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VAULT GUIDE TO THE
TOP 50
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CONSULTING FIRMS
NAOMI NEWMAN
AND THE STAFF AT VAULT
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Table of Contents
INTRODUCTION 1
A Guide to this Guide ............................................................................................................................................................................................. 2
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Table of Contents
Table of Contents
Table of Contents
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, it’s one that consultancies have already begun. Anticipating a healthier future, many firms used the
lull in business to diversify their service portfolios or implement much of their own strategic advice, improving inefficiencies and emerging leaner and
more flexible. 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 financial regulations saw businesses turn to consultancies for a clear path forward. Those
specializing in cost-reduction and restructuring benefitted 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 firms in the industry have the brightest prospects in the
coming years, we’ve surveyed over 4,500 consultants for the 13th 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 firms, from gigantic multinationals to boutique firms with fewer than 100 employees
and focused practice areas. The 89 profiles in this year’s 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 firms have the golden touch—in 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 firm—for example, area of specialty, training opportunities, firm culture,
compensation—in 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; we’re confident you’ll be able to find your next employer within these pages!
The Editors
Vault.com
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Introduction
Firm Facts
Locations: A listing of the firm’s offices, with the city (or cities) of its headquarters bolded. For firms with a relatively small number of offices, all cities
are included. Countries for international offices are typically not specified, unless the location is uncommon.
Practice Areas: Official departments that employ a significant portion of the firm’s 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 firm, 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 firm identifies 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 firms, our respondents are full of opinions! We ask them to detail their views and observations about firms 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 firms held by other consultants—even if, in
our opinion, the quotes do not accurately or completely describe the firm. Please keep in mind when reading The Buzz that it’s often more fun for
outsiders to trash, rather than praise, a competing consulting firm. Nonetheless, The Buzz can be a valuable means of gauging a firm’s 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 firm’s classification 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 firm, or of the firm’s consulting business.
Employees: The total number of employees, including consultants and other staff, at a firm in all offices (unless otherwise specified). Some firms do
not disclose this information; figures 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 firm generated in the specified fiscal year(s). Some firms 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 Profiles
The profiles are divided into three sections: The Scoop, Getting Hired and Our Survey Says.
The Scoop: The firm’s history, clients, recent company developments and other points of interest.
Getting Hired: Qualifications the firm 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 firm on topics such as firm culture, diversity, hours, travel
requirements, pay, training and more. Profiles of some firms do not include an Our Survey Says section.
Although the name of this book is the Vault Guide to the Top 50 Management and Strategy Consulting Firms, we didn’t stop there—we also added 39
other firms we thought notable and/or interesting enough for inclusion. These firms are listed in alphabetical order.
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
RANKING METHODOLOGY
In the past, Vault calculated firms’ overall prestige ranking based solely on the votes of consultants at other firms. This year, we used the composite
score below to analyze our initial list of 89 firms, which takes into account the votes of a firm’s 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 company’s appeal to job seekers.
In fact, according to our survey results, the highest percentage of consultants have told us that they chose their current firm based on its culture,
rather than its overall prestige in the industry.
20 percent compensation
20 percent prestige
5 percent transparency
The scores for the first five categories were derived directly from the survey results. The “transparency” category awards a 5 percent bonus to firms
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 company’s willingness to encourage employees to share their
experiences externally correlates with a work culture where open feedback and self-criticism are valued—attributes that thousands of job seekers tell
us are top priorities in searching for a new employer.
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VAULT RANKING
RANK
THE VAULT 50
FIRM SCORE HQ/LARGEST OFFICE
1 Bain & Company 8.492 Boston, MA
2 The Boston Consulting Group, Inc 8.176 Boston, MA
3 McKinsey & Company 8.159 New York, NY
4 Analysis Group, Inc. 7.251 Boston, MA
5 The Cambridge Group 7.178 Chicago, IL
6 Deloitte Consulting LLP 7.162 New York, NY
7 Oliver Wyman 7.123 New York, NY
8 A.T. Kearney 7.089 Chicago, IL
9 Triage Consulting Group 7.024 San Francisco ,CA
10 Censeo Consulting Group 6.903 Washington, DC
11 West Monroe Partners 6.899 Chicago, IL
12 Cornerstone Research 6.897 San Francisco, CA
13 PricewaterhouseCoopers 6.890 New York, NY
14 Alvarez & Marsal 6.844 New York, NY
15 Trinity Partners, LLC 6.840 Waltham, MA
16 Booz & Company 6.814 New York, NY
17 Milliman, Inc. 6.795 Seattle, WA
18 Strategic Decisions Group 6.774 Palo Alto, CA
19 PRTM 6.769 Waltham, MA
20 Gallup Consulting 6.761 Washington, DC
21 Diamond Management & Technology Consulting, Inc. 6.753 Chicago, IL
22 Health Advances, LLC 6.729 Weston, MA
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PRESTIGE
RANKINGS
Vault Guide to the Top 50 Management and Strategy Consulting Firms
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© 2010 Vault.com Inc.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Vault collected the survey results and averaged the score for each firm. The firms 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 firms besides their own. A selection of those comments is featured on
each firm profile as The Buzz.
Remember that Vault’s top-50 prestigious consulting firms are chosen by practicing consultants at top consulting firms. Vault does not choose or
influence these rankings. The rankings measure perceived prestige (as determined by consulting professionals) and not revenue, size or lifestyle.
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48 Bainbridge 3.167 NR
49 BDO Consulting 3.122 NR
50 Buck Consultants 3.121 48
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
The following charts indicate the rankings in each practice area, along with the total percentage of consultants who voted in favor of each firm.
(Because consultants could vote for up to three firms, the percentages add up to more than 100 percent.)
Economic Consulting
Energy Consulting
Financial Consulting
*In June 2009, Towers Perrin agreed to a merger with Watson Wyatt. Our survey was conducted in spring 2009, so the firms appeared
separately. In the human resources practice area ranking, Towers Perrin was No.2 and Watson Wyatt Worldwide was No. 3.
Operations Consulting
Business Advisory
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QUALITY OF LIFE
RANKINGSVault Guide to the Top 50 Management and Strategy Consulting Firms
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
A firm’s score in each category is simply the average of consultants’ ratings of their firms in that category. In compiling our quality of life rankings, we
only ranked firms that received 10 or more responses from their consultants.
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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 firm?
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 firm’s compensation (including
salary and bonus)?
Work/Life Balance
On a scale of 1 to 10, where 1 is very poor and 10 is excellent, how would you rate your firm’s efforts to promote a livable work/life balance?
Travel Requirements
On a scale of 1 to 10, where 1 means excessive and 10 means minimal, how would you rate your firm’s travel requirements?
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 firm?
Firm Culture
On a scale of 1 to 10, where 1 is not at all pleasant and 10 is extremely pleasant, assess your firm’s culture.
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 firm’s promotion policies?
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 firm to pursuing environmentally sustainable
(“green”) business practices?
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 firm’s promotion policies?
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 confidence in your firm’s leadership?
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Diversity—Women
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your firm to women in terms of hiring,
promoting, mentoring and other programs?
Diversity—Minorities
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your firm to minorities in terms of hiring,
promoting, mentoring and other programs?
Diversity—GLBT
On a scale of 1 to 10, where 1 means very poor and 10 means excellent, how would you rate your firm’s commitment to diversity with respect to gays,
lesbians, bisexuals and transgender individuals?
THE STATS
Employer Type: Private Company
Chairman: Orit Gadiesh
Worldwide Managing Director: Steve Ellis
2010 Employees: 4,800
2009 Employees: 4,800
THE BUZZ
what other consultants are saying
THE SCOOP
Founded with an eye toward making real change, rather than just writing reports, Bain has always been a consulting firm with a difference. Named
for founder Bill Bain, the firm is fiercely dedicated to its clients, and they to Bain—a relationship that derives at least in part from Bain’s extraordinary
secrecy and emphasis on client confidentiality. A measure of the firm’s commitment to its clients is that in the early days, it promised clients it would
only work with one company per industry. Bain redefined 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 firm’s 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
firm works with both small and midsized firms 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 firm 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 first half of 2009, and the firm is
returning to the trend of long-term share gain.
M&A Q&A
Much of Bain’s 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 firm 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.
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 unit—named the Bain Corporate Renewal Group—focuses
specifically on the needs of owners and future owners of financially stressed midmarket businesses, and on turning around their companies to preserve
value. For companies in trouble, Bain CRG has the capacity to assess a company’s financial health, drive the restructuring and turnaround, and has
the capacity to serve in an advisory, chief restructuring officer or interim management capacity until the business is healthy again.
GETTING HIRED
Given its status as one of the industry’s truly elite consulting firms, it’s unsurprising that Bain’s hiring process is exceptionally rigorous and selective.
Quite simply, it’s a matter of people; the firm only looks at (let alone hires) the very best that MBA and undergraduate schools have to offer. It isn’t
enough to have years of experience in your field or high scores on aptitude tests (though both are important). Over the course of at least three rounds
of interviews, the firm looks for the precise qualities that it has identified as essential to one’s 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.” It’s 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 fluidly with a team of similarly elite colleagues.
Overall Satisfaction
• “I don’t think there is another job that can deliver for me in the way this one does. It’s a unique combination of learning, lifestyle,
apprenticeship, rewards, fun and impact with amazing people.” – New York insider
• “I’m 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 I’ve seen, in my 10 years of
professional experience, with a stronger, healthier culture.” – Strategy consultant
• “Undoubtedly best culture on the block. There’s no competition, everyone is willing to help each other out—even at odd hours. We support
each other as friends, colleagues and individuals.” – Business advisor
• “Bain’s 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
• “Bain’s culture is incredible—informal 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
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• “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 office 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 office.” – Los Angeles associate
• “Supervisors really take my personal and professional development to heart.” – Entry-level source
• “My supervisors are exceptional. I have learned more from them than from any other mentor I’ve 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
Work Hours
• “Flexibility for time off and part-time roles enable long-term sustainability.” – Consultant
• “Very reasonable; it’s all about being efficient. 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 flexible 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 I’m 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 training—no questions asked, and absolutely no recourse on leaving for (approved) vacation in the middle of
a project.” – Midlevel consultant
• “The firm 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, you’ll travel. If not, you won’t.” – 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 won’t help us
make a positive impact for the client, then we won’t 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 significant bonuses.” – Senior associate
Professional Development
Vault’s Verdict: As the firm sets its sights on across-the-board perfection, training is one area that needs little improvement. Consultants gush
about Bain’s annual training offerings—think “amazing,” “incredible” and, perhaps most unique, “hugely enjoyable.”
Formal Training
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• “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 firm. Instead of using professional trainers, we pull our best and brightest people out of the field 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
Promotion Policies
• “Promotion points occur roughly every two to three years. I think it is extremely clear and well run. You know exactly what you’ll be rated on, as
well as when you’ll 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 flexibility on time to promotion, but if people aren’t moving quickly enough, they often choose other options.” – Strategy executive
• “The promotion policy is fair and balanced—not too fast so that promoted individuals fail at the next level, not too slow that learning plateaus.” –
Senior source
Diversity
Vault’s Verdict: Recruitment is highly merit-focused, but respondents rave about Bain’s diversity efforts, feeling like the firm seeks out the best
consultants from unique backgrounds.
UPPERS
• “Individuality is respected—no cookie cutter mentality”
LOCATIONS
• “Strong, steep learning curve”
Boston, MA (HQ) • “Fringe benefits”
69 offices in 40 countries • “Thinking about problems at both 40,000 as well as 4,000 ft”
THE STATS
Employer Type: Private Company
President & CEO: Hans-Paul Bürkner
2010 Employees: 4,500 (consulting staff only)
2009 Employees: 4,400 (consulting staff only)
2010 Revenue: $2.75 billion
2009 Revenue: $2.67 billion
THE BUZZ
what other consultants are saying
• “Excellent reputation; top of the heap”
• “Snooty”
• “Out-of-the-box thinkers”
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• “Quirky professors”
THE SCOOP
Boston’s best
The name may sound local, but The Boston Consulting Group’s reach—and expertise—is anything but. With 4,500 consultants in 69 offices in 40
countries, the firm ranks as one of America’s Largest Private Companies, according to Forbes magazine. Clients typically include many of the world’s
500 largest companies, but BCG also counts among its clients midsized businesses, nonprofit organizations and government agencies in North and
South America, Asia, Europe, the Middle East and Australia. The firm’s consultants—who 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 Legend—are experts in a number of industries, including
consumer goods, retail, financial services, industrial goods, social impact and nonprofit, energy, health care, insurance, technology, media, and
telecom.
The firm helps clients with a number of specific 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 efficiency 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.
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 firm over the years are the experience curve (which charts
improvements in efficiency 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).
Falling in line
While many of BCG’s consultants come from some of the best business schools in the world—including the University of Chicago, Harvard, INSEAD,
Kellogg, Stanford and Wharton—not everyone working at the firm 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 firm organizes its brainpower into formal practice areas, which include the functional and industry areas listed
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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 firm’s 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 world’s poor by 2015.
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 firm looks meticulously
at an applicant’s 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 firm 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 shouldn’t expect any let-up in the firm’s selectivity metrics. “Somewhere between one and five interviewees out
of 100 will receive an offer,” says one insider, highlighting the sobering reality all candidates face. “Don’t 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.”
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 consultants—for 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 benefits are
second to none.” – Health care consultant
• “We deliver tremendous value for our clients while always stretching our own thinking and development. I can’t 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 firm’s tab.
That said, this is probably not something I will want to do for the rest of my life—it can be a pretty high-burn job.” – Associate
Firm Culture
• “BCG’s 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 firm have created an atmosphere that welcomes participation, and demands truth-
telling for our clients.” – Operations consultant
• “It’s diverse, and yet people are always curious and engaged in all topics. Dinner conversations are always memorable and office/business
events are generally something to look forward to.” – California consultant
• “We have a set of shared values that defines 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, filled with high-performing, ambitious people. However, I do not consider it competitive overall. I have been staffed on
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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 firm 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
• “You’re treated as an equal in thought, and only a lesser in experience —which is fair—and it really makes for a good working environment.”
–Consultant
• “Everyone is too driven by performance fear to really invest in anything outside of their own performance.” – Associate
Work Hours
• “Recognizing it’s a challenging profession, the firm does everything it can to lower hours.” – Canadian source
• “We work hard at BCG—but 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 sacrifices at times, but the firm tries to manage these appropriately. I find I usually do not have to work at all on weekends, which
is important to me.” – Senior consultant
• “Make no bones about it—consulting is not a cushy job, and BCG is not a ‘lifestyle’ firm. That said, most of my peers and I find the hours to be
a fair trade-off for the training, challenge and relationship development it’s 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 terrific 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 time—it 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 haven’t 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 I’m traveling more than is absolutely necessary for me to get my work done, but that’s oftentimes based more
on client expectation than on BCG culture. In any case, there’s probably room to improve here.” – Minneapolis insider
Compensation
• “BCG provides excellent compensation, and it is a reflection 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 BCG’s compensation significantly
better than our primary competitors.” – Retail consultant
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• “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 firm, hands down. Significant flexibility options, retirement matching,
potentially huge bonus and great health insurance.” – Dallas first-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
Vault’s Verdict: BCG provides just enough “world-class” formal opportunities to effectively complement the on-the-job training culture that
pervades at the firm.
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Formal Training
• “There is an enormous array of training opportunities—some 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/affiliation 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, office 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 don’t 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 five 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 firm recognizes hard work and improvement.” – Atlanta consultant
Diversity
Vault’s 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 firm continues to cultivate, tending to diversity issues with the same skill and
attention the firm is known for.
• “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 office at least once a year.”
– Health care principal
• “Given our strong performance in the downturn, I have a high degree of confidence in the flexibility and wisdom of BCG’s leadership.” – Atlanta
consultant
DOWNERS
LOCATIONS
• “Pressure to deliver”
More than 95 offices in over 50 countries • “The lifestyle, hands down”
THE STATS
Employer Type: Private Company
Managing Officer & Chairman: Dominic Barton
2010 Employees: 16,000 (approx.)
2009 Employees: 16,000 (approx.)
THE BUZZ
what other consultants are saying
• “The gold standard, but they invented the industry”
• “Type-A, Type-A, Type-A”
• “Develops their people”
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THE SCOOP
In addition to its regular consulting brief, the firm 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
firm’s 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.
Most notably, Bower is known for molding the McKinsey culture, mainly through a three-part code of conduct outlining certain ideals consultants were
to uphold—something that remains in place today. Among these values are putting client interests ahead of those of the firm, 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 firm doesn’t lack for publicity, since the secrecy surrounding its work is itself often the
focus of media attention.
In recent years, McKinsey has begun hiring more broadly, with most of its offices witnessing a steady influx of undergraduates, postgrads and industry
professionals joining as consultants, in addition to MBA students.
Without a home
McKinsey claims to have no headquarters office. The base of operations for former Managing Director Rajat Gupta was for many years New York,
and that held true for the London office, 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 office in Shanghai. The company is officially 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 term—with a three-term limit—following 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,
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the firm’s business journal and platform for expounding on issues of management, strategy and finance. The publication also includes articles by
external experts. And in 2009, the firm launched a blog—What Matters—which 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 identified the unique strengths of American companies, reigniting confidence 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.
Additionally, the firm 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 office, which helps leading institutions address societal challenges, McKinsey also undertakes pro bono services through
its local offices, which serve numerous nonprofit and/or public-sector organizations. Nearly 50 percent of the firm’s consultants participate in nonprofit
work during their tenure, and many serve as board members of nonprofits.
GETTING HIRED
A brief look at the firm’s 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, it’s clear that the firm wants its candidates to be exceptionally wellprepared—and that’s no
surprise given the high demand for positions within the prestigious firm. Candidates who forego a perusal of the site the site shouldn’t worry; as one recent hire
explains, “McKinsey provides case coaches before each round of interviewing—very helpful!” Because of the sheer volume of resumes received, applicants
are meticulously prescreened; only those with the utmost qualifications, 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. It’s a similar experience in the case interview; “We’re
more interested in how you go about dealing with the problem, than in the specific answers that you give,” the firm urges. Also look to the site for
in-depth examples of case studies, and advice on how to handle them.
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 find 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 find 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 affirms that team-based atmosphere,
stating, “For the most part everybody gets along well and is willing to offer help to those needing it.”
Travel requirements certainly don’t help, tipping the balance in favor of work, though we’re told that managers do their best to be flexible and responsive
to personal needs. “McKinsey is focused on efficiency, zero face time and trying to optimize people’s individual needs,” a source states. The firm
notes that it offers a variety of flexible 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 McKinsey’s “impressive and exhaustive” formal training offerings. “It’s simply the best training and development anywhere,” one
New Yorker remarks. “I’ve never seen another organization more focused on people development,” a colleague confirms. “There are several formal
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Appreciation for training is widespread, perhaps in part due to the help it offers consultants trying to get ahead. Respondents tell us that the firm
operates as a “meritocracy to the fullest.” And despite the scramble for promotions and recognition, the atmosphere isn’t 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 firm notes
that it is committed to developing recruits into leaders. The firm was ranked No. 4 on Fortune’s 2009 global ranking of top companies for leaders—the
only professional services firm included in the top 25.
LOCATIONS UPPERS
Boston, MA (HQ)
• “Strong camaraderie amongst analysts”
Chicago, IL
• “Integrity of the partnership”
Dallas, TX
Denver, CO
Los Angeles, CA
Menlo Park, CA DOWNERS
New York, NY
• “Ineffective, disorganized and antisocial managers”
San Francisco, CA
• “Stress from the intellectually demanding nature of the work”
Washington, DC
Montreal
EMPLOYMENT CONTACT
PRACTICE AREAS www.analysisgroup.com/analysisgroup/careers.aspx
THE BUZZ
what other consultants are saying
• “Good working environment”
• “Geeky; antisocial”
• “Up and coming, heavily academic”
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THE SCOOP
Analyze this
Boston-based Analysis Group, Inc., provides economic, financial and business strategy consulting to law firms, corporations and government agencies.
Much of the firm’s work is grounded in economic analysis—whether that be a quantitative assessment related to a litigation or developing a model for
a client’s corporate strategic planning exercise. To date, Analysis Group has provided support in litigations for attorneys at more than 500 law firms,
including the 25 largest firms in the country, and has worked with Fortune 100 executives, including general counsels and senior executives.
For law firms, the group helps with pretrial discovery, development of economic and financial 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 firm for help
with a variety of business issues, including financial planning, tax issues, company and asset valuations, cost-effectiveness analyses, market analyses,
and evaluation of mergers and acquisitions. The firm also helps clients analyze market dynamics and organization capabilities to improve product
pricing and marketing strategies, and to identify new market opportunities.
Principled professionals
The firm adheres to four operating tenets, which give shape to a kind of business philosophy. First is access: Analysis Group maintains close ties to
specialists—top minds in academia, leaders in industry and government insiders—to 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 firm 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 flexible structure that allows teams to quickly scale up or down as needed. And finally, pragmatism: Analysis Group believes all strategies
should focus on relevant, applicable solutions.
For each client engagement, Analysis Group’s 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 firm’s 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 firm 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 fit in well socially with the
other analysts?” For candidates interested in associate or consulting positions, it’s likely that those without advanced degrees in economics, finance,
law, accounting or management won’t 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.
Qualified 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-office first 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 office,” facing questions from “various staff members” who pry for details about personal professional
experiences. If it’s determined that a candidate is a likely fit, aptitude tests or case studies follow. By then, the firm has already identified its “very
Customized for: Han (liuhan@sas.upenn.edu)
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 there’s “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
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
of professionalism. Moreover, analysts share “close-knit and sociable” relationships at the firm.
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.
To top off their favorable work/life balance, employees enjoy salaries that are “very competitive with the market.” “My firm 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 unofficial and done through peer mentoring programs,” a
colleague offers. Others admit that mentoring can be “difficult, since the random pairings don’t always encourage an atmosphere of learning and
questioning. “It’s expected that you learn as you go,” an analyst echoes, “but in turn, it’s difficult to measure what you should know at different points
in your work.” The vast majority of a consultant’s 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 firm’s diversity efforts—or lack thereof. “We don’t have specific programs; we hire and retain the best,” an
associate declares. “We don’t care where they come from or what their gender or personal preferences are.” Despite Analysis Group’s stated apathy,
the firm does retain a reasonable degree of diversity, though “admittedly mostly at the junior levels.” “Perhaps 20 percent of our firm 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 firm “does hire a lot of women in a field that typically does not.”
Retention of women can be an issue though. As one analyst explains, “the firm 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 firm, including three with families. No men have left.”
EMPLOYMENT CONTACT
THE STATS www.thecambridgegroup.com/careers
THE BUZZ
what other consultants are saying
• “Small, but really good work”
• “Please, sir, may I do another segmentation?”
• “Strong reputation”
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• “Researchers, dreamers”
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THE SCOOP
The firm unleashes its demand-side expertise onto clients in the business-to-business, consumer packaged goods, healthcare, media, retail/leisure,
financial services and telecommunications industries. Some of the world’s most successful brands have benefitted from TCG’s recommendations,
including Merrill Lynch, Anheuser Busch, Hershey and Best Buy.
Capital ideas
While the firm’s demand strategy is straightforward on paper, gathering and analyzing the data necessary to improve a client’s performance is a
rather difficult 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 firm’s disposal is Palate Maps and Benefit Domains, which identifies and
quantifies emerging and latent demand in the marketplace. The firm 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 Kash’s 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 Profits and HOW COMPANIES WIN – Profiting from Demand-Driven Business Models no Matter
What Business You’re 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 McDonald’s, Coca-Cola and IBM.
GETTING HIRED
As a smaller firm with grand aspirations, there’s 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 firm, most of the firm’s 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 firms (McKinsey, Bain, BCG), assuming that they were prized by the
bigger fish 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 first tests? Another round of interviews, conducted in TCG’s office. 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
final-round interviews where you dive deep into a partner’s current project at very high level,” warns one midlevel consultant. To pass with flying colors,
candidates will need to display “very strong analytic skills, curiosity, logical problem solving, creativity, enthusiasm and strong work ethic.”
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, I’m 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 we’re not cutting costs, but making their business bigger.” – Executive-level respondent
• “The firm 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
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 satisfied 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 firms is that there is no pressure to conform here—the differences are what make us
stronger.” – Analyst
• “Given the office-based business model, you get to know a broad cross-section of the firm pretty quickly because people aren’t always on the
road.” – Senior consultant
• “The firm 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 firm can do a better job of not being passive-aggressive when
dealing with firm 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
Work Hours
• “Hours are on the low end of what you would expect from a professional services firm. TCG is able to do this because they are good with
scoping their studies.” – Experienced source
• “Hours definitely get better as you get more senior in the firm. It’s definitely not as bad as at other consulting firms, 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 it’s not constant and it’s for a good reason.” – Analyst
• “Around 60 hours per week is typical. It kind of sucks, but then again you don’t 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 I’m home most nights. I may work later at night from home, but the flexibility allows me to keep things in
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Travel Requirements
• “The firm has a policy of traveling only when needed. Because most of the work can be done in the office, there is not a great amount of travel
for the lower levels.” – Junior consultant
• “There’s one gauge: Consultants reach elite status on airlines quite infrequently.” – Analyst
• “When I travel abroad, it’s 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 find a firm 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
Vault’s Verdict: TCG is only beginning to acknowledge and address the trouble with its meager training provisions. When corrected, formal
training will complement the firm’s dedication to informal training and mentoring.
Formal Training
• “As of the past few years, TCG has implemented much more formal training, so I’d say what we have is reasonably comparable to other
consulting firms 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 first two weeks. Since the work of the analyst is so data-driven, there’s no
way to possibly cover everything in two weeks.” – Analyst
• “Training was essentially nonexistent when I and two other analysts joined the firm—this portrayed a very poor image of the firm. However, the
firm is making concerted efforts to revamp training across all levels, which is refreshing.” – Midlevel consultant
Promotion Policies
• “I am very happy with TCG’s 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 ready—that may be sooner or later
than the target.” – Experienced source
• “We are not up or out, but rather perform or out.” – Midlevel respondent
Diversity
Vault’s Verdict: Insiders are proud to report that their managing director is a black woman, and feel that that speaks volumes about the firm’s
commitment to maintaining a diverse community.
preference enters into the equation with hiring decisions—and it shows in our people.” – Senior advisor
• “There is no glass ceiling to really speak of. We have a fairly diverse office in terms of race, as well. No one is ‘out,’ so to speak, but I’m not
sure if it’s a function of the fact that people aren’t gay or that people aren’t comfortable coming out.” – Midwest midlevel
LOCATIONS
New York, NY (HQ) DOWNERS
Over 50 offices in the US • “Frustrating administrative activities and nuances”
• “Overly expense conscious at this point”
• “Too many extracurricular activity expectations”
PRACTICE AREAS • “Too complex to navigate”
EMPLOYMENT CONTACT
THE STATS deloitte.com/us/careers
THE BUZZ
what other consultants are saying
• “Good global firm; deep bench”
• “Overworked, pay not relative to hours”
• “Seem to be on the way up”
Customized for: Han (liuhan@sas.upenn.edu)
THE SCOOP
Do it with Deloitte
Deloitte Consulting LLP, based in New York, operates in three primary areas—human capital, strategy and operations, and technology—and serves
clients in a number of industries, including federal and state government; health care and life sciences; financial 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 Fortune’s annual 100 Best Companies to Work For and Bloomberg BusinessWeek’s 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 difficult,
complex problems, the firm to go to is Deloitte. We have the ability to take world-class insights and use those insights to develop tangible results. I
don’t think there are very many firms that can do that, and that puts us in a very unique place…We are a category of one.”
DTT’s 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.
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 offices around the globe. The practice specializes in integrating talent issues with business strategy, with the
aim of helping clients enhance their performance, productivity and profitability. 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 benefits such as health care, retirement and compensation.
The firm’s 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.
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 firm for over 23
years, and since 2007 served as the global and U.S. leader of Deloitte Consulting’s 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 magazine’s Top 25 Most Influential Consultants,
most notably for his work in the M&A space.
GETTING HIRED
In the words of one consultant, Deloitte Consulting is made up of “incredibly smart, analytical and strategic people.” Simply put, if you don’t meet
these very basic standards, you shouldn’t (and probably wouldn’t) be applying to join the Deloitte team. In truth, the firm’s 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. We’re told that to identify candidates who fit among the firm’s personalities and
culture, “Deloitte uses the ‘airport test’—where 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 Deloitte’s 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 firms, spending a lot of time focusing on our practitioners’ thought processes versus having them do math tricks.”
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. It’s challenging, dynamic and rewarding to help clients solve their most difficult 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 firm is taking steps to relieve this, including ramping
up hiring.” – New York consultant
Firm Culture
• “The culture is very flat 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 CEO’s
office anytime or send him an email and he will respond—whether you are a principal or business analyst.” – West Coast consultant
• “Teamwork is in Deloitte’s 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 don’t call
people supervisors—we 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
Customized for: Han (liuhan@sas.upenn.edu)
• “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
Work Hours
• “I have been generally satisfied 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 cyclical—most weeks it is manageable, but every once in a while you are working toward a deliverable, final presentation, etc., which
makes it longer. There is a ton of internal work as well, as part of the culture and firm building, which can take anywhere from three to 15
additional hours.” – Operations consultant
• “The risk-reward benefit 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 firm isn’t going to stop asking for more—it’s up to each individual to set boundaries, and frankly, not many of us are good at that. I’ve
given up more nights and weekends than I care to think about, but the opportunities that I’ve created through that commitment are significant.”
– 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 difficult, but I
manage with flexible 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 you’ve earned your stripes. After you’ve established yourself as an asset, the firm always tries to meet
your work/life needs.” – Minneapolis consultant
• “I love my work, so it doesn’t bother me much. But any claims of 45-hour workweeks are completely off base. Between travel, project work and
firm activities, work/life balance comes in bursts and is fleeting, 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 don’t try hard enough to challenge our need to be present with a client. The norm is to fly out on Monday and return on Thursday.” –
Senior source
• “We rarely staff people on local engagements because of timing. Focus has been developing national staffing capabilities within practices—put
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 doesn’t 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
Vault’s Verdict: One might think that Deloitte’s oft-referenced apprenticeship model might facilitate an utter lack of formal opportunities, but that
Customized for: Han (liuhan@sas.upenn.edu)
couldn’t 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 firm, an additional week of training with each promotion, and 40 hours of required
formal learning via the firm.” – 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
Promotion Policies
• “We have an up-or-out policy, which I think is needed. Consulting isn’t for everyone, and as you progress, capabilities need to change.
Consultants do have the opportunity to advance very quickly.” – Experienced practitioner
• “It’s typically two to four years before receiving a promotion. Including business school, it’s 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
• “There’s 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
Vault’s Verdict: As far as the top consulting firms go, Deloitte outshines its competitors by grabbing the finest diverse talent—and supplementing
it with a steadfast commitment to professional development.
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 financial management, which has and will position the firm to make investments for the
future.” – Cincinnati strategy consultant
7 OLIVER WYMAN
LOCATIONS
New York, NY (HQ) DOWNERS
Over 40 offices in 16 countries • “A little geeky”
• “High risk of attrition at mid and senior manager levels”
• “Public corporate owner”
PRACTICE AREAS • “The decentralized nature of training, learning and staffing”
THE STATS
Employer 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
THE BUZZ
what other consultants are saying
• “McKinsey of financial services”
• “Lots of travel and long hours”
• “Very international”
Customized for: Han (liuhan@sas.upenn.edu)
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Oliver Wyman
THE SCOOP
Today’s Oliver Wyman is the result of three consulting firms (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 entity’s consulting practices. In early 2009 Harvard Business School published a
case study on the Oliver Wyman’s successful rebranding—only the second case study the school has published on a management consulting firm.
The firm’s consulting services cover the automotive, aviation, aerospace and defense, communications, media, financial 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 world’s largest 100 financial institutions and heads of Fortune 1000 companies.
Global reach
Although Oliver Wyman is headquartered in New York, the firm has a very cosmopolitan flavor. While the firm has more offices in North America than
on any other continent, more than half of its offices are located elsewhere. Additionally, more than 50 percent of its employees are European, while
the firm maintains a footprint on five continents. Further boosting the company’s 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.
Nonprofit knocks
The firm 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-Profit Fellowship program, in which employees can choose to work for a nonprofit organization for
three to six months, while the firm 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 Kiva’s expansion.
Oliver Wyman has been involved with the online person-to-person lending organization since its inception, when consultants participating in the firm’s
Non-Profit 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 nonprofits 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 firm’s financial 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
It’s not enough for Oliver Wyman’s consultants to know their industries—they have to know them well enough to be able to publish frequent reports on
the state of those industries. For example, the firm 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 MMC’s “Annual Global Risk Report,”
which identifies all the major global risks, assesses their economic impact and recommends mitigation solutions.
The firm’s partners are also regularly quoted in financial 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 firms in The Economist, The Financial Times, the New York Times, and the Wall
Street Journal.
GETTING HIRED
Customized for: Han (liuhan@sas.upenn.edu)
According to one insider, “It’s easier to get into an Ivy League school than land a spot with Oliver Wyman.” We can’t corroborate this report with
complete confidence, but we can continue to quote from the flood of similar responses offered to us: “The resume screenings are ridiculously tough,”
a consultant notes, underscoring the difficulty 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 excited—rather than daunted—by the many things they have to learn,” details one source, reflecting
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 it’s ‘yes’, the firm really rolls out the red carpet with dinners, welcome packages and a nice signing bonus.” Oliver Wyman
Oliver Wyman
recruits primarily from Ivy League schools and other top-ranked universities, but others are welcome to apply via the firm’s website—and they are
definitely not out of the running. The firm’s on-campus schedules can be found on the careers section of its site.
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 firm.” – Consultant
• “During the financial 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-profile status make it extremely fulfilling.” – New York
staffer
• “At Oliver Wyman, you have extremely talented colleagues, interesting work, good locations and above-market compensation. It’s travel-
intensive, but that’s not bad if you’re young.” – Experienced employee
Firm Culture
• “The firm has always been distinct in its youthful and collegial nature, and its emphasis on a flat 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 officemates 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 flat structure. There are few egos and people trying to prove their rank. I’ve been on cases with
people many levels above me, and we’ve 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
Work Hours
• “Work hours are much better than my fellow grads at other consulting firms, 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
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Oliver Wyman
influx 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 kid’s school play, you can usually work it out.” – Partner
• “The work is tough, but we have a flex 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 firm.” – 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 firm pays close attention to not burning out consultants at all levels. Partners that burn out consultants with understaffed
projects are financially 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 there’s no denying that.” – New York staffer
• “If you’re on a client, you’re [usually] at their site.” – Entry-level consultant
• “The typical model is to work in the client’s offices Monday through Thursday every week, back in Oliver Wyman’s office 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 you’re in the New York office, travel could be limited since there are many clients in the city.” – Consultant
Compensation
• “Pay is excellent for a consulting firm, 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 first-year consultant
• “Compensation would be great if the workweek were 10 hours shorter.” – Consultant
Professional Development
Vault’s Verdict: Oliver Wyman is banking on the fact that its high-caliber recruits won’t need any handholding when it comes to finding their way.
As such, the firm 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 aren’t 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
• “I’ve never felt myself wanting for more formal training.” –New York partner
Promotion Policies
• “It’s a very fast promotion process; faster than most firms. Some people leave if they don’t get promoted as quickly as their friends, [but] if you
are good, you’ll get promoted as quickly as you are ready.” - Consultant
• “I’ve seen people transition to internal roles (like chief of staff or marketing roles), which seems to work out well for them.” – Consultant
• “It’s 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 I’ve seen at other firms.” – East
Coast insider
• “It’s a very defined process … It’s all based on performance, with 360-degree feedback.” – Partner
Diversity
Customized for: Han (liuhan@sas.upenn.edu)
Vault’s Verdict: Networking groups for LGBT employees and women have gained serious traction of late, a positive sign that the firm is mobilizing
to accommodate its increasingly diverse community.
Oliver Wyman
8 A.T. KEARNEY
LOCATIONS DOWNERS
Chicago, IL (HQ) • “Branding—we do not believe in marketing ourselves”
Offices in 37 countries • “Overemphasis on operations”
• “Can sometimes be pigeonholed into a type of work or work
area”
PRACTICE AREAS • “Relatively small size compared to competition”
Industries
Aerospace & Defense • Automotive • Communications
& High Tech • Consumer Products & Retail • Energy & EMPLOYMENT CONTACT
Process Industries • Financial Institutions • Pharmaceutical & atkearney.com/index.php/Careers/careers.html
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 Officer & Chairman: Paul A. Laudicina
2010 Employees: 2,700
2009 Employees: 2,700
2009 Revenue: $786 million
2008 Revenue: $910 million
THE BUZZ
what other consultants are saying
• “Supply chain specialists”
• “Lost in the woods”
• “Good culture”
Customized for: Han (liuhan@sas.upenn.edu)
• “Old school”
A.T. Kearney
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 firm in the city in 1926, one of the first partners he was to hire three years later
was a certain fellow by the name of Andrew Thomas Kearney. Following McKinsey’s death in 1939, the firm’s two offices—based in New York and
Chicago—split, with Kearney taking the latter and focusing the company’s attention on operations and manufacturing.
Today, that office has become a monster of a firm, with a truly global reach; it has offices in 37 countries across the world. And, of course, as it
has grown over its 80-plus-year history, the company has diversified 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 flagging consulting arm, while
giving A.T. Kearney’s specialists access to some of its high-profile 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.
Kearney’s management of the notion of being a subsidiary of a publicly held company soon led to a parting of the ways. That officially occurred in
January 2006, when more than 170 of the firm’s leading consultants (from no less than 26 countries) participated in a management buyout to take
the firm private.
Following the buyout, A.T. Kearney officers elected an international 11-member board of directors, which is headed up by Managing Officer and
Chairman Paul Laudicina, who has been in charge since 2006. Laudicina, only the seventh person to lead the firm, 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. Kearney’s 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 world’s 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 firm 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 firm 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 aren’t from a core recruiting school,” quips one young associate. After securing a preliminary interview slot, one can expect the process to be
exceptionally rigorous, specifically 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 confidence and charisma as further
necessities for any applicant.
The process culminates in an “extremely nerve-racking” final 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 can’t claim this lofty prize shouldn’t fall too far. As one midlevel consultant says, with
only a hint of smugness, “Many of those rejected by our firm end up at top-tier competitors.”
Customized for: Han (liuhan@sas.upenn.edu)
A.T. Kearney
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 firm-specific. I am not convinced it would be any higher with any other top-tier management
consulting firm.” – 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 difficult 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 sufficient 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 environment—regardless 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 firms around, which is a great fit 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 firm.” – 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
office to go to for local help.” – Entry-level associate
• “Unlike other firms, [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 team—they ‘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
Work Hours
• “Somewhat long, but manageable hours.” – Financial executive
• “Everyone, from partners to analysts, works hard. We’re all on the same page in terms of accelerating the firm’s 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
Customized for: Han (liuhan@sas.upenn.edu)
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 flexible in terms of when and where. Common goal: client service.” – Strategy consultant
• “Work/life balance is all about working efficiently 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 firm’s strengths is being able to provide the time and space needed in ‘critical circumstances’ (death in the family, personal
A.T. Kearney
relationship problems, illness) for employees—the smaller day-to-day balance is more challenging.” – A.T. Kearney insider
• “[There is an] extreme expectation of work ethic—most consultants have to put in a significant 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 firm policy is four days at the client site, one day at the home office. Not unexpected [for] a typical consulting firm.” – Operations
consultant
• “Old-school partners tend to demand travel every week, even when not necessary. I don’t 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 firm’s goal be been carbon-neutral, but too few partners support this in practice to have
changed much.” – DC midlevel
• “While the firm requires you to be on site four days a week, about half of the NY office is staffed in local projects.” – Entry-level consultant
Compensation
• “Always very competitive compensation—annual benchmarking is conducted by the firm.” – Experienced consultant
• “In line with top-tier consulting firms, 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 first-year
• “Bonuses have been averaging 75 to 100 percent of base salary [for partners only], even during difficult economic times. There’s also a
generous 401(k) matching program and retirement package partially funded by the firm.” – Partner
Professional Development
Vault’s Verdict: The firm’s demonstrated commitment to training its consultants is genuine; many will need it in order to climb ATK’s 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 firm has put a lot of emphasis on more official 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 firm believes in training, from analyst all the way through partner.” – Energy consultant
• “[It is] difficult to fit [training] into the project schedule—but getting better.” – Entry-level insider
Promotion Policies
• “A.T. Kearney provides sufficient 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 ranks—it 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 consultant’s history with the firm 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
Vault’s Verdict: Respondents are typically content with A.T. Kearney’s efforts concerning diversity—we’re told the firm has recently launched a
global diversity and inclusion initiative with support from an external consulting firm—although they do note that the firm’s client-facing demands
make it extremely difficult for women with children to stay on for the long haul.
Customized for: Han (liuhan@sas.upenn.edu)
A.T. Kearney
• “Policies toward women need improvement. Very little emphasis on making the lifestyle of consulting easier for women.” – Financial consultant
• “The firm is very proactive and transparent in this respect.” – Mexico City strategist
DOWNERS
LOCATIONS
• “Mundane entry-level work”
San Francisco, CA (HQ) • “Exhausting travel requirements”
Atlanta, GA • “Promotion is basically the only metric used to reward
performance, but the promotion timeline is basically static”
PRACTICE AREAS
Capitation Risk Pool Audits • Clinical Denials • Continuing EMPLOYMENT CONTACT
Education • Comprehensive Payment Review (Primary)
• Contract Analyses & Negotiations • Litigation Support • www.triageconsulting.com
Medicare Review • Revenue Cycle Consulting • Silent PPO
Review • Worker’s Compensation Review
THE STATS
Employer Type: Private Company
Founders: Richard Griffith, Jim Hebert and Patricia Lee-
Hoffmann
2010 Employees: 330
2009 Employees: 310
2010 Revenue: $70 million
2009 Revenue: $66 million
THE BUZZ
what other consultants are saying
• “Niche, health care-focused”
• “Bill collectors”
• “Committed to social responsibility”
Customized for: Han (liuhan@sas.upenn.edu)
• “Fratty”
79
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
THE SCOOP
The company takes its name from triage, a term defined as a systematic process for determining priorities “in an environment of scarce or insufficient
resources.” The company “triages” the various areas of financial risk in the hospital’s revenue cycle, using its expertise to efficiently recover lost
revenue and recommend solutions to its clients. The firm has also earned extra kudos, having been named—for the sixth year running—one 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.
Triage also commits time to shepherding the client to self-sufficiency by training employees to catch underpayments themselves. Having identified the
mistakes that led to payment errors, the firm can recommend specific 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 company’s assignments have come from repeat business, and Triage claims that most new business comes
from client referrals.
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 firm does an excellent
job of fulfilling 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 firm 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 firm is always looking for bright,
driven, team-oriented and flexible individuals.”
Customized for: Han (liuhan@sas.upenn.edu)
The interview process is straightforward—recruiters 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 firm 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.
Overall Satisfaction
• “I’m 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 satisfied 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 unsatisfied, 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 firm 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 firm 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
• “I’ve been able to become good friends with most of my supervisors. Conversations are casual, and there’s 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
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
Customized for: Han (liuhan@sas.upenn.edu)
• “Hours at Triage are extremely reasonable for a consulting firm. It’s a bit unusual in that they tend to go up as you climb higher in the firm.” –
Consultant
• “It’s 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 it’s 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
• “Employees are encouraged to travel and enjoy life experiences, which is highly valuable.” – Entry-level insider
• “Since work stays at work when I’m at home, I’m 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 fly to Seattle counts the same as
getting up at 7 a.m. to be in the SF office 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 profit 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 definitely 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
Vault’s Verdict: Triage’s formal offerings are extensive, informative and exceptionally helpful the grateful consultants who flock to them.
Formal Training
• “We are always in training! It’s a good thing—there’s 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 employee’s first 21 months at the firm. The modules are formal trainings,
each focusing on improving a different skill set or industry-related topic.” – Junior source
• “Training is a big focus—one 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 it’s 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--there’s no real competition for promotions.” – Associate
Diversity
Vault’s Verdict: Triage’s population is representative of the universities from which it recruits—which means its overall population is a bit lacking
in diversity. But insiders say the firm makes up for those numbers by fostering a truly “open, tolerant” workplace.
• “I think our ethnic diversity has improved a lot in the last few years, but there’s still room for improvement.” – Junior source
• “As Triage is based in San Francisco, the company’s culture is naturally diverse, open and tolerant. Specifically, 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
LOCATIONS DOWNERS
Washington, DC (HQ) • “The fact that some people are remote requires more time
spent on communication than if everyone was in the same
office”
• “As a niche firm, many of the projects are very similar”
PRACTICE AREAS • “We don’t have the same level of administrative support and
Operations • Procurement • Supply Chain resources as larger firms”
THE SCOOP
Founder and CEO Raj Sharma has also taken home his share of awards. In 2009, he was chosen as a finalist 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 Executive’s Pros to Know list for the third straight year.
People first
It is no accident that Censeo has been honored as a great place to work. These distinctions are proof that the firm is following its people-focused
consulting model, with “people” referring both to its clients and employees. The firm shifts attention to employees by taking on exciting, intellectually
challenging projects, encouraging creativity and initiative, offering flexible career paths, limiting travel, keeping reasonable hours, allowing consultants
to work where they choose and, of course, by offering competitive salaries and benefits. The firm is convinced that this approach will lead to both
happier and more productive employees.
One key to the firm’s 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 firm’s 50 employees work remotely, spending only about 10 to 20 percent of their time in the D.C. office or at client sites. For employees who
live in the D.C. area, flexible 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
Censeo’s “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-office 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 fit as by qualifications.” 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.
Corporate Atmosphere
Vault’s Verdict: Whether coming directly from school or joining the firm midcareer, the Censeo consensus is clear: Life at the firm, with its surplus
of personal, social and professional opportunities, is hard to beat.
Customized for: Han (liuhan@sas.upenn.edu)
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
sacrifice time spent with my family.” – Consultant
• “Great culture, awesome people and lots of autonomy for growth.” – Analyst
• “Overall, I’m extremely satisfied working for Censeo. My choice to work at this firm out of college has led me to unique opportunities and
challenges.” –Associate
• “Satisfaction here far outweighs my experience at my previous firm. Work/life balance and focus on personal needs is outstanding.” – Senior
consultant
Firm Culture
• “This is a very young and vibrant firm that’s full of collaborative spirit!” – Experienced source
• “We have consistent social events, charitable causes are stressed and sponsored by the firm, 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 office 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
Work Hours
• “Some weeks I work 45 hours, others I work 65. I’d say 55 is about the average.” – Analyst
• “This is the first 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 flex 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 firm, and one that our leadership takes very seriously and monitors to ensure it’s 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 week’s needs, given my position in the firm.” – Senior source
Travel Requirements
• “I average about one three-day trip per month—normally to either visit our home office or key clients. This is a key aspect about our company’s
culture, which believes that we don’t need to be under our client’s 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 I’ve been with the firm, the only travel I have done has been within the metropolitan area.” – D.C. associate
Compensation
Customized for: Han (liuhan@sas.upenn.edu)
• “Salary is in line with competition. Bonuses are generous. Profit sharing at management level can be significant.” – Associate
• “Benefits are solid. If you account for the flexibility and work/life balance, the compensation is fair.” – Senior consultant
• “I’m very well paid—especially 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. I’m compensated the same as they are.” – Senior source
Professional Development
Vault’s Verdict: Look for a more sharply defined formal training regimen once the firm grows in stature and size.
Formal Training
• “Training is both formal and informal. We take the best approaches from firms 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 defining requirements and formalizing what every employee should attend. The trainings I have attended were helpful.” –
D.C. insider
• “Most of the training is unofficial. I was mentored on my first project.” – Entry-level analyst
Promotion Policies
• “There’s no up-or-out policy. We are a growing firm, 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 firms, which naturally leads to fewer promotions.” – Associate
Diversity
Vault’s 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.
DOWNERS
LOCATIONS
• “Growing pains from rapid growth”
Chicago, IL (HQ) • “Very little administrative support”
Columbus, OH • “Still a very young company”
Dallas, TX
Montreal, QC
New York, NY
Seattle, WA EMPLOYMENT CONTACT
Toronto, ON
www.westmonroepartners.com/en/Careers.aspx
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
Customized for: Han (liuhan@sas.upenn.edu)
THE SCOOP
Chicago’s own
West Monroe Partners doesn’t take its name from the firm’s headquarters location—if that were the case, it would be called West Jackson Partners.
The moniker is actually a nod to the address of Arthur Andersen’s 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 office in Chicago. The firm 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 firm focused on guiding organizations through projects that fundamentally
transform their business. The firm describes its approach as an “end-to-end perspective” on clients’ needs, combining analysis, strategy, project-
based solutions and outsourced solutions.
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 specific 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 Monroe’s 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 firm’s tech savvy approach, it’s no wonder that nearly half its employees have degrees or backgrounds in technology. CEO Dean Fischer
has championed efforts to invest in the firm’s technology resources, and encourages his staff to hone their skills on the job, even if they hail from more
traditional consulting or business fields. (In fact, Fischer has been quoted in Consulting magazine as saying that it’s “a waste of time” to get an MBA
right after finishing college, because he believes learning in the field is the best education for new hires.)
“People first”
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 first” mentality is a value that is shared from the top down. As CEO Dean Fischer explained to Consulting magazine, West Monroe’s
guiding principle is: “He who gets the best people wins. We’re a people-first organization. That’s what West Monroe is all about. It’s almost blasphemy
to not say that the client comes first, but I really believe that if you put your people first 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.”
The firm also has a longstanding affiliation with the Student Conservation Association, a national conservation group aimed at high school and college
students. A number of West Monroe’s employees are active in SCA’s work, and CEO Fischer sits on the group’s board of directors. West Monroe
executives are also heavily involved with the U.S. Fund for Unicef.
GETTING HIRED
Entry-level and experienced applicants follow very different tracks at West Monroe, though both are equally selective and rigorous. Further, both benefit
from “timely and fair” processes; as one insider says, “Of all the firms 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 candidate’s academic record and demonstrated aptitude. “At West Monroe, the first 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 fit and aptitude. As one insider states, “If you receive an offer at West Monroe, you have every reason
to feel confident you will fit in.”
Overall Satisfaction
• “I am very pleased with my exposure and breadth of responsibility. Every day I feel like I add something to the firm, and I leave every day with a
better understanding of my field.” – 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
firm. 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 satisfied, but West Monroe is close.” – Energy partner
Firm Culture
• “Everyone is smart, driven, wise and responsible. Plus, it’s just a fun group to be around—I’ve 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, I’m surrounded by people who have similar interests, both in and
out of work.” – Experienced consultant
• “Our culture is a very close-knit family—I think I know probably 90 percent of our employees by first 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 firm 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 office, new consultants sit next to senior directors to help promote a truly collaborative
environment.” – Senior consultant
• “As a nurturing and open firm, we don’t shy away from difficult conversations. If something is wrong, we fix it immediately. There are no
surprises, and communication is valued.” – First-year analyst
• “My relationship with my direct supervisor is great. He’s honest, forthright and gives me frequent feedback.” – Energy consultant
Customized for: Han (liuhan@sas.upenn.edu)
Work Hours
• “This is not a company where the more hours you work means the more you are rewarded. Instead, becoming efficient 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 flexibility 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 schedule—as 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
• “I’m 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 firms, 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 don’t like to travel, you can focus on projects in the area.” – Midwest respondent
Compensation
• “I’m very happy with my compensation. I’m sure that there would be potential for higher compensation if I went to a bigger firm, 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 profit sharing.” – Operations consultant
• “We operate as one firm, so bonuses are tied to the overall firm performance, not just an office or subgroup.” – Senior source
• “Given the economy, we decided to not give out a bonus at the end of 2009.” – Chicago partner
Professional Development
Vault’s Verdict: In the past, the firm’s small size corresponded well with a mentorship culture. Now that it’s 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
Customized for: Han (liuhan@sas.upenn.edu)
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 meritocratic—those 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
Diversity
Vault’s Verdict: As far as the numbers are concerned there is room for improvement in the diversity arena, but insiders appreciate West Monroe’s
tolerant, welcoming attitude.
12 CORNERSTONE RESEARCH
LOCATIONS
DOWNERS
Boston, MA
Los Angeles, CA • “Lack of transparency regarding advancement” at senior
Menlo Park, CA levels
New York, NY • “Not well known compared to larger management consulting
San Francisco, CA firms”
Washington, DC • “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”
PRACTICE AREAS
Accounting • Antitrust • Bankruptcy • Corporate Governance
• Energy • Financial Institutions • Intellectual Property • EMPLOYMENT CONTACT
Labor, Employment & Discrimination • Pharmaceuticals &
Healthcare • Securities • Valuation Go to the careers section of the firm’s website
THE STATS
Employer Type: Private Company
Chairman & Managing Director: James K. Malernee
President & CEO: Cynthia L. Zollinger
2010 Employees: 450+
2009 Employees: 450+
THE BUZZ
what other consultants are saying
• “The go-to guys in litigation consulting”
• “Eggheads, analysis-driven”
• “Strong in the finance area”
Customized for: Han (liuhan@sas.upenn.edu)
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Cornerstone Research
THE SCOOP
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 finding high-quality expert witnesses, as well as providing economic and financial analysis to clients.
Clean break
Cornerstone was formed in 1989 when founding officers Cynthia Zollinger and James Malernee left the MAC Group, a management consulting firm.
Zollinger and Malernee made the decision to split away from MAC because they felt that the fundamental differences between financial 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 financial analyses on issues pertaining to securities, antitrust, intellectual property,
accounting, energy, health care and financial institutions (such as banks, hedge funds, and insurers) when these issues arise in litigation. The firm
gets the ball rolling by identifying key economic aspects of the case. These aspects are identified as areas that might require expert witness opinion
or testimony. The firm 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, finally, trials. Typical projects last several months, though they can last from
one week to over a year—and 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 finance, or law degrees. The firm 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 aren’t looking for excellence in any specific field—they’re looking for it throughout a candidate’s experiences, be they strictly
academic or augmented by work history. Offices 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.”
Customized for: Han (liuhan@sas.upenn.edu)
Overall Satisfaction
• “I am surprisingly satisfied with my job. When I have dinner with my fellow MBA alumni, they always are talking about their ‘next job’ or what
Cornerstone Research
Firm Culture
• “Cornerstone has one of the best cultures of any firm out there. As an employee, you feel completely comfortable interacting with everyone
from admin staff to partners both in and out of the office. 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 firm 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
• “We’re a close-knit company, so I actually know my supervisors very well. I’ve 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 significant interest in their
development.” – Research Analyst
• “I’ve had a chance to build some great working relationships with my supervisors—so 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 that’s to be expected.”
– West Coast insider
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 definitely
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
Customized for: Han (liuhan@sas.upenn.edu)
hours per week, with 10 of those hours being non-billable tasks. Non-billable tasks include, but are definitely 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 firm is great about promoting work/life balance. Weekend work is not frequent, unless there is a fire drill for an engagement.” – Senior
Manager
• “It takes considerable upward management in order to maintain a good balance of life and work. Unless you’re proactive about fulfilling out-of-
Cornerstone Research
office 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 wouldn’t 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. I’m now at a level where I occasionally have to travel for a client meeting or something of that nature, but
it’s not like it’s a regular part of my job.” – Senior Manager
• “Our firm usually requires no travel. There have been rare instances where one office will be so busy that they need consultants from another
office to work out of their office 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 financial package is quite satisfactory.” – Research Associate
• “Cornerstone has always been very generous. 2009 was not a great year for the firm, 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 don’t get rewarded for standing out. If you do a great job, then you get a slightly bigger bonus; if you’re terrible, then your
bonus is slightly lower. But the discrepancy isn’t as high as you’d think.” – Senior Analyst
Professional Development
Vault’s Verdict: Cornerstone’s “very intense” first-year training program is both comprehensive and effective. After that, consultants typically prefer
informal alternatives to the firm’s formal offerings.
Formal Training
• “When you start, CR conducts two weeks of very intense training, which culminates in mock expert deposition. It’s a really fun process and is a
serious bonding experience for the analysts.” – Entry-level respondent
• “Cornerstone conducts official 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 first five to six months, which are helpful for learning the best practices and software that you might not use on your first 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 defined career path, as long as consultants meet the high level of expectations from the company. Consultants are evaluated
on specific 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 firm. Consultants are given a timeline and the firm tends to adhere to that policy. I’d like a little more flexibility, 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 five years, most analysts are expected to move onto graduate school or another
position.” – Entry-level source
Diversity
Vault’s Verdict: Diversity is one of Cornerstone’s strongest assets; many consultants have joined the firm specifically for the prospect of joining a
truly hospitable, engaging work community.
Customized for: Han (liuhan@sas.upenn.edu)
Cornerstone Research
13 PRICEWATERHOUSECOOPERS LLP
PRACTICE AREAS
UPPERS
Advisory
Capital Projects & Infrastructure • Corporate Finance • “Prestige of firm name”
• Deals • Finance • Forensic Services • Internal Audit • “Unparalleled commitment to learning and education”
• Operations • People & Change • Risk Management • • “Exposure to upper management”
Security • Technology
Assurance
Tax DOWNERS
Private Company Services
Public Sector Practice • “Considered exclusively an audit firm”
• “Poor work/life balance”
• “Time off negatively affects perceived performance”
EMPLOYMENT CONTACT
www.pwc.com/careers
THE BUZZ
what other consultants are saying
• “Good all-around firm”
• “Weak leadership, coasting on reputation”
• “Pay for performance—good promotion practices”
Customized for: Han (liuhan@sas.upenn.edu)
• “Accounting focus”
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PricewaterhouseCoopers LLP
THE SCOOP
PricewaterhouseCoopers LLP is headquartered in New York and includes more than 29,000 employees in 74 offices across the United States. To
the north, the Canadian member firm has more than 5,000 employees in 24 offices. While each member firm operates independently within its own
geographic locale, there is a considerable amount of cooperation and networking between them, ensuring that the global network of firms 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 firms, it should come as little surprise that the services
PwC offers vary slightly within the global network of firms. However, all services do fall into one of three core PwC lines of service: tax, advisory and/or
assurance. As for clients, the firm works with some of the biggest names in global business, including the likes of AXA, JPMorgan Chase and Lloyds
TSB in finance; 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 reflect recruitment’s priorities; beware of pre-
interview dinners which, according to one insider, “are really interviews in disguise,” designed to test an applicant’s 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 PwC’s offices for a full day of meetings and examinations. Typically
conducted by managers and directors, at least three interviews will test the candidate’s 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 confident about their chances to get in, as these days, numbers are in candidates’ favor. But
don’t let this get to your head—just because the firm is in growth mode doesn’t mean candidates shouldn’t put their best foot forward during the
interview process. “The firm is selling more work than it has bodies,” an insider states. “We’re hiring a lot.”
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 significant face time, and that expectation seems to go all the way up
through the manager and director ranks.” – First-year staffer
PricewaterhouseCoopers LLP
Firm Culture
• “The firm 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, I’ve been very fortunate to make lots of great friends at PwC. Also, the
higher-level employees I work for at the firm 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 firm has very high expectations.” – M&A consultant
Supervisor Relationships
• “My supervisor allows me the flexibility 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 office region, much of our communication occurs via email or instant messaging.” – Analyst
Work Hours
• “Some weeks the hours are longer than other weeks. But overall, compared to what friends at other firms tell me about their hours, it seems
reasonable here.” – Junior source
• “PwC has a strong focus on work/life balance, and I have had fulfilling 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 firm takes it
seriously and supports when it is needed.” – Energy consultant
• “PwC makes a point to try and have us balance work and life—more so than any other firm 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 office 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
Customized for: Han (liuhan@sas.upenn.edu)
Compensation
• “PricewaterhouseCoopers has a very competitive compensation policy, especially in the area of benefits. My base salary is decent, although it
does reflect the economic downturn (but I anticipate strong raises going forward).” – Junior source
• “Overall it’s not the highest paying firm, 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 firm 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
PricewaterhouseCoopers LLP
Professional Development
Vault’s Verdict: A standout area for the firm, PwC is famous for training its consultants to the max. Opportunities, particularly for recent hires, are
informative, engaging, and even fun—really!
Formal Training
• “I received six weeks of training when I started with the firm. The first 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 certifications 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 firm.” – 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 manager—then 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 firm.” – Virginia staffer
Diversity
Vault’s Verdict: PwC displays some homogeny at the top. Especially with regard to women, more attention needs to be paid to the difficult issue
of retention.
LOCATIONS DOWNERS
New York, NY (HQ) • “Regional structure limits development of junior talent”
London (Europe HQ) • “Fiscally conservative with respect to back-office
São Paulo (Latin America HQ) improvements”
Hong Kong (Asia HQ) • “Inconsistent talent grading”
41 offices in 17 countries worldwide • “Lack of rock-star brand name recognition”
THE STATS
Employer Type: Private Company
Co-CEOs: Antonio C. Alvarez II & Bryan P. Marsal
2010 Employees: 1,700
2009 Employees: 1,600+
THE BUZZ
what other consultants are saying
• “Chapter 11 mavens”
• “Not people-focused”
• “Best-paying firm in restructuring”
Customized for: Han (liuhan@sas.upenn.edu)
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
THE SCOOP
Treatment options
Alvarez & Marsal, an independent global professional services firm, serves clients across a range of industries, including retail, health care,
telecommunications, transportation, technology, manufacturing, financial services, public sector, government, oil and gas, and energy and utilities.
The firm’s 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 finance, claims management, health care, public sector and risk management
advisory. The firm 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 offices throughout
North America, Europe, Asia, Latin America and the Middle East.
Since 2003, the firm 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 financial
services—point in case, A&M’s 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 firm has also led the restructuring of WaMu and other major banking institutions.
The firm’s real estate advisory services practice has also been making out well recently, working with the owners, investors, lenders and corporate
Customized for: Han (liuhan@sas.upenn.edu)
users of real estate—many of whom are still reeling from the sub-prime mortgage crisis—to 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 candidate’s 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”.
Much of the firm’s 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
difficulty a prospective hire might encounter is the firm’s preference for candidates with internal references.
Corporate Atmosphere
Vault’s Verdict: If A&M consultants aren’t heaping praise on their firm, they’re probably just being cheeky. But the secret is out: Alvarez & Marsal
offers an enviable quality of life, including one of the most flexible 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 can’t imagine working anywhere else or finding better opportunities to advance myself and my career.” – Mid-level staffer
• “I enjoy the flexible, and constantly changing, work environment. I also enjoy the challenging nature of the work, which provides for fast
professional growth. However, this field can be demanding on your personal life, as you must be very flexible 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 firm is excellent at hiring hardworking, outgoing, like-minded people with a common goal. There are very little office politics at work at
A&M, which affords a much more pleasant work environment than other firms I’ve worked at.” – Canadian consultant
• “The main reason I joined Alvarez & Marsal is the people. I respect my colleagues immensely, but also enjoy hanging out—it is a special
group.” – Mid-level strategist
• “With professionals traveling so much, it is tough to establish a strong office culture. The other business units that are in the office more seem
to have a more complete office 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 flat. 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
Work Hours
• “You are expected to complete your assigned work. Management is conscientious about not overloading employees.” – First-year staffer
• “Management is flexible 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 flexible subject to client needs.” – Houston executive
• “Hours fluctuate 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
Work/Life Balance
• “There is a great culture of flexibility related to time not spent on a billable client engagement. Additionally, the firm actively responds to specific
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 don’t have to be at the office 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 firestorm. The work load for a couple months can be very crazy with no work/life balance—five-day-a-week
travel, working on the weekends, etc. This is partially offset by being completely ‘on the beach’ in between projects—very little business
development requirements or face time.” – Experienced business adviser
Travel Requirements
• “We have consultants who have never traveled in five years with the firm. Others travel every week. Regardless, personal needs are heard and
the firm 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 don’t like traveling, don’t 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 performance—based on service delivery, sales, and fit to culture. Surprisingly high
emphasis on fit-to-culture component.” – Executive business consultant
• “Pay for play. It’s a very results-orientated pay structure. I like it.” – Midwestern advisor
Professional Development
Vault’s Verdict: The firm’s A&M University sounds academic, but its quality is dubious at best. Luckily for the firm, most of its consultants have
graduated from well-respected schools and are able to pick up the essentials on the job. The firm 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 firm is gradually increasing the amount of formal training. For example, we are going into our fifth year of
holding A&M University.” – Operations consultant
• “Training is not as frequent and structured as I would want.” – D.C. junior staffer
• “Official training has been implemented, but it’s mostly self-study, qualitative-type (think Emotional Intelligence, 7 Habits) books and hasn’t been
widely adopted.” – Entry-level strategist
• “If you want to be truly mentored and trained, I would recommend going to another firm.” – Restructuring consultant
Promotion Policies
• “There’s 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 firing, 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 influx of senior talent lately, career paths are not properly defined.” – Los Angeles analyst
Diversity
Customized for: Han (liuhan@sas.upenn.edu)
Vault’s Verdict: The firm’ 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 firm’s entrepreneurial spirit, it does result in a lack of heterogeneity within the ranks.
consultant
• “I like to think we’re 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
DOWNERS
LOCATIONS • “Suburban location”
• “All-done-in-any-timeframe mentality”
Waltham, MA (HQ) • “Peaks and valleys in demand for our services that we can’t
New York, NY always predict”
THE STATS
Employer Type: Private Company
President: John E. Corcoran
Managing Partner: David B. Fitzhenry
2010 Employees: 100+
2009 Employees: 95+
Customized for: Han (liuhan@sas.upenn.edu)
THE SCOOP
What sets Trinity apart from the rest is its consultants’ ability to devise long-term, big-picture visions—or “roadmaps”—for 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 company’s practice areas.
Trinity’s 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. He’s 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, Corcoran’s specialties are data management, commercialization strategy and analytics.
Trinity is one of the fastest growing consulting firms in the health care industry, but with just two offices and over 100 employees, it has managed to
keep its boutique feel. The Massachusetts-based firm has an outpost, in New York City, which is headed by Ryan Million, PhD. In other leadership
posts are the firm’s managing partner, David B. Fitzhenry, a 13-year Trinity veteran and Harvard graduate, who oversees its consulting operation.
Akuta Corporation, which Trinity established in 2006, was the firm’s 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. Akuta’s
proprietary software system, mslConnect, serves as a communications, management, reporting and resource hub for medical teams. According to
Akuta—the name comes from the Sanskrit word for purpose or intention—the software is designed to be as simple as an email application.
GETTING HIRED
“Don’t 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 huge—we want people who are driven but know how to kick back and have fun,”
another source details. There’s no question that cultural fit is a primary point of emphasis in recruiting, but don’t be fooled: Candidates who lack the
firm’s preferred qualifications typically don’t 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.”
Customized for: Han (liuhan@sas.upenn.edu)
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 five 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 fit. At Trinity, those that “outshine their competition during the fit interviews”
stand the best chances of getting an offer.
Overall Satisfaction
• “I couldn’t 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 fits all’ approach. At Trinity, there’s 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! There’s lots of opportunity for upward mobility, and new ideas are welcomed.” –
Executive-level insider
• “While the firm 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 flat 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 loyalty—the 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. It’s 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
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
Customized for: Han (liuhan@sas.upenn.edu)
Work/Life Balance
• “Trinity is committed to a balanced life in and out of work. Weekly staffing 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 that’s training for triathlons or volunteering in the community. Trinity encourages all
those things, and that’s why there’s 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 five hours
Saturday or Sunday.” – Boston staffer
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 office, so going to an off-site client meeting (at least for a first- 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
• “Trinity’s team culture includes sharing the financial benefits of success across the firm. There’s a real recognition by the firm’s leadership that
everyone contributes to its growth and success, and should share in the rewards to reflect those contributions.” – Executive-level source
Professional Development
Vault’s 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 first 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 Trinity’s belief that good work should be rewarded regardless of your age or time at
the company.” – Junior consultant
• “It is not up or out—it 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
Vault’s Verdict: The diversity on display at Trinity is impressive for a company of its size—and considering the fact that the firm hires based on
skills, education and experience, rather than specific metrics pertaining to diversity requirements. The firm is ahead of the industry curve with
regard to retaining and promoting women.
LOCATIONS
DOWNERS
New York, NY (HQ)
61 offices around the world • “Sheer volume of work”
• “Shortsighted leadership decisions”
• “False emphasis on work/life balance”
• “Lack of defined culture”
PRACTICE AREAS
Finance • Information Technology • Marketing & Sales
• Mergers & Restructuring • Operations & Logistics • EMPLOYMENT CONTACT
Organization & Change • Product & Service Innovation •
Strategy & Leadership www.booz.com/global/home/join_us
THE STATS
Employer Type: Private Company
Chairman: Joe Saddi
CEO: Shumeet Banerji
2010 Employees: 3,300
2009 Employees: 3,300
THE BUZZ
what other consultants are saying
• “Prestigious”
• “Internal struggles post-spinoff of the government business”
• “Re-emerging”
Customized for: Han (liuhan@sas.upenn.edu)
113
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
THE SCOOP
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 befitting his one-man operation, Booz brought in two new employees (George Fry and James Allen) in the 1920s, and the firm’s work
began to draw attention from large clients like Goodyear, the Chicago Tribune, Montgomery Ward and the Canadian & Pacific Railroad. Since then, the
list of engagements the firm has worked on is perhaps best described as varied—it 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 field, 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.
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 unit’s revenue surged
well beyond those of the commercial unit. As a combined company, the firm generated over $4 billion in annual sales, with approximately one-third
coming from the commercial side, even though two-thirds of the firm’s 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.”
GETTING HIRED
Wholesale change has come to Booz, and its hiring processes have emerged reborn, invigorated by a new set of values the firm now emphasizes and
seeks. “Previously, this firm 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 fits its ideal vision of the firm’s future.
These changes have not compromised the firm’s unwavering commitment to competency, though; no candidate will make it through without
possessing the intellect and aptitude for quantitative problem-solving that’s made the firm famous. Qualified 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 final 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!”
Customized for: Han (liuhan@sas.upenn.edu)
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 world’s leading organizations to help them define and execute their strategies.” – New York executive
• “I’m 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
• “[We’ve had a] slow start to branding firm identity and culture, but it’s picking up speed now.” – Energy consultant
Firm Culture
• “The firm’s culture has evolved for the better. It’s great to see a 95-year-old company evolve to the dynamics of today.” – Strategy associate
• “Booz’s 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
• “It’s 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 formal—I can see the thaw in progress.” – Senior associate
Supervisor Relationships
• “I’ve had terrific senior mentors at Booz. They have significant 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 firm.” – 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 find senior people I don’t know very well in the firm hard to reach.” – Midlevel strategist
Work Hours
• “I wouldn’t want to have this schedule forever, but for now it’s worth it, given all that I’m learning and doing.” – Telecommunications consultant
• “In five years with Booz, I’ve 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
Customized for: Han (liuhan@sas.upenn.edu)
• “Overall, the business gives you a lot of flexibility, provided that you find 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, it’s challenging. But after we’d 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
• “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 default—we don’t really analyze whether travel is needed. We just go.” –
Health care source
• “If we aren’t traveling, we aren’t 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 firm.”
– Health care executive
Professional Development
Vault’s Verdict: A dinosaur from the Booz Allen Hamilton days, the firm’s 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 firm wants to be truly effective in this area.
Formal Training
• “One of Booz’s biggest dark spots is training—we do very little of it, and even when we do, it’s a low priority. Even trivial client conflicts 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 fit in to your schedule and also are fairly unproductive.” – Operations associate
• “Booz does offer a good amount of formal training, but I don’t 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 we’re
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 flexibility at the principal level when the case merits. We have an
‘expert track,’ which has become an increasingly significant 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 firm is making an effort to promote people faster at MBA [level] and above, but that’s just going to bring us to market expectations.” –
Entry-level consultant
Diversity
Vault’s Verdict: While consultants note Booz’s continued efforts to promote diversity, they also see a distinct lack of women and minorities in the
top spots.
• “The firm is starting to focus its attention on attracting, developing and retaining women. I find that we lack a lot of racial diversity and haven’t
seen many programs to address it. Our firm traditionally did not have much of a GLBT community, but that has improved dramatically in the
last six months. – Midlevel staffer
• “The firm 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 firm while also juggling a family and kids.” – Junior source
17 MILLIMAN, INC.
DOWNERS
LOCATIONS
• “Decentralized structure”
Seattle, WA (HQ) • “Lag in promotion timing”
52 offices in North America, Latin America, Europe and Asia • “Not recognizing immediately when a person is ready for the
Pacific next level”
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
THE BUZZ
what other consultants are saying
• “Employees are happy here”
• “Actuaries that work primarily with insurers and government
entities”
Customized for: Han (liuhan@sas.upenn.edu)
Milliman, Inc.
THE SCOOP
An independent streak
Seattle-based Milliman, Inc. is proud of its independence, never answering to outside ownership or influence. That kind of go-it-alone attitude has
worked for the firm, whose clients seek it out for objective actuarial and consulting advice. Owned and managed by approximately 300 principals, the
2,400-plus-person firm, which has 52 offices spread across the globe, extends its services to businesses, government agencies, unions, educational
institutions and nonprofit 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 focus—more than 1,000 of its
employees are qualified actuaries—the firm has expanded its practice areas to include employee benefits, health care, investment, life insurance and
financial 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 defined contribution services,
actuarial consulting, communications, compensation consulting, defined benefit administration, health and welfare consulting and administration,
participant education and total retirement outsourcing, among other services. Clients working with Milliman’s employee benefits experts also have
access to the firm’s proprietary tools, including its salary surveys, its benefits information and knowledge exchange (BIKE) database of news, source
documents and benefits-related data, and its trademarked Milliman Actuarial Retirement Calculator (MARC), a pension administration system for the
administration of defined benefit 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 offices in Paris, Bucharest, Dublin and Dubai in 2009. Milliman’s employee benefits practice also extends its international reach as
a founding member of Abelica Global, formerly known as Milliman Global, a worldwide network of consulting firms that focuses on employee benefits,
investments, insurance and health care. Each member firm maintains its independence, engaging with the network as an equal participant. Today,
Abelica maintains offices in almost 100 cities around the world.
GETTING HIRED
There’s a strong focus on academics among the criteria Milliman recruiters use to identify potential hires. “We look for people with the highest
academic qualifications,” one consultant offers. “Your academic record and work experience are the first two differentiators.” In particular, the firm
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 Milliman’s hiring strategy—potential hires typically meet at least 10 Milliman associates, all of whom must give the green
light to the candidate’s 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 firm; “they introduced me to a local realtor and helped me see the community before I moved here,” one grateful associate says.
Corporate Atmosphere
Vault’s Verdict: Because the firm is owned by the consultants themselves, they take great pride in their work and expertise—a winning formula for
employee satisfaction.
Milliman, Inc.
Overall Satisfaction
• “I’ve 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 firm doesn’t 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 efficiency 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 firm to develop a
tremendous amount of intellectual capital.” – Financial consultant
• “We have a rich history—each office 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
Work Hours
• “I probably work 45 to 55 hours a week, and the hours are completely flexible, 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 definitely 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 flexible time schedules, and I really enjoy what I do and the people I work with—so 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 finance 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
Customized for: Han (liuhan@sas.upenn.edu)
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 it’s less than one day per week, on average.” – Dallas insider
Milliman, Inc.
• “We very rarely work on site for prolonged periods, but there are many short trips. And since each office is responsible for generating its own
business, there are a lot of marketing-related trips.” – Senior consultant
• “A travel request to the office in India is a bit aggressive.” – Financial consultant
Compensation
• “There’s an unmatched ability to become a true owner in an independent firm and reap financial 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 firm, 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
Vault’s Verdict: The firm’s consultants might not be overly concerned about the general lack of formal training, and feel that their informal support
network is sufficient 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
• “It’s mostly informal, but the firm 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 they’re ready to take on more
work and be promoted.” – Midlevel consultant
• “The company has a very flat structure, so promotions are mostly measured by level of responsibility, less in changes in titles. With four to five
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
Vault’s Verdict: Respondents feel that their firm does a perfectly adequate job recruiting and maintaining a diverse workforce.
• “We have a diversified business, so one area is always ‘hot’ in the market. We are experiencing growth in actuarial and administration
practices.” – Associate
• “We’re 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
Milliman, Inc.
DOWNERS
LOCATIONS
• “Not as big as we once were”
Palo Alto, CA (HQ) • “Being pigeonholed as a ‘geek’ or ‘quant jock’”
Bangalore • “Not well known outside its primary client base”
Beirut
Chennai
Gurgaon
Mumbai EMPLOYMENT CONTACT
Singapore
www.sdg.com/careers
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
THE BUZZ
what other consultants are saying
• “Blowing up”
• “No direction”
• “Innovative, unique”
Customized for: Han (liuhan@sas.upenn.edu)
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
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 firm partners with boards of directors, heads of business units and
senior managers in a variety of mostly capital-intensive industries via offices in the United States, Europe, the Middle East and Asia. SDG consultants
serve many of the world’s largest research and development-intensive companies, energy companies, technology and communication companies,
diversified chemicals producers, and companies in transportation, infrastructure development, mining, private equity, agriculture and forest products,
and commodities.
The firm 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 firm 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
firm 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
SDG’s specialty is serving industries that are on the cusp of—or often faced with—major game-changing market shifts that require managers to
“make big bets ahead of the curve.” The firm’s 12 practice areas hone in on a number of these industries, including chemicals, consumer goods,
energy and environment, financial services, infrastructure, manufacturing, metals and mining, real estate, special economic zones, technology and
communications, and transportation.
The firm’s 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 firm’s 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 firm 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.
Outside of the certificate program, the firm also offers public courses and workshops designed to build individual capabilities in decision analysis and
in SDG’s decision-making methodology. And if course work isn’t your thing, SDG also offers Executive eBriefings, which are free, one-hour online web
conferences designed to help senior executives maneuver in today’s business environment. Since 2000, SDG has presented more than 50 eBriefings
to thousands of executives around the world. Topics covered have included making strategic decisions in difficult economic times, designing and
managing enterprise risk management programs, and best-practice tips for senior management decision making.
Customized for: Han (liuhan@sas.upenn.edu)
Eye on India
SDG’s push into India began in 1995 through a joint venture with ECS Limited, an Indian management consulting firm. In 2007, SDG acquired ECS’
strategy practice, and over the next six months, opened offices in Bangalore, Gurgaon and Mumbai. To further serve its growing client base outside
the U.S., SDG opened an office in Beirut in 2008 and in Singapore in 2009.
GETTING HIRED
As SDG is a smaller firm, prospective candidates have a narrow window of specific qualifications and personalities they need to exhibit if they’re 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 weren’t enough, the applicant pool is further limited by
the firm’s hesitance to hire tech-savvy candidates who don’t possess “all the usual consulting skills and business savvy.” “Facility in verbal expression”
is a real recruitment priority at SDG; whoever can’t pass the “six-hour-flight rule” will be passed over, regardless of qualifications.
“Typically, a candidate goes through five to six rounds of interviews,” an insider reveals, while another concurs that “the process is quite rigorous.”
Quantitative and analytical competency is a definite focus of the process (expect several case studies), though cultural fit 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.
Overall Satisfaction
• “I engage in professional activities that I find enormously satisfying.” – Senior consultant
• “My job is challenging, demanding and interesting. My colleagues are among the nicest in the industry. My responsibilities continue to
expand—there’s 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 firm 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, it’s a very open, flat and honest culture. Professionally, we’re hardworking and expect
the most out of you.” – Private equity analyst
• “They say the firm 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 don’t want to be bossed and don’t 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 flat organization and nurturing culture.” – California partner
Work Hours
• “The firm does not focus on hours—but rather on the results that we produce. There is tremendous personal freedom and responsibility.” –
West Coast insider
• “Hours fluctuate 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 firm and our
long-term success.” – Partner
Work/Life Balance
• “SDG is totally flexible. 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 find ways to create balance. It takes initiative to figure 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 client’s site, and (of course) we have no local clients.” – Senior source
• “I am out of office 50 to 60 percent of the time. Travel is a requirement to fulfill my roles and responsibility.” – Senior consultant
Compensation
• “Compensation is adequate. In flush years, bonuses can be quite generous. Consultant bonuses are based primarily on utilization relative to
one’s peer group.” – West Coast insider
• “Like all firms, compensation at SDG was impacted by the recession, but not significantly, and we retained all of our employees.” – Midlevel
consultant
• “I don’t 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
Vault’s Verdict: While budgetary restrictions have claimed some of the surplus training opportunities at SDG, it’s 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 firm 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 meritocracy—it’s not strictly up or out; in some cases, consultants have asked to cut back their time, which the firm
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
possible—it’s in their self interest. There is no ceiling.” – Energy partner
Diversity
Vault’s Verdict: Consultants point to the firm’s historically high GLBT population and the relatively high percentage of female partners as evidence
of SDG’s commitment to diversity.
• “The firm is excellent in accepting individuals from all quadrants.” – Energy associate
19 PRTM
LOCATIONS DOWNERS
Boston, MA • “Little structure to internal operations”
Chicago, IL • “High cost consciousness”
Dallas, TX • “Lack of a wide service base”
Detroit, MI
New York, NY
Mountain View, CA
Orange County, CA THE STATS
Washington, DC Employer Type: Private Company
Bangalore Global Managing Director: Scott Hefter
Beijing Americas Managing Director: Mark Strom
Dubai 2010 Employees: 730
Frankfurt 2009 Employees: 670
Glasgow
London
Munich
EMPLOYMENT CONTACT
Oxford
Paris Use the online application form at www.prtm.com/careers
Shanghai
Tokyo
PRACTICE AREAS
Customer Experience Innovation • Operational Strategy •
Product & Service Innovation • Supply Chain Innovation
THE BUZZ
what other consultants are saying
• “Results-oriented”
• “All ops, techy”
• “Good career progression”
Customized for: Han (liuhan@sas.upenn.edu)
PRTM
THE SCOOP
Op-center
“Even the most brilliant business strategies fail without the right operational strategy.” So says PRTM’s corporate brochure, going on to define a
winning operational strategy as something that translates a firm’s “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 firm’s 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 firm, 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 firm serves its customers from 19 offices 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, financial services, health care, industrial, life sciences, private equity, public sector, software and
telecommunications.
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 nonprofit 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 company’s supply-chain performance, practices and operations complexity to other companies in their
industry, thereby allowing performance objectives to be fully aligned with operational strategy.
GETTING HIRED
“PRTM’s hiring is not driven by quotas or project demands,” an associate tell us. PRTM only hires top-tier talent.” An ominous introduction? Perhaps.
But PRTM’s staffing model doesn’t adhere to the same stiff standards that many top firms adhere to (e.g., 3.9 GPA from an Ivy League school). One
consultant sums it up best: “Hiring is based on fit, not on being able to solve a particular problem or grades at an institution. At the end of the day,
it’s 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?”
Customized for: Han (liuhan@sas.upenn.edu)
Make no mistake, depth of expertise and quality analytic skills are extremely important to the firm. 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.”
PRTM
own high standards. For those who love a challenge, it’s an ideal work environment.
Overall Satisfaction
• “I have been nothing but satisfied 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 significantly influence 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 firm 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 ‘fluff.’ 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 firm 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 first.
I have had conference calls with clients on Christmas Eve. That said, we do believe in creating a viable work/life continuum since one unofficial
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 office.” – 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 flat 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
Work Hours
• “Hours are long, and can fluctuate from week to week, but are generally manageable. Project managers are typically flexible 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 consultant’s efficiency. We abhor nonvalue-added work, expect billable hours to be completed before any
Customized for: Han (liuhan@sas.upenn.edu)
other collateral duties, and only assign or volunteer for collateral duties that benefit the firm.” – 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 firm 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.” –
PRTM
California staffer
• “In the evening, I may need to respond to emails, but usually I can accomplish significant 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 difficult balance; there is definitely a strong demand on personal time. However, the firm 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 office. 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 office.” – 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 firms, at every level.” – Junior source
Professional Development
Vault’s Verdict: There’s a definite 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 firm appears to view classroom training as too esoteric and not pragmatic enough.” – Operations consultant
• “It’s pretty weak and very informal. The majority of training is on the job.” – West Coast insider
• “Most training is unofficial 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 well—I attend formal training sessions roughly once or twice per month.” – Public-sector midlevel
• “The firm does offer official training (both internally and externally developed), but client project priorities sometimes make it difficult 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 it’s 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, that’s an acceptable option as well.” – D.C. junior
• “You perform, you get promoted. It is as easy as that.” – Health care higher-up
Diversity
Vault’s Verdict: The only spot on the firm’s otherwise excellent diversity record is the noticeable shortage of women in leadership ranks.
• “The firm offers an extended maternity leave program for consultant mothers, as well as part-time staffing. Importantly, they work to staff new
parents (both moms and dads) close to home for growing families.” – Energy insider
• “We have a richly diverse firm—a 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 firm 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
PRTM
20 GALLUP CONSULTING
DOWNERS
LOCATIONS
• “No way to enact change companywide”
Washington, DC (HQ) • “You are on your own so if things get tough, it can be
Offices in more than 20 countries difficult”
• “Lack of bench strength”
• “Pay and promotion system needs work”
PRACTICE AREAS
Marketing & Customer Practices
Brand Engagement • Customer Engagement • Marketing EMPLOYMENT CONTACT
Strategies www.gallup.com/careers
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
THE BUZZ
what other consultants are saying
• “Narrow focus, but great place to work”
• “Research intensive”
• “Where nice people work”
Customized for: Han (liuhan@sas.upenn.edu)
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Gallup Consulting
THE SCOOP
Go organic
Gallup Consulting helps its clients grow from the inside out. Unlike other consulting firms, it says, which provide services in traditional disciplines
like cost reduction and re-engineering business processes, the Washington, D.C.-based firm focuses on “true organic growth,” driving revenue and
increasing profits 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 firm 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 Consulting’s engagement manager, Allan Watkinson, in a February 2009 interview with Australia’s
Destination Talent blog.
Following that philosophy, the firm’s 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.
The Path was an outgrowth of the firm’s research in management sciences, economics and psychology. Its own studies have revealed that satisfied
employees are not only more productive, but also more likely to weather stress and periods of disruption. Retaining indispensable talent through
difficult 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 officers unbiased outside feedback.
GETTING HIRED
Gallup is a highly selective firm, 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-fitting candidates by employing an array of psychological and behavioral metrics. “The first two interviews are a series
Customized for: Han (liuhan@sas.upenn.edu)
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 aren’t a perfect fit for the firm,
they will know it—and you will be sent on your merry way.
Gallup Consulting
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 for—the 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 it’s hard to achieve my long-term financial goals.” – Consultant
Firm Culture
• “The firm is made up of very outgoing people with confident personalities, and it’s 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
• “It’s very relationship-oriented. There is very little infighting compared to other firms, as people are strongly incentivized to get along. People are
sincerely nice and helpful.” – Consultant
• “There are genuinely nice people here—it’s hard to be a jerk here. However, it’s also a family business, and is run more like one than as a
professional services firm.” – Chicago insider
Supervisor Relationships
• “I can’t imagine a world without my supervisor.” – Consultant
• “Open dialogue with supervisors; there’s a definite 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 conflicting 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
flexibility they’re afforded by retaining control over their own schedule and workload.
Work Hours
• “It’s 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 office do not translate into
results, so therefore performance should not, and is not at Gallup, based on butts in seats.” – Public-sector consultant
Gallup Consulting
• “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 what’s right for them, Gallup strives to have people’s lives integrated. You are able to do what you
need to do as long as your work is accomplished.” – Consultant
• “There isn’t an official 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 doesn’t 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 are—it’s 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 don’t 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 definitely
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. It’s 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 aren’t limited by a process or guidelines.”
– East Coast staffer
Professional Development
Vault’s Verdict: Gallup consultants are hired to fill prescribed roles within the firm, so they typically arrive well versed in their respective fields.
From there, they’re 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 hasn’t 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 can’t 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 fit based on a scientific assessment.” – Consultant
• “As time goes on and you become more expert at your job, you earn consulting certifications, 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 difficult, 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
Customized for: Han (liuhan@sas.upenn.edu)
• “It’s a very flat organization; most of us are only two levels beneath the CEO, so there’s really nowhere to go, which is fine for most of us.” –
Experienced consultant
Diversity
Vault’s Verdict: Despite the firm’s purely talent-based hiring process, the Gallup community is a remarkably diverse collection of men and women.
Gallup Consulting
THE BUZZ
what other consultants are saying
• “Flexible culture; remote model”
• “Young and aggressive”
• “Quickly making a name for itself”
Customized for: Han (liuhan@sas.upenn.edu)
• “Geeky”
THE SCOOP
Today’s iteration works with Fortune 500 companies and covers industry practices such as consumer packaged goods, financial services, health care,
insurance, logistics, manufacturing, public-sector organizations, retail and distribution, travel and transportation, and telecommunications.
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 firm split in August 2006. Mercer Management Consulting (now Oliver Wyman) bought the
company’s operations in France, Germany, Spain, Brazil and a new office in Dubai for a mere $30 million. What was left of the firm after the buyout
was renamed Diamond Management & Technology Consultants—the firm we know today. At the same time, Bergstein stepped aside as CEO, clearing
the way for co-founder Adam Gutstein to take over.
Diamond’s insurance practice serves life, property and casualty, reinsurance and brokerage firms. With the sector trending toward convergence
of insurance, financial services and health care, Diamond advises insurance clients on a variety of issues related to growth and profitability. It also
addresses the opportunities created by a growing retirement population.
Diamond’s 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 Pfizer,
Bayer and Aetna Life Insurance.
The enterprise practice has served clients of the stature of Kraft, Pepsi and Lowe’s, 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 firm maintains a public-sector practice, working with U.S. local, state and federal government agencies to improve operational efficiency,
boost responsiveness and tighten up security. One Diamond partner, for example, recently returned to the firm after a one-year stint leading the
development of the Federal Communications Commission’s National broadband strategy.
A passage to India
Although Diamond’s global aspirations suffered a major setback following the sell-off to Mercer Management, it hasn’t stopped the firm from investing
Customized for: Han (liuhan@sas.upenn.edu)
in emerging markets. In 2006, it opened the Diamond Information & Analytics Center in Mumbai, designed to uncover areas of untapped growth and
profitability for companies. The firm also maintains an office there, opened in 2005, to serve local and international clients.
Drumming up business
As part of Diamond’s 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.
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 master’s programs. .
The interview process has two to three stages, consisting of a variety of interviews, including a case exercise at Diamond’s Chicago or New York office.
This is a unique facet of the firm’s 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.” There’s no question that this is a tough break for the meek,
but if that’s you, you probably aren’t cut out for Diamond anyway. That’s the point, isn’t it?
Overall Satisfaction
• “Diamond is a young, scrappy, firm with an entrepreneurial, can-do attitude. We joke that we’re ‘blue collar strategy.’ Unlike more established
firms, there is no ‘book’ to follow: We are writing the book. Leaders genuinely care about firm and consultant development, and every day we
have myriad personal opportunities to direct the future of the firm. I like this a lot.” – Denver staffer
• “I am very happy here at Diamond. We have a great firm, and our positive growth results over the past couple of years during the economic
challenges prove that we’re doing something right!” – Strategy executive
• “I’m very satisfied 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 firm, and everyone around you wants to see you improve and grow as a consultant.”
– Health care first-year
• “It entirely depends on your client—some clients have great projects with flexible traveling options and a good work/life balance. Other clients,
in concise terms, do not.” – Financial services consultant
Firm Culture
• “Diamond’s culture is one of the best in the industry. The passion for the firm is contagious, and each employee has a sense of ownership of
the firm. Given the relatively small size of the firm, each person has the opportunity to make a difference, and is personally vested in the firm’s
success.” – Chicago source
• “Although Diamond is a virtual firm, don’t let that make you think it doesn’t have a strong culture. The firm 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
• “Diamond’s culture is very inclusive, and most management decisions are transparent to the broader firm, reducing the ‘us versus them’
environment that exists at many other firms.” – New York higher-up
• “One of Diamond’s mantras is ‘people first,’ and they exuberate that in almost every major decision made affecting the firm.” – Financial services
midlevel
Supervisor Relationships
Customized for: Han (liuhan@sas.upenn.edu)
• “I’ve had amazing mentors—one 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 firm, 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 difficult.” – New York
staffer
Work Hours
• “Without sacrificing my work quality, my hours are flexible. 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 flexible.” – 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 firm offerings.” –
Midlevel strategist
• “Diamond promotes a culture of working smarter, not harder. In other words, if you’re efficient and can finish 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 that’s 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 firm that will handhold.” – Midlevel operations specialist
• “The firm 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, it’s typically because I chose to have a lighter day on Friday, and because I choose to be involved
in some firm activities that I’m 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 firm, 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 finance consultant
• “Usually four days a week of travel, but some have gone to five to satisfy client demands. Two years ago, this would have been unheard of.” –
Midwestern staffer
• “The firm really pushes its employees to be on the ground at the client site. While this has the benefit 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 work—it’s 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 firmwide results. Diamond stock
has been rising, which benefits members of the employee stock purchase plan.” – Experienced consultant
• “I feel that I’m fairly compensated and, like most, I’m extremely happy that Diamond shifted to an all-cash bonus for folks below partner level.
Many junior- and midlevel consultants weren’t 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 flexible work arrangements
Customized for: Han (liuhan@sas.upenn.edu)
Professional Development
Vault’s Verdict: Diamond is still trying to incorporate a more robust training regimen while preserving the firm’s 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 first project because of it.” – Strategy
associate
• “This is an area where we have made great strides over the past two to three years as a firm in creating the Diamond Academy, where all new
hires to the firm get the same assimilation. We also have specific training for people promoted to each major level within the firm, as well as
ongoing content-driven training.” – Strategy executive
• “Traditionally, we’ve had a strong culture of informal training. That hasn’t gone away, but recently, we’ve emphasized a more balanced
approach with additional formal training opportunities at all levels.” – New York higher-up
• “In general, Diamond has a ‘coaching’ model. You’re 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 don’t advance any faster and usually will take opportunities elsewhere. This is a huge problem.” – West Coast insider
Diversity
Vault’s Verdict: This male-dominated firm lags on women’s issues—”the testosterone is oppressive,” says one respondent—but it has begun to
address the problem with the same commitment that has nurtured a vibrant minority culture within the firm.
up
• “Diamond’s leadership has proven themselves over the past two to three years, and are well positioned to continue managing the firm.” –
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
LOCATIONS
DOWNERS
Weston, MA (HQ)
San Francisco, CA • “Stingy dinner budgets”
• “People unable to contain stress to themselves”
• “The business goes in cycles”
PRACTICE AREAS
Clinical Trial Strategy • Due Diligence • Launch & Salesforce EMPLOYMENT CONTACT
Strategy • Market Assessment & Forecasting • Partnering
& Licensing • Portfolio Planning • Pricing & Reimbursement www.healthadvances.com/careers/index.html
• 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
THE BUZZ
what other consultants are saying
• “Great for market research and deep dive on technology”
• “Insane hours”
• “Family-friendly”
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143
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
THE SCOOP
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 finances, to a broad range of clients in the biotechnology, diagnostics, medical device, nonprofit and
pharmaceutical industries.
The Speers aren’t going it alone, however: A senior management team consisting of two additional partners, Skip Irving and Marie Schiller, a chief
operating officer, and a solid group of VPs backs them up, and brings a variety of extra insight and experience to the table.
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 firm
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 firm maintains a searchable library of treatment methods for diseases, company profiles and licensing deals, all collected from
within the industry and maintained since the firm was started. The firm 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 firm 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 Parkinson’s Research, having previously served the foundation in an advisory capacity.
GETTING HIRED
There’s no question that HA is going for the best the field has to offer—its on-campus recruiting efforts rely almost exclusively on Brown, MIT, Harvard
and Dartmouth—and its successes have only served to make the hiring process even more selective. It’s 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 first 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 significant part.” In short, “people who are hired
Customized for: Han (liuhan@sas.upenn.edu)
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
• “It’s a terrific firm doing the best and most interesting health care strategy work in the industry. There is no other health care strategy firm 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 firm, I have been able to build both a thriving practice and a fulfilling 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 find 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 management—they 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. He’s very thoughtful and provides very actionable feedback on my performance that’s
well-considered and detailed.” – Analyst
• “The firm assigns you a mentor on day one—quite arbitrarily. You’re 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 aren’t really any questions asked by any party.” – East
Coast insider
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 firm makes a real effort to keep hours reasonable and to minimize unnecessary travel. I work five 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 flexible schedule, keeping my hours down now that I have a small child at
home.” – Strategy consultant
• “HA demands top-notch work and excellent output. I enjoy my output and am satisfied by meeting the demands of clients.” – Analyst
Work/Life Balance
• “Even if I do some work on the occasional weekend, it is on my schedule—I haven’t 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 definitely room for individuals to carve out an appropriate work/life balance, though it requires being mindful and proactive in one’s
approach. With little emphasis on face time, consultants with families or significant 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 firms, 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 rarely—only 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 much—it 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 firms.” – First-
year analyst
• “Compensation is extremely competitive—at 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 company’s performance.” – Midlevel staffer
• “We even got bonuses the past couple of years in the terrible economy. We all share in firmwide profitability, so we share a common goal and
the reward from our hard work.” – Senior consultant
• “I am generally satisfied with my compensation; however, there isn’t a lot of visibility into salary policies and benchmarks.” – Junior analyst
Professional Development
Vault’s Verdict: Any training program that doubles as a recruiting incentive is, well, doubly good. HA’s is just that—intensive, informative and,
most importantly, truly effective.
Formal Training
• “Health Advances has the most extensive official 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 official 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 didn’t 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
Customized for: Han (liuhan@sas.upenn.edu)
to have an MBA to advance. Generally, I am pretty confident 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 employee’s skill plan and performance, making the process relatively objective and transparent. However, as with
any other firm, 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
Diversity
Vault’s Verdict: There’s 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 firm’s women in a traditionally male-
dominated industry.
23 STRATEGOS
Chicago, IL (HQ)
Amsterdam
Lisbon EMPLOYMENT CONTACT
London
Email recruiting@strategos.com or visit the “Join Us” section
Munich
of the firm’s website
São 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
Customized for: Han (liuhan@sas.upenn.edu)
Strategos
THE SCOOP
For a small firm, Strategos works on big issues. With around 40 professionals in six offices, 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 client’s “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.
Guru know-how
Strategos is the brainchild of Gary Hamel, the innovation mastermind who founded the firm in 1995. Hamel has been called the world’s most influential
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 firm’s post-takeover helm is Lead Director Peter Skarzynski, whose latest book, Innovation to the Core, published in March 2008, is
recognized as the first 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 firm’s 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 find more fundamental advantages,” says Strategos, which
helped Whirlpool executives think outside the box. Within two years of hiring the firm 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, Whirlpool’s “innovation pipeline” was flowing with
ideas, and the firm estimates that these new appliances, once on the market, could produce $3 billion in annual sales.
GETTING HIRED
What sets the firm’s 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, it’s 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 candidate’s 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.”
Corporate Atmosphere
Vault’s Verdict: Strategos is a small firm, growing at a measured pace; for the most part, consultants appreciate the tight-knit culture this
cultivates and the opportunities it presents.
Strategos
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, I’ve grown a lot in all aspects of my profession.” – Strategy consultant
• “Our new parent company situation isn’t 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 flat organization, with short communication lines.” – East Coast higher-up
Work Hours
• “It varies according to the project, but overall it’s 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 office, etc).” – Senior associate
• “We allocate our own time, therefore optimizing our own overall life schedules. That is why it’s 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. Don’t when you don’t 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
• “There’s lots of compensation at stake—it sets up a healthy internal climate.” – Senior consultant
Professional Development
Vault’s Verdict: Strategos has adopted a highly personalized training program, combining informal mentorships with closely tracked, individualized
development plans.
Customized for: Han (liuhan@sas.upenn.edu)
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
Strategos
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
Vault’s Verdict: Insiders note that hiring is based almost entirely on merit, although there is some attention toward recruiting women and
minorities.
LOCATIONS UPPERS
Cambridge, MA (HQ) • “Nobel Laureates and distinguished professors among our
San Francisco, CA senior advisers”
Washington, DC • “HR keeps people happy”
Brussels • “RAs go on to attend top business, law, public policy and
London PhD programs”
Madrid • “Excellent benefits package”
THE BUZZ
what other consultants are saying
• “Great people”
• “Econ nerds”
• “Highly analytical”
Customized for: Han (liuhan@sas.upenn.edu)
THE SCOOP
Elsewhere in the halls of commerce, financial institutions call on The Brattle Group when faced with litigation and regulatory matters concerning
securities, capital requirements, due diligence, structured finance, risk management, asset valuation, pricing of services, profitability and the cost of
capital. Telecommunications and media outfits engaged in fixed-line and wireless communications, mobile satellite services, and cable and satellite
television look to the firm 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.
Brattle’s brains
The Brattle Group refers to its consultants collectively as a team, and its chain of command is structured flatly 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 fields. Brattle’s principals are longtime experts in their respective industries, with advanced degrees in economics, finance, 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 MIT’s Sloan School of Management, co-author of the leading
graduate-level textbook on corporate finance (Brealey & Myers). The firm’s experts also draw on a network of senior advisors that includes renowned
academics and former government officials, 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.
While the firm’s studies and research have won it recognition, The Brattle Group is also on the lookout for notable research outside its own firm. Every
year, the firm sponsors prizes for the best papers in corporate finance to foster intellectual inquiry within the areas of finance 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 fields. At the associate
Customized for: Han (liuhan@sas.upenn.edu)
level, “we’ve historically focused on hiring economics and finance 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 firm seeks undergraduates with majors such as mathematics,
economics, engineering and some physical sciences. Personality-wise, at all levels the firm 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 identified as an appropriate applicant via an HR screening and an initial interview (phone or in-person), candidates are flown to an office to
engage in a daylong meeting, in which they are met and evaluated by a handful of Brattle consultants (“HR, analysts, associates and principals”).
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.
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 profile 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 other’s 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 office pleasant. There’s a Friday party every week, which is a great time
to relax with co-workers and mingle with principals. They also celebrate significant 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 fields. 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
outside of senior roles find themselves with exceptionally low travel requirements.
Work Hours
• “Work hours are not excessive unless solicited.” – East Coast consultant
• “The firm 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
Work/Life Balance
• “I can shape my schedule how I want it, even when I have a lot of work. I personally don’t care about working late all week, as long as I’m free
most of the weekend.” – Research analyst
• “The key to work/life balance from an associate’s perspective is that, for the hours outside the standard 40, unless there’s 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 firm does indeed recognize this, and often tries to help alleviate the stress with social
functions and time-off recommendations.” – Litigation consultant
• “I haven’t yet had a problem scheduling a holiday or out-of-town trip. I definitely haven’t 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 firm. 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 haven’t personally had to travel at all for my job.” – Research analyst
• “I travel primarily to our other offices in San Francisco and D.C.; I was out of the office 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 financial 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 first-year
• |“Very transparent—it 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 Group’s 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 defined 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 financial incentives are a bit strange at the entry level. There is a lot more emphasis on amount of time worked rather than
efficiency.” – Cambridge insider
Professional Development
Vault’s 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 unofficial training happens through project work with associates and more
senior research analysts.” – Energy associate
• “The firm 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 firm definitely 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 finance basics.” –
Customized for: Han (liuhan@sas.upenn.edu)
Economic consultant
• “Almost everyone in the office is willing to train and teach in the course of completing a project.” – Senior associate
Promotion Policies
• “There is a significant emphasis on growth, development and promotion at our firm—entry-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
Diversity
Vault’s Verdict: The non-leadership ranks are fully diversified, with regular workshops and social opportunities that help the community fully
embrace its varied, international-heavy population.
25 MONITOR GROUP
LOCATIONS DOWNERS
Cambridge, MA (HQ) • “Ad hoc pay”
20 offices worldwide • “Lack of choice in project allocations at junior level”
• “Antiquated IT infrastructure”
• “Ambiguity - this is not a place for someone who needs a lot
PRACTICE AREAS of structure”
THE STATS
Employer Type: Private Company
Chairman: Mark Fuller
2010 Employees: 1,200
2009 Employees: 1,200
THE BUZZ
what other consultants are saying
• “Good at thinking differently; cerebral”
• “Porter is so last year”
• “Strategic; value-creators”
Customized for: Han (liuhan@sas.upenn.edu)
157
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Monitor Group
THE SCOOP
Switched on
Monitor Group is a professional services firm focused on strategy consulting, capability building and capital services. Its services include marketing
and growth strategy, organizational analysis, corporate finance, leadership development, operational and corporate planning, and competitive analysis.
Founded in 1983 in Cambridge, Mass., the firm’s footprint expanded rapidly for the first 25 years of its life, topping out at 25 offices in 19 countries
by 2008. While no official announcements were made in the media, it would appear that the company’s 25th anniversary wasn’t quite as smooth as it
would have hoped; by 2010 it had shrunk to 20 offices in 16 countries.
Clients come from nearly every industry, including automotive, health care, telecoms, energy, consumer products, financial 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 nonprofits, 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 significant
emphasis on achieving a knowledge transfer to its clients by “teaching them how to fish,” as the firm calls it.
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
Monitor’s 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 Monitor’s clients;
economic and development security, which works with national and regional governments to help them grow their economies; and social action, which
advises nonprofit, philanthropic and social-sector institutions.
Monitoring money
Monitor has distinct capabilities in financial and capital markets, with specific expertise in both mergers and acquisitions and corporate finance advisory
services. Monitor Clipper Partners, focused on the middle market, and Monitor Ventures, focused on the early stage, are affiliated 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 firms, thus leaving
the possibility for much more rapid advancement compared to firms 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 five years.
Customized for: Han (liuhan@sas.upenn.edu)
Conscientious corporation
Monitor shows a great deal of social awareness, and acknowledges its larger responsibilities as a prominent global institution through several initiatives.
The firm is the signature partner to New Profit, Inc., a U.S.-based venture philanthropy fund that provides strategic counseling and financial support
to social entrepreneurs. It is also a partner of Management Leadership for Tomorrow, a nonprofit that grooms African-American, Hispanic and Native
Monitor Group
American youth for leadership positions in companies, nonprofits and entrepreneurial ventures. Collaborating with New Profit, Monitor advised MLT
on growth strategy, and has supplied consultants as faculty for the program’s career prep classes. The firm 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 firm’s recruiting apparatus, I can testify to the fact that Monitor has a very high bar for its
candidates.” Take this consultant’s words as you will—warning or challenge. For those put off by Monitor’s “extremely competitive” selection process,
it’s 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 fit.
For those who fit the bill, the interview process consists of two rounds of intensive interviews designed to test, above all, the candidate’s proficiency and
analytical aptitude. The first 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.
Overall Satisfaction
• “Monitor is basically all that I could ask for in a consulting firm: terrific people, interesting work and a learning- and feedback-oriented culture.”
– Health care consultant
• “If you want to have an impact that defies traditional entry-level analyst responsibilities, Monitor should be of serious consideration.” – Strategy
first-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
• “Monitor’s culture is like no other. It’s 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 with—at
work or afterwards. Anytime I go out with Monitor people socially, I feel like I’m guaranteed to have a terrific time, even if I’ve never met them
before.” – Senior consultant
• “Monitor is full of very bright, but somewhat quirkier, more academic consultants. The firm has an extremely friendly and casual culture, and I
socialize very frequently with colleagues outside the office. 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 Monitor’s 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, I’ve found that my supervisors take a vested interest in
Customized for: Han (liuhan@sas.upenn.edu)
me and my development. It’s a constant-feedback culture, but one about learning, and I’ve always felt extremely supported.” – Entry-level
respondent
• “I have yet to work on a team where I didn’t, at the bare minimum, like everyone from junior consultants to account managers.” – Strategy first-
year
• “In consulting, if you don’t get along with your superiors, you’re screwed. Luckily, that is uncommon at Monitor.” – Los Angeles midlevel
Monitor Group
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 flexible and I work when I need to; we’re
not confined to an office with a ‘face time’ policy.” – Executive-level insider
• “Short cases are the ones to avoid in terms of being burners.” – Health care analyst
• “I don’t work weekends—except maybe one to two hours on Sunday—but I’m 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. It’s 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. I’m 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 don’t 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 first year, balance was possible. Now that I’ve 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 five times a month for meetings. This varies on a project-by-project basis, but that’s
been my experience so far.” – New York staffer
• “Monitor has optimized this model: Don’t travel for the sake of travel, work where you are most comfortable, contribute to the office environment,
build your network at home and charge the batteries for intensive travel when necessary.” – First-year associate
• “It’s nice to not always be on the road, though it means junior consultants get little exposure to clients.” – Health care analyst
Compensation
• “Compensation is meritocratic—as a strong performer, I’ve 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 nonfinancial compensation of less travel,
more flexible time, more customized career path and promotion.” – Senior source
• “Overall, I’m satisfied with compensation, but I could make more at competitor firms.” – 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 satisfied 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
Vault’s Verdict: Respondents give credit to Monitor’s informal mentoring, but the limited amount of formal training is a real concern for new and
Customized for: Han (liuhan@sas.upenn.edu)
prospective hires. However, in 2010, the firm 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 find this type of training most effective.” – Midlevel consultant
• “Training is very minimal if you are not part of m2c, although the firm has announced they are going to provide more options moving forward.
Monitor Group
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
• “It’s totally meritocratic—you move up as quickly as you demonstrate your capabilities. There are no classes that advance at predetermined
levels.” – First-year
• “It’s no up or out, but I think that hurt the firm in the downturn.” – West Coast respondent
• “I like that the place is flat and that we’re 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
Vault’s Verdict: Monitor has done a commendable job on this front, and its consultants are hungry for more.
LOCATIONS
Southfield, MI (HQ) UPPERS
Chicago, IL • “Leaving your footprint all over corporate America”
Dallas, TX • “More autonomy to get your work done”
Detroit, MI • “No micromanagement”
Los Angeles, CA • “Entrepreneurial spirit”
New York, NY
San Francisco, CA
Washington, DC
Dubai DOWNERS
Düsseldorf
• “Lack of promotion criteria”
London
• “Inconsistent workloads”
Milan
• “Complete lack of care about community involvement”
Munich
• “Scarce IT resources”
Paris
Shanghai
Tokyo
EMPLOYMENT CONTACT
Go to the careers section of the firm’s website.
PRACTICE AREAS
Enterprise Improvement • Turnaround & Restructuring •
Financial Advisory Services • Information Management
Services
THE BUZZ
what other consultants are saying
• “Able to lead and implement what the traditional guys can’t”
•” Inflexible, self-absorbed”
• “Cowboys “
Customized for: Han (liuhan@sas.upenn.edu)
163
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
THE SCOOP
Financial facelift
AlixPartners is an international business advisory firm 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 firm’s four main business functions are enterprise improvement, turnaround and
restructuring, litigation consulting and financial 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 financial straits but may still be looking to improve operations. Operating globally out of
offices 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.
The firm’s current incarnation was born in 2002. At the time, Co-Chairman Alix said that the name AlixPartners was chosen to reflect the firm’s central
premise that it is a partner to it employees, clients and referral sources. But the new millennium brought more changes to the firm than just the name
alone. In 2001, it began to expand from a national to an international entity, now totaling 15 offices in eight countries. Although originally based in
Detroit, New York and Chicago, it soon began a rapid expansion into Europe by opening offices in London, Munich, Milan and Düsseldorf. 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
Recovery—the country’s first-ever business turnaround industry and association. An office 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, it’s “like no other you will find 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 consultant’s laundry list: “IQ tests, personality tests, accounting tests, cash flow modeling tests, an interview with a psychologist”—and 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 firm 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.
Overall Satisfaction
• “AlixPartners is a fabulous place to work, and does fabulous work for its clients.” – Experienced New Yorker
• “The firm quenches the thirst for exciting, real-time, technical projects, and rewards those efforts through expressed gratitude, solid
Customized for: Han (liuhan@sas.upenn.edu)
Firm Culture
• “The people and culture of this firm are second to none. I’ve worked in many environments and this is definitely 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
Supervisor Relationships
• “The flat 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 find common among my superiors.” – First-year staffer
• “Relationships vary by superior, with some very close relationships and some not so close relationships—most are somewhere in between.” –
Restructuring insider
• “Mentoring and career guidance are not institutionalized, and are only available if you’re lucky enough to be staffed with a supervisor who cares
about that.” – Bankruptcy consultant
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 workflow of the
engagement. There is absolutely zero face time.” – Crisis management consultant
Work/Life Balance
• “Even with the monstrous hours when on the road, there’s a real effort to ‘protect’ everyone’s weekend time when possible (sometimes client
work requires weekends, and that’s perfectly fine).” – 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 firm 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
Customized for: Han (liuhan@sas.upenn.edu)
Compensation
• “I don’t 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 can’t 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 firm is a top payer in the industry, giving generous bonuses and benefits. Everyone at AlixPartners feels that, for their current level,
they are well compensated. The issue is long-term compensation—it doesn’t 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 firm on average with other similar firms 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 significant bonuses.” – Senior associate
Professional Development
Vault’s Verdict: Only the strong survive at AlixPartners, so it’s 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 firm allows you to pursue training
opportunities outside of the firm where appropriate.” – Midlevel insider
• “The firm’s service offerings are very experience-driven, and our employees join the firm with years of experience in hand. You’re 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 firm 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 firm at the time.” – Senior source
• “There is no official policy—how 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
Vault’s Verdict: In this area, the firm fails to live up to its own lofty standards. Little attention is paid to fostering an open, hospitable and diverse
community of consultants.
Vault’s Verdict: One of the few firms to profit from the recession, AlixPartners is structured to reap the benefits of other companies’ instabilities.
While this could cause business to cool somewhat in a healthier economic climate, the firm’s diversification efforts could bear fruit in a more
stable business environment.
• “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 firm’s 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 firms.” – Texas executive
• “The firm is soft right now as potential clients are delaying decisions and deciding to save on consulting fees. Employee morale is not great.” –
Energy specialist
DOWNERS
LOCATIONS
• “Too many layers for decision making”
Armonk, NY (HQ) • “They need to learn that a report that was good enough 10
Offices and operations in 170 countries years ago isn’t now”
• “Too much turf protection and political maneuvering”
PRACTICE AREAS
Application Services EMPLOYMENT CONTACT
Application Management • Custom Application Development www.ibm.com/consulting/careers
& 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
THE BUZZ
what other consultants are saying
• “Becoming top tier”
• “Technologically sound, business blind”
• “Good global firm, very deep bench”
Customized for: Han (liuhan@sas.upenn.edu)
• “Challenging culture”
THE SCOOP
GBS’ offerings are broken down into two primary practice areas: business consulting and systems integration, and application management services.
The first of these offers six areas of specialty assistance to clients: customer relationship management, financial management, human capital
management, strategy and change, business analytics and supply chain management services. The unit’s clients work in a number of industries,
including aerospace and defense, automotive, banking, chemicals and petroleum, consumer products, education, electronics, energy and utilities,
financial markets, government, health care, insurance, life sciences, media and entertainment, retail, telecommunications, travel and transportation.
The second practice area—application management services—offers expertise in application development, management, maintenance and support
services for software and applications.
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 firm 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 five functional disciplines, including human capital management,
financial 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 fit.” Expect “three separate interviews with your potential supervisors and
co-workers,” all of whom will be judging personality and ability to communicate—both informally and in a business setting. “They are looking for
someone who understands the importance of networking in a large firm, someone personable and a thinker that can articulate ideas and thoughts,”
says a veteran of the process.
Corporate Atmosphere
Being part of a corporation as “gigantic” as IBM affords its staffers “an infinite 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.”
Consultants sometimes find it difficult 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 firm’s “diverse” and “interesting” culture. “There are social and professional activities
if you know where to find 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, IBM’s 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, ““It’s IBM. It’ always there, and it rebounds like a rubber
ball.”
Travel also figures 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 firm”—in principal, at least. This typically translates to about four days per week on the road, but weary
travelers are well compensated by “the best benefits 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 IBM’s organization; the firm 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 they’re 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 I’ve 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. “It’s difficult to get management approval for training that will take you away from the client or cost money,” an
associate reveals.
Customized for: Han (liuhan@sas.upenn.edu)
LOCATIONS
DOWNERS
London (HQ)
Boston, MA • “Not enough diversity in cases”
New York, NY • “Little effort devoted to associate development”
Abu Dhabi • “Black-box staffing”
Dubai
Düsseldorf
Hamburg
EMPLOYMENT CONTACT
Hong Kong
Mumbai www.occstrategy.com/join
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
Customized for: Han (liuhan@sas.upenn.edu)
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
THE SCOOP
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, financial services, industry and infrastructure, media,
private equity, retail and distribution, technology, telecommunications, and travel, transport and logistics.
While it may have been founded in Europe and still concentrates most of its services there, the firm has been trying to create a stronger presence in
the United States. To gain greater access to the American market, the firm 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 MESA’s network.
Over the past three years under Michael Jary, the firm has successfully opened offices 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, profitability issues and category management. In connection with consumer goods, retail and distribution have also long
been an OC&C focus. The firm 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 firm has made a significant 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, profitable use of the digital arena, and go-to-market strategies for
new services and products. Several major media outlets have looked to the firm 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 world’s leading private equity firms in such areas as potential
investment scoping, vendor and buyer due diligence, and post-acquisition strategy and/or integration.
Federation of Multiple Sclerosis Societies launch The Sylvia Lawry Centre for Multiple Sclerosis Research—the world’s largest project to develop tools
to help deliver new MS therapies. Moreover, the Benelux office helped the leading MS charity to develop a new direction and funding strategy.
GETTING HIRED
Most of the firm’s tangible recruiting efforts can be seen at undergraduate campuses near OC&C offices, 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 don’t be fooled; the firm isn’t looking for rigid, analytic types. “A sense of business acumen is important,” an insider
points out. “The firm 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 fit within the firm’s 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 difficult,
insiders report, but applicants should use them as an opportunity to display their analytical prowess.
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 firm 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 specific industry trends or difficult concepts on each of my cases.” – Boston first-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 firm 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 pretention—you can and do have a personal and professional relationship with anyone in the office.” – Midlevel
insider
• “The culture within the office is extremely pleasant, with all levels interacting well and respectfully with one another, both professionally and
socially. Outside of the office, 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 firm cultures I have been a part of—friendly, 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 office makes it very easy to
have ongoing conversations with all levels.” – Entry-level staffer
• “Our office culture is very relaxed, and thus everyone gets along very well with each other—across all levels of the firm. It’s 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 office are very interested in my personal development and offer lots of responsibilities to the associate consultants,
creating many learning opportunities.” – Junior source
• “Clients respect our work and our opinion. We are viewed favorably relative to other consulting firms.” – Experienced consultant
• “Our clients know that we are not going to provide stereotypical cookie-cutter consulting answers to their business challenges.” – East Coast
staffer
• “There’s lots of rope in dealing with clients, especially for strong performers.” – Associate consultant
Work Hours
• “Work hours are generally good, but when you’re working on a due diligence you can spend many late nights in a row at the office. Managers
are usually conscious of trying to get their associates out of the office by 7 p.m. if there isn’t anything pressing to attend to.” – Midlevel
consultant
• “We have made a significant 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 significant 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 you’re working on a due diligence you can spend many late nights in a row at the office. Managers
are usually conscious of trying to get their associates out of the office by 7 p.m. if there isn’t anything pressing to attend to.” – Midlevel
consultant
• “We have made a significant 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 significant 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 significant presentations, but most of the work is done out of the home office. 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 office, there is always the option of staying in town over the weekend with your hotel costs covered. I’ve certainly used this option to do
some ‘free’ travel and sightseeing.” – Senior source
Compensation
• “From my knowledge of acquaintance’s compensation at peer firms, 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 firms, as we typically
do less operational/implementation work, and therefore deploy less leverage.” – East Coast executive
Professional Development
Vault’s Verdict: While the firm does offer formal training opportunities—largely for new hires—most respondents say they learn the bulk of what
they need to know on the job. When formal training does occur it’s often laid-back, in “exotic locales,” with ample opportunities for firmwide
socialization.
Formal Training
Customized for: Han (liuhan@sas.upenn.edu)
• “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 we’ll be flying to Lisbon, Portugal, for a week of formal training called OC&C International Training Week.” – First-year consultant
• “There is not a significant amount of formal training outside of what is delivered to new employees, but it is adequate.” – Boston staffer
• “International Training Week brings together all offices at a single location for training, though the social component often outstrips the training
component of the week.” – Analyst
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 firms, partners aren’t trying to stifle promotion due to worries about shrinking their slice of the profit pie.
We are looking for people to step up and take on more leadership roles and responsibilities.” – New York partner
• “There’s an expected level of performance and progression, but it’s a range, not a formula set in stone.” – Midlevel source
• “There is no clear promotion plan for entry-level hires.” – Associate consultant
Diversity
Vault’s Verdict: The firm’s international presence is a big boost to its overall diversity; plans to boost female representation are well under way and
seem promising.
29 NOVANTAS LLC
LOCATIONS DOWNERS
New York, NY (HQ) • “Drudgery”
Boston, MA • “Lack of name recognition”
Chicago, IL • “No time to stop and smell the roses”
Madrid • “More technical in nature than strategic”
Toronto
EMPLOYMENT CONTACT
PRACTICE AREAS
www.novantas.com/careers_students.php
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
THE BUZZ
what other consultants are saying
• “Innovative concepts, cool company”
• “Incredibly nerdy”
• “Top of class in financial consulting”
Customized for: Han (liuhan@sas.upenn.edu)
Novantas LLC
THE SCOOP
The firm 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
expertise—whether it be financial analysis, statistical modeling or customer research. Teams are typically comprised of three to five professionals, led
by one or more managing directors, who bring a combination of industry insight and practical solutions.
At the heart of these analytical methods are the firm’s 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 company’s 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 client’s 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 bank’s 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 financial services
industry, though, with new information-based products in the pipeline, Novantas has expanded these offerings into the insurance and brokerage
industries.
GETTING HIRED
“Novantas does not hire many applicants, despite increasing need for labor,” says an associate, illuminating that the firm keeps its eyes peeled for
perfect candidates, not just warm bodies. The firm looks for well-rounded individuals who don’t fit with one particular sector or expertise, instead
preferring smart, utilitarian, generalist applicants. Practically speaking, the firm looks for “high IQ self-starters” who possess both quantitative and
qualitative skills.
Novantas LLC
“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-office and over the phone. While not exceedingly popular among applicants, candidates can also expect to face brainteasers at
least once in the process.”
Overall Satisfaction
• “I’ve 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 fabulous—good 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 firm 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 I’m 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 I’m happy to help you do the same/show you how’ culture. Socially
diverse.” – Consultant
• “The people here are great to work and play with—self-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, it’s 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 it’s 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. There’s 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
Work Hours
• “We work a lot but are flexible—you can leave the office, enjoy dinner at home with the family and then do a little email before going to sleep.” –
Customized for: Han (liuhan@sas.upenn.edu)
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
• “I’ve never had to cancel or postpone a vacation, and I seldom work weekends.” – Senior consultant
• “Through good project planning, adequate staffing and team communication, we can ensure we find 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
Novantas LLC
expectations, but at times it is taken for granted that weekend time could be work time.” – Associate
• “As a partner, I’m 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 office.” –
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 staffing 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 satisfied 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 got—no complaint on compensation here.” – Consultant
• “One of the best in the market.” – Chicago midlevel
Professional Development
Vault’s 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 official 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
• “We’ve 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 firm 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 first three years. After that, it’s merit-based promotion, which can be very rapid for some.” –
Experienced consultant
• “If you’re ready for the next position, you’ll be promoted. Promotions are not as qualitative in the first few years, as we have a program where
each year of graduation is dependent on fulfilling various training and skills requirements. But afterwards, both you and the firm know when
you’re ready and you will be promoted as deserved.” – East Coast partner
• “You are not required to get an MBA to advance.” – Midwest staffer
Diversity
Vault’s Verdict: Novantas consultants boast of a diverse community, and feel that their firm is going through the necessary steps in order to
promote both a welcoming and meritocratic environment.
• “We hire based on merit, without regard to other factors. We do not discriminate in any way.” – Chicago higher-up
Novantas LLC
30 PUTNAM ASSOCIATES
DOWNERS
LOCATIONS
• “Rigid office hours”
Burlington, MA (HQ) • “Suburban location”
London • “Everyone confuses us with Putnam Investments”
THE STATS
Employer Type: Private Company
Managing Partner: Kevin Gorman
2010 Employees: 50
2009 Employees: 45
THE BUZZ
what other consultants are saying
• “Seems like a nice firm that gives junior folks good
opportunities”
• “Too much face time and too formal”
Customized for: Han (liuhan@sas.upenn.edu)
• “Family friendly”
• “Currently understaffed
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Putnam Associates
THE SCOOP
Pharma fans
Since 1988, Putnam Associates has developed its niche as a specialized strategy consulting firm for clients in the pharmaceutical, biotechnology,
diagnostics and medical device industries. The Burlington, Mass.-based firm 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 five years alone, the firm’s roughly 50 professionals have completed more than 250 projects. Most of the firm’s clients have stuck with the
firm for more than five years, while the rest, the firm notes with pride, have signed on because of firsthand experience or referrals.
Product placement
Given its singular focus on the health care industry, most of Putnam’s services focus on maximizing clients’ investment in new products. That’s 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 Putnam’s 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-five and nine of the top-20 pharmaceutical companies.
The firm also advises three of the five 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 firms figure out, for example, whether to outlicense products to pharmaceutical companies, and what rights they should give
away in exchange for funding.
GETTING HIRED
Putnam recruiters can be found on top undergrad campuses across the country, battling the bigger fish for the same top talent. Where they set
themselves apart, though, is their huge focus on fit. “The thing that sets offers apart from rejects is often the sincere desire to work for the firm,” 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, you’ve got to want to work at Putnam to work at Putnam.
Favored applicants travel to a Putnam office for a round of four to five 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 affirm basic aptitudes and capabilities, the focus
remains on culture and personality. The firm wants “exceptional people of integrity” and, as always, fit trumps all else; “it’s easily the most important
factor,” a senior consultant notes.
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 definitely happy at Putnam. Our work in health care is interesting and we are given a great deal of responsibility early on. The small size
Putnam Associates
of the firm 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 firm.” – First-year
• “Great culture, steep learning curve with a lot of opportunity for growth and to contribute” – Senior source
Firm Culture
• “The firm is a collegial, friendly, easygoing place. You feel like you fit in soon after joining.” – Associate
• “Putnam’s culture is very young and energizing. People here are truly excited about the work that they’re 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 grace—they 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 firm that I know well if I
am having a problem or would like advice.” – Entry-level staffer
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 office, there is no pressure to work late or work on weekends unless absolutely necessary. We also receive
three weeks of vacation, which I find generous.” – Entry-level source
• “Work/life balance has been a challenge for Putnam this past year, mostly due to a steady if not overwhelming flow of business and case
work. I’d worked more reasonable hours in years past, but Putnam’s partners have acknowledged this and make sure that we know we’re
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. It’s nice in that it develops a strong culture at the office, since everyone is usually around.” –
Junior consultant
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• “I have been here nearly three years and have never traveled for client work—it 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 OK—somewhat less than my friends at other firms. If this really was a lifestyle firm, comp would be decent. But for the hours, its
Putnam Associates
Professional Development
Vault’s Verdict: While most insiders are satisfied by the firm’s 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 don’t prioritize training. After the initial training, we don’t really have any more—either live or electronic. It just doesn’t exist.” – Analyst
Promotion Policies
• “It’s definitely 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” firm, promotion qualifications are not as well defined as in other firms.” – Associate
Diversity
Vault’s Verdict: While it may be true that Putnam’s relatively obscure, suburban location “does not attract a lot of diversity,” the firm is sorely
lacking in this regard. Retention of women is certainly an area that needs improvement.
DOWNERS
LOCATIONS • “Still struggling to differentiate from other life science boutique
firms”
New York, NY (HQ) • “Clients often don’t know what they don’t know”
London
EMPLOYMENT CONTACT
PRACTICE AREAS
www.eastonassociates.com/careers
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
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THE SCOOP
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 five-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 five 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 field..
Finally, Kristine Lowe, formerly a senior executive at the Wilkerson Group, is an expert in opportunity assessment, strategy development, due diligence
and corporate development.
GETTING HIRED
Demand for specialized fields like Easton’s is fueling an increasingly selective hiring process at the firm. “Getting a position here is tough—everything
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 firm simply isn’t looking for consultants who can work in the health care
field—it’s looking for health care consultants.
Overall Satisfaction
• “This is a great place to work—exceptionally 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 I’m involved in projects that are very current in the industry. Not to mention, I have the ability to
Customized for: Han (liuhan@sas.upenn.edu)
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 office atmosphere. In many ways, Easton is almost like an extended family. People
truly care about one another.” – First-year consultant
• “The firm is young, creative and diverse.” – Senior source
Work/Life Balance
• “I never have to bring work home on the weekends, and the firm 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 fill 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 it’s bothersome.” – Senior consultant
• “The only time people really travel is for kickoff, interim and final client meetings. You also may travel to the occasional conference to learn
more about a specific field in therapeutics.” – Junior staffer
Professional Development
Vault’s 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.
Diversity
Vault’s 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 firm doesn’t seem to face the same retention issue for women that plagues many larger firms.
Vault’s Verdict: With the nation’s attention turned to health reform issues, Easton’s business prospects are superb. Morale is also excellent, a rare
luxury in today’s business climate.
32 ACCENTURE
UPPERS
PRACTICE AREAS • “Encourages entrepreneurs”
• “The ability to move up quickly”
Management Consulting • “Everyone is willing to help you in your career, no questions
Customer Relationship Management • Finance & asked”
Performance Management • Process & Innovation • “Variety of work”
Performance • Risk Management • Strategy • Supply Chain
Management • Talent & Organization Performance
Outsourcing
Application Outsourcing • Bundled Outsourcing • Business DOWNERS
Process Outsourcing • Delivery & Operational Excellence • • “Bureaucracy of being part of an 190,000-plus person
Infrastructure Outsourcing organization”
Systems Integration & Technology • “Higher expectations and fewer resources to support you
Application Renewal • Business Intelligence Services • along the way”
Custom Solutions • Data Center Technology & Operations • • “Bad executives”
Enterprise Architecture • Emerging Technology Architecture • “Excessive travel”
• Functional Solutions • Information Management Services
• IT Strategy & Transformation • Microsoft Solutions •
Network Technology • Open Source Solutions • Oracle
Solutions • Performance Engineering • SAP Solutions EMPLOYMENT CONTACT
• Security Solutions • Service-Oriented Architecture •
careers.accenture.com
Software as a Service (SaaS) • Workplace Technology &
Collaboration
Operating Groups
Communications & High Tech • Financial Services • Health
& Public Service • Products • Resources
THE BUZZ
what other consultants are saying
• “Good place to start career”
• “Technology company / big ERP implementations”
• “High volume”
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Accenture
THE SCOOP
Mashed-up moniker
Accenture—whose name derives from “accent on the future”—was formally established by partners from the consulting division of various Arthur
Andersen firms 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 company’s 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.
Accenture anywhere
Today, Accenture is one of the largest companies of its kind in the world. It prides itself—and capitalizes—on 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 client’s location. As of May 2010, more than 80 percent of the company’s 190,000-plus employees live outside the United States. Of
those living outside the U.S., slightly more than half are based in Asia Pacific, Accenture’s fastest growing region—mostly in India and the Philippines.
It’s that kind of reach and flexibility that has insulated the firm 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.”
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 firm 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
financial services executives. The publication delves into current trends and analysis in financial 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 firm hires from a limited (“elite”) undergraduate pool that has produced several generations of effective Accenture consultants. In general, there’s
Customized for: Han (liuhan@sas.upenn.edu)
a particular emphasis placed on recruiting “well-rounded” individuals; more specifically, 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 first is a standard initial screening, in which “they can already tell if a person is going to fit with the culture,” which isn’t as routine as it sounds;
incompatible personalities can definitely be deal-breakers. From there, the process moves forward to a skills test—a candidate’s opportunity to show
he has the chops to hang with the top consultants in the field. The third and final 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.
Accenture
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 satisfied with Accenture. I feel that I am highly valuable to the firm, and my rewards reflect 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
firm and what they provide for their employees.” – Energy specialist
Firm Culture
• “Young, fast paced, intelligent and diverse.” – Midlevel consultant
• “I love my firm’s 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 hires—however, 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 excellent—real ‘people developers.’ However, there have been a few who are way too focused on their own
career development.” – Public-sector insider
Work Hours
• “Work is very intense during most of the week, but flex 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 benefit, and provides resources to help employees manage time and stress.” – Senior source
• “This is up to you. Some weeks I work more, but that’s the nature of project work. Good project planning mitigates the overtime and limits it to
Customized for: Han (liuhan@sas.upenn.edu)
Work/Life Balance
• “Even with the hours I am putting in for work, I am still able to find the time to do the things I want to. At the moment, I am pursuing a Ph.D.
on nights and weekends—the company is allowing me to do so and gives me flexibility to leave a bit early on nights I have class.” – Midlevel
consultant
Accenture
• “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 difficult to find a good work/life balance when you are traveling, but Accenture does whatever it can within the confines of the client to help
facilitate that balance.” – Experienced source
• “It’s 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 five 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
• “I’ve been lucky that I’ve been on a local project the entire time. However, I’ve heard horror stories from other employees.” – New York midlevel
• “Travel demands are the same, but travel policies get less flexible. 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 joke—typically no more than 5 percent of annual salary.” – Health care senior
• “I don’t have a lot to compare it to, but for the work I do, I feel like I’m robbing the bank. That said, I know a lot of other people don’t feel the
same way.” – New York consultant
Professional Development
Vault’s Verdict: Accenture takes training seriously, and as a result, garners praise for its efforts. After weeks of substantive, informative training
each year, the firm’s 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 don’t take you away from your client work for long
periods of time.” – Energy midlevel
• “It’s 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 doesn’t 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
• “They’ve just moved to a new system that is based more on ability rather than time. I’ve been happy with it, as I’ve been promoted early, but
I’m 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 five years, depending on performance. The firm determines promotions using
a meritocracy, so those that perform the best will advance the quickest.” – Cleveland midlevel
Diversity
Vault’s Verdict: Insiders say Accenture does a good job of recruiting and accommodating consultants of all backgrounds, without losing sight of
the all-important fit factor.
Customized for: Han (liuhan@sas.upenn.edu)
Accenture
• “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 flexible work arrangements, but ultimately, it’s a very difficult career for a mother who wants to care for her
family.” – Seattle respondent
Arlington, VA (HQ)
Chicago, IL
Minneapolis, MN UPPERS
Needham, MA • “‘Make it happen’ work ethic”
Rochester, NY • “Young crowd”
San Francisco, CA
Scottsdale, AZ
Westchester, PA
London DOWNERS
New Delhi
• “Sometimes it feels a bit too much like a school fraternity”
Sydney
• Micromanagement
Toronto
Singapore
EMPLOYMENT CONTACT
PRACTICE AREAS www.executiveboard.com/careers
THE BUZZ
what other consultants are saying
• “Good brand recognition”
• “Fluffy; just research, no insights”
• “Young, friendly atmosphere”
Customized for: Han (liuhan@sas.upenn.edu)
• “Cold calls”
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 fixed annual membership fee, corporate, government and nonprofit members subscribe to one or
more of the company’s programs on areas covering corporate finance, financial 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, CEB’s network now boasts more
than 5,100 participating members and includes 85 percent of the Fortune 500, more than 60 percent of the world’s top-300 financial institutions and
members in more than 50 countries; around a third of the firm’s revenue comes from international members. Generally, CEB’s 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-profit organizations.
Companies can choose from CEB’s 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 CEB’s 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 don’t belong, but the firm tries to accommodate them if the request is isolated.
GETTING HIRED
Recruiting specialists and managers are responsible for screening applicants for appropriate qualifications, 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 candidate’s ability to think conceptually.
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.” There’s no shortage
of enthusiasm for life at Corporate Executive Board, as evidenced by a slew of similar remarks. It’s the “most exciting, challenging and innovative
company I’ve 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 satisfied with their workplace.
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Work/life balance is helped along by “pretty flexible” 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 CEB’s extensive training offerings—both formal and informal. “There are multiple e-learning opportunities offered
through HR’s 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 firm’s “excellent” mentoring program.
“There’s lots of informal training and coaching,” a consultant affirms. “It is almost constant,” he continues, going as far as to label it too much—“that’s
the bad part!”
Diversity
Diversity is easily one of the firm’s 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 firm can assume diversity in low-level batches, the real indicators of a firm’s 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.
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34 ZS ASSOCIATES
LOCATIONS DOWNERS
Evanston, IL (HQ) • “Too narrow of a focus”
Boston, MA • Chicago, IL • Los Angeles, CA • New York, • “Low name recognition outside the sector”
NY • Philadelphia, PA • Princeton, NJ • San Mateo, CA • • “Expense and accounting system is archaic”
Barcelona • Frankfurt • London • Milan • New Dehli • Paris •
Pune • Shanghai • Tokyo Toronto Zurich
THE STATS
Employer Type: Private Company
PRACTICE AREAS
Founding Directors: Andris Zoltners & Prabhakant Sinha
Marketing Managing Director: Jaideep Bajaj
Customer Insight • Integrated Product Launch Planning 2010 Employees: 1,500
& Management • Marketing Performance Measurement • 2009 Employees: 1,300
Marketing Planning • Segmentation • Value Proposition
Sales
Incentive Compensation Design & Goal Setting • Sales Force
EMPLOYMENT CONTACT
Design • Sales Performance Management • Sales Process
Development • Territory Design www.zsassociates.com/careers
Sales & Marketing Operations
Email: careers@zsassociates.com
Data Management, Performance Reporting & Analytics •
Incentive Compensation & Goals Administration • Territory &
Account Planning
THE BUZZ
what other consultants are saying
• “Best-in-breed pharma”
• “Boutique that may get overrun long term”
• “Hire a lot of great young people”
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• “Cookie-cutter, machine-like”
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ZS Associates
THE SCOOP
While it has served more than 700 companies since its founding, ZS Associates is no fly-by-night operation; indeed, the firm still counts its first 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 firm does work with a number of midmarket, small and startup companies, hailing from a broad range of industries.
While 90 to 95 percent of ZS’s clients work in the pharmaceuticals, biotechnology, and medical products and services space, the rest hail from the
high tech, telecommunications, transportation, consumer products and financial services sectors.
Into S&M
The firm’s 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 firm 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-specific software in 1983, with the creation of the first personal computer-aided territory mapping
system. By 2008, it had created 12 standalone software products, which were then integrated as one unified 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, finally, 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 Management—where Zoltners remains a faculty member,
teaching marketing—as well as with the Indian School of Business, where Sinha teaches courses on sales force effectiveness. The firm—including
its co-founders—offers 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
Customized for: Han (liuhan@sas.upenn.edu)
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 firm, 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, it’s 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 firm often has to compromise on ‘softer’ consulting/management skills.”
ZS Associates
Interviews present chances for the ZS team to affirm a candidate’s aptitude and to identify those who fit in most with the office 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).
Overall Satisfaction
• “I’m very happy to be working at ZS. The intellectual challenges coupled with the relaxed and friendly firm 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 office better. Like any firm, there are definitely some
political aspects, but they rarely seem to influence anything that personally affects individuals.” – Junior source
• “The firm is values-based, egalitarian, friendly and fun. People enjoy working together, and many are friends outside the office.” – 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 firm for you.” – Strategy consultant
Supervisor Relationships
• “There’s 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 aren’t necessarily sharing informal project feedback outside the performance
review period.” – Senior-level staffer
Work Hours
• “While they fluctuate 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 I’ve 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
ZS Associates
• “If lucky you’ll 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 isn’t rocket science at ZS. Managers are typically very accommodating of outside commitments. I can’t 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 specific push to do so. Mostly, executives in leadership positions will travel in order to support
specific business development efforts.” – Associate
• “This is one of the best benefits of working at ZS. I get to sleep in my own bed every night.” – First-year analyst
• “I don’t travel often, and when I do, it’s usually a day trip. It’s probably, on average, two to four per month, with the occasional multi-day trip.” –
Philadelphia staffer
• “Usually travel is binary—you 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 firm 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 confidently 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 I’ve heard some grumblings about rival firms being more generous. I’m 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, firm performance and your ultimate bonus.– Health
care consultant
Professional Development
Vault’s Verdict: Training, while not ideal, is what every ZS consultant makes of it; the resources are in place, but it’s 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 don’t 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 meritocracy—people are reviewed after every project, and overall twice yearly. There are clear definitions 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. I’ve felt that all of my reviews
have been a very fair reflection of my performance. The typical time to promotion is two to three years, but it can be shorter or longer
Customized for: Han (liuhan@sas.upenn.edu)
Diversity
Vault’s Verdict: The firm relies on its meritocratic nature to identify and retain those who make the cut, regardless of background. This ethos
extends to recruitment, as well.
ZS Associates
35 L.E.K. CONSULTING
LOCATIONS
Boston, MA (US HQ) DOWNERS
London (Worldwide HQ) • “L.E.K. does not allow unallocated staff beach time”
20 offices in 13 countries • Information technology could be improved
• “Associates often required to cold call”
• “Tough to work past midnight four nights in a row”
PRACTICE AREAS
Finance • Marketing & Sales • Operations • Organization •
Strategy • Transaction Services EMPLOYMENT CONTACT
www.lek.com/careers
THE STATS
Employer Type: Private Company
Co-Founder & Chairman: Iain Evans
2010 Employees: 850+
2009 Employees: 900
THE BUZZ
what other consultants are saying
• “Growing consulting boutique”
• “Banker hours, consultant pay”
• “Very due-diligence focused; short term projects”
Customized for: Han (liuhan@sas.upenn.edu)
• “Overexposed to PE”
L.E.K. Consulting
THE SCOOP
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 firm says,
“is to gather, distill, and analyze vast amounts of data.” The firm’s data-crunchers dig into the numbers to provide clients with clear, actionable
recommendations using advanced research, benchmarking, modeling, analysis and strategy development methods.
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 first major
consultancy to implement such a policy across its global operations. The firm 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 it’s no stretch to assume that the firm looks for candidates with
a demonstrated history of quantitative proficiency when hiring. When directing efforts at undergraduate institutions, recruiters typically seek “excellent
critical thinkers,” “motivated students” and “overachievers.” Make no mistake, it’s a very selective process; consultants estimate that “less than 5
percent of those who get a first-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
proficiency, 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, it’s 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.
Overall Satisfaction
• “The work is interesting, colleagues are competent, there’s 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 firm provides many opportunities for employees to gain experience in a variety of settings, both
case-related and otherwise. The firm 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.”
Customized for: Han (liuhan@sas.upenn.edu)
–Chicago consultant
• “I like the job but I don’t like not having long-term ownership of anything—I’m basically a fungible cog in the machine, which I have trouble
with.” – Associate
Firm Culture
• “This is the best working culture I’ve ever experienced or heard about. Amazing people. Everyone says ‘hi’ and genuinely wants to know how
you are doing—even 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
L.E.K. Consulting
• “L.E.K. is a very young firm, 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 office.” – Associate
• “Since we do very little travel, we get to see most of our co-workers every day in the office.” – 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 first-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 firm, VPs will open up the Rolodex and help find them the type of job they are looking for.” – Boston staffer
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 you’ll 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 case—some cases you can go to the gym in the evenings, some cases you’re working until midnight every night. It
really depends, but there’s an honest effort to create balance when possible.” – Chicago first year
• “I don’t have much of a social life during the week, but I make up for it on weekends.” – Associate
• “To do well in this firm, you must make the firm No. 1 and all other things in your life a low priority (including sleep)!” – Associate
• “The firm 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 sacrifice and extra hard work is helping the firm 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 families—you can see your kids and family at the end of the day most days, as we don’t travel as much.”
–Consultant
• “Ninety-five percent of my co-workers never travel. I am on one of the only travel cases we’ve ever seen, and I am therefore traveling three to
four days a week for a few months. This is extremely a-typical.” – First year
Customized for: Han (liuhan@sas.upenn.edu)
• “Unless you’re 100 percent opposed to traveling for work, it really is a great model.” – Experienced consultant
Professional Development
Vault’s Verdict: The firm 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.
L.E.K. Consulting
Formal Training
• “We have official professional development trainings frequently, and are also set up with office ‘buddies’ and career development coaches. It
was made clear from day one at this firm 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 first 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 difficult 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 find 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
Vault’s Verdict: As one consultant tells us, the firm “could definitely do better” in promoting a diverse workforce, but most respondents are
confident that this situation will improve as the L.E.K. continues to grow.
• “Worldwide, our partners are highly respected within industry. Above that, firm leadership is working to grow the firm and they have actively
addressed areas with a need for that growth.” –Consultant
UPPERS
PRACTICE AREAS
• “Global presence”
Antitrust & Competition • Asset & Contract Valuation • • “Control of one’s own destiny”
Auctions • Bankruptcy • Class Actions & Class Certification • “Easy access and communication across the firm”
• Commercial Litigation & Damages • Consumer Protection
in Financial Services • Corporate Governance & Compliance
• Employment & Labor • Energy • Environment & Climate
Change • Financial Institutions & Banking • Financial Risk DOWNERS
Management • Health Care & Life Sciences • Insurance • • “Aloof partners”
Intellectual Property • Mass Torts & Product Liability • Postal • “Sharp dichotomy between senior and junior staff”
Services • Regulatory Economics • Risk Advisory Services • “Overly siloed into practices”
• Securities & Finance • Statistical Sampling & Analysis •
Survey Research, Design, & Analysis • Telecommunications
• Transaction Advisory & M&A Support • Transfer Pricing •
Transport • Valuation • Water EMPLOYMENT CONTACT
www.nera.com/216.htm
THE BUZZ
what other consultants are saying
• “Brilliant”
• “Super niche”
• “Solid work product”
Customized for: Han (liuhan@sas.upenn.edu)
THE SCOOP
A big umbrella
NERA was founded in 1961 as National Economic Research Associates by Dr. Jules Joskow—a professor of economics—and Dr. Irwin Stelzer, an
economist. In 1983, global professional services firm Marsh & McLennan bought out the firm, with Joskow staying on with the company under Marsh
& McLennan’s 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 & McLennan’s 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 NERA’s 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 definition and power, market structure and entry conditions, pricing, profitability and damages.
With total write-downs and losses stemming from the credit crisis reaching $1.8 trillion worldwide as of May 2010, financial institutions facing an
emerging regulatory and competitive environment come to NERA for assistance in securities and commercial disputes, market efficiency and trading
analysis, valuations of fixed-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 avoidance—and if that doesn’t work—dispute 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 efficiency.
GETTING HIRED
The firm makes a point of only recruiting from “the most prestigious” of top undergraduate schools—almost 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 “don’t 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 office for a Super Day of around four interviews, ranging in nature from conversational to coldly
analytic. As far as interviewers are concerned, it’s somewhat of a crapshoot. “It’s 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.”
Customized for: Han (liuhan@sas.upenn.edu)
Overall Satisfaction
• “If you are interested in applied microeconomics, there is no better place to work.” – Consultant
• “I’m extremely satisfied with my job at NERA. I’m 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 firm is a meritocracy—you can accomplish whatever your preparation, luck and energy allow.” – Executive-level source
• “When it’s bad, it’s bad, but when it’s good, it’s 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 don’t 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
Work Hours
• “Most weeks are 40 to 50 hours, yet you occasionally have the 70- or 80-hour workweek.” – Senior consultant
• “The workload fluctuates 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 doesn’t 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 flexible with working hours, as long as you get your work finished 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 first. 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
Customized for: Han (liuhan@sas.upenn.edu)
• “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 it’s requested by client, and that is generally for short time periods. Occasionally a litigation engagement will require a
longer stay.” – Senior source
• “[I’ve] been on a plane for work about five times in four years.” – Boston insider
Compensation
• “It’s good compensation for the industry and economic climate.” – New York staffer
• “I think that NERA’s compensation regarding bonuses and utilization rates is similar to that of other firms. I am generally satisfied 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 reflected in your bonus, but
those have been cut back due to the financial crisis.” – San Francisco respondent
Professional Development
Vault’s 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 financial 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
• “It’s 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 fixed 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
Vault’s Verdict: NERA consultants are typically pleased with the diversity policies currently on the books, though the details seem to elude them.
37 HEWITT ASSOCIATES
LOCATIONS
Lincolnshire, IL (HQ) DOWNERS
110 offices in 33 countries • “Unrealistic financial goals”
• “Time card system”
• “Lack of job security”
PRACTICE AREAS • “No more free food!”
EMPLOYMENT CONTACT
www.hewitt.com/careers
THE BUZZ
what other consultants are saying
• “Compensation experts”
• “Large and inflexible”
• “Widely used”
Customized for: Han (liuhan@sas.upenn.edu)
Hewitt Associates
THE SCOOP
Hewitt might be big, but it’s likable, too—nearly 95 percent of Hewitt’s largest clients have worked with the firm for at least five years. In fact, the firm
has been recognized as one of America’s Most Admired Companies by Fortune magazine every year since 2004.
A list of firsts
The firm 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 firm pioneered a number of now-standard HR functions. In the 1940s, it designed the first noncontributory employee savings and
pension plan recognized by the Internal Revenue Service. In the 1950s, it was the first to measure ongoing investment performance for defined benefit
plans. In the 1960s, Hewitt was one of the first consulting firms to tie benefits 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 first to design a large employer 401(k) plan. In the 1980s, Hewitt created one of the first full-service,
outsourced benefits centers.
In 2000, Hewitt became the first firm to provide HR benefits process outsourcing services—including benefits, payroll, HR information systems,
recruiting, learning and other HR services—integrated with consulting expertise. Today, the firm provides services annually to more than 20 million
employees around the globe.
HR, covered
Hewitt’s business is broken down into three business segments: HR consulting services, HR benefits outsourcing services and integrated HR business
process outsourcing solutions. The firm works with clients to create and manage retirement programs; design and deliver health plans; help attract,
keep and reward the best employees; find ways to reduce HR costs; address HR and people issues in mergers, acquisitions and divestitures; administer
HR and Benefits programs; communicate and drive organizational behavior changes; and develop comprehensive HR solutions to improve clients’
bottom lines.
In 2009, Hewitt’s 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 firm’s total revenue, consists of four main practices: retirement and financial management, health management,
communication, and talent and organization consulting.
Making up slightly more than half of Hewitt Associates’ revenue in 2009, however, was its benefits outsourcing segment. The unit offers clients a
way to outsource their defined benefit, defined contribution, and health and welfare administration services, as well as absence management, flexible
spending and participant advocacy programs. Pulling up the rear in Hewitt’s 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 firm; 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 Hewitt’s hiring process remains a “long
and difficult one”—the firm is still prestigious, which generally translates to extremely high demand for spots. Most applicants will not make it past
the screening stage; the firm looks for students with “strong performance in quantitative courses, such as accounting, economics and finance, 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 confirmation of their progress. The ensuing
Customized for: Han (liuhan@sas.upenn.edu)
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 proficient generalist consultants will do well on the firm’s 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!”
Hewitt Associates
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. I’ve been able to travel globally
and domestically. I’ve had a very rewarding career.” – Manager
• “I knew on my second day of work that I’d be a lifer at Hewitt. The team structure promotes contact with other Hewitt associates, 98 percent of
which embody Hewitt’s ‘one firm’ mantra and work efficiently, together, to serve our clients.” – Senior consultant
• “Overall, it’s a good job. The work does become mundane at times. Hewitt’s consulting is based upon very cyclical work, so that is a cause for
repetitive assignments.” – Houston midlevel
• “Unfortunately, in the last few years, it’s been a waiting game to see which area of the company is going to have the next layoffs and whether
you’ll 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 benefit 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
• “It’s changed since we went public—there’s much more focus on results versus effort, which is not necessarily a bad thing. It helps all of our
job security when we’re successful. Still, relative to other consulting firms, we hear we’re a much more collaborative place to work.” – Phoenix-
based higher-up
• “Hewitt’s 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 Hewitt’s 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 don’t 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
• “It’s 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
Vault’s Verdict: You won’t find too many “slept at work” horror stories here; Hewitt consultants typically work standard industry hours, with a bit of
extra flexibility 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 there’s 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 flexible in allowing consultants to work a fairly strict 40-hour workweek, or to work additional hours and be rewarded accordingly.”
– Midlevel source
Hewitt Associates
• “We do have a generational issue, where younger associates simply won’t work the hours that consultants have historically worked, and work
‘back-delegates’ to the more senior consultants.” – Connecticut higher-up
• “I’ve had many occasions where I’ve slept at work, or continuously worked for 45-plus hours.” – Technology consultant
Work/Life Balance
• “I can definitely balance work and life. The firm 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 they’re sick. I am also pursuing a master’s degree, and this does not conflict 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 flown 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 client’s 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
• “Hewitt’s model does not involve a lot of on-site work with clients. We’re organized to serve mostly local markets and, when travel is required,
it’s 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 flexibility 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 firm financials, the practice financials 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 first 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
Vault’s Verdict: Insiders tend to feel that Hewitt University and other formal training initiatives are little more than that: a formality.
Formal Training
• “I’m 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 don’t see how it pertains to my role. My manager hasn’t mentioned training at all.” –
Senior consultant
• “Training? Hah! It’s minimal, and more often learn by doing or by making mistakes. Basically, it’s online and you must find 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 flat organization. I value the opportunity to create my own path, which is highly valued at Hewitt. My supervisors have
Customized for: Han (liuhan@sas.upenn.edu)
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 doesn’t have anything to worry about.” – Senior source
• “Hewitt strongly believes in promoting from within, however the process of finding opportunities and getting through the HR red tape can be
daunting.” – Senior consultant
• “Promotion is completely at the manager’s whim.” – Operations consultant
Hewitt Associates
Diversity
Vault’s Verdict: Insiders tell us the firm does a good, earnest job of promoting a tolerant, open-minded workplace.
38 BATES WHITE
DOWNERS
LOCATIONS
• “Unresponsive career mentors”
Washington, DC (HQ) • “There is a limited amount of client interaction”
San Diego, CA • “Whatever the client wants, the client gets—no matter how
ridiculous”
• “Has become more bureaucratic as it has gotten larger”
PRACTICE AREAS
Antitrust & Competition • Communications & Media • Energy
• Environmental & Product Liability • Finance • Healthcare EMPLOYMENT CONTACT
• Intellectual Property • International Arbitration • Labor & www.bateswhite.com/careers.php
Employment
THE STATS
Employer Type: Private Company
Chairman: Charles E. Bates
Managing Partner: David DeRamus
2010 Employees: 150
2009 Employees: 175+
THE BUZZ
what other consultants are saying
• “Quant economics”
• “Nerdy”
• “High pay”
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215
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Bates White
THE SCOOP
The firm is uniquely focused on the cultivation of diversity within its ranks. In the first 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 firm’s success. Employees come from
an array of ethnicities and backgrounds, having been recruited from many different institutions and an alphabet soup of academic fields, including
biology, business administration, chemistry, economics, engineering, finance, 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 firm’s 1999 team
working on behalf of class plaintiffs in the largest price fixing case in U.S. history, In re Vitamins Antitrust Litigation. Bates and his team proved that vitamin
manufacturers conspired throughout the 1990s to inflate product prices. He has testified 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 artificial neural networks, White has merited inclusion in Who’s 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 White’s
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 firm’s cap—it was an early foray into what has become Bates White’s strongest practice area.
The company’s 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 firm has been involved in some of the highest-profile antitrust cases in history, tackling and, in some cases, helping to define issues of
monopolization, cartel activity, pricing, damages and liability, class certification, 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 firm’s undergraduate hiring practices.
The firm 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 first-round interview.” Successful applicants will be invited for a day’s worth of on-site interviews, which span the typical range of
behavioral and hands-on case examinations. While the process isn’t exceptionally rigorous, success only means being hired in a summer or entry-level
consultant position. From there, it’s up to the fledgling consultant to prove his worth in the industry at large.
Customized for: Han (liuhan@sas.upenn.edu)
Bates White
Overall Satisfaction
• “I find my work to be very fulfilling. 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, I’m doing new things.” – Consultant
• “The quality, quantity, and overall enjoy-ability of the work varies highly from project to project; but overall, the firm is a pleasant place to work.”
– Entry-level insider
• “People here want to not only do good work, but also to figure out how to make it an even better place to work.” – Senior consultant
Firm Culture
• “One of Bates White’s 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 firm also promotes a number of community-oriented service activities.” – Health care
insider
• “We have firmwide] basketball teams, Frisbee teams, happy hours, office 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 aren’t good at communicating their needs or periods when they won’t be
available.” – Experienced staffer
Work Hours
• “Work hours vary widely depending on particular engagements. The official stance of the firm 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 flexible 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 aren’t 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
Customized for: Han (liuhan@sas.upenn.edu)
Bates White
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 firm.” – Entry-
level consultant
• “Most of our work is done in the office. 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. I’ve 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 firm has spent time and figured 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
Vault’s Verdict: Formal training isn’t a big part of Bates White’s M.O., but that follows suit with the firm’s noncompetitive ethos. “You are welcome
to stay for as long as you are a productive consultant,” one respondent articulates.
Formal Training
• “The first week at Bates White is nothing but official training. It is pretty much a crash course on everything that could be useful to someone
starting at the company—everything from statistical software training to the basics of litigation to research materials that are available and how to
access them.” – First-year
• “The firm 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 flurry of training that starts when an employee starts, but beyond that there are very few formal training opportunities. The firm 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 firm consistently recognizes and promotes talented individuals who have demonstrated the skills necessary for increased responsibility.” –
Environmental consultant
• “Historically, the firm 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 firm 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
Vault’s 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.
Bates White
DOWNERS
LOCATIONS
• “Disconnect with promotions and pay increases”
New York, NY (HQ) • “Few MDs are good mentors because they don’t have the
Atlanta, GA time”
Boston, MA
Charlotte, NC
Chicago, IL
EMPLOYMENT CONTACT
Houston, TX
Los Angeles, CA www.pearlmeyer.com/firm/careers
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+
Customized for: Han (liuhan@sas.upenn.edu)
THE SCOOP
All of the firm’s 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 firm also conducts extensive research, ensuring that it can serve as an up-to-date resource
with trustworthy benchmarking.
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
firm 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 publications—such as Directorship,
Workspan, Compliance Week, Financial Week, Pension & Benefits Daily and CFO—and 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, it’s becoming more difficult 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 process”—a real perk considering
the hoops applicants are required to jump through elsewhere. Two to three interviews complete the process, and entail position-specific evaluations
(including the Microsoft Office basics), as well as several high-level case studies.
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Successful candidates will know their fate quickly; “with only one HR person in the entire firm, our response rate to candidates is exceptional,” one
recent hire attests.
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 flexible work
environment where employees feel they can take time for personal needs. We have incredible management overseeing each office location.” –
East Coast staffer
• “I enjoy the work. However, I am rarely updated on the final recommendations or briefed on the meetings that were attended.” – HR consultant
Firm Culture
• “The culture is social, nonpolitical and professional. Our office holds luncheons/parties for special events such as baby showers, birthdays, etc.
The firm’s 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 other’s 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 wouldn’t 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
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 fluctuate based on seasonality—we’re very busy from September through February.” – Charlotte insider
Work/Life Balance
• “It hasn’t 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 flexible.” – HR
consultant
• “I am expected to be responsive via my BlackBerry when I’m out of the office.” – Entry-level analyst
Travel Requirements
• “Minimal travel is required, unless you’re a managing director. Our day-to-day client interaction is generally conducted by phone and email.” –
Junior source
• “Most meetings are local to the office location. We also have offices spread out in the country so that travel isn’t often necessary.” – Analyst
Compensation
• “The firm recognizes the importance of morale and motivating the employees. Even in an economic downturn, compensation was generous and
fair.” – Midlevel staffer
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• “Our base salary pay is very competitive. Our bonuses are completely discretionary—I have no idea how they’re calculated, which is not
motivating.” – Financial consultant
• “The firm did not have a good year last year and, as a result, bonuses were extremely low.” – New York analyst
Professional Development
Vault’s Verdict: The few opportunities that exist are often outdated, impersonal or tricky to access.
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 aren’t projects for me to work on. I wish I had access to a mentor or more official training resources.” – Analyst
• “The training offerings can definitely 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 offices is very inconsistent.” – Consultant
Diversity
Vault’s Verdict: The firm doesn’t incorporate diversity into recruitment principles, but it goes out of its way to provide flexible options for
international and minority employees.
40 QUINTILES CONSULTING
LOCATIONS DOWNERS
Hawthorne, NY • “Senior staff is inexperienced”
Boston, MA • “Arbitrary bonus decisions”
Amsterdam • “Krill in the ocean among the whales”
London
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
Customized for: Han (liuhan@sas.upenn.edu)
Quintiles Consulting
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 reflected 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 officer and president of Diamond Management & Technology
Consultants and one of Consulting magazine’s 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 firm 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 world’s 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 world’s
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 officials and industry veterans for consulting advice.
Since its founding, Quintiles Consulting has expanded from a traditional regulatory practice to a strategic management consulting firm. 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 firm’s 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 first-rate regulatory and quality management services to clients, including preclinical and product
development strategy, documentation, submissions, quality systems, supplier qualifications and post-marketing surveillance services.
GETTING HIRED
While other firms 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 firm’s 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 here—we’re told that candidates might expect the entire process to take, “from first 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.
Vault’s Verdict: Consultants are quick to point out Quintile’s “growing pains” as it transitions under a new national banner, but are even quicker to
point to their overall satisfaction and their affinity for the firm’s values.
Overall Satisfaction
• “I am highly satisfied 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
Quintiles Consulting
• “I love this company. However, we’re going through a transition period since we were acquired by Quintiles Transnational in 2008, and I’m
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 firms. 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 office locations, including international
colleagues—and 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 office, 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
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 flexibility Quintiles allows me in choosing my work hours.” – Senior source
• “It’s difficult 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 significant 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 flexible 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 I’m busy, I don’t have much time for anything else during the week, other than going to the gym in the mornings. Sometimes you can’t
do everything that you want during the week, but people around here are flexible if you have other things going on.” – First-year
Customized for: Han (liuhan@sas.upenn.edu)
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
Quintiles Consulting
• “The travel is project dependent. You may travel for two weeks to Europe, but then be back in the office 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/fifth 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 financial incentives.” – Senior consultant
• “Base and bonus is good, but the lack of equity is a bit of a knock. Most private firms have some kind of profit 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
Vault’s Verdict: Everyone seems to have a different reason for why they are disappointed by the firm’s training efforts, but the bottom line is that
the offerings are largely inapplicable or difficult 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
• “There’s a lot of opportunity, there’s 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
confidentiality. 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 definitely 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 fits and starts, but appears to be improving.” – Technology consultant
Diversity
Vault’s Verdict: Quintiles isn’t perfect here, but that’s 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.
aware of any outright bias, but I am also not aware of any minorities in leadership positions.” – Midlevel consultant
Quintiles Consulting
LOCATIONS DOWNERS
Boston, MA (US HQ) • “Lower level consultants often do not get the recognition
Bonn (World HQ) they deserve for the work they put in”
New York, NY • San Francisco, CA • Amsterdam • Beijing • “Mediocre compensation and perks”
• Brussels • Cologne • Copenhagen • Frankfurt • London • • “Lack of focus on employee morale”
Luxembourg • Madrid • Milan • Moscow • Munich • Paris •
Singapore • Sydney • Tokyo • Vienna • Warsaw • Zurich
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
THE BUZZ
what other consultants are saying
• “Bookish niche player”
• “Heavy quant focus”
• “Young, spirited”
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THE SCOOP
There’s more to pricing than simply setting a level and charging it indefinitely, however, and it is here that SKP’s 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 product’s lifetime, the firm 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 consumers—even in tough economic conditions—can actually turn those consumers off the brand.
Growth by numbers
The firm 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 offices 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
five years.
You first
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 firm’s 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 program—STEPS—to familiarize all new hires with how SKP operates. Additional education is actively encouraged, and the
firm 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 field, 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 World’s Best Unknown Companies, published in 1996. His most recent publications
are 2009’s Beat the Crisis and Hidden Champions of the 21st Century, which updates the ideas first 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 privately—all factors that
allow these companies to maximize profits ahead of market share. Those ideas were also evident in an earlier book from SKP—Manage for Profit, Not for
Market Share, which exhorts managers to … well … go after profits, rather than focus on volume of sales or market share.
Customized for: Han (liuhan@sas.upenn.edu)
GETTING HIRED
The hiring process at SKP is daunting, with a “less than 2 percent offer rate” applicants are faced with. “Our firm 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 fit the bill, but the firm 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 five case studies, GRE-style
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, it’s up to the candidates to convince SKP consultants that they’re worthy of sitting on the other side of the desk.
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 firm is run by competent, knowledgeable people who are providing me the opportunity to learn a complicated
industry very quickly.” – Boston consultant
• “I’m content, but I’m not brimming with excitement.” –Consultant
• “I’m getting a bit bored with the subject matter, but at the same time, the specialization means that I really am an expert in my field within only
three-and-a-half years or so. Since it’s a small- to medium-sized firm, I’ve been able to move into managing projects earlier than perhaps at
larger companies.” – Consultant
Firm Culture
• “SKP’s 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 find in other consulting firms. 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 we’re a relatively small organization, we work in a flat, open environment. Project teams have three to five 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 don’t agree.” – Associate
• “No hierarchical barriers. They are always available for questions and support.” – Senior source
• “I have great relationships with my supervisors, but that’s because I’ve been at the firm longer and when the office was much smaller.” –
Cambridge insider
Work Hours
Customized for: Han (liuhan@sas.upenn.edu)
• “I’m usually out of the office 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
• “It’s 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
Work/Life Balance
• “There is a lot to do while here, but we rarely ever work on weekends and there’s 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 office.” – 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 office 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 offices as much as possible.” – Senior source
• “Travel requirements are very, very minimal. For most projects, we’ll go to the client site for the [key] presentations. In two years, I’ve 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 don’t 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 firm performance.” – Junior source
• “It seems that the bonus scheme may be less compared to other top consulting firms, 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
• “I’m not starving, but I’m not making it rain.” – Boston insider
Professional Development
Vault’s 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 official training called STEPS (Strategic Training for Employee Professional Success), either in our headquarters in
Germany or in the Boston office.” – 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 flat, entrepreneurial organization, people are almost always open to helping new hires with specific 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 you’re 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 isn’t. It’s a reward for consistently executing at the next level and pairing the maturity necessary to go
with it.” – Life sciences partner
Customized for: Han (liuhan@sas.upenn.edu)
Diversity
Vault’s Verdict: SKP is committed to maintaining a diverse future, having recently promoted its first female partner in the U.S. Insiders feel that
the firm already has an exceptionally open culture when it comes to the GLBT community.
• “I am a GLBT male minority; the fact that I know associates and a partner who are out is significant within the small office setting.” – Consultant
• “Our office has strong representation of women and GLBT individuals. Minorities don’t make up as large of a population, but our office would
be receptive.” – Entry-level consultant
DOWNERS
LOCATIONS
• “No formal communication structure”
West Palm Beach, FL (HQ) • “Reduced staff in current economic climate”
80 offices worldwide • “Lack of self confidence as a firm”
• “Tendency for the analyst/AC roles to be ‘data monkeys’ on
some projects”
PRACTICE AREAS
Corporate Finance/Restructuring • Economic Consulting •
Forensic & Litigation Consulting • Strategic Communications EMPLOYMENT CONTACT
• Technology www.fticonsulting.com/en_us/about/careers
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
THE BUZZ
what other consultants are saying
• “Great creditor side advisory firm”
• “Why we don’t want to ever be publicly traded”
• “Fun, good place to work”
Customized for: Han (liuhan@sas.upenn.edu)
• “Big conglomerate”
THE SCOOP
There are few industries that FTI won’t take on, with clients coming from sectors including automotive, chemicals, retail, pharmaceutical, health care,
insurance, real estate, financial services, fine arts, energy, construction, communications, and media and entertainment. Clients are often big fish—97
of the top-100 law firms 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 firm “would like to have a global brand where companies feel as comfortable using us as the Big Four.”
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 firm’s 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.
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 firm’s technology and strategic communications practices gaining in prominence.
That new spread of abilities has meant that the firm is better prepared for shifts in the economy than in the recent past, an attitude perhaps summed
up best by Chairman Dennis Shaughnessy’s remark to Kiplinger’s Personal Finance Magazine in April 2008: “People ask us: Do you root for good times or
bad times? We root for interesting times.”
Customized for: Han (liuhan@sas.upenn.edu)
The company’s 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 it’s not only rival firms that the company has been snapping up; in the same interview with Kiplinger’s,
CEO Jack Dunn confessed that there is another upside for FTI in the downturn: The firm can hire “rock star” consultants with little competition.
GETTING HIRED
FTI recruiters scour the country’s 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 finance, 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 financial
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.
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 field for younger employees.” – Legal consultant
• “Work is challenging, interesting, relevant to today and intellectually stimulating. However, compensation is an issue. The firm will typically pay
you the minimum amount for you to stay. Also, human resource tasks are handled poorly.” – Senior consultant
• “The firm 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 firm 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 firm has made a significant
investment in training and mentoring staff.” – Senior consultant
• “We believe in hard work and family life. The firm 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
• “It’s very supportive, friendly and team oriented. I work with very talented individuals—some at the top of their industry.” – Toronto higher-up
• “I am having difficulty with being micro-managed and being understaffed at the same time, which is making my job increasingly difficult on a
daily basis.” – Midlevel consultant
• “Client relationships seem to be strong and cultivated here. The client comes first in all cases.” – Finance consultant
• “Relationships are good, but being young and advising a client can cause hostility.” – Analyst
• “Clients can be difficult in a distressed situation, so you have to be sensitive to where they are coming from.” – Entry-level insider
Work Hours
• “Hours aren’t bad. I’m 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 doesn’t happen unless there’s a reason to or there are some housekeeping items that didn’t get done on Friday.” –
Boston analyst
• “Hours are fair. The only problem is that there are so many inefficiencies that a lot of time is wasted. I find 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 office 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 firm gives out BlackBerries so you always feel tethered to the job.” – Finance consultant
Travel Requirements
• “Really, it’s either all or none. You are sent away on a project or you work in the office.” – Forensic consultant
• “Typically, when staffed, you’re flying out Monday morning and flying back Friday afternoon. Some engagements are local, so there’s 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 it’s 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 flow, 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
Vault’s Verdict: The firm’s weak official training offerings provide little aid to the challenges of navigating an inconsistent promotion system.
Formal Training
• “Baptism by fire.” – Communications consultant
• “There’s 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 one’s 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 firm pretends to emphasize training, but they are ad-hoc and usually disorganized.” – Business consultant
Promotion Policies
Customized for: Han (liuhan@sas.upenn.edu)
• “It is very difficult 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 firm.” – 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 five years.” – Senior
source
• “It’s flexible on the up-or-out, but if you’re not getting promoted, it’s not worth sticking around.” – Boston entry-level
• “The firm rewards excellence with fast promotion, but also seems to treat promotion as the rule versus the reward for excellence, which has led
to an inflated middle tier.” – Litigation insider
Diversity
Vault’s 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 firm’s largely conservative executive ranks.
Boston, MA (HQ)
23 offices in 11 countries
UPPERS
• “Extremely supportive of junior staff”
PRACTICE AREAS • “Never pigeonholed into a specific future”
• “Managers who truly and genuinely invest in their people”
Management Consulting • “Makes it easy to get into top-10 PhD, MBA, JD programs”
Aerospace & Defense • Auctions & Competitive Bidding
• Chemicals • Climate & Sustainability • Energy &
Environment • Enterprise Risk Management • Industrial
Products • Life Sciences • Mining, Metals, & Materials DOWNERS
• Oil & Gas • Transfer Pricing • Transportation • Value • “Too hesitant to let go of persistently underperforming staff”
Management/Marakon • “Lack of cohesive cross-practice culture”
Litigation • “Poor name recognition”
Antitrust & Competition Economics • Damages • Financial • “Need for high-quality midlevel management”
Accounting & Valuation • Financial Economics • Financial
Markets • Forensic Services • Insurance Economics •
Intellectual Property • International Arbitration • International
Trade • Labor & Employment • Mergers & Acquisitions • EMPLOYMENT CONTACT
Regulation
www.crai.com/Careers
THE BUZZ
what other consultants are saying
• “Exceptional in antitrust”
• “Public company makes for odd culture in professional
services”
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THE SCOOP
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, financial 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 firms, businesses and government agencies also turn to the firm for its litigation support, expert analysis, and guidance on regulatory and corporate
matters. CRA’s consultants and academic affiliates have in-depth industry knowledge and expertise in economics, accounting, finance and business.
Service offerings include class certification, 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.
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 fit 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 firms.”
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 candidate’s capacity for success at the firm.
Overall Satisfaction
Customized for: Han (liuhan@sas.upenn.edu)
• “My wife asks me at least once a year if I am happy with my job, and I’ve always been able to honestly answer yes.” – Energy consultant
• “I’ve thoroughly enjoyed my time at CRA. The people you meet are extremely bright—some are the best in their industries. Because of the size
of the firm, 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 concerned—a quality experience that has provided me with the tools/
experiences needed to get into a top MBA program.” – Boston staffer
• “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, filled with smart people who are experts in their field. The junior staff are very close to one another and get
together socially outside of the office, which is nice especially if you are not originally from the area.” – Entry-level staffer
• “Everyone has an open-door policy, and I’ve found that people of all levels are accepting of your ideas and opinions.” – Boston midlevel
• “It’s 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 office 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 definitely an open-door policy, and the senior staff are very accessible.” – Boston
associate
• “CRA has recently revamped the official 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
office.” – Litigation consultant
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 first 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
Customized for: Han (liuhan@sas.upenn.edu)
• “Flexibility is the key to work/life balance, and CRA offers a lot of flexibility. Some of that flexibility 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. It’s not necessarily promoted by the firm. That being said, it’s possible,
and most of us have achieved it.” – Antitrust source
• “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 office.” – 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 firm 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 firm’s 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 firms. However, due the poor economy and poor company
performance, raises and bonuses have been lacking.” – Strategy associate
• “CRA could provide better financial 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 I’m 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 don’t 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 isn’t taken into account as much.” – Business consultant
Professional Development
Vault’s Verdict: Maybe it’s unfair to criticize a program that is only beginning to take shape, but insiders don’t 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 firm’s training program is still in its infancy, and in the past there has been very little training. However, the firm 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
• “Official training is very limited. My practice has specific 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
• “It’s 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 that’s a good policy CRA has. It makes you feel like you accomplished something.
It’s 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 firm than from inside.” – Boston higher-up
Diversity
Vault’s Verdict: CRA insiders feel there’s no substitute for pure quality; as such, they are very much satisfied with the firm’s merit-based recruiting
policies, even if they produce a largely homogenous workplace.
Customized for: Han (liuhan@sas.upenn.edu)
44 NAVIGANT CONSULTING
DOWNERS
LOCATIONS
• “Tedious data gathering and processing”
Chicago, IL (HQ) • “Big-company culture”
Offices in 40 cities in the North America, Europe and Asia • “Face time expectation”
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
THE BUZZ
what other consultants are saying
• “Respectable in many different areas”
• “Publicly traded, short-term focused”
• “Actively head-hunting in health care”
Customized for: Han (liuhan@sas.upenn.edu)
Navigant Consulting
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 conflict, a significant portion of the firm’s business is related to issues concerning business disputes, litigation and regulatory compliance.
Working with clients in the construction, energy, financial services, insurance and health care industries, as well as the public sector, the firm provides
dispute, investigative, financial, 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 1999—a pair of deals that saw the newly formed tripartite consulting entity renamed as
Navigant Consulting. Since 2002, the firm has continued making acquisitions at a steady clip, even continuing to do so as the financial crisis took
hold.
Listed on the NYSE, Navigant employs a staff of roughly 2,200, and operates through offices in nearly 40 cities, primarily in the United States, but also
in the United Kingdom, Canada, China and Singapore.
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 firm will also parlay, when appropriate, with stakeholders and oversight bodies. These services are offered
internationally, tackled by teams that fit 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
Navigant’s website provides insights and regularly publishes commentary to help readers and clients find 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 Navigant’s 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 finance 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, there’s a particular focus on finding candidates most
compatible with the data-heavy nature of their work. “Our firm is looking for intelligent individuals who can solve problems, but are OK with dealing with
some drudge work—we aren’t 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, finance and accounting standouts, always with an eye for those who have “shown an aptitude
for hard work.”
For qualified candidates, it’s all about getting past the screening process; then, they’ll need their personalities to take over in a series of interviews
and lunches. “Your resume will tell us what you can do, but it’s up to you to show us who you are,” an experienced associate explains. “If you don’t
Customized for: Han (liuhan@sas.upenn.edu)
Navigant Consulting
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
• “[I’m] satisfied with the work, responsibility and people, but I’m not satisfied with the advancement and corporate management.” – Construction
consultant
• “Among others, the largest issue I have with my firm 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 inefficiencies 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 firm.” –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 firms tend to keep their own culture.” – West Coast associate
• “[Firm culture is] highly political and not unified, but otherwise friendly and upbeat.” – Finance consultant
Supervisor Relationships
• “Everyone is on a first-name basis with each other, and there is a lot of interaction between employees at different levels within our practice.” –
Chicago staffer
• “I still haven’t 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 find them very approachable on professional issues. I would prefer that superiors foster a
stronger culture of feedback and professional development.” – Energy consultant
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 firm when they may have some time available.” – Midwest higher-up
Work/Life Balance
Customized for: Han (liuhan@sas.upenn.edu)
• “I am able to leave for appointments during the day. I can work remotely. I can shift work hours. It’s great.” – San Francisco insider
• “The hours can be unpredictable, but the firm tries very hard to make sure they are not killing the new consultants. There is a definite focus on
encouraging internal growth and keeping employees around.” – First-year
• “To some extent, it’s possible to balance work and life. However since you never know if/when you’ll have to travel or work late, your work/life
balance can instantly go down the drain in a flash.” – Entry-level staffer
• “It depends on the manager you work for. Some managers value work/life balance and others do not.” – Financial consultant
Navigant Consulting
Travel Requirements
• “The official line is something around 30 percent travel. It really depends on which office 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 office have been minimal. Much of the interaction takes place on conference calls and web meetings.” – Austin
insider
• “When travel is required, the firm 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 firm froze salaries and other financial 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
Vault’s 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 staffing 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
• “It’s 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
Vault’s Verdict: Navigant isn’t going to win any awards or plaudits for its diversity initiatives, but it does try to improve upon the industry’s white,
male status quo.
• “There are monthly emails that are sent out regarding diversity. Some offices have a fairly active Women’s Initiative group, which organizes
events or outings for the women in the office.” – Midlevel source
Navigant Consulting
45 CAPGEMINI
EMPLOYMENT CONTACT
www.capgemini.com/careers
THE BUZZ
what other consultants are saying
• “Rebuilding”
• “Techie”
• “Promotes fast”
Customized for: Han (liuhan@sas.upenn.edu)
Capgemini
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 offices in over 30 countries. The company’s clients are active in the automotive, consumer products,
distribution, energy, chemicals, financial 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 company’s worldwide strategy and
transformation consulting operations under one banner, and installed Capgemini Consulting as the largest European consulting outfit 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, finance 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 benefit clients through sharing of best practices and experience across the company.
GETTING HIRED
Capgemini seeks graduates with demonstrated ability in, or the enthusiasm to learn about, very specific consulting fields. A prospective applicant
cannot be proficient in just one area, though. “A very broad set of skills is needed” to impress during your interviews with Capgemini consultants and
leadership. While it’s difficult to identify specific qualities they look for considering the vast differences in hiring practices between the firm’s 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 identified as potentially successful. These include “both case and fit” interviews, in which candidates
must perform up to the firm’s 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.
Corporate Atmosphere
Vault’s Verdict: Consultants are generally satisfied at Capgemini, especially the inexperienced seeking responsibility and a steep learning curve.
At the senior level, satisfaction levels seem to drop.
Overall Satisfaction
• “The firm 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.
Capgemini
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 firm is nickel-and-diming the people. Back office 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 autonomy—sometimes 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 firm’s 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 find 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
Work Hours
• “Capgemini expects that the client comes first and all expectations are met or exceeded. Conversely, there is a lot of room and encouragement
to balance work and life with flexible 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] wouldn’t 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 benefits 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
Customized for: Han (liuhan@sas.upenn.edu)
Capgemini
• “While the organization has become leaner, the level of work has not adjusted accordingly. Therefore, it is becoming increasingly difficult to
balance the demands fitting 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 insufficient.” – 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
Vault’s Verdict: The firm’s training leaves much to be desired, which certainly makes it more difficult 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 hasn’t 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 out—yet. 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 difficult, particularly at the higher end.” – Senior
source
• “Our firm 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
Vault’s Verdict: Capgemini receives average marks for its diversity efforts, and insiders note that minority numbers have been bolstered by an
influx of international employees.
• “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 benefits. 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
Capgemini
46 TOWERS WATSON
DOWNER
LOCATIONS • Big and bureaucratic
THE BUZZ
what other consultants are saying
• “Big powerhouse”
• “Lots of change since the merger; odd marriage”
• “Owns the benefits/HR space”
Customized for: Han (liuhan@sas.upenn.edu)
255
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Towers Watson
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 field, with over 14,000 employees and multiple offices on every continent but Antarctica. Its practices will
remain focused on human resources, and risk and financial management—areas 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 firm. 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 Watson’s singular public status on both the New York Stock Exchange and the Nasdaq under the new symbol “TW.” The company’s
management similarly comprises an even balance from the previous firms, with Watson Wyatt’s 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 firms, 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’ finance 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 financial services companies.
Watson Wyatt was no stranger to mergers itself; the firm was the famous product of an alliance between two longstanding actuarial legends, The Wyatt
Company and R Watson & Sons. Regarded as the world’s oldest actuarial firm, 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 Company’s branches handling North American business and the R Watson
& Sons group holding covering Europe. The alliance between them was in name only, and it wasn’t until 2005 that a formal merger brought them
together to form a singular entity.
GETTING HIRED
Towers Watson’s hiring process is highly competitive, and both university and experienced hires are required to apply directly through
the firm’s 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-office 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 candidate’s
professional achievements and consulting ability. Shortly thereafter, next rounds will occur over the phone or in the office, where candidates will face
extensive interviews with Towers Watson associates, where they, too, will need to strut their stuff and prove that they’re up to the task.
Customized for: Han (liuhan@sas.upenn.edu)
47 MERCER LLC
DOWNERS
LOCATIONS
• “Lots of deficiencies in upper management and the firm’s
New York, NY (HQ) vision”
Offices in 41 countries • “It’s very hierarchical”
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
THE BUZZ
what other consultants are saying
• “High quality, proactive solutions and tools”
• “Very political”
• “Well branded”
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Mercer LLC
THE SCOOP
Three’s company
Mercer groups its consulting activities into three main areas: retirement, health and benefits, and “other”—a group that is also referred to as the “talent”
field, and that includes service offerings such as human capital consulting, survey and product work, and workforce communication and change. The
company’s 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, Mercer’s investment consulting business serve fiduciaries 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 firm’s outsourcing unit helps clients streamline their benefits programs. Mercer offers total benefits outsourcing, retirement outsourcing
and standalone services for outsourcing-specific functions, such as defined benefits administration, defined contribution administration, health benefits
administration and flexible benefits programs.
Class is in session
Mercer also offers executive learning services to its clients in the Asia Pacific region via Mercer College. Targeted specifically 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 benefits, 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 firm says can predict a company’s 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 finance
management issues. These compiled findings, presented in the context of current market trends, are being utilized as part of Mercer’s suite of new
services to keep in step with the demands of the global recession.
GETTING HIRED
“There are generally three interviews” involved in Mercer’s hiring process, an insider reports, “and the interviewers range from low- to high-level
Customized for: Han (liuhan@sas.upenn.edu)
employees.” Candidates should be prepared to give in-depth accounts of their personal, academic and working background, with particular emphases
on successes and how challenges—failures, even—have been addressed and overcome. “The hiring process takes a significant amount of time,” an
associate says, a sentiment echoed by most respondents. But it’s 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.”
Mercer LLC
Corporate Atmosphere
Mercer consultants are typically satisfied with their day-to-day, reserving special praise for their co-workers. “I’m extremely satisfied 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 firm’s
leadership team leaves something to be desired. “I’m extremely dissatisfied 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.”
Professional Development
“Most training is unofficial,” 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,” we’re told.
Grudges against leadership carry over with respect to promotion policies; “it’s not up or out,” one associate explains, “but regardless of what you bring
to the plate, if you don’t have the specific skill they want for the next level, you won’t advance.” Others lash out against what they deem to be the
subjective nature of the firm’s promotion path. “Some people are fast-tracked, while others need to prove themselves forever,” says an unsatisfied
consultant.
EMPLOYMENT CONTACT
www.huronconsultinggroup.com/careers.aspx
PRACTICE AREAS
Accounting & Financial Consulting • Health & Education
Consulting • Legal Consulting
THE BUZZ
what other consultants are saying
• “Great work/life balance”
• “Almost bit the dust”
• “Many divisions; find a niche you are really passionate
Customized for: Han (liuhan@sas.upenn.edu)
about”
• “More flash than cash”
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 files such as emails, voicemails and computer files 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 financial management, strategy,
operational and organizational effectiveness, research administration and regulatory compliance. Specific issues the practice helps to alleviate include
hospital or healthcare organization performance improvement, inpatient and surgical flow solutions, turnarounds, merger/affiliation strategies, labor
productivity, information technology, revenue cycle improvement and physician practice management. The Chicago-based firm 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.
Huron’s clients include Fortune 500 companies, midsized businesses, leading academic institutions, health care organizations and the law firms that
represent these organizations. Its 2,000-plus professionals have worked on engagements with 49 of the 50 largest U.S. law firms 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.
GETTING HIRED
“The firm is interested in the fit of the individuals to the rest of the people, more so than the business knowledge,” says an insider, highlighting a key
tenant of Huron’s recruiting methods. “We believe that people can be taught, molded to become great consultants.” Of course, applicants need to
bring some moldable skills and qualifications to the table, including excellent communication and analytical skills.
Candidates can expect a “blitz interview” process, which consists of two days of first-and second-round interviews with Huron professionals, after
which several candidates won’t make the cut. All candidates are contacted after the first round, indicating whether or not they’ve been back the next
day, where they will confront a behavioral and a case interview specific to that candidate’s preferred industry. After the second round, candidates will
be informed if they’ve been selected for a site or office visit—the final stage of the interview process. Following that stage, Huron aims to make quick
decisions for each candidate.
Corporate Atmosphere
There’s 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 firm’s
“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 firm’s main drawbacks. “Leadership is very poor in managing a professional staff,” one frustrated consultants
says, while several consultants characterize leadership as simply “weak.”
While hours can widely range from “20 to 70” hours per week, the standard weekly fare is usually reasonable and “just fine,” insiders report. They
also note that “the firm ensures work/life balance for employees.” “This means more efficient 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 firms within the industry.”
49 IMS CONSULTING
LOCATIONS
DOWNERS
Norwalk, CT (Corporate HQ)
New York, NY • “No private offices”
Cambridge, UK • “Computers are used as an indicator of seniority”
IMS Health has additional offices in more than 100 countries • “Banker-like hours without banker-like pay”
• “No consideration to junior staff issues”
PRACTICE AREAS
EMPLOYMENT CONTACT
Commercial Effectiveness • Pricing & Market Access •
Product & Portfolio Strategy www.imshealth.com/careers
THE STATS
Employer 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
THE BUZZ
what other consultants are saying
• “Major player in health care”
• “Data vendor trying to be a consulting firm”
• “Increasingly strategic”
Customized for: Han (liuhan@sas.upenn.edu)
IMS Consulting
THE SCOOP
Savvy specialists
IMS Health is one of the only global health sector-specific consulting and services companies of its kind. With over 100 offices in more than 100
countries, the Norwalk, Connecticut-headquartered firm 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 firms, members of the financial
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
warehousing—each of which is fully customized for each client.
A healthy start
Right from its founding (in 1954 in Norwalk, Conn.), the firm’s raison d’être has been to help pharmaceutical companies gain knowledge of the markets
they compete in, or are thinking of entering. One of the firm’s first 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 firm was
sizeable enough to go public.
By 1981, IMS Health had offices 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 firm to spin it off as a separate entity—one that found itself afloat on the New York Stock Exchange with
the appropriate ticker symbol “RX.” In the 1990s, IMS acquired a number of specialized health care consulting firms 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 offices 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 firm says that, despite its new ownership structure, it has no plans to alter the services that it provides to its clients.
Unlike many other strategy consulting firms, IMS consultants generally work out of their local office, attending client meetings as necessary. This
arrangement provides for significant client contact while facilitating a cohesive corporate culture.
GETTING HIRED
While selectivity might vary a bit between offices, it is, at its best, truly difficult 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 five to eight other schools.” In screening candidates, the firm looks for graduates with “high intellectual, writing,
interpersonal, organizational and analytical capabilities.” Most important, though, is for candidates to express genuine interest in the field and working
as a consultant for IMS, in particular—with a focus on building a career there.
Customized for: Han (liuhan@sas.upenn.edu)
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
office. There is a real focus on cultural fit, as well: “We rarely give an offer if someone aces the cases but is iffy on the fit,” a consultant explains.
IMS Consulting
Overall Satisfaction
• “Overall, I’m pretty satisfied 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
• “I’ve worked in a number of consulting organizations. This one is the most rewarding experience. Challenges are significant, but are
consistently pushing my growth. Leadership is well respected.” – Senior source
• “I say this as a junior staff member: Overall, this firm 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 doesn’t live up to the promise. The work isn’t 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-office 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 office, and the relatively small office size fosters unique cohesion among an amazingly friendly and thoughtful, if
not cerebral, bunch.” – Midlevel source
• “Socially, we’re 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 together—just 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
Work Hours
Customized for: Han (liuhan@sas.upenn.edu)
• “We don’t have enough people to do all the work, which makes for unreasonably long work hours. The senior people who are selling the
projects don’t think about the fact that we don’t have enough people to do all the work they’re 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
IMS Consulting
Work/Life Balance
• “The more seasoned consultants balance this very well, but there needs to be greater firm effort to ease newer consultants into the consulting
life and promote efficiency.” – Experienced source
• “It is difficult 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 firm is
working to improve work/life balance.” – New York analyst
• “You are lucky if you don’t have weekend work. Sunday evenings are mostly devoted to work. I’ve 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 office-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 don’t 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, it’s always interesting—in 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 it’s usually a day trip. I find it very manageable—it does not interfere with my work/life balance. It
honestly happens so rarely that I am sometimes even happy to get out of the office 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 consultants—the difference was that the firm 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 joke—nowhere near what it is at competing consulting firms.” – Experienced consultant
• “Financial incentives are misaligned. Senior staff want to sell more work, while junior staff do not get rewarded financially for the quantity of
work done or the time spent on that work.” – Analyst
Professional Development
Vault’s Verdict: Insiders have their fair share of qualms about IMS’s training offerings, but apparently the firm 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 year’s hiring class, training was a bit piecemeal. However, there
is a definite recognition of this, and a definite 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 firm will never fire you, and if you’re good, you’ll 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
Customized for: Han (liuhan@sas.upenn.edu)
Diversity
Vault’s Verdict: Any place where white, Christian men are underrepresented minorities is bound to score well in this category. IMS fits this
description, proving to be one of the most genuinely diverse and open communities around.
IMS Consulting
• “This is a very gay-friendly place. I believe every gay employee in the office is out, including myself.” – Analyst
• “The IMS office 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 office attends.” – Senior source
• “The firm is truly welcoming and full of any background whatsoever.” – New York midlevel
50 KAISER ASSOCIATES
DOWNERS
• “Lack of staff to meet our business requirements”
LOCATIONS
• “Little transparency about how to get where you want to be”
Washington, DC (HQ)
Cape Town
Hong Kong
EMPLOYMENT CONTACT
London
São Paulo For Corporate Strategy practice:
Toronto www.kaiserassociates.com/cs/careers
THE STATS
Employer Type: Private Company
Managing Director, North America: Mark Stein
2010 Employees: 105
2009 Employees: 120
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Kaiser Associates
THE SCOOP
The firm offers four different types of benchmarking services. The first, 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 client’s industry, or out-of-industry “best in class” companies, to identify processes or changes that could be helpful for Kaiser’s clients.
The firm’s “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 identifies 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 firm’s 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 hand—for a price, of course—to the
public sector. The firm’s 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 office, which it opened in 1997, but Kaiser’s 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
defined the government’s national approach to small and medium enterprise development and how it would support these businesses, covering issues
such as targeting beneficiaries, accessing money, training employees, and a range of other services and support measures.
GETTING HIRED
Kaiser’s “fairly rigorous” hiring process opens with a telephone interview, in which applicants (pre-screened for qualified resumes and competent
writing samples) discuss “a mix of general background questions, a gauge of the candidate’s interest in Kaiser and a brainteaser.” From there, the
pared-down group of candidates will be invited to “our D.C., London or Brazil offices” 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 candidate’s potential,” an insider reports. Super Day candidates can expect
“a variety of cases and fit interviews,” as well as “a timed writing sample.” During interviews, “I’m 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.”
Kaiser Associates
Overall Satisfaction
• “[I am] extremely satisfied 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 firm went through a significant 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 firm. Also, foosball games, happy hours and impromptu firm lunches
give employees the opportunity to socialize.” – D.C. analyst
• “We are a friendly firm, 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 we’re generally fairly meritocratic.” – Strategy midlevel
• “I think we’re all in the same boat in terms of morale (it’s 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 officers and managers at the firm enjoy working closely with
consultants.” – D.C. midlevel
• “We have great mentoring, and officers are often highly invested in the consultants that work in their practice.” – Health care consultant
Work Hours
• “Hours vary depending on project, though I’m out of the office by 6 p.m. most nights.” – Junior associate
• “Recently, hours have been bad across the firm. Given our lack of adequate staffing, people have been overworked. Hours certainly fluctuate
project by project, but they have definitely increased over the past year.” - Analyst
• “Prior to this year, I worked closer to 55 to 60 hours per week, but we’re understaffed right now. Supposedly we’re hiring more people, so I’m
hopeful the weeks of 80-plus hours are on their way out.” – Midlevel consultant
Work/Life Balance
• “There is very little travel, so it’s easy to stay in touch with friends. Some work can be done from home, so you can often finish up work at home
instead of at the office. Having a gym in the office is a plus, as well.” – Entry-level analyst
Customized for: Han (liuhan@sas.upenn.edu)
• “The hours over the past year have created a work/life balance that isn’t sustainable, and is causing many talented people to look elsewhere.
When I started with the firm [this] wasn’t the case.” – Senior consultant
• “I definitely thought I was able to balance work and life when I first started at Kaiser; recently, that hasn’t been the case given our lack of
staffing.” – Analyst
Travel Requirements
• “Unlike most consulting firms, the travel is limited to about once every six weeks or so, depending on your project.” – Strategy consultant
Kaiser Associates
• “Sometimes we’ll travel for client meetings—kick-offs, interim updates or final read-outs, but travel is few and far between. Even when we do
travel, it’s 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 isn’t as much given the hours we are now required to work.” – Technology consultant
• “[Kaiser has] very modest bonuses and salary versus larger firms.” – Health care insider
Professional Development
Vault’s 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 unofficial. Kaiser could do a better job of encouraging more official training.” – Analyst
• “If you want to see training, it is on the consultant’s shoulders to suggest the training and come up with the format for it. The firm 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 staffing,
recruiting, benefits/HR and development. Needless to say, she is overwhelmed and, consequently, trainings are few and far between.” – Senior
consultant
Promotion Policies
• “It’s 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 firm is great about offering stretch opportunities to help you prepare for the next level. That said, it’s
not a very transparent process.” – Associate consultant
Diversity
Vault’s Verdict: While there is a formidable group of women at Kaiser—25 percent of the officer group is composed of women, and the firm is
currently sponsoring two women for their MBAs—insiders generally feel that there is room for progress in this area.
THE BUZZ
what other consultants are saying
• “Academic”
• “Who?”
• “Statisticians”
Customized for: Han (liuhan@sas.upenn.edu)
• “Number crunching”
THE SCOOP
At first, the firm focused on transferring technology and systems used in the defense industry—such as systems analysis, computer modeling and
simulation methods—to civilian application. Today, the firm 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, nonprofit associations and
institutions, and businesses in a number of industries, including automotive, consumer products and services, financial, health care, international
energy and utility, media, telecommunications and technology.
While the firm operates as a for profit, 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 firm 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 firm also houses a subsidiary
called Abt SRBI, which was created in July 2007 with Abt Associates’ acquisition of strategy and research firm Schulman, Ronca & Bucuvalas, Inc.
The unit specializes in public policy and opinion surveys, banking and finance, 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 master’s 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 fields. 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 bachelor’s degree and
at least one or two years’ work experience can be hired on as associate analysts, while more experienced consultants with a bachelor’s degree and a
recent master’s or MBA are qualified to apply for the analyst position, which requires more advanced technical and task management skills. Those
with an advanced degree and significant experience may be eligible to apply for associate, senior associate and principal associate positions.
Customized for: Han (liuhan@sas.upenn.edu)
Washington, DC (HQ)
Austin, TX
Chicago, IL UPPER
Nashville, TN • Big on formal training
Portland, OR
San Francisco, CA
Chennai
London DOWNER
• Compensation does not quite meet industry averages
PRACTICE AREAS
Business Intelligence & Analytics • Clinical Research • Consulting EMPLOYMENT CONTACT
• Healthcare Industry & International Offerings • Leadership www.advisoryboardcompany.com/content/careers/overview.asp
Development • Strategy & Operations Research • Workforce
Performance
THE BUZZ
what other consultants are saying
• “Laid-back”
• “Narrow focus”
• “Fun culture, and lots of young people”
Customized for: Han (liuhan@sas.upenn.edu)
• “High burnout”
THE SCOOP
Members only
D.C.-based Advisory Board Company is a membership-based professional services firm that provides best practices research, analysis, executive
education and leadership development, software tools and installation support services, primarily to the health care industry. Members—who
are charged a fixed annual fee for access to the firm’s services—include 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 country’s 100 largest health care delivery systems. Since late 2007, the firm has also expanded its operations to include
academic institutions, working with university provosts, heads of student affairs and administration leaders.
In 2009, the firm was able to expand its services even further by acquiring the management and consulting firm Southwind. This acquisition, coupled
with the firm’s business intelligence platform Crimson, allows the firm 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 Board’s membership is located in the United States, however, the firm 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 Board’s 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.
In 1986, the firm 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 financially 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 firm launched its first business intelligence software platform, allowing CFOs in hospitals to provide clear data and
analytics around revenue cycle management, and in 2007, the firm developed its first membership programs in higher education: the Student Affairs
Program for student and academic affairs executives, and the University Provost Program for provosts.
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 firm’s 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 profiles—all of which are disseminated via reports and briefings, 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 firm attributes the high
renewal rate to its ability to fulfill client needs. At the same time, deferred membership revenue and membership renewals make up 80 percent of the
firm’s annual revenue, making it easier to forecast the firm’s financial health in tough economic times. That’s good news for members and investors
alike.
Customized for: Han (liuhan@sas.upenn.edu)
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 firm works—health care, education and government—have
“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 “servant’s heart” when approaching members and their problems.
Once in the door, there are five employment categories for consultants to choose from. First among them is research, in which consultants help
develop the firm’s research in one of three research categories: original inquiry, internet news and/or strategic research. The second category is
business intelligence, where the firm hires candidates with strong technology skills to be able to provide analysis of hospital operational and financial
performance data, and train clients on the use of business intelligence software to diagnose issues and identify root causes. Other opportunities include
Advisory Board’s 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.
Customized for: Han (liuhan@sas.upenn.edu)
THE BUZZ
what other consultants are saying
• “Mid market but aggressively moving upstream”
• “Old ideas”
• “Diverse”
Customized for: Han (liuhan@sas.upenn.edu)
277
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
THE SCOOP
Few companies have the global reach and expertise to do what Aon Consulting does to fill this gap for companies. With around 7,500 professionals in
220 offices worldwide, Aon helps its 10,000 clients—including half of the Fortune 500—to go global in its talent search, develop succession planning
programs and manage employee-related costs like health care and benefits. Aon Consulting clients hail from a range of industries, including aerospace
and aviation; automotive; construction services; entertainment; financial 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 company’s 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 finally in the mid-1980s,
Aon spun off its human capital consulting business as Aon Consulting.
Staying faithful to its Gaelic nomenclature, Aon’s 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 company’s clients.
Aon’s brawn
Of the myriad consulting services offered by the firm, the strongest area is benefits. Aon advises clients on structuring, funding and administering
programs dealing with health and welfare of employees, retirement, executive benefits, absence management, compliance, employee commitment,
investment advisory and elective benefits 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 efficiently from a central headquarters
without ignoring the individual complexities of far-flung branches.
In times of trouble
In addition to its HR consulting, Aon Consulting also offers financial advisory and litigation consulting services, including financial statement and white
collar investigations, securities litigation, financial due diligence and financial 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 firms, 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 officials, 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.
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 Aon’s financial 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
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 financial due
diligence, and does white-collar, financial 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. John’s 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 first rounds of screening and interviews are then invited for in-office interviews. Interview questions are mostly behavioral based, with questions
focusing on leadership, teamwork and professional challenges, among others. The firm explains that, when case study questions are involved, they
“reflect 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 specific answers given.
Customized for: Han (liuhan@sas.upenn.edu)
LOCATIONS
Boston, MA (US HQ) THE STATS
Paris (HQ) Employer Type: Subsidiary of Altran Technologies
Houston, TX Ticker Symbol: ALTRAN TECHN (Paris Bourse)
30 offices worldwide CEO: Michael Träm
2010 Employees: 1,000
2009 Employees: 1,000+
PRACTICE AREAS
Automotive & Manufacturing • Chemicals • Consumer Products •
Energy & Utilities • Financial Services • Healthcare & Life Sciences • EMPLOYMENT CONTACT
Private Equity • Public Services • Telecommunication, Information, www.adl.com/careers.html
Media & Electronics • Travel & Transportation
THE BUZZ
what other consultants are saying
• “Classy”
• “Old-line operations consultants”
• “Intellectual and introverted”
Customized for: Han (liuhan@sas.upenn.edu)
• “Stodgy”
Arthur D. Little
THE SCOOP
Mold-breaker
Founded in Boston in 1886, Arthur D. Little lays claim to the dual titles of first and oldest management consulting firm in the world. The pioneering spirit of
the founder who lent the firm its name is the stuff of legend. After a corporate restructuring in 2002, the firm was acquired by France’s Altran Technologies,
a European leader in innovation consulting. So while Arthur D. Little himself may be long gone, the firm that bears his name is still going strong.
The 1,000-plus consultants it employs today find themselves spread across 30 countries, offering tailored services to clients in industries including automotive,
chemicals, energy and utilities, financial services, health care/life sciences, manufacturing, TIME (telecommunications, information technology, media and
electronics), consumer products, private equity and transportation. The firm 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 firm. The other half was his fellow MIT classmate Roger Griffin, and
together the pair set up as researchers for hire, pioneering the concept of process improvement through outsourcing research. Originally called Griffin
and Little, the company’s name was changed following Griffin’s untimely death in 1893, when an experiment went awry.
As his firm 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 firm’s visibility and, thus, client base. Among the stunts designed to prove Little’s maxim of “Who says it can’t be done?” were
Little literally turning a sow’s ear into a silk purse, as well as a competition among a group of staff in the 1970s to make a lead balloon fly—both 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 field by the 1960s—a position it maintained until the late 1990s, and a reputation it guards to this day. “Arthur
D. Little may not be the easiest global firm to manage, but it will never become one of the ‘grey’ consulting firms where everyone gets brainwashed into
behaving the same way and delivering the same products—unthinkable.” So wrote Rick Eager, U.K. managing director of Arthur D. Little in a 2006
overview of the firm’s history. “The firm’s great strength is its people and its culture. More Vivienne Westwood than Chanel—vive la différence!”
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 scientific background—which helps sets the firm apart in the eyes of its global
clients—and aim to bring technological understanding to strategic issues that span all industries and functional domains.
The firm 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. Little’s 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 profit, 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
Customized for: Han (liuhan@sas.upenn.edu)
Insiders say that if applicants don’t possess the “intellectual horsepower” needed to compete at Arthur Little, it’s 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 qualified 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 difficulty
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.
LOCATIONS UPPER
San Diego, CA (HQ) • Young, dynamic firm
Boston, MA
Carson City, NV
New York, NY
San Francisco, CA DOWNER
• A bit under the radar
PRACTICE AREAS
Acquisition Search • Benchmarking • Corporate Integration • EMPLOYMENT CONTACT
Corporate Strategy & Development • Customer Strategy & Marketing www.bainbridge.com/careers
• Due Diligence • Growth Strategy • Internal Process Assessment
• Market Feasibility Studies • New Product Development •
Organizational Dynamics • Performance & Operations
Customized for: Han (liuhan@sas.upenn.edu)
Bainbridge
THE SCOOP
Bainbridge brains
What began as a small, boutique firm set up to help a university professor research and publish his work has since become a national management
consulting and capital advisory firm, 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 firm is organized as two separate companies—Bainbridge, Inc., the management consulting arm, and Bainbridge Capital, Inc., the
advisory arm—both operating under the same roof. As a combined entity, the firm 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.
One such research tool is Bainbridge’s 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. Bainbridge’s 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 firm’s other proprietary service, BenchMark, provides detailed metrics on operations, performance levels, strategies and expenses—all 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 firm’s 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 process—from discovery to due diligence, through to the deal’s close.
GETTING HIRED
Bainbridge prides itself on being a “small and vibrant company.” In addition to campus recruiting at “leading universities,” it posts specific 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 firm says it’s 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 proficiency with the Microsoft Office suite. Finally, the firm says, candidates with “foreign language skills are preferred.”
Customized for: Han (liuhan@sas.upenn.edu)
PRACTICE AREAS
Business Restructuring • Investigations & Compliance • Litigation EMPLOYMENT CONTACT
& Dispute Resolution • Risk Advisory
www.bdo.com/careers/
THE BUZZ
what other consultants are saying
• “People who know know BDO”
• “Expanded into restructuring, but lacks the bench depth of
other firms”
Customized for: Han (liuhan@sas.upenn.edu)
• “Creative, smart”
• “Wanna-be Big 4”
BDO Consulting
THE SCOOP
BDO Consulting is a division of BDO USA, LLP, which is one of the United States’ largest providers of assurance, tax, financial advisory and consulting
services. BDO is also the U.S. member firm of the larger BDO International, a global network of accounting and consulting firms that operates in
more than 100 countries. Each BDO member firm is an independent legal entity. BDO Consulting prides itself on its access to the international BDO
member firm network, as well as to the BDO USA network, which includes 37 offices 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 firm’s litigation and fraud investigation practice.
He has carried on the firm’s mantra of “service rules,” which in BDO’s 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 firm
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 that’s more nimble than the Big Four firms and claiming to have virtually no voluntary employee turnover, BDO Consulting has undertaken
some high-profile engagements, including work for AOL Time Warner, Enron, American Express, Bayou Funds, Lipper Hedge Funds and Fannie Mae,
to name a few.
BDO’s MOs
The firm’s consulting services are broken down into four practice areas. The first (and largest)—litigation and dispute resolution—provides 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-profit 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 financial 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 finally, the busy BDO business restructuring practice
area advises clients in distress, providing financial advisory, business restructuring and transaction support services. Clients include corporations,
lending institutions, private equity firms, hedge funds and law firms dealing with issues such as bankruptcy, out-of-court workouts, litigation, M&A due
diligence and transactional support, profit improvement and turnaround services.
Get caught up
Outside the courtroom and the boardroom, BDO Consulting is in the classroom. The firm 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 it’s looking, first and foremost, for individuals “with impact, the kind of people who will make a difference the moment they
arrive—and who flourish under our core values of competence, honesty and integrity, professionalism, dedication, responsibility and accountability.”
Customized for: Han (liuhan@sas.upenn.edu)
While that description may not clarify whether you’re the person for the job, the firm claims that its recruiting process is fairly transparent, as it allows
new hires the time and opportunity to learn more about the firm, its employees and its culture. First, BDO makes an effort to introduce new recruits
to the firm via open office tours, speaking engagements and other “meet-the-firm” events on campus. Once resumes are screened, candidates are
asked to participate in on-campus, first-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.
EMPLOYMENT CONTACT
Visit the Join Our Team section on the firm’s website
THE BUZZ
what other consultants are saying
• “Good senior consultants”
• “Old-time actuaries”
• “Strong in their niche”
Customized for: Han (liuhan@sas.upenn.edu)
Buck Consultants
THE SCOOP
In 1997, Mellon Financial Corporation acquired Buck Consultants, giving it a parent company for the first time in its then 80-year history. That
relationship lasted until 2005, when Affiliated 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 field.
Worker’s rights
Buck’s beginnings can perhaps best be described as humble—hardly surprising given that the firm got going in the early 20th century, a period not
exactly known for its great working benefits and conditions. Indeed, when George B. Buck Sr. started his consulting business in 1916, the idea of
human resources—not to mention the concept of consulting—was extremely new. The firm, 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 first global employee stock ownership plan, developing the first fully integrated health savings account and offering innovative severance solutions.
George Buck’s ideas were so revolutionary and so widely recognized that, in 1999, he was named one of the Men of the Century by Pensions &
Investments. Specifically (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 first consulting firms to specialize in the valuation of pension plans.
GETTING HIRED
The good news: Buck Consultants is hiring. The not-so-good news: Opportunities with Buck may be tricky to find online—or in person; as one insider
attests, “The process involves too many people and takes too long.” The firm says its consulting openings are listed along with all ACS and ACS
member companies online. To find a Buck Consultants vacancy, interested applicants must head to ACS’ recruitment page and type “Buck” in the
keyword field; for a location-specific search, the firm directs applicants to first choose their desired location, then type in “Buck” in the keyword field.
The persistent shall prevail!
Customized for: Han (liuhan@sas.upenn.edu)
UPPERS
LOCATIONS • Loyal client base
• Small case teams make it easy to make an impact
Raleigh, NC (HQ)
Boston, MA
New York, NY
Parsippany, NJ DOWNERS
Philadelphia, PA • “Overabundance of people who are married with children”
Atlanta, GA • “Lack of work/life balance culture”
Chicago, IL
San Francisco, CA
Los Angeles, CA
Basel, Switzerland EMPLOYMENT CONTACT
www.campbellalliance.com/careers
PRACTICE AREAS
Brand Management • Business Development • Clinical
Development • Managed Markets • Medical Affairs • Sales •
Trade & Distribution
THE BUZZ
what other consultants are saying
• “Key competitor in the health care space”
• “Fall a bit short when it comes to strategic
recommendations”
Customized for: Han (liuhan@sas.upenn.edu)
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 firm is so committed to its specialization that it is even structured like the pharmaceutical companies that it assists. The firm 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 firms. 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 firm’s 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 efficient, both fiscally 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-specific 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 client’s more complex problems.
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 firm 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 firm came from his
experience at GlaxoWellcome, where he found that, although intelligent, many generalist consultants were unable to deliver significant and meaningful
results in the highly specialized pharma industry. Campbell Alliance isn’t Campbell’s first 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 firm’s clients are not the only ones who recognize Campbell’s ability to develop a top-notch company. In 2006, Campbell won Ernst & Young’s
Entrepreneur of the Year award in the Health Sciences Category, and on two other occasions was the finalist for Ernst & Young’s Entrepreneur of the
Year award.
GETTING HIRED
Customized for: Han (liuhan@sas.upenn.edu)
The firm’s hiring process is, as one insider puts it, “hard to fake.” While not among the industry’s most selective, Campbell Alliance recruiters have a
particularly specific set of qualities and qualifications they seek in candidates. “We are looking to hire individuals with a focus and experience in the
health care industry,” which certainly fits the description of “hard to fake.” Qualified candidates will have academic backgrounds in sciences or other
health-related fields, and the firm puts a premium on candidates with real-world health care and biopharmaceutical experience.
After an initial phone interview separates the truly qualified from the pack, applicants can expect upwards of “four in-person interviews.” Successful
candidates won’t simply be health care whizzes or quantitative geeks; “two writing tests” are required “to prove language proficiency and communication
skills.” Further, a set of “pharmaceutical case questions” is sometimes followed by “a PowerPoint proficiency 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.
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 significant 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.”
Campbell Alliance consultants aren’t 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, we’ve been also told that firm’s profitability has been affected by
the recession, resulting in “mediocre” bonuses for “the last couple of review cycles.” Prior to the recession, the firm 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 inflated by the presence of international employees and “plenty of
Asians.”
The typical Campbell Alliance consultant remains steadfastly confident that the firm will emerge from the recession successfully and stabilize. “They’ll
do fine,” says one junior source, later pointing to the firm’s need to invest in more professional development as it continues to strengthen its financial
footing.
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LOCATIONS
Boston UPPER
Chicago • Compensation is very competitive
New York
San Francisco
DOWNER
PRACTICE AREAS • “Lack of administrative structures”
THE BUZZ
what other consultants are saying
• “Great niche hospital firm”
• “Lots of travel”
• “Good thinkers”
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• “Low profile”
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THE SCOOP
Applied research oftentimes means compiling information for clients on a variety of topics, including health care financing, 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 firms 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 firm follows the following core tenets. For change to be long lasting, it must begin
with an understanding of the organization’s 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 firm also relies on great deal of data and
proven solutions to confidently 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 firm seeks to bring
only the best-fitting talent onboard. According to an insider, “multiple phone interviews” comprise the first round of evaluations, dedicated mostly
to determining a candidate’s basic qualifications and competency. The firm 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 office for a second (and final) 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.
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. “It’s 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.
Hefty travel requirements, which typically see consultants on-site with clients Monday to Thursday, certainly detract from the balance, though one source calls
Customized for: Han (liuhan@sas.upenn.edu)
requirements “better than my previous firm’s.” Any dissatisfaction on the hours front is largely tempered by “very good compensation” that may even be “slightly
higher than peers at other firms.”
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, they’re largely
ill-defined—typical of a young, growing firm.
With regard to promotion, “consultants are able to advance as quickly as they demonstrate the competencies defined in the role,” an insider explains.
“It is absolutely not up or out, as long as the consultant continues to contribute to the firm in whatever role they level out in,” a colleague adds.
LOCATIONS UPPER
New York, NY (HQ) • The recent recession has brought in a flood of new work
Boston, MA
Charlotte, NC
Chicago, IL
Dallas, TX DOWNER
Los Angeles, CA • Still largely unheard of in the greater consulting arena
Washington, DC
EMPLOYMENT CONTACT
PRACTICE AREAS
www.crgpartners.com/util/careers.html
Bankruptcy Reorganization • Fiduciary Services • Financial Advisory
• Performance Improvement • Turnaround Management
THE BUZZ
what other consultants are saying
• “Up-and-comer”
• “Second tier restructuring firm”
• “Small but growing”
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A marriage of equals
The firm’s 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 firms offered similar services, with TRG providing turnaround, crisis management, financial advisory and wind-down
management services and CRG offering interim management, financial advisory services, bankruptcy support, and M&A and due diligence support.
In short, both firms helped failing businesses recognize and correct their deficiencies. So, while the merger didn’t much expand the breadth of the
new firm’s services, it did add depth and specific expertise. Clients now choose from CRG’s five core services: turnaround management, performance
improvement, bankruptcy reorganization, financial advisory and fiduciary services.
The firm’s 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 isn’t industry-specific; struggling firms nationwide
turn to CRG to keep them in the game.
Foreign friends
Although CRG Partners has no offices 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 firm 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 firm’s 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 firm. While not as familial a
connection as it enjoys with CRG Capital, the firm relies on S&W’s 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 financial crises threatened businesses worldwide. Prospective clients clamored
for CRG’s turnaround expertise, and weren’t disappointed; for its successful efforts, M&A Advisor bestowed its internationally significant Turnaround
Company of the Year award on CRG Partners in 2010, and also named William Snyder, one of CRG’s 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 firm to watch after the exposure and sheer
profit afforded to it by the global recession.
William Snyder, the firm’s go-to rainmaker, has also developed a formidable reputation for himself as the nation’s preeminent source of advice for
bankrupt corporations. After stopping the bleeding (ultimately turning a remarkable profit) at the Texas poultry behemoth Pilgrim’s Pride, Snyder—who
one U.S. bankruptcy judge deemed capable of “pulling a rabbit from his hat”—won lucrative contracts to revitalize such high-profile 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 firm “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 firm’s careers page.
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LOCATIONS
Oak Brook, IL (HQ) EMPLOYMENT CONTACT
26 offices throughout the United States www.crowehorwath.com/Crowe/Careers
PRACTICE AREAS
Assurance • Benefit 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
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THE SCOOP
Crowe knows
One of the largest public accounting and consulting firms in the United States, Crowe Horwath LLP calls itself a “unique alternative to the Big Four”
accounting firms. It provides audit, tax, risk and consulting services to companies in various industries, including construction, dealerships, educational
institutions, financial institutions, food and agriculture, health care, manufacturing and distribution, not-for-profits, private equity groups, and state and
local governments, among others. The firm’s 2,400 employees serve clients via 26 offices in California, Florida, Georgia, Illinois, Indiana, Kentucky,
Michigan, New Jersey, New York, Ohio, Tennessee and Texas.
In 1991, Crowe Chizek joined Horwath International, a global network of more than 140 independent accounting and management consulting firms
with offices 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 network—a change that the firm 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 firms.
Today, having served more than 350 international clients in more than 40 countries, Crowe is the largest member firm 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 firm offering financial planning and investment advisory services; Horwath Castillo Miranda, an accounting and
consulting firm in Mexico; and Creative Financial Staffing, a provider of interim staffing, high-level project staffing and direct hire placements of
accounting and finance professionals.
Crowe’s 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 firm also includes a financial advisory practice area, which offers finance, public finance
and wealth management services; a performance management practice area; and a tax advisory practice area.
But, just in case there was any miscommunication during a client engagement, Crowe has set up a system to win as much feedback—positive or
negative—as 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 firm states on its website. As such, the firm 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 Crowe’s 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 finally, the
firm 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.
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Giving back
Crowe’s mantra of “building value with values” doesn’t 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-profit
community organizations for which the firm’s employees volunteer 30 hours in a given year. In addition, the firm provides a two-for-one match (up to
$250) of personal contributions made by individuals serving on not-for-profit boards.
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 firm 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 firm suggests contacting universities’ campus job placement offices or by emailing campus_
recruiting@crowehorwath.com. The firm’s 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.
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LOCATIONS UPPERS
Vienna, VA (HQ) • “Broad industry exposure”
• “Responsibility given as fast as you can handle it”
PRACTICE AREAS
Consumer Products • Customer Targeting/Bonding • Energy • DOWNERS
Financial Services • Life Sciences • Market Entry/Startups • Media • “Constantly on call”
& Entertainment • New Technology • Operational Effectiveness • “Lack of alignment between effort and promotion”
• Pricing • Private Equity/M&A Support • Retail Management •
Telecommunications
EMPLOYMENT CONTACT
www.dean.com/careers/recruiting.htm
THE BUZZ
what other consultants are saying
• “Up and coming”
• “Pass the slide ruler”
• “Tightly focused”
Customized for: Han (liuhan@sas.upenn.edu)
• “Oddballs”
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 firm has realized over $20 billion in
cumulative impact in added value for clients.
The firm’s 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 firm helps prioritize goals
and to develop and implement strategies. Clients in both camps come from a number of different industries—including financial 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 firm is the first to say it cannot solve every problem for every company. To solve
problems for clients that fit the bill, Dean is also selective about the problem-solvers it hires. “Instead of employing armies of consultants,” the firm’s
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 firm.
Bonding time
The firm 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 profitable customers, and posits that traditional ways of competing—on
price, quality or features—work, 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 Profitability 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 firm’s 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 conflict
with Lindsay Goldberg, and has worked with KKR, Madison Dearborn and Apollo.
Dean has also reached out to others to boost its profile in other industries. In 2002, Dean CEO Wilde founded DC Energy, which is located at the same
Vienna, Va., office. 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 firm that markets itself as a “global strategy boutique.” More recently, Dean has spun off Dean Ventures,
an equity investment firm 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 firm,” scouring “Ivy League schools (Harvard, Princeton, Dartmouth)”
and “some Southern schools (Duke, Virginia)” for well-qualified fits. Those from top schools with “a high GPA in a science or engineering field” with
“a particular emphasis on analytic ability” should be worthy of a first-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; it’s a very straightforward process
meant simply to evaluate a candidate’s competence.
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Overall Satisfaction
• “I’ve learned a lot and worked on an array of projects. But low firm 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 culture—the analysts are a great group of people to work and socialize with.” – East Coast staffer
• “Socially, the firm has very nice people. It can be political, however, especially given competition between practice areas. Employees are
professional in their interactions.” – Junior consultant
• “It’s 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
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, I’ve 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. It’s difficult 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 fire 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 five
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Compensation
• “Compensation is reasonable for a strategy consulting firm, 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 significant portion of the bonus is contingent upon staying additional
years at the firm, so it’s never actually paid.” – Entry-level analyst
Professional Development
Vault’s Verdict:
It’s mostly sink-or-swim at Dean, but marked improvements are in the works.
Formal Training
• “Most training is unofficial, 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 finance, SQL and accounting.” – First-year analyst
• “The company has boosted its official training efforts over the past year.” – Senior associate
Promotion Policies
• “Overall, consultants advance at a reasonable rate.” – Midlevel insider
• “It can be difficult to be promoted between levels, but within levels, promotions are fairly reasonable.” – Junior associate
• “The firm 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
Vault’s Verdict:
“There is nothing wrong with the diversity we have, it just is somewhat lacking right now”—which, stunningly, is exactly what’s wrong with it.
• “Management lacks the ability to effectively manage the firm’s 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, firm leadership has mostly promoted quantitative analysts/associates,
with limited ability to manage clients. Few hold MBAs.” – Experienced source
THE SCOOP
Consistent with that approach, the firm employs a results-based billing approach—a fee structure that links payment to the completion of previously
agreed-upon goals. Droege’s 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 offices 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 firm’s U.S. office 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 firm 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 office in Mumbai, its first in
India. Elsewhere in the region, the firm 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 offices also allow Droege’s 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 firms, early-stage venture capitalists, midmarket private equity firms 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 firm’s “implementation-driven” approach to serving clients. What does that
mean, exactly? As the firm explains it, this refers to Droege’s ability to make quick, calculated changes for companies seeking help in restructuring
their business or increasing the value of their business. And, since change doesn’t 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 firm adds that, in order to succeed
at Droege, consultants must have a “winning presence, confidence and leadership skills, sensitivity in dealing with people, and creativity.”
But a “winning presence” alone won’t 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
Customized for: Han (liuhan@sas.upenn.edu)
postgraduate degree—typically either a doctorate or an MBA—and 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 firm’s “competence centers.”
EMPLOYMENT CONTACT
www.ey.com/US/Careers
THE BUZZ
what other consultants are saying
• “Entrepreneurial”
• “Bean-counters”
• “Strong reputation”
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THE SCOOP
Earnest Ernst
For two decades, Ernst & Young has helped clients stay on the straight and narrow. The world’s second-largest accounting firm, Ernst & Young’s
144,000 employees around the world offer advisory, assurance, tax and transaction advisory services via offices in 140 countries.
Ernst & Young LLP is the U.S. member firm 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.
While all of the above services are part of Ernst & Young LLP’s advisory unit, it’s 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, finance, and supply chain and operations.
Keep it simple
EY might be one of the largest firms of its kind in the world, but it is also trying to be one of the most streamlined. In April 2008, the firm underwent a
major restructuring process to consolidate its business and position itself to capitalize on opportunities in emerging markets. As such, the firm 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 firm 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 firm will have invested
$1 billion in its offices and operations in these markets.
The firm also revamped its advisory platform to take advantage of recent growth in this service line. EY established a global project management office
for all of its assurance and advisory services to streamline their operations “as a connected global advisory business.”
And the commitment to pushing boundaries doesn’t stop there, either. The firm 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 company’s recent
commendations.
GETTING HIRED
Ernst & Young is actively hiring, following a period of relative stagnation. As such, we’re told, getting hired is now a significantly easier prospect
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than it has been the previous few years. That said, the firm’s selection process remains “extremely selective”—“even a little too selective” by some
judgments. “We’ve gotten to the point that it is tough to get in the door for an office visit if you don’t 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 fulfillment of these stated requirements (think “best and brightest”)
only qualifies candidates for an initial interview—nothing is guaranteed before an exhaustive “case interview process” is completed. The firm places a
strong emphasis on assessing a candidate’s 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.
Corporate Atmosphere
Employee satisfaction at Ernst & Young ranks among the industry’s 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 identifies the firm’s 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 find it very rewarding to be able to serve my clients.” Others describe the firm’s the culture as “inclusive,” “social,”
“supportive” and “respectful.”
What staffers gain in flexibility, they might forfeit in compensation—which 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 firm’s “very effective” formal offerings—when they can find the time to access
them. “The formal classes offered are very good, but they’re offered very infrequently (once or twice a year),” a staffer explains. “If you can’t make a
class, which is common given client responsibilities, you’re often stuck until next year.”
Diversity
EY is extremely diverse,” a consultant reports, summarizing the widely held belief that the firm 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 don’t know of
another place that puts more of an emphasis on inclusiveness.”
LOCATIONS UPPERS
New York, NY (HQ) • “Compensation is incredible”
Boston, MA • “We have recently transitioned to being a firm filled with
Seattle, WA younger professionals which has changed the social climate””
• The firm is hiring aggressively now
PRACTICE AREAS
DOWNERS
Acquisition Support • Advanced Marketing Segmentation •
Business, Product, & Customer Profitability • Corporate & Business • Formal training is sorely lacking
Strategy • Credit Risk Management • Customer Experience & Sales • Hours can be “grueling”
Effectiveness • Distribution Planning & Tactics • Enterprise Risk
Management • Expense Management, Process Reengineering,
& Benchmarking • Incentive Compensation • Joint Ventures/
Outsourcing • Organic Revenue Growth Strategies, Value Propositions,
EMPLOYMENT CONTACT
& Pricing • Organizational Design • Payments E-Commerce Strategy www.fmcg.com/Careers
• Performance Measurement • Product Management & Pricing •
Revenue Growth & Value Proposition • Risk Model Development •
Strategic Finance • Technology Strategy & Systems Architecture •
Treasury & Capital Markets
THE BUZZ
what other consultants are saying
• “Specialists”
• “Snobby—only Ivy League, regardless of ability”
• “Lots of work”
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THE SCOOP
Using the FP system, consumers receive a “score” that is based on their needs and attitudes toward a specific financial product—information gleaned
from direct consumer market research. The scores provide information about a consumer’s product requirements (what needs they want fulfilled),
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 financial services, including home equity loans and lines, mortgages, deposits, credit cards, life insurance, secured lending and
investments.
FMCG staffers also make themselves heard through presentations at national conferences and in their analysis of financial issues in the media. The
firm’s managing vice presidents and vice presidents also appear regularly on panels and as speakers at industry conferences around the country and
abroad. The firm has also been quoted over 500 times in numerous magazines, newspapers and industry publications and the firm’s experts, not
known to be camera shy, have appeared on CNN, Reuters, Bloomberg and network news programs.
GETTING HIRED
Word that the firm 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 firm also takes commitment seriously; according
to one source, recruiters want to hear that qualified candidates are willing to “stick with the firm for the long term.”
Customized for: Han (liuhan@sas.upenn.edu)
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 “find the right fit.” Successfully screened candidates will be invited
back to FMCG offices, where they’ll sit for “a day of 45- to 60-minute interviews with five to six professional staff members,” not the least of whom
often includes “the president or executive vice president of the firm (the founder and co-founder).”
Corporate Atmosphere
“The job is great,” says a humble insider, reflecting 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 firm.” When they aren’t 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 office,” an associate reveals. “We have recently transitioned to being a firm filled with younger professionals, which has changed the
social climate. We are not the First Manhattan Consulting Group of Vault guides gone by.”
Any gripes about schedules are countered by a compensation package that one respondent dubs “the best in the industry.” “Bonuses and profit-
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, it’s largely trial by fire for FMCG consultants. After “one week of training for new first-year analysts,” an
associate says, “most of the training is on the job. Analysts will typically be staffed within their first week or two at the firm.” 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 ready—for 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.
LOCATIONS
Atlanta, GA UPPER
Chicago, IL • A strong name in the executive compensation camp
Los Angeles, CA
New York, NY
San Francisco, CA
Tarrytown, NY DOWNER
• Very narrow niche
PRACTICE AREAS
Compensation Advisory • Compliance • Corporate Governance EMPLOYMENT CONTACT
• Incentive Design • Total Compensation Review • Transaction fwcook.com/careers.html
Services
Customized for: Han (liuhan@sas.upenn.edu)
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, benefits and bonuses, and severance packages for their employees. Of course, not every
client firm will require the same compensation system, regardless of industry; clients expect an intuitive, personalized compensation scheme that
takes their unique circumstances into account—and that’s where FWC consultants claim to differentiate themselves. The firm’s professionals are
also well-versed in financial 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 firm touts its influence as compensation advisors to half of the firms populating the Dow Jones Industrial index, and a quarter of those in the S&P
500. Perhaps it achieved such significance 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 finance 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, 2009’s 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 firm “aspires to hire only the best,” warning prospective applicants of the need to bring a good deal of confidence and quality to the table. What
qualifies a candidate as the best? “Creativity, judgment, entrepreneurial energy, initiative, independence and willingness to assume responsibility are
highly valued,” the firm says. Recruiters “place special emphasis on individuals who are self-starters,” according to the firm, “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 find these descriptions eerily familiar, the firm “would like to hear from you” at careers@fwcook.com.
Customized for: Han (liuhan@sas.upenn.edu)
UPPER
• Strong, historic reputation in the industry
DOWNER
• Consulting work sometimes gets overshadowed by the
accounting bent
EMPLOYMENT CONTACT
www.grantthornton.com/careers
THE BUZZ
what other consultants are saying
• “Solid mid-market provider”
• “Mostly accountants”
• “Intelligent, well-paying”
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THE SCOOP
Despite its exclusion from the Big Four, Grant Thornton’s structure is very similar, with each member firm acting as its own distinct, legal entity. And,
like PricewaterhouseCoopers and Ernst & Young, the firm features a U.K.-based limited company as its coordinating entity.
Parts of a whole
As would be expected of a firm 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-profit
organizations. The firm 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-profile 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 firm periodically releases 30 specialized newsletters,
specific to certain industries, such as the automotive or financial industries, while others deal with broader issues concerning federal legislation, general
accountancy developments and not-for-profit regulatory matters. Grant Thornton also releases white papers, reports and surveys, and partners at
the firm have published a number of books. Moreover, the firm regularly hosts and attends seminars and industry events, also hosting webcasts and
podcasts. The firm’s 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 firm’s most visible
environmental advocate. Leadership is proactive in its environmental direction, funding local “greenest office” 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 Thornton’s recruitment process generally begins on campus, where the firm targets qualified candidates who’ve 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 firm’s goal here is straightforward: simply to “evaluate your qualifications” 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 firm prefers to hear “specific examples of situations” rather than long-winded life stories.
The third and final round finally sees imminently successful candidates brought in to Grant Thornton offices to “meet with all levels of personnel,
Customized for: Han (liuhan@sas.upenn.edu)
from associate to partner.” “Our staff will continue to ask questions to learn even more about your background, qualifications and interest in Grant
Thornton,” the firm explains. “After the office visit, your recruiter will gather all of the feedback and make a final employment decision.”
DOWNERS
LOCATIONS • Lacking green initiatives and programs
• “Some of the managing directors are stuck in old ways of
Stamford, CT (HQ) doing things and need to begin to change”
London
Singapore
Tokyo
Toronto THE STATS
Employer Type: Private Company
Senior Managing Director: Steven Busby
PRACTICE AREAS 2010 Employees: 200
2009 Employees: 170
Commercial Large Corporate Banking • Foreign Exchange
• Derivatives • Equities • Fixed Income • Insurance •
Investment Banking • Investment Management • Strategic
Consulting Group • Treasury EMPLOYMENT CONTACT
Jenny O’Donnel
Phone: (203) 629-1200
E-mail: resumes@greenwich.com
To submit your resume: erecruiter.greenwich.com
Customized for: Han (liuhan@sas.upenn.edu)
Greenwich Associates
THE SCOOP
Keeping it small…sort of
Charley Ellis founded Greenwich Associates in 1972. The firm’s mission: to offer high-quality proprietary research and consulting advice to senior-level
clients in major financial enterprises. The firm’s 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 financial sector, including stockbrokerage,
fixed 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 offices in the United Kingdom, Singapore, Japan and Canada, which service
more than 250 clients around the world.
Thousands of sidekicks
Greenwich Associates doesn’t believe in outsourcing its research. In addition to its internal staff, the firm touts its thousands of research partners, who
are professionals at large corporations, plan sponsors and buy-side institutions. The firm 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 firm acquires
and creates from its surveys and analyses. This intelligence is produced in the form of white papers and other research on institutional finance,
covering areas such as ratings and rankings of financial services providers, market trends and best practices, and peer compensation information.
In equities and fixed income, the firm tracks over 5,000 investors from 70 countries. In the insurance field, the firm 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 defined 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 finance and treasury professionals from 70 nations are interviewed to provide the best corporate finance
and treasury research.
GETTING HIRED
Customized for: Han (liuhan@sas.upenn.edu)
Recruiters actively seek “outstanding individuals with high aspirations” to join the fold at Greenwich Associates, guaranteeing “professional growth and
personal fulfillment”. The firm has an extensive interviewing process, in which both members and consultants interview candidates. Hiring the perfect
candidate is exceptionally important to the firm, as there is big advocacy towards buy-in and positive firm morale.
Applicants are encouraged to submit resumes online on the firm’s “career opportunities” page at www.greenwich.com.
PRACTICE AREAS
Finance • Global Business Services • Human Resources • IT •
Procurement • Supply Chain • Transformation Consulting
THE BUZZ
what other consultants are saying
• “Finance-oriented”
• “Limited”
• “Strong in their core field”
Customized for: Han (liuhan@sas.upenn.edu)
• “Data-sellers”
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 firm’s working capital division, offers cash flow solutions; recently acquired Archstone Consulting offers expert strategy and operations
advice to consumer, pharmaceutical, manufacturing and financial services clients; and Hackett Technology Solutions, the firm’s aptly-named IT
branch, provides comprehensive solutions to all things technology.
The Hackett Group boasts a myriad of high-profile clients, the likes of which include GE, BBC, IBM, Wal-Mart, AT&T, Pfizer 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 Group’s 2009 acquisition of Connecticut-based Archstone Consulting was a major coup for the firm. Not only was Hackett’s reach extended
into previously untapped industries, but Archstone’s IT strategies and BPO advisory expertise increased the depth and breadth of Hackett’s services.
Archstone still retains a notable degree of autonomy from its new parent firm, 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 Hackett’s international network of resources has
only improved business prospects.
In 2010, Hackett extended its benchmarking practice to have a more global impact when it forged an alliance with Japan’s Nomura Research Institute.
The alliance dictates that NRI will sell and deliver Hackett’s data in Japan, China, Taiwan, South Korea, the Philippines and Indonesia. This is indicative
of a broader strategy at Hackett, as the firm has struck similar deals with consulting firms in Scandinavia and Sub-Saharan Africa.
GETTING HIRED
Hackett recruiters look for applicants who demonstrate “insight, passion and commitment.” The firm lists five 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 firm, “The problems our clients face are complex; we have to be imaginative and innovative.” For more tangible
requirements, the firm cites “excellent analytical ability, outstanding MS Office 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.”
Customized for: Han (liuhan@sas.upenn.edu)
LOCATIONS UPPERS
Philadelphia, PA (HQ) • “Freedom to act”
86 offices in 48 countries • “You can make a difference”
EMPLOYMENT CONTACT
www.haygroup.com/ww/careers
THE BUZZ
what other consultants are saying
• “There’s no one stronger in compensation consulting”
• “One-dimensional”
• “Strong for analytical projects”
Customized for: Han (liuhan@sas.upenn.edu)
Hay Group
THE SCOOP
The firm operates in four practice areas. The first, 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 benefits advice. Hay Group’s 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 fill? Hay Group can make sure its clients pick the best managers to fill executive positions with the help of its extensive leadership and talent
research databases. Founded by Harvard psychologist David McClelland, Hay Group’s 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 firm 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 firm uses this data in a variety of ways, most notably for its job evaluation methodology—the first of its kind in the market—which is used by over
8,000 organizations around the world to determine the value of a job. A complementary methodology is Hay Group’s “role-profile 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 world’s largest database on remuneration for management positions, with more than 12 million individual records from more than 13,000 organizations.
Since 2005, the firm 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 firm also joins forces with Bloomberg Businessweek
to publish the Best Companies for Leadership.
It’s 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 firm releases regularly.
GETTING HIRED
Customized for: Han (liuhan@sas.upenn.edu)
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 don’t include case studies, a method of evaluation adopted
by the industry at large.
Rather than examining work experiences or academic records, the firm uses its own set of evaluations to try to understand a candidate’s nature as deeply as
possible (which can make interviews difficult to prepare for). When presenting one’s self to interviewers, it’s important to keep several notes in mind. “Flexibility
is key,” the firm says, adding that candidates should be able to change their behavior or appearance for the “situation or individual they are dealing with”—with
the interview serving as the first test of this flexibility. Further, the firm notes, “We expect to see evidence of initiative and of soliciting colleagues’ help,”
underscoring the importance of appearing a personable team player.
UPPER
• Strong public-sector presence
DOWNER
• Limited name recognition outside its immediate circles
EMPLOYMENT CONTACT
www.icfi.com/Careers
Customized for: Han (liuhan@sas.upenn.edu)
THE SCOOP
Not only do a bulk of the firm’s 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 Office of National Drug
Policy, the U.S. Coast Guard, the Department of Housing and Urban Development and the Environmental Protection Agency.
Green is gold
ICF also counts environmental stewardship among its corporate responsibilities. Accordingly, the firm 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 firm prestigious honors for its comprehensive commitment to sustainability.
GETTING HIRED
According to the firm, “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 qualified 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-specific openings—
from climate change and sustainability to fuels and technology, with an impressive array in between—qualifications vary dramatically. However, the
firm 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.
Customized for: Han (liuhan@sas.upenn.edu)
DOWNERS
LOCATIONS • Limited variety of projects
Eden Prairie, MN (HQ)
Atlanta, GA
Chicago, IL THE STATS
Denver, CO
Falls Church, VA (The Lewin Group) Employer Type: Wholly owned Subsidiary of UnitedHealth
Kansas City, MO Group
New York, NY CEO: John Nackel
Rocky Hill, CT 2010 Employees: 1,000+
Salt Lake City, UT
San Francisco, CA
London
EMPLOYMENT CONTACT
www.ingenixconsulting.com/Careers
PRACTICE AREAS
Hospital & Physician Solutions • Insurer & Health Plan Solutions •
Public Sector Solutions (The Lewin Group)
Customized for: Han (liuhan@sas.upenn.edu)
Ingenix Consulting
THE SCOOP
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 firm seeks “bright college
students looking forward to careers in medicine, computing technology and business.” Creativity is among the other qualities coveted by the firm: “If you have
a solid track record for innovation and accomplishment, we’re eager to talk to you.”
Prospective applicants can search for specific opportunities and drop resumes online via UnitedHealth Group.
Customized for: Han (liuhan@sas.upenn.edu)
LOCATIONS
THE STATS
New York, NY (HQ)
88 offices throughout the United States Employer Type: KPMG LLP, the audit, tax and advisory firm,
is the US member firm of KPMG International
Chairman, KPMG International: Timothy P. Flynn
Chairman & CEO, KPMG LLP (U.S.): John Veihmeyer
PRACTICE AREAS Deputy Chairman and COO, KPMG LLP (U.S.): Henry Keizer
Accounting Advisory • Business Performance • Corporate Americas Head of Advisory: Mark Goodburn
Finance • Financial Risk Management • Forensic • Internal Audit, Global Head of Advisory: Alan Buckle
Risk & Compliance • IT Advisory • Restructuring • Transaction 2009 Employees*: 22,960
Services 2008 Employees*: 23,914
2009 Revenue*: $5.076 billion
2008 Revenue*: $5.679 billion
*Employee and revenue figures are for KPMG LLP U.S. only
EMPLOYMENT CONTACT
www.kpmgcareers.com
THE BUZZ
what other consultants are saying
• “One of the most well known”
• “Type-A employees”
• “Seasoned; diverse”
Customized for: Han (liuhan@sas.upenn.edu)
THE SCOOP
Network kings
Professional services giant KPMG International operates as an international network of independent member firms, which includes KPMG LLP U.S.,
known as a Swiss cooperative. While the member firms 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 simplifies the firm’s offerings from the nine categories it offered before, the shift
will likely change little about the day-to-day work its consultants do; they’ll still be committed to mitigating risk, improving performance and creating
value on behalf of clients. In North America, KPMG member firms include KPMG LLP (USA) and KPMG LLP (Canada).
Alphabet soup
KPMG’s roots date back to 1870, when accountant William Barclay Peat hung out his shingle in London. In 1911, his firm 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 firms 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 first 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 KPMG’s consulting work for several companies,
eventually changing its name to BearingPoint in October 2002. The bulk of BearingPoint’s assets are now owned by Deloitte, which purchased them
after the company filed 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 KPMG’s 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, KPMG’s advisory practice generates around one-quarter of
the company’s 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 firm: accounting
advisory, business performance, corporate finance, financial risk management, forensic, internal audit, risk and compliance, IT advisory, restructuring
and transaction services.
In addition to helping clients, the firm 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 program—begun in 2008—is a 25 percent reduction in member firms’ 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 firms’ emissions profiles is the first step of the plan; the second step involves supporting environmental projects in member
firms’ local communities. Finally, KPMG aims to help employees and suppliers—in addition to its clients—reduce their impact on the environment.
GETTING HIRED
KPMG is currently seeking “newly qualified or experienced professionals” to fill consultant roles “across tax, audit and advisory” sectors. Insiders call
the hiring process “highly selective”; as one midlevel associate says, “Hiring filters tend to be very good—not perfect—but much better than any other
company for which I have worked. Their percentages are better than most.” “The firm 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 KPMG’s hiring requirements can expect to be flown to one of the firm’s offices for face-
Customized for: Han (liuhan@sas.upenn.edu)
to-face interviews. For tips on succeeding in those, real-life profiles of current KPMG consultants and inside looks, visit the firm’s comprehensive
Careers Magazine at www.kpmg.com.
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,
although some complain with the sense of “entitlement” around the office. Still, there’s a culture of friendliness and collegiality between managers and
consultants, and the primary focus is on getting the work done smoothly and efficiently. The firm “focuses as much on teamwork as on client needs
and making a profit,” 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.
Pay, we’re told, is highly competitive and “very fair,” though “last year we did not receive bonuses or raises due to the uncertain and difficult
economy.”
Diversity
“We have a diverse workforce,” says an associate, reflecting a truth that might not necessarily extend to “all levels” at KPMG. The firm notes that new
KPMG LLP U.S. Chairman and CEO John Veihmeyer has made diversity a top priority, and the firm has many programs in place to encourage and
promote a more diverse workplace. “The firm has recently been promoting a diversity-supporting message,” confirmed one source, “so what I have
seen so far may change in the near future.”
Confidence in firm leadership also runs high—and while they may not be the most diverse group of individuals, consultants think that “they have the
right lieutenants on staff to execute brilliantly. We’ll be in good shape.”
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EMPLOYMENT CONTACT
Americas:
www.kurtsalmon.com/careers_list.php
Asia Pacific:
Email: recrAPAC@kurtsalmon.com
Europe:
Email: recrEU@kurtsalmon.com
THE BUZZ
what other consultants are saying
• “Great momentum”
• “One-size-fits-all approaches”
• “Good boutique firm”
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THE SCOOP
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 identifies consumer trends, optimizes pricing, facilitates
market penetration, assists in brand launching, and guides mergers and acquisitions, among other services. Additionally, a team in KSA’s 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.
Modern methods
KSA is a strong advocate for the use of innovative technology to drive success. The firm often helps clients select and implement software that will
optimize, or even automate, their business processes, such as order fulfillment, 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 specific needs.
One way KSA keeps its fingers 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 influx of inquiries from retail leaders. As a result,
the firm invested in a significant 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 firm under
the name Kurt Salmon, but will retain their respective names and identities until January 2011. Both firms 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 firms claim
that their new union will establish a “one-of-a-kind” consulting firm 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 won’t necessarily land
you the job. That’s because a big chunk of the firm’s recruitment process emphasizes the importance of hiring cultural fits, rather than intelligent wet
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blankets. So who are the candidates that fit in? “Our consultants hail from a variety of educational, professional and cultural backgrounds,” the firm
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.
Qualified applicants typically have MBAs or bachelor’s degrees in business, engineering, and other physical sciences or quant-heavy disciplines.
More specifically, 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.
DOWNER
LOCATIONS • Competitive environment
Devon, PA (HQ)
37 offices in 9 countries
THE STATS
Employer Type: Public Company
PRACTICE AREAS Ticker Symbol: XPRT (Nasdaq)
CEO: Steve Samek
Actuarial Services • Antitrust & Competition Policy • Audit, Risk &
2010 Employees: 1,300+
Compliance Services • Bankruptcy & Restructuring • Economic &
2009 Employees: 900+
Financial Regulation • Environment & Natural Resources • Strategy
2008 Employees: 2,500
& Performance Improvement • Finance, Valuation & Damages
2009 Revenue: $263.2million
• Financial Services • Forensic Accounting • Government &
2008 Revenue: $335.6 million
Regulatory Oversight • Healthcare • Human Resources Strategic
Consulting • Insurance & Reinsurance • Intellectual Property •
International Arbitration • Labor & Employment • Life Sciences
• Legal Technology & Analytic Consulting • Securities • Tax • EMPLOYMENT CONTACT
Technology • Telecommunications • Transportation
www.lecg.com/careers
THE BUZZ
what other consultants are saying
• “Solid litigation support work”
• “Not friendly”
• “A competitor”
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LECG
THE SCOOP
The company was formed in March 1988 and, in 2003, it launched an IPO on the Nasdaq. Since its founding, the firm 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 firms, and local, state, and federal governments and agencies in the Americas, Europe and Asia Pacific. 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 SMART’s
expertise in financial advisory and business consulting practices, including technology, business process improvement, compensation and benefits,
accounting, actuarial and tax.
In many cases, LECG’s senior staff and professionals continue to hold positions outside of the firm in their respective fields, working for research labs,
corporations, universities, government agencies or elsewhere. Thus, they are professionals, not professional witnesses.
GETTING HIRED
Given LECG’s service offerings that span a wide array of industries and practice areas, the firm’s consultant pool is equally varied with specialists,
consultants, associates in economics, accounting, assurance, governance, tax, finance, 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 bachelor’s and/or master’s degree in economics, finance, accounting,
computer science, engineering, business, statistics and other areas related to LECG’s service offerings. Responsibilities range from researching and
analyzing complex issues in litigation, public policy and other fields, to supporting governance, assurance, and tax issues. Senior staff supporting
litigation, economics and disputes typically hold advanced degrees related to LECG’s work, and manage projects involving regulation, litigation and
strategic consulting. As project leads, they clear the way for lead experts to define, analyze and reach independent conclusions for clients facing
economic or finance-related issues, and are plugged into the latest economic and financial theories and applied methodologies, the firm explains.
Senior staff supporting the consulting, governance, assurance and tax segments provide financial 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 financial advisory and business
consulting, technology, business process improvement, audit and accounting, compensation and benefits, 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 first meet face-to-face with LECG representatives on campus.
Second-round interviews—held either on campus or in an LECG office—include 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
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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 firm offers undergraduate and graduate students the opportunity to work for the
firm as an intern. Interns work with LECG researchers, consultants and associates, learning the ins and outs of the firm’s research methods and getting
firsthand experience on client engagements. Interns are recruited annually at certain US campuses, or may be directly recruited through referrals.
LECG’s recruiting schedule is available on its online careers page.
LOCATIONS
UPPER
Greenwich, CT
San Francisco, CA • “Very loyal client list”
London
Paris
Shanghai DOWNER
Tokyo
• The Mars name isn’t as widely recognized in the US as it is
in Europe
PRACTICE AREAS
Strategy Consulting EMPLOYMENT CONTACT
Office-by-office recruiting contacts available at: www.
marsandco.com/index_en.html
THE BUZZ
what other consultants are saying
• “Innovative concepts, cool company”
• “Small boutique, dominated by its founder”
• “Strong and complex analysts”
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• “Youngsters”
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Mars & Co
THE SCOOP
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 eye—as it did early in 2008, when it emerged that none other than French President Nicolas Sarkozy had hired
the firm to help develop criteria for “report cards” to be issued to all of his ministers.
Associate and senior associate consultants primarily do research and data management, and are hired for their strong research and analytical skills.
Via Mars & Co’s 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 firm prides itself on being a meritocracy—promotions 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 qualified 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 you’re weak on quants, you won’t stand a chance.”
On-site interviews vary slightly by office. There are generally two rounds: the first 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
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and cases, as well as fit 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.”
Corporate Atmosphere
There’s 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, “It’s always interesting and you are always learning new things.” “I have learned
Mars & Co
a lot and have greatly improved my quantitative skills,” another echoes, but states that “it’s not a long-term career unless you prefer not to see your
friends and family except on weekends that you’re not working.”
Firm culture is another evergreen source of consultant satisfaction. It’s “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.”
Others have dimmer views of the possibility of juggling too many commitments. “Management doesn’t seem to care in the least about your life outside
of the office if it conflicts with project/client demands,” says a burnt-out consultant. And while compensation isn’t 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 training—mainly on specific 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 first six months, you will probably get two
days of ‘official’ 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 doesn’t appear to be a ceiling for undergraduates
because some of the most senior people started at the very bottom.
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 confident in the firm’s “very approachable” leadership, saying that the “direction of the firm is very clear and simple
to understand.”
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DOWNERS
LOCATIONS • Limited visibility in the industry
Atlanta, GA (HQ) • No room for entry-levels
45 offices throughout North America, Europe and Asia Pacific
THE STATS
PRACTICE AREAS Employer Type: Private Company
Customer Experience & Engagement • Execution • Finance Managing Officer & Chairman: Dan Reardon
& Accounting • Human Capital • Information Technology • 2010 Employees: 2,200
Operations • Strategy & Advisory 2009 Employees: 750
2010 Revenue*: $143 million
2008 Revenue*: $168 million
*Revenue figures are for US only
EMPLOYMENT CONTACT
www.northhighland.com/working-here/
THE BUZZ
what other consultants are saying
• “Creative, innovative boutique”
• “Local”
• “Experienced”
Customized for: Han (liuhan@sas.upenn.edu)
North Highland
THE SCOOP
Southern comfort
Founded in 1992, Atlanta-based North Highland believes that the best consultants are happy consultants—so much so that the firm is owned and
managed by its employees. Perhaps that’s why each of the firm’s 45 global offices is staffed locally—an approach that minimizes consultants’ travel
time, while still providing clients with easy access to North Highland’s best resource: its 2,200 professionals. The firm offers business solutions to
Fortune 1000 clients, nonprofit groups and government agencies in the United States, Asia, Europe and Australia, working with companies to define
strategies, streamline operations, empower people, integrate suppliers, leverage technology and maximize customer interaction.
North Highland’s “globally local” philosophy extends to its international offices, in the sense that all member firms are expected to adhere to the same
standard of business and industry experience, combined with on-the-ground local market expertise. The firm’s Shanghai office serves multiple cities
across China.
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 firm’s success via an employee-owned stock ownership plan. Today, Peterson’s vision has taken shape in a firm that has grown
exponentially. As might be expected, North Highland also claims that its clients are happier—a phenomenon the firm attributes to faster completion
of projects by consultants who are focused, experienced and hold a stake in North Highland’s success. Clients turn to North Highland for help with
customer experience and engagement, execution, finance 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 significant general
consulting experience in business process and/or technology, and often have specialized knowledge.
Though not exactly resort-like—consultants are expected to work for their money—North Highland sees itself as a destination consulting firm. “Working
at North Highland,” the firm explains, is a hardworking consultant’s “reward for all the talent and hard work that got them here.”
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DOWNER
• Global team approach can make for difficult communication
LOCATIONS
New York, NY (HQ)
Jersey City, NJ
THE STATS
San Diego, CA
London Employer Type: Private Company
New Delhi CEO: Arnab Gupta
Paris 2010 Employees: 350+
Shanghai 2009 Employees: 200
Email: Recruiting@operasolutions.com
Customized for: Han (liuhan@sas.upenn.edu)
Opera Solutions
THE SCOOP
Zero to 60
How does one achieve significant, ideally lasting, change in a matter of months? The firm 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 fingertips, and are therefore unable to drive effective
profit growth and create long-term strategic advantage. Opera focuses on exploiting that data and information to create value—and doing so quickly.
As such, the firm develops state-of-the-art technology and analytics that support rapid identification and capture of profit opportunities from very large
pools of data.
It ain’t over…
Opera has designed offerings and analytics specifically focused on creating value from its clients’ customer, purchasing, transaction and market data.
These include Opera’s 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 Netflix’s movie recommender
engine, Opera finished 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 firm to offer
a range of to profitably offer a range of gain-share fee arrangements that make many projects self-funding for clients. Moreover, the firm provides technology
and analytics services under a range of per-use or monthly fee arrangements that provide flexibility to clients, as well as recurring revenue to Opera.
Opera consultants are every bit as eclectic as the firm’s 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 analytics—among them mathematicians, statisticians and data management
specialists—hail 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 scientific 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
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analytical specialists are hired through this process. Undergraduate and non-MBA programs targeted by the firm include Caltech, Cornell University,
Dartmouth College and Thayer School of Engineering, Harvard College and MIT. MBA programs on Opera’s 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 firm says, should be “comfortable with ambiguity, flexible in the face of a fast-moving environment, and energized
by solving complex analytic and business challenges.” Given this description of the firm’s ideal consultant, it makes sense, then, that Opera’s interview
process is geared toward discerning these qualities and capabilities in candidates. “The purpose of the interview process,” the firm 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 fit with the firm’s overall culture.
PA Consulting Group
THE SCOOP
British-born
It might sound like it originated in the Keystone State, but PA Consulting Group’s home base is actually in London, where it was founded in 1943. With
offices in 14 countries, the firm has a presence in nine U.S. cities: Boston, Denver, Houston, Los Angeles, Madison, New York, Princeton and Arlington.
The firm 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, financial services, and health care and life sciences.
Elsewhere in the world, PA Consulting has offices in Europe and Latin America, with around 2,600 employees reaching clients in approximately 35
countries. These employees are owners, too: the firm 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.
The firm 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 offices across Europe, Australia and Asia. That proved to be the firm’s pinnacle, however, as several
years of low revenue, coupled with an overall decline in the consulting industry left the firm with a fraction of its former headcount, and flirting with
bankruptcy by the 1990s.
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 specific consulting disciplines and solutions may be lengthy, they’re all aimed at producing the same core outcomes,
as far as PA’s clients are concerned: “managing risk, mobilizing staff and integrating initiatives to deliver sustainable change quickly.”
Insights
The firm claims to work with companies “from insight to implementation”—an approach that sees the company developing unique insights for
clients, as well as delivering end-to-end solutions. Its insights don’t 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 areas—ranging from capturing customer value to lean
organization consulting to supply chain issues. In addition, the firm 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 first 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
Customized for: Han (liuhan@sas.upenn.edu)
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 PA’s “assessment centers,” where groups of hopefuls are interviewed, given case study exercises and
asked to work out problems in group exercises. The third, and final, stage includes an interview with a member of PA’s management group.
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
THE BUZZ
what other consultants are saying
• “Entrepreneurial boutique”
• “Rescind much?”
• “Work a lot, but also seem like a fun group”
Customized for: Han (liuhan@sas.upenn.edu)
• “Two-case model”
THE SCOOP
In it for life
The Parthenon Group’s approach to business is to form “life-long partnerships” with clients—and it pays more than just lip service to that mantra.
Since 1992, the firm 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 fund’s portfolio.
Helping by example
Parthenon Chairman Achtmeyer sets a good example for his staff when it comes to philanthropic causes. In addition to managing his firm, 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 firm, which, since 1993,
has contributed over $4 million to charitable causes.
GETTING HIRED
Parthenon insiders tell us they’re currently experiencing “unsustainable” workloads, which bodes well for those seeking positions at the firm. That
said, high demand won’t be enough to bring on candidates who lack talent or qualifications. “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 first 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 Parthenon’s primary client contacts. Usually, the firm 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 fill Parthenon’s highest-level openings, as principals or senior principals. These candidates, the firm says,
Customized for: Han (liuhan@sas.upenn.edu)
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 firm’s strategy, analysis techniques and values. At the end of the
program, summer interns are asked to show off what they’ve learned by giving an individual presentation to Parthenon’s management team. Those
who do well are offered full-time offers for when they complete their undergraduate/MBA degree.
Corporate Atmosphere
Parthenon consultants recognize the reality of “ups and downs” at the firm 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 firm’s culture as a major
perk. “Parthenon’s culture is what sets it apart from other consulting firms,” an associate states. “There is an amazing spirit and camaraderie across
the whole office. It’s not an exaggeration to say that most people are genuine friends and people you would party with or be roommates with, not just
colleagues.”
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, significant others, etc.” For their sacrifices, Parthenon consultants earn “very fair,” “competitive” compensation, including bonuses during
recent down years.
Professional Development
After “detailed, comprehensive” orientation for initial hires, Parthenon’s formal training opportunities are sparse and sometimes difficult to access.
However, the void is largely filled 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 firm 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 “significant investment” or move casually through the ranks, and note that Parthenon is not
strictly up or out in its promotion policies.
DOWNER
• Newly minted college grads should look for work elsewhere
PRACTICE AREAS
Business Advisory Services • Business Continuity Planning •
Change & Communication Management • Executive Coaching
EMPLOYMENT CONTACT
& Organizational Development • Finance Management &
Operations • Human Capital Management • Interim Management www.pointb.com/careers/
• 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
THE BUZZ
what other consultants are saying
• “A hot name for work/life balance”
• “Project managers, not consultants”
• “Funny staffing model, but it works”
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Point B
THE SCOOP
Making a Point
When companies want to get a job done without flying in consultants from across the country or signing multiyear contracts, they go to Point B. The
management consulting firm 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 firm’s work has spanned a number of industries,
including banking and financial services, health care, biotechnology, government, telecommunications, software and technology, manufacturing,
distribution, retail, insurance, and media and entertainment.
Accordingly, Hodge, Jenkins and Littlefield started Point B with the aim of doing things differently. Among other things, the firm believes that “different”
involves focusing specifically on execution and actually getting projects done; providing flexible access to leaders; eliminating “big firm” overhead; and
avoiding alliances, reseller agreements or other pairings-up that could compromise the company’s objectivity. Today, the $200 initial investment has
translated into revenue of over $90 million, and a firm 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 firm believes in staying local; when a client calls for help, the firm appoints a consultant who lives in or
near the client’s town. That management philosophy reaps two major benefits: 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.
Generally, Point B serves in a consultative role, but it is also frequently asked to fill 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 firms.
GETTING HIRED
The same firm that describes itself as “collegial,” “participative,” “supportive” and “fulfilling” also promises prospective hires that they will “find the
clients, colleagues and support to do [their] best work, advance [their] career and have a life outside of it, too.” Point B’s promise is a big one, which
is why it reserves its recruiting efforts for experienced professionals with proven track records.
Point B
The firm’s hiring process is a thorough one, given that it focuses on the long-term potential of its candidates, not on fulfilling immediate staffing needs.
Throughout the process, the emphasis is as much on fit 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 firm.
Corporate Atmosphere
The typical Point B consultant is “very satisfied” by any number of the firm’s assets. Chief among them is the firm’s “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 specifically made to ensure that people are
included, offered the opportunity to contribute and support each other.”
The firm 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 firm apart from its peers.
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 field, nullifying
the need for initial trainings. And, given the free-market nature of work at the firm, 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 firm. In fact, many Point B associates have professional certifications (i.e., PMP, Six Sigma, Executive Coaching)
that Point B financially supports. Of course, “there are some formal classes,” a consultant mentions, “but even the style of those is discussion-based.”
The firm 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 flat,” 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 firm 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 firm—some paths are defined, while others are created based on the specific
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 determine—they’re the
ones controlling how much or how little work they’re going to do each year.
Customized for: Han (liuhan@sas.upenn.edu)
LOCATIONS
UPPERS
San Francisco, CA (HQ)
Chicago, IL • Great project experience from day one
New York, NY
Richmond, VA
Hamburg DOWNERS
London
Madrid • Formal training can be lacking
Zurich
EMPLOYMENT CONTACT
PRACTICE AREAS www.prophet.com/about/careers
Brand • Design • Innovation • Marketing
THE BUZZ
what other consultants are saying
• “Innovative and creative”
• “Black turtlenecks”
• “The little engine that could”
Customized for: Han (liuhan@sas.upenn.edu)
Prophet
THE SCOOP
Go-to gurus
CEO and Chairman Michael Dunn, Vice Chairman David Aaker and Senior Partner Scott M. Davis are the biggest branding brains behind Prophet’s service
offerings. Dunn, at the helm, has overseen the development of the entire firm’s strategy. He also continues to serve as a strategic advisor on a number of
Prophet’s client engagements, especially if they happen to be in the specialty retail, financial services, high technology and Internet sectors. An acknowledged
expert in his field, Dunn has published broadly, making up a list that includes the books Building the Brand-Driven Business—co-authored with colleague Scott
Davis—and 2009’s The Marketing Accountability Imperative.
No less prolific 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 Prophet’s 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
Profitable 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 firm, it is “always looking” for new consultants to be a part of its team. Although the firm’s careers page does not offer many
details on just how the recruitment process works, it does instruct applicants to email their resume to the firm’s 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 firm 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 don’t always have the luxury of providing a six-month training program prior to a consultant’s first 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 “definitely use their contacts”
to ingratiate themselves with the Prophet interviewer. Next, they should show that they have done their research on the firm and on the specific
Customized for: Han (liuhan@sas.upenn.edu)
interviewer (no pressure). And finally, 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.
EMPLOYMENT CONTACT
www.protiviti.com/careers
THE BUZZ
what other consultants are saying
• “Good people, easygoing”
• “SOX people on life support”
• “Nice niche in the risk assessment space”
Customized for: Han (liuhan@sas.upenn.edu)
• “Cutbacks”
Protiviti
THE SCOOP
After its founding, the firm expanded at a rapid pace, growing to more than 60 offices 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 finance and
transactions, operations, technology, litigation, governance, risk and compliance. In addition, Protiviti’s 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 Protiviti’s 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 Protiviti’s consultants, the Governance Portal integrates content, commonly accepted
frameworks, real-world knowledge and leading-edge technology. The software also helps clients manage financial controls, compliance management,
IT governance, internal audit and risk management. To date, more than 350 clients around the world have used the Governance Portal.
Foreseeing this bump in the road, the firm 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 firms 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 Protiviti’s litigation, restructuring and investigative services
practice, contributing their expertise in the energy and financial services industries and international arbitrage to this practice.
and local events to provide insight into a variety of internal audit and risk management issues. Protiviti’s subject-matter experts frequently contribute
articles to trade publications, as well.
For the bookworms, Protiviti’s online library provides complimentary access to its survey reports, white papers, resource guides, regulatory updates
and newsletters. In addition, the firm launched a podcast series, Powerful Insights, in late 2009. Protiviti’s KnowledgeLeader, a subscription-based
website, offers additional tools, templates and resources, such as best practices, white papers and methodologies.
Protiviti
GETTING HIRED
“Our interview style focuses on one thing: you,” the firm says, and it means it. The objective of Protiviti’s 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 firm 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 final of which is held on site. The firm also looks out
for candidates’ preparedness; “be sure to do your research as you prepare to speak with us,” the firm cautions.
Prospective interns must be current university students within one year of graduating (with either a bachelor’s or master’s degree), with preferred
majors in business administration, accounting, finance 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 Protiviti’s preferred universities, or to
submit an application directly on the firm’s website on the Join Our Team page within the Careers section.
Customized for: Han (liuhan@sas.upenn.edu)
EMPLOYMENT CONTACT
www.careers.rolandberger.com
THE BUZZ
what other consultants are saying
• “Open and friendly culture”
• “Political”
• “Europe-oriented”
Customized for: Han (liuhan@sas.upenn.edu)
• “Lost momentum”
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
THE SCOOP
A Berger joint
From its humble beginning as a small, one-man consulting firm, Roland Berger Strategy Consultants has grown into an international giant. Ranked
among the top-10 in global strategy consulting, it is the largest consulting firm to have emerged from Europe, where it still does the bulk of its business;
26 of the firm’s 36 offices worldwide are located in Europe. Within the U.S., the firm has just three locations, with offices 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 world’s largest
corporations in a variety of industries. Those include automotive, construction, chemicals, energy, environmental technology, financial services,
machinery, medical devices, pharmaceuticals, rail, telecommunications, and travel and tourism.
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 firm in 1988, which added restrictions
to the firm’s intentions to establish itself Stateside. Specifically, the U.S. Bank Holding Company Act forbade the firm from establishing an independent
office within U.S. borders. Because of that, it wasn’t until 1995 that Roland Berger set up a representative office in New York, with the help of several
American partners. Three years later, the firm regained majority control, enabling it to open an independent office in Detroit, Mich. That same year,
it also consummated its relationship with New York, transitioning that office’s status from representative to independent. The firm’s presence on the
continent rose to three offices 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 firm’s think:act magazine discusses perspectives and opinions on top issues relevant to business decision makers. The firm also
publishes think:act CONTENT—which presents “cutting edge research and analysis” on a specific topic each issue—as well as Automotive INSIGHTS
and an executive review aimed at the capital goods industry.
In addition, the firm 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 firm’s research available to the general public; and The Management Series, which features the PhD
dissertations of Roland Berger’s professionals.
In the spotlight
In 2007, the firm committed to a three-year partnership—which has since been renewed through 2012—with the World Economic Forum, a nonprofit
organization that serves as a platform for discussion about global issues. Through the partnership, Roland Berger will help to shape the content for
the Forum’s summits, panels and debates, and will develop new ideas for its educational sessions. Roland Berger’s particular area of interest is the
Forum’s Young Global Leaders program, which helps bring together some of the world’s 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 firm plays its part in giving back to the community, especially through pro
bono initiatives. For example, it takes part in Focus:HOPE a nonprofit civil and human rights organization located in Detroit. The group’s goal is to use
intelligent and practical action to fight 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.
Customized for: Han (liuhan@sas.upenn.edu)
GETTING HIRED
Roland Berger’s hiring model is a clear reflection of its own makeup in North America. “Our offices 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 firm lacks in size and prestige is countered
by a host of more unique options. Roland Berger’s international culture ranks among the most attractive for potential hires; accordingly, the firm is
looking to further that image with similarly minded new hires. “We look for highly qualified candidates, typically with business educations and resumes
with an international flavor,” one insider says.
Overall Satisfaction
• “I really enjoy working for Roland Berger—I 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 find my job fulfilling in that it allows me to create longstanding relationships with clients and the freedom to shape my own efforts and
development.” – Strategy executive
• “I couldn’t 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
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 office for months or not see an office for months, depending on the assignment.
If a project beckons, you go, even internationally.” – Experienced consultant
Professional Development
Customized for: Han (liuhan@sas.upenn.edu)
Vault’s Verdict: Consultants rave about the firm’s 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 offices 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
• “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
• “It’s not up or out, except at entry level.” – Strategy consultant
Diversity
Vault’s Verdict: The firm’s international roots make for an ethnically diverse consultant corps, but the utter lack of women among the ranks is a
cause for concern.
LOCATIONS
Raleigh, NC (HQ) UPPER
Atlanta, GA
• Small consulting teams means lots of mentoring and
exposure to upper management
PRACTICE AREAS
Energy Industry • Federal Government • General Management • DOWNER
Shared Services • Sustainability
• Mainly a local name
EMPLOYMENT CONTACT
www.scottmadden.com/page/16/Careers.html
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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 firm’s 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 company’s services include strategic assessments, solutions development and performance monitoring.
In 1994, Scott Madden & Associates established its shared services practice, while the acquisition of SMG North America in 1998 enabled the firm
to develop a proprietary online survey methodology. In 2005, both founder Peter Scott and Tom Madden left the firm—an occasion that saw the firm
emerge with its current branding: ScottMadden, Inc. By 2007, the firm had completed more than 2,500 energy-related projects and had extended
its reach globally via strategic alliances with management consulting firms in Latin America, Europe and Asia Pacific. Today, almost 10 percent of the
firm’s current business is overseas, often from North American clients with international operations.
Keep it simple
Having built its reputation in the field, it’s not surprising that ScottMadden’s 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 firm’s second-largest functional area is its shared services practice—a unit that can perhaps best be described as the antithesis of outsourcing.
The reason? It works with companies to centralize specific functions across their business units or global operations, such as human resources, IT
supply chain, finance 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.
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 first of which is held on campus. During the initial meet-and-greet, the
Customized for: Han (liuhan@sas.upenn.edu)
recruitment process begins with one 45-minute behavioral interview. Final-round interviews are held at either the firm’s Atlanta or Raleigh offices. This
round usually lasts half a day, and includes additional behavioral interviews and a presentation—usually focused on candidates’ past work or internship
experiences—with lunch. Throughout the process, the firm says it does not use case studies, instead putting the main focus on personality fit.
UPPER
LOCATIONS
• Get to work directly with clients from day one
New York, NY (HQ)
21 locations around the United States and Canada
DOWNER
PRACTICE AREAS • Unclear promotion path
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THE SCOOP
Flock of Segals
Founded in 1939, The Segal Company focuses on benefits and HR consulting and actuarial services for a wide variety of employers and plan sponsors.
Owned by its employees, the firm 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 nonprofit, government (local, state and federal) and multiemployer plans. It also works with professional services firms
and has a significant presence in the higher education field. Having been one of the original players in employee benefits consulting, the firm claims
to be behind many practices now considered standard in the field, such as supplemental benefits programs and preferred provider organizations
(PPOs). All told, the benefits programs the firm advises on cover more than eight million workers in the U.S. and Canada, for firms 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 firm emphasizes that it is not interested in providing services
that clients already perform for themselves, but rather in finding new ways for clients to increase their insights into the options available for provision of
employee benefits. Segal also publishes a number of newsletters and reports, many of which are geared toward specific locations and markets.
Trusted advisors
According to Segal, it is the “only firm 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 firm defines multiemployer plans as being
“essentially benefit 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 benefits—everything from retirement and health care to disability
and other welfare benefits—to 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 benefits plan independently. Given the proportion of the workforce under
that description, being the industry leader in the field is no small feat—and 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 Segal’s consultants must be able to find the middle ground between different interest groups that can
include trade union members and leaders, employers, trustees, advisors and board members.
The investment consulting services mentioned above are handled by Segal Advisors, Inc., an SEC-registered affiliate 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 benefits
work done by Segal.
GETTING HIRED
While Segal does not publish the specifics of its recruiting process on its career page, it does offer some insight into the type of applicants it’s looking
Customized for: Han (liuhan@sas.upenn.edu)
for. For actuarial consulting, for example, the firm says having a quantitative-oriented degree—such as in actuarial sciences or mathematics—is a
definite 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 firm 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.”
UPPERS
LOCATIONS • “Direct access to C-level executives”
• “Value-based management expertise”
New York, NY (HQ)
Beijing
Dubai
Frankfurt DOWNERS
Jakarta
• “No large analyst class”
Johannesburg
• “Limited recognition of the firm in fields outside strategy, value
Kuala Lumpur
management and corporate finance”
London
Melbourne
Mumbai
São Paolo EMPLOYMENT CONTACT
Singapore
Email: careers@sternstewart.com
Tokyo (Franchise)
www.sternstewart.com/index.php?content=careers
PRACTICE AREAS
Corporate Finance Advisory • Governance • Value Based
Management • Value Based Operations • Value Based Strategy
THE BUZZ
what other consultants are saying
• “High end, but narrow niche”
• “So 1990s”
• “Respected EVA guys”
Customized for: Han (liuhan@sas.upenn.edu)
• “One-trick pony”
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THE SCOOP
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 simplifies a company’s finances by coordinating the three basic financial statements (income
statement, balance sheet and cash flow statement) into a single method for calculating value. Another major benefit of EVA, according to the firm, is
that it keeps shareholders happy, which makes companies safe from hostile takeovers. Stern also says that EVA creates greater transparency, because
it’s 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.
GETTING HIRED
Early interviews focus largely on aptitude, as recruiters sift through qualified candidates to find those particularly well suited for life at Stern Stewart. “Solid
background and understanding of corporate finance, 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 fit.” After showing aptitude and (hopefully) proving to be a sound fit with Stern
Stewart’s culture, the process culminates in a “case presentation” given to a large group of Stern Stewart consultants.
Overall Satisfaction
• “The size of the firm 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
• “It’s a group of entrepreneurial, international, results driven, friendly people. Consultants are financially and strategically sophisticated, smart,
humble and down-to-earth.” – Senior consultant
• “The annual barbeque at senior management’s home showcases management’s hospitality and offers some nice R&R outside of the office
setting.” – Associate
• “It’s a small firm, so there’s less of a social culture in comparison to other firms (no weekly get-togethers).” – Analyst
• “Although there are no specific 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. They’re interested in my career development and frequently ask for my opinion regarding major
decisions (e.g., hiring).” – Analyst
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 firm, the type of work we do and the problems we are solving, I find my extra hours totally worth
it.” – East Coast insider
Work/Life Balance
• “The firm is great at balancing work and life. I’d say it’s better than any company my friends work for. They will ask to make sure you aren’t
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
didn’t travel at all. I’m always back in town for the weekend.” – Senior consultant
Compensation
• “Compensation is on par with top consulting firms, 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 firm about
bonus payments for 2010.” – Senior consultant
Professional Development
Vault’s 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 firm claims to be increasing its training efforts and has initiated formal training programs for consultants of all
levels in summer 2010.
Formal Training
• “It’s all about hit-the-ground-running experience—mostly on-the-job training.” – Finance consultant
• “This is an area where the firm 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 firm is extremely flexible. After a year, I was promoted from analyst to senior analyst. Promotion to associate
is a possibility.” – New York insider
• “The company’s promotion policy is very good. There are no set time lines—instead, 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 firm have developed quick careers. In the future, having a stricter
promotion policy may help the company to sustain growth.” – Senior consultant
LOCATIONS UPPERS
New York, NY (HQ) • “Access to Vivaldi’s upper management”
Buenos Aires • Client contact
Düsseldorf
Hamburg
London
Munich DOWNERS
Singapore
• “Lack of career path clarity”
Zurich
• “Smaller size leads to less structure”
THE BUZZ
what other consultants are saying
Customized for: Han (liuhan@sas.upenn.edu)
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Vivaldi Partners
THE SCOOP
Build me a brand
For New York-based Vivaldi Partners, building a good brand is like composing a masterpiece. The firm’s 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 firm’s
highest-profile clients have included American Express, PepsiCo, Campbell’s, DIRECTV, Telefonica, Procter & Gamble, Siemens and Volkswagen.
Industries served include the automotive and manufacturing, consumer products, energy, oil and gas, financial services, food and beverage, media
and entertainment, not-for-profit, pharmaceuticals and healthcare, professional services, retail, technology and telecommunications, travel and leisure,
and business-to-business sectors.
The methodology behind these immersive studies is based on the everyday actions of three categories of consumers, as defined 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.”
Vivaldi also applies this knowledge to brand valuation. It can advise clients on the drivers of a given brand’s value, and it can help identify and tap
new markets. The firm has access to over 75 studies on the effectiveness and penetration of brands in over 20 industries.
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
Customized for: Han (liuhan@sas.upenn.edu)
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 and—if possible—work history, Vivaldi says, while for more senior applicants, “some
unique skill must be evident.” Whatever your level, the firm expects applicants to be ready to answer case questions on—what else?—marketing,
branding and strategy.
LOCATIONS UPPER
New York, NY (HQ) • “The pay”
Los Angeles, CA
Roseland, NJ
Birmingham, UK
British Virgin Islands DOWNER
Cayman Islands • Constant travel
Glasgow
Leeds
London
Manchester EMPLOYMENT CONTACT
www.zolfocooper.com/about/contact
THE BUZZ
what other consultants are saying
• “Smaller firm, but good people”
• “Was top of restructuring, but has fallen off”
• “Niche and good at what they do”
Customized for: Han (liuhan@sas.upenn.edu)
• “Less prestigious”
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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 offices in the United States, five 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 office,
and Caribbean operations from the Cayman and British Virgin Islands. Since its founding in 1985, the firm has worked on over 800 engagements,
offering turnaround consulting, interim and crisis management, performance improvement and cross-border restructuring services to corporations,
financial institutions and law firms. Though it’s relatively small in size, Zolfo Cooper has worked for a number of high-profile 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 fill clients’ executive suites on an interim management
basis. In 2009, the firm added senior talent and expanded to include financial investigations and dispute services. But Zolfo Cooper also provides
corporate finance, litigation and creditor advisory services. Its industry expertise runs the gamut—clients 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.
The relationship ended in November 2008, when Zolfo Cooper’s leadership completed a management buyout. The deal was led, on Zolfo Cooper’s
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 firm.
Remember Enron?
Many people remember Zolfo Cooper for its involvement in the 2001-2002 collapse of Enron; in addition to working on the bankruptcy, firm 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 Cooper—who began his career as an accountant—had 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 Carolina’s Krispy Kreme Doughnuts in 2005.
GETTING HIRED
Zolfo Cooper insiders say that, as a small firm with a niche focus on restructuring distressed companies and organizations, hiring is very selective.
And, while the firm offers few specifics 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 fit into the general working environment. Qualified 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.
It’s difficult to say whether the firm 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.
Customized for: Han (liuhan@sas.upenn.edu)