The Ultimate Beginner's Guide to Consulting! (Hours, Lifestyle, Compensation, Pros & Cons)

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  • Опубликовано: 24 ноя 2024

Комментарии • 734

  • @rareliquidcareers
    @rareliquidcareers  2 года назад +139

    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 :)
    forms.gle/vzY1X7Cek2KaKTNr6

    • @DS-nw4eq
      @DS-nw4eq 2 года назад +1

      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.

    • @TaheezyTV
      @TaheezyTV Год назад

      Form doesn’t let me access anymore

    • @TAPORZZ14
      @TAPORZZ14 Год назад +1

      Form doesn't work. Say's I don't have access - only within the owners organisation.

    • @PaTrick-cf6ev
      @PaTrick-cf6ev 9 месяцев назад

      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.

    • @TheWatsonGreen
      @TheWatsonGreen 9 месяцев назад

      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.

  • @captain_squiddy
    @captain_squiddy Год назад +97

    Bro is a consultant for consultants

  • @harbster2
    @harbster2 2 года назад +2150

    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 :)

    • @finaldaylight3804
      @finaldaylight3804 2 года назад +250

      got out of the marriage in time or got out of consulting in time?

    • @finaldaylight3804
      @finaldaylight3804 2 года назад +8

      @@kkkbuta5 lmao yeah

    • @samalldredge2038
      @samalldredge2038 2 года назад +3

      How do you get started in consulting ?

    • @PUMA4LIFE101
      @PUMA4LIFE101 2 года назад +1

      @@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)

    • @MMNNLL2468
      @MMNNLL2468 2 года назад +22

      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 😔

  • @MsPriyaLal
    @MsPriyaLal 2 года назад +1226

    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
      @lawschoolpro 2 года назад +82

      Nailed it. Consulting is bs. We’re going to weed this crap out eventually.

    • @asadb1990
      @asadb1990 2 года назад +20

      also from the sound of it no work life balance.

    • @marcelchaloupka
      @marcelchaloupka 2 года назад +32

      They are dinosaurs that just repackage what the client already knows

    • @oneword3576
      @oneword3576 2 года назад +93

      @@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...."

    • @harrison1675
      @harrison1675 2 года назад +32

      Consultants provide netting for CEO’s, you can think of consulting as a sort of insurance company.

  • @governanceriskcompliancegr9963
    @governanceriskcompliancegr9963 Год назад +104

    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

    • @KaiiMSK
      @KaiiMSK 9 дней назад +1

      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.

  • @zyeranoth7078
    @zyeranoth7078 2 года назад +196

    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

    • @rareliquidcareers
      @rareliquidcareers  2 года назад +27

      restaurant life is hard too!

    • @zyeranoth7078
      @zyeranoth7078 2 года назад +14

      @@rareliquidcareers yeah I guess so, one of the things he says is that consulting was macromangaing and restaurant is more micromanaging

    • @ben8133
      @ben8133 9 месяцев назад +2

      ​@zyeranoth7078 mate what professional certification did he pursue, just asking as I want to work in this field.

  • @rodrigozamo
    @rodrigozamo 2 года назад +478

    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.

    • @rajatk1995
      @rajatk1995 2 года назад +6

      Hi my Mmc colleague

    • @johnsmithsu310
      @johnsmithsu310 2 года назад +2

      Cool ADs dude 😂☠️

    • @parlocosizarathustra
      @parlocosizarathustra 2 года назад +26

      So you are not a consultant. If you are in the internal administration you frankly know nothing of day to day activities.

    • @rodrigozamo
      @rodrigozamo 2 года назад +18

      @@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.

    • @parlocosizarathustra
      @parlocosizarathustra 2 года назад +21

      @@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

  • @rareliquidcareers
    @rareliquidcareers  2 года назад +246

    ⏱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

  • @Pythu115
    @Pythu115 Год назад +48

    I am looking to get into consulting after college, and your video was very informative and straight to the point. Thank you 😊

  • @simonamellino9800
    @simonamellino9800 2 года назад +217

    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

    • @nicolepaloms3509
      @nicolepaloms3509 2 года назад

      Bain stole money through corruption in state capture in South Africa.

  • @brynwest4495
    @brynwest4495 2 года назад +52

    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.

    • @HarshvardhanKanthode
      @HarshvardhanKanthode 2 года назад

      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

    • @neeljavia2965
      @neeljavia2965 Год назад

      @@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.

  • @peter.nguyen
    @peter.nguyen 2 года назад +29

    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.

    • @ernestmashilo7728
      @ernestmashilo7728 Год назад

      Hi. Starting out, does one need an MBA? I wana start my own management consulting firm

    • @AndreiFantastic
      @AndreiFantastic Год назад

      What type of certifications do you have?

  • @CODZILLA331
    @CODZILLA331 2 года назад +102

    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

    • @netkap9920
      @netkap9920 5 месяцев назад +14

      Consulting is basically telling very important people what they want to hear

    • @mordzz1139
      @mordzz1139 3 месяца назад +2

      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.

  • @aparatoso1
    @aparatoso1 2 года назад +24

    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

    • @hsingh8538
      @hsingh8538 8 месяцев назад

      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

    • @aparatoso1
      @aparatoso1 8 месяцев назад

      @@hsingh8538they will take anything, in most cases they can assign the task and partner up with smaller firms

  • @fib6156
    @fib6156 2 года назад +27

    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.

  • @briansantizo9987
    @briansantizo9987 2 года назад +29

    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

    • @WasatchBDC
      @WasatchBDC 2 года назад +7

      Working weekends is rare at Bain. Can't speak for BCG or McK

    • @rareliquidcareers
      @rareliquidcareers  2 года назад +7

      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

    • @Sharon-ix3or
      @Sharon-ix3or 2 года назад +7

      Working at Deloitte as a grad, have pretty much worked all weekends, no work life balance 😢

    • @Ashley11051991
      @Ashley11051991 2 года назад

      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.

    • @michaelruane7362
      @michaelruane7362 2 года назад

      @@Sharon-ix3or is this in the uk or us please Sharon?

  • @MrRMok
    @MrRMok 2 года назад +13

    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.

    • @yuurinikiforov758
      @yuurinikiforov758 2 года назад

      Salute! I do work for German consulting too and this quiet accurate

  • @rayvinjamuri3913
    @rayvinjamuri3913 2 года назад +266

    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!

    • @rareliquidcareers
      @rareliquidcareers  2 года назад +6

      thanks for the insight!

    • @DannyT24
      @DannyT24 2 года назад +1

      Bain raised salaries too

    • @musicagenerica
      @musicagenerica 2 года назад +10

      Almost makes you forget they drive companies into the ground

    • @rayvinjamuri3913
      @rayvinjamuri3913 2 года назад +1

      @@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.

    • @mar_man813
      @mar_man813 2 года назад +4

      Agreed. BCG timeline is 2 years at every level -- Associate --> Consultant --> Project Leader --> Principal --> Partner --> MDP/Managing Director & Partner (equity)

  • @SDY274
    @SDY274 2 года назад +128

    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.

    • @rareliquidcareers
      @rareliquidcareers  2 года назад +4

      great info thanks!

    • @abdulsunny2893
      @abdulsunny2893 2 года назад +2

      What exactly is a federal consultant?

    • @SDY274
      @SDY274 2 года назад +19

      @@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.

    • @tysolomano5754
      @tysolomano5754 2 года назад +1

      Agreed x1000

    • @cadillacdeville5828
      @cadillacdeville5828 2 года назад

      What's if you want to be a management consultant with a Masters in Organizational Management?

  • @rpk5216
    @rpk5216 2 года назад +3

    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. . .

  • @tanishqkarkra5233
    @tanishqkarkra5233 8 месяцев назад +1

    You are so good in explaining and making us understand every single detail

  • @chaquen81
    @chaquen81 2 года назад +3

    Accenture, KPMG, PWC, Deloitte, and EY are the top consulting companies in the Netherlands.

  • @nd638
    @nd638 2 года назад +69

    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.

  • @dean8147
    @dean8147 Год назад +34

    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.

    • @arianakailin1186
      @arianakailin1186 Год назад +2

      Thank you for this comment, it’s really informative. What degree did you get before entering into this field?

    • @dean8147
      @dean8147 Год назад +2

      @@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

    • @noone-gj5du
      @noone-gj5du Год назад

      Accenture

    • @dean8147
      @dean8147 Год назад

      @@noone-gj5du close

    • @GazzaNepz
      @GazzaNepz Год назад

      Haha. *quick mote

  • @Patricia-Margaret
    @Patricia-Margaret Год назад +149

    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

    • @Patricia-Margaret
      @Patricia-Margaret Год назад

      @WilliamEthan00 What is the name of your broker and how do i connect with him or her ?

    • @Patricia-Margaret
      @Patricia-Margaret Год назад

      @sojakia Wow that was easy, i found her website and left a message for her . i hope she reply me. thanks.

    • @MaryOlson7
      @MaryOlson7 Год назад

      @@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...

  • @sharingmatters
    @sharingmatters Год назад +5

    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."

  • @rass1818
    @rass1818 2 года назад +1

    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.

  • @whatnamedoiuse1481
    @whatnamedoiuse1481 2 года назад +51

    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
      @matirijo 2 года назад +19

      Same in Accenture in The Netherlands. I believe this extra hours thing is a US thing

    • @عليالكديسي-ر4و
      @عليالكديسي-ر4و 2 года назад

      How much money do you take for that?

    • @HarshvardhanKanthode
      @HarshvardhanKanthode 2 года назад +5

      @@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

    • @elias6812
      @elias6812 Год назад +1

      hey, überlege auch dort anzufangen. wie lange bist dus chon dabei und in welcher größenordnung befindet sich der verdienst :)

    • @whatnamedoiuse1481
      @whatnamedoiuse1481 Год назад +2

      @@elias6812 bin seit 2 Jahren bei KPMG und verdiene aktuell 55k fix + boni

  • @sidneyfolarinconsulting
    @sidneyfolarinconsulting Год назад +2

    Management consulting has always been the best option

  • @MrIndman
    @MrIndman Год назад +3

    50-75 hrs is a fair range, but I’ve heard of some McK consultants going up to 80-100 hrs

  • @WasatchBDC
    @WasatchBDC 2 года назад +19

    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.

  • @lindorplays5900
    @lindorplays5900 Год назад +9

    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

    • @joseyuyarimilianmartinelli750
      @joseyuyarimilianmartinelli750 Год назад +4

      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!

    • @Gothiqueluv
      @Gothiqueluv 5 месяцев назад

      Are you from the US? I'd imagine not with that wording. If you are ... damn that's sad.

  • @pranjalpatil3360
    @pranjalpatil3360 2 года назад +31

    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!

  • @jellygurl27
    @jellygurl27 2 года назад +5

    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.

  • @RiteshSinha0807
    @RiteshSinha0807 2 года назад +7

    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.

  • @welcometomathy
    @welcometomathy 2 года назад +130

    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

    • @damanchan6220
      @damanchan6220 2 года назад +35

      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~

    • @jingliang9562
      @jingliang9562 2 года назад +8

      @@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.

    • @spanellaful
      @spanellaful 2 года назад +4

      Classic

    • @scholaroftheworldalternatehist
      @scholaroftheworldalternatehist 2 года назад

      So consultants are a bunch of mouth breathers that get paid top dollar? Sounds like my cup of tea!

    • @thawdani
      @thawdani Год назад +2

      @@damanchan6220 so what do consultants actually do?

  • @SayyoSaZ
    @SayyoSaZ Год назад +2

    I didn't realizer how involved consulting was. It sounds like a cool career path I've never considered before. Thanks for the info!

  • @007rockford
    @007rockford 2 года назад +3

    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

  • @aryaankhan2365
    @aryaankhan2365 2 года назад +92

    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!

    • @rareliquidcareers
      @rareliquidcareers  2 года назад +15

      nope i have an editor and i think he uses da vinci resolve

  • @xenderbaigal1671
    @xenderbaigal1671 2 года назад +16

    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!!

  • @PUMA4LIFE101
    @PUMA4LIFE101 2 года назад +61

    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.

    • @toblerone3202
      @toblerone3202 2 года назад

      What was the exact position for the internship

    • @PUMA4LIFE101
      @PUMA4LIFE101 2 года назад

      @@toblerone3202 my one?

    • @TheeLuLuGirl
      @TheeLuLuGirl Год назад +1

      Out of curiousity how come you feel like you don’t fit in? And what kind of culture is it?

    • @PUMA4LIFE101
      @PUMA4LIFE101 Год назад +2

      @@TheeLuLuGirl guess being pasifika and basically everyone was european just didnt feel like i fitted in

    • @scholarlyanalyst7700
      @scholarlyanalyst7700 Год назад

      @@PUMA4LIFE101 What sounds harder to your "ears"? 1. Certified Public Accountant or 2. Masters Degree in Statistics?

  • @NewHaven203
    @NewHaven203 5 месяцев назад

    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

  • @July-ct7pp
    @July-ct7pp 2 года назад +11

    OMG I love this especially the hierarchy I was so confused on what was entry level and every business calls a title differently

    • @rareliquidcareers
      @rareliquidcareers  2 года назад +3

      yeah if only they made things easier and used the same titles! haha

  • @ahmed_mak9
    @ahmed_mak9 2 года назад +2

    great video, very well explained. This is the first time that I understand this industry.

  • @marcelo1x1
    @marcelo1x1 2 года назад +2

    Thank god RUclips suggested me this video. Was exactly what I was looking for!

  • @sagnikganguly4651
    @sagnikganguly4651 2 года назад +13

    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.

    • @fabe61
      @fabe61 Год назад +5

      Where in 50-70 hour work week did you hear healthy work life balance?

    • @anonymousbee
      @anonymousbee Год назад

      @@fabe61 lol yeah

    • @Gothiqueluv
      @Gothiqueluv 5 месяцев назад

      Healthier, but far from healthy.

  • @scedza
    @scedza 2 года назад +12

    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
      @felipeabe3063 2 года назад +1

      What about the travels? Do Managers and partners travel a lot too?

    • @scedza
      @scedza 2 года назад +2

      @@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!

  • @ivanporsche2572
    @ivanporsche2572 2 года назад +3

    Awesome vid. Can’t wait to see that interview!

  • @beatricelodia9304
    @beatricelodia9304 2 года назад +28

    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.

    • @rareliquidcareers
      @rareliquidcareers  2 года назад

      thanks! have heard this is common at most consulting firms

    • @droolalot5795
      @droolalot5795 2 года назад +3

      Which means alot of back stabbing and peer sabotage

  • @vincenzosauceboss2228
    @vincenzosauceboss2228 2 года назад +54

    I did a lot of Consultancy-based modules for my University degree. I got on really well with it and was a high achiever... but I can't disregard that a lot of it is just BS. Oftentimes you are telling a company stuff they already know, or giving them suggestions and strategy for stuff they are already doing... it all felt a little substance-less and hollow ?

    • @oneword3576
      @oneword3576 2 года назад +8

      seems like a way for companies to prove they are doing well. have a manager hire a consultant. prove things are going well... bonus for manager.

    • @vincenzosauceboss2228
      @vincenzosauceboss2228 2 года назад

      @@oneword3576 yeah absolutely. Consultants are often used as echo chambers etc. but that doesn’t necessarily make the work the consultant has to undertake interesting, in fact I’d say the opposite

    • @Brevly
      @Brevly 2 года назад +2

      A lot of workers in business often share the same sentiment as you. However, the c-suite knows that is not the case.

  • @hongxia6677
    @hongxia6677 Год назад +1

    Great and efficient video. Go to the points and not lengthy! Well done

  • @FoodLiquorCool
    @FoodLiquorCool 2 года назад +7

    Great video, yet again! Hugely impressed with the quality and how seamless it was

  • @IlonaJosiane
    @IlonaJosiane Год назад +1

    Another invaluable channel will explore more videos from you, sir, thank you!

  • @papicoco5069
    @papicoco5069 2 года назад +4

    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.

  • @kabratanisha568
    @kabratanisha568 Год назад +3

    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?

  • @330_Crew
    @330_Crew 2 года назад +4

    Good video but the salaries are more for tier one MBB. Big 4 pays well but not at the same level as MBB.

  • @alessandrochiri6315
    @alessandrochiri6315 Год назад +1

    Main tasks are Excel spreasheets and PowerPoints slides.

  • @jameskyouhei4647
    @jameskyouhei4647 2 года назад +36

    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)

    • @SalomaMathew
      @SalomaMathew 2 года назад

      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?

    • @logx2536
      @logx2536 2 года назад

      @@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

    • @SalomaMathew
      @SalomaMathew 2 года назад

      @@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 👍💯

    • @logx2536
      @logx2536 2 года назад

      @@SalomaMathew thanks

  • @smaganas
    @smaganas Год назад

    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.

  • @latoniaeilum1982
    @latoniaeilum1982 Год назад +1

    i am looking to get into Consulting! Happy 2023! Great Video

  • @rusaliakamalieva9811
    @rusaliakamalieva9811 Год назад

    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.

  • @yudhaesap
    @yudhaesap Год назад +1

    I’m good with all the cons. Thank you for sharing this!
    gonna aim one

  • @jasssedine
    @jasssedine 2 года назад +5

    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

  • @jsvlad
    @jsvlad 2 года назад +4

    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?

  • @RomanVarl
    @RomanVarl Год назад +5

    I've worked in supply chain for multiple international companies for 15 years, up to director position.
    Every time we had consultants come in and sell some solution to us, we'd right away asked them if they would implement it and how much would it cost. It has never worked out, either because what they proposed was too complex, too unrealistic, too expensive or too ambitious. Or a combination of above mentioned.
    So my biased opinion about consulting guys - they sell overpriced powerpoint presentations basically ))

  • @cadillacdeville5828
    @cadillacdeville5828 2 года назад +2

    Thanks, I want to go in management consulting. Getting my Masters in Organizational Management.

  • @literaturewithjayneel
    @literaturewithjayneel 9 месяцев назад

    Detailed and informative please make for Law firms and Accountancy firms

  • @lunamorris2091
    @lunamorris2091 Год назад

    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.

  • @greggrodgers6875
    @greggrodgers6875 6 месяцев назад +1

    about to get my DBA and consulting was recommended

  • @xavierperez6739
    @xavierperez6739 2 года назад +1

    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.

  • @akiller28
    @akiller28 2 года назад +4

    Can you do a video for experienced engineers willing to change to consulting without an MBA?

  • @sapnavishwakarma450
    @sapnavishwakarma450 Год назад

    Thanks for the information. Was wandering where to get the information regarding consulting and you came to rescue.

  • @CapivisGroup
    @CapivisGroup 7 месяцев назад

    If You Have To Grow Your Business Then It Is A Better Option To Do Business Consulting First

  • @楚-j1p
    @楚-j1p 2 года назад +1

    Your video is very helpful for a business student!🥺 thxxx a lot

  • @Bird_Baya
    @Bird_Baya Год назад

    Hello everyone welcome back

  • @manosch24
    @manosch24 2 года назад +1

    Hey, thanks a lot for putting this together in such nice overview!

  • @unspeakable6360
    @unspeakable6360 8 месяцев назад

    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?

  • @badboy-ez7le
    @badboy-ez7le 2 года назад +24

    Consultants are hired to tell CEOs the obvious truths which they refused to listen from their own employees, by paying $$$ to some outsiders.
    That's why fresh graduates/PhDs from "brand name" universities but with no industrial expertise are often preferred.

    • @dtsung3d
      @dtsung3d 2 года назад +4

      Or better, they can shift the blame to consultants on difficult decision they don’t want to make (layoffs and such)

    • @dtw456
      @dtw456 2 года назад

      Same as a spouse saying the obvious but it’s not the message but how the message is delivered and from who…

    • @john-zf1yb
      @john-zf1yb 2 года назад

      @@dtsung3d you got it

    • @spanellaful
      @spanellaful 2 года назад

      Oh, finally the truth! Agreed.

  • @conorr7928
    @conorr7928 2 года назад +24

    Very comprehensive yet succinct video! Just one question; what about time for exercise? I find excercise during the week incredibly important for my state of mind and work-life balance. Do you have any time at all while away on work trips to exercise? I couldn't imagine not being able to go for a run or work out for 5 days a week D: Thanks!

    • @quinnanderson5454
      @quinnanderson5454 2 года назад +4

      It all depends on how early or late you're willing to exercise. Most hotels have fitness centers with set hours you can visit, but they're pretty limited. Depending on your client's city, you may be within driving or walking distance to a proper gym that you could then get a membership at. Some firms even let you expense gym memberships. Overall, you should be able to exercise while away on trips.

  • @JamesHa1986
    @JamesHa1986 Год назад

    Thanks for the valuable information! I just subscribed! I would be also interested in your podcasts. Where can I get the access?

  • @navshimmerkaur2720
    @navshimmerkaur2720 2 года назад +1

    how to break into consulting after undergrad without a business background? What are some skills/courses/internships to look out for?

  • @PW.53
    @PW.53 2 года назад +2

    Extremely helpful, thank you!

  • @dercookie9854
    @dercookie9854 2 года назад +7

    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.

    • @Ashley11051991
      @Ashley11051991 2 года назад

      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.

    • @uygar9931
      @uygar9931 2 года назад +1

      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.

    • @HarshvardhanKanthode
      @HarshvardhanKanthode 2 года назад

      @@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

  • @MultiBizSolutionsOfficial
    @MultiBizSolutionsOfficial Год назад

    Well organized video. Keep it up!

  • @Floris82
    @Floris82 2 года назад +3

    Definitely not for me, but very well explained. I learned something.

  • @008abdullah
    @008abdullah Год назад +1

    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

  • @alessandro56306
    @alessandro56306 Год назад

    Man this is gold ! Thank you !

  • @raw.fit02
    @raw.fit02 2 года назад +15

    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.

  • @emmasandstone4754
    @emmasandstone4754 Год назад

    This was such a great overview video thank you!

  • @mads_in_zero
    @mads_in_zero Год назад

    My dad used to work for Accenture, before starting his own firm.

  • @Rej-gc5zi
    @Rej-gc5zi 11 месяцев назад

    Definitely applies more for strategy consulting. Agree with the points made though!

  • @Memento-_-Mori-_-982
    @Memento-_-Mori-_-982 Год назад

    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.

  • @helenoliver4838
    @helenoliver4838 2 года назад +178

    When the market goes down then it's buying opportunity. If the market goes up then you are making money. If you stay invested and ignore the market's ups and downs, you'll make a lot of money in the long run; however, a severe market correction causes a lot of margin calls and sell-offs, driving the market even lower. currently, I'm up 13% in my diversified portfolio. As crazy as it sounds some still make enormous returns from this seemingly unknown market. gotta be greedy when others are fearful

    • @dannyvera8475
      @dannyvera8475 2 года назад

      exactly what I'm personally planning on doing now the market is down, but I have no idea about stocks to buy or what assets that would yield the highest potential and so on. Your portfolio is freaking awesome, you seem to be doing well yourself. how do you select stocks you invest in?

    • @helenoliver4838
      @helenoliver4838 2 года назад +3

      @@dannyvera8475 I have my portfolio very well-diversified, though I did it using trad signals from a US regulated broker *PRISCILLA DIANE AIVAZIAN* financial analyst and CNBC contributor and it's been a huge relief. Good earnings and little to no engagement at all on my part. Her stock picks are top-notch, I don't worry about market trends anymore because she's quite the genius in trading and portfolio diversification

    • @dannyvera8475
      @dannyvera8475 2 года назад

      @@helenoliver4838 Do you mean copying her trades as it's been done in Etoro? Do you just give out your funds or copy them manually?

    • @helenoliver4838
      @helenoliver4838 2 года назад +3

      @@dannyvera8475 Yeah but I don't give out funds here, It stays right in my account. My account only mirrors her trades in real-time that's ideal for this system. Copy trading is 100% secured and very transparent to work with her, you don't have to send any funds over. you have control over your funds and can opt-out anytime you want just like in Etoro. Check out her name online and get in touch if you need help with this insane market. It's only a recommendation though

    • @henrygarcia1792
      @henrygarcia1792 2 года назад +2

      I'm MUCH more interested in buying stocks now that they are cheap. You can't just sit on cash waiting for the market to drop 10% before you start buying. The best strategy is to start buying in slowly and then gradually increase the pace of buying as the prices continue to drop. Cash isn't king at all in this era

  • @vfatboy1
    @vfatboy1 2 года назад +3

    Is it normal for a company where you're expected to do 50-75 hour weeks to be in the top 100 best places to work?

  • @atiquehussain3631
    @atiquehussain3631 2 года назад +1

    To the point and enriching video.
    Thankyou

  • @franco8flyline
    @franco8flyline 2 года назад +1

    Been there done that. Consulting = sales sales sales. Dont matter what advice u give, you need to pull sales if you want to move up. Advice often not taken serious by clients, who just need the mbb name

    • @franco8flyline
      @franco8flyline 2 года назад

      Also to add,one client per period is only true for smaller houses. At large places you need to be on multiple projects at once

    • @rareliquidcareers
      @rareliquidcareers  2 года назад

      the top firms in the world focus on one project at a time lol literally got the info from mckinsey, bain, and bcg consultants

  • @ignanacio7645
    @ignanacio7645 2 года назад

    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.

    • @michaelruane7362
      @michaelruane7362 2 года назад

      What do you mean by destructive

    • @ignanacio7645
      @ignanacio7645 2 года назад

      @@michaelruane7362 if u do a good work, u wont sleep.

  • @RayaFlora
    @RayaFlora Год назад +2

    I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.

  • @spiritualawakening2753
    @spiritualawakening2753 Год назад

    Thankyou so much ! Could you please explain the prospects of a doctor ( fellow ) in training to consider joining consultancy ?

  • @BrianConneely
    @BrianConneely Год назад

    Break down what a consultant would do in the job, what a typical week task wise