How glamorous is working in Consulting? (McKinsey, BCG, Bain)
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- เผยแพร่เมื่อ 6 มิ.ย. 2024
- Are you asking yourself: How glamorous is working in consulting? In this video, I talk about the life of a McKinsey, BCG or Bain consultant. I worked at an MBB consulting firm for 6 years and talk about the realities of working at an MBB consulting firm such as McKinsey, BCG or Bain. The life of a consultant can be quite glamorous and luxurious. I am talking about travel benefits, team events and salary and compensation packages in consulting. All these perks are significant advantages of working in consulting. Though working in consulting is not always great. The lifestyle has downsides as well that I also cover. Is the life as a McKinsey, BCG or Bain consultant glamorous or luxurious? Are you allowed to fly business class in consulting? Can you stay in luxurious hotels? Find the answer in this video.
Chapters
00:00 Introduction
00:43 Important context
02:03 Travel
04:03 Team activities
04:59 Compensation package
06:15 How glamorous is it really?
08:14 My life after consulting
08:52 Wrap-up
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What is the difference between Consulting and Audit ?
I worked in consulting for 4 years, half of which at BCG. Definitely super glamorous at times... My best memory was when I was put up in the President Suite at the Westin in Paris (lucky upgrade) on the peak day of Tour de France... Unforgettable!
But in that same week I also stayed up working until 3am and got yelled at by a client the next day :P
I'm curious at to what you do now for a living.
@@duffystrings9680 I work in tech now doing Product Strategy. Kind of like in-house strategy work but for product design and roadmapping of what features should be built out. MUCH better WLB :)
I've watched it until the end. I have to say that every time I really appreciate your content, and much more than that, your intellectual honesty. It is definitely worth following you!
Hi Dario, thank you for your kind comment, much appreciated. Great to hear you enjoy the content :) Best! Heinrich
You do not mention the type of people you get to interact with, you have direct access and even get to socialize with the most powerful people in the country. You get to be with figures that most people only know from TV or the newspaper. You build a very exclusive professional network. That kind of access is definitely one of the best aspects of consulting and definitely outmatches any senator status.
Hi, thanks for your comment! Yes absolutely agree, did not subsume this under the "glamorous perks" topic, but completely share your opinion that this is one of the key advantages of working in consulting. Best! Heinrich
This is spot on. Great comment.
Excellent video! I really enjoyed this. I worked in full time consulting for Accenture for 3 years. Often in a distant US city Mon-Thurs. Later I worked 15 years in roles that were different types of consulting and usually continued to have a lot of travel. For a few years I lived in LA and worked every other week in SF in a WeWork office, with busy days but interesting evenings of 9 pm dinners or movies. That was memorable and I was glad I enjoyed it because COVID stopped that abruptly.
Hi Bruce, thanks for your comment and sharing your experiences, much appreciated! Spent some time with Accenture as well before I joined McKinsey :) Indeed, agree that the location and logistics for the project can significantly impact your well being. Best! Heinrich
Great video as always! Hearing you recount all of the perks of the job made me miss them! Definitely much tougher to be a Big 3 consultant without all of the travel and other perks
Fully agree, to some extent I do miss all my travel perks.. but in times of lockdown you cannot use them anymore anyways :) Also very much love sleeping in my own bed every evening. Best! Heinrich
I watched till the end and subscribed to this channel. Thank you for the very precise opinions and information you shared about MBB. I look forward to all your upcoming videos!
Hi James, thanks for your comment. Great to hear the video was helpful :) All the best to you for the next year!! Heinrich
Leaving a comment because you asked. I love your videos - they give me a proper insight into all aspects of MBB consulting and made me realise its not the life for me. Keep up the good work!
Hi, thanks for your comment. Happy to hear I was able to help - also if this meant to realize you are looking for a different type of career :) Best! Heinrich
Hi Heinrich!
Thank you for sharing your insights. One of the things that I think it's glamourous to work in consulting is the experience that has access to multiple areas in diverse businesses in the world. While it would be nice to have some perks in terms of materials, I want to have those experiences because it would help me develop myself as a better professional and a better person due to its environment.
Hi Aaron, thanks for your comment and sharing. Yes, fully agree. Of course there are many other good and much more important reasons to join consulting. I made a dedicated video about exactly this topic (why consulting is a good career choice for many young graduates) - again, what you say is absolutely correct. Best! Heinrich
Airline status was a handy benefit, allowed the family to enjoy some perks when we travelled together.
Hi Russell, thanks for your comment. Yes agree, airline status can really help in your private life as well! Best, Heinrich
Hi Heinrich. I just want to say that your work is very useful and motivating for the student I am. I really appreciate the fact that you answer to every comment. Have a nice day.
Hi Théo, thank you for your comment! Great to hear the video is helpful :) Best! Heinrich
Hi Heinrich!
Liked the vid before watching, u always deliver!
Hi Felix, love the dedication and support :) Much appreciated!! Best, Heinrich
Vielen dank, Heinrich. You provide realistic perspective to those with aspirations of getting into consulting. It is important for people to be realistic with what they want to do for their career and if the "non-tourist" travel lifestyle is what they are really looking for. Your career options can skyrocket, but it IS a commitment. I think you do a great job of portraying that.
Thanks for your comment. Yes, very much agree with what you are writing. Consulting has many upsides, but one needs to be aware of te downsides as well. Best! Heinrich
Let’s goo!! Nice, realistic breakdown of the MBB lifestyle perks Heinrich!
Hi Vincent, thanks for your comment! Great to hear you found the video helpful. Best! Heinrich
This video is perfect. As a consultant at a boutique firm I can totally agree that the benefits could disappear sometimes however other times in bigger cities we really do get a great setup. The hotel makes a huge difference when you have put in a long day and then come back to a nice hotel it feels great and everyone just keeps discussing work and being productive during the days. When a consulting team gets put into a terrible hotel and has push back from client about nice hotels. Then you watch the team morale drop and productivity drop as people are then just complaining at how bad the hotel and food was and that our rates are so high yet they want to save a few dollars on hotels. I don’t think they take that into account of the hidden cost when the consultants are unhappy. Again, excellent video.
Fully agree :) Thanks for sharing your perspective, appreciate it! Best, Heinrich
Such a great video and brilliantly summarized. Just to add, another important takeaway imo, when you upgrade to living such a glamorous lifestyle, downgrading later in life (for what ever reason) can be painful!
Hi Zain, thanks for your comment! Indeed an important point. This in my opinion is another reason why saving/investing instead of spending your money as consultant is so important. You do not want to mentally become dependend on the lifestyle of living in a super large flat, getting an upscale car etc. Best! Heinrich
None of those interest me at all. The only reason I find consulting attractive is the constant exposure to new problems. Repetition makes me depressed.
Hi Ariel, thanks for your comment. Very much agree - these are indeed the REAL perks of the job :) Best, Heinrich
@@FirmLearning Thank you for your honest opinion on what comes along with those glamorous benefits. It's seldom talked about. Vrolijk Kerstfeest!
Danke Heinrich
This video is says it all about the lifestyles of MBB consultants.
Could you do a video for on tier 2, tier 3 and boutique consulting in Germany?
Hi, thanks for your comment! Yes, might do a similar video in the future based on what I have seen working at Accenture and my friends in Big 4 :) Best! Heinrich
Thank you for sharing this, Heinrich.
Sure thing, thanks for watching Mohammed! Best, Heinrich
Thanks for the great video! I believe all these benefits are very nice rewards for your hard work, because I believe you have to work a lot. So I think it is relevant just for those who loves to work hard and as I am one of them, it really motivates me 😊
Hi Kristina, great spirit! Indeed, the perks make the lifestyle a bit more pleasant. Lots of success to you :) Best, Heinrich
Thank you for sharing. I did watch to the end
Hi Samson, love the support, thank you for watching! :) Best, Heinrich
Love your videos, keep up the good work!
Thanks Miche, great to hear the video is helpful! :) Best, Heinrich
Great video and awesome tips as always!
Thank you Ivna, much appreciated! Best, Heinrich
Hi Heinrich, thank you for another high-quality and informative video! If you ever have time, could you consider making a video giving university students advice on how to increase their chances of getting an internship at a MBB consulting firm?
Viele Grüße
Hi Megan, thanks for your comment! Have already covered some aspects in past videos, have a look at the video library on my channel :) But yes, this is a topic I will continue talking about in the future! Best, Heinrich
really enjoying your videos! I did some work with McK and it's really is interesting to hear your insights
Hi Thomas, thanks for your comment! Great to hear that you found it insightful :) All the best to you! Heinrich
I think the most interesting and glamorous aspect of consulting is that you're able to work and live in different countries and cities and experience different cultures. Of course, it's a busy job but imagine if you're from say New York working on a project in London for half a year you still get to experience the culture a bit and how you like living there. Kind of like Erasmus!
Hi, thanks for your comment. Indeed an interesting aspect of the career. Thanks for sharing! :) Best, Heinrich
Great and honest video, thank you!
Thanks for watching! Best, H
Hi, Just want to share that all the glamourous side of the job is not really worth it if you are stressed and overwhelmed by projects you don't really get to enjoy it. I was in consulting too but not a top consulting firm. Thanks for sharing as usual great content!
Hi, thanks for your comment and sharing your experiences! Yes I agree, one should see these perks only as a little bonus on top, not as the main motivation to do the job. Best! Heinrich
Great video, thanks for sharing!
Thank YOU for watching, appreciate it! Best, Heinrich
I think the most glamorous part is the way to solve problems from different domains, which could help to deep dive into one of them most interested in, to research further
Hi, thanks for your comment! Fully agree that the content of the job is the much more important reason to join an MBB consulting firm :) Best! Heinrich
this video was amazing! Could you also make a video on McKinsey vs Bain vs BCG analysing the differences they have in terms of pay scale, how fast can one get promoted, International exposure and so on.. Thanks!
Hi Shiv, thanks for your comment and watching! Yes, have such a video already on my ideas list, trust I will do it at some point in the future :) Best! Heinrich
I’m a IT consultant - doing the consultant dance for a lot of years. It is fun in the beginning and gives you some positive feedback that your work appears to be so valuable that they fly you around all the time. But sooner or later it becomes stale. Then the social aspect of going places and meeting colleagues or friends all around the world becomes more important. I remember sitting at Düsseldorf airport at 23.12., 22:00, thunderstorm, all flights cancelled, me getting drunk on cheap whisky at the lounge and my only thought was: This sucks. In hindsight, I do not remember much from these years, just hundreds of nights spent in hotels and working.
Hi Martin, thanks for your comment and valuable insights. Yes, what you describe is indeed an important reality of working in consulting as well. Thanks for sharing! Best, Heinrich
Heinrich being the absolut G answering to comments past 12 am
Great work, keep it up
Best evening activity ;) Thanks for watching! Best, Heinrich
He is used to be active after 12am lol
This was very informative! Thanks
Thank you Shivam, great to hear you found this to be helpful :) Best, Heinrich
Good video! Hope I can take advantage of those if covid is somehow over next summer. I wanted to tell you that it would be great to have the course (how to be succesful...) by April-May so that the ones with a Summer Internship can take it before starting it.
Great content btw!
Hi, thanks for your comment! Indeed looking forward to releasing the course :) Best! Heinrich
Great video as always wish you a great festive period! Which of “glamour” did you think would be amazing but was underwhelming?
Thanks Shyam! Overall was a bit underwhelmed by the hotel bonus programs. The value you get for your points felt a bit low (e.g., only 1-2 free nights after staying at a hotel for several months) and the bonuses you get during your stay also were rarely interesting. Best! Heinrich
This my 2nd video of you today, and I subscribed you
Hola hermoso tema, "El Glamour en el Estilo de Vida en la Consultoría" ; Puede que tenga o que no tenga Glamour el Estilo de Vida de la consultoría, lo que sí puedo decir que el Glamour de la Consultoría(en mi perspectiva) está en hacer algo que me gusta mucho " Estrategias en el análisis y diseño de oportunidades de Negocios".
Hi Jorge, thanks for your comment. Very much agree - the content of the work is much more relevant and important than all these perks :) Best, Heinrich
Nice topic and interesting conclusion !
Good to hear that it was helpful! Thanks for watching :)
A sensible message for everyone 👏👏👏
Thanks Geevarghese, appreciate your comment! Best, Heinrich
Thank you!!
Thank YOU for watching Anton! Best, Heinrich
Great video, thanks a lot 👍💪💪💪
Hi Azamat, thank you, much appreciated!! :) Best, Heinrich
Watched the video till the end. Great video. Just came across your highly informative channel by chance and have watched several videos already (I liked in particular "Why you should NOT join Consulting (horror stories, mental health)", "Week in the Life of a Consultant - Work week of a Management Consultant", "HOW TO SOLVE PROBLEMS - How do consulting firms work (hypothesis-based problem solving explained)" and this video). I wonder why I didn't come across this channel earlier. Though I have no plans of getting into consulting, I have always wondered what consulting is all about (how do they live, what exactly does their work look like, lifestyle etc.). A good friend of mine is in consulting, but I hardly get to see him as he is away most of the week. Your channel answers exactly the questions I had. Gonna watch further videos now. Very informative channel. Greetings from Germany.
Hi Rajesh, thanks so much for your comment. Super happy to hear the videos are helpful :) All the best and lots of success to you!! Heinrich
@@FirmLearning Thank you, Sir! Keep it up. Looking forward to your future content.
is bain popular in germany or europe? havent seen it as much as mckinsey and BCG
Hi Maximilian, it is significantly smaller compared to McK and BCG, and Germany also has other strong competitors such as Roland Berger. On an international level, Bain is number 3 after McKinsey and BCG though. Best! Heinrich
Now that a majority of these “glamorous perks” will no longer exist due to COVID, how do you think the industry will respond to retain junior staff (especially when other industries like tech offer similar perks & pay with better work/life balance)?
Hi Kira, thanks for your comment. This is indeed an important topic. So far my impression is that consultants still hope that this is not a "new normal" but the old situation will come back at some point in 2021. It will be interesting to see whether this happens and if not how the firms adapt. Though the travel-realted perks are also meant to compensate for the not so pleasant lifestyle of traveling so much. If you have home office and do not need to travel, the justification for this might be gone anyways. Best! Heinrich
Just finished a MBB internship that was online. 🙃 Was exhausting and long hours without any perks. Definitely interested to see if this will be the new normal or not and how the industry will make attempts to stay attractive to junior staff.
Hi Heinrich, thank you so much for sharing these! I'm interested with being exposed to different projects as a consultant, and I wonder how the pandemic's gonna change the lifestyle of the consultants?
Hi Faye! For sure, the current situation will let you travel much less. Therefore most travel-related perks will not be that relevant anymore.. Best! Heinrich
Good content thank you!
Thanks for watching!! :) Best, Heinrich
Very Inspiring!
Thank you Siddesh, great to hear that!! :) Best, Heinrich
Nice video... I did an internship in a high level consultancy and decided my spare time is worth it... I would advise anybody to orget those benefits & join consultancies if you want to learn a lot, work hard and broaden your horizon.. This should be the reason
Hi, thanks for your comment! Yes, fully agree. These perks should never be the main motivation to start in an industry. Best! Heinrich
Nowadays I am not really watching TH-cam much, but always watching your videos. Looking forward new videos. I wanted to ask 2 questions and 1 video suggestion.
1. As a consultant in which cities (or, countries) have you been?
2. Did you joing Mckinsey after undergraduate or after your master's in LSE?
3. It would be very interesting to have a detailed video about your Mckinsey journey, how you 1st heard about the firm, how you prepared, did you have a plan to work there, the interview process.
That is great to hear, thank you! Regarding your questions:
1. Ca. 50% of projects were in Germany, ca.50% abroad. Outside of Germany I was e.g., in UK, Russia, US, Denmark, Netherlands, Switzerland etc.
2. Did my internship during my undergraduate and then received an offer to join after my Master.
3. Thanks, yes this is indeed a great topic :) Might pick this up in a future video! Best, Heinrich
@@FirmLearning Thank You very much for the answers.
Are u a man of faith... If yes, much appreciated
Can you do a video on speaking german in a Bavarian dialect to Prussian clients and how to help them look past this
I have fond memories of my time in internal audit at a global firm. Not always interesting locations because they had big warehouses but I saw lots of the world and experienced business class and I was in the British Airways Gold club - equivalent to one world emerald. And not long hours either :-) But the work was repetitive and I got bored and wanted a bigger challenge.
Hi, thanks for sharing! Sounds like an interesting experience. Understand that these things can get a bit boring and repetitive after some time. Felt a bit like this after some years in consulting as well :) Best! Heinrich
Love the video
Super happy to hear the video was helpful. Thanks for watching! Best, Heinrich
Felt as if Arnold Schwarzenegger was talking to me through him. Loved it.
:) Thanks for watching!
Drinking coffee, listening to your interesting accent😁
Thats the spirit!! :) Thanks for watching!
@@FirmLearning Thank you for making such amazing content💯
I usually don't comment, but if the algorithm demands it i am ready to do my share :) Which of the "glamorous" perks was your favourite?
Your comment is very much appreciated. Thanks for watching :) Must admit I am quite a sucker for airline status, but also believe that this will significantly lose importance in a post-crisis world.. Best! Heinrich
Marriott for sure
@Dave There is some truth to that! :)
Hello! Great content, love the balanced perspective on whether these benefits are to be considered glamorous or not!
I have a question that's a bit unrelated to the video 😅
What is your advice to a final-year student who wants to do practice case interviews but feels like he can better use his available time in other growth opportunities like internships, case competitions, and a minor degree?
Great to hear that you found the video informative! Thanks for watching.
I think that everyone needs to weigh up what is best for them and how to best use their time. It is not a one-size-fits-all answer. However, practicing for case interviews is important if one hopes to get an offer from a consulting firm!
Thanks for sharing Heinrich!
I really love all your videos... I’m about going for my MBA, and I’ve been thinking a lot about my post MBA goals.
I’m undecided between a strategy role in a tech firm or Strategy consulting.
Do you have any insights, resource to point me to or recommendations?
Hi Oluwafemi, interesting! If strategy is what you want to do, then working at an MBB firm will in my opinion be a great choice. You should have good opportunities to then transition into a strategy department of a tech firm afterwards as well. Lots of success to you!! Heinrich
@@FirmLearning thank you for your response Heinrich!
I am genuinely enjoying your videos. In this case I still don't see what is "glamurous" in staying in great hotels during business trips. It is similar to emoloyers that are trying to sell an iPhone and nice offices as a perk 😊.
Hi Duasn, thanks for your comment and watching the video. Yes, can very much see where you are coming from! Best, Heinrich
I would like to enter in Consulting, because I think that a person is born to do this job. In my opinion you’ve right, an individual shouldn’t choose Consulting only for the glamour
Hi Nicola, thanks for your comment! Yes indeed, one should start the job with the right motivation and not just for these perks :) Best, Heinrich
Hi Heinrich, thanks for all the information and your advice ! But to what extent does the company pay the journeys in business class, the hotels...etc please ? What pourcentage do you have to pay from you own pocket ?
I am glad that you enjoyed the video Thomas! Every firm is different but most consulting firms will pay for flights and the consultant will not pay out of their pocket.
What is the working hours in mbb in Europe and in US?
Thank you for the video! Why did you leave McKinsey? All the best from Barcelona!
Hi Byron, thanks for your comment! Have talked about this topic in some of my past live streams. Might pick it up in one of my future videos! Best from Germany, Heinrich
Dear Heinrich,
hearing about all the benefits really does make it sound very sexy. I hope to be so valuable in what I do one day, that I do not need to look for these things as arguments to do my job well!
Regards,
Julian
Hi Julian, thanks for your comment! While working in consulting for sure has downsides as well, it has also these nice perks :) Agree that this is nice. All the best to you!! Heinrich
@@FirmLearning Dear Heinrich, thank you for your reply. Reading up on my comment just now, I realised that maybe I did not frame precisely what I meant to say. While studying physics, some of the guys only studied physics to get into consulting. And watching your and other (ex-) consultant's videos I keep coming across the prestige and intellect "features" of consulting, the idea of striving to "become great" and to "show for it". But in this community, I miss the part where consultancy can be seen as a very valuable service which is needed in this world, probably now more than ever. Not just in economics but for example questions of sustainability. And in a more abstract setting, consultancy is about answering those frontier questions in a manner that stands the test of time while providing the best for all parties involved. And that is where I am trying to go while trying to shield myself from the luxury of said benefits which I feel, mostly blind my vision for the true goal.
Best regards and thank you for your answer!
Julian
@@fregor1 Hi Julian, thanks for the clarification. Great perspective, hope this will help other people who read your comment to get clarity on this important aspect / aspiration of working in consulting. Best! Heinrich
Hi Heinrich, great video. I will be joining Deloitte as an analyst in the fall. Would you say all these perks exist at the Big 4 level as well or is this exclusive to the MBB level?
Hi Nikash, at Big 4 you probably will have slightly less attractive perks (rather Eco than Business, hotels 1-2 tiers below those mentioned), but details also depend on the region you work in. Lots of success to you at Big 4!! Best, Heinrich
Really cool video;)
Thanks!!
Hello Heinrich, i just recently graduated my Master's in International Business. I am looking at all the MBB firms. Do you reckon i should have a couple years of experience before apply as i have no work experience?
Hi Raoul, in general this will not be a problem. MBB firms hire lots of fresh graduates every single year!! This is the majority of people that that join MBB firms. Lots of success to you! Heinrich
Do consulting firms hire physics undergraduates from IITs especially?
Do all consultants at the company enjoy this or only senior consultants? When you say "good salaries" what's the range were talking about ?
Hi Alia, yes, this is the case for all consultants, also junior levels. Salaries of course depend on your level and the exact firm. You can expect a base salary of 65-75k in Germany for Master-level graduates (+ bonus, car etc.) Best! Heinrich
Sir I'm an English language speaker. So I want to know that in which language do BCG employees interact with each other in Berlin office.
Nice topic
Thanks for watching Sani! Best, Heinrich
I have a lot of experience working with people that support MBB consultants. Nobody ever mentions the crazy work these people have to do so consultants can fly around and do their job. What about assistants, IT people, visual services etc.? Would love a video with some praise for jobs that make a "glamorous consulting job" (which in this day and age often means you live far beyond a sustainable lifestyle and to work in an environment that produces pricks) possible in the first place.
Hi Hans, thanks for your comment. Fully agree - the back office / support staff is a team of people than really make the difference when comparing MBB companies (can for sure confirm this for McK) with other firms and enabling the work of the consultants. Indeed a topic worth a video on its own! :) Best, Heinrich
I think this kind of „glamorous lifestyle” can be fun when you are single or do not have family yet. Later, all these perks do not make much difference, and instead of working until very late time, I would prefer to have more work life balance :)
Hi Julia, can very much see where you are coming from :) Thanks for sharing! Best, Heinrich
Hi, i heard that it is difficult for consultant to jump to other industry. The salary would be far below the expectation and sometimes that have to do from the junior level. What is your take on that? And what possibilities do a consultant have when he want to change job? Thanks in advance!
Hi Zhenming, my impression is that if you are OK to continue working in a job with a similar (i.e. bad) lifestyle, you can manage to keep or increase the salary. If you want to transition to a job with a better lifestyle (most industry positions), the salary will likely take a hit. Best! Heinrich
Hi, really love your video this is the first time i watched your video but really appreciate it I myself too want to work for the consulting firm but don't know how because i am a MBA graduate with marketing specialization with only a year of experience.
Hi Amit, thanks for your comment! Having a marketing background or „only“ 1 year of experience is no obstacle to getting into MBB. Many consultants join straight out of university and Marketing / Sales is a whole function within MBB firms. Best! Heinrich
@@FirmLearning thanks alot bro! appreciate your response.
Thanks for your videos they are very insightful. I would like to know How do women having kids work at consulting firms? Is it feasible? Does company provide any flexibility like hybrid work etc?
2:20 senator status in lufthansa benefits.
perk: benefits of work.
4:10 team activities:
team dinners: the partner might invite the whole team to very upscale restaurants.
team offsite: bond memorable experiences.
5:00 compensation packages:
salary, car policy,
6:50 not spending time at homes.
8:15 not tapping in all the perks.
I was in BCG , travelled 6 countries, stayed in almost top tier hotels, took business class flights, learnt a lot, had a very smart team. But I left within a year. For the whole year I couldn't plan myself, gf left, hardly talked to family, continuously stressed about morning flights, late night office, didn't watch s single movie. I will never go back to MBB again. BCG cleared my priorities in life, what I like , what I want. I am thankful to BCG in that respect
Hi Atanu, thank you for your thoughtful comment and sharing your experiences. Absolutely agree that working in consulting has severe downsides, some of them clearly described by you. Great to hear you still took some learnings out of your time at BCG. Best! Heinrich
But you made a lot of money right?
Another great video Heinrich - I worked for a global logistics company for 6+ years and the travel was great at first, but soon become the 'normal' and was just part of the job. Do you think a complete review of the 'perks' offered by MBB will be required in the new era of working from home? If so what do you think the revised offerings will look like? Some form of home office package perhaps with enhanced broadband connection to ensure stable and fast internet?
Hi Derran, thanks for your comment and sharing your experiences! For sure firms will need to evaluate the perk system at some point. Some already started paying employees contributions to their home office desk equipment. Though in my opinion the travel perks were always also meant to compensate for the bad lifestyle of traveling so much. If the need to travel goes away, these perks might also not be relevant any more to that extent. Best! Heinrich
Are you talking about consultant that are an MBA or someone having a Computer science degree can do it, like does IT consulting have similar lifestyle?
Hi Rishabh, yes, once you are "in" your perks do not depend on what degree you studied :) Best, Heinrich
Man i miss the travel, especially Frankfurt .......
Yes, there was definitely some excitement to it :) Best, Heinrich
Great video! I have a somewhat unrelated question from the topic discussed in the video, but was wondering what are some exit opportunities from consultants in MBB post MBA? Can they transition to Investment Banking? I have a STEM background and I'm currently thinking to start an MBA next fall and still deciding between being a Consultant in MBB or going to Investment Banking. I was wondering if Consultant to IB is a doable transition or not in case I decided to do that down the road. I've heard it is not so doable the other way around (IB to consultant MBB) and that you're more tied to finance positions like corporate finance if you go the IB route and decide to exit. Thanks in advance!
Hi John, thanks for your comment! What you describe is pretty accurate. Transitioning from consulting to IB is possible, but will require you to already shape your profile a bit towards the Finance direction while working in consulting. E.g., a colleague of mine transitioned from McK to Goldman and he indeed did quite a lot of banking and insurance. Trust transitions are possible as well with a smaller focus, but it will for sure be more difficult. Lots of success to you!! Best, Heinrich
Really informative video! Keep posting such video🙌💯 also I have a question, can a MBA in operations graduate persue their career in management/strategy consulting??
Please answer. Thank you.
Hi Tejas, much more important than the type of MBA you do will be the reputation of the school. Rather focus on getting into the most reputable program than looking for a specific major subject. Overall I would also recommend generalist MBA programs, also in these programs you will usually have lots of opportunities to tailor them to your interests with electives. best! Heinrich
I am mathematician, I study in Germany and now I am almost at the end of my Bachelor. I started working in a small risk-consultant enterprise since the 2. term. It just gives me motivation to study harder and do my best.
Does the McKinsey company need risk managers with mathematical background and people who work with a variety of programming languages in order to analyse risks of financial products?
Absolutely!
Hi, thanks for your comment! Your background will be absolutely appreciated by MBB firms (assuming the rest of your profile meets the criteria). Of course on many projects you will not work on very technical projects, but guess you are aware of this if you are interested to break into MBB consulting. Best! Heinrich
I have a question do we get enough time to spend with our family other than weekends
You will be able to have phone calls / VCs with them throughout the day, but indeed you are usually away from home Monday to Thursday evening. Best! Heinrich
Very nice video
Thanks, great to hear you liked it :) Best, Heinrich
Question about language. Is it possible to work in consulting in Germany without German/ basic German?
Hi Érico, there might be some smaller firms that also hire you without German skills, but most consulting firms will expect knowledge of the local language! Best, Heinrich
It sounds like the life I had as a cabin crew with Emirates lol
Hi Cynthia, indeed spending lots of time in the air ;) At least pre-Cov.. Best, Heinrich
I really love your content. I would like to know is there any free certification courses or anything internships MBB which would help us to grow?
Hi Vipul, do not think that there are specific certifications required for generalist consulting tracks at MBB firms. To grow and expand your skills, suggest you check out courses on Udemy or Skillshare, lots of great content at a very affordable price! Best, Heinrich
@@FirmLearning thanks for your reply. Please tell us what are those different types of skills that a consultant must have and any skill that you would recommend then it would be nice. 👍
Is there a way to work at one of the big 3 and choose not to take part into any of these "perks" because I just wanna spend time with wife and kids?
Hi Gabriel, this is probably what you will get right now due to all the home office :) Usually it is difficult though if you want to work in a client facing role... Best! Heinrich
Great video! I just have a question. How many hours does a consultant usually work?It depends on the amount of work?Do consultants have work to take home?Keep up the good work!!!
Hi, thanks for watching, good questions! Actually I once did a video on the typical work week of a consultant, with many insights on topics like this. Suggest you check it out! :) Best, Heinrich
@@FirmLearning Thank you for your answer!I really appreciate it!Have you ever thought of making a video, in which you will compare different fields such as hedge fund management and consulting or private equity and consulting?Thanks!
Great video, thanks👍. Are there firms that specialise in consulting for charities/government/not for profit firms?
Hi Nathan, yes there are boutique firms specializing in public sector. Though MBB firms have public sector practices as well. Pro bono projects for charities etc. exist as well but only constitute a small part of all projects available. Best! Heinrich
@@FirmLearning thanks very much! That’s really useful info! Have a nice Christmas. Nathan
Great video! I currently work at big 4, is it hard to transition to MBB?
Hi Ashi, thanks for your comment! Transitioning from Big 4 and MBB will be difficult, do not know many people who did this. One of the routes that might work is to do a high-profile MBA and then transition afterwards! Best, Heinrich
May I know how did you transition from MBB (generalist) to a CTO position? Did you major in computer science?
Hi Charles, do have a major in Technology Management, but not CS in specific. Though I am a CTO in the sense of "Chief Transformation Officer". Digital and IT topics are my responsibility as well, but not my only focus. Best! Heinrich
@@FirmLearning Makes sense! Thanks for the reply
Hello , so everyone who wants to be consultants at MBB already know that their lifestyle is going to be very Hectic and it is tough for them to continue in the long run , but still they do join the Firms as consultants. Do they already have the exit options in mind while joining or would they figure out later in life
Hi Abhinav, thanks for your comment and sharing your perspective. Agree that the downsides are very well known and many people already have an exit in mind after some years! Best, Heinrich
@@FirmLearning Thank you for the reply
How do you get into consulting as a biology major? Thanks!
Hi Vincent, if the rest of your profile meets the criteria this should be absolutely possible. Especially the large MBB firms have recruiting targets for people with "exotic" backgrounds. Best! Heinrich
Thank you for video, ncie german accent:)
;) Thanks for watching Egor! Best, Heinrich
What are the jobs after leaving Consultant job?plz reply
Did you already discussed why you leaved Mckinsey?
Hi Joe, have talked about this in some of my past live streams (most of them only available to members though). Might pick this topic up for a future video! :) Best, Heinrich