterprise Risk
Management Expense Management, Process Reengineering,
& Benchmarking Incentive Compensation Joint Ventures/
Outsourcing Organic Revenue Growth Strategies, Value Propositions,
& Pricing Organizational Design Payments E-Commerce Strategy
Performance Measurement Product Management & Pricing
Revenue Growth & Value Proposition Risk Model Development
Strategic Finance Technology Strategy & Systems Architecture
Treasury & Capital Markets
THE STATS
Employer Type: Private Company
President: James M. McCormick
2010 Employees: 70
2009 Employees: 75
UPPERS
Compensation is incredible
We have recently transitioned to being a rm lled with
younger professionals which has changed the social climate
The rm is hiring aggressively now
DOWNERS
Formal training is sorely lacking
Hours can be grueling
EMPLOYMENT CONTACT
www.fmcg.com/Careers
Specialists
Snobbyonly Ivy League, regardless of ability
Lots of work
No career advancement
THE BUZZ
what other consultants are saying
307
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
A bite out of the Big Apple
Founded in 1980, First Manhattan Consulting Group is a strategy and risk management consulting rm serving nancial institutions, vendors, investor
groups and nancial service providers. Since its founding, the New York-based rm has made its mark on the nancial sector, completing over 3,000
assignments, including jobs for 80 percent of the 70 largest U.S. banks, major insurance carriers, banks and other nancial institutions from 22
countries, and some of the countrys leading private equity rms.
On the fast track
When he isnt racing Porschesone of his favorite (and fastest) pastimesJim McCormick is busy running the show as FMCGs president. An expert
in retail and commercial services, McCormick draws on over 30 years of nancial services consulting experience as the face of FMCG. He has given
testimony to the U.S. Senate Banking Committee and has appeared over 150 times as a speaker before various nancial services industry groups, such
as the Bank Administration Institute, Consumer Banking Association, NY Bankers , Institute of International Bankers, Risk Management Association,
Corporate Financial Group, NACHA, The Capital Roundtable and others. McCormick has also appeared on CNN, CNBC and other broadcast
venues, and has been widely quoted in national publications like Institutional Investor, The Wall Street Journal, The Economist, The New York Times,
Businessweek, Fortune, The American Banker and others.
Divide and conquer
FMCG boasts a number of skills and services it offers to clients, not least of which is its trademarked Financial Personality (FP) marketing system. Over
the years, the rm says, it has realized the importance of segmentation in the banking and nancial services industries. But, relying on overly simplistic
breakdowns like straight demographics is not enough. Jointly launched in 2006 with information services company Experian Group, FP provides
marketers of lending products the ability to improve customer and prospect targeting, to better align products and offers, and to tailor messaging to
appeal to prospects.
Using the FP system, consumers receive a score that is based on their needs and attitudes toward a specic nancial productinformation gleaned
from direct consumer market research. The scores provide information about a consumers product requirements (what needs they want fullled),
beliefs (what emotions the product stimulates), and usage (how often the product is used). That information is combined with credit and demographic
data and, after some number crunching, the reports are used to tweak media and marketing campaigns. Clients, FMCG boasts, routinely generate
two times to three times improvement in marketing spending return on investment. FMCG has developed FP structures for most major lines of
business in consumer nancial services, including home equity loans and lines, mortgages, deposits, credit cards, life insurance, secured lending and
investments.
Preach what you practice
Never tight-lipped when it comes to advice for clients, FMCG also offers its expertise via its value-based management white paper series. These papers
are made available to nancial institutions, journalists, bank analysts and academics, and feature the rms insights on strategy, risk management,
retail banking, marketing, technology and other topics relevant to the nancial services industry. Recent issues have addressed stress testing, top-10
questions to ask during due diligence, small business deposit growth, payments strategy and breakthroughs in direct marketing.
FMCG staffers also make themselves heard through presentations at national conferences and in their analysis of nancial issues in the media. The
rms managing vice presidents and vice presidents also appear regularly on panels and as speakers at industry conferences around the country and
abroad. The rm has also been quoted over 500 times in numerous magazines, newspapers and industry publications and the rms experts, not
known to be camera shy, have appeared on CNN, Reuters, Bloomberg and network news programs.
GETTING HIRED
Word that the rm plans to staff-up aggressively in the near future will be welcomed by prospective applicants, particularly those who might be
reluctant to consider themselves the kind of high-octane candidates FMCG typically targets. The rm also takes commitment seriously; according
to one source, recruiters want to hear that qualied candidates are willing to stick with the rm for the long term.
The interview process takes place over two legs. Imminent graduates can expect to meet with recruiters on campuses throughout the country; they
should also expect recruiters to vet them very carefully, as both parties seek to nd the right t. Successfully screened candidates will be invited
back to FMCG ofces, where theyll sit for a day of 45- to 60-minute interviews with ve to six professional staff members, not the least of whom
often includes the president or executive vice president of the rm (the founder and co-founder).
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
First Manhattan Consulting Group
2010 Vault.com Inc.
308
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

OUR SURVEY SAYS
Corporate Atmosphere
The job is great, says a humble insider, reecting the general sentiment of many of his colleagues. Projects are interesting, says another. I get
more client interaction than I would get at any other rm. When they arent praising the quality of work they see each day, consultants highlight the
interesting and friendly nature of FMCG culture. Analysts spend time working, thinking and eating together at one of the many community tables
we have in the ofce, an associate reveals. We have recently transitioned to being a rm lled with younger professionals, which has changed the
social climate. We are not the First Manhattan Consulting Group of Vault guides gone by.
Hours & pay
Consultants call the long, often variable hours at FMCG grueling and a challenge. That said, one associate highlights the commitments the rm
makes to protect consultants from burnout: The rm is very respectful of vacations, weekends and outside commitments. The emphasis is on getting
the work doneif you need to leave for an hour in the middle of the day, thats ne. Travel requirements can admittedly be on the aggressive side,
but travel varies by practice.
Any gripes about schedules are countered by a compensation package that one respondent dubs the best in the industry. Bonuses and prot-
sharing are great, says one consultant. We work hard, we work smart, and we are rewarded for that hard work.
Professional Development
Outside of some initial training for new hires, its largely trial by re for FMCG consultants. After one week of training for new rst-year analysts, an
associate says, most of the training is on the job. Analysts will typically be staffed within their rst week or two at the rm. While this experience can
be daunting, consultants generally appreciate the invaluable lessons they learn in the process; not only do they help adjust to life in the industry, they
also give consultants a head start in what is called a true meritocracy. According to a senior source, Professionals are promoted as soon as they
are readyfor some, this means spending only six months as an analyst before transitioning to a midlevel position. Some analysts have progressed
to partner in six to seven years, adds another insider, underscoring the ease with which top performers can ascend through the ranks.
Overall Business Outlook
As one consultant says, FMCG thrived in spite of the recession. In fact, the rm did not lay off a single employee in the midst of economic turmoil.
Our clients are almost always repeat clients, the source continues, who continue to come back because they are impressed with the strength of our
team and work. The entire rm is growing exponentially this year, says another associate. We expect to continue to staff up aggressively to meet
growing demand. It certainly helps to have leaders who are quoted on an almost-daily basis in the most important trade journals and in mainstream
business publications.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
First Manhattan Consulting Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
309
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
310
FREDERIC W. COOK., INC.
90 Park Avenue, 35th Floor
New York, New York 10016
Phone: (212) 986-6330
www.fwcook.com
LOCATIONS
Atlanta, GA
Chicago, IL
Los Angeles, CA
New York, NY
San Francisco, CA
Tarrytown, NY
PRACTICE AREAS
Compensation Advisory Compliance Corporate Governance
Incentive Design Total Compensation Review Transaction
Services
THE STATS
Employer Type: Private Company
Founder & Director: Frederic Cook
Chairman: George Paulin
2010 Employees: 70
UPPER
A strong name in the executive compensation camp
DOWNER
Very narrow niche
EMPLOYMENT CONTACT
fwcook.com/careers.html
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Money matters
Founded in 1973, Frederic W. Cook & Company has provided over 2,500 clients with their services, which typically address a broad range of employee
compensation issues. Using published surveys, custom studies and its own internal database of compensation metrics, Frederic Cook consultants
help client leadership determine appropriate base salaries, benets and bonuses, and severance packages for their employees. Of course, not every
client rm will require the same compensation system, regardless of industry; clients expect an intuitive, personalized compensation scheme that
takes their unique circumstances into accountand thats where FWC consultants claim to differentiate themselves. The rms professionals are
also well-versed in nancial law, as clients often seek their advice on sticky pay situations resulting from ethnicity or gender discrepancies. Outside
of compensation, FWC also provides solutions regarding corporate leadership, as well as advice on mergers, acquisitions and transitions to the public
or private spheres.
The rm touts its inuence as compensation advisors to half of the rms populating the Dow Jones Industrial index, and a quarter of those in the S&P
500. Perhaps it achieved such signicance because of a nondiscriminatory client policy which sees it take on both private and public corporations
as clients (including foreign companies, in spite of the challenges posed by exchange rates and foreign nance laws), as well as trusts, foundations
and universities.
Knowledge pays
Aside from providing its services as an advisory body, FWC also shares its wealth of compensation-related knowledge to prospective clients and the
community at large. Most notable among these efforts is the annual release of three core surveys that examine long-term trends and immediate
obstacles the industry faces. Dubbed the Annual Survey on Long-term Incentives, Board of Directors Compensation Report, and the Top 250
Long-term and Stock-Based Grant Practices, each analyzes a particular function within the industry. For example, 2009s Top 250 evaluated the
integrity of certain non-salary incentives for employees in the face of unprecedented economic pressures. Somewhat predictably, results showed
that more employees preferred immediate, strictly monetary incentives to the long-term, less tangible alternatives (stock options, for example) that
leadership is more likely to offer in tight times.
GETTING HIRED
The rm aspires to hire only the best, warning prospective applicants of the need to bring a good deal of condence and quality to the table. What
qualies a candidate as the best? Creativity, judgment, entrepreneurial energy, initiative, independence and willingness to assume responsibility are
highly valued, the rm says. Recruiters place special emphasis on individuals who are self-starters, according to the rm, and [those] who possess
a high level of business acumen and commitment to excellence in a demanding, fast-paced professional environment. Those deemed capable are
promised to be rewarded with a supportive, dynamic and enlivening atmosphere.
For those who nd these descriptions eerily familiar, the rm would like to hear from you at careers@fwcook.com.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Frederic W. Cook., Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
311
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

GRANT THORNTON LLP
175 West Jackson Boulevard, 20th Floor
Chicago, Illinois 60604
Phone: (312) 856-0200
Fax: (312) 602-8099
www.grantthornton.com
LOCATIONS
Chicago, IL (HQ)
51 Ofces throughout the US
THE STATS
Employer Type: Private Company
CEO: Stephen Chipman
2009 Employees: 5,840
2009 Revenue: $884 million*
2008 Revenue: $1.05 billion*
*Special advisory services only
PRACTICE AREAS
Advisory
Business Strategy Forensics, Investigation & Litigation
Governance, Risk & Compliance IT Performance
Improvement Restructuring/Turnaround Transaction
Advisory Services Valuation Audit Tax
UPPER
Strong, historic reputation in the industry
DOWNER
Consulting work sometimes gets overshadowed by the
accounting bent
EMPLOYMENT CONTACT
www.grantthornton.com/careers
Solid mid-market provider
Mostly accountants
Intelligent, well-paying
Stodgy, old school
312
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
The Big Five?
Grant Thornton is one of just six worldwide tax, audit and advisory organizations. Although not a member of the so-called Big Four, the rm has
established itself as a fairly big sh. The rm can trace its roots back to 1924, when Alexander Grant, only 26 at the time, left Ernst & Ernst (now Ernst
& Young) to start his own public accounting rm, Alexander Grant & Co. As the rm grew it, absorbed 49 other rms, most notably the U.K.-based
Thornton Baker, and in the mid-1980s the rm rebranded itself Grant Thornton.
Despite its exclusion from the Big Four, Grant Thorntons structure is very similar, with each member rm acting as its own distinct, legal entity. And,
like PricewaterhouseCoopers and Ernst & Young, the rm features a U.K.-based limited company as its coordinating entity.
Parts of a whole
As would be expected of a rm of its size, Grant Thornton offers a wide range of services across a wide range of industries. It boasts three main practice
areas: tax, audit and advisory. Its advisory unit has worked with clients in 18 industries, including both the public and private sectors and not-for-prot
organizations. The rm provides solutions for issues complying with new legislation, managing risk, containing costs, streamlining business processes,
increasing security of computer networks and identifying strategic transaction opportunities.
The consulting unit also includes a forensics, investigations and litigations branch that researches economic foul play and advises corporations involved
with criminal abuse lawsuits. Owing its existence to an unprecedented increase in business-related investigations and litigation, Grant Thornton
consultants step in to protect clients reputations and avoid the costly business interruptions that can accompany high-prole lawsuits. Discretion is a
major concern for the branch and its clients; consultants make a point of uncovering, detecting and deterring fraudulent or abusive activity in a bid
to address trouble areas as quietly as possible.
Publishers, too
Grant Thornton frequently shares its research and insights with clients and the general public. The rm periodically releases 30 specialized newsletters,
specic to certain industries, such as the automotive or nancial industries, while others deal with broader issues concerning federal legislation, general
accountancy developments and not-for-prot regulatory matters. Grant Thornton also releases white papers, reports and surveys, and partners at
the rm have published a number of books. Moreover, the rm regularly hosts and attends seminars and industry events, also hosting webcasts and
podcasts. The rms research and publications are free to view on its website.
Green Thornton
Declaring itself a steward of the environment, Grant Thornton adopted a comprehensive environmental sustainability policy, dubbed ExperienceGreen,
which aims to minimize the overall impact of business operations on the environment. The initiative is directed from the top down; employees
are encouraged to participate by practicing responsible waste disposal methods, and National Chairperson John Messer is the rms most visible
environmental advocate. Leadership is proactive in its environmental direction, funding local greenest ofce competitions and dictating a moratorium
on unnecessary travel. In particular, Messer leads by example, hosting industry panels on corporate responsibility and organizing informal sustainability
alliances with corporate networks and NGOs alike.
GETTING HIRED
Grant Thorntons recruitment process generally begins on campus, where the rm targets qualied candidates whove dropped resumes at campus
career centers. Pre-screened candidates will then get the opportunity to personally present your resume in the form of a 30- to 45-minute
interview, either in person or on the phone. The rms goal here is straightforward: simply to evaluate your qualications to see if a subsequent
interview is in line with mutual objectives. Successful candidates will be invited for a second interview, also roughly 30 to 45 minutes in length, but
involving a much greater level of detail. Candidates should prepare to give in-depth histories of academic, personal and professional backgrounds;
the rm prefers to hear specic examples of situations rather than long-winded life stories.
The third and nal round nally sees imminently successful candidates brought in to Grant Thornton ofces to meet with all levels of personnel,
from associate to partner. Our staff will continue to ask questions to learn even more about your background, qualications and interest in Grant
Thornton, the rm explains. After the ofce visit, your recruiter will gather all of the feedback and make a nal employment decision.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Grant Thornton LLP
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
313
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
314
GREENWICH ASSOCIATES
6 High Ridge Park
Stamford, Connecticut 06905
Phone: (203) 629-1200
Fax: (203) 629-1229
www.greenwich.com
LOCATIONS
Stamford, CT (HQ)
London
Singapore
Tokyo
Toronto
PRACTICE AREAS
Commercial Large Corporate Banking Foreign Exchange
Derivatives Equities Fixed Income Insurance
Investment Banking Investment Management Strategic
Consulting Group Treasury
UPPERS
Blue-chip reputation and brand
Calm workplace
DOWNERS
Lacking green initiatives and programs
Some of the managing directors are stuck in old ways of
doing things and need to begin to change
THE STATS
Employer Type: Private Company
Senior Managing Director: Steven Busby
2010 Employees: 200
2009 Employees: 170
EMPLOYMENT CONTACT
Jenny ODonnel
Phone: (203) 629-1200
E-mail: resumes@greenwich.com
To submit your resume: erecruiter.greenwich.com
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Purveyors of nancial intelligence
Greenwich Associates is an institutional nancial services consulting rm that earns its keep by sharing proprietary nancial research with its clients. Its
research programs, which rely on annual interviews with key industry executives in more than 70 countries, are the foundation of its consulting services,
which include providing ranking and ratings information on service providers, benchmark information on best practices and market intelligence on
overall trends in the nancial markets.
Keeping it smallsort of
Charley Ellis founded Greenwich Associates in 1972. The rms mission: to offer high-quality proprietary research and consulting advice to senior-level
clients in major nancial enterprises. The rms initial offerings were in personal trust services, large corporate pensions and large corporate banking
and only in the United States. Eventually, its business expanded to include a wide range of clients in the nancial sector, including stockbrokerage,
xed income, foreign exchange, derivatives and investment banking markets around the globe. The range of services offered has also expanded over
the years to include global programs, custom research, online tools and services, as well as specialized analytical services. Today, although Greenwich
Associates has tried to stay small and close-knit, it has expanded to include ofces in the United Kingdom, Singapore, Japan and Canada, which service
more than 250 clients around the world.
Thousands of sidekicks
Greenwich Associates doesnt believe in outsourcing its research. In addition to its internal staff, the rm touts its thousands of research partners, who
are professionals at large corporations, plan sponsors and buy-side institutions. The rm interviews and tracks research partners in dozens of countries
across the Americas, Europe, the Middle East, Asia and Africa. In return for their help, research partners receive the intelligence that the rm acquires
and creates from its surveys and analyses. This intelligence is produced in the form of white papers and other research on institutional nance,
covering areas such as ratings and rankings of nancial services providers, market trends and best practices, and peer compensation information.
In equities and xed income, the rm tracks over 5,000 investors from 70 countries. In the insurance eld, the rm conducts 35,000 interviews with
risk managers, CFOs, treasurers, legal counsel and other professionals working in insurance and risk management. Within investment management,
nearly 3,000 U.S., Canadian and European pension funds, foundations, endowments and other institutional funds are interviewed, in addition to 75
consultants in 18 countries. Middle-market and small business-market studies are run continuously, and cover interviews with nearly 25,000 U.S.
companies (small business being dened as annual sales of $1 to $10 million, and middle market as annual sales of $10 to $500 million). The
activities of more than 5,000 senior corporate nance and treasury professionals from 70 nations are interviewed to provide the best corporate nance
and treasury research.
Cutters are for cookies
Greenwich Associates makes a point of emphasizing the customizable nature of its research. With custom research, the rm attempts to collect,
monitor and act upon client data at close to a real-time basis. It claims that its custom research nds the answers to four fundamental questions.
First, how are the clients customer needs changing? Second, how is the client doing relative to its competitors? Third, if the client is not performing
to expectations or potential, why not? And nally, what does the client have to do to reach its potential? Some areas in which the rm can perform
custom research are strategy formulation, strategy measurement, market trends and customer behavior, and competitive position.
Thinking big picture
For bigger-scale research requests, Greenwich Associates offers large-scale market research in both the consumer and institutional markets via its
wholly owned subsidiary, CCL, based in Toronto. CCLs research is primarily focused on providing business-line and marketing professionals with
insights into customer satisfaction, market benchmarks, customer behavior and awareness, and product and service trends. Interviewers conduct
more than 600,000 interviews per year in English, Spanish, French, and Chinese, via ve call centers and from over 300 computer-assisted telephone
interviewing stations. And, of course, each CCL report can be customized to meet a particular clients needs.
GETTING HIRED
Recruiters actively seek outstanding individuals with high aspirations to join the fold at Greenwich Associates, guaranteeing professional growth and
personal fulllment. The rm has an extensive interviewing process, in which both members and consultants interview candidates. Hiring the perfect
candidate is exceptionally important to the rm, as there is big advocacy towards buy-in and positive rm morale.
Applicants are encouraged to submit resumes online on the rms career opportunities page at www.greenwich.com.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Greenwich Associates
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
315
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
316
THE HACKETT GROUP, INC.
1001 Brickell Bay Drive, 30th Floor
Miami, Florida 33131
Phone: (305) 375-8005
Fax: (305) 379-8810
www.thehackettgroup.com
LOCATIONS
Miami, FL (HQ)
Atlanta, GA
Chicago, IL
New York, NY
Philadelphia, PA
San Francisco, CA
Amsterdam
Frankfurt
Hyderabad
London
Paris
Sydney
PRACTICE AREAS
Finance Global Business Services Human Resources IT
Procurement Supply Chain Transformation Consulting
Finance-oriented
Limited
Strong in their core eld
Data-sellers
THE STATS
Employer Type: Public Company
Ticker Symbol: HCKT (Nasdaq)
CEO: Ted Fernandez
2009 Employees: 724
2009 Revenue: $142.7 million
2008 Revenue: $192.1 million
UPPER
Innovative, out-of-the-box thinking is encouraged
DOWNER
Travel is a must
EMPLOYMENT CONTACT
www.thehackettgroup.com/about/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Three-pronged attack
The Hackett Group, founded in 1991, assumed its current form after being acquired by Answerthink Inc. in 1997. Helming the ship is Ted Fernandez,
who has held the position of CEO since co-founding Answerthink in the mid 1990s. Hackett can be distinguished by its three core service groups: REL
Consultancy, the rms working capital division, offers cash ow solutions; recently acquired Archstone Consulting offers expert strategy and operations
advice to consumer, pharmaceutical, manufacturing and nancial services clients; and Hackett Technology Solutions, the rms aptly-named IT
branch, provides comprehensive solutions to all things technology.
The Hackett Group boasts a myriad of high-prole clients, the likes of which include GE, BBC, IBM, Wal-Mart, AT&T, Pzer and American Express,
among others. In its short history, the company has worked with over 2,700 major corporations and government agencies, including 97 percent of the
Dow Jones Industrials, 73 percent of the Fortune 100, 73 percent of the DAX 30 and 50 percent of the FTSE 100.
Win-win
Hackett Groups 2009 acquisition of Connecticut-based Archstone Consulting was a major coup for the rm. Not only was Hacketts reach extended
into previously untapped industries, but Archstones IT strategies and BPO advisory expertise increased the depth and breadth of Hacketts services.
Archstone still retains a notable degree of autonomy from its new parent rm, allowing it to keep relationships with existing clients personal and
transition-free. While little has changed on the ground for Archstone consultants, having access to Hacketts international network of resources has
only improved business prospects.
Setting the mark
One of Hacketts more popular and unique offerings allows clients to measure its performance against that of the rms competitors. In its benchmarking
studies, the rm helps clients identify sources of dissatisfaction and offers strategies to eliminate them using the same metrics. Its only natural, then,
that clients would use Hacketts own benchmarks to compare it to other consulting options. The rm touts its 4,000 benchmark-strong database as
the most comprehensive in the world, and it certainly wouldnt be so if Hackett itself werent included.
In 2010, Hackett extended its benchmarking practice to have a more global impact when it forged an alliance with Japans Nomura Research Institute.
The alliance dictates that NRI will sell and deliver Hacketts data in Japan, China, Taiwan, South Korea, the Philippines and Indonesia. This is indicative
of a broader strategy at Hackett, as the rm has struck similar deals with consulting rms in Scandinavia and Sub-Saharan Africa.
Only the best
Hacketts clients get access to more than just advisory services when hiring the rm. Each client gets instant access to the rms Best Practices
Intelligence Center, where they can research and read about Hackett-Certied Best Practices. Strategies can only be classied as best practices after
they have been thoroughly evaluated, using the rms benchmark studies of 3,000 organizations. Along with the practices themselves, of which there
are over 1,400, the rms Intelligence Center features additional research and information on Hackett Group members-only events.
GETTING HIRED
Hackett recruiters look for applicants who demonstrate insight, passion and commitment. The rm lists ve particular qualities it says the successful
candidate will embody. We look for people who are: insightful, thorough, committed, passionate and collaborative. Creativity might be another
cherished attribute; according to the rm, The problems our clients face are complex; we have to be imaginative and innovative. For more tangible
requirements, the rm cites excellent analytical ability, outstanding MS Ofce and data modeling skills, and excellent verbal and written communication
skills, among others, as necessary qualities for consultant positions. Business and economics undergraduate degrees are preferred. And, as
ever, applicants must be willing and able to travel to client work locations.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Hackett Group, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
317
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
318
HAY GROUP
The Wanamaker Building
100 Penn Square East
Philadelphia, Pennsylvania 19107
Phone: (215) 861-2000
Fax: (215) 861-2111
www.haygroup.com
LOCATIONS
Philadelphia, PA (HQ)
86 ofces in 48 countries
PRACTICE AREAS
Building Effective Organizations Employee Effectiveness
Surveys Leadership & Talent Reward Services
Theres no one stronger in compensation consulting
One-dimensional
Strong for analytical projects
Small lad in a big town
THE STATS
Employer Type: Private Company
Chairman: Chris Matthews
2010 Employees: 2,600+
2009 Employees: 2,600
UPPERS
Freedom to act
You can make a difference
DOWNERS
Lack of consistency in practices across ofces
Minimal career coaching
EMPLOYMENT CONTACT
www.haygroup.com/ww/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Find your way with Hay Group
If a company needs help with its staffwhether to develop, motivate or train themthen Hay Group is the consultancy they go to rst. The 67-year-old rm
specializes in human resources and is the creator of the most widely recognized job evaluation methodology in the world. The global rm, based in Philadelphia,
uses the research it carries out on a company and translates it into what it calls actionable insights. It then passes these on to the client company, with the
goal of improving its business strategiesas well as execution of those strategiesand boosting staff engagement at the same time. On top of that, Hay Group
makes sure that its clients employees are doing the job that is right for the skills they possess through a range of leadership and talent assessments. In addition
to carrying out customer and employee surveys to make sure clients are on the right track, the rm also provides clients with direction on employee reward
services and how to build an effective organization. Clients come from the private, public, and nonprot sectors, and from virtually all industries, including the
chemicals, consumer goods, education, nancial services, health care, life sciences, manufacturing, oil and gas, retail services and technology.
The rm operates in four practice areas. The rst, leadership and talent services, offers capability assessment, leadership transformation and talent
management services. The reward services group offers clients help with reward strategies, total reward framework advice, executive rewards, job evaluation,
reward information services and benets advice. Hay Groups consultants are also assigned to a practice area for building effective organizations, which ensures
companies strategies are aligned with their operating models, and to the employee and customer surveys unit, which includes employee engagement and
customer research services.
Matchmaker, matchmaker
Have big shoes to ll? Hay Group can make sure its clients pick the best managers to ll executive positions with the help of its extensive leadership and talent
research databases. Founded by Harvard psychologist David McClelland, Hay Groups leadership and talent practice uses substantive, empirical research into
human behavior and its effect on organizational performance to help clients assess and select the best managers and executives for their companies.
Measuring up
Hay Group backs up all of its advice with its industry-renowned methodologies and data services. Since the 1960s, the rm has collected more than
6.1 million individual leadership assessments of 533,039 individuals, including 74,513 executives from 5,473organizations. It has also built over 1,959
competency models for clients, and its organizational climate surveys are available in 28 languages.
The rm uses this data in a variety of ways, most notably for its job evaluation methodologythe rst of its kind in the marketwhich is used by over
8,000 organizations around the world to determine the value of a job. A complementary methodology is Hay Groups role-prole matrix, which serves
as the evaluation of the job evaluation method. It allows managers to see the difference between roles and to identify any gaps in order to determine
how to shift jobs around. The matrix is most often used by boards and senior management in succession planning.
Another Hay Group tool: PayNet. Developed in 1997, the database allows managers to compare online rewards across sectors on an international basis. It
is the worlds largest database on remuneration for management positions, with more than 12 million individual records from more than 13,000 organizations.
Making the list
Hay Group often partners with publications to recognize standout companies. Since 2002, the rm has paired up with Fortune to rank the most
admired companies in the world, providing detailed analysis to make the case for each rm listed. Issues assessed for the ranking include attraction
and retention of talent, culture, leadership, performance measurement, strategy implementation, managing through economic uncertainty, execution,
innovation, ability to conduct business globally, board effectiveness and reward programs.
Since 2005, the rm has also created the Best Companies for Leadership ranking, in collaboration with Chief Executive magazine and BusinessWeek
online. And, since 2007, Hay Group has partnered with The Wall Street Journal to publish the annual WSJ/Hay Group Executive Compensation
Report, which looks at various aspects of compensation, based on employee survey results. The rm also joins forces with Bloomberg Businessweek
to publish the Best Companies for Leadership.
Its not all collaboration, however; while Hay Group might share some bylines, its consultants take full credit for a number of other survey and reports,
which the rm releases regularly.
GETTING HIRED
Hay Group takes a unique approach to recruiting and interviewing candidates. For example, recruiters spurn most on-campus activities, preferring to hire
personally referenced candidates or to pinch laterals from competitors. Moreover, interviews typically dont include case studies, a method of evaluation adopted
by the industry at large.
Rather than examining work experiences or academic records, the rm uses its own set of evaluations to try to understand a candidates nature as deeply as
possible (which can make interviews difcult to prepare for). When presenting ones self to interviewers, its important to keep several notes in mind. Flexibility
is key, the rm says, adding that candidates should be able to change their behavior or appearance for the situation or individual they are dealing withwith
the interview serving as the rst test of this exibility. Further, the rm notes, We expect to see evidence of initiative and of soliciting colleagues help,
underscoring the importance of appearing a personable team player.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Hay Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
319
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
320
ICF INTERNATIONAL, INC.
9300 Lee Highway
Fairfax, Virginia 22031
Phone: (703) 934-3603
Fax: (703) 934-3740
www.ic.com
LOCATIONS
Fairfax, VA (HQ)
Over 40 ofces worldwide
THE STATS
Employer Type: Public Company
Ticker Symbol: ICFI (Nasdaq)
CEO: Sudhakar Kesavan
2010 Employees: 3,500+
2009 Employees: 3,500
2009 Revenue: $674.4 million
2008 Revenue: $697.4 million
PRACTICE AREAS
Clearinghouses & Resource Centers Economic, Policy &
Regulatory Analysis Enterprise Solutions and Information
Technology Human Capital Strategies Management
Consulting Program Management Regulatory Support
Research & Evaluation Scientic & Risk Assessment Strategic
Communications Training, Education, & Technical Assistance
UPPER
Strong public-sector presence
DOWNER
Limited name recognition outside its immediate circles
EMPLOYMENT CONTACT
www.ic.com/Careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
From inner-city to international
ICF International was founded in 1969 as a venture capital rm known as the Inner City Fund, but by 1972 it had become apparent that its consulting
practice was its most lucrative. After a decade-long stint as ICF Kaiser, the newly christened consulting rm cut all ties with Kaiser Engineers and
became ICF Consulting in 1999. The rm retained the moniker until 2006, when it changed its name to ICF Internationalan effort to reect its global
presence. Since 2002, the rm has acquired 11 different companies, including two divisions of Arthur D. Little in 2002. ICF currently partners with
government and commercial clients to deliver professional and technological services, a far cry from its original purpose of funding startup companies
in inner-cities.
The peoples rm
ICF offers a wide range of services to its clients11, to be exact, in eight distinct markets: climate change, defense, energy, environment, health,
homeland security, social programs and transportation. In each case, the rm dictates potential policy changes, provides information and data, or
facilitates technological changes. Among ICFs clients are both governmental agencies and private entities, with the majority of contracts coming from
the public sector.
Not only do a bulk of the rms clients hail from the public sector, but ICF has a habit of winning contracts in the name of the common good. For
example, ICF has secured contracts with the Centers for Disease Control and Prevention to support efforts to combat obesity and tobacco use, and
to provide quantitative health data for the national program of cancer registries. Similar contracts have seen ICF serving the Ofce of National Drug
Policy, the U.S. Coast Guard, the Department of Housing and Urban Development and the Environmental Protection Agency.
Get involved in the community
Given its for-prot work in the public sector, its of little surprise that community involvement is a major facet of ICFs corporate culture; the rm devotes
an entire department, the ICF international environment and community team, to serving charitable and environmental causes. Since 1995, the rm
has raised $68,000 through its annual charity auction and donated the money to charities in the Washington, D.C., area selected by employees.
Auctions consist of employee donated items and services, such as homemade foods and weekends at partners beach houses. ICF also contributes
to and participates in events organized by the Red Cross, Make-A-Wish Foundation, Toys for Tots and Habitat for Humanity, among many other local
and national charities.
Green is gold
ICF also counts environmental stewardship among its corporate responsibilities. Accordingly, the rm actively participates in Environmentors, an
after-school program that pairs high school students with adult mentors who assist with environmental projects and educate about possible careers
in environmental work. For its dedication to limiting the environmental impact of employee commutes, the Commuter Choice Leadership Initiative
named ICF the best workplace for commuters. On a grander scale, both Environmental Finance Magazine and Climate Change Business Journal have
awarded the rm prestigious honors for its comprehensive commitment to sustainability.
GETTING HIRED
According to the rm, we hire recent graduates who are eager to apply their academic knowledge toward complex business issues. ICF spends quite
a bit of time on campus, looking for qualied candidates of all academic backgrounds (ranging from environmental studies to mathematics to public
policy majors) to begin what an insider labels a very stringent and selective hiring process. With such a broad range of industry-specic openings
from climate change and sustainability to fuels and technology, with an impressive array in betweenqualications vary dramatically. However, the
rm does place a common focus on strategic analysis, and most candidates will need to demonstrate real quantitative aptitude.
Look for ICF recruiters at a number of undergraduate campuses and career fairs throughout the U.S., particularly at large public institutions such as
the University of Michigan, University of Virginia, University of North Carolina and Penn State.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
ICF International, Inc.
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
321
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
322
INGENIX CONSULTING
12125 Technology Drive
Eden Prairie, Minnesota 55344
Phone: (866) 223-6738
www.ingenixconsulting.com
LOCATIONS
Eden Prairie, MN (HQ)
Atlanta, GA
Chicago, IL
Denver, CO
Falls Church, VA (The Lewin Group)
Kansas City, MO
New York, NY
Rocky Hill, CT
Salt Lake City, UT
San Francisco, CA
London
PRACTICE AREAS
Hospital & Physician Solutions Insurer & Health Plan Solutions
Public Sector Solutions (The Lewin Group)
UPPERS
Strong parent-company backing
DOWNERS
Limited variety of projects
THE STATS
E mployer Type: Wholly owned Subsidiary of UnitedHealth
Group
CEO: John Nackel
2010 Employees: 1,000+
EMPLOYMENT CONTACT
www.ingenixconsulting.com/Careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
For all your health care needs
Ingenix Consulting is a data-driven consultancy specializing in health and human services. Consultants hail from a diverse array of professional and
academic backgrounds, with human health the only common concern. Medical doctors, registered nurses, IT professionals and business veterans all
collaborate under the Ingenix banner, providing clients with an unusual depth of expertise and breadth of services. The typical client falls under one of
three service categories: hospital and physician solutions, insurer and health plan solutions, and public-sector solutions. Each category retains its own
specic services, but the bottom line is clear: Many in the health industry struggle with nancial inefciencies, and its Ingenixs business to provide
solutions. Consultants also give advice and interpret the mercurial, labyrinthine nature of American health care policy. Finally, through its subsidiary
the Lewin Group, the rm offers policy research and data analysis, scal management and program optimization for the public sector.
The more you know
Information is certainly one of Ingenix Consultings strong suits, with the rm having access to the largest claims-based repository in the world. This
databaseowned by the rms parent company, UnitedHealth Groupincludes fully integrated medical, pharmacy and lab data for over 157 million
people. Ingenix was founded in 1996 by UnitedHealth Group in order to acquire and integrate health care information technology capabilities, and its
subsidiaries are able to leverage this information to their advantage.
Covering its bases
Much of Ingenixs growth has come organically, but since 1998, four key acquisitions have helped to speed up that growth and broaden its capabilities.
In 1998, the rm acquired Reden & Anders, a management and clinical consulting rm. The acquisitions were quiet for the next nine years, until the
rm acquired both The Lewin Group and Healthia Consulting in 2007. Healthia added to the rms abilities in IT strategy, while The Lewin Group,
which has maintained its name and continues to operate as its own entity, is a health policy and research consulting rm. In 2008, the rm made its
most recent acquisition, acquiring Global Works Systems, Inc., a software and services health care IT rm.
GETTING HIRED
As far as the Ingenix is concerned, if you have talent for technology, interest in health care, and motivation to succeed, we want to meet you. Recruiters
scour campuses of leading universities across the country, looking for people who know where they want to go. In particular, the rm seeks bright college
students looking forward to careers in medicine, computing technology and business. Creativity is among the other qualities coveted by the rm: If you have
a solid track record for innovation and accomplishment, were eager to talk to you.
Prospective applicants can search for specic opportunities and drop resumes online via UnitedHealth Group.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Ingenix Consulting
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
323
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
324
One of the most well known
Type-A employees
Seasoned; diverse
KPMG LLP (U.S.)
345 Park Avenue
New York, New York 10154
Phone: (212) 758-9700
Fax: (212) 758-9819
www.kpmg.com
www.us.kpmg.com
www.kpmgcampus.com
LOCATIONS
New York, NY (HQ)
88 ofces throughout the United States
PRACTICE AREAS
Accounting Advisory Business Performance Corporate
Finance Financial Risk Management Forensic Internal Audit,
Risk & Compliance IT Advisory Restructuring Transaction
Services
UPPER
Very diverse
DOWNER
Some sense of entitlement around ofces
THE STATS
E mployer Type: KPMG LLP, the audit, tax and advisory rm,
is the US member rm of KPMG International
Chairman, KPMG International: Timothy P. Flynn
Chairman & CEO, KPMG LLP (U.S.): John Veihmeyer
Deputy Chairman and COO, KPMG LLP (U.S.): Henry Keizer
Americas Head of Advisory: Mark Goodburn
Global Head of Advisory: Alan Buckle
2009 Employees*: 22,960
2008 Employees*: 23,914
2009 Revenue*: $5.076 billion
2008 Revenue*: $5.679 billion
*Employee and revenue gures are for KPMG LLP U.S. only
EMPLOYMENT CONTACT
www.kpmgcareers.com
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Network kings
Professional services giant KPMG International operates as an international network of independent member rms, which includes KPMG LLP U.S.,
known as a Swiss cooperative. While the member rms that make up KPMG International might be independent of one another, their businesses are
similarly organized around three service lines: audit, tax and advisory. And, within those service lines, the offerings from country to country are likely
to be pretty consistent, too.
Indeed, as of October 2009, KPMG advisory services will be organized into three groups that address distinct client issues: performance and technology,
transactions and restructuring, and risk and compliance. While that simplies the rms offerings from the nine categories it offered before, the shift
will likely change little about the day-to-day work its consultants do; theyll still be committed to mitigating risk, improving performance and creating
value on behalf of clients. In North America, KPMG member rms include KPMG LLP (USA) and KPMG LLP (Canada).
Alphabet soup
KPMGs roots date back to 1870, when accountant William Barclay Peat hung out his shingle in London. In 1911, his rm merged with New York-
based Marwick Mitchell & Co., forming a business that later became known as Peat Marwick. Meanwhile, over in Scotland, Glasgow accountancy
Thomson McLintock partnered with Dutch and German accounting rms to create Klynveld Main Goerdeler (KMG), an alliance of independent
practices operating throughout Europe.
The 1987 tie-up between KMG Main Hurdman and Peat Marwick Mitchell & Co. was considered the rst megamerger of modern accounting, and
the resulting entity, eventually named KPMG, organized its consulting activities into a separate business unit in 1997. Three years later, KPMG spun
off KPMG Consulting with an initial public offering. The now-separate consulting business took over KPMGs consulting work for several companies,
eventually changing its name to BearingPoint in October 2002. The bulk of BearingPoints assets are now owned by Deloitte, which purchased them
after the company led for bankruptcy protection early in 2009.
As part of the spin-off that created BearingPoint, KPMG signed a noncompete agreement with its former consulting arm, which limited KPMGs ability
to provide certain types of services. Following the spin-off, KPMG continued to provide advisory services, but any limitations on its ability to provide
a full range of services ended when the noncompete agreement expired in 2006. Today, KPMGs advisory practice generates around one-quarter of
the companys overall revenue.
Service matters
While it may have reorganized its advisory service lines in October 2009, it is unlikely that what KPMG advisors do will be changing too much. As
such, the nine service lines it previously relied on are a good guide for the type of services and specialties that will be on offer from the rm: accounting
advisory, business performance, corporate nance, nancial risk management, forensic, internal audit, risk and compliance, IT advisory, restructuring
and transaction services.
In addition to helping clients, the rm is also committed to helping the environment; it is currently in the midst of a three-part environmental program
called the KPMG Living Green Initiative. The primary goal of the programbegun in 2008is a 25 percent reduction in member rms combined
carbon footprint by 2010, a target that has involved both an investment in renewable energy sources and limiting use of nonrenewable energy.
Measuring and reducing the rms emissions proles is the rst step of the plan; the second step involves supporting environmental projects in member
rms local communities. Finally, KPMG aims to help employees and suppliersin addition to its clientsreduce their impact on the environment.
GETTING HIRED
KPMG is currently seeking newly qualied or experienced professionals to ll consultant roles across tax, audit and advisory sectors. Insiders call
the hiring process highly selective; as one midlevel associate says, Hiring lters tend to be very goodnot perfectbut much better than any other
company for which I have worked. Their percentages are better than most. The rm makes sure that the brightest and most capable people are
staffed on audit and advisory engagements, a colleague adds.
The bright, interesting, team-oriented people who meet the KPMGs hiring requirements can expect to be own to one of the rms ofces for face-
to-face interviews. For tips on succeeding in those, real-life proles of current KPMG consultants and inside looks, visit the rms comprehensive
Careers Magazine at www.kpmg.com.
OUR SURVEY SAYS
Corporate Atmosphere
Satisfaction is relatively high at KPMG, where a diverse culture seeks to encourage dialogue and collegiality within its ranks, according to an insider,
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
KPMG LLP (U.S.)
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
325
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

although some complain with the sense of entitlement around the ofce. Still, theres a culture of friendliness and collegiality between managers and
consultants, and the primary focus is on getting the work done smoothly and efciently. The rm focuses as much on teamwork as on client needs
and making a prot, a midlevel source notes. They achieve that triple balance a lot more than other companies for which I have worked.
The quality of work consultants are assigned is also a source of satisfaction. As one source details, They allow many experiences to come together
on engagements and at client sites, offering consultants a wide array of projects, across various industries.
Hours & pay
KPMG consultants dont whine too much about their work hours, and claim to appreciate the reasonable work/life balance theyre afforded. I work
about the right amount of hours, an associate states, adding caveats for some extra work and tele-work days sacriced for rm or client needs.
And while travel requirements are industry standard, KPMG staffers dont seem to mind. The travel is interesting, says a senior consultant, adding
The work is interesting, and the teams with whom I was working were pretty terric. So I dont have a lot of heartburn on the travel requirements.
Pay, were told, is highly competitive and very fair, though last year we did not receive bonuses or raises due to the uncertain and difcult
economy.
Diversity
We have a diverse workforce, says an associate, reecting a truth that might not necessarily extend to all levels at KPMG. The rm notes that new
KPMG LLP U.S. Chairman and CEO John Veihmeyer has made diversity a top priority, and the rm has many programs in place to encourage and
promote a more diverse workplace. The rm has recently been promoting a diversity-supporting message, conrmed one source, so what I have
seen so far may change in the near future.
Overall Business Outlook
KPMG consultants have welcomed the economic turnaround with open arms; after all, more work means better pay and, ultimately, happier
consultants. The economy has started to turn around, and our staff has been trimmed down to more market-respectful levels. We feel good and
strong, says a senior source. Most importantly for consultants on the ground, another adds that management has indicated that bonuses and raises
are back on the table this year.
Condence in rm leadership also runs highand while they may not be the most diverse group of individuals, consultants think that they have the
right lieutenants on staff to execute brilliantly. Well be in good shape.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
KPMG LLP (U.S.)
2010 Vault.com Inc.
326
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

KURT SALMON ASSOCIATES
1355 Peachtree Street, NE
Suite 900
Atlanta, Georgia 30309
Phone: (404) 892-0321
Fax: (404) 898-9590
www.kurtsalmon.com
LOCATIONS
Atlanta, GA (HQ)
14 ofces worldwide
PRACTICE AREAS
Health Care
Facility Development Information Technology Operational
Planning Strategy
Retail & Consumer Products
Customer Experience Information Technology Investment
Banking Merchandising & Planning Private Equity Product
Development & Sourcing Store Operations Strategy Supply
Chain Turnaround & Restructuring
UPPERS
Accessibility to top-level clients
Flexibility
DOWNERS
No telecommuting options
Too closely tied to the state of the US economy
THE STATS
E mployer Type: Subsidiary of Management Consulting
Group Plc, a British Public Company
Ticker Symbol: MMC.L (London Stock Exchange)
Chairman: Mark Wietecha
President RCP: John Karonis
Managing Director, Health Care: Jim Berarducci
2010 Employees: 500
2009 Employees: 400
*In June 2010, Kurt Salmon Associates announced a
partnership with Ineum Consulting. The two will create an
independent consulting rm under the name Kurt Salmon, but
will retain their respective names and identities until January
2011.
EMPLOYMENT CONTACT
Americas:
www.kurtsalmon.com/careers_list.php
Asia Pacic:
Email: recrAPAC@kurtsalmon.com
Europe:
Email: recrEU@kurtsalmon.com
Great momentum
One-size-ts-all approaches
Good boutique rm
Heavy on retail and not much else
327
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Knowledge of streams and currents
Kurt Salmon Associates is a management consulting rm serving the retail, consumer products and health care industries. It was founded (spawned,
one might be tempted to say) in Nashville, Tenn., in 1935, as the solo operation of Kurt Salmon, a German immigrant and textile engineer. The
company has since grown into a multinational operation spanning 14 ofces in Europe, Asia and North America.
Attention to retail
In its retail and consumer products practice, KSA offers business strategy, operations and technology optimization to clients from the entire sweep of
retail and consumer goods, including clothing, footwear, groceries, jewelry and other areas. It identies consumer trends, optimizes pricing, facilitates
market penetration, assists in brand launching, and guides mergers and acquisitions, among other services. Additionally, a team in KSAs retail
practice is devoted to private equity services, offering investment thesis development, due diligence and exit support services to private equity funds,
merchant banks, investment banks and portfolio companies.
Operating on health care
Though set apart from its consumer products and retail practice, the heath care practice uses many of the same approaches. KSA collaborates with
clientswhether they be large hospital systems, community hospitals or small physician groupson a variety of issues, from developing long-range
strategies to maximizing building performance, from forging physician partnerships to advancing electronic health records. To assist with facility
planning, the rm will perform site assessment and capital planning, determine capacity requirements and form alternative facility scenarios. It may
be contracted to advise the health care client on a merger or acquisition, or to model a potential market. KSA performs IT consulting in this practice,
as well.
Modern methods
KSA is a strong advocate for the use of innovative technology to drive success. The rm often helps clients select and implement software that will
optimize, or even automate, their business processes, such as order fulllment, project tracking, inventory management or other supply chain issues.
It integrates IT solutions into its service to clients where appropriate, and works to develop software that meets specic needs.
One way KSA keeps its ngers on the pulse of important industry trends is with regular, direct consumer and client-based research, which often
develops into more in-depth work. Most recently, KSA revived the topic of localization based on an inux of inquiries from retail leaders. As a result,
the rm invested in a signicant body of research (surveys, case studies, secondary research) and is now helping to develop strategies and implement
the processes, organizations and tools required to support them.
Smooth as silk
In June 2010, Kurt Salmon Associates announced a partnership with Ineum Consulting. The two will create an independent consulting rm under
the name Kurt Salmon, but will retain their respective names and identities until January 2011. Both rms have previously been operating under
the U.K.-based Management Consulting Group umbrella for over two years, and now intend to offer clients a better mix of business and functional
expertise.
Ineum employs over 1,100 consultants throughout Europe, the U.S., North Africa and Australia, while KSA currently has 500 consultants in the U.S.,
Europe and Asia, and focuses on strategy and operations management to the consumer products, retail and health care industries. The rms claim
that their new union will establish a one-of-a-kind consulting rm that will provide expertise in strategy, management, organization and corporate
transformation, while remaining strictly independent from outsourcing, IT development or vendors.
GETTING HIRED
While the hiring process at KSA is very selective, insiders suggest that straight As and endless hours preparing for case studies wont necessarily land
you the job. Thats because a big chunk of the rms recruitment process emphasizes the importance of hiring cultural ts, rather than intelligent wet
blankets. So who are the candidates that t in? Our consultants hail from a variety of educational, professional and cultural backgrounds, the rm
says, but all have integrity, drive, passion and a commitment to excellence. Creativity is held in high esteem, as is the ability to lead professional
teams in high-pressure business settings.
Qualied applicants typically have MBAs or bachelors degrees in business, engineering, and other physical sciences or quant-heavy disciplines.
More specically, successful applicants for consultant roles will exhibit exceptional drive, excellent interpersonal skills and the ability to communicate
effectively both verbally and in writing. Foreign language skills, with an emphasis on Chinese and Spanish, are also a plus.
Qualied candidates are encouraged to submit resumes online at www.kurtsalmon.com.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Kurt Salmon Associates
2010 Vault.com Inc.
328
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

LECG
80 Lancaster Avenue
Devon, Pennsylvania 19333
Phone: (610) 254-0700
www.lecg.com
LOCATIONS
Devon, PA (HQ)
37 ofces in 9 countries
PRACTICE AREAS
Actuarial Services Antitrust & Competition Policy Audit, Risk &
Compliance Services Bankruptcy & Restructuring Economic &
Financial Regulation Environment & Natural Resources Strategy
& Performance Improvement Finance, Valuation & Damages
Financial Services Forensic Accounting Government &
Regulatory Oversight Healthcare Human Resources Strategic
Consulting Insurance & Reinsurance Intellectual Property
International Arbitration Labor & Employment Life Sciences
Legal Technology & Analytic Consulting Securities Tax
Technology Telecommunications Transportation
UPPER
Broad array of industries and practice areas covered
DOWNER
Competitive environment
THE STATS
Employer Type: Public Company
Ticker Symbol: XPRT (Nasdaq)
CEO: Steve Samek
2010 Employees: 1,300+
2009 Employees: 900+
2008 Employees: 2,500
2009 Revenue: $263.2million
2008 Revenue: $335.6 million
EMPLOYMENT CONTACT
www.lecg.com/careers
Solid litigation support work
Not friendly
A competitor
Storybook fall from grace
THE BUZZ
what other consultants are saying
329
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Ask the experts
LECG is a global litigation; economics; consulting and business advisory; and governance, assurance, and tax expert services rm. The rm provides
independent expert testimony, original authoritative studies, strategic nancial advisory services and innovative business consulting solutions to
Fortune Global 500 corporations, middle-market rms, AmLaw100 law rms and government agencies around the world. LECGs experts, comprised
of academics, former government ofcials, industry leaders and experienced consultants, conduct economic and nancial analyses, and undertake
independent verication to provide objective opinions and advice to legislative, judicial, regulatory and business decision-makers.
The company was formed in March 1988 and, in 2003, it launched an IPO on the Nasdaq. Since its founding, the rm has seen more than 9,900
clients come through its doors, and has worked with them on over 18,000 projects in more than 50 countries. Among those clients are Fortune Global
500 corporations, law rms, and local, state, and federal governments and agencies in the Americas, Europe and Asia Pacic. The range of industries
those clients represent, meanwhile, is almost as diverse as their geographical reach: energy; entertainment, media and sports; environmental and
insurance claims; healthcare and life sciences; telecommunications; and transportation.
In March 2010, LECG merged with SMART Business Advisory & Consulting, LLC. With this addition, LECG expanded its services to include SMARTs
expertise in nancial advisory and business consulting practices, including technology, business process improvement, compensation and benets,
accounting, actuarial and tax.
Theres no I in LECG
When contracted by a client for a project, LECG shapes a team of directors, senior and junior staff. The credentials and certications of LECG staffers
include, but are not limited to, PhDs, MBAs, MDs, masters in health services administration and JDs, plus a longer list of more obscure accreditations,
which includes CPAs, CIAs, CISAs, business valuation specialists, certied business analysts, certied business managers, certied nancial analysts,
certied forensic computer examiners, certied insolvency and restructuring advisors, and EnCase certied examiners.
In many cases, LECGs senior staff and professionals continue to hold positions outside of the rm in their respective elds, working for research labs,
corporations, universities, government agencies or elsewhere. Thus, they are professionals, not professional witnesses.
GETTING HIRED
Given LECGs service offerings that span a wide array of industries and practice areas, the rms consultant pool is equally varied with specialists,
consultants, associates in economics, accounting, assurance, governance, tax, nance, insurance consulting and business consulting, as well as in
disciplines such as, electronic discovery, environmental studies, actuarial, banking and real estate, higher education, health care services and archival
research.
Most staff, made up of research analysts, associates and consultants, hold a bachelors and/or masters degree in economics, nance, accounting,
computer science, engineering, business, statistics and other areas related to LECGs service offerings. Responsibilities range from researching and
analyzing complex issues in litigation, public policy and other elds, to supporting governance, assurance, and tax issues. Senior staff supporting
litigation, economics and disputes typically hold advanced degrees related to LECGs work, and manage projects involving regulation, litigation and
strategic consulting. As project leads, they clear the way for lead experts to dene, analyze and reach independent conclusions for clients facing
economic or nance-related issues, and are plugged into the latest economic and nancial theories and applied methodologies, the rm explains.
Senior staff supporting the consulting, governance, assurance and tax segments provide nancial advisory and business consulting services, serving
clients throughout the U.S. and the U.K. They offer innovative solutions to public and private companies in the areas of nancial advisory and business
consulting, technology, business process improvement, audit and accounting, compensation and benets, actuarial and tax. Audit services are
provided through SMART and Associates, LLP through an alternative practice structure.
For staff positions, the application and interview process is fairly standard. Candidates rst meet face-to-face with LECG representatives on campus.
Second-round interviewsheld either on campus or in an LECG ofceinclude behavioral and case questions to assess how candidates exercise
judgment, their previous experiences and their ability to tackle real-world business problems. For case studies, interviewees are expected to provide
their responses in a short presentation, followed by a discussion session with interviewers to go over the candidates case study assumptions and
recommendations. Experienced applicants looking to join LECG as a senior staff member may be involved in a more varied interview process geared
toward gauging their problem-solving skills, industry experience and assessing their client-service orientation.
For a preview of what life is like as an LECG consultant/associate, the rm offers undergraduate and graduate students the opportunity to work for the
rm as an intern. Interns work with LECG researchers, consultants and associates, learning the ins and outs of the rms research methods and getting
rsthand experience on client engagements. Interns are recruited annually at certain US campuses, or may be directly recruited through referrals.
LECGs recruiting schedule is available on its online careers page.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
LECG
2010 Vault.com Inc.
330
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Innovative concepts, cool company
Small boutique, dominated by its founder
Strong and complex analysts
Youngsters
MARS & CO.
124 Mason Street
Greenwich, CT 06830
Phone: (203) 629-9292
Fax: (203) 629-9432
www.marsandco.com
LOCATIONS
Greenwich, CT
San Francisco, CA
London
Paris
Shanghai
Tokyo
PRACTICE AREAS
Strategy Consulting
THE STATS
Employer Type: Private Company
Managing Ofcer & Chairman: Dominique J. Mars
2010 Employees: 250
2009 Employees: 250
UPPER
Very loyal client list
DOWNER
The Mars name isnt as widely recognized in the US as it is
in Europe
EMPLOYMENT CONTACT
Ofce-by-ofce recruiting contacts available at: www.
marsandco.com/index_en.html
THE BUZZ
what other consultants are saying
331
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Mars & Co
2010 Vault.com Inc.
332
THE SCOOP
Red planet sees green
Mars & Co. is an international strategy consulting rm thats all about exclusivity. The rms raison dtre, it says, is to pour all of its resources into
a limited number of clients and to serve them, worldwide, on an exclusive basis. Its founder and chairman, Dominique G. Mars, says this makes the
rm the only consulting rm of any consequence to guarantee delity to its clients. A bold assertion, indeed.
Many ofces, one Mars
The stay-small-but-true rm employs approximately 250 consultants who work in six ofces in Connecticut, California, London, Paris, Tokyo and
Shanghai, although the rm operates under a one-ofce concept. That means a client in San Francisco has as much right to draw on the Paris
ofces resources as a French client does. Chairman Mars, who founded the rm in 1979 after leaving BCG, says he would ultimately like to employ
400 to 450 consultants with a portfolio of 30 to 40 clients.
Tough talk for tough times
Mars & Cos clients, likely shaken by recent market events, can rest assured that their Martians mean to ght. The rms language, when it talks
business, is a reminder that Mars was the name of the Roman god of war, likening markets to battleelds and its analysis as ripping apart the
economics and modus operandi of the industry. It also promises to dissect the enemys forces, as well as market forces.
True to its stated intention of acting only in the best interests of its clients, Mars & Co keeps clients identities tightly guarded. Only very occasionally
does one happen to slip into the public eyeas it did early in 2008, when it emerged that none other than French President Nicolas Sarkozy had hired
the rm to help develop criteria for report cards to be issued to all of his ministers.
The eight levels of Mars
Teamwork is a big deal at Mars & Co, but everyone has their own role to play on that team. There are eight professional levels at the rm, which,
in increasing order, are: associate consultant, senior associate consultant, consultant, senior consultant, project manager, vice president, senior vice
president and executive vice president.
Associate and senior associate consultants primarily do research and data management, and are hired for their strong research and analytical skills.
Via Mars & Cos apprenticeship-style training program, new entrants can be promoted quickly to the next level and are always integrated as members
of a project team. Consultant-level staffers are responsible for carrying out rigorous analytical tasks and for thinking out practical solutions to solve
clients business problems. They work under senior consultants and project managers, who design and manage modules of projects so the projects
are intellectually coherent and useful to clients.
Project managers not only lead the project teams, but also are expected to train more junior staff while providing value-creating solutions for clients. Vice
Presidents also work closely with project teams, and have additional responsibilities in client relationship development and concept development.
There is no predetermined promotion schedule at any of the eight levels. As such, the rm prides itself on being a meritocracypromotions come
only when they are deserved.
GETTING HIRED
Speaking of Mars hiring process, one proud associate reports, Lots of people apply, but few make the cut. Recruiters appear on campus at a select
few schools, seeking resumes, cover letters and a transcript from qualied academics with an interest in strategy consulting. To be successful in the
initial screening rounds, students or recent graduates should have high GPAs and have taken rigorous courses with plenty of analytical emphasis,
according to a current consultant. By the time successfully screened candidates move on to second-round interviews, one associate warns that if they
feel that youre weak on quants, you wont stand a chance.
On-site interviews vary slightly by ofce. There are generally two rounds: the rst with senior-level consultants and a person from human resources; the
second with two or three members of senior leadership. According to one consultant, You will probably be given market-sizing questions, brain-teasers
and cases, as well as t type questions. Another source suggests that candidates practice mental math, a suggestion echoed by other descriptions
of a process rife with general interest and aptitude-type questions.
OUR SURVEY SAYS
Corporate Atmosphere
Theres a healthy satisfaction on display at Mars, and the quality of the work on consultants desks each day is a big reason for that. One associate
cites very important work for top-tier clients as an example, adding, Its always interesting and you are always learning new things. I have learned
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Mars & Co
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
333
a lot and have greatly improved my quantitative skills, another echoes, but states that its not a long-term career unless you prefer not to see your
friends and family except on weekends that youre not working.
Firm culture is another evergreen source of consultant satisfaction. Its a great group of very smart and motivated people who are good at working in
team settings, one senior source details. People here work hard together and develop strong bonds. For the most part, everybody gets along well
and is willing to offer help to those needing it, a respondent pipes in. And, most associates have positive relationships with leadership, owing largely
to a common understanding of what is like to be a lower-level employee.
Hours & pay
Mars consultants struggle to balance hourswhich can vary wildly depending on the project and how well organized your PM iswith their personal
life. An easy project would be 60 hours a week, a consultant tell us, and a hard project would be more like 90 hours a week. Clients have big
issues that need our attention to address, and time is money for them, a colleague adds, so we need to work against tight deadlines, and that requires
long hours more often than not. It is possible to balance work and life at Mars, but you need to be focused and efcient to make time work to your
advantage. Technology also helps.
Others have dimmer views of the possibility of juggling too many commitments. Management doesnt seem to care in the least about your life outside
of the ofce if it conicts with project/client demands, says a burnt-out consultant. And while compensation isnt bad, the issue of no bonus plan at
the lower levels does fuel some dissatisfaction.
Professional Development
Most training is on the job via coaching by senior people on your team, one midlevel source says of Mars formal training offerings. There
is some classroom-based trainingmainly on specic topics or techniques. Outside training is used for software and foreign language on an
as-needed basis. Another consultant paints a darker picture, reporting that sometime within your rst six months, you will probably get two
days of ofcial Excel and Access training. Everything else is up to you to pick up from your peers or on your own time. You need to be vocal
in asking for assistance, a junior associate says of mentoring opportunities.
When it comes to consultants promotion prospects, there is no up-or-out policy in place, which is bad for top performers and great for low
performers. A good associate consultant can be promoted to senior associate consultant after a year, but two years is probably more of the
norm, a veteran says of expected timetables for advancement. From consultant to senior consultant it usually takes a little longer, but it can be
done in as little as a year, given the right set of circumstances. Notably for new hires, there doesnt appear to be a ceiling for undergraduates
because some of the most senior people started at the very bottom.
Overall Business Outlook
Consultants admit that there was a time in the not-so-distant past when the sky was falling at Mars, evidenced by salary freezes that have only just
started to thaw. But the general perspective now is one of optimism for the future. Some take heart from the companys performance and commitment
to its employees during the height of the recession, citing the facts that no offers were rescinded or start dates delayed, and no layoffs occurred,
as examples of Mars dedication to long-term sustainability.
For now, prospects are so dense that consultants are over-utilized which, while undoubtedly good for business, has produced fairly low employee
morale. Associates are generally condent in the rms very approachable leadership, saying that the direction of the rm is very clear and simple
to understand.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
334
NORTH HIGHLAND
550 Pharr Road
Atlanta, Georgia 30305
Phone: (404) 233-1015
Fax: (404) 233-4930
www.northhighland.com
LOCATIONS
Atlanta, GA (HQ)
45 ofces throughout North America, Europe and Asia Pacic
PRACTICE AREAS
Customer Experience & Engagement Execution Finance
& Accounting Human Capital Information Technology
Operations Strategy & Advisory
Creative, innovative boutique
Local
Experienced
Never heard of them
UPPERS
Strong respect for personal life
Employee-owned
DOWNERS
Limited visibility in the industry
No room for entry-levels
THE STATS
Employer Type: Private Company
Managing Ofcer & Chairman: Dan Reardon
2010 Employees: 2,200
2009 Employees: 750
2010 Revenue*: $143 million
2008 Revenue*: $168 million
*Revenue gures are for US only
EMPLOYMENT CONTACT
www.northhighland.com/working-here/
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Southern comfort
Founded in 1992, Atlanta-based North Highland believes that the best consultants are happy consultantsso much so that the rm is owned and
managed by its employees. Perhaps thats why each of the rms 45 global ofces is staffed locallyan approach that minimizes consultants travel
time, while still providing clients with easy access to North Highlands best resource: its 2,200 professionals. The rm offers business solutions to
Fortune 1000 clients, nonprot groups and government agencies in the United States, Asia, Europe and Australia, working with companies to dene
strategies, streamline operations, empower people, integrate suppliers, leverage technology and maximize customer interaction.
North Highlands globally local philosophy extends to its international ofces, in the sense that all member rms are expected to adhere to the same
standard of business and industry experience, combined with on-the-ground local market expertise. The rms Shanghai ofce serves multiple cities
across China.
Forget the frequent yer miles
According to North Highland lore, Dave Peterson woke up one morning, after weeks on the road as a consultant with a Big Five rm, happy to nally
be home. When his two-year-old daughter saw him that morning, she asked her mother, Does Daddy still live here? That was 1991. The next year,
Peterson founded North Highland as a new kind of consultancyone that focused on rewarding good consultants with a more balanced lifestyle that
promised less travel and more time to work on the job at hand.
Peterson envisioned a company that selectively hired the best consultants, staffed projects locally and guaranteed the quality of its work by giving each
employee a stake in the rms success via an employee-owned stock ownership plan. Today, Petersons vision has taken shape in a rm that has grown
exponentially. As might be expected, North Highland also claims that its clients are happiera phenomenon the rm attributes to faster completion
of projects by consultants who are focused, experienced and hold a stake in North Highlands success. Clients turn to North Highland for help with
customer experience and engagement, execution, nance and accounting, human capital, information technology, operations and strategy.
GETTING HIRED
North Highland reserves its recruiting efforts only for experienced candidates at the top of their game. New hires typically have signicant general
consulting experience in business process and/or technology, and often have specialized knowledge.
Though not exactly resort-likeconsultants are expected to work for their moneyNorth Highland sees itself as a destination consulting rm. Working
at North Highland, the rm explains, is a hardworking consultants reward for all the talent and hard work that got them here.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
North Highland
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
335
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
336
OPERA SOLUTIONS
17 State Street, Unit 164
New York, New York 10004
Phone: (646) 437-2100
Fax: (646) 437-2101
www.operasolutions.com
LOCATIONS
New York, NY (HQ)
Jersey City, NJ
San Diego, CA
London
New Delhi
Paris
Shanghai
PRACTICE AREAS
Credit & Risk Services Marketing Services Re-Engineering
Supply Chain Optimization
UPPER
Creative, dynamic environment
DOWNER
Global team approach can make for difcult communication
THE STATS
Employer Type: Private Company
CEO: Arnab Gupta
2010 Employees: 350+
2009 Employees: 200
EMPLOYMENT CONTACT
w ww.operasolutions.com/careers_professional_development.
html
Email: Recruiting@operasolutions.com
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Opera Solutions
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
337
THE SCOOP
If its Baroque, x it
Opera Solutions is a global management consulting rm that applies analytics, technology, deep data analysis and industry expertise to transform clients
problems into big prots. Established in 2004, Opera has undergone rapid growth, and today has over 350 consultants in ofces in North America, Europe
and Asia. Operas client set spans a wide range of sectors, although its focus is on data-rich companies, industries and functional areas, including nancial
services, consumer goods, manufacturing, distribution and retail. The rm also has longstanding relationships with blue-chip rms, as well as emerging
companies, including many of those owned by leading private equity rms What sets Opera Solutions apart from its competitors, though, is a concept almost
unheard of in the consulting services world: a commitment to provide all of its clients with sustainable results in 12 months or less.
Zero to 60
How does one achieve signicant, ideally lasting, change in a matter of months? The rm centers its strategy around the fact that clients do not have
the tools, visibility and analytic skill set to take advantage of the information and data at their ngertips, and are therefore unable to drive effective
prot growth and create long-term strategic advantage. Opera focuses on exploiting that data and information to create valueand doing so quickly.
As such, the rm develops state-of-the-art technology and analytics that support rapid identication and capture of prot opportunities from very large
pools of data.
Second times the charm
Although Opera has only been around for a few years, many of its members have worked together for a long time; Operas founders are former founding members
of Mitchell Madison Group, begun in 1992. Opera is more than a simple retread of a tried and tested formula, howevermany of MMGs executives left the rm
due to irreconcilable differences about its direction. Opera, therefore, was a chance for some of those people to prove that their instincts were correct.
It aint over
Opera has designed offerings and analytics specically focused on creating value from its clients customer, purchasing, transaction and market data.
These include Operas captive data cleaning and structuring facilities, insight cube technology for rapid dissection and analysis of huge data sets
and next-generation predictive and segmentation modeling capabilities. (For instance, in a global competition to improve Netixs movie recommender
engine, Opera nished fourth out of 4,200 competitors.)
Opera emphasizes an end-to-end approach to its engagements, creating hard, measureable performance improvement plans, which allows the rm to offer
a range of to protably offer a range of gain-share fee arrangements that make many projects self-funding for clients. Moreover, the rm provides technology
and analytics services under a range of per-use or monthly fee arrangements that provide exibility to clients, as well as recurring revenue to Opera.
The global language of Opera
Part of the key to Operas methodology lies in its global network of people and resources; the rm has properties in the U.S. (in New York, Jersey City
and San Diego), Europe (London and Paris), New Delhi, India and Shanghai, giving it a global reach that encompasses some of the biggest business
markets on the planet. That reach also allows the rm to operate a global stafng model, increasing the speed at which it can analyze all the data it
collectsand therefore deliver client results faster, too.
Opera consultants are every bit as eclectic as the rms scattering of locations would imply. Consultants, culled from the leading business schools and
undergraduate programs in North America, Europe and Asia, specialize in change management, process re-engineering, negotiation and integrating
analytics into a real-world operating environment. Those who focus on analyticsamong them mathematicians, statisticians and data management
specialistshail from well-regarded universities and technical institutes, and many hold PhDs. Opera houses over 100 analytic specialists, and they
typically work out of one of three scientic and technical centers of excellence.
GETTING HIRED
Opera Solutions has an annual on-campus recruiting process for new hires at the undergraduate and graduate level. General consulting staff and
analytical specialists are hired through this process. Undergraduate and non-MBA programs targeted by the rm include Caltech, Cornell University,
Dartmouth College and Thayer School of Engineering, Harvard College and MIT. MBA programs on Operas rotation include INSEAD, Sloan, Tuck,
Ross, Wharton and Columbia. Experienced hires interested in more senior positions at Opera are recruited year-round, and are invited to submit their
applications to recruiting@operasolutions.com.
Consultants at Opera Solutions, the rm says, should be comfortable with ambiguity, exible in the face of a fast-moving environment, and energized
by solving complex analytic and business challenges. Given this description of the rms ideal consultant, it makes sense, then, that Operas interview
process is geared toward discerning these qualities and capabilities in candidates. The purpose of the interview process, the rm says, is to test
your ability to think analytically and creatively. Candidates are evaluated based on their quick, under-pressure problem-solving capabilities via case
studies and behavioral-based questions to gauge how they would t with the rms overall culture.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
338
PA CONSULTING GROUP
4601 North Fairfax Drive, Suite 600
Arlington, Virginia 22203
Phone: (517) 227-9000
Fax: (571) 227-9001
www.paconsulting.com
LOCATIONS
Arlington, VA (North American HQ)
London (Global HQ)
Cambridge, MA
Denver, CO
Los Angeles, CA
Madison, WI
New York, NY
Princeton, NJ
Ofces throughout Europe, North America, Latin America,
Asia and Oceania
PRACTICE AREAS
Asset Management & Infrastructure Benchmarking & Market
Analytics Business Process Effectiveness ERP Delivery Partner
Services Geographic Information Systems HR Transformation
Knowledge Management Product Development & Delivery
Program Management Rapid Business Review Real
Estate Strategy Risk Management & Governance ROI-driven
Strategy Service Management Solution Builder Sourcing
THE STATS
Employer Type: Private Company
CEO: Alan Middleton
2009 Employees: 2,546
2008 Employees: 2,709
2009 Revenue: 370.1 million
2008 Revenue: 431 million
UPPERS
European culture
Ability to work at home occasionally
Employee ownership
DOWNERS
Lack of cooperation between practices
Tendency to run activities by the book
Base pay could be higher
EMPLOYMENT CONTACT
www.paconsulting.com/Careers/
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
British-born
It might sound like it originated in the Keystone State, but PA Consulting Groups home base is actually in London, where it was founded in 1943. With
ofces in 14 countries, the rm has a presence in nine U.S. cities: Boston, Denver, Houston, Los Angeles, Madison, New York, Princeton and Arlington.
The rm employs more than 300 professionals in the States, serving clients in a number of industries, with particular emphasis on communications,
media and entertainment, defense and government, energy, nancial services, and health care and life sciences.
Elsewhere in the world, PA Consulting has ofces in Europe and Latin America, with around 2,600 employees reaching clients in approximately 35
countries. These employees are owners, too: the rm is independent and owned by its people. Its consulting expertise covers a wide range of services
and solutions, including management strategy, information technology, human resources, complex program delivery, operations improvement, risk
management, sourcing and more.
From war machines
PAs roots lie in war-torn Great Britain. With the country desperate to churn out weaponry and supplies at a faster-than-usual rate, but with so
many workers on the front lines, its remaining workforce was relatively unskilled. Entrepreneur Ernest Butten and two associates founded Personnel
Administration Ltd. to advise the manufacturing sector on improving management and boosting productivity. Even in its earliest days, the rm was
prepared to take bold stepsit solved two problems at one stroke by training women (then a very controversial act) to assemble bombers, thus
maintaining productivity in factories while freeing up more men to head off to the front.
The rm continued on a growth path through the postwar years, and by the 1970s it was ranked with Booz Allen Hamilton and McKinsey as one of
the largest consultancies in the world, boasting ofces across Europe, Australia and Asia. That proved to be the rms pinnacle, however, as several
years of low revenue, coupled with an overall decline in the consulting industry left the rm with a fraction of its former headcount, and irting with
bankruptcy by the 1990s.
to computing machines
Under the leadership of Jon Moynihan, who took over in 1992 and remains at the rm today, PA became an early competitor in the technology
consulting eld, developing expertise in both tech selection and application. Accordingly, the rm has enjoyed a period of growth that has once again
established it as a big player in the industryalthough not quite as big as it once was. Thats not to say that the company doesnt still consider itself
a competitor to the biggest names in its industry, however; on its website, the rm claims its consultants skills span a wider range of capabilities than
any major consulting rm.
Within the U.S., that wide range of skills translates into a wide variety of consulting services, all of which are geared toward transforming clients
businesses. And while the list of specic consulting disciplines and solutions may be lengthy, theyre all aimed at producing the same core outcomes,
as far as PAs clients are concerned: managing risk, mobilizing staff and integrating initiatives to deliver sustainable change quickly.
Insights
The rm claims to work with companies from insight to implementationan approach that sees the company developing unique insights for
clients, as well as delivering end-to-end solutions. Its insights dont stop coming once a job is done, however, nor are they forgotten when a contract
is completed; PA dedicates sections of its website to insights on a dozen different business areasranging from capturing customer value to lean
organization consulting to supply chain issues. In addition, the rm puts out a publication for senior executives called Viewpoint. Published on an
occasional basis, the magazine examines major competitive issues facing organizations.
GETTING HIRED
Generally, PA Consulting uses a three-pronged interview process for recruiting new analysts. Candidates are interviewed and given verbal and
numerical tests in the rst stage. The verbal test is meant to assess candidates capability to comprehend written information and to understand and
analyze the logic of written arguments, while the math test is used to measure candidates quant and computational skills in the workplace, and uses
data presented in a variety of formats, including graphs, diagrams and statistical tables. If they make the grade in stage one, candidates move onto
the second stage, which entails visiting one of PAs assessment centers, where groups of hopefuls are interviewed, given case study exercises and
asked to work out problems in group exercises. The third, and nal, stage includes an interview with a member of PAs management group.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
PA Consulting Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
339
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
340
THE PARTHENON GROUP
200 State Street
Boston, Massachusetts 02109
Phone: (617) 478-2550
Fax: (617) 478-2555
www.parthenon.com
LOCATIONS
Boston, MA (HQ)
San Francisco, CA
London
Mumbai
PRACTICE AREAS
Business and Financial Services Consumer, Retail &
Restaurants Education Healthcare & Life Sciences
Industrials Information/Publishing Private Equity
Technology
THE STATS
Employer Type: Private Company
Chairman & Managing Partner: William F. Achtmeyer
2010 Employees: 200
2009 Employees: 200
Entrepreneurial boutique
Rescind much?
Work a lot, but also seem like a fun group
Two-case model
THE BUZZ
what other consultants are saying
UPPER
Spirit, loyalty and dedication to one another
DOWNER
The two-case model
EMPLOYMENT CONTACT
www.parthenon.com/careers
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE SCOOP
Temple of consulting expertise
The Parthenon Group is a business strategy consulting outt with expertise in corporate strategy, private equity, education and health care. Founded in
1991 by two former Bain consultantsJohn Rutherford and William Achtmeyerthe rms 200-plus consultants operate out of ofces in Boston, San
Francisco, London and Mumbai (opened in January 2008). Parthenons clients include Global 1000 corporations (eg, ThomsonReuters and eBay),
as well as high-potential growth companies, private equity clients, health care and education clients, and nonprot groups.
Parthenon times two
In 2000, founding partners Rutherford and Achtmeyer decided to split up the companys practices. Achtmeyer assumed leadership over the strategy
side of the business, while Rutherford took over Parthenon Capital, a private equity rm. The two are now legally separate entities.
In it for life
The Parthenon Groups approach to business is to form life-long partnerships with clientsand it pays more than just lip service to that mantra.
Since 1992, the rm has offered unconventional risk-sharing payment structures, including offering services in exchange for equity and success fees.
Under the work-for-equity method, Parthenon is compensated with a stake in the client corporation. Equity gained in this manner is held for a set
period, and its sale is generally discussed with the client beforehand to avoid disruption of the market for those shares. Traditional billing is available
to clients, but Parthenon says it works best when accountability is highest and when it has a personal commitment to achieving results for a client.
Further exhibiting its comfort with working with stock, in 2007, Parthenon launched its own hedge fund, Strategic Value Capital. Targeted stocks
belong to small and mid-cap U.S. and Canadian public entities. Like the private equity practice, Parthenon employees can spend three to six months
working at SVC to learn investment processes and how to assess the potential of companies in the funds portfolio.
A different kind of capital
The Parthenon Group is as proud of its ability to produce intellectual capital as it is of its ability to produce spending capital. The rm regularly produces
scholarly materials on business trends and insights, in addition to two newsletters: Parthenon Perspectives, which covers different aspects of the rms
target industries and businesses, and Edupoints, a newsletter specically geared toward the education sector.
Helping by example
Parthenon Chairman Achtmeyer sets a good example for his staff when it comes to philanthropic causes. In addition to managing his rm, Achtmeyer
is also the former chairman of the Massachusetts Society for the Prevention of Cruelty to Children, and is currently an overseer for the Handel and
Haydn Society and the Boston Symphony Orchestra. He has instilled the same kind of commitment to charity work at his rm, which, since 1993,
has contributed over $4 million to charitable causes.
GETTING HIRED
Parthenon insiders tell us theyre currently experiencing unsustainable workloads, which bodes well for those seeking positions at the rm. That
said, high demand wont be enough to bring on candidates who lack talent or qualications. We are looking to hire people who will be very smart,
dedicated, creative and hardworking, an insider says, adding that there is also a heavy importance placed on people who work well with others and
have strong interpersonal skills.
The recruiting efforts at Parthenon are geared toward three types of candidates: undergraduates or professionals without an MBA degree, recent MBA
graduates and experienced, senior-level hires. Those who fall into the rst category are usually considered for associate-level positions, while MBA
graduates are typically recruited at the principal level and, once in the door, will work as Parthenons primary client contacts. Usually, the rm recruits
at the top national and international business programs, including Harvard Business School, INSEAD, Kellogg, London Business School, MIT Sloan
School of Management, Stanford, Tuck, ISB and Wharton.
Experienced hires are typically recruited to ll Parthenons highest-level openings, as principals or senior principals. These candidates, the rm says,
should have an MBA and broad professional experience, since they will be helping to plan, execute and deliver projects to the client, if hired.
For undergraduates and MBAs looking to stay busy the summer before their senior/second year, Parthenon offers a summer intern program. The
10-week internship includes a weeklong orientation training to learn about the rms strategy, analysis techniques and values. At the end of the
program, summer interns are asked to show off what theyve learned by giving an individual presentation to Parthenons management team. Those
who do well are offered full-time offers for when they complete their undergraduate/MBA degree.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Parthenon Group
Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
341
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Parthenon Group
2010 Vault.com Inc.
342
OUR SURVEY SAYS
Corporate Atmosphere
Parthenon consultants recognize the reality of ups and downs at the rm of late, but the general sense coming from insiders is one of sustained
satisfaction. I could not have chosen a better place to work than Parthenon, a consultant gushes. I constantly feel challenged, respected and
valued. Our projects have been highly varied, but each one brings a new learning experience. Others prefer to cite the rms culture as a major
perk. Parthenons culture is what sets it apart from other consulting rms, an associate states. There is an amazing spirit and camaraderie across
the whole ofce. Its not an exaggeration to say that most people are genuine friends and people you would party with or be roommates with, not just
colleagues.
Hours & pay
Theres little question that Parthenon staffers work long hours; its how consultants react to those demands that differs greatly. While some reveal their
ire for slogging over 16-hour days, seven days a week, others view the strain as a reection of meaningful responsibility. Principals and associates
work long hours sometimes, but most of it is due to the level of responsibility you get very early on in your career here, says a grateful associate. Even
when Im working 90 hours in a week preparing for a big presentation, I know that Im going to be on a team and/or be at the ofce late at night with
some of my best friends.
Exceptionally reasonable travel requirements certainly help tip the work/life balance somewhat in favor of life; as one source notes, The low frequency
of travel has allowed me to really make Boston my home and not have to worry about where I will be staffed on a project that has me away from friends,
family, signicant others, etc. For their sacrices, Parthenon consultants earn very fair, competitive compensation, including bonuses during
recent down years.
Professional Development
After detailed, comprehensive orientation for initial hires, Parthenons formal training opportunities are sparse and sometimes difcult to access.
However, the void is largely lled by informal mentoring and coaching from teammates and colleagues, making it easier to survive the on-the-job
instruction that comprises the vast majority of training.
The rm also makes it easier for entry-level consultants to get ahead, often offering full tuition reimbursement for associates who choose to head to business school and return
to Parthenon with an MBA. Consultants have the choice to either seek out this signicant investment or move casually through the ranks, and note that Parthenon is not
strictly up or out in its promotion policies.
Overall Business Outlook
A very signicant rebound is effectively on at Parthenon after a rough 2009, pushing morale upward and ensuring promising prospects for the coming
years. Parthenon has established itself as the premier consulting rm when it comes to nonprot and for-prot education, says a proud consultant,
noting that it has added several new, large clients as long-term relationships. The pipeline is full of projectsso much so that some warn of imminent
burnout in the next 12 months and a workload that is not sustainable. The rm notes, however, that a full class of new associates and principals
will be starting in fall 2010, which will help alleviate the workload.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE BUZZ
what other consultants are saying
343
1420 Fifth Avenue, Suite 2200
Seattle, Washington 98101
Phone: (206) 517-5000
www.pointb.com
LOCATIONS
Chicago, IL
Denver, CO
Los Angeles, CA
Phoenix, AZ
Portland, OR
San Francisco, CA
Seattle, WA
PRACTICE AREAS
Business Advisory Services Business Continuity Planning
Change & Communication Management Executive Coaching
& Organizational Development Finance Management &
Operations Human Capital Management Interim Management
IT Strategy & Transformation Marketing & Customer Strategy
Merger/Acquisition Integration Operations Management &
Optimization Process Improvement Product/Service Innovation
& Launch PMO Setup 8 Organization Regulatory Compliance
Software Selection Strategy/Organization Development
Sustainability Technology Operations/Security Third-Party
Partner Integration
POINT B
THE STATS
Employer Type: Private Company, Employee-Owned
Co-founders: Tim Jenkins, Darran Littleeld, and Jim Hodge
2010 Employees: 390+
2009 Employees: 380+
2010 Revenue: $78 million
2008 Revenue: $90 million
UPPER
Big on employee choice and exibility
DOWNER
Newly minted college grads should look for work elsewhere
EMPLOYMENT CONTACT
www.pointb.com/careers/
A hot name for work/life balance
Project managers, not consultants
Funny stafng model, but it works
Retired road warriors
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
344
THE SCOOP
Making a Point
When companies want to get a job done without ying in consultants from across the country or signing multiyear contracts, they go to Point B. The
management consulting rm specializes in leadership and strategic execution for companies that need immediate access to business professionals
who can bring about real strategic change.
Point B completes over 800 engagements each year. Clients range from startups to Fortune 100 companies, and have included Alaska Airlines,
Microsoft, PetSmart, the Starbucks Coffee Company, the State of Washington and Xerox. The rms work has spanned a number of industries,
including banking and nancial services, health care, biotechnology, government, telecommunications, software and technology, manufacturing,
distribution, retail, insurance, and media and entertainment.
$200 went so much further in the 1990s
Point B was founded in early 1995 by Jim Hodge, Tim Jenkins and Darran Littleeld, three Seattle-area entrepreneurs and former Accenture managers.
Beginning with an initial investment of $200 and one client at launch, their decision to establish the rm was built on a belief that most organizations
were being underserved by traditional consulting rms. The biggest issues, as far as the founders saw it, were that traditional consulting rms often
sent inexperienced work teams to clients, spent too much time drafting methodologies rather than effecting change, and were plagued by potential
conicts of interest and an inability to execute.
Accordingly, Hodge, Jenkins and Littleeld started Point B with the aim of doing things differently. Among other things, the rm believes that different
involves focusing specically on execution and actually getting projects done; providing exible access to leaders; eliminating big rm overhead; and
avoiding alliances, reseller agreements or other pairings-up that could compromise the companys objectivity. Today, the $200 initial investment has
translated into revenue of over $90 million, and a rm that employs nearly 400 professionals.
Going local
From 1995 until 2000, Point B established itself by focusing exclusively on its local Seattle market, but has since expanded nationally. Despite its
expansion into new markets, however, the rm believes in staying local; when a client calls for help, the rm appoints a consultant who lives in or
near the clients town. That management philosophy reaps two major benets: First, consultants enjoy easier lifestyles and, second, because Point B
consultants hardly ever travel, clients save money by not working with out-of-market experts. Geographically, Point B currently serves clients in the
Seattle, Phoenix, Portland, Denver, San Francisco, Chicago and Los Angeles markets.
Jack of all trades
Point Bs competitive advantage is not so much what it does, but how reaches its end goals. Self-described experts in the practical art of getting things
done, the rm works with clients on issues such as integration following a merger or acquisition; process improvement; getting new systems up and
running (or maximizing the use of existing systems); decision making; project launch or turnaround; getting quick wins; recruitment issues and more.
It also works with clients in the areas of recruiting, business and technical analysis and business case development.
Generally, Point B serves in a consultative role, but it is also frequently asked to ll an interim leadership position and help hire a replacement. Its
consultants are selectively hired based on their prior experience; new hires typically carry between seven and 15 years of experience in the business,
and come from settings that include successful startups, large corporations and leading professional service rms.
Swimming with the big sh
While Point B claims to differentiate itself from the bigger consulting shops through its unique and exclusive focus on bringing the experience and
unbiased consulting to help their clients achieve their strategy, that doesnt stop it from butting heads with some of the titans in the eld. The likes
of Accenture and Deloitte offer similar consulting services as part of their menu of services, a fact that occasionally leads them into competition with
Point B for contracts. The rm also faces competition from local or specic industry-focused consultancies, but claims to have to compete on less
than 10 percent of its opportunities.
GETTING HIRED
The same rm that describes itself as collegial, participative, supportive and fullling also promises prospective hires that they will nd the
clients, colleagues and support to do [their] best work, advance [their] career and have a life outside of it, too. Point Bs promise is a big one, which
is why it reserves its recruiting efforts for experienced professionals with proven track records.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Point B
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
345
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Point B
The rms hiring process is a thorough one, given that it focuses on the long-term potential of its candidates, not on fullling immediate stafng needs.
Throughout the process, the emphasis is as much on t as it is on candidates skills and work experience. Generally, the process takes a few weeks
and involves a comprehensive set of interviews conducted by Point B consultants who, while evaluating candidates, also provide insights into life at
the rm.
OUR SURVEY SAYS
Corporate Atmosphere
The typical Point B consultant is very satised by any number of the rms assets. Chief among them is the rms consensus-driven culture that
has lots of room for different views and levels of engagement. Despite a largely virtual working environment, one consultants says, I never feel
removed from the company, my fellow associates and the events occurring across the market. Efforts are specically made to ensure that people are
included, offered the opportunity to contribute and support each other.
The rm is also known for the exceptional degree of work/life balance it grants its consultants; the vast majority of respondents cite it as a perk
that sets the rm apart from its peers.
Hours & pay
Insiders tell us they work extraordinarily reasonable hours each week. Theres no question that approximately 35 to 45 hours per week is a
true rarity in the industry, and contributes to the rms exceptional work/life balance the rm is known for. The rm does a great job of giving
opportunities to balance work/life, a source reports. It starts with working only in local markets, and they also give you control of the projects youd
like to work on. A colleague is more straightforward, noting only that I have never heard of or found anything better. Pay is not among the most
generous in the industry, but considering the perks of life at Point B, consultants dont nd too much to gripe about.
Professional Development
To be frank, there is little formal training on offer at Point B. However, all new hires are required to have extensive experience in the eld, nullifying
the need for initial trainings. And, given the free-market nature of work at the rm, consultants are well-suited to surviving on their own or through
informal mentoring relationships. They are also given free rein to pursue professional development opportunities suited for their own interests and client
needs either within or outside the rm. In fact, many Point B associates have professional certications (i.e., PMP, Six Sigma, Executive Coaching)
that Point B nancially supports. Of course, there are some formal classes, a consultant mentions, but even the style of those is discussion-based.
The rm notes, however, that as part of its consultant development program, it offers coaching, 360-degree feedback and hands-on skill building at
the client site.
Promotion paths at Point B are similarly ad hoc and ambiguous. The organization is very at, a consultant explains, so there are not a lot of places
to be promoted into. You kind of make it up as you go. The rm explains that there are a number of career paths an associate can take based on
his/her interests and strengths, that are not explicitly dictated by the rmsome paths are dened, while others are created based on the specic
desires of associates. Moreover, many of the roles at Point B rotate, so associates have the opportunity to wear various hats throughout the course of
their career. Practically speaking, most promotions come in the form of raises, which are completely up to the individual to determinetheyre the
ones controlling how much or how little work theyre going to do each year.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
346
Innovative and creative
Black turtlenecks
The little engine that could
You better t one of their cliques
PROPHET
150 Spear Street, Suite 1500
San Francisco, California 94105
Phone: (415) 677-0909
Fax: (415) 677-9020
www.prophet.com
LOCATIONS
San Francisco, CA (HQ)
Chicago, IL
New York, NY
Richmond, VA
Hamburg
London
Madrid
Zurich
PRACTICE AREAS
Brand Design Innovation Marketing
THE STATS
Employer Type: Private Company
CEO & Chairman: Michael Dunn
2010 Employees: 123
2009 Employees: 130
UPPERS
Great project experience from day one
DOWNERS
Formal training can be lacking
EMPLOYMENT CONTACT
www.prophet.com/about/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
347
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Prophet
THE SCOOP
Get on the band-wagon
Want to know where to invest your money? Who your most protable customers are? How you can change your image to enter into new, high-growth markets?
Ask the brand and marketing experts at San Francisco-based Prophet. Founded in 1992, the rm specializes in helping clients grow and change by focusing on
performance improvement in four key areas: branding, marketing, design and innovation. Within that focus is a deep understanding of who a clients customers
are, and the state of the industry in which they operatean understanding that merges analytic techniques with creative approaches to nding or creating
value for clients. The list of entities that have enlisted Prophets services includes staples of the Fortune 500, such as Cartier, GE, Harrahs Entertainment, Inc.,
Johnson & Johnson, Monsanto, NBC, Staples, UBS and United Airlines.
While brand strategy is the companys main area of expertise, it offers services across three additional practice areas: marketing strategy and
effectiveness, growth and innovation, and customer experience practice. Between those four, the rm covers all the angles related to how a company
displays itself in the public eye and relates to its customer base.
More than just a logo
Prophets consulting strategy is anchored in its belief in the power of the brand. The rms brand strategy practice area works with clients to gauge how their
brand impacts customer behavior in a given category, to manage and monitor its equity over time, identify opportunities to extend it into new markets and
segments, and to establish the ideal roles and relationships among brands in a portfolio. Specic brand strategy services include brand identity and positioning,
brand portfolio strategy, brand architecture and design, measurement systems and customer analytics services.
What do clients get for hiring Prophet? For one companyCargill, which wanted to transform its brand image from a commodities supplier to a
solutions providerProphets branding advice translated into ve years of record sales. One of the largest private corporations in the United States,
with 141,000 employees and operations in the agriculture and food business in nearly 60 countries, Cargill worked with Prophet to gure out current
perceptions of its brand, and how to transition those to the companys desired perception. From there, Prophets consultants designed new brand
strategies for positioning Cargill as a solutions provider, and helped develop new internal and external communications campaigns to reinforce the
new brand positioning. Within a year of implementation of the Prophet project, Cargill broke the $1 billion annual earnings mark with $1.29 billion in
prots, and went on to earn ve straight years of record earnings growth.
Go-to gurus
CEO and Chairman Michael Dunn, Vice Chairman David Aaker and Senior Partner Scott M. Davis are the biggest branding brains behind Prophets service
offerings. Dunn, at the helm, has overseen the development of the entire rms strategy. He also continues to serve as a strategic advisor on a number of
Prophets client engagements, especially if they happen to be in the specialty retail, nancial services, high technology and Internet sectors. An acknowledged
expert in his eld, Dunn has published broadly, making up a list that includes the books Building the Brand-Driven Businessco-authored with colleague Scott
Davisand 2009s The Marketing Accountability Imperative.
No less prolic is Vice Chairman David Aaker, who has more than 100 published articles and 14 books to his name. That list includes his latest title, Spanning
Silos: The New CMO Imperative, and others including Managing Brand Equity, Building Strong Brands, Developing Business Strategies, Brand Leadership,
Strategic Market Management, From Fargo to the World of Brands and Brand Portfolio Strategy.
Scott Davis, with 20 years of experience under his belt, has worked with many of Prophets biggest clients, including GE, ExxonMobil, The Carlson
Companies, Johnson & Johnson, The Wrigley Company, Boeing, Payless ShoeSource and Allstate. His 2000 book, Brand Asset Management: Driving
Protable Growth Through Your Brands, was named one of the top-30 books of 2000 by Executive Book Summaries. His latest book, The Shift, was
published in spring 2009, and received positive critical acclaim.
GETTING HIRED
Prophet says that, as a high-growth rm, it is always looking for new consultants to be a part of its team. Although the rms careers page does not offer many
details on just how the recruitment process works, it does instruct applicants to email their resume to the rms director of recruiting, Alix Hahn, at ahahn@
prophet.com.
In an in-house interview on what it takes to build a career in marketing consulting, Prophet Senior Partner Scott Davis said the rm is looking for operational
experience. For example, what responsibilities did a candidate have in his or her previous role and what decisions were they in charge of making? I have to
understand what they were accountable for, Davis says. Another stand-out factor is whether a candidate has both line experience and consulting experience.
We dont always have the luxury of providing a six-month training program prior to a consultants rst project, Davis explains, since oftentimes new consultants
will be asked to jump into a project almost on day one.
Davis also gives some useful advice for candidates who are called in for an interview. First, he says, candidates should denitely use their contacts
to ingratiate themselves with the Prophet interviewer. Next, they should show that they have done their research on the rm and on the specic
interviewer (no pressure). And nally, be prepared to review your resume and to explain how you made a difference in your previous job. Two to
three good stories well-told stick, as opposed to 15 different sound bites, Davis claims.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
348
Good people, easygoing
SOX people on life support
Nice niche in the risk assessment space
Cutbacks
PROTIVITI
2884 Sand Hill Road, Suite 200
Menlo Park, California 94025
Phone: (650) 234-6000
Fax: (650) 234-6998
www.protiviti.com
LOCATIONS
Menlo Park, CA (HQ)
More than 60 ofces in the Americas, Asia Pacic and
Europe
PRACTICE AREAS
Cost & Working Capital Optimization Finance & Accounting
Excellence Information Technology Effectiveness & Control
Internal Audit & Financial Controls Litigation, Restructuring &
Investigative Services Risk & Compliance
THE STATS
E mployer Type: Wholly Owned Subsidiary of Robert Half
International Inc.
Ticker Symbol: RHI (NYSE)
President & CEO: Joseph A. Tarantino
2010 Employees: 2,500
2009 Employees: 3,000
2009 Revenue: $383.6 million
2008 Revenue: $546.9 million
UPPERS
A great place to start your career and grow professionally
My rm cares about me, both as a professional resource
and as a person, [and] I feel like part of a team
DOWNERS
Were still a young company and make rookie mistakes
Spending as much time as possible at the client site
EMPLOYMENT CONTACT
www.protiviti.com/careers
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
349
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Protiviti
THE SCOOP
A rose by any other name
Protiviti, whose name is a combination of the words professionalism, proactivity, independence and integrity, provides independent internal
auditing and risk consulting services to clients. Founded as a subsidiary of Robert Half International in 2002, in the days leading up to the passage of
the Sarbanes-Oxley Act, the rm started out with 760 professionals from Arthur Andersens U.S. internal audit and business risk consulting practices.
Today, with 2,500 professionals operating out of more than 60 ofces in the Americas, Asia Pacic and Europe, the Menlo Park, Calif.-based rm serves
clients in a broad swath of industries, including communications, consumer products, distribution, educational institutions, energy, nancial services,
government, healthcare, hospitality, life sciences, manufacturing, media, nonprot, real estate, retail, services, technology, transportation and utilities.
Clients include more than 35 percent of all Fortune 100 companies, more than 25 percent of all Fortune 500 companies, and more than 20 percent
of companies listed on the Fortune 1000.
After its founding, the rm expanded at a rapid pace, growing to more than 60 ofces around the world today. Its experts, specializing in risk
and advisory services, help clients by providing the necessary business process and technology skills to address challenges related to nance and
transactions, operations, technology, litigation, governance, risk and compliance. In addition, Protivitis internal audit expertise spans a variety of areas,
including internal audit activities on a fully outsourced basis or working with existing internal audit functions to supplement teams lacking adequate
staff or skills.
Go digital
Protiviti has created a software platform that further helps clients with their internal auditing and risk management. Designed, developed and delivered
by Protivitis risk technology solutions team, which includes more than 75 professionals, the Governance Portal streamlines how and when changes
related to governance, risk and compliance (GRC) are implemented, and provides the visibility and insight needed to manage and mitigate critical
risk and compliance issues. Leveraging the experience of Protivitis consultants, the Governance Portal integrates content, commonly accepted
frameworks, real-world knowledge and leading-edge technology. The software also helps clients manage nancial controls, compliance management,
IT governance, internal audit and risk management. To date, more than 350 clients around the world have used the Governance Portal.
Second SOX thoughts
While Protivitis U.S. revenue surged after the 2002 enactment of the Sarbanes-Oxley Act, also known as SOX, the pace of revenue has slowed, as most
companies have made progress in complying with its provisions. Not helping matters, in 2006, the U.S. Securities and Exchange Commission and the
Public Company Accounting Oversight Board issued additional regulations and guidance, which some businesses interpreted in ways that prompted
them to reduce their reliance on outside rms to help them with compliance. In its quarterly nancial reports, Protivitis parent company, Robert Half
International, includes a standard disclaimer regarding Protivitis future success, noting that it will depend on its ability to retain employees and attract
clients. RHI added that there can be no assurance that there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance servicesa
change that could adversely affect Protivitis future nancial results.
Foreseeing this bump in the road, the rm has shifted to a broader solutions-based approach, focusing on a range of business consulting services for
clients. This transition has also been supported by a series of acquisitions in 2006 to expand its service offerings beyond its staple regulatory compliance
and internal audit services. That year, it purchased several rms to boost its capabilities in risk management, forensic investigation and litigation, not
to mention the purchase of Enspier Technologies, Inc., whose technology and management consulting skills were then used in the establishment of a
wholly owned subsidiary focused on public-sector operations: Protiviti Government Services, Inc. In April 2007, it acquired PENTA Advisory Services,
LLC, a specialist in restructuring and insolvency services, litigation services, and bankruptcy-related tax, accounting and administrative services. Most
recently, in early 2009, the principals and staff of Houston-based Gordius Consulting joined Protivitis litigation, restructuring and investigative services
practice, contributing their expertise in the energy and nancial services industries and international arbitrage to this practice.
Spread the Protiviti word
As one of the worlds largest independent internal audit and risk management rms, Protiviti has a thing or two to say about its areas of expertise.
The rm regularly participates in and sponsors a variety of industry conferences and tradeshows to share risk management strategies. For example,
Protiviti participated in the June 2010 Institute of Internal Auditors International Conference that included seminars and meetings on issues such
as governance, compliance, fraud prevention and detection, information technology and internal audit best practices. The rm also hosts webinars
and local events to provide insight into a variety of internal audit and risk management issues. Protivitis subject-matter experts frequently contribute
articles to trade publications, as well.
For the bookworms, Protivitis online library provides complimentary access to its survey reports, white papers, resource guides, regulatory updates
and newsletters. In addition, the rm launched a podcast series, Powerful Insights, in late 2009. Protivitis KnowledgeLeader, a subscription-based
website, offers additional tools, templates and resources, such as best practices, white papers and methodologies.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
350
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Protiviti
GETTING HIRED
Our interview style focuses on one thing: you, the rm says, and it means it. The objective of Protivitis interview process is to evaluate candidates
across the board, not based solely on quantitative aptitude or college GPA. All we ask is that you be yourself, the rm continues. We look forward
to getting to know you better by learning about your background, past experiences and the achievements that have shaped who you are today.
Protiviti is looking out for enthusiastic candidates at top-tier universities across the country who are highly articulate, analytical and eager. The
interview process seems to be fairly consistent, with an average of three rounds of interviews, the nal of which is held on site. The rm also looks out
for candidates preparedness; be sure to do your research as you prepare to speak with us, the rm cautions.
Prospective interns must be current university students within one year of graduating (with either a bachelors or masters degree), with preferred
majors in business administration, accounting, nance or management information systems. The internship entails an average of 50 percent out-of-
town travel to client work sites, so interns should come equipped with reliable transportation to and from clients.
Candidates for junior consultant and intern positions are encouraged to drop resumes on campus at any one of Protivitis preferred universities, or to
submit an application directly on the rms website on the Join Our Team page within the Careers section.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

351
Open and friendly culture
Political
Europe-oriented
Lost momentum
ROLAND BERGER STRATEGY CONSULTANTS
2401 West Big Beaver Road, Suite 500
Troy, Michigan 48084
Phone: (248) 729-5000
Fax: (248) 649-1794
www.rolandberger.com
LOCATIONS
Munich (Global HQ)
Chicago, IL
Detroit, MI
New York, NY
36 ofces worldwide
PRACTICE AREAS
Corporate Development Corporate Responsibility
Marketing & Sales Operations Strategy Restructuring &
Corporate Finance
THE STATS
Employer Type: Private Company
CEO: Martin Wittig
2010 Employees: 2,000
2009 Employees: 2,100
2010 Revenue: 616 million
2008 Revenue: 670 million
UPPERS
Worldwide transfer programs
Potential for individuals to impact the whole rm
DOWNERS
Low-impact projects and activities
Opaque stafng procedures
EMPLOYMENT CONTACT
www.careers.rolandberger.com
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
352
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Roland Berger Strategy Consultants
THE SCOOP
A Berger joint
From its humble beginning as a small, one-man consulting rm, Roland Berger Strategy Consultants has grown into an international giant. Ranked
among the top-10 in global strategy consulting, it is the largest consulting rm to have emerged from Europe, where it still does the bulk of its business;
26 of the rms 36 ofces worldwide are located in Europe. Within the U.S., the rm has just three locations, with ofces in Africa and Asia completing
its global footprint. All told, the company employs around 2,000 people worldwide, and provides strategy consulting to many of the worlds largest
corporations in a variety of industries. Those include automotive, construction, chemicals, energy, environmental technology, nancial services,
machinery, medical devices, pharmaceuticals, rail, telecommunications, and travel and tourism.
One man, one vision
Roland Berger founded the rm in Munich in 1967, growing it into a major player in its eld and employing 100 staff within a decade of its founding.
The consultancy has passed many landmarks in its journey to its present state; in 1980, for example, it became the rst European rm to gain
acceptance into the U.S. Association of Management Consulting Firms (formerly ACME). That acceptance was an early indicator of the rms
international reach, and especially impressive given that it didnt arrive in the U.S. in a permanent way until 1995.
While it has found success easy to come by in its home market, Roland Berger has found the American market to be a tougher nut to crack. While
there are a variety of reasons for that, legislation is a major one; Deutsche Bank bought a majority stake in the rm in 1988, which added restrictions
to the rms intentions to establish itself Stateside. Specically, the U.S. Bank Holding Company Act forbade the rm from establishing an independent
ofce within U.S. borders. Because of that, it wasnt until 1995 that Roland Berger set up a representative ofce in New York, with the help of several
American partners. Three years later, the rm regained majority control, enabling it to open an independent ofce in Detroit, Mich. That same year,
it also consummated its relationship with New York, transitioning that ofces status from representative to independent. The rms presence on the
continent rose to three ofces in 2008, with the establishment of a Chicago hub.
A literate bunch
Roland Berger has no shortage of publications available to the public and its clients. Published three times a year in German, English, Russian, Chinese
and Polish, the rms think:act magazine discusses perspectives and opinions on top issues relevant to business decision makers. The rm also
publishes think:act CONTENTwhich presents cutting edge research and analysis on a specic topic each issueas well as Automotive INSIGHTS
and an executive review aimed at the capital goods industry.
In addition, the rm has two well-established academic imprints, which together have put out more than 40 books since their inception: The
Academic Network, which aims to make the rms research available to the general public; and The Management Series, which features the PhD
dissertations of Roland Bergers professionals.
In the spotlight
In 2007, the rm committed to a three-year partnershipwhich has since been renewed through 2012with the World Economic Forum, a nonprot
organization that serves as a platform for discussion about global issues. Through the partnership, Roland Berger will help to shape the content for
the Forums summits, panels and debates, and will develop new ideas for its educational sessions. Roland Bergers particular area of interest is the
Forums Young Global Leaders program, which helps bring together some of the worlds brightest young minds to work on global issues.
Giving back
In March 2008, Roland Berger used some 50 million of his own private resources to set up the Roland Berger Foundation, an organization that
promotes human rights and dignity throughout the world. The Foundation gives a yearly award of 1 million to an individual or institution that helps
to promote dignity and education.
In addition to the good works of Roland Berger the man, Roland Berger the rm plays its part in giving back to the community, especially through pro
bono initiatives. For example, it takes part in Focus:HOPE a nonprot civil and human rights organization located in Detroit. The groups goal is to use
intelligent and practical action to ght monumental issues such as poverty and racism. The organization helps the community through activities such
as food programs for mothers, education and training courses, day care provision, and education and other volunteer activities.
GETTING HIRED
Roland Bergers hiring model is a clear reection of its own makeup in North America. Our ofces in the U.S. are small compared with our
competitors, an associate remarks. This is why it is even more important to be very selective. What the rm lacks in size and prestige is countered
by a host of more unique options. Roland Bergers international culture ranks among the most attractive for potential hires; accordingly, the rm is
looking to further that image with similarly minded new hires. We look for highly qualied candidates, typically with business educations and resumes
with an international avor, one insider says.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
353
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Roland Berger Strategy Consultants
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Its the people at Roland Berger who make the serious lifestyle commitments livable at the rm.
Overall Satisfaction
I really enjoy working for Roland BergerI like my colleagues very much. They are all smart and intelligent people. We learn a lot from each
other. I also enjoy going out from time to time with them. Detroit associate
I nd my job fullling in that it allows me to create longstanding relationships with clients and the freedom to shape my own efforts and
development. Strategy executive
I couldnt imagine being anywhere else right now. Consultant
Firm Culture
Partnership is one of our core values. It is important for the way we work together in our teams and with our clients. Roland Berger is a very
entrepreneurial company. Our partners ask everybody to develop his or her own ideas and take responsibility. Midlevel consultant
It is collegial among consultants; the individual can have a high impact, given the small U.S. base. Chicago consultant
The company culture is based on our corporate values: excellence, entrepreneurship and partnership. Junior source
Supervisor Relationships
Every consultant has a mentor who is responsible for his/her individual development and is supported by HR. Personally, I have a very close
relationship with my mentor, and he contributes a lot to my development. Strategy consultant
My supervisor is a real role model for me. I can learn a lot and he really takes care of my personal and professional development. Entry-
level source
Hours & pay
Vaults Verdict: Roland Berger consultants nd themselves with tight schedules, packed with international travel and late Friday nights.
Work Hours & Compensation
Hours vary dramaticallyonce in a while, either nothing is going on or the team is working past midnight, but usually most consultants are
done by 8 p.m. or so. Midlevel consultant
Sometimes projects require more attention, but there is absolutely no face time attitude. Midwest insider
I prefer having a challenging job and interesting projects instead of a job with regular working hours. Strategy analyst
Compensation is fair, but consultants have low inuence on utilization rates that impact bonuses. Midlevel consultant
Work/Life Balance
My mentor pays attention to my work/life balance. He really avoids making the team work on weekends. Analyst
Of course, working on a very demanding project for a client who is extremely under pressure can mean working on a weekend or late at night.
But our partners make sure that we have more time to relax after a very challenging project. Midlevel source
Disruptive, last minute/unexpected travel happens more often than it should. Chicago associate
Travel Requirements
I travel quite a lot. But I also have the chance to discover other countries, which is extremely interesting for me. Detroit strategist
Travel tends to be all or nothing in the U.S.: You can be in the ofce for months or not see an ofce for months, depending on the assignment.
If a project beckons, you go, even internationally. Experienced consultant
Professional Development
Vaults Verdict: Consultants rave about the rms kickoff training in Munich, which gives new hires the chance to both learn their trade and
network within it.
Formal Training
The best training I had was the kickoff training in Germany, with new Roland Berger colleagues from all ofces worldwide. I not only learned a
lot, it was also fun and I made a lot of friends. Midlevel consultant
There is an excellent corporate training program with regard to hard and soft skills. The more experienced you become, the more
individualized the offerings are (e.g., individual coaching, special presentation skills, leadership). Associate
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
354
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Roland Berger Strategy Consultants
There is quite an extensive training offering, and every consultant is expected to participate in mandatory trainings plus those agreed upon with
his/her mentor. Detroit senior
Promotion Policies
Consultants advance on average every second year of tenure; the best ones, faster than that. Experienced source
You can progress very quickly through the ranks, and there are a lot of examples of colleagues who have been elected partner in their early
30s. Chicago staffer
Its not up or out, except at entry level. Strategy consultant
Diversity
Vaults Verdict: The rms international roots make for an ethnically diverse consultant corps, but the utter lack of women among the ranks is a
cause for concern.
Diversity Issues With Respect to Women, Minorities, and GLBTs
There are two female consultants in all of North America. First-year analyst
We have a highly diverse working environment ethnically, but more gender diversity needed. Senior source
Diversity is very important in recruiting. We are a very international and multicultural team. This is how we can develop the best and most
creative solutions for our clients. Strategy consultant
Overall Business Outlook
Vaults Verdict: Performance isnt uniform across sectors or regions, but the overall curve points upward and onward.
Overall Business Outlook
Everyone else cut headcount in 2009 but we actually added people, so we are well positioned for growth in 2010. Were aggressively targeting
several new sectors. Strategy consultant
Were doing great, at least in Europe. Consumer goods insider
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

355
SCOTTMADDEN, INC.
2626 Glenwood Avenue, Suite 480
Raleigh, North Carolina 27608
Phone: (919) 781-4191
www.scottmadden.com
LOCATIONS
Raleigh, NC (HQ)
Atlanta, GA
PRACTICE AREAS
Energy Industry Federal Government General Management
Shared Services Sustainability
THE STATS
Employer Type: Private Company
President & CEO: Brad Kitchens
2009 Employees: 80
2008 Revenue: $25 million
UPPER
Small consulting teams means lots of mentoring and
exposure to upper management
DOWNER
Mainly a local name
EMPLOYMENT CONTACT
www.scottmadden.com/page/16/Careers.html
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
356
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
ScottMadden, Inc.
THE SCOOP
Get energized
Raleigh, North Carolina-based ScottMadden, Inc., built its reputation providing management consulting services primarily to the energy industry, but
has since branched out far beyond that core capability. Those beating a path to the rms door include large corporations in industries as diverse as
entertainment, pharmaceuticals/health care, manufacturing and high tech/communications, as well as the federal government. Founded in 1983 as
the Scott Consulting Group, the companys services include strategic assessments, solutions development and performance monitoring.
Slow and steady wins the race
ScottMadden prides itself on sticking to fundamentals that workso much so that President and CEO Brad Kitchens described the rm as kind of the
tortoise versus the hare, in an August 2008 interview, adding, Weve never laid off a consultant due to slow business, and weve grown modestly.
Modest or not, the rm has enjoyed prolonged growth for over quarter of a centurya journey that began with Scott Consultings focus on the utilities
industry. It continued when Tom Madden, former CEO of business management consultancy Theodore Barry & Associates, joined the rm in 1990.
Renamed Scott Madden & Associates, the rm expanded its service offerings to include general management consulting in the early 1990s, but still
only for the utilities market.
In 1994, Scott Madden & Associates established its shared services practice, while the acquisition of SMG North America in 1998 enabled the rm
to develop a proprietary online survey methodology. In 2005, both founder Peter Scott and Tom Madden left the rman occasion that saw the rm
emerge with its current branding: ScottMadden, Inc. By 2007, the rm had completed more than 2,500 energy-related projects and had extended
its reach globally via strategic alliances with management consulting rms in Latin America, Europe and Asia Pacic. Today, almost 10 percent of the
rms current business is overseas, often from North American clients with international operations.
No idle (or inexperienced) hands
ScottMaddens emphasis on staying small means it is very selective about who it hires. According to the rm, most of its new hires already possess
an MBA and substantial work experience before joining up. The smaller size also means that everyone is kept busy: Even the rms highest-level
partners actively participate in client engagements and devote more than 50 percent of their time to direct participation in consulting work.
Keep it simple
Having built its reputation in the eld, its not surprising that ScottMaddens largest practice area is its energy industry practice. Working with
companies of all sizes, the practice helps clients to develop and implement their strategies, plan their businesses, improve their processes, restructure
their organization and increase value.
The rms second-largest functional area is its shared services practicea unit that can perhaps best be described as the antithesis of outsourcing.
The reason? It works with companies to centralize specic functions across their business units or global operations, such as human resources, IT
supply chain, nance and accounting, and real estate and facilities management. Shared services consultants help clients build a business within
the business. helping to develop a business plan, a scorecard and incentives for performance, and consequences for nonperformance.
Pundits that publish
ScottMaddens consultants are experts in the energy industry, and theyd like everyone to know it. The rm regularly provides expert industry insights
via presentations at conferences or in media interviews on the energy industry, shared services, outsourcing or and general management areas. It also
publishes the twice-yearly Energy Industry Update, which compiles breaking news, emerging issues and recent developments in the industry. The
Perspectives newsletter focuses more specically on major industry trends and is published every spring and autumn.
GETTING HIRED
ScottMadden actively recruits at a number of MBA programs throughout the United States, including Duke, Emory, Georgia Tech and Vanderbilt.
Applicants from these schools should expect two rounds of interviews, the rst of which is held on campus. During the initial meet-and-greet, the
recruitment process begins with one 45-minute behavioral interview. Final-round interviews are held at either the rms Atlanta or Raleigh ofces. This
round usually lasts half a day, and includes additional behavioral interviews and a presentationusually focused on candidates past work or internship
experienceswith lunch. Throughout the process, the rm says it does not use case studies, instead putting the main focus on personality t.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

357
THE SEGAL COMPANY
333 West 34th Street
New York, New York 10001
Phone: (212) 251-5000
Fax: (212) 251-5490
www.segalco.com
www.segaladvisors.com
www.sibson.com
www.segalco.ca
LOCATIONS
New York, NY (HQ)
21 locations around the United States and Canada
PRACTICE AREAS
Benets, Compensation & HR Consulting Communications
Consulting Investment Consulting Strategic HR Consulting
THE STATS
Employer Type: Private Company
President & CEO: Joseph A. LoCicero
2010 Employees: 930
2009 Employees: 900+
2009 Revenue: $197.1 million
2008 Revenue: $194.2 million
UPPER
Get to work directly with clients from day one
DOWNER
Unclear promotion path
EMPLOYMENT CONTACT
www.segalco.com/careers/index.html
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
358
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The Segal Company
THE SCOOP
Flock of Segals
Founded in 1939, The Segal Company focuses on benets and HR consulting and actuarial services for a wide variety of employers and plan sponsors.
Owned by its employees, the rm is a union of practices, all falling under the umbrella of The Segal Group, Inc. Those practices offer services in three
major markets: corporate and nonprot, government (local, state and federal) and multiemployer plans. It also works with professional services rms
and has a signicant presence in the higher education eld. Having been one of the original players in employee benets consulting, the rm claims
to be behind many practices now considered standard in the eld, such as supplemental benets programs and preferred provider organizations
(PPOs). All told, the benets programs the rm advises on cover more than eight million workers in the U.S. and Canada, for rms that range in size
from hundreds of employees to hundreds of thousands.
Segal is committed to providing a distinctive, quality service for its clients. To that end, the rm emphasizes that it is not interested in providing services
that clients already perform for themselves, but rather in nding new ways for clients to increase their insights into the options available for provision of
employee benets. Segal also publishes a number of newsletters and reports, many of which are geared toward specic locations and markets.
Trusted advisors
According to Segal, it is the only rm with a national commitment to the multiemployer environment, a fact that Segal believes means it understands
the market better than anyone else. With that being the case, perhaps a little explanation is in order. The rm denes multiemployer plans as being
essentially benet programs sponsored and administered by boards of trustees made up of both labor and management, representing participants
from many organizations. The chief advantage of such funds is that they can provide benetseverything from retirement and health care to disability
and other welfare benetsto people who might otherwise not have access. That group includes union members who change employers frequently
or those who work for small companies that would be unable to offer a benets plan independently. Given the proportion of the workforce under
that description, being the industry leader in the eld is no small featand Segal claims to work with more multiemployer funds than its top-three
competitors combined, in a list of almost 20 industries stretching from air and transportation through construction, entertainment, food, maritime,
motion picture, professional sports, radio and television, and trucking.
Serving the multiemployer market means that Segals consultants must be able to nd the middle ground between different interest groups that can
include trade union members and leaders, employers, trustees, advisors and board members.
Serving the public sector
Another signicant portion of Segals main service offerings are aimed at the public sector. Indeed, the list of services for public-sector clients
and multiemployer clients is virtually identical. Both contain the following elements: retirement benets, health and welfare benets, compliance,
communications (for multiemployer its participant, while for public sector its employee communications), administration and technology, duciary
liability insurance and delity bond brokerage, and investment consulting.
Practice makes perfect
The corporate and nonprot consulting services are actually handled by Sibson Consulting, Segals HR consulting division, which helps organizations
get the highest possible returns on their investments in human capital. It focuses on employee benets, organization and talent, performance and
rewards, sales force effectiveness and technology, and has provided services to over half of the Fortune 500, as well as providing HR and benets
consulting for institutions of higher education.
The investment consulting services mentioned above are handled by Segal Advisors, Inc., an SEC-registered afliate of Segal established in 1969.
Providing services for over 240 clients, with more than $65 billion in assets, the unit provides investment advice that complements the HR and benets
work done by Segal.
GETTING HIRED
While Segal does not publish the specics of its recruiting process on its career page, it does offer some insight into the type of applicants its looking
for. For actuarial consulting, for example, the rm says having a quantitative-oriented degreesuch as in actuarial sciences or mathematicsis a
denite plus, while for the human capital consulting practice, a degree in HR, organizational development or organization/human behavior is the most
relevant.
While having a background in quantitative skills is a plus, the rm notes that its consultants come from a wide array of backgrounds, ranging
from humanities to technical degrees. What is critical, it says, is a commitment to client service, a track record of achievement, and strong
communication, problem-solving and analytical skills.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

High end, but narrow niche
So 1990s
Respected EVA guys
One-trick pony
STERN STEWART & CO.
75 Broad Street, 29th Floor
New York, New York 10004
Phone: (212) 261-0600
Fax: (212) 581-6420
www.sternstewart.com
LOCATIONS
New York, NY (HQ)
Beijing
Dubai
Frankfurt
Jakarta
Johannesburg
Kuala Lumpur
London
Melbourne
Mumbai
So Paolo
Singapore
Tokyo (Franchise)
PRACTICE AREAS
Corporate Finance Advisory Governance Value Based
Management Value Based Operations Value Based Strategy
THE STATS
Employer Type: Private Company
Chairman & CEO: Joel Stern
UPPERS
Direct access to C-level executives
Value-based management expertise
DOWNERS
No large analyst class
Limited recognition of the rm in elds outside strategy, value
management and corporate nance
EMPLOYMENT CONTACT
Email: careers@sternstewart.com
www.sternstewart.com/index.php?content=careers
THE BUZZ
what other consultants are saying
359
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
360
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Stern Stewart & Co.
THE SCOOP
The virtue of value
The advice that Stern Stewart & Co. gives to clients is built around EVA (economic value added) and VBM (value based management), extending into
value based strategy, value based incentive compensation and value based operations. EVA is a term that gets thrown around by a lot of people these
days, but it all began at Stern Stewart. Lets be very clearif you dont believe in EVA, then this is not the rm for you. If you do, though, you wont
be alone. Hundreds of companies have adopted Stern Stewarts EVA methods and ideas, including Best Buy, Briggs & Stratton, Credit Suisse, Coca
Cola, Goldman Sachs, Herman Miller, Hertz, Grupo Modelo (the makers of Corona beer), Morgan Stanley, Siemens, Sony, the U.S. Postal Service,
Whole Foods and the Williams Companies. The rm likes to stick with these clients for the long haul tooit believes that six months to three years
might be necessary to fully internalize its methods.
Chicago-style, deep-dish EVA
CEO Joel Stern says that the origins of EVA came from his time at the University of Chicago, when he began to feel that the reigning model of EPS
(earnings per share) was inadequate for determining the true value of companies. After graduating, Stern spent 18 years at Chase Manhattan Bank,
where he helped create the concept of free cash ow, and continued working on the ideas that would become EVA. In 1982, he decided that
the time was right and teamed up with G. Bennett Stewart, who was also an EVA believer and alumnus of the University of Chicago, to form Stern
Stewart. The two men spent the next decade rening and promoting the ideas of EVA, which culminated in Stewarts groundbreaking 1991 book on
the subject, The Quest for Value: The EVA Management Guide. Although Stewarts book remains the core EVA text, it can be a pretty dense read,
so the rm has also published a variety of other books that simplify or modify the method, such as 1998s EVA: The Real Key to Creating Wealth, by
consultant Al Ehrbar.
So how does it work?
The rms EVA method seeks to determine the real prot of a company as seen from the perspective of shareholders. Basically, its the net operating
after-taxes prot minus any opportunity costs for invested capital. This number is then compared to the minimum rate of return required by investors,
known as the weighted average cost of capital. The amount that the company is above or below that rate is then used to judge the companys
health.
EVA believers feel that this method is superior to others because it can be calculated at the divisional level, it better tracks performance over time, and
it recognizes that companies must eventually account for both operating and capital costs. EVA-ites say that EPS, by comparison, fails to show how
many resources went into creating growth. Plus, EVA simplies a companys nances by coordinating the three basic nancial statements (income
statement, balance sheet and cash ow statement) into a single method for calculating value. Another major benet of EVA, according to the rm, is
that it keeps shareholders happy, which makes companies safe from hostile takeovers. Stern also says that EVA creates greater transparency, because
its too hard for sections of a company to hide from its glaring spotlight.
Early adopter
One of the most famous companies to come onboard with the idea of EVA was soft drink manufacturer Coca-Cola. Coca-Cola likes to describe how
EVA inspired it to switch to cardboard containers for shipping cola concentrate. Although the stainless steel containers that the company had been
shipping were reusable, the lower initial cost of cardboard containers freed up assets that could be used right away for other purposes. The value of
those freed assets more than made up for the money saved through the reusability of the steel containers.
Some rain on the parade
EVA does have its detractors, however. Much of this skepticism comes from the belief that EVA-ites rely too heavily on just one metric. Business guru
Gary Hamel has said, No one measure can capture all the dynamics of corporate performance. Some people worry that companies that depend too
much on EVA will start to ignore other important areas, such as product quality and customer satisfaction. Many high-tech rms feel that EVA doesnt
adequately measure the value of innovation and knowledge capital. In addition, even some EVA believers acknowledge that although its excellent for
determining nancial statement issues like the value of an acquisition, it doesnt give much insight into how to run companies on a day-to-day basis
(although Stern Stewart would, of course, argue these points).
But thats not EVA-rything
But the Stern Stewart process is more than just calculating EVA. Having developed and pioneered EVA management practices and incentives, the
rm offers corporate nance advice from a value perspective, rather than relying on conventional accounting measures, which they claim bear little
relationship to shareholder value. The rm tries to gure out how customers can not only be given value, but also generate it. Among its array of
methods are benchmarking to determine the clients value against current and future estimates for both the market and competitors; coordinated
allocation of investment funds based on greatest potential value; and customized pricing strategies. In addition, the rm selects strategies for each
unit of a business based on growth, efciency or consolidation. It may establish a pay-for-performance culture to increase results and, in periods of
transition, analyze and streamline mergers and acquisitions. The rm also helps clients get in shape for IPOs.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
361
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Stern Stewart & Co.
GETTING HIRED
Early interviews focus largely on aptitude, as recruiters sift through qualied candidates to nd those particularly well suited for life at Stern Stewart. Solid
background and understanding of corporate nance, accounting and economics is required, an insider states. Accordingly, early-round questions are very
technical, but fair, a colleague says of the largely quantitative examination process.
A recent hire points out that later interviews seemed to focus more on t. After showing aptitude and (hopefully) proving to be a sound t with Stern
Stewarts culture, the process culminates in a case presentation given to a large group of Stern Stewart consultants.
OUR SURVEY SAYS
Corporate Atmosphere
Vaults Verdict: Stern Stewart is a small rm, and it feels like it. Associates appreciate the opportunities for personal and professional growth that
the environment affords.
Overall Satisfaction
The size of the rm encourages entrepreneurship, rapid growth and collaboration. The part that I enjoy the most about my work at Stern
Stewart is knowing that the advice we offer typically results in value creation and superior shareholder returns for our clients. Senior
consultant
I have learned a great deal during my time here. You are given a lot of responsibility right from the start, and have the opportunity to attend
client meetings after a few months from starting. Midlevel source
Stern Stewart represents a great opportunity and an excellent way to develop a professional career in consultancy. New York staffer
Firm Culture
Its a group of entrepreneurial, international, results driven, friendly people. Consultants are nancially and strategically sophisticated, smart,
humble and down-to-earth. Senior consultant
The annual barbeque at senior managements home showcases managements hospitality and offers some nice R&R outside of the ofce
setting. Associate
Its a small rm, so theres less of a social culture in comparison to other rms (no weekly get-togethers). Analyst
Although there are no specic diversity initiatives, there is diversity at the company, and every potential hire is given a fair opportunity.
Midlevel source
Supervisor Relationships
Senior management is always available when needed, and provides a direct line of sight and work relationships. Midlevel staffer
My supervisors are very collaborative and friendly. The relationship is very professional and they treat me with much respect. Senior
consultant
I have a great relationship with my supervisors. Theyre interested in my career development and frequently ask for my opinion regarding major
decisions (e.g., hiring). Analyst
Interaction with Clients
I believe this is one of Stern Stewarts strengths: In my six years of consulting experience here, Ive been able to establish solid relationships
with most of my clients. Experienced insider
I really enjoy the human interaction with our clients. Projects end, but relationships with the clients last forever. Senior consultant
Clients know and appreciate that we always go above and beyond to satisfy their requests. New York staffer
Hours & pay
Vaults Verdict: The hours are comfortable, but realistic for the industry, and Stern Stewart consultants genuinely enjoy their project work,
sometimes even putting in more extra time than is necessary.
Work Hours
I am comfortable with the amount of time that I spend working. Sometimes, projects are so interesting that the team prefers to spend extra
time thinking out of the box to come up with an original solution, and we enjoy this process. Experienced consultant
The company is sensitive and understanding of hours worked. Also, efforts are made to minimize late hours when possible. Associate
If I think about the opportunity to grow in the rm, the type of work we do and the problems we are solving, I nd my extra hours totally worth
it. East Coast insider
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
362
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Stern Stewart & Co.
Work/Life Balance
The rm is great at balancing work and life. Id say its better than any company my friends work for. They will ask to make sure you arent
overburdened with work. You can even go to the gym in the early evening and then come back and work. Junior source
As long as you are able to get your work done on time, face time is not an issue. Associate
Senior management encourages employees to make use of full vacation time throughout the year. Midlevel consultant
Travel Requirements
Travel to client sites may constitute 50 percent of a month or more. Experienced source
Travel varies by the week and month. This month, I was traveling for an entire week; two weeks I traveled only for two days; and one week I
didnt travel at all. Im always back in town for the weekend. Senior consultant
Compensation
Compensation is on par with top consulting rms, but with a stronger pay-for-performance component. Experienced source
Though bonus payments have been delayed as a result of recent economic crisis, there is a general sense of optimism within the rm about
bonus payments for 2010. Senior consultant
Professional Development
Vaults Verdict: Efforts to implement formal training are dependent on how busy partners are, which typically leaves consultants scrambling for
hands-on experience. That said, the rm claims to be increasing its training efforts and has initiated formal training programs for consultants of all
levels in summer 2010.
Formal Training
Its all about hit-the-ground-running experiencemostly on-the-job training. Finance consultant
This is an area where the rm may improve. Most of the training is on the job, and the company relies a lot on the recruiting efforts to ensure
appropriate skill levels. Associate
Usually, when we are very busy running projects, supervisors prefer to train their analysts while on the project. East Coast staffer
Promotion Policies
Promotion is merit based, and the rm is extremely exible. After a year, I was promoted from analyst to senior analyst. Promotion to associate
is a possibility. New York insider
The companys promotion policy is very good. There are no set time linesinstead, it is reviewed individually. As employees take on and
handle increased responsibility, there is potential for promotion. Midlevel source
The company does not have an up-or-out policy, and most people at the rm have developed quick careers. In the future, having a stricter
promotion policy may help the company to sustain growth. Senior consultant
Overall Business Outlook
Vaults Verdict: High morale is a precious asset in tough times, which must please the Stern Stewart brass. Respondents are condent that the
rm is on course for sustained growth.
Overall Business Outlook
I would describe employee morale as high. Were looking to hire, but making sure we select the right candidates who will t in with the rm.
Analyst
We strongly believe nance discipline, value-based strategy and focus on value creation are areas where top managers are looking for sound
consulting work, and thus favor us over our competitors. Senior consultant
Condence in Firm Leadership
We have strong leaders who understand the vision and goals of the company, and how to achieve them. New York insider
Leadership is proven and performs well. Midlevel consultant
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE BUZZ
what other consultants are saying
363
THE STATS
Employer Type: Private Company
Founder & CEO: Erich Joachimsthaler
2010 Employees: 80
2009 Employees: 80
UPPERS
Access to Vivaldis upper management
Client contact
DOWNERS
Lack of career path clarity
Smaller size leads to less structure
EMPLOYMENT CONTACT
Email: recruiting-usa@vivaldipartners.com
VIVALDI PARTNERS
125 Park Avenue, Suite 1500
New York, New York 10017
Phone: (212) 965-0900
Fax: (212) 965-0992
www.vivaldipartners.com
LOCATIONS
New York, NY (HQ)
Buenos Aires
Dsseldorf
Hamburg
London
Munich
Singapore
Zurich
PRACTICE AREAS
Analytics Innovation Marketing Strategy
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
364
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vivaldi Partners
THE SCOOP
Build me a brand
For New York-based Vivaldi Partners, building a good brand is like composing a masterpiece. The rms brand strategy and marketing specialists
liken themselves to architects who develop and implement all the activities to build a house, or brand, formulating strategies, developing new
product concepts, designing business models, creating stronger brands, and activating marketing or brand-building programs. Some of the rms
highest-prole clients have included American Express, PepsiCo, Campbells, DIRECTV, Telefonica, Procter & Gamble, Siemens and Volkswagen.
Industries served include the automotive and manufacturing, consumer products, energy, oil and gas, nancial services, food and beverage, media
and entertainment, not-for-prot, pharmaceuticals and healthcare, professional services, retail, technology and telecommunications, travel and leisure,
and business-to-business sectors.
Can you DIG it?
All of Vivaldis work is driven by its DIG ideologyDemand rst Innovation and Growth. DIG drives plans and strategies to reect comprehensively the
outside demand from customers. That is, rather than searching out groups and demographics that may be interested in an existing product or service,
the rm instead designs or changes products and services to accommodate what really matters to customers or consumers. To achieve this, Vivaldi
undertakes a broad assessment of behaviors, needs and wants in the social-situational context of work or life to determine demand. The assessment
can make use of as few as 15 consumers through journals, in-eld observation and discussions, or it can be conducted through a proprietary digital
platform that provides access to a pool of more than 10,000,000 consumers. In addition to communication and data-collection, the platform allows
for Vivaldi and its strategic partners to gather location-aware marketing insights in over 20 countries and across geographic and industry boundaries
(both business to consumer and business to business).
The methodology behind these immersive studies is based on the everyday actions of three categories of consumers, as dened by Vivaldi: the fringe,
those with unusual or extreme patterns of consumption; the edge, those armed with high awareness of products, including availability, quality and
lasting power; and the core, those in the middle of the bell curve who exhibit average consumption patterns. Additional methodologies are followed,
but the company continually returns to an analysis of basic consumption habits. Vivaldi sums up the approach with its mantra, the best predictor of
behavior is behavior.
Making the brand
The rm is particularly known for its brand management expertise. Over the years, it has completed more than 500 branding assignments on
ve continents. Clients are guided through a complete cycle: creation of a product concept, design of a business plan, and ultimately launch and
development of the brand. Vivaldis creative teams are experienced in all aspects of design, including corporate, industrial, environmental, packaging
and naming. If this proves not to be enough, or inappropriate to the best direction of the brand, independent entities can be brought in to supply new
design ingredients.
Vivaldi also applies this knowledge to brand valuation. It can advise clients on the drivers of a given brands value, and it can help identify and tap
new markets. The rm has access to over 75 studies on the effectiveness and penetration of brands in over 20 industries.
Speak your mind
The big brand brains at Vivaldi regularly publish their thoughts on the branding and marketing industries, penning books and articles on consumer
insight, brand strategy and marketing. One of the rms most prolic writers is founder and CEO Erich Joachimsthaler, who has published nearly 60
articles in publications like the Journal of Marketing Research, Journal of Marketing, the Sloan Management Review and the Harvard Business Review.
In 2007, Joachimsthaler wrote Hidden in Plain Sight: How to Find and Execute Your Companys Next Big Growth Strategy, published by Harvard
Business School Press. As a follow-up to his award-winning marketing tome, he has also started a blog, Hidden in Plain Sight, which builds on the
lessons he included in his book.
GETTING HIRED
Candidates trying to sell themselves to Vivaldi Partners are typically subject to a multi-round interview process that includes a resume review, a phone
screen and then two more rounds of in-person interviews. Throughout these stages, candidates should expect to be interviewed by approximately three
individuals of different management levels, and to answer consulting and case questions based on past Vivaldi projects. More junior applicants should
demonstrate outstanding potential and relevant educational andif possiblework history, Vivaldi says, while for more senior applicants, some
unique skill must be evident. Whatever your level, the rm expects applicants to be ready to answer case questions onwhat else?marketing,
branding and strategy.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

THE BUZZ
what other consultants are saying
365
THE STATS
Employer Type: Private Company
U S Practice Head & Senior Managing Director: Jonathan
A. (Joff) Mitchell
2010 Employees: 300
2009 Employees: 300
UPPER
The pay
DOWNER
Constant travel
EMPLOYMENT CONTACT
www.zolfocooper.com/about/contact
Jennifer Clifford, Recruiting Manager
Email: jclifford@zolfocooper.com
ZOLFO COOPER
Grace Building
1114 Avenue of the Americas, 41st Floor
New York, New York 10036
Phone: (212) 561-4000
Fax: (212) 948-4226
www.zolfocooper.com
LOCATIONS
New York, NY (HQ)
Los Angeles, CA
Roseland, NJ
Birmingham, UK
British Virgin Islands
Cayman Islands
Glasgow
Leeds
London
Manchester
PRACTICE AREAS
Corporate Finance Creditor Advisory Cross-Border Restructuring
Financial Investigations & Dispute Services Interim & Crisis
Management Performance Improvement Restructuring &
Turnaround Consulting
Smaller rm, but good people
Was top of restructuring, but has fallen off
Niche and good at what they do
Less prestigious
THE BUZZ
what other consultants are saying
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
366
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Zolfo Cooper
THE SCOOP
There in a crisis
The insolvency and restructuring experts at Zolfo Cooper work on both sides of the Atlantic, with three ofces in the United States, ve in the
United Kingdom and two in the Caribbean. Its U.S. headquarters is in New York City, while U.K. operations are managed from the London ofce,
and Caribbean operations from the Cayman and British Virgin Islands. Since its founding in 1985, the rm has worked on over 800 engagements,
offering turnaround consulting, interim and crisis management, performance improvement and cross-border restructuring services to corporations,
nancial institutions and law rms. Though its relatively small in size, Zolfo Cooper has worked for a number of high-prole clients, including Polaroid,
Sunbeam, Federated Department Stores, Laidlaw, Malden Mills, Morrison Knudson, Laker Airways and NRG. Recent public assignments include
MGM, Flying J, Hawaiian Telcom, Buffets, Cygnus, LandAmerica and TOUSA.
Restructuring is what put Zolfo Cooper on the map, and its directors are frequently called upon to ll clients executive suites on an interim management
basis. In 2009, the rm added senior talent and expanded to include nancial investigations and dispute services. But Zolfo Cooper also provides
corporate nance, litigation and creditor advisory services. Its industry expertise runs the gamutclients past and present have hailed from the
energy, airlines, automotive, media, entertainment, health care, food service, restaurant, retail, manufacturing and distribution, telecommunications,
real estate, transportation, shipping and other service sectors.
Just Zolfo Cooper, thanks
Any references to Kroll Zolfo Cooper are outdatedtheyre leftover from the rms six years under the umbrella of Kroll Inc., the New York-based
risk consulting giant. Kroll acquired Zolfo Cooper in late 2002 for $153 million in cash and stock.
The relationship ended in November 2008, when Zolfo Coopers leadership completed a management buyout. The deal was led, on Zolfo Coopers
side, by a team consisting of Senior Managing Director John Boken, U.S. Practice Head and Senior Managing Director Joff Mitchell, and Senior
Managing Director Scott Winn. Today, Zolfo Cooper is an independent, privately owned rm.
Remember Enron?
Many people remember Zolfo Cooper for its involvement in the 2001-2002 collapse of Enron; in addition to working on the bankruptcy, rm co-founder
and then-Chairman Stephen Cooper was tapped as interim CEO of the energy giant when CEO Kenneth Lay was forced to resign. The assignment
was something of a coup, as Cooperwho began his career as an accountanthad little previous experience in the energy sector. He went on to yet
another newsworthy gig in 2005, when he led the hot, delicious turnaround of North Carolinas Krispy Kreme Doughnuts in 2005.
GETTING HIRED
Zolfo Cooper insiders say that, as a small rm with a niche focus on restructuring distressed companies and organizations, hiring is very selective.
And, while the rm offers few specics on the step-by-step recruiting process, consultants indicate that the process is not very structured, made up
of two to three interviews, and is very much focused on how candidates would t into the general working environment. Qualied candidates who lack
personality will rarely succeed here. Insiders say that most interviews are behavioral in nature, with a lesser emphasis on case work and quantitative
aptitude than elsewhere.
Its difcult to say whether the rm is currently hiring or not, considering the dearth of career resources available on its website. Prospective applicants
are encouraged to contact Jennifer Clifford at jclifford@zolfocooper.com for more information.
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

Visit Vault at www.vault.com for insider company proles, expert advice,
career message boards, expert resume reviews, the Vault Job Board and more.
367
C
u
s
t
o
m
i
z
e
d

f
o
r
:

A
s
h
m
i
t
a


(
a
g
a
u
r
2
0
1
2
@
k
e
l
l
o
g
g
.
n
o
r
t
h
w
e
s
t
e
r
n
.
e
d
u
)

2010 Vault.com Inc.
368
About the Editor
Naomi Newman is the Global Consulting Editor at Vault. Covering the top consulting rms in North America, Europe and Asia Pacic, she also writes
Vaults Consult THIS blog. Naomi graduated with a BA in American Studies from Barnard College, with a concentration in economics.

You might also like