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Consulting seems to be hiring people who don't know much about consulting to provide advice. And they aren't alone in the hotel rooms... that's the opportunity for the gang bangs. Basically, its an opportunity to get a lot of strange when you're out of town and really drill out some holes. Then you go to work tired and BS through some power point to people who couldn't care less about whether you know what you're talking about. Consulting.
Sounds like it’s for already well connected nepo babies to siphon cash from their dad’s friends companies. Only capitalism would allow such a useless ‘job’ to flourish.
I worked as a consultant for 10 years and I enjoyed the lifestyle, until I got married and had my first child. From my experience consulting is not compatible with family life. It was interesting that most of my senior colleagues were divorced. I got out in time :)
@@samalldredge2038 I live in New Zealand so was studyign conjoint (Finance and Economics for business and science). But I applied for summer internships and got experience for that (12 weeks from November to Feb)
Same thing happened to my brother. He was a consultant at McKinsey then a partner and he was married to the love of his life with two kids but eventually they got divorced 😔
Being a consultant myself, having experience of Big 4, i must say that this video is really informative for those who want to know what consulting business is and what big and giant consulting firms do to serve clients in different domains, such as Compliance, Finance, Risk Management, Technology, FIs,, and Other Advisory etc
I am an undergraduate student aiming myself to become a consultant for the big firms but what would you say was lacking in this video? As someone who have experienced the Big 4, I am eager to hear from you.
And also be prepared to hand over all of your personal data and surrender control over your finances. Oh and be prepared to not be hireable by anyone other than another consultancy firm, because you will have no skills.
@ Good to know that you want to become a Consultant in Big and Reputable forms. Instead of discussing the video, i can tell you that a Good Consultant should have a learning and research attitude, especially related to those industries which a Consultant wants to serve. If you want to pursue a career as a consultant, build a mindset of continuous learning and MOST IMPORTANTLY, work n the BASICS . Like if a person is a Consultant in Risk Management and Compliance, so the Basics of both should be known very well. Without BASICS and without LEARNING ATTITUDE a Consultant always strguggleS
If you are good at fluffing and Bsing and also giving the impression that you do more work than you actually do then Consulting is for you!... If you can use fancy words and gimicks then consulting is for you.. In all seriousness there are a lot of good consultants but most of these firms basically over charge and over inflate what they actually provide a company..
@@lawschoolpro seriously. wtf is an undergraduate going to tell a group of people that have been in the business for years? "so my teacher just taught me this thing...."
my dad worked as consultant for like 20 years and he actually enjoyed it because he was a workholic but he had nooo personal life everything was work and like after 20 years he got burned out and opened a restaurant in a remote location tells you much about the job
⏱Timestamps⏱ 0:00 - Introduction 1:09 - Consulting Firm Rankings 2:27 - What You Do 4:05 - Lifestyle and Hours 5:29 - Hierarchy and Compensation 6:59 - Figuring out if Consulting is for You
Remember too the big 4 are mostly focused on audit and tax work so in this area they are tier 1. I also know several people who only stayed at mckinsey for a few years as partners until they got really tired of travel. The money is great but they are paying you a lot of your time on the road... not the life for everyone.
I work at Deloitte and they have their hands in a lot of pies, they're honestly great at every project they undertake, M&A, Tech Consulting, Supply chain etc
@@HarshvardhanKanthode Hi. I am a CA aspirant in India. Can you share your experience of working in Deloitte? Because most of my peers are in audit and taxation division. So wanted to know about the consulting services departments.
I worked for Oliver Wyman and it is a fantastic company, very pro work-life balance and within the company there were a lot of social programs and the people working there are just wonderful, and I was in the internal administration side.
@@parlocosizarathustra By internal admin, I meant that I was the executive assistant to 3 partners. I was the one who scheduled all day to day activities. I was part of the major meetings within a project and then had to review the projects before they were turned in. I was pretty aware of everything.
@@rodrigozamo yeah being aware is different from doing things. EA usually follow 9-7 working hours (of course there are exceptions). Take a random sample of consultants and ask them the average workload in terms of hours. Bet is going to be close to 60-70 up to 90
As a consultant the information provided in this video is mostly correct. During downtime you are usually training for certifications to become more valuable to clients.
additionally, when you join in on a project as a consultant, everyone will expect you to handle the big workloads by yourself. If you are not working on a project, you normally develop some new topics within the consultancy. Speaking as a German consultant.
Nice video. Few points: Accenture strategy and consulting doesn’t do tech implementation, this is done in technology and operations. I think this is a key difference compared to big 4 (direct experience seen in both firms). Would add Monitor to tier 2, Parthenon, Monitor, Strategy& are the same, strategy branch of Big 4. Lastly, Simon Kucher is not really a boutique anymore and in Europe is extremely strong
got a position in consulting, im a senior rn. Weekends are usually fair game for work... lots of other youtube videos on consulting also mention working on weekends
also rare for bcg according to my friend (only 1 or 2 weekends from 2-3 years of work). while i was at deloitte, there was zero weekend work according to FT employees. so not sure where brian is working
True. It's not necessarily that they ask you to work on the weekends...but sometimes that just ends up being the most comfortable time to catch up on tasks you couldn't finish during the week.
In downtown Boston, Bain is right across the tiny, yet major historic one-way street from Deloitte. During lunch breaks we stand on the opposite sides of the street, face off...and tumbleweed rolls by. . .
Currently consulting on two businesses. One operating out of the USA and foreign country and the other regional. Fix everything for investors and expansions and new markets. I am currently starting a company that will transition into a full-time position managing both of these.
Consulting is a good career while you are young and before you get burnout, I worked In consulting at Deloitte it was brutal, but it landed me a better job so it was worthit, now I am married and spend less time traveling and more time dedicated to my household
Just wanted to know that does Deloitte provide any sector specific consulting or do they take up every project? As we are a startup and building a b2c consumer brand we would have required consulting in customer segregation and building a supply chain
Consultants do work weekends. In your other videos you stated that I Banking only is an entry ticket to PE and VC. Here you say something different. The reason why BCG and Bain are top ranked as desirable companies is because that dedicate a team to maximize those rankings as if it is a case team objective.
Just wanted to clarify a few things: BCG was the first of MBB to up base salaries to 100k for undergraduates, and McKinsey was next to follow suit. I believe Bain is still at 90k, though. As of almost the last decade, BCG has typically been the first to up salary for varying reasons (one maybe being to differentiate for cross-offers). Also, BCG's associate to consultant timeline was only 2 years, not 3, and I'm not sure if this is for some offices in NA or more worldwide, but as of this past year they've changed it to a 21-month timeline (instead of 2 years). Slight nitpick, but it allows quicker advancement to consultant than McKinsey and Bain (although McKinsey does have the BA to EM direct promote for the top performers which allows them to skip a whole level). Just thought I'd mention those things!
@@DannyT24 thanks for mentioning that. When one raises salaries the others tend to raise theirs quite soon after. I don't think they'd ever be materially different in compensation for too long. People tend to forget that MBB are far more similar to each other than they are different.
Agreed. BCG timeline is 2 years at every level -- Associate --> Consultant --> Project Leader --> Principal --> Partner --> MDP/Managing Director & Partner (equity)
my dads a consultant. ive asked him what he actually does, he explains it to me, i still have no idea. i saw this video in my recommended and decided to watch it, i still have no idea what he does. its just a fake job im convinced lol
Consulting has a lot of work and departments that collaborate with each other. The problem is, if the execs or business owners don't implement the formulated business recommendation; the planning and effort becomes useless, which is why the general perception of a consultant shows as less work when in fact its up to the business to enforce consistent implementation of that business strategy.
Consultant here. It may be worth mentioning that Federal consultants have a much better WLB than their commercial counterparts. Albeit for lower total compensation typically. Think 40-50 hour per week. Contracts are also much longer and slow-burning. It’s not the quick turnaround 1-3 months you often see on the commercial side. This may be an avenue for aspiring consultants who still want to guard their personal lives.
@@abdulsunny2893 consultants who’s clients are government agencies instead of the private sector. Federal employees typically work a solid 40 hour work week because they have an establish “tour of duty”. That being said, having clients like that reflects on our work life balance.
That is so weird for me to read. Because i cant imagine or concieve how can one feel fullfilled working like that, but that is just me and the way i feel. I hope you get your dreams and that job!
To clarify, Bain Cap is just one of dozens of funds that Bain serves in its Private Equity diligence practice. Bain and Bain Cap's relationship is not much different than Bain's relationship with any other mega fund.
Great video ! But I slightly differ on Accenture. I’ve worked for Accenture Strategy & Consulting : they don’t do implementation projects. Accenture Technology does technology implementation. Accenture S&C is a front line strategy & consulting firm which engages with C- suites in shaping their strategy.
This was very informative and you’re very intellectual and well-spoken! Thanks for giving me more context to consulting. I’m a college student pursuing a degree in business to become a consultant
Great video overall! I work at an MBB and wanted to flag that the hierarchy timelines are incorrect the lower levels (for sure at McKinsey + BCG, likely incorrect elsewhere). The timeline from entry level (associate at BCG, analyst at McKinsey) to manager (project leader at BCG, EM at McKinsey) are 3 - 4 years instead of 6. For example, you might spend 2 years as an associate, 2 years as a consultant, and then be promoted to manager. 6 years would never happen.
great video! I would love to know how one can start learning the skills needed for consulting excluding the syllabus you are taught in b-schools. Thanks!
I love the long list of Consulting areas. Thank you for sharing your expertise. Greetings from an independent consultant. It gives me a lot of freedom and life balance after 20+ years of experience working for various companies. According to HBR: "The vast majority of independent consultants (90%) in our survey reported that they are satisfied with working in this way, and our data indicates that they are more satisfied with their current professional life than our employed consultants. They are also successful. Most are meeting their target days and earning more or at least the same as when they were employed, despite working fewer days. Independents also rate their current work quality as higher compared with when they were at traditional consulting firms - 91% said it offers better value for money for clients and two-thirds said their recommendations are more likely to be implemented."
I think this video conveys information that is generally accurate for pre-manager levels at consulting firms. Might be good to clarify that. Some stuff like number of projects handled at one time changes, there is a clear expectation of participating in sales, relationship building etc. these points will help people making decisions for those levels. Maybe another video specifically focused on this.
@@felipeabe3063 It really depends. I've not had to travel that much but in general, my overall average flying was around 60k miles a year (this also includes personal travel which can be long international trips as well). This was all of course pre-covid. I haven't been on a plane for work since March 2020. There really isn't a rule that a certain level of folks will travel more than the others. Like right now, partners are probably traveling a lot more than rest of the staff. In projects where there is regular travel required, partners might not travel as much as the team does, some do, some don't. Hope this helped!
this is wonderful video, thank you for sharing. I am stepping into the consultancy for the 1st time and there are loads to learn. really appreciate your work. thank you.
I work for KPMG in IT Consulting in germany and my experience is vastly different than what you described. I work 40 hours a week, sometimes 43. 98% is WFH.
@@matirijo mostly yes it is, but people are open to sacrificing their time for that top dollar. I've seen people earning 6 figures 2-3 years in, this may not be possible in Germany unless you have a decade of experience
Is it possible to make a switch from a IT consultant to tech-roles like SDE, SWE of a product based company? If possible what are the challenges one might face?
I've interned in a 4PL consultancy company, the assessment for suppliers and clients is a breeze but what takes a toll on me is the damn man hours needed to make PPT presentations and if your boss does not like it you have to start all over again.
I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.
Hey Ben, I don't think you saw my comment on your previous video so I just wanted to say I'm glad you're continuing the career related videos on this channel. Also, if you don't mind, I wanted to ask if you edit your own videos? If so, which software do you use to aniamte the slides? You've inspired me to start creating content!
Thank you for that very informative video! Im thinking of getting into sustainability consulting, so Im trying to get as much information as possible before going abroad for my masters
I did two summer internships during university, at two different big 4s. Whilst the staff were super friendly, I always weighed the family factors against it. During my third year I completed another internship at a bank and found the lifestyle, work culture a lot better. For some, they love the culture of big4 and consulting. Me personally, I just felt that I never was fitting in with others.
the Cons are the reason I should try Consulting... I like to be lonely, I hate to stick down same home town, I hate talking to same people over and over again and would rather make new connection every week lol
I'm a 14 year old deciding on my career path and I think I will go forward to accomplishing my goal of becoming a consultant. This video was very informative and helpful! Thumbs up!!
My problem is getting a consulting job to begin with , i got a BBA in MIS and an MBA with a focus on Project Management, and so far all my attempts to get into consulting firms has failed
Up in the air is such a vibe with the overall mood of the movie, with the exception of the romance plot line, which kind of feels unnecessary in hindsight. Partly because of how it ends on a dead note. I really appreciate the Mentor/Student relationship Clooney has with Anna Kendrick’s character.
Hey ben what are the skills we required to become a consultant? Also every consultant works 50-7 0 hrs? Also how one can decide if consultanting is made or not? Please tell other types of consultanting also?
Consulting is the easy part. Most companies know their deficiencies. It’s carrying out the change that’s difficult for them. There need to be operational consultants that get their hands dirty and help carry out the plan. Of course this should come with a few but that’s how it should work.
So, in one word, consulting is better than most other management jobs. It has a ton of money, sometimes comparable to IB, and yet, a healthy work life balance.
@@vittaldevanderson1657 how’s the payrate in comparison to the work you do? I work at EY Belgium rn. Hearing that other countries give 100K+ salaries is just insane to me. I get 26K lol
I'm currently a Financial Advisor for a financial institution here in Canada and I'm seriously considering switching to consulting within a year or two.
And the salary is a lot less for lower tiers. My offer from Accenture here in Germany was at ~ €52k incl. bonus. But they would've compensated you for overtime hours according to the contract.
Same in France. I was surprised when I heard Americans claiming on salaries like 90-100k. The explanation can be that the US is very capitalistic country and you have to pay every single insurance from your pocket. Plus, you have to pay lots of 💸 for your university degree. Although in Europe, you have a lower net salary but everything else is covered by your employer. The unis are almost free. I personally prefer the social system like in Europe, the social class different is less and society seems more solide.
@@uygar9931 the catch is you'll never get rich working a 9-5 in Germany or France. It's old money which will keep growing. In the States you can be a millionaire by the end of your career which is pretty great tbh
Just had 2 months of BCG consulting and was so bad. They added nothing to the use case we needed help. We basically just guide them to confirm what we already knew and put their seal of approval on a power point to show management. No value added just need their reputation to confirm something because if it's you saying it it's now worth nothing but if it's a named consultant it's gold. So sad
As a former MBB consultant, while I agree with your sentiment, I believe companies that decide to onboard consulting firms should understand why they decide to do so in the first place; quite frankly if the company itself or the management team is delivering value to a satisfactory standard there is no need for a consulting 'seal of approval'. In addition, the reason why companies are willing to pay top dollars for consulting service & why the consulting industry is such a large and profitable industry is because companies need this 'seal of approval'; if the companies are capable and credible in the industry, there is no need for the 'seal' and thus the entire consulting industry~
@@damanchan6220 companies need it essentially to outsource market research, because consulting firms have a lot of competitive and market data given their breadth of clients and projects. No, companies don’t rely on consulting firms in anyway for their strategic opinions.
the most destructive 4.5 years of my initial career. at pwc ... and the best experiencie and discipline i would learn so far... i recommend the xperience.
I have worked with 2-3 expensive dental consultants. I realized they are just repeating what is written in books and were ineffective. For me it was like hiring a stock market consultant or investing In a mutual fund. Did you know that 90% of mutual funds do not beat the market even though they claim to be experts?
I think that the points made here are definitely valid, but are primarily only valid for strategy (pure-play) firms in the US. For example in the Asian region (where American big tech has less presence and pure strategy projects aren't selling that well) its really common for SWEs and AI/ML engineers to join a consulting firm first in order to get rapid experience working on large high profile projects, then move onto a project management or possibly leadership role for in a startup, etc...(coming from an ML engineer at a big 4 firm)
Just Completed my Computer Science Engineering and this is my first job, really scared and excited as well ,I thought not many engineers would join consulting but looking at your comment really makes me happy, any advice on what my future long term goals should be?
@@SalomaMathew hey hi can tell more , I am ml engineering student from a decent college with good grades , I have 2 years left can u tell me , how I should prepare get into a company like that
@@logx2536 all I can say is Consulting is a job that needs you to be verbal... You need to excel in your communication skills, be Confident while presenting and Have a little idea about marketing, digital marketing , customer solutions and you are good to go! All the best 👍💯
Am working with some Wharton classmates who come from McKinsey / Bain / BCG backgrounds on a how to get into consulting course! Sign up below and get a 50% discount for being an early supporter :)
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Consulting seems to be hiring people who don't know much about consulting to provide advice. And they aren't alone in the hotel rooms... that's the opportunity for the gang bangs. Basically, its an opportunity to get a lot of strange when you're out of town and really drill out some holes. Then you go to work tired and BS through some power point to people who couldn't care less about whether you know what you're talking about. Consulting.
Form doesn’t let me access anymore
Form doesn't work. Say's I don't have access - only within the owners organisation.
The start of the video would be amazing, but I can almost hear your voice over that music!😂 Btw that music is horrible as well.
Sounds like it’s for already well connected nepo babies to siphon cash from their dad’s friends companies. Only capitalism would allow such a useless ‘job’ to flourish.
Bro is a consultant for consultants
Are you one
I worked as a consultant for 10 years and I enjoyed the lifestyle, until I got married and had my first child. From my experience consulting is not compatible with family life. It was interesting that most of my senior colleagues were divorced. I got out in time :)
got out of the marriage in time or got out of consulting in time?
@@kkkbuta5 lmao yeah
How do you get started in consulting ?
@@samalldredge2038 I live in New Zealand so was studyign conjoint (Finance and Economics for business and science). But I applied for summer internships and got experience for that (12 weeks from November to Feb)
Same thing happened to my brother. He was a consultant at McKinsey then a partner and he was married to the love of his life with two kids but eventually they got divorced 😔
Being a consultant myself, having experience of Big 4, i must say that this video is really informative for those who want to know what consulting business is and what big and giant consulting firms do to serve clients in different domains, such as Compliance, Finance, Risk Management, Technology, FIs,, and Other Advisory etc
I am an undergraduate student aiming myself to become a consultant for the big firms but what would you say was lacking in this video? As someone who have experienced the Big 4, I am eager to hear from you.
Would any of the big consulting firms consider hiring someone in their mid 30s?
And also be prepared to hand over all of your personal data and surrender control over your finances. Oh and be prepared to not be hireable by anyone other than another consultancy firm, because you will have no skills.
@ Good to know that you want to become a Consultant in Big and Reputable forms. Instead of discussing the video, i can tell you that a Good Consultant should have a learning and research attitude, especially related to those industries which a Consultant wants to serve. If you want to pursue a career as a consultant, build a mindset of continuous learning and MOST IMPORTANTLY, work n the BASICS . Like if a person is a Consultant in Risk Management and Compliance, so the Basics of both should be known very well. Without BASICS and without LEARNING ATTITUDE a Consultant always strguggleS
@ Yes there is always a demand of SUBJECT MATTER EXPERTS with right mindset, in reputable Firms
If you are good at fluffing and Bsing and also giving the impression that you do more work than you actually do then Consulting is for you!... If you can use fancy words and gimicks then consulting is for you.. In all seriousness there are a lot of good consultants but most of these firms basically over charge and over inflate what they actually provide a company..
Nailed it. Consulting is bs. We’re going to weed this crap out eventually.
also from the sound of it no work life balance.
They are dinosaurs that just repackage what the client already knows
@@lawschoolpro seriously. wtf is an undergraduate going to tell a group of people that have been in the business for years? "so my teacher just taught me this thing...."
Consultants provide netting for CEO’s, you can think of consulting as a sort of insurance company.
my dad worked as consultant for like 20 years and he actually enjoyed it because he was a workholic but he had nooo personal life everything was work and like after 20 years he got burned out and opened a restaurant in a remote location tells you much about the job
restaurant life is hard too!
@@rareliquidcareers yeah I guess so, one of the things he says is that consulting was macromangaing and restaurant is more micromanaging
@zyeranoth7078 mate what professional certification did he pursue, just asking as I want to work in this field.
⏱Timestamps⏱
0:00 - Introduction
1:09 - Consulting Firm Rankings
2:27 - What You Do
4:05 - Lifestyle and Hours
5:29 - Hierarchy and Compensation
6:59 - Figuring out if Consulting is for You
I am looking to get into consulting after college, and your video was very informative and straight to the point. Thank you 😊
Remember too the big 4 are mostly focused on audit and tax work so in this area they are tier 1. I also know several people who only stayed at mckinsey for a few years as partners until they got really tired of travel. The money is great but they are paying you a lot of your time on the road... not the life for everyone.
I work at Deloitte and they have their hands in a lot of pies, they're honestly great at every project they undertake, M&A, Tech Consulting, Supply chain etc
@@HarshvardhanKanthode Hi.
I am a CA aspirant in India.
Can you share your experience of working in Deloitte?
Because most of my peers are in audit and taxation division.
So wanted to know about the consulting services departments.
I worked for Oliver Wyman and it is a fantastic company, very pro work-life balance and within the company there were a lot of social programs and the people working there are just wonderful, and I was in the internal administration side.
Hi my Mmc colleague
Cool ADs dude 😂☠️
So you are not a consultant. If you are in the internal administration you frankly know nothing of day to day activities.
@@parlocosizarathustra By internal admin, I meant that I was the executive assistant to 3 partners. I was the one who scheduled all day to day activities. I was part of the major meetings within a project and then had to review the projects before they were turned in. I was pretty aware of everything.
@@rodrigozamo yeah being aware is different from doing things. EA usually follow 9-7 working hours (of course there are exceptions). Take a random sample of consultants and ask them the average workload in terms of hours. Bet is going to be close to 60-70 up to 90
As a consultant the information provided in this video is mostly correct. During downtime you are usually training for certifications to become more valuable to clients.
Hi. Starting out, does one need an MBA? I wana start my own management consulting firm
What type of certifications do you have?
What kind of certifications does that entail for your clients?
additionally, when you join in on a project as a consultant, everyone will expect you to handle the big workloads by yourself. If you are not working on a project, you normally develop some new topics within the consultancy. Speaking as a German consultant.
Salute! I do work for German consulting too and this quiet accurate
Nice video. Few points: Accenture strategy and consulting doesn’t do tech implementation, this is done in technology and operations. I think this is a key difference compared to big 4 (direct experience seen in both firms). Would add Monitor to tier 2, Parthenon, Monitor, Strategy& are the same, strategy branch of Big 4. Lastly, Simon Kucher is not really a boutique anymore and in Europe is extremely strong
Bain stole money through corruption in state capture in South Africa.
got a position in consulting, im a senior rn. Weekends are usually fair game for work... lots of other youtube videos on consulting also mention working on weekends
Working weekends is rare at Bain. Can't speak for BCG or McK
also rare for bcg according to my friend (only 1 or 2 weekends from 2-3 years of work). while i was at deloitte, there was zero weekend work according to FT employees. so not sure where brian is working
Working at Deloitte as a grad, have pretty much worked all weekends, no work life balance 😢
True. It's not necessarily that they ask you to work on the weekends...but sometimes that just ends up being the most comfortable time to catch up on tasks you couldn't finish during the week.
@@Sharon-ix3or is this in the uk or us please Sharon?
The editing here is seamless. Love how it all comes together!
In downtown Boston, Bain is right across the tiny, yet major historic one-way street from Deloitte. During lunch breaks we stand on the opposite sides of the street, face off...and tumbleweed rolls by. . .
Currently consulting on two businesses. One operating out of the USA and foreign country and the other regional. Fix everything for investors and expansions and new markets. I am currently starting a company that will transition into a full-time position managing both of these.
Consulting is a good career while you are young and before you get burnout, I worked In consulting at Deloitte it was brutal, but it landed me a better job so it was worthit, now I am married and spend less time traveling and more time dedicated to my household
Just wanted to know that does Deloitte provide any sector specific consulting or do they take up every project? As we are a startup and building a b2c consumer brand we would have required consulting in customer segregation and building a supply chain
@@hsingh8538they will take anything, in most cases they can assign the task and partner up with smaller firms
Consultants do work weekends. In your other videos you stated that I Banking only is an entry ticket to PE and VC. Here you say something different. The reason why BCG and Bain are top ranked as desirable companies is because that dedicate a team to maximize those rankings as if it is a case team objective.
You are so good in explaining and making us understand every single detail
Accenture, KPMG, PWC, Deloitte, and EY are the top consulting companies in the Netherlands.
This helped me with [insert task]. You’re a lifesaver! 😇
Just wanted to clarify a few things: BCG was the first of MBB to up base salaries to 100k for undergraduates, and McKinsey was next to follow suit. I believe Bain is still at 90k, though. As of almost the last decade, BCG has typically been the first to up salary for varying reasons (one maybe being to differentiate for cross-offers). Also, BCG's associate to consultant timeline was only 2 years, not 3, and I'm not sure if this is for some offices in NA or more worldwide, but as of this past year they've changed it to a 21-month timeline (instead of 2 years). Slight nitpick, but it allows quicker advancement to consultant than McKinsey and Bain (although McKinsey does have the BA to EM direct promote for the top performers which allows them to skip a whole level). Just thought I'd mention those things!
thanks for the insight!
Bain raised salaries too
Almost makes you forget they drive companies into the ground
@@DannyT24 thanks for mentioning that. When one raises salaries the others tend to raise theirs quite soon after. I don't think they'd ever be materially different in compensation for too long. People tend to forget that MBB are far more similar to each other than they are different.
Agreed. BCG timeline is 2 years at every level -- Associate --> Consultant --> Project Leader --> Principal --> Partner --> MDP/Managing Director & Partner (equity)
I didn't realizer how involved consulting was. It sounds like a cool career path I've never considered before. Thanks for the info!
That's so much for sharing this. I needed this for education purposes I never knew much about this field but have always heard about it.
my dads a consultant. ive asked him what he actually does, he explains it to me, i still have no idea. i saw this video in my recommended and decided to watch it, i still have no idea what he does. its just a fake job im convinced lol
Consulting is basically telling very important people what they want to hear
Consulting has a lot of work and departments that collaborate with each other. The problem is, if the execs or business owners don't implement the formulated business recommendation; the planning and effort becomes useless, which is why the general perception of a consultant shows as less work when in fact its up to the business to enforce consistent implementation of that business strategy.
50-75 hrs is a fair range, but I’ve heard of some McK consultants going up to 80-100 hrs
The vibe here is just *chef's kiss* 🔥
great video, very well explained. This is the first time that I understand this industry.
Same here
OMG I love this especially the hierarchy I was so confused on what was entry level and every business calls a title differently
yeah if only they made things easier and used the same titles! haha
Consultant here. It may be worth mentioning that Federal consultants have a much better WLB than their commercial counterparts. Albeit for lower total compensation typically. Think 40-50 hour per week. Contracts are also much longer and slow-burning. It’s not the quick turnaround 1-3 months you often see on the commercial side.
This may be an avenue for aspiring consultants who still want to guard their personal lives.
great info thanks!
What exactly is a federal consultant?
@@abdulsunny2893 consultants who’s clients are government agencies instead of the private sector. Federal employees typically work a solid 40 hour work week because they have an establish “tour of duty”. That being said, having clients like that reflects on our work life balance.
Agreed x1000
What's if you want to be a management consultant with a Masters in Organizational Management?
This is really my dream job! Got to talk to some McKinsey experts and now I feel that working there is the only way I can feel fulfilled
That is so weird for me to read. Because i cant imagine or concieve how can one feel fullfilled working like that, but that is just me and the way i feel. I hope you get your dreams and that job!
Are you from the US? I'd imagine not with that wording. If you are ... damn that's sad.
Management consulting has always been the best option
To clarify, Bain Cap is just one of dozens of funds that Bain serves in its Private Equity diligence practice. Bain and Bain Cap's relationship is not much different than Bain's relationship with any other mega fund.
Great video ! But I slightly differ on Accenture. I’ve worked for Accenture Strategy & Consulting : they don’t do implementation projects. Accenture Technology does technology implementation. Accenture S&C is a front line strategy & consulting firm which engages with C- suites in shaping their strategy.
Thanks for sharing!
This was very informative and you’re very intellectual and well-spoken! Thanks for giving me more context to consulting. I’m a college student pursuing a degree in business to become a consultant
I can’t get over how good the beat drop is. 😩
Great video overall! I work at an MBB and wanted to flag that the hierarchy timelines are incorrect the lower levels (for sure at McKinsey + BCG, likely incorrect elsewhere). The timeline from entry level (associate at BCG, analyst at McKinsey) to manager (project leader at BCG, EM at McKinsey) are 3 - 4 years instead of 6. For example, you might spend 2 years as an associate, 2 years as a consultant, and then be promoted to manager. 6 years would never happen.
Thanks for the info and clarification!
Thank god TH-cam suggested me this video. Was exactly what I was looking for!
Glad I could help!
great video! I would love to know how one can start learning the skills needed for consulting excluding the syllabus you are taught in b-schools. Thanks!
I love the long list of Consulting areas. Thank you for sharing your expertise. Greetings from an independent consultant. It gives me a lot of freedom and life balance after 20+ years of experience working for various companies. According to HBR: "The vast majority of independent consultants (90%) in our survey reported that they are satisfied with working in this way, and our data indicates that they are more satisfied with their current professional life than our employed consultants. They are also successful. Most are meeting their target days and earning more or at least the same as when they were employed, despite working fewer days. Independents also rate their current work quality as higher compared with when they were at traditional consulting firms - 91% said it offers better value for money for clients and two-thirds said their recommendations are more likely to be implemented."
Great and efficient video. Go to the points and not lengthy! Well done
I think this video conveys information that is generally accurate for pre-manager levels at consulting firms. Might be good to clarify that. Some stuff like number of projects handled at one time changes, there is a clear expectation of participating in sales, relationship building etc. these points will help people making decisions for those levels. Maybe another video specifically focused on this.
What about the travels? Do Managers and partners travel a lot too?
@@felipeabe3063 It really depends. I've not had to travel that much but in general, my overall average flying was around 60k miles a year (this also includes personal travel which can be long international trips as well). This was all of course pre-covid. I haven't been on a plane for work since March 2020. There really isn't a rule that a certain level of folks will travel more than the others. Like right now, partners are probably traveling a lot more than rest of the staff. In projects where there is regular travel required, partners might not travel as much as the team does, some do, some don't. Hope this helped!
this is wonderful video, thank you for sharing. I am stepping into the consultancy for the 1st time and there are loads to learn. really appreciate your work. thank you.
Main tasks are Excel spreasheets and PowerPoints slides.
I work for KPMG in IT Consulting in germany and my experience is vastly different than what you described. I work 40 hours a week, sometimes 43. 98% is WFH.
Same in Accenture in The Netherlands. I believe this extra hours thing is a US thing
How much money do you take for that?
@@matirijo mostly yes it is, but people are open to sacrificing their time for that top dollar.
I've seen people earning 6 figures 2-3 years in, this may not be possible in Germany unless you have a decade of experience
hey, überlege auch dort anzufangen. wie lange bist dus chon dabei und in welcher größenordnung befindet sich der verdienst :)
@@elias6812 bin seit 2 Jahren bei KPMG und verdiene aktuell 55k fix + boni
Awesome vid. Can’t wait to see that interview!
Is it possible to make a switch from a IT consultant to tech-roles like SDE, SWE of a product based company? If possible what are the challenges one might face?
I've interned in a 4PL consultancy company, the assessment for suppliers and clients is a breeze but what takes a toll on me is the damn man hours needed to make PPT presentations and if your boss does not like it you have to start all over again.
I’m more than happy to discover this channel. I need to thank you for your time for this, particularly a fantastic watch!! I liked every little bit of it and I have subscribed you to look at new posts all the time.
Another invaluable channel will explore more videos from you, sir, thank you!
Hey Ben, I don't think you saw my comment on your previous video so I just wanted to say I'm glad you're continuing the career related videos on this channel. Also, if you don't mind, I wanted to ask if you edit your own videos? If so, which software do you use to aniamte the slides? You've inspired me to start creating content!
nope i have an editor and i think he uses da vinci resolve
Great video, yet again! Hugely impressed with the quality and how seamless it was
I’m good with all the cons. Thank you for sharing this!
gonna aim one
Thank you for that very informative video! Im thinking of getting into sustainability consulting, so Im trying to get as much information as possible before going abroad for my masters
I did two summer internships during university, at two different big 4s. Whilst the staff were super friendly, I always weighed the family factors against it. During my third year I completed another internship at a bank and found the lifestyle, work culture a lot better. For some, they love the culture of big4 and consulting. Me personally, I just felt that I never was fitting in with others.
What was the exact position for the internship
@@toblerone3202 my one?
Out of curiousity how come you feel like you don’t fit in? And what kind of culture is it?
@@TheeLuLuGirl guess being pasifika and basically everyone was european just didnt feel like i fitted in
@@PUMA4LIFE101 What sounds harder to your "ears"? 1. Certified Public Accountant or 2. Masters Degree in Statistics?
Detailed and informative please make for Law firms and Accountancy firms
about to get my DBA and consulting was recommended
Man this is gold ! Thank you !
This was such a great overview video thank you!
the Cons are the reason I should try Consulting... I like to be lonely, I hate to stick down same home town, I hate talking to same people over and over again and would rather make new connection every week lol
I'm a 14 year old deciding on my career path and I think I will go forward to accomplishing my goal of becoming a consultant. This video was very informative and helpful! Thumbs up!!
Thanks for the information. Was wandering where to get the information regarding consulting and you came to rescue.
i am looking to get into Consulting! Happy 2023! Great Video
Hey, thanks a lot for putting this together in such nice overview!
Extremely helpful, thank you!
My problem is getting a consulting job to begin with , i got a BBA in MIS and an MBA with a focus on Project Management, and so far all my attempts to get into consulting firms has failed
Love the video! Thanks for the tips!
As a consultant you execute the mission but who find and sell the mission? I am curious to know how to break in Consulting from a Sales perspective
Your video is very helpful for a business student!🥺 thxxx a lot
Glad it was helpful!
Up in the air is such a vibe with the overall mood of the movie, with the exception of the romance plot line, which kind of feels unnecessary in hindsight. Partly because of how it ends on a dead note. I really appreciate the Mentor/Student relationship Clooney has with Anna Kendrick’s character.
If You Have To Grow Your Business Then It Is A Better Option To Do Business Consulting First
Thanks, I want to go in management consulting. Getting my Masters in Organizational Management.
Good video but the salaries are more for tier one MBB. Big 4 pays well but not at the same level as MBB.
Definitely applies more for strategy consulting. Agree with the points made though!
Hey ben what are the skills we required to become a consultant? Also every consultant works 50-7 0 hrs? Also how one can decide if consultanting is made or not? Please tell other types of consultanting also?
Consulting is the easy part. Most companies know their deficiencies. It’s carrying out the change that’s difficult for them. There need to be operational consultants that get their hands dirty and help carry out the plan. Of course this should come with a few but that’s how it should work.
So, in one word, consulting is better than most other management jobs. It has a ton of money, sometimes comparable to IB, and yet, a healthy work life balance.
Where in 50-70 hour work week did you hear healthy work life balance?
@@fabe61 lol yeah
Healthier, but far from healthy.
Just want to share that some firms in my country apply "2 or 3 years to up or out" rule, so the competition among peers could be more intense.
thanks! have heard this is common at most consulting firms
Which means alot of back stabbing and peer sabotage
Well organized video. Keep it up!
To the point and enriching video.
Thankyou
Thank you for a very informative content!
Thank you for this video, really helped clear some things up for me.
Thnks for uploading useful contents. Agree with most words in the video. FYI, currently working in EY Korea.
Me from EY GDS
@@vittaldevanderson1657 how’s the payrate in comparison to the work you do? I work at EY Belgium rn. Hearing that other countries give 100K+ salaries is just insane to me. I get 26K lol
@@Tom_Smeets The payrate is really good and shot up in this great resignation. New joiners demand higher pay nowadays
Just found your channel. Excellent Content. Another sub for you sir!
My dad used to work for Accenture, before starting his own firm.
Excellent video, thanks Ben!
I'm currently a Financial Advisor for a financial institution here in Canada and I'm seriously considering switching to consulting within a year or two.
You did a fantastic job!
Thank you! This was helpful
Great Video! I think the salary in European countries (for example Germany) is smaller. Heard something around 75.000 EUR in first year at McKinsey.
And the salary is a lot less for lower tiers. My offer from Accenture here in Germany was at ~ €52k incl. bonus. But they would've compensated you for overtime hours according to the contract.
Same in France.
I was surprised when I heard Americans claiming on salaries like 90-100k.
The explanation can be that the US is very capitalistic country and you have to pay every single insurance from your pocket. Plus, you have to pay lots of 💸 for your university degree.
Although in Europe, you have a lower net salary but everything else is covered by your employer. The unis are almost free.
I personally prefer the social system like in Europe, the social class different is less and society seems more solide.
@@uygar9931 the catch is you'll never get rich working a 9-5 in Germany or France. It's old money which will keep growing.
In the States you can be a millionaire by the end of your career which is pretty great tbh
Just had 2 months of BCG consulting and was so bad. They added nothing to the use case we needed help. We basically just guide them to confirm what we already knew and put their seal of approval on a power point to show management. No value added just need their reputation to confirm something because if it's you saying it it's now worth nothing but if it's a named consultant it's gold. So sad
As a former MBB consultant, while I agree with your sentiment, I believe companies that decide to onboard consulting firms should understand why they decide to do so in the first place; quite frankly if the company itself or the management team is delivering value to a satisfactory standard there is no need for a consulting 'seal of approval'. In addition, the reason why companies are willing to pay top dollars for consulting service & why the consulting industry is such a large and profitable industry is because companies need this 'seal of approval'; if the companies are capable and credible in the industry, there is no need for the 'seal' and thus the entire consulting industry~
@@damanchan6220 companies need it essentially to outsource market research, because consulting firms have a lot of competitive and market data given their breadth of clients and projects. No, companies don’t rely on consulting firms in anyway for their strategic opinions.
Classic
So consultants are a bunch of mouth breathers that get paid top dollar? Sounds like my cup of tea!
@@damanchan6220 so what do consultants actually do?
how to break into consulting after undergrad without a business background? What are some skills/courses/internships to look out for?
the most destructive 4.5 years of my initial career. at pwc ... and the best experiencie and discipline i would learn so far... i recommend the xperience.
What do you mean by destructive
@@michaelruane7362 if u do a good work, u wont sleep.
Great insights, Thanks
Glad you enjoyed it!
I have worked with 2-3 expensive dental consultants. I realized they are just repeating what is written in books and were ineffective.
For me it was like hiring a stock market consultant or investing In a mutual fund. Did you know that 90% of mutual funds do not beat the market even though they claim to be experts?
Thanks for the valuable information! I just subscribed! I would be also interested in your podcasts. Where can I get the access?
Can you do a video for experienced engineers willing to change to consulting without an MBA?
I think that the points made here are definitely valid, but are primarily only valid for strategy (pure-play) firms in the US. For example in the Asian region (where American big tech has less presence and pure strategy projects aren't selling that well) its really common for SWEs and AI/ML engineers to join a consulting firm first in order to get rapid experience working on large high profile projects, then move onto a project management or possibly leadership role for in a startup, etc...(coming from an ML engineer at a big 4 firm)
Just Completed my Computer Science Engineering and this is my first job, really scared and excited as well ,I thought not many engineers would join consulting but looking at your comment really makes me happy, any advice on what my future long term goals should be?
@@SalomaMathew hey hi can tell more , I am ml engineering student from a decent college with good grades , I have 2 years left can u tell me , how I should prepare get into a company like that
@@logx2536 all I can say is Consulting is a job that needs you to be verbal... You need to excel in your communication skills, be Confident while presenting and Have a little idea about marketing, digital marketing , customer solutions and you are good to go! All the best 👍💯
@@SalomaMathew thanks
Break down what a consultant would do in the job, what a typical week task wise