The Ultimate Beginner's Guide to Consulting! (Hours, Lifestyle, Compensation, Pros & Cons)
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- čas přidán 7. 06. 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.
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.
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 😊
Bro is a consultant for consultants
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
⏱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
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.
You are so good in explaining and making us understand every single detail
Great video, yet again! Hugely impressed with the quality and how seamless it was
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
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.
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.
Love this - I have an interview, so excited!
Awesome vid. Can’t wait to see that interview!
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
Hey, thanks a lot for putting this together in such nice overview!
Great and efficient video. Go to the points and not lengthy! Well done
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
I didn't realizer how involved consulting was. It sounds like a cool career path I've never considered before. Thanks for the info!
Another invaluable channel will explore more videos from you, sir, thank you!
i am looking to get into Consulting! Happy 2023! Great Video
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!
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.
Extremely helpful, thank you!
Thank you for this video, really helped clear some things up for me.
Man this is gold ! Thank you !
This was such a great overview video thank you!
Excellent video, thanks Ben!
I’m good with all the cons. Thank you for sharing this!
gonna aim one
Love the video! Thanks for the tips!
Your video is very helpful for a business student!🥺 thxxx a lot
Glad it was helpful!
Thank god CZcams suggested me this video. Was exactly what I was looking for!
Glad I could help!
To the point and enriching video.
Thankyou
great video, very well explained. This is the first time that I understand this industry.
Same here
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.
Thanks for the information. Was wandering where to get the information regarding consulting and you came to rescue.
Well organized video. Keep it up!
Great Video and Presentation! Nicely Done ✅
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
Thank you for a very informative content!
Very useful video. Thanks!
You did a fantastic job!
Thank you! This was helpful
Amazing content!! Thanks..
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.
Just found your channel. Excellent Content. Another sub for you sir!
Thank you for the video!!!
Amazing Video! I could relate with most of the things
Glad you enjoyed!
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.
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."
Really nice vidéo !
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. . .
Detailed and informative please make for Law firms and Accountancy firms
Thank you for useful information
Amazing video!
about to get my DBA and consulting was recommended
Awesome video sir
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.
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
Great video lad
Throughly enjoyed this video
Thanks for the valuable information! I just subscribed! I would be also interested in your podcasts. Where can I get the access?
great video, appreciate it
Great insights, Thanks
Glad you enjoyed it!
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?
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.
I feels so seen. thank you for this video.
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Definitely applies more for strategy consulting. Agree with the points made though!
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!
Great video.!
I watch several CZcams 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...
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?
Great vid, wish we could get a UK version too
Accenture, KPMG, PWC, Deloitte, and EY are the top consulting companies in the Netherlands.
Management consulting has always been the best option
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!
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.
I've always wanted to work in the consulting industry.
Thanks, I want to go in management consulting. Getting my Masters in Organizational Management.
Nice video!
Can you do a video for experienced engineers willing to change to consulting without an MBA?
Spot on.
amazing content
Nice videos...remind Old days
Definitely not for me, but very well explained. I learned something.
Useful to see tose hours.
All three cons sound like pros to me haha. Amazing video!
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)
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!
Great video
As an econ major this has been v helpful! Thank you! New sub here :)
Glad it was helpful!
Thnks for uploading useful contents. Agree with most words in the video. FYI, currently working in EY Korea.
Me from EY GDS
@@vittaldevanderson1657 how’s the payrate in comparison to the work you do? I work at EY Belgium rn. Hearing that other countries give 100K+ salaries is just insane to me. I get 26K lol
@@Tom_Smeets The payrate is really good and shot up in this great resignation. New joiners demand higher pay nowadays
Thank you 🎉
Spot on
Thankyou so much ! Could you please explain the prospects of a doctor ( fellow ) in training to consider joining consultancy ?
I enjoyed your video