BOSTON, MA--(Marketwired - Sep 14, 2016) - For the third consecutive year, The Boston Consulting Group (BCG) has earned the top spot in Consulting magazine's "Best Firms to Work For" survey. BCG is the only firm to appear on the list every year since the survey debuted in 2001 and has never been ranked outside the top five.
"There's simply no denying that BCG is the very best consulting firm to work for right now," said Joseph Kornik, Consulting's publisher and editor-in-chief. "That level of consistency is very difficult to achieve, but BCG has done it again. BCG leadership deserves plenty of credit for the firm's success."
BCG performed strongly across all six measures of employee satisfaction, ranking first in most (firm culture, firm leadership, compensation and benefits, and client engagement) and in the top five for the others (career development and work-life balance). It also scored highest on two key questions: "How interesting do you find your work to be on a typical assignment?" and "How often do you think your work has had a positive impact on clients?"
"Our highest priority -- one driven by our entire leadership team -- is making BCG the very best employer for top talent and the best place for professional growth," Tom Reichert, BCG's chairman of North America, told the magazine. "On a day-to-day basis, our culture, our collaborative apprenticeship model, and the satisfaction that comes from doing high-impact work are all core elements of our team's deep commitment and engagement."
Morale remains high, Reichert explained, because BCG continues to grow at a healthy double-digit rate, as it has for a number of years, offering an ever-expanding set of options and growth opportunities. "Our people appreciate the many opportunities to grow personally and professionally at an exceptionally fast rate -- to prepare for major leadership roles in BCG and beyond. And...they value our non-hierarchical and team-oriented culture and the ability to connect and grow with smart, talented colleagues."
Earning the top spot on Consulting's list follows other workplace honors for the firm this year. In March, BCG ranked number three on Fortune's "100 Best Companies to Work For" list, which measures companies across all industries. Demonstrating remarkable consistency, BCG has ranked in the top five on Fortune's list for six straight years and is one of only two companies to make the top dozen every year since the firm began participating in 2006.
Consulting's 2016 ranking derives from an online survey conducted this past spring and summer. Over 10,000 consultants participated, representing more than 300 firms. About three-quarters of the respondents came from the United States. The complete findings appear in the magazine's September issue and on www.consultingmag.com.
A two-page feature on BCG, drawing on an in-depth interview with Reichert, appears here.
Consulting is published by ALM, a global leader in specialized industry news and information.
For information on job opportunities at BCG, please visit the Careers section of bcg.com.
To arrange an interview with a member of BCG's leadership team, please contact Alexandra Corriveau at +1 212 446 3261 or firstname.lastname@example.org.
About The Boston Consulting Group
The Boston Consulting Group (BCG) is a global management consulting firm and the world's leading advisor on business strategy. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. Our customized approach combines deep insight into the dynamics of companies and markets with close collaboration at all levels of the client organization. This ensures that our clients achieve sustainable competitive advantage, build more capable organizations, and secure lasting results. Founded in 1963, BCG is a private company with 85 offices in 48 countries. For more information, please visit bcg.com.
Want to work in management consulting? Here’s how much you’ll make at McKinsey, Bain and BCG in the U.S.
Maybe you’re a student or recent graduate who aspires to a career in management consulting. Or perhaps you’re working in another sector and considering a change. Or you could be a seasoned management consultant looking to see if the grass is greener at a competitor. You’ll want to know how much McKinsey & Co., Bain & Co. and the Boston Consulting Group – the MBB firms – actually pay. Historically, they have dominated the consulting landscape, were seen as the most prestigious and interesting places to work in consulting and have competed for talent with the Big Four accounting and professional services firms.
So if you join one of these prestigious management consulting firms, how high a salary can you expect?
McKinsey, Bain and BCG salaries in the U.S.Bain & Co. finished seventh among professional services firms in our 2016 Ideal Employer Rankings. It has the best-paid analysts, and while it appears to be competitive across the board, does not come out on top once you get to the more senior end of the spectrum. That said, it has a reputation for paying generous bonuses, which the data below does not factor in.
By Felix Salmon from Fusion.net
A secretive global network of the rich, the powerful, and the influential, investing in each other’s companies, and trying very hard never to talk about what they’re doing. That’s the dysfunction at the heart of crony capitalism—the system whereby the rich get richer while everybody else struggles.
It’s also a pretty good description of how McKinsey & Company works.
McKinsey is perhaps the world’s best-known management consulting firm, and a high-powered farm team for America’s corporate elite. It’s also home to a $9.5 billion private hedge fundknown as the McKinsey Investment Office. MIO invests in many companies linked to McKinsey, and has an enviable record: It has made money in 24 of the past 25 years, including a 14% return in 2014 alone. That’s much higher than the stock market or the average hedge fund.
McKinsey is willing to admit that MIO exists (it even has a very, very thin website), but they’re not willing to say much more than that. And beyond MIO, in the interstices of decades-old McKinsey friendships, we have no idea at all how many investments McKinsey-connected individuals make in each other’s companies.
Now, thanks to the Panama Papers, we have a tiny sliver of a window into one such scheme. It’s domiciled in a Caribbean tax haven, all but untraceable, and comes complete with a Panamanian lineage and a meaningless name: Brightao.
The Panama Papers, which were obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with Fusion and other media partners, have exposed the offshore holdings of heads of state and criminals, highlighting the potential for corruption, tax evasion, and other illicit activities within this parallel financial universe. The papers also provide a rare window into the wealth, privilege, and opportunity afforded the lucky members of the McKinsey elite, and their friends.
Brightao, founded in 2007, is a shell company in the British Virgin Islands. The founder was Peter Walker, a 43-year veteran of McKinsey and a globally recognized expert in both China and the insurance industry. The company’s founding shareholders include Sandy Weill, the financial services empire-builder who created Citigroup; legendary M&A banker Gary Parr; and various McKinsey ex-colleagues.
Brightao was created in the service of one of Walker’s protégés at McKinsey—a high-flying Chinese technocrat named Heidi Hu. It allowed big-name financiers, including current and former McKinsey employees, to invest in Hu’s nascent yet promising insurance company, even if that may have violated the spirit of McKinsey’s own rules against investing in the same companies it advises.
Hu graduated from Fudan University, one of the best in China, got her master’s degree from Chinese People’s University, and co-founded Gallup’s China branch while still teaching there. Gallup sent her to the U.S., where she got a PhD in marketing from the University of Nebraska, and joined McKinsey.
While working at McKinsey, Hu founded a Chinese insurance brokerage named Mingya. In 2007, with the support of Walker and his well-connected colleagues, she quit McKinsey to become the full-time executive chairperson of Mingya in China.
Thanks only to the Panama Papers, we know what happened next: Hu began to raise money for Mingya from deep-pocketed investors, including Walker and his friends. (McKinsey refuses to say whether MIO invested in Mingya.) When financiers like Walker and Weill wanted to invest in Chinese companies, they weren’t allowed to do so in their own name: foreign investmentneeded to be structured through some kind of corporate joint venture. So when Walker and his friends decided to invest in Hu’s company, they hired a Washington law firm, which decided that they needed to create a brand-new company, an investment vehicle that would be used to invest in Mingya. They called it Brightao.
There was no good reason why Brightao should be based in the U.S., with its myriad taxes and regulations—and so it wasn’t. Instead, a Panamanian law firm, Mossack Fonseca, was charged with creating a new entity in the British Virgin Islands, a jurisdiction that tries very hard to make incorporation of new companies as easy as possible.
Of course, there are other benefits to founding a company in the British Virgin Islands instead of in the U.S. For one thing, companies in the British Virgin Islands don’t pay any corporate income tax. As a result, as long as any profits remain offshore, they remain untaxed.
There are secrecy benefits, too. Were it not for the Panama Papers leak, the details of Brightao and its shareholders would have been entirely confidential. Even after the leak, Brightao’s principals would not comment on the record for Fusion. Their general rule seems to be that the less that’s said about any of this, the better. At McKinsey, the press office would not make Walker available, or talk about any possible MIO investment in Mingya; they wouldn’t even say why they’re declining to respond.
Brightao’s formal incorporation came in 2007, with a star-studded list of founders—star-studded, at least, by the standards of the American financial services industry. There was Weill, with 1,368,900 shares; Parr, with 513,350 shares; and Thomas Hardy, a former McKinsey partner turned private-equity honcho, who was in for 256,700 shares (he’d go on to buy 440,000 more in April 2008). There were smaller investors, too, including Mike Conway, Weill’s chief of staff, who bought 13,700 shares (1% of his boss’s investment) on his own behalf. Fittingly, the biggest investor of all, with 2,374,250 shares, was Walker himself. None of the investors would tell Fusion how much they paid for their shares.
Walker had delivered for Hu, not only with cash but also with connections. Hu was photographed with her boldface-name investors in the Chinese press, which was wide-eyed at her friendship with “the big crocodiles of Wall Street.” There was even a quote from AIG founder Hank Greenberg, saying that Hu was “born to be in the insurance business” and would one day be as successful as he was.
Similarly, Hu had delivered for Walker. As a high-flying international insurance expert and a Chinese national, she was perfectly placed to build an insurance empire. After all, since China lacks an effective social safety net, families are forced to rely on private insurance and will need more and more of it as the country becomes richer.
By offering to let Walker and his circle invest in her business, Hu was giving them an opportunity to invest directly in an early-stage Chinese company that had the potential to become enormous. It was essentially a “friends and family” round, where entrepreneurs raise cash from the people closest to them, both personally and professionally. Except in Hu’s case, her network comprised some of the biggest names in the global insurance industry, who could help her out with strategic advice whenever she wanted.
Just like Walker, Hu didn’t respond to multiple requests for comment. We therefore have no idea whether Walker’s investment in Hu’s company was disclosed to his consulting clients in the insurance industry and in China. Management consultancies like McKinsey have turned access to information into a veritable business model: it’s common for them to advise many competitors within an industry, giving them the ability to tell everybody else what “best practice” is.
Still, McKinsey is famously averse to taking direct equity stakes in the companies it advises: As Anita Raghavan reported in her book “The Billionaire’s Apprentice,” such arrangements were considered to “pose outright conflicts of interest in some cases and in others were totally at odds with the culture of the firm.”
In the end, even with all its advantages, Mingya didn’t quite work out as Hu had hoped. She quit the company in 2009, and while her shareholders would still love to see a healthy return on their investment, at least one of them has decided to sell. Weill ceased to be a Brightao shareholder in October 2014, when, the Panama Papers show, he sold all of his 1,368,900 shares to Conway, his own chief of staff.
The Panama Papers reveal only so much: We don’t know how much Conway paid for those shares or how he funded that investment. He wouldn’t tell Fusion when we asked. Conway, for one, has clearly learned the value of secrecy in this McKinsey-dominated world. Maybe if Mingya ever does get acquired for some huge sum, he can use the resulting windfall to kickstart his own financial services startup. He might even be able to get McKinsey to invest in it.
Managing director Peter Lacy suggests there are growing opportunities around sustainability
Written by Seb Murray | Inside View on Top Jobs | Monday 16th May 2016 00:50:00 GMT
© PAUL J.RICHARD
Like any good steward of sustainability, Peter Lacy, a boss of Accenture Strategy, loves a dose of his own medicine. “It’s positive luxury,” he smiles, eyes drifting down to his wrists.
In the middle of a presentation on floor 27 of London’s eleventh tallest skyscraper, the Walkie Talkie, Peter points to his cufflinks. Donned with a crisp navy blue suit, a diamond white shirt and spotted pocket square, they were craft by ethical retailer Elvis & Kresse from a recycled fire hose.
“It was 30 years old and it saved people’s lives,” Peter laughs. “I love that we saved it from going to a landfill.”
When it comes to sustainability, recycling and much else besides, few deliver more than Peter. He is the managing director of one of the world’s top management consulting firms, after all.
Accenture Strategy, a vast wing of the $70 billion professional services company, is in the vanguard of responsible business. The frim helps organizations, such as Unilever and most of the Fortune 500, pivot their strategies to drive profit while delivering a positive economic, environmental and social impact.
Such triple-bottom-line thinking is what gets Peter’s juices flowing. Amped-up and bubbly, his sticking point is thecircular economy — a way of doing business that tries to decouple economic growth from the overuse of resources.
“It’s one of the most disruptive forces we will see,” he says, to spectacular views of the City. “It’s a $4 trillion-plus market opportunity.”
Anyone hoping to secure a job at Peter’s company should have a firm grasp of the concept. Accenture Strategy is one of the foremost employers of MBAs. The firm works closely with a string of elite business schools, from Wharton and Duke Fuqua of the US to INSEAD in Europe and Singapore.
Zoe McLoughlin, head of consulting at London Business School, says: “There are lots of opportunities at Accenture Strategy.”
Accenture added 53,000 more employees in 2015 and consulting revenue grew by 3% year-over-year to $16.2 billion. Many of the opportunities are in emerging areas such as digital transformation, but sustainability strategy and the like are growing areas too, suggests Peter.
Speaking to BusinessBecause, he says: “We need people at Accenture who can bring a different perspective. There is increasingly a role for this [the circular economy]” in management consulting.
Accenture Strategy values MBAs, Peter adds: “We are the biggest employer of MBAs in the world.”
As a manager for digital transformation at the company, Andrew Whelan knows that better than most. He graduated with an MBA from London’s Cass Business School in 2013, and joined Accenture Interactive, a marketing and advertising unit, a year later.
“AI requires candidates to have a very strong balance of personal and technical skills, and a real passion for their area of expertise,” Andrew says.
He adds: “We proudly employ and collaborate across diverse skill-sets, including design thinking, analytical consulting skills and technical development. Above all we want innovators who are able challenge conventional thinking.”
Meanwhile, Accenture’s Peter believes MBA students, as the world’s future business leaders, will need to shift companies’ strategies from linear value chains to circular ones. By addressing the huge underutilization of natural resources, the circular economy could give companies a competitive advantage. It’s already sprouted disruptive business models — think Airbnb, already valued at $25 billion.
“Business models are key to the success of the circular economy,” he says. “It's a way to re-orient how we do business — globally.
From Forbes, Peter Cohan ,
McKinsey alumni lead many organizations.
Sadly for the firm’s reputation at least three of those executives — Valeant’s to-be-replaced CEO, Michael Pearson; Enron’s former CEO Jeff Skilling, and McKinsey’s former Managing Partner, Rajat Gupta — have run into significant problems.
This brings me to a question: Is the conduct that trashed the reputations of these alumni a McKinsey bug or a feature?
Before getting into this question, a disclosure – in business school I received a job offer from McKinsey’s New York office and chose to work elsewhere.
But I still had the benefit of many of McKinsey’s great ideas — not the least of which isThe Pyramid Principle — a technique developed by Barbara Minto who taught it to me.
The idea is that CEOs face hundreds of possible issues on which to focus their attention.
Minto advocated that decision-makers consider three topics to pick the most important one:
It is no accident that I framed the start of this blog along the lines that Minto suggested (though the question I selected should have had a yes/no answer to be consistent with her approach).
To answer that question, it is worth pointing out that McKinsey alumni occupy prominent leadership positions.
According to Duff McDonald’s 2013 book, The Firm, “A few years ago, more than 70 past and present CEOs of Fortune 500 companies were McKinsey alumni, and in 2011 more than 150 McKinsey alumni were running companies with more than $1 billion in annual sales. A 2008 study by USA Today calculated that the odds of a McKinsey consultant becoming CEO of a public company were the best in the world, at 1 in 690.”
Among these is Morgan Stanley CEO, James Gorman, a former McKinsey senior partnerwho has presided over a 22% decline in its stock price since taking over in January 2010
There are three other prominent business leaders who are McKinsey alumni (none were partners) and two of them — Google CEO Sundar Pichai and Facebook COO Sheryl Sandberg — still enjoy good reputations.
The third — Credit Suisse CEO since July 2015, Tidjane Thiam – enjoys a prominent position but it seems that he is presiding over some unpleasant surprises at the investment bank he runs.
Thiam said last month that he was caught off guard by large, risky positions by the bank’s traders and did not learn of the problems — that forced the bank to take $1 billion in writeoffs – until January 2016, according to Bloomberg.
But Credit Suisse’s Chairman, Urs Ronner, said on March 31 that “Credit Suisse managers were aware of the trading positions,” according to Bloomberg.
But let’s look at the travails of three former McKinsey partners.
Valeant, the Quebec-based drug company that’s restating its financial results, in negotiation with lenders from whom it has borrowed $30 billion, and under investigation by regulators, has suffered a 73% plunge in its stock price in 2016, according to the Economist.
But Valeant — whose former CEO, Michael Pearson worked at McKinsey for 23 years, describes itself as “bringing value to our shareholders.”
Pearson’s McKinsey career was capped by years as head of its pharmaceuticals practice. His theory about the industry was that ”it wasted too much money not just on R&D but also on personal secretaries, public relations, and investment banking advice,” according to Bloomberg.
Valeant asked Pearson what to do and he suggested it “cut its research spending, to concentrate first on dermatology and then on growing through acquisitions,” wroteBloomberg.
Valeant offered the CEO job to Pearson which he took in 2008. As Bloomberg reported, he acquired other drug companies, cut staff, raised drug prices, and got Valeant into a complicated relationship with mail order pharmacy, Philidor.
After he graduated from Harvard Business School, Rajat Gupta joined McKinsey as a consultant and rose up the ranks to become its managing partner.
But with one quick phone call in September 2008 Gupta threw much of it away. And the results of that decision led him in June 2014 to FMC Devens in Ayer, Mass. where he sat until his early release on January 5 to detention with an ankle bracelet at his home in Westport, Conn.
Gupta was released from that a few days early on March 11, according to IndiaWest.
A Kolkata, India native, Gupta was orphaned as a teenager. He graduated with a B. Tech in Mechanical Engineering from India Institute of Technology, Delhi in 1971 and entered Harvard Business School – graduating with an MBA in 1973 after which he spent 34 years at McKinsey.
He became Managing Partner in 1994 and held that position until 2003, leaving the firm in 2007.
Along the way, he was a member of the board of public companies like Goldman Sachs and Procter and Gamble. But in June 2012, “he was convicted of insider trading and sentenced [in October 2012] to two years in jail and a $5 million fine,” according to theEconomist.
Gupta could have faced eight years in jail; however, Judge Jed Rakoff let Gupta off with a relatively light sentence. Rakoff said that “Gupta is a good man. But the history of the country and the world is filled with good men who do bad things,” noted the Economist.
Gupta was convicted of calling Raj Rajaratnam, a former hedge fund manager who is serving an 11 year sentence at FMC Devens, to share a market-moving piece of information he had just learned in a Goldman Sachs board meeting.
Rajaratnam – in whose hedge fund Gupta had invested $13 million, according to the Times, used the information leaked to him by Gupta 23 seconds after leaving a Goldman board meeting – that Warren Buffett had agreed to pay $5 billion for preferred shares of Goldman Sachs – to buy 175,000 Goldman shares ahead of the 6 p.m. public disclosure of that news – yielding Rajaratnam a $1.2 million profit, according to the Financial Times.
Enron’s former CEO Jeff Skilling – now serving a 14 year prison sentence (reduced by a decade) for cooking Enron’s books from which he will be released in 2017 – was a former McKinsey partner.
Skilling oversaw a human resources policy that featured high turnover in employees, investment in hiring highly-pedigreed talent and off-balance-sheet financing.
Skilling also hired McKinsey to architect Enron’s decade-long expansion from a natural-gas-pipeline company into a complex trader of water, timber, and high-speed broadband.
A McKinsey senior partner, Richard Foster, attended six Enron board meetings between October 2000 and October 2001, according to the Guardian.
Should you invest in a company that’s run by a former McKinsey partner?
You might not want to invest, but these three examples suggest that you could trade.
The strategy? Buy shares on the announcement of that CEO’s appointment, enjoy the rapid run up in the stock price, and then sell when the CEO’s face graces the covers of the leading business media outlets.
Remember two things they might not teach you at McKinsey:
From Business Insider
RACHEL GILLETT CAREERS MAR. 14, 2016, 11:56 PM
If you’re looking for a job with one of the most prestigious employers in the management consulting industry, you better start preparing.
According to The Gateway, an independent business and careers newspaper for students, the world’s biggest consulting firms, known as the “Big Three,” are extremely selective about who they hire, often taking on high-scoring graduates and MBAs from top universities.
Notable alumni include HP CEO Meg Whitman from Bain & Company, former GE CEO Jeff Immelt from The Boston Consulting Group, and Facebook COO Sheryl Sandberg from McKinsey & Company.
According to Bain & Company, the Boston Consulting Group (BCG), and McKinsey & Company‘s respective careers pages, interview questions generally fall into one of two categories: case study questions and experience questions.
During the case study portion of the interview, interviewees analyze a real business problem and develop and discuss solutions to the client challenge it poses. During an interview job seekers may also be asked to solve logic questions. The experience portion of the interview is a more familiar format where interviewers can learn more about the job seeker’s background and personal experience.
From Glassdoor, here are some of the toughest non-case-study interview questions job seekers have been asked at “Big Three” firms (practice cases are available on each consulting firm’s careers page):
“How much does a 747 plane taking off from La Guardia en route to London Heathrow weigh?” — Bain consultant candidate
“Give me the book title and chapter titles for a major accomplishment [of yours].” — McKinsey summer associate candidate
“Who are your two favorite authors? Why? What have you read most recently by them?” — BCG consultant candidate
“Let’s say I’m your manager and you get hired at Bain. At the end of one year, what will I write in your performance review?” — Bain associate consultant candidate
“How many postmen are in this city?” — McKinsey business analyst candidate
“How do you manage your work-life balance?” — BCG consultant candidate
“Tell me a time when you were not a formal leader but became a leader.” — McKinsey associate candidate
“Tell me two characteristics of your personality you have to improve and how you’ll do that.” — BCG consultant candidate
“How would you evaluate the value of a cow?” — Bain intern candidate
“How many tennis balls can fit in a plane?” — McKinsey associate candidate
“What skill would you need to work on most in starting this position?” — BCG consultant candidate
“What is the exact angle formed by the hands on a clock when the time reads 9:30?” — Bain associate consultant candidate
“What should I know about you?” — McKinsey senior business analyst candidate
“Why were you the top student in your class? What’s the reason behind this?” — BCG associate consultant candidate
“What do you think is the biggest challenge for a consultant? How would you personally cope with that?” — Bain intern candidate
“What would you do if you didn’t come to work here?” — McKinsey associate candidate
“Who is the leader you admire most?” — BCG associate candidate
“What do you think is the biggest problem in the economy?” — McKinsey consultant candidate
“How many pianos are in Poland?” — BCG intern candidate
BCG doubled hires at London Business School — and McKinsey is catching upWritten by Seb Murray | MBA Careers | Tuesday 8th March 2016 21:35:00 GMT
It's been a robust recruitment season for consultancy firms at b-schools globally in 2015
Elite strategy house Boston Consulting Group doubled its number of hires atLondon Business School in 2015.
The top three recruiters for LBS’ Masters in Management graduates are BCG, Goldman Sachs, and McKinsey, which also boosted hiring.
It caps a robust recruitment season for consultancy firms at business schools globally in 2015. It also marks the latest increase in elite firm hiring at LBS; BCG, Bain and McKinsey were among the top four recruiters of MBAs last year. Consulting hired 33% of the entire MBA class.
Of the 96% of LBS’ MiM class who accepted job offers within three months of graduating, 40% accepted jobs in the consulting sector.
“This has increased from 31% the previous year,” said Lara Berkowitz, executive director of LBS’ career center.
“Firms such as Boston Consulting Group and McKinsey increased their LBS MiM hires,” she added.
This mirrors a trend across the b-school landscape. Demand for consultants from US MBA programs is particularly robust.
McKinsey doubled the number of MBAs it hired at the Fuqua School of Business last year. Sheryle Dirks, associate dean of career management, said the school has partnerships with McKinsey, Bain, Deloitte, and BCG.
But she added: “While hiring has increased, these positions remain very competitive.” Other top US schools report similar excitement among MBAs for advisory careers.
Jonathan Masland, director of careers at the Tuck School of Business, said: “There is strong demand from students and from [consulting firm] recruiters.” McKinsey, Bain and BCG hired 18% of Tuck’s MBAs in 2015.
Sue Kline, at MIT Sloan’s MBA Career Development Office, said: “Consulting firms have been among our top hirers for 30 years and remain of strong interest to our students.”
These firms pushed up pay at LBS. There was an increase in overall MiM salaries, with the average salary rising more than 4% from £36,295 to £37,890. “The increase in salaries is largely driven by a 10.4% increase in the average consulting salary,” Lara said.
At the MBA-level, pay in consulting has been strong. At Virginia’s Darden School, Berkeley-Haas, Wharton, Stanford and Harvard, MBAs working in the sector earned $140,000 average starting salaries in 2015.
Regina Resnick, at Columbia Business School’s Career Management Center, said: “One cannot ignore the generous base salaries strategic consulting firms offer, especially when a new grad is faced with a high debt load.”
Conrad Chua, head of MBA careers at the UK’s Cambridge Judge Business School, anticipates solid consulting recruitment in 2016: “We are cautiously optimistic that the prospects are good,” he said.
Investments in People, New Capabilities, and New Businesses Fuel a 19% Gain in Global Revenues, Says CEO Rich Lesser
BOSTON, MA--(Marketwired - Mar 9, 2016) - The Boston Consulting Group (BCG), one of the world's leading management consulting firms, announced today that it reached the milestone of $5.0 billion in global sales last year, powered by organic revenue growth of 19% at constant exchange rates. In fueling this growth, the firm increased its worldwide workforce to 12,000.
BCG also announced the opening of three new offices this year -- in Lagos, Lima, and Denver -- enlarging its global footprint to 85 offices in 48 countries.
"BCG's strong and steady growth and our expanding footprint are a real tribute to the talent of our people and our close client relationships," said Rich Lesser, BCG's president and CEO. "These results also reflect major investments in building capabilities across our practices and particularly in digital-related opportunities for our clients."
Lesser, who was reelected to a second three-year term last year, said that the firm's investments in new businesses were also clearly paying off. As examples, he cited BCG Digital Ventures, a digital innovation, corporate venturing, and incubation business unit that started in early 2014, and last year's acquisition of BrightHouse, LLC, a pioneer in purpose-driven consulting. Both businesses are thriving.
As the firm grows around the world and broadens its offerings, its ambition remains the same: "to drive transformative change, challenge the status quo, deliver greater impact, and expand the boundaries of what is possible," Lesser said. "For the next few years, our priorities will include continuing our relentless focus on value creation, deepening our expertise and capabilities, driving innovation in our client offerings and operating model, and attracting and retaining top talent with an emphasis on diversity of backgrounds and experiences."
Lagos, BCG's first office in Nigeria and its fourth on the African continent, follows the opening of offices in Luanda (2013), Johannesburg (2011), and Casablanca (2010). Lima, Peru is the firm's eighth office in Latin America. Denver brings the total number of offices in the US to 16.
Late last week, BCG extended its remarkable streak near the top of Fortune's 100 Best Companies to Work For list. Ranking number three this year, the firm has made the top five for six years in a row and is one of only two companies to make the top dozen every year since 2006, when it began participating.
For more information, please contact Eric Gregoire at +1 617 850 3783 or email@example.com.
By Beecher Tuttle | EFinancialCareers – Wed, Dec 11, 2013 10:17 PM SGT
Consulting interviews are a different breed. Following a more traditional “experience” interview, candidates are tasked with proving their ability to do the job in question: solving complex business problems through case studies.
Preparing for a case study interview at a top consulting company like Bain takes time, effort and a true understanding of the process. Truth be told, if you treat a case study as if it were a customary interview, you’ll likely fall short. Case studies are designed to be business discussions, not Q&As.
We talked to Keith Bevans, head of Bain’s global consultant recruiting team, to get some insight into how best to prepare for a case study interview and a few key tips on maximizing your opportunity. Like many other consulting firms, Bain is hiring.
Practice make perfect: While there are terrific resources available to help prepare for case study interviews, make sure to supplement your research with live practice sessions, says Bevans. “Reading can help you understand a framework and a potential answer, but the real skill is learning how to verbalize your thought process in a coherent business discussion,” he said. This takes practice.
While at Harvard Business School, Bevans knew a group of first-year students who would meet every Saturday morning for breakfast to conduct one-on-one practice interviews while the others watched. On top of their traditional studying, they spent just 90 minutes once a week working together. All four of ended up with consulting offers for the summer.
While teaming up with other students is helpful, also look to utilize your school’s alumni network and all the resources provided by the institution itself. Most top business schools bring full-time consultants back to campus to help the next generation prepare for the interview process. If you’re an undergrad, walk over to the business school to see how they can help, Bevans said.
Look beyond the frameworks: No doubt, preparing yourself for case study interviews involves understanding certain analytical frameworks that are covered in business school and often applied in the world of consulting, like, for example, fixed versus variable cost models. But don’t just memorize and regurgitate frameworks. Quickly prove that you understand the model and apply it to the situation, then move on with your analysis. Remember, Bevans said, the person across from you has their MBA too. You don’t need to act like you’re teaching them.
“Some struggle to pull up from frameworks and remember it’s a business conversation,” he said.
Ask the right questions early: Case study interviews aren’t static situations; the answers change as the dialogue develops. When presented with a problem, immediately follow with the key questions needed to fully understand the variables that may be at play. Good answers start with great questions.
Limit your inner monologue: Candidates who tend to fare poorly in case study interviews prioritize the answer over the thought process. Firms like Bain certainly take note of your final conclusion and recommendation, but they care just as much, if not more so, about how you got there. Always provide insight into your thinking and all the variables that you are considering, Bevans said.
“If you missed something in the answer and didn’t give me insight into you thinking, I don’t even know if you were considering the right things” he said. “It would be like me asking you to do math problem, and you turn around and say ‘27.’ I want to know how you got there.”
It’s OK – frankly, it’s even recommended – to say that you would move forward based on certain facts but you’re also concerned about variables that you don’t have visibility over, Bevans said. It’s only a 30-minute interview, but firms like Bain want to know you at least considered them.
But you still need an answer: While the key of acing a consulting interview is to ask questions and promote dialogue, it’s still critical to offer a firm recommendation. Some candidates get so caught up in the analysis that they forget to answer the original question, Bevans said.
While it is fine to offer a recommendation fairly early in the conversation, know the rest of the interview time will likely be spent considering other variables.
Be empathetic: Case study interviews are meant to mirror real-life consulting situations. In fact, every one of Bain’s case studies is based on a project that they’ve already completed. So, it’s important to show a human touch and not treat a situation dispassionately. “We might ask you how you would position a difficult decision to management,” Bevans said. Say you are recommending ending a new store pilot in part of the country. A firm like Bain may ask to see how you would deliver that message.
Keep your butterflies in formation: Another common mistake that candidates make – usually those who are less prepared – is to concentrate so much on the question that they forget “interviewing 101 skills,” according to Bevans.
Having a firm handshake, making eye contact, smiling and looking up from your notes – these are all basic interview rules that still apply, despite the pressure of the moment. “We can’t take the risk that your head will be down while a CEO is speaking with you,” Bevans said. “You may have butterflies in your stomach, but you need them flying in formation.”
Those who fail to follow common interview protocol tend to be those who only study from books and websites rather than taking part in practice interviews, he said.
Take your time: When faced with a follow up question that’s a bit of a curveball, it’s not a bad thing to ask for a short period of time to think things over. You’re always better off taking 10-15 seconds to collect your thoughts rather than stumbling through an answer.
“And know we aren’t out to trick you,” Bevans said. Recruiters and hiring managers will support you and lead you back to center if you’ve gone down the wrong path, he said. Recognizing this can help with the nerves.
Ask industry questions: If you are faced with a case study involving an industry that you don’t know all that well, don’t hide it. Ask all the questions that you need.
When Bevans interviewed at Bain, he had only taken part in technical internships. But during one case study, he was asked to offer a recommendation to an insurance client. “I spent several minutes asking him to explain how premiums worked,” Bevans said. “Bain doesn’t expect you to have a thorough understanding of every industry.”
However, if you are confronted with a case study in an industry in which you have worked, expectations will rise, he said. “If I’m asking you a question about an airline – and I can see you have worked for a competitor – your framework should be more robust.”
Take notes: While eye contact is critical, candidates should write down whatever they need to keep track of the data. “When you are nervous, you may forget half the information you’re given,” Bevans said. “Always leave a breadcrumb trail to get back to framework.”
For more Bain-specific tips, check out the firm’s career advice page. Bain recently added a video with examples of good, better and best answers to real case study questions.