the long term consulting career value proposition

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The Long-Term ConsultingCareer Value Proposition

featuring:

James WeissFormer Senior Manager at

Hosted by: Caitlin QuanEvisors Marketing & Operations Associate





Agenda

1. About James

2. Why are we talking about this?

3. Being a Manager

4. Being a Partner

5. Q&A





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





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





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?





$$$ Partnership $$$ !!





Well, not exactly.





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





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




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




Being a Manager: The Ugly

Welcome to the middle.




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”




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




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




Now… before we go into Partner…

Welcome to the partner promotion process.

Hope the gods smile upon you.




The Partner




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




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




Being a Partner: The Ugly

Thought you had control?

Ha!




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




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)




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




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




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!


http://www.evisors.com/expert/689



Questions & Answers




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?




Questions & Answers

Question 3:

Can you work on other projects that are not within your industry of expertise?




Questions & Answers

Question 4:

What is the most important skill a consultant must have to advance in their career?




Questions & Answers

Question 5:

How can you transition into consulting if you do not have any prior experience?




Questions & Answers

Question 6:

Do you feel your experience with Bain Consulting help you handle future business situations?




Questions & Answers

Question 7:

What was the work/life balance like at Bain Consulting?




Questions & Answers

Question 8:

What is the career lifespan of a consultant?




Questions & Answers

Question 9:

How does the expected career trajectory differ between a professional hire and an MBA graduate?




Questions & Answers

Question 10:

Is it possible for a line manager to get a job in management consulting?




Questions & Answers

Question 11:

Why did you ultimately decide to leave Bain Consulting?


