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I want to upgrade my career in consulting. Advice?

career advice growth strategy MBB
Neue Antwort am 20. Juni 2023
5 Antworten
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matt fragte am 18. Juni 2023

Dear all,

I would like to upgrade my career direction and am looking for some advice.

Some background:

  • I have been in Management Consulting for last 3+ years, having just been told that I am getting promoted in a month or so to a senior consultant level (equivalent) - due to excellent performance.
  • I am at a tech aligned firm in the UK - think ACN/Cap Invent/Deloitte. My current focus is cost optimisation in operations (manufacturing, supply chain, retail). However, thanks to my company's flexibility, I have also been on a range of more strategic roles - e.g. assessing the future viability of firms, modelling company demand for resources & investments. Additionally I have a background in Finance, and am currently studying CIMA - not to become an accountant, but to have the skills that it provides. That is to say, I have a breath of skills and experience.
  • I do discovery projects, but sometimes also assist in  overseeing the delivery of the implementation work.

I would like to move to a firm where I can do more strategic work -  where I am not in the weeds doing so much cost optimisation itself. But instead making recommendations to companies on their opportunities - whether in growing their top line (or even reducing their costs). I don't have much preference on sector currently - and have experience in a variety (retail, public, consumer products, defence, automotive). 

(Longer term - but not now - I would like to try my hand at VC, helping and investing in smaller companies - and think that some more strategic work would help me identify an industry that I could aim for, and empower me with the skills to look at top line rev and bottom line solutions).

Does anyone have any advice on what strategic firms offer that align, or given what I have stated - any suggestions into areas that would suit my skills?

Thanks

 


 

 

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Benjamin
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antwortete am 19. Juni 2023
Ex-BCG Principal | 8+ years consulting experience in SEA | BCG top interviewer & top performer

Hi,

Firstly - to answer your question, as others have and will mention, apply to MBB. Not just for the strategic exposure but also for exit opportunities.

Secondly, i'll share a couple of thoughts to add some nuance to some of your expectations:

“I would like to move to a firm where I can do more strategic work…where I am not in the weeds…instead making recommendations to companies on their opportunities”

  • While you are statistically likely to do more strategic projects at MBB, the reality is that the lines have and are getting even more blurred
  • As the market becomes more saturated and as growth targets increase, firms start to stretch beyond what their traditional scope is to get additional revenue
  • Each type of firm has their ‘bane’ of project types that many people want to avoid because its not ‘cool’ / interesting / help you really develop the skills you want
    • When I was at Kearney → that was procurement
    • In MBB → that is often PMO on transformation type projects
  • In addition, depending on firm, the way staffing works can have a big impact on your project trajectory
  • Thus what I want to say is that, even if you get into MBB, don't be surprised if you end up still doing cost optimization and projects that require you to be ‘in the weeds’

 

"Longer term…I would like to try my hand at VC…identify an industry that I could aim for, and empower me with the skills to look at top line rev and bottom line solutions"

  • The consulting toolkit is of course useful for VC - in my region there has been a steady track record of consultants (between 2-4 years exp) making the switch from MBB to VC
  • However how much you actually get involved with the solutioning and value creation will really depend of course on the style of the VC 
  • But the important point is that you don't necessarily need ‘the ability to look at top line rev and bottom line reve solutions’ in VC. VCs are investors - not operators
  • If you find that kind of work interesting, then I suggest that you also consider PE operations / PE Value Creation - where your day to day job will be increasing EBITDA of portfolio companies

All the best!

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Francesco
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antwortete am 19. Juni 2023
#1 Coach for Sessions (4.500+) | 1.500+ 5-Star Reviews | Proven Success (➡ interviewoffers.com) | Ex BCG | 10Y+ Coaching

Hi Matt,

Q: I would like to move to a firm where I can do more strategic work. Longer term - but not now - I would like to try my hand at VC. Does anyone have any advice on what strategic firms offer that align?

If long-term you want to end in VC (or PE), MBB should have the best brand name for that and should allow you to do more projects in strategy as well. However, bear in mind that MBB do work in operations and they might be interested in your profile exactly for that experience and channel you there.

If you want a more data-driven answer, you can do the following:

  1. Look for alumni of the possible target companies on LinkedIn
  2. Check how many moved to your preferred exit (eg VC) in your target region
  3. Normalize for the size of the companies in the region

Good luck!

Francesco

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Ian
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antwortete am 18. Juni 2023
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

Hi Matt,

I highly recommend you get networking! Through conversations with people you'll figure out which firms work. To start, any of the major consultancies (MBB, Big4, etc.) sound like they would work.

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Cristian
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Content Creator
antwortete am 19. Juni 2023
#1 rated MBB & McKinsey Coach

Hi Matt,

Thanks for the overview. Very clear!

The obvious answer is MBB

The less obvious recommendation, but probably the one that I'd go for, is to start by talking with people who are working in some of your target VCs and get an understanding of what they did a couple of years before joining. 

Get an understanding of their path so that you can start carving your own in that direction. Plus, having a chat with them will already help you establish a link that you could potentially reactivate further down the line when you're actually applying. 

You can use this guide about how to conduct such coffee chats:

Best,
Cristian

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Pedro
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antwortete am 20. Juni 2023
30% off in April 2024 | Bain | EY-Parthenon | Roland Berger | Market Sizing | DARDEN MBA

What you are doing is performance optimization (focusing on cost optimization). 

I understand that you are not looking for performance optimization (profit and cost optimization, you now focus on the later), but on strategy work (where you look in a more structural way to competition, market opportunities and company transformacion) For that, you can find the typical strategy consulting firms (but beware that very frequently you may get transformation, implementation, PMO or restructuring type of work as well).

Any of MBB, Tier 2 (OW, RB, Kearney), and several boutiques can do. 

Strategy&, EYP, Accenture strategy may work or not - you have to understand the type of projects the specific office/role has.

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Benjamin gab die beste Antwort

Benjamin

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