Type author names here © Oxford University Press, 2013. All rights reserved. Chapter 11: The Consultancy Career Dr. Joe O’Mahoney and Calvert Markham O’Mahoney.

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Type author names here © Oxford University Press, All rights reserved. Chapter 11: The Consultancy Career Dr. Joe O’Mahoney and Calvert Markham O’Mahoney and Markham: Management Consultancy, 2 nd edition

Chapter Objectives By the end of this lecture, you will be able to: Describe the consultancy career and the options associated with it. Explain the access points to consultancy. Describe the challenges of moving up the consultancy ladder. Detail reasons why consultants leave and the options available when doing so. Explain why some consultants start their own consultancy.

O’Mahoney and Markham: Management Consultancy, 2 nd edition 11.1 The Consultancy Career

O’Mahoney and Markham: Management Consultancy, 2 nd edition The career structure The dominance of consultancy More business – less professional? Reasons for joining?

O’Mahoney and Markham: Management Consultancy, 2 nd edition The consultancy career McKinseyBainBCGBAHOliver Wyman This course Business AnalystAssociate Consultant AssociateConsultantAnalystANALYST Senior Business Analyst Senior Associate Consultant Senior Associate Senior Consulta nt ConsultantCONSULTANT AssociateConsultant Associate ASSOCIATE CONSULTANT Engagement manager Case Team LeaderProject Leader Senior Associate PROJECT LEADER Associate PrincipalManagerPrincipal PRINCIPAL CONSULTANT Partner DirectorPARTNER

O’Mahoney and Markham: Management Consultancy, 2 nd edition Consultancy roles Analyst Consultant Associate consultant Project leader Principal consultant Partner

O’Mahoney and Markham: Management Consultancy, 2 nd edition Salaries Job TitleAverage Salary Strong Average Weak Average Average Bonus Analyst£30k£45k£20k£3k Consultant£45k£80k£35k£10k Associate Consultant£65k£100k£45k£15k Project Leader£80k£120k£70k£20k Principal Consultant£120k£300k£95k£55k Partner£200k£1.5m£150k£100k + signing bonus, performance bonus, car, healthcare, MBA fees etc….

O’Mahoney and Markham: Management Consultancy, 2 nd edition 11.2 Points of Entry

O’Mahoney and Markham: Management Consultancy, 2 nd edition Points of Entry Degree MBA Experienced hires Internship Associates

O’Mahoney and Markham: Management Consultancy, 2 nd edition 11.3 The Recruitment Process

O’Mahoney and Markham: Management Consultancy, 2 nd edition Competences and assessments AreaCompetencePrimary / Secondary Test Analytical Ability Problem Solving Competence with numbers Applying a structured methodology Case Interview, Assessment Centre CV, Case Interview Case Interview Client-facing Skills Verbal Communication Written Communication Interaction and Rapport Calmness under pressure Interviews, Case Interview CV, Letter, Assessment Centre Interviews, Case Interview Interviews, Assessment Centre Team-working Skills Ability to work with others Leadership Persuasion and influence Interviews, Assessment Centre Personal Excellence Motivation Energy Fit with the culture Trustworthiness Interviews, Assessment Centre Interviews

O’Mahoney and Markham: Management Consultancy, 2 nd edition Methods of assessment Covering letters and CVs Competency-based interviews Dealing with rejection Assessment centres

O’Mahoney and Markham: Management Consultancy, 2 nd edition 11.4 Getting On

O’Mahoney and Markham: Management Consultancy, 2 nd edition Getting on in consultancy Setting your career strategy The formal and informal Mentoring Planning a promotion

O’Mahoney and Markham: Management Consultancy, 2 nd edition 11.5 Getting Out

O’Mahoney and Markham: Management Consultancy, 2 nd edition Getting out of consultancy Why consultants leave The personal cost of consulting Where consultants go –Jumping to industry –Charity work –Start-ups –The merry-go-round

O’Mahoney and Markham: Management Consultancy, 2 nd edition Key career questions What degree should I do? Should I do a post-graduate degree? Where should I apply? I plan to get out after making some money……

O’Mahoney and Markham: Management Consultancy, 2 nd edition Summary

O’Mahoney and Markham: Management Consultancy, 2 nd edition Summary This chapter has outlined: The consulting career and salaries. The different entry points to the career. How to succeed in the recruitment process. How to best land a promotion. What the options are on leaving the industry.