The Ultimate Beginner's Guide to Consulting! (Hours, Lifestyle, Compensation, Pros & Cons)
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- Опубликовано: 11 июн 2024
- Learn all about consulting, including the top consulting firms, what you do, hierarchy, lifestyle, hours, and compensation.
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⏱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
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#consulting #mckinsey #managementconsulting
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.
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?
@@finaldaylight3804 askin the real question :)
@@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)
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.
Bro is a consultant for consultants
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 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
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 looking to get into consulting after college, and your video was very informative and straight to the point. Thank you 😊
⏱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 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
I watch several RUclips videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands
@WilliamEthan00 What is the name of your broker and how do i connect with him or her ?
@sojakia Wow that was easy, i found her website and left a message for her . i hope she reply me. thanks.
@@Patricia-Margaret Alice Marie Coraggio her trading strategies is working for me for more than a year now and I’m making good profit from the stock market and she's 100% honest, reputable and trustworthy...
You are so good in explaining and making us understand every single detail
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.
Great video, yet again! Hugely impressed with the quality and how seamless it was
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.
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
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.
Awesome vid. Can’t wait to see that interview!
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.
Great and efficient video. Go to the points and not lengthy! Well done
Love this - I have an interview, so excited!
Hey, thanks a lot for putting this together in such nice overview!
Another invaluable channel will explore more videos from you, sir, thank you!
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!
Thank you for this video, really helped clear some things up for me.
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.
Extremely helpful, thank you!
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
Man this is gold ! Thank you !
This was such a great overview video 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.
Excellent video, thanks Ben!
To the point and enriching video.
Thankyou
I didn't realizer how involved consulting was. It sounds like a cool career path I've never considered before. Thanks for the info!
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
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
@@DannyTNIGGA 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)
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
Love the video! Thanks for the tips!
Your video is very helpful for a business student!🥺 thxxx a lot
Glad it was helpful!
Great Video and Presentation! Nicely Done ✅
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.
Well organized video. Keep it up!
I’m good with all the cons. Thank you for sharing this!
gonna aim one
Thank god RUclips suggested me this video. Was exactly what I was looking for!
Glad I could help!
You did a fantastic job!
Thank you for a very informative content!
great video, very well explained. This is the first time that I understand this industry.
Same here
i am looking to get into Consulting! Happy 2023! Great Video
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?
Thank you! This was helpful
Very useful video. Thanks!
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?
Amazing content!! Thanks..
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.
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
Amazing Video! I could relate with most of the things
Glad you enjoyed!
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. . .
Just found your channel. Excellent Content. Another sub for you sir!
Thank you for the video!!!
Thanks for the information. Was wandering where to get the information regarding consulting and you came to rescue.
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?
Amazing video!
Thank you for useful information
Detailed and informative please make for Law firms and Accountancy firms
I've been a consultant for 2 years for a large Tech Consultancy. Assignments require us to stay for at least 6 months before rotation. Partly due to how long it can take to onboard onto a project. Although they prefer minimum 1 year. Working hours are the usual 9-5 provided you dont let your work pile up (then whatever comes is your fault ). Salary is a big question. You can be on the same paygrade as someone and earn completely different salaries. Infact, one person I know is 1 paygrade less than senior and earns more money than most seniors i know..
Due to WFH culture, we dont need to travel often. If we do, its once every 2 weeks / month. Typically for a 1/2 day for in-person planning/ strategy. Perks are standard for a large company. One thing i enjoy is that you can have an exciting career in consulting where you essentially work different jobs every rotation, within the same field of course. You end up racking up plenty of work epereinces across many industries and companies that you become very desirable. One thing i dislike is that you really have to manage your own career, and have to lookout for yourself and care with your choices. It is acceptable to refuse projects while you're "benched" to upskill or wait for a role more desireable for your own growth. That being said, they do support your greatly to upskill, and pay for plenty of courses / credentials..
Quick mote: My linkedIn blows up every time i open it.. people often asking me to apply for roles, even getting random job offers for crazy salaries at this point in my career.
Thank you for this comment, it’s really informative. What degree did you get before entering into this field?
@@arianakailin1186 I have an MSc in Artificial Intelligence and Machine Learning.
It’s a bit overkill academically. Don’t feel you need something like that. Although it does depend on what you’re consulting in. I’m a consultant Data Scientist. You can become with with an undergrad business degree. Might take a while to really get stuck into the exciting stuff but you’ll certainly get there. MSc’s and PhDs usually allows you to skip the introductory work and get your hands stuck in on something interesting. Ideally with some work experience but not essential.
The downside to consulting is that if youre ready to jump onto a project, you can only pick from what’s there. You can wait, but your company won’t pay you to sit there and be picky for too long. So you might end up doing a monkey job.
Best thing to do is search for openings before you rotate off a project.
Don’t mean to ramble but I want to paint a picture for readers making their next career move
Accenture
@@noone-gj5du close
Haha. *quick mote
Throughly enjoyed this video
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!
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!
Management consulting has always been the best option
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?
about to get my DBA and consulting was recommended
Great video lad
I feels so seen. thank you for this video.
Awesome video sir
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.
great video, appreciate it
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
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.
Thanks for the valuable information! I just subscribed! I would be also interested in your podcasts. Where can I get the access?
Great vid, wish we could get a UK version too
Really nice vidéo !
Definitely applies more for strategy consulting. Agree with the points made though!
To the person reading this: Even though I don’t know you, I wish you the best of what life has to offer ❤
Spot on.
Great insights, Thanks
Glad you enjoyed it!
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 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?
@@MatiasRijoM 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
I've always wanted to work in the consulting industry.
Great video.!
Useful to see tose hours.
Nice videos...remind Old days
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!
Hello Ben,
Thanks for providing pretty deep and clear insights.
I was wondering that apart from promotions and eligibility for higher roles, how an MBA (in terms of skill sets) helps someone prepare for the Consulting role.
Very interesting question
Thanks, I want to go in management consulting. Getting my Masters in Organizational Management.
Can you do a video for experienced engineers willing to change to consulting without an MBA?
This is what I called service level presentation
Accenture, KPMG, PWC, Deloitte, and EY are the top consulting companies in the Netherlands.
Nice video!
My dad used to work for Accenture, before starting his own firm.
Thank you 🎉