Is management consulting a scam?
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- čas přidán 2. 11. 2022
- "Is management consulting a scam? "
" Consulting firms like McKinsey, Bain or BCG hire a bunch of inexperienced, 20-something-old young people, what do these people know about advising top companies in the world?
Did you wonder the same? I know I did, and I felt like one in the beginning; did it change over time? Watch until the end to find out!
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AMAZING VIDEO❤️, this is a different perspective on consulting and u explained eloquently
I was a McK consultant after grad school. I already had six years of prior working experience in finance. I thought it was a joke. Yes, you have industry experts that you can talk to for an hour at a time. Will analysts and associates be able to evaluate if the expert knows their stuff? More often than not, they will just believe whatever the expert says even though another expert might have a different perspective. Ironically, I left consulting shortly after and returned to finance and now sometimes give niche expert advice to MBB firms for $500 per hour explaining the tip of the iceberg to them. I know they will then cobble what I said together with some knowledge materials from past projects (by other similarly inexperienced consultants) and paid research materials, apply some frameworks to come up with something that will miss the nuances of real life operations. The McK partners don't know any better because the vast majority have only ever worked in consulting. I now work in fintech where we *don't* use MBB but we like to hire from MBB. We know they are smart but their advice is baseless.
Im working in fintech now thinking of moving to consulting full time. After some research and some of these videos, i don't know if i want to make that step anymore.
You nailed it. 👍
I was at an asset management firm that hired consultants for the purpose of devising better cooperation between working groups. They picked MY department to experiment on, which was the most ridiculous decision but as we were "female heavy" the old boys club figured they could crap on us. Our department was the most efficient of the departments, we frequently uncovered egregious BS from other depts that could have used a closer look, but NO, a ponce at the top decided we could be their experiment. (After 30 years in asset management I can tell the hard lads from the ham & eggers and our department was a consistent top producer but lower on the political totem pole). The presentation by the consulting/management team was vomit inducing stupid. What a waste of money. Their problems could be solved by firing the idiots who make decisions like that and paying closer attention to where bottle necks and mistakes were being made.
Great and thorough answer to the question of what consultants do lol
Better than from what I remember understanding from actually meeting with one (from Deloitte I think it was)
haha, it's definitely a tough question
Im here right after looking at their offering and pricing, its totally a tip of the iceberg, no technicalities, no exact measurement in approach, and very minimal on data. Quite literally the same with well-worded fantasies. It's too shady for its pricing
Hi Angie, love your video. What’s your experience with the implementation team? Do you think it’s more stressful or less stressful?
Typically, projects that are longer term have better work life balance, but it also depends on the team, client etc
But why did you go into Management consulting after a masters in Engineering?
You would have made more impact in a specialist field rather than a generalist consultant role right? Not to mention more money in the long run
Everyone has a different path that’s best for them, i knew quiet early on that engineering isn’t for me, but still pursued one for personal reasons
@@missangielu What do you think about MS Computer Science or MBA? Maybe a good future video idea.
May I ask how did you get a job in McKinsey in Management Consulting after finishing your studies in a completely different field?
Makes sense
How did you successfully make the transition from a STEM field to Management Consulting?
Do you have any tips for anyone who would like to do the same?
Not really, take a look here czcams.com/video/k0NRQdtli2k/video.html
Management consulting for a few years looks good no matter where you go especially at the a company that’s considered the most prestigious company in the world by anyone you ask
if you ask me I would not name a consulting company as the most prestigious to be honest
You’re so cool
YES
It is indeed a scam. We have never heard of them being criticized by the client. That would be too embarrassing for the client to admit, and the big firms know this. I have competed with them for two decades, and I base my fees on the financial outcomes. No invoices during the project. We won every deal against at least three of the biggest firms. Our margins based on actual results are significantly higher than any of them. Has anyone ever heard of big firms being paid based on results? They don't need to do that; maximum duration and maximum bodies, that's a very successful model for all but the clients.
I can't speak positively about any of my experiences with management consultants, or agencies. Frankly all useless and a waste of time and money.
Short answer: yes it’s a scam