Management Consulting Firms in Asia

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Consulting Firms

If you’re an Asian student or experienced working professional who aims to break into management consulting, there’s no need to travel to the USA to apply for a position. Most top tier firms have satellite offices in major cities in the region, and some consultants have established their own organizations.

We compiled a list of the top 33 management consulting firms in Asia to help you research the firm that matches your interests, personality, or goals. We encourage you to click the link beside each firm to view their website and read their profile, objectives, and services before you finalize your career plans. This article also features three firms that originated in Asia.

ABeam Consulting

ABeam Consulting, headquartered in Tokyo, Japan, currently has 4,200 employees throughout its offices in Asia, Europe, and America. Its three main services include business consulting, enterprise application, and outsourcing. It has worked with a variety of industries including banking, securities, high technology, and transportation.

Avalon Consulting

Avalon Consulting, set up in 1989, is one of the three entities of Avalon Group. It currently has offices in Mumbai, Delhi, and Chennai and also serves clients in Asia, Europe, the Middle-East, and the USA. Its three main practice areas are strategy, transformation, and innovation and its fields of expertise include agribusiness, education, and metals, among others.

Tata Consultancy Services

Tata Consultancy Services is an Indian firm that offers IT, business consulting, and outsourcing services. It’s currently headquartered in Mumbai, Maharashtra, India with more than 200 thousand employees across 183 offices in 43 countries. Consulting services include information risk management, program management, and business process. Its consultants have worked for numerous industries such as manufacturing, insurance, and financial services.

Other Consulting Firms in Asia

The other consulting firms in Asia are listed in the table below:

Item Firm and Link to Website Headquarter
1 A.T. Kearney Chicago, USA
2 Accenture Illinois, USA
3 Arthur D. Little Massachusetts, USA
4 Atkins Global Surrey, United Kingdom
5 Bain & Company Massachusetts, USA
6 Booz & Company New York, USA
7 Boston Consulting Group (BCG) Massachusetts, USA
8 CapGemini Paris, France
9 Cedar Management Consulting Chicago, USA
10 Cognizant New Jersey, United States
11 Deloitte Consulting New York, USA
12 Egon Zehnder International Zurich, Switzerland
13 Ernst & Young London, England
14 Frost & Sullivan California, USA
15 FTI Consulting Florida, USA
16 Gallup Consulting Nebraska, USA
17 Hay Group Pennsylvania, USA
18 Infosys Consulting Karnataka, India
19 KPMG Consulting Amstelveen, Netherlands
20 LEK Consulting London, England
21 McKinsey & Company New York, USA
22 Mercer Consulting New York, USA
23 Milliman Washington, USA
24 MWH Global Colorado, United States
25 Oliver Wyman New York, USA
26 PriceWaterhouseCoopers (PwC) London, United Kingdom
27 Roland Berger Strategy Consultants Munich, Germany
28 SAP Consulting Virginia, USA
29 Strategic Decisions Group California, USA
30 Synovate Business Consulting (now Ipsos Business Consulting) Paris, France

Vault’s Ranking

The results of a Vault.com survey state that since 2012, McKinsey, BCG, Bain, Booz, and AT Kearney have remained the best consulting firms in Asia based on prestige. For specific categories see the table below.

Category Best Firm
Management Consulting, Economic Consulting, Energy Consulting, Financial Consulting McKinsey
Human Resources Consulting Hay Group
IT Consulting, Operational Consulting Accenture
Pharmaceutical & Health Care Consulting BCG
Strategy Consulting Arthur D. Little

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Seven Recommended Books for Management Consultants

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Management Consulting Publications

Aspiring consultants continually develop their consulting skills in order to gain an edge over the other candidates during the application process. One proven strategy they utilize is reading highly recommended books written by experts.

Here are the reasons why reading recommended books prepares you for a management consulting position:

Vocabulary Reading enhances your vocabulary, thereby improving your written communication skills. As you know, consultants regularly write reports, presentations, and correspondence. A flair for the written word is essential.
Comprehension The more books you read books, the more accustomed you will become to the various concepts and ideas. This is crucial in the management consulting industry as experts often deal with extensive surveys, research, and documentations.
Creativity Reading enhances a person’s creativity, another valuable attribute required in the industry. Consultants have to approach each project from various perspectives and incorporate creativity in their output.
Critical Thinking Reading concepts becomes more interesting if you analyze the information. Do you agree with the concept? Is there a theory that rejects the assumption? What did you learn? When you ask yourself these questions, you develop your reasoning ability, the most vital attribute consultants should possess.

We have compiled a list of recommended books which contain valuable information about how you can succeed in the management consulting industry:

#1: 7 Habits of Highly Effective People

In this book, author Stephen Covey guides the reader on how to incorporate values such as self-improvement, productivity, teamwork, and determination. This book has been read by aspiring consultants throughout the world and will help you develop an optimistic outlook and practice proactive habits in your everyday life. Covey provides anecdotes that will inspire you  to bring out your personal and professional effectiveness.

View Book on Amazon

#2: Nice Girls Don’t Get the Corner Office

Author Lois Frankel wrote this book to empower women and help them succeed in the corporate world. It enumerates the detrimental behaviors women have unconsciously developed during their childhood. Frankel introduces effective ways of overcoming these roadblocks to success. By applying her strategies, you increase your chances of finding viable career opportunities.

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#3: Influence

“How will you convince a person to say ‘yes’?” is the question author Robert Cialdini addresses  in this book. Cialdini believes that persuasion is a science, not an art and introduces six principles of persuasion: reciprocity, scarcity, authority, commitment, liking, and social proof. Based on his intensive and rigorous research on what motivates people to make changes, he wrote this book not only for marketers but for everyone working towards personal change and success in their lives.

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#4: Getting Things Done

This is one of the most recommended books on improving productivity. David Allen, a management consultant, has written this with the premise that productivity and the ability to relax are direct proportional variables. He provides insights on how to attain efficiency, tips for strategically focusing your energy, and techniques to complete tasks on time.

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#5: Purple Cow

Seth Godin used a metaphor for the title in order to summarize the main message of his book—be remarkably different. He asserts that your product should have a unique factor for it to be marketable, interesting, and popular among consumers. He encourages readers to emulate organizations that consistently launch incredible products.

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#6: Valuation: Measuring and Managing the Value of Companies

In this book, McKinsey & Company provide updated and practical ideas on how to create, manage, and measure an organization’s value. Case studies are provided to illustrate how to apply the techniques and principles. Students who are interested in business and entrepreneurship will find the expert advice of managers and investors useful in understanding the industry.

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#7: How to Talk to Anyone: 92 Little Tricks for Big Success in Relationships

In this book, author Leil Lowndes shares some tips for effectively communicating with others. She provides ideas on how to make a positive impression and establish rapport during the first meeting and techniques on how to project confidence, be credible, and take advantage of your body language. This is a good read for people who need to improve their social skills.

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Management Consulting Firms in Canada

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Consulting Firms

Management consulting refers to the industry that provides guidance to businesses and organizations in developing strategies to improve critical areas of their enterprise such as marketing, operations, pricing, and human resources.

Two prominent consulting firms in Canada are listed below:

OPTIMUS | SBR’s

The consultants at OPTIMUS | SBR’s have provided custom recommendations to their clients in the areas of strategy, process improvement, resource augmentation, governance and leadership, project management, and research and analytics since 1979. They serve a diverse client base, the majority of which are leaders in the areas of financial services, energy, infrastructure, health care, and nonprofit and government agencies. In December 2012, the firm was acknowledged by Queen’s School of Business and Aeon Hewitt as one of “2013 Best Small & Medium Employers” in the country.

Stratnet

Located in Ontario, Stratnet is one of the consulting firms in Canada that provide services in the fields of strategic planning, enterprise management, information technology, and program management to both the public and private sectors. For every project, their professional consultants aim to provide exceptional service that generates relevant, necessary, and practical improvements. Stratnet employees are trained to be client-focused, team-oriented, commercially-driven, ethical, and excel in what they do. They keep their interaction with their clients simple but informative.

Additional Consulting Firms in Canada

Listed below are the other management consulting firms in Canada:

Item Firm Headquarter
1 A.T. Kearney Illinois, USA
2 Accenture Illinois, USA
3 Alexander Proudfoot Illinois, USA
4 Alvarez and Marshal New York, USA
5 Atkins Global Surrey, United Kingdom
6 Aon Consulting Illinois, USA
7 Archstone Consulting Connecticut, USA
8 Bain & Company Massachusetts, USA
9 Boston Consulting Group (BCG) Massachusetts, USA
10 BPI group Illinois, USA
11 CapGemini Paris, France
12 CCS Fundraising California, USA
13 Cognizant New Jersey, USA
14 Corporate Executive Board Virginia, USA
15 Deloitte Consulting New York, USA
16 Everest Group Texas, USA
17 Ernst & Young London, England
18 Forum Massachusetts, USA
19 Frost & Sullivan California, USA
20 FTI Consulting Florida, USA
21 Gallup Consulting Nebraska, USA
22 Greenwich Associates Connecticut, USA
23 Hay Group Pennsylvania, USA
24 ICF International Virginia, USA
25 IMS Health IMS Health
26 Infosys Consulting Karnataka, India
27 KPMG Consulting Amstelveen, Netherlands
28 Kurt Salmon New York, USA
29 McKinsey & Company New York, USA
30 Mercer Consulting New York, USA
31 NERA Economic Consulting New York, USA
32 Oliver Wyman New York, USA
33 PriceWaterhouseCoopers (PwC) London, United Kingdom
34 SAP Consulting Virginia, USA
35 Tata Consulting Services Mumbai, India

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Why Is Procrastination a Problem for Aspiring Consultants?

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Check list with red mark

The answer to this question seems obvious: You waste time that you could have been spending on activities that create more value. For someone who wants to pursue a career in management consulting, this habit is a deal breaker. Clients expect professional consultants to be efficient and timely deliver output.

Apart from the issue above, procrastination also leads to the following negative results:

Unconscious Habit You are probably not aware that you procrastinate. Many people unconsciously put off activities that they should or could be doing.
Lack of Focus Procrastination decreases your mental awareness and ability to focus.
Indecisiveness Your decision making and execution muscles become fatigued and it becomes harder for you to execute difficult decisions.
Unaccomplished Tasks The end-result is that you do not create the desired results that you want in your life, including your career.

Procrastination is an unhealthy habit and must be put to a stop; otherwise, you will ruin your career ambitions. Here are five steps to minimizing, if not eradicating, procrastination:

Step 1: Avoid Distractions

The primary sources of procrastination come from the outside and distract you from focusing on important tasks. In general, it’s information that you do not need at the present moment. Ask yourself this question: Is the information I am consuming right now necessary, or am I just making up excuses in order to put off what is really important?

Examples of distractions can include:

  • Emails;
  • Facebook, Twitter, and other social media;
  • Mainstream media; and
  • Unnecessary web-surfing.

One method you can employ to  stay focused is to use a service such as RescueTime to track how you spend time on your computer. You will be surprised at the results!

Step 2: Create an Actionable To-do List

Many people write very general items on their to-do lists like “arrange a dinner event” or “apply for the job”. We have made these mistakes ourselves. Including general items on your to-do list makes it easy to procrastinate. An item like “apply for the job” seems like a huge task and if you are the least bit tired, you will probably put it off.

What if the tasks on your to-do list were split into smaller, actionable items? Take a look at the following examples:

  • Research application deadline at XYZ Firm.
  • Decide if I will apply at other firms.
  • Call Jeanne and ask her to send me her cover letter.
  • Research the website of XYZ Firm for information about its company culture.
  • Write first draft of cover letter.
  • Review and edit the first draft of cover letter.
  • Send the cover letter.

Did you notice that these items are all actionable? “Apply for the job” can include thousands of different actions, but the items above are very precise. “Research application deadline at XYZ Firm” seems like an easy task to accomplish. Actually, all of these tasks individually seem like easy things to do. By compiling a list of actionable tasks, you will start executing them and gaining momentum. Consider using a task management system like Nirvana to keep your to-do lists simple.

Step 3: Do the Worst Things First

There are some things we just don’t like to do. But we feel great after they are out of the way. This habit might be the best of the five steps listed in this email. Begin every day by doing the one thing on your list that you hate. Get it done and enjoy the rest of your day!

Step 4: Exercise Your Execution Muscle

You have removed the distractions, made an actionable to-do list, and are beginning your day by completing the tasks you hate doing. Still, you might experience procrastination and hesitation from time to time. It takes some time to strengthen your decision making and execution muscles. It’s like any other sport— you need to practice and practice to improve.

Our advice is that you focus on executing the important tasks, and whenever there is any hesitation or fear of failure, ask yourself “what is the worst that can happen?” Things are usually never as bad as they seem.

Step 5: Take a Break!

Don’t allow time and task management to control your life. Taking a break and doing things you enjoy is the best motivation for being productive.

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Top 10 Most Used Consulting Jargon Terms

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Consulting Jargon Terms

Management consultants use terms unique to the industry. If you want to pursue a career in the management consulting field, you should start familiarizing yourself with the phrases, words, and abbreviations consultants use on a day-to-day basis. You can begin with our list of favorite terms below:

Blue-sky Thinking

When you look at the sky, it seems limitless; it has no boundaries. Accordingly, blue-sky thinking means thinking outside the box or with an open mind. It connotes a creative and unconventional mental exercise.

“Consultants don’t use the same solutions for their clients. They make use of blue-sky thinking to generate effective and customized recommendations.”

Boil the Ocean

Boiling the ocean is impossible. Even if you use an intense level of heat, you will never achieve the desired result. In management consulting, boiling  the ocean means you are undertaking a task that is too difficult to accomplish with the available resources. Despite the time and effort you exert, you will never be able to reach the target outcome.

“Making a valid report about the main causes of the bankruptcy based only on these financial records is like boiling the ocean. You’ve got to have additional resources.”

Close the Loop

Commonly used during meetings, closing the loop means ending a topic or an issue with everyone in agreement. It is utilized to confirm a solution or an idea that has been thoroughly explored.

“Shall we close the loop on this marketing strategy?”

MBB

MBB is an acronym for the world’s most prestigious management consulting firms— McKinsey, Bain, and BCG. These firms are also referred to as the Big 3.

“Only competent candidates land a job at MBB.”

MECE

MECE is short for Mutually Exclusive, Collectively Exhaustive. It is a grouping principle that originated at McKinsey and refers to creating subsets of items to ensure all relevant information is covered. This is typically utilized when conducting research or designing presentations.

“I think we can apply MECE in analyzing this case.”

On the Beach

When management consultants are on the beach, it implies they have plenty of time for recreation—a rare occurrence in an industry known for its long work hours. Hence, when this phrase is used to describe a consultant, it means he or she is not receiving billable projects from clients.

“In 2009, many consultants were on the beach. It was a ripple effect of the Lehman Brothers’ bankruptcy.”

Ping

Ping is defined as a high-pitched sound or to make such a sound. However, in the computer and Internet world, to ping someone means to get in touch with a person about a particular matter. It is generally done via email, but the term can also be applied to instant messengers, mobile phones, or other media channels.

“I’ll ping you once I’m done with the presentation for our client.”

Scope Creep

Also known as function creep, this term refers to subtle and uncontrolled changes in the requirements of the project, often leading to longer project duration. This negative occurrence usually happens when the project is improperly defined or documented.

“The project is clearly described so I expect there won’t be any scope creep this time.”

SWAG

This term is an acronym for Some Wild-Ass Guess—an opinion or idea that pops up without any supporting facts, usually based on personal experience. It’s similar to POOMA (pulled out of my ass).

“How do we validate his SWAG? It makes sense to me.”

Takeaway

Literally, the term takeaway refers to food that’s bought for eating elsewhere. In management consulting, however, it refers to a summary of key points that the audience can take away with them after the presentation or meeting. Consultants who fail to ensure their clients understand the gist of their message may be considered unsuccessful.

“She seems to be beating around the bush. What’s the takeaway of her presentation?”

View from 30,000 Feet

When you view something from a distance, you see the bigger picture. Thus, to view a case, factor, or an issue from 30,000 feet means to consider all relevant perspectives and to think more strategically.

“Before we go into the details of this product development case, let’s view it from 30,000 feet.”

Job Description for a Management Consultant

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job description

The fundamental role of a management consultant focuses on providing strategic, substantial, and pragmatic advisory services to private and public businesses and organizations. Consultants utilize their deep industry knowledge, valuable experience, and analytical skills to address their clients’ challenges.

Duties and Responsibilities

The main goal of a consultant is to produce positive change within an organization. In order to do this, consultants work on the assigned project for a period of 1–12 months; the length depends on the complexity of the issue. Day-to-day duties include:

Duty Description
Problem Identification Defines the problem through management consultations, team meetings, case framework analysis, and other applicable strategies.
Conceptual Thinking Breaks the problem into small, manageable segments; identifies the factors that affect the problem; decides how to approach the project.
Research Conducts objective research on current market trends, the client’s competitors, product demands, best practices, and other related topics to support critical analysis.
Interview Interviews or facilitates focused group discussion with stakeholders, managers, supervisors, and other employees for additional data gathering.
Document Review Checks and analyzes information such as financial status, salary structure, expenditures, business flows, sales statistics, and other relevant data.
Synthesis Summarizes all gathered data and facts; deduces logical conclusions based on valid arguments.
Progress Report Attends regular meetings and reports project progress to management.
Recommendation Brainstorms, finalizes, and presents recommendations for solutions to the business dilemma.
Programs Formulation Develop strategic programs, communication plans, and other attainable change management approaches to implement desired transformations in the organization.

At all times, the consultants must maintain and promote the image of their consulting firm through quality output, excellent social interaction with employees, punctuality, and overall professionalism.

Project Team

A working team of five or six experts is assigned to a project. The team typically consists of:

Position No. of Staff Duties
Partner 1
  • Builds the relationship with the client;
  • Expert of a particular domain; and
  • Handles a few projects at the same time.
Team Manager 1
  • Has intensive knowledge and experience of a particular domain;
  • Oversees the everyday duties of the other team members;
  • Facilitates regular meetings;
  • Coaches and counsels the other team members; and
  • Works full-time on the project.
Consultants 1-2
  • Has gained substantial experience in a specific industry;
  • Gathers and analyzes raw data; and
  • Works full-time on the project.
Associates or Analysts 1-2
  • New to the management consulting industry;
  • Gathers and analyzes raw data;
  • Provides support to the consultants and team manager through data collection, tabulation, and analysis; and
  • Works full-time on the project.

For the team to produce exceptional results, members collaborate and update each other on what they are working on. As a team, they decide how to approach the problem effectively and efficiently. Every piece of information discovered is analyzed to determine how it affects their plans and goals.

Schedule and Travels

Time management

Management consultants work approximately 50–80 hours per week. The complexity of their duties demands a great deal of time and they struggle with the never ending issue of maintaining a work-life balance. Exceeding the nine-to-five corporate schedule, consultants work overtime for their deliverables. When they get home, they allot another hour or two for checking and responding to emails in order to lessen their work load the following day.

Many management consultants work at their client’s offices to obtain first-hand information, get a feel for the company’s culture, and convey their motivation and sincerity through their actions. They work off-site Monday–Thursday and report back to their home satellite office on Friday. When the client is based in a different state or country, some consultants decide to stay in the client’s location for weeks in order to beat deadlines. This can be one of the reasons why consultants complain they have less quality time for their loved ones.

Services and Industries

Multinational management consulting firms cater to companies across all industries. The “Big Three,” Bain, BCG, and McKinsey, have Fortune 1000 clients in the fields of transportation, consumer products, private equity, mergers and acquisitions, and technology, among others. They usually employ thousands of employees based in different parts of the globe.

Experts in boutique consulting firms focus on a few niches. For instance, L.E.K. concentrates on mergers and acquisitions, shareholder value, and business strategy. The Yankee Group is an example of a boutique firm in the telecommunications sector. Boutique firm consultants can master their services easily because they encounter virtually the same challenges on every project.

Job Specifications

The requirements for an aspiring management consultant are detailed below:

A. Education

The minimum educational requirement for this industry is an undergraduate degree, preferably in management, business administration, economics, statistics, or other business course(s). Graduates with alternative degrees may also apply, but they must exert more effort into networking, engaging in extra-curricular activities, and building consulting skills to prove their competency to the employer. Consulting recruiters often visit prestigious schools for recruitment, and in many cases, the top students are offered entry-level positions in the firm.

Applicants with an MBA degree are at an advantage. This two year post-graduate program allows them to gain additional knowledge in business, both in theory and reality. The progrm also enhances discipline, communication skills, and other applicable abilities. Fortunately, as part of their personnel development initiatives, some firms finance their employees’ MBAs, provided that they will continue to render services after graduation.

B. Knowledge, Skills, and Abilities

The following are the competencies required for this position:

Competency Description
Business Knowledge The business involves providing advice to companies in trouble. Commercial awareness is necessary to analyze the problem and recommend solutions.
Industry Knowledge Knowledge of a specific industry (e.g., financial services, healthcare, media, airlines) is sought after by consulting firms because it is the key to quickly comprehending real and ideal scenarios.
Analytical Skills Management consulting entails a lot of brain work. It requires an analysis of what went wrong, organizational threats, and other financial aspects.
Quantitative Skills Consultants are inundated with numbers, be it a statement of accounts, bank documents, revenues, survey results, etc. The ability to interpret quantitative reports is necessary.
Team Work A consultant collaborates with a team to produce a quality presentation, both in content and form.
Interpersonal Skills The life of a consultant involves a lot of people. Getting along easily with clients and their employees is vital to accomplish goals faster and develop a long-term relationship.
Communication Skills Both excellent verbal and written communication skills are required to convey ideas clearly and comprehensively.
Commitment As mentioned earlier, a consultant works for more than eight hours a day. Motivation, discipline, and commitment to this work schedule are essential.
Research Skills Designing a data collection tool (e.g., questionnaire for a survey), online research, and interviews are indispensible for data gathering.

Also, consultants must be physically fit for traveling and enduring long working hours. Stress management skills are imperative as the position encompasses both trivial and critical encounters.

C. Experience

Applicants who have no experience yet possess soft skills are employed as analysts or associates, the lowest echelon in a consulting firm. The experienced recruits are awarded higher positions. Career changers (e.g., lawyers or engineers who want to shift into consulting) are also welcome to apply. They will be hired as long as they can prove their previous work experiences have equipped them for the consulting position.

Compensation and Benefits

travel, business accessories, e-commerce

One of the most attractive aspects of a management consulting career is its lavish compensation and benefits package. Every second of effort and each sleepless night are rewarded accordingly.

The starting annual salary for an entry-level position ranges from $55,000–$70,000 out of undergraduate. If you are an MBA graduate, your salary will usually be double that. Just be aware that this depends on the consulting firm (top tier consulting firms usually provide larger salaries), and also your experience. For example, Ivy League graduates will normally be offered larger salaries. Also, this depends on the country where you apply.

The salary increases as the position moves vertically. A senior partner can earn more than $1 million per year for the degree of his or her responsibility and accountability in the firm.

In addition to the salary, many firms offer a combination of the following perks:

  • Signing bonus;
  • Relocation assistance;
  • Year-end bonus;
  • Performance bonus;
  • Travel expense reimbursements;
  • Profit-sharing incentive; and
  • Retirement pay.

On top of this, management consultants can take advantage of insurance, business flights, luxury hotel accommodations, transportation allowances, laptops and cell phones, company trainings, and numerous opportunities to network with professionals—the best perk of a consulting career.

Criticisms

Some employees frown at the presence of management consultants because they are worried that:

  • They may be retrenched after streamlining the processes;
  • They receive extravagant benefits and pay while the regular staff do not; and
  • They cannot be trusted with confidential documents.

However, regardless of the aforementioned criticisms, their services are still employed because they have the expertise, know the best industry practices, and they significantly contribute to the growth of a company.

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Consultant to Entrepreneur: How and Why

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Businesspeople meeting

Aaron Chan is a journalist at BusinessBecause.com, a professional networking and news site for the business school world. Visit the site for info on MBA jobs, MBA rankings and the popular Why MBA series! 

Management consulting is more than the Big Four. It’s more than a job; it’s a skill set. More specifically, it’s a skill set that will arm you with the qualities and knowledge necessary to go off and follow your entrepreneurial dreams, if that’s what you want to do!

First, management consulting builds credibility. Entrepreneurship is expensive. Building a business often requires a lot of money and some of that money has to be spent up front. Consulting is a business that is built on trust and reputation- why else would a client choose to hire a consultant to tell him how to run his own business?

Consulting work creates a track record that helps former consultants build credibility quickly. Ioan Carpus, founder and managing director of Six Paths Consulting, built up his own reputation and experience with the Blue Ocean Strategy Institute in Kuala Lumpur before striking off on his own with five other friends and partners from INSEAD.

Ioan told us that, knowing he would eventually return to Europe, he “Saw that it was more valuable…to position ourselves with [clients]” using the Blue Ocean Strategy method he worked on in Malaysia.

Second, management consulting teaches you to take the long view. Office work can seem like an endless list of little tasks. Management consulting, by definition, tends to take a broader perspective. Clients generally hire consultants to work on major strategic changes or implement heavily technical processes that go beyond the expertise of company regulars.

It doesn’t even always have to be strategy consulting. As an acoustic consultant for Sound Research Laboratories, Phil Way had to do more than test sound equipment. He was also tasked with opening and running a new Bristol location for the company. He used the experience to enter the Bath MBA program. Whether or not entrepreneurship is in his future, Phil used the variety and flexibility of his consulting background to take on broader business responsibilities and break out of his original role.

Third, management consulting requires courage- something you’ll need in spades as an entrepreneur. For every Bill Gates, there are thousands of names you have never heard of who have tried and failed to get their own ideas to take flight. Cameron Mirza of UK firm WCL Consulting tells us that resilience is a necessary skill in consulting, as “Dropout rates in the first two years tend to be high, but those with toughness about them tend to progress and build careers for themselves.”

Top 10 Strategy Consulting Firms in 2013

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Consulting Firms

Vault.com conducted a survey that ranked consulting firms in terms of their performance in a particular area of business. The respondents, consultants employed by reputable firms, were asked to vote for the top three firms in each area of focus, with the exception of their own.

Below are the survey results for the top 10 strategy consulting firms in 2013:

#1: McKinsey & Company

McKinsey & Company has earned its prestige from the technical expertise, industry knowledge, and diverse professional backgrounds of its consultants. Founded by James O. McKinsey in 1926, the company has become a trusted advisor, not only to two-thirds of the Fortune 1000 companies, but also to large companies around the world. It currently has approximately 17,000 employees; 9,000 of those are consultants who are deployed in 102 offices across the globe.

#2: Bain & Company

For forty years, Bain & Company has remained one of the world’s prominent management consulting firms. It offers nine categories of consulting services, including private equity, information technology, and performance improvement across all industries. Bain believes that the outstanding market performance of their clients can be attributed to the values, passion, and qualities of its personnel. Presently, nearly 5,500 employees are employed by Bain in 31 countries.

#3: The Boston Consulting Group, Inc.

Founded by Bruce D. Henderson in 1963, the Boston Consulting Group is another international management consulting firm with expertise that spans a range of industries. BCG’s consultants are capable of handling projects in 18 areas including post-merger integration, corporate finance, and transformation. They aim to implement positive change by formulating pragmatic and unique solutions for their clients. Currently, BCG has roughly 5,600 consultants in 72 offices spread across 42 counties.

#4: Booz & Company

Management consultants at Booz & Company have advised businesses and organizations how to resolve issues and challenges for almost a century. Founded by Edwin Booz in 1914, the firm is famous for developing the concepts of supply chain management and product life cycle, among others. Its 3,000 employees, located in 33 countries, provide top-tier consulting services to health, aerospace, automotive, and other industries.

#5: Monitor Group

Six entrepreneurs founded The Monitor Group in 1983. One of them was Michael Porter, a Harvard Business School professor well-known for his Five Forces Analysis framework. Unfortunately, in 2008, the recession hit the company hard and it took years for them to recover. In November 2012, many were surprised when the firm declared bankruptcy as it had maintained a solid image throughout the economic crisis. In January 2013, Deloitte officially bought out Monitor Group.

#6: Deloitte Consulting LLP

Consulting is just one of the services offered by Deloitte Touche Tohmatsu Limited, a large company that employs 193,000 individuals in more than 150 countries. The consulting division, headquartered in New York City, assists clients in the areas of human capital, strategy, and operations and technology. They also offer cloud computing, finance transformation, and other featured services that help companies tackle a myriad of challenges.

#7: Accenture

With approximately 259,000 employees in more than 100 countries, Accenture has earned the respect and trust of global clients in the information technology and management consulting industries. Its services include, but are not limited to, talent and organization, business process management, and global delivery. Accenture protects its brand by building stronger companies for future generations.

#8: The Parthenon Group and Oliver Wyman

Both The Parthenon Group and Oliver Wyman were ranked 8th in the survey. The former specializes in strategy, business investing, startups, and mergers. Founded in 1991, The Parthenon Group’s offices are located in the USA, the UK, India, and China. On the other hand, Oliver Wyman is a division of Marsh & McLennan and is considered an established leader in providing financial services. It currently has 3,000 employees spread across the Americas, Asia Pacific, and Europe. Both consulting firms take pride in their quality partnerships with clients and industry knowledge.

#9: L.E.K. Consulting

L.E.K. consulting services officially began in 1983 through the efforts of three former Bain & Company consultants, James Lawrence, Richard Koch, and Iain Evans. At present, its more than 900 consultants are experts in strategy, shareholder value management, marketing, sales, operations and mergers, and acquisitions. With its headquarters located in London, its work environment reflects collaboration, diligence, intelligence, and initiative.

#10: A.T. Kearney

A.T. Kearney’s history dates back to 1929 when Andrew Thomas Kearney became the first partner of James McKinsey. When the partners split more than a decade later, Kearney continued to practice consulting in Chicago under the name “McKinsey and Kearney”; in 1947, the company was renamed A.T. Kearney. To date, it has 57 offices in 39 countries and employs nearly 3,000 individuals.

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Top 25 Management Consulting Firms in 2013

Written by . Posted in Consulting Industry

Consulting Firms

Vault.com has conducted a survey of the best management consulting firms to work for in 2013. The respondents, who are presently employed by highly reputable firms in the industry, have again proven that prestige and compensation aren’t the only factors that define an enjoyable work environment, work satisfaction, and help formulate career-related decisions.

Survey Formula

After the survey, the management consulting firms were ranked based on the following formula:

  • Prestige = 30%
  • Satisfaction = 15%
  • Firm culture = 15%
  • Compensation = 15%
  • Work-life balance = 10%
  • Overall business outlook = 10%
  • Promotion policies = 5%

Top 25 Firms in 2013

The top 25 management consulting firms are listed in the table below. Their 2012 and 2013 rankings are provided for comparison.

Management Consulting Firm

Rank in 2013

Rank in 2012

Difference

Bain & Company 1 1
McKinsey & Company 2 2
The Boston Consulting Group, Inc. 3 3
Booz & Company 4 10 +6
Deloitte Consulting LLP 5 4 -1
Oliver Wyman 6 7 +1
A.T. Kearney 7 6 -1
PricewaterhouseCoopers LLP (Consulting Practice) 8 12 +4
Analysis Group, Inc. 9 9
Censeo Consulting Group 10 16 +6
Monitor Group 11 5 -6
L.E.K. Consulting 12 26 +14
Point B 13 14 +1
ZS Associates 14 18 +4
Marakon 15 NR N/A
The Cambridge Group 16 6 -10
Cornerstone Research 17 15 -2
The Chartis Group 18 28 +10
Accenture 19 11 -8
Milliman, Inc. 20 17 -3
NERA Economic Consulting 21 33 +12
Alvarez & Marsal 22 20 -2
Putnam Associates 23 23
West Monroe Partners 24 19 -5
ClearView Healthcare Partners 25 NR N/A

The Most Improved Firms

While McKinsey, Bain, and BCG have remained on top, the following firms received a significant ratings increase from consultants:

LEK Consulting

Founded in 1983, L.E.K. Consulting has developed into an international strategy consulting firm with more than 900 consultants in 20 offices worldwide. It caters to large companies in healthcare, finance, retail, and other major industries. It is prominent for its strong focus on mergers and acquisitions.  LEK’s diverse work force values creative thinking, flexibility and teamwork. The consultants are usually paired with clients who need their expertise and experience in completing a project.

NERA Economic Consulting

NERA, which has existed for more than five decades, has 25 offices located in North American, Asian, and European countries. As a main division of Marsh and McLennan Companies, its practice areas range from Auctions to Water. NERA’s consultants expertly apply economic and financial principles to the complex cases they handle. They value excellence, innovation and diversity in bringing about deliverable for clients.

The Chartis Group

The Chartis Group excels in providing advisory services to healthcare organizations throughout the world. Based in Chicago, Illinois, this firm offers services in career planning, accountable care, and applied research and strategy planning. They employ experienced healthcare experts who have a deep understanding of economics, markets, and other areas. Currently, the firm has about 80 employees in four major cities in the USA. All of them are trained and committed to improve the quality of health services in the whole world.

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How Management Consulting Firms Hire Consultants

Written by . Posted in Consulting Application, Consulting Industry

Career race

Management consulting has been a dream industry for many candidates, despite the extreme competition during the selection process. Recruiters receive thousands of applications each year even if a large percentage of the pool is rejected.

The challenge for you is to prove that you belong to the cream of the crop. One way of making that possible is knowing how management consulting firms hire candidates. The awareness allows you to direct your application in a more effective way.

Job Advertisement and Recruitment

Recruiters implement various strategies to attract capable applicants. Some of them are the following:

Online Application McKinsey, Deloitte, BCG and other consulting firms accept job applications online. They usually allot a career section on their website where you can upload cover letters and resumes.
Online Job Platforms Many firms make use of online job platforms such as LinkedIn and Indeed to post vacant positions. At times, they also announce openings on their social media profiles. Boutique and smaller consulting firms use this option more than top tier consulting firms.
University Recruiting Recruiters visit universities during job fairs and other career events where they can introduce their firm. At times, firm reps are also invited by consulting clubs to share consulting trends. To learn how management consulting firms hire at campuses in detail, you should consult your university career office.
Activity Sponsorship Some firms sponsor a dinner, a sports event or a simple gathering where they can spot and converse with qualified candidates in a natural and relaxed setting.
Referrals Networking plays an important role in this field. When firms have an opening, some prefer not to advertise it. Some recruiters just communicate with their contacts for referrals. For them, this technique has always been cost-effective and reliable.
Direct Applications Like other companies, the HR departments of management consulting firms accept direct applications (sent by mail or email).

Resume Screening

Due to high turnover of employees, firms continually conduct screening of applicants. Recruiters go over the information on the submitted documents and decide if the applicant is worth scheduling for further assessment. They will probably also look you up on LinkedIn. Don’t be fooled though – a recruiter will initially spend very little time screening your application – maybe less than a minute. Quite often, a recruiter can immediately spot whether an application is interesting or not.

Testing

Some management consulting firms skip this selection tool and just proceed with the interview. Many, however, administer a combination of the following tests to screen and sift applicants:

Numerical Reasoning Test This measures your logical ability to interpret quantitative data in tables, graphs and charts.
Verbal Reasoning Test This gauges your capability to understand passages and infer conclusion from a printed material.
Personality Test The results generally indicate if you can fit the demands of the position and culture of the firm.

Interviews

A consulting interview consists of two parts and mostly you will have both parts in every single interview.

Fit Interview The questions focus on your skills, abilities, education, experience, involvement and behavioral inclinations.
Case Interview In this type of interview you will get a business case. The recruiter will expect you to come up with sound recommendations towards the end.

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