A consulting career: The good, bad and ugly (focused on senior roles)
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The Long-Term Consulting Career Value Proposition featuring: James Weiss Former Senior Manager at Hosted by: Expert Advice On Demand. .com/webinars Hosted by: Caitlin Quan Evisors Marketing & Operations Associate
A consulting career: The good, bad and ugly (focused on senior roles)
Presentation on the pros and cons of a career in management consulting, with focus on the later-stage roles (manager, associate principal, principal, partner, director). From a long-time Bain & Company senior manager. Given as a webinar on Evisors on February 7, 2013. More on me at http://www.careandfeeding.com.
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1. The Long-Term Consulting Career Value Proposition featuring:
James Weiss Former Senior Manager at Caitlin Quan Hosted by:
Evisors Marketing & Operations Associate Hosted by:
.com/webinars Expert Advice On Demand.
2. Agenda1. About James2. Why are we talking about this?3.
Being a Manager4. Being a Partner5. Q&A Hosted by:
.com/webinars Expert Advice On Demand.
3. About JamesEntrepreneur 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 Hosted by: .com/webinars Expert Advice On Demand.
4. 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 Hosted by: .com/webinars Expert Advice On Demand.
5. Most common two questions I get1. How do I get a job in
consulting?2. What its like to be a manager or partner? Hosted by:
.com/webinars Expert Advice On Demand.
7. Well, not exactly. Hosted by:.com/webinars Expert Advice On
Demand.
8. High Level: Whats the Job?Associate / Pose questions, get
answers andConsultant keep the manager happy Manage teams,
recruitManager / associates, keep client happyPrincipal Sell
projects, makePartner / managers, build the firm, keepDirector
fellow partners happy Hosted by: .com/webinars Expert Advice On
Demand.
9. The Manager Hosted by:.com/webinars Expert Advice On
Demand.
10. Being a Manager: Whats 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 Hosted
by: .com/webinars Expert Advice On Demand.
11. 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 Hosted by: .com/webinars Expert Advice On
Demand.
12. Being a Manager: The Ugly Welcome to the middle. Hosted by:
.com/webinars Expert Advice On Demand.
13. Being a Manager: The UglyAs 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
Hosted by: .com/webinars Expert Advice On Demand.
14. 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 Hosted by:
.com/webinars Expert Advice On Demand.
15. UpshotThe Manager role is Really good training for being a
General Manager (although external firms dont 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 Hosted by: .com/webinars Expert Advice On
Demand.
16. Now before we go into PartnerWelcome to thepartner
promotionprocess.Hope the godssmile upon you. Hosted by:
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17. The Partner Hosted by:.com/webinars Expert Advice On
Demand.
18. Being a Partner: Whats 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 Hosted by: .com/webinars Expert Advice On Demand.
19. 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 theres often a revolving door Intellectual
stimulation: Youre working on many things at once Prestige: Being a
partner = respect Interesting opportunities: Both in and out of the
firm Hosted by: .com/webinars Expert Advice On Demand.
20. Being a Partner: The Ugly Thought you had control? Ha!
Hosted by:.com/webinars Expert Advice On Demand.
21. Being a Partner: The UglyAs 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 Hosted by: .com/webinars Expert Advice
On Demand.
22. What comes nextIn most firms, partners dont leave. If youve
gonethrough 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) Hosted by: .com/webinars Expert Advice On Demand.
23. UpshotThe Partner role can be fantastic if you Want to live
well and develop wealth (but dont expect to be a billionaire /
master of the universe) Recognize youre a salesperson (or sales
manager) with a P&L, not a corporate executive Enjoy being a
smart dude youre 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 Hosted by:
.com/webinars Expert Advice On Demand.
24. Closing thoughts Compared with other careers, consultancy
can be quite high on the value vs. effort equation Culture and
people are paramount - its 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 Hosted by: .com/webinars Expert Advice
On Demand.
25. Connect James Weiss Former Senior Manager atBook your
one-on-one session with James at www.evisors.com/expert/689 He can
help you with: Career Assessment Consulting Interview Practice
Resume Development and more! Hosted by: .com/webinars Expert Advice
On Demand.
26. Questions & Answers Hosted by:.com/webinars Expert
Advice On Demand.