Reward accountability, responsibility, innovation and profitability from the CEO
to the Janitor. Share ownership of the company. Listen more. Speak less.
Establish baselines together. Choose associates based on proven performance
not on their ability to chat-you-up, golf or smoozing. Share information dealing
all cards up. Expect excellence, accept no less. Everyone (e.g. supplier,staff
and customer) should share the expectation of success. The Company suceeds
for the good of all. Everyone benefits. It's everyone's Company. Profits are
fidelis.
Fred
of IL
@
Nov 19, 2009 20:33:00 PM
Head of something....I do not know
The statistics is................
The consultant is................
---------bottomline--------------
Cash stays cash
Kate, the radio manager
of ME
@
Nov 19, 2009 10:37:34 AM
Actual Numbers ...
currently an associate (i.e., post-bachelors position) at a top-tier strategy consulting firm ... here's a much more practical breakdown of salary ranges:
Y1 (post BA / BS): 50-70 base +(up to 20% of base as bonus)
Y2: 55-80 base (increase of ~8-10%)+(up to 20% of base as bonus)
Y3: 70-90 base+(up to 20% of base as bonus)
Y4 (this is where MBAs come in as): 110-130 base + 10-20K perf bonus + 10-20% of base as EOY bonus)
Y5: 120-140 base + 15-30K perf bonus + 10-20% of base as bonus
Y6: 150-170 base + 30-45K perf bonus + 10-20% of base as bonus
Y6-JR PARTNER - stays at relatively same level with maybe 10% increase / year
JR Partner - 200-300K base + X% of revenues brought in
SR Partner - 400-600K base + X% of revenues brought in
Those last two steps are most volatile and these are numbers I'm not aware of exactly ... upside is tremendous at this level
Another word though for people considering this field ... management consulting firms dont really arm you with any special knowledge ... you mainly use the brains you got and learn little tricks to save time and increase personal efficiency here and there but its really a question of can you continuously dance for partners / clients and do their bidding while still maintaining sanity.
Alex
of CA
@
Nov 18, 2009 17:38:37 PM
Dads approach
I've been in Aircraft quality engineering and manufacturing going on 12 yrs.
I've seen from the quality assurance side of big business and small suppliers that knowing the business, its language and culture can give you a better grasp on consulting from experience. Not to say a masters degree wouldnt help but sometimes seeing things from the inside can and will have a better chance of success. Sometimes seeing the problem...isolating it and identifying the root cause will give you the obvious answer.
The problem I have always had in convincing upper management is to get them to actually listen and do whats neccessary...fire the bad supplier and eliminate the source of non conformance and or defects.
ie; you have a supplier across the US making detail widgets and they continually make bad parts. There not source inspected and just want to get paid. Your company can't afford to fly down to see them every month and baby sit. The answer or one of them is...why not use local suppliers / sub contractors close the operations. Making it easier to monitor and keeping them in check at product reliability. It may be at a higher cost but in the end will save on time deliveries late shipping penalties and will result in the money being invested, not spent, to afford a quality product and or service.
Your paying customer will love you for that and will not fire you down the road.
Consider my consulting as a one time xmas present.
Expertise is wisdom...coming from investing time and sweat in learning the business the way Dad did it. He earned it the same way I did. Time invested.
A masters degree in supply chain management and business communications would help alot but come-on guys...pay your dues to learn from the ground up and be the best at what your doing. Schools always a plus but you need real experience and front line experience in the trenches to be added value.
John Kuroda
of WA
@
Nov 08, 2009 18:38:40 PM
Better to be a business lawyer?
the article states that it will take 8yrs in the field of consulting to earn 125k.. this makes practicing law seem more lucrative. with 8+ yrs experience in law i'm sure there is more money to be made.. i have my undergrad in accounting and i'm pursuing my MBA. i have been debating for some time whether i should go to law school after i get my mba shortly or just try to get into consulting. so here's my logic it take me 8 yrs to make 125.. that same time frame which will account for 5 yrs after lawschool i should be making 175-200+.. i could see myself enjoying both consulting and law.. i'm still deciding.. if anyone has any input please share.. thanks!
Samy
of GA
@
Oct 15, 2009 19:05:56 PM
Management Consultant Training
How do I go about finding more information regarding training to work in this field? I have a BA in Organization Management and an MBA- going for a 2nd Master's in Procurement and Acquisitions, but only because I am still unsure what direction I would like to go into in my career path.
Please assist! Thanks!
Jessica
of FL
@
Oct 03, 2009 11:51:10 AM
Mr
Im thinking about a career in managment consulting but I live in Zimbabwe. I work for Deloitte Zimbabwe and they system we have ius you work full time and study full time from undergrad to honour to qualifying as a CA(Chartered Accountant). I have been in Audit for the last three years and have been thinkinga bout trying out consulting. If you havn't got an MBA and are coming from Zim (we have had to inovate in crazy ways over the past few years to cope with super hyper inflaation) what are the chances of getting into say Mckinsey South Africa.
Tinashe Mukogo
@
Sep 25, 2009 04:42:23 AM
i want information about after mba courses. please tell me
it is good information about career.
dhuldev lavate
of CA
@
Aug 29, 2009 06:40:24 AM
Not All Consulting Companies Are Like That...
I work for a company in Columbus, Ohio that values experience and does not hire geenies. It does not look to maximize billable hours and have an up or out culture, but focuses on the individual and on great client relations. And we constantly win jobs from those companies mentioned in the article because of our culture. I would rather make less money, and be able focus on the client's success, and be able to coach my son's soccer team, and work with great team players.
jeff mccullough
of OH
@
Aug 28, 2009 22:32:25 PM
not 4 all
Having just gratuated from a top MBA program that places graduates in the big three firms (Mckinsey, Bain, and Boston Consulting Group) I can tell you that being recruited as a consultant from any educational background other then an MBA from a top 10 business school is rare. Coming out as an undergrad from an ivy league school or equivelant you could get hired as a analyst, but will be pushed out in a few years to seek higher education. Even MBAs and PhDs that get hired face an up-or-out culture. If you are not promoted to the next level in a few years, you get pushed out. Not that this is a bad thing, Mckinsey alumni almost always have multi sixfigure jobs waiting for them at former clients (not to mention they start everyone coming out of biz school at a standerd $150K.) The average tenure for a new hire at the big firms if only a few years, but those who make it to partner level will be pulling down 7 figures annually.
Fred of IL @ Nov 19, 2009 20:33:00 PM
Kate, the radio manager of ME @ Nov 19, 2009 10:37:34 AM
Alex of CA @ Nov 18, 2009 17:38:37 PM
John Kuroda of WA @ Nov 08, 2009 18:38:40 PM
Samy of GA @ Oct 15, 2009 19:05:56 PM
Jessica of FL @ Oct 03, 2009 11:51:10 AM
Tinashe Mukogo @ Sep 25, 2009 04:42:23 AM
dhuldev lavate of CA @ Aug 29, 2009 06:40:24 AM
jeff mccullough of OH @ Aug 28, 2009 22:32:25 PM
Dukie of NC @ Aug 02, 2009 13:16:54 PM
Back to article