the long term consulting career value proposition
Post on 18-Oct-2014
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The Long-Term ConsultingCareer Value Proposition
featuring:
James WeissFormer Senior Manager at
Hosted by: Caitlin QuanEvisors Marketing & Operations Associate
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Agenda
1. About James
2. Why are we talking about this?
3. Being a Manager
4. Being a Partner
5. Q&A
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About James
“Entrepreneur and Reformed Consultant”
• >6 years post MBA at Bain NYC, Singapore, HK
• Promoted early to Manager, then to Senior Manager
• Specialized in PE, Media, and FS Tech
• Left in ‘10 to start up / advise early-stage companies
• Princeton AB, Wharton MBA
• Started career at DreamWorks in LA, then built two Internet companies
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Why are you here?
• Considering joining a consultancy as an “experienced hire”
• In a consulting firm today contemplating your long-term commitment
• Thinking about consulting vs. other long-term job options
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Most common two questions I get
1. How do I get a job in consulting?
2. What it’s like to be a manager or partner?
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$$$ Partnership $$$ !!
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Well, not exactly.
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High Level: What’s the Job?
Associate / Consultant
Pose questions, get answers and keep the manager happy
Manager / Principal
Manage teams, recruit associates, keep client happy
Partner / Director
Sell projects, make managers, build the firm, keep fellow partners happy
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The Manager
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Being a Manager: What’s the job?
Managers are…
• Running a team
• Working directly with senior executives on the client side
• Helping deliver thought-leadership to your firm
• Mentoring associates and junior clients
• Trying to look credible… but not too credible
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Being a Manager: What do you get?
Managers get…
• Training and experience: You learn a lot – throughput goes WAY up, and you focus on people management
• Value jump: Start to become worth more in the marketplace
• Prestige: Begin to be recognized as an expert in and out of the firm
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Being a Manager: The Ugly
Welcome to the middle.
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Being a Manager: The Ugly
As a Manager you have to deal with…
• Everyone – no one is happy, and they all now comes to you
• Ridiculous workloads
• Less money and respect than you probably deserve (especially from Partners)
• Travel and sacrifice for your “craft”
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What comes next?
When Managers leave, they go to…
• Large companies, in Director/VP-level strategy or analytical roles, with track to “operational role” in 1.5-3 years
• Operations groups in PE funds, or Director-level roles in their portfolios
• More rarely: Deal-side roles in PE; operating roles in mid-sized companies; BD or marketing roles in small / startup companies
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Upshot
The Manager role is…
• Really good training for being a General Manager (although external firms don’t always see it that way)
• A chance to develop more significant senior relationships outside the firm
• Opportunity to become an expert in a field
• Well-compensated – a major step up from Consultant
• A long way from Partner (3-7 years), with the long-term challenge of satisfying a lot of constituents
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Now… before we go into Partner…
Welcome to the partner promotion process.
Hope the gods smile upon you.
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The Partner
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Being a Partner: What’s the job?
Partners are…
• Selling! Upselling and breaking new business
• Building relationships
• No longer project managing: Set up the case, get things going, set the tone, then check out
• Pitching, writing proposals, speaking at conferences, writing white papers
• Mentoring managers
• Helping lead the firm
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Being a Partner: What do you get?
Partners get…
• Money: Wealth (but eat what you kill)
• Autonomy: You are now responsible for a line of business and results
• Job security: Most firms rarely push out partners, and there’s often a “revolving door”
• Intellectual stimulation: You’re working on many things at once
• Prestige: Being a partner = respect
• Interesting opportunities: Both in and out of the firm
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Being a Partner: The Ugly
Thought you had control?
Ha!
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Being a Partner: The Ugly
As a partner you …
• Actually have a lot less control over your life – the sooner you give up your calendar the better off you are!
• Struggle to move jobs – few jobs pay as well, give you the intellectual stimulation, and have the job security
• Are hard to employ – a highly-paid person without “execution experience” is a tough sell
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What comes next
In most firms, partners don’t leave. If you’ve gone through the pain of getting there, you stay.
Those who leave go to…
• Roles within the firm – specialties, practice area heads, developmental roles
• Divisional Head / SVP roles, or Head of Strategy, at larger companies
• Rarely: Partner roles at other service firms; CEO roles (mid-sized firms, ex-clients); PE / VC (very rare)
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Upshot
The Partner role can be fantastic if you…
• Want to live well and develop wealth (but don’t expect to be a billionaire / master of the universe)
• Recognize you’re a salesperson (or sales manager) with a P&L, not a corporate executive
• Enjoy being a “smart dude” – you’re a (well-paid) prof
• Take control – successful partners build their practice on what they do well and love, and set boundaries
• Embrace the flexibility within your firm – there are many chances to try things and reinvent yourself
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Closing thoughts
• Compared with other careers, consultancy can be quite high on the value vs. effort equation
• Culture and people are paramount - it’s a human capital business – if you love the culture and the people it can be a wonderful, uplifting career
• Few companies have as much fluidity as consultancies. If you like variety and intellectual stimulation, it only gets better with time…
• … but, if you want to run a business, it only gets harder and further away the more senior you get
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Connect
Book your one-on-one session with James at
www.evisors.com/expert/689
James WeissFormer Senior Manager at
He can help you with:• Career Assessment
• Consulting Interview Practice• Resume Development
…and more!
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Questions & Answers
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Questions & Answers
Question 1:
What advice would you give to someone transitioning into consulting post-MBA?
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Questions & Answers
Question 2:
Can an experienced expert in a specialized field enter a consulting firm either mid-level or senior level?
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Questions & Answers
Question 3:
Can you work on other projects that are not within your industry of expertise?
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Questions & Answers
Question 4:
What is the most important skill a consultant must have to advance in their career?
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Questions & Answers
Question 5:
How can you transition into consulting if you do not have any prior experience?
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Questions & Answers
Question 6:
Do you feel your experience with Bain Consulting help you handle future business situations?
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Questions & Answers
Question 7:
What was the work/life balance like at Bain Consulting?
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Questions & Answers
Question 8:
What is the career lifespan of a consultant?
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Questions & Answers
Question 9:
How does the expected career trajectory differ between a professional hire and an MBA graduate?
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Questions & Answers
Question 10:
Is it possible for a line manager to get a job in management consulting?
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Questions & Answers
Question 11:
Why did you ultimately decide to leave Bain Consulting?
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