Management Consulting (1 Viewer)

[esaitchkay]

Hey guys,
I've been looking into business careers and one that piques my curiosity is management consulting (MS).

I've read a lot of articles, but it still seems mysterious.

Does anyone here have any knowledge/experience in MS, and what it's like? - "Solving problems within a firm" seems to be the general consensus..

Thanks!

 

[enoilgam]

In a nutshell, all it involves is analysing current business processes and making/implementing plans aimed at improving efficiency. Management consulting can be done by people working within the business, or by an external company (Mckinsey, BCG, Accenture or now even Deloitte). External firms are really difficult to break into as a graduate (probably the hardest in the commerce field), because you pretty much need HD averages and an advanced degree (Law, Engineering, Medicine etc). Internal management consulting (aka change management or business improvement) is something which isnt really open to graduates, you need experience to break into these roles.

I'll be starting as a Change Management Consultant with the State Government on Monday. From what I understand, a sub-division is being shut-down and people are being brought in to assist with the change. Most of what I'll be doing involves dealing with HR issues such as ensuring IR compliance, helping with redeployment and handling reporting.

 

[esaitchkay]

Thanks enoilgam! Detailed and exactly what I'm looking for, as always!
MBB looks amazing, esp. with the exit opportunities, but Deloitte is probably more realistic

What do you think about a JD/MBA for external firms?


and good luck with the new job! sounds interesting

 

[enoilgam]

What do you think about a JD/MBA for external firms?

The JD would be good, but an MBA is more something you do after you have been working for a few years. Keep in mind that you will need a HD average which is no mean feat. Also, external consulting involves long hours and is high pressure - it's a cut-throat environment.

 

[esaitchkay]

Ah okay, I thought there was an increasing trend in graduates going straight into an MBA.
JD is probably my go-to plan, in case the whole co-op thing isn't what I expected it to be.
Hopefully non-go8 won't adversely affect my chances too much!

 

[enoilgam]

Ah okay, I thought there was an increasing trend in graduates going straight into an MBA.

I personally wouldnt do Masters straight out of uni, because those types of degrees usually make you more employable later in your career. Early on they just make you look overqualified. I am generalising though, going straight into Masters can be good for some careers.

 

[Omnidragon]

Underpaid, overworked. Great for risk-averse people.

Forgot to add, ridiculous expectations of graduates for what it is.

 

[OzKo]

Ah okay, I thought there was an increasing trend in graduates going straight into an MBA.
JD is probably my go-to plan, in case the whole co-op thing isn't what I expected it to be.
Hopefully non-go8 won't adversely affect my chances too much!

Never heard of students going straight into MBA, ever.

 

[Chronost]

Never heard of students going straight into MBA, ever.

^

 

[ameher]

Agreed. i'm doing a more specialised masters (LLM) but thats after significant work experience and currently working in the legal industry.

And what has been said in this thread is true, tough industry to crack into and you need amazing grades.

 

[esaitchkay]

Never heard of students going straight into MBA, ever.

I guess it's a US thing then:
http://www.forbes.com/sites/robertf...odays-graduates-head-straight-to-grad-school/
http://www.businessweek.com/bschools/content/jul2009/bs2009076_521072.htm
http://www.wallstreetoasis.com/forums/mba-straight-out-of-undergrad

Thanks for the replies guys! I know it'll be tough but I'm willing to put in the hard work - perhaps uni life will change my naivety hahaha

 

[ameher]

I guess it's a US thing then:
http://www.forbes.com/sites/robertf...odays-graduates-head-straight-to-grad-school/
http://www.businessweek.com/bschools/content/jul2009/bs2009076_521072.htm
http://www.wallstreetoasis.com/forums/mba-straight-out-of-undergrad

Thanks for the replies guys! I know it'll be tough but I'm willing to put in the hard work - perhaps uni life will change my naivety hahaha

Exactly right mate don't let anyone deter you, if you work hard you can always get into what you wanna do.

 

[zhiying]

Half the reason why people do MBA is for networking purposes. They go in with an expectation of a management focused role when they come out and nobody is going to hire a manager that has 0 work/real world experience. Plus entry into MBA programs, at least the prestigious ones, are so competitive that if you have no work experience you have like no chance of getting in.

 

[enoilgam]

Half the reason why people do MBA is for networking purposes. They go in with an expectation of a management focused role when they come out and nobody is going to hire a manager that has 0 work/real world experience. Plus entry into MBA programs, at least the prestigious ones, are so competitive that if you have no work experience you have like no chance of getting in.

This pretty much - an MBA is really designed to compliment years of practical management/industry experience. It's more for people who are currently in some form of leadership role and want to take a step into more senior leadership positions (i.e. an operations manager looking to become an Executive or Head of).

 

[esaitchkay]

Sounds good. Thanks for the advice! I guess I'll try to get placements in consulting/strategy with the co-op sponsors and see how it goes

 

[enoilgam]

Sounds good. Thanks for the advice! I guess I'll try to get placements in consulting/strategy with the co-op sponsors and see how it goes

It would be great if you could get that - having change/process improvement/restructuring experience can give you a big advantage in the future when you are going for leadership roles.

 

[Student1993]

Out of interest - is it easier to get into management consulting at big 4 (Deloitte/EY/PwC/KPMG) than the big management consulting firms (McKinsey/BCG/etc.)? Anyone have any experience with this? Surely HD average isn't necessary here.

 

[Chronost]

Out of interest - is it easier to get into management consulting at big 4 (Deloitte/EY/PwC/KPMG) than the big management consulting firms (McKinsey/BCG/etc.)? Anyone have any experience with this? Surely HD average isn't necessary here.

Yes most definitely, big 4 management consulting is considered "tier 3"(it's a bit blurred at these levels) , definitely not as big as Bain/BCG/McKinsey and not as prestigious as ATK/Wyman, Deloitte is said to have the best management consulting team(their S&O team) out of the big 4,PwC is at a second, then EY>KPMG. D average is acceptable for these firms but you still need to be fairly set on the extra-cirrcular and have something to show, you'll be still be competing with comm/law graduates as a fair amount of them get these jobs.

It's sad that a family member got a call as a alumni of BCG ,if he knows any decent people as they're hiring for associates, I was wishing I was pretty much graduating now and could've at least been hooked up with an interview, (not that I would get the job either way) but the interview process is hard enough to get into and would be good to experienc

 

[seremify007]

I'd also caveat the above with that given the size of the relative areas, the amount of people they hire at graduate level also can vary since the big 4 firms tend to get a lot of their teams through lateral hires or internal transfers/secondments once people have some industry experience.

Let's also not forget that in each country, the big 4 accounting firms have merged with (or acquired depending on perspective) various MC type organisations too over the years.

 

[esaitchkay]

I'd also caveat the above with that given the size of the relative areas, the amount of people they hire at graduate level also can vary since the big 4 firms tend to get a lot of their teams through lateral hires or internal transfers/secondments once people have some industry experience.

Let's also not forget that in each country, the big 4 accounting firms have merged with (or acquired depending on perspective) various MC type organisations too over the years.

With the Big 4-affiliated firms e.g. with Strategy& as part of PwC and moving laterally, what do you think would be a good starting point? Audit?