It is my understanding that PE firms rarely engage DDV for operational DD in the first place. When I first started I was parked at the execution stage of a lot of IT transformation projects (change management and that sort of thing) which at first did not seem very glamorous but as I progressed I have started to do more ‘strategy’ work which is pretty cool.. Nicolas Doumenc was a Financial Analyst at General Electric where he explored the world of Corporate Finance. After 3-4 years of operations and finance experience I want to get an MBA at a top tier school (Ross, Kellogg, Fuqua, Darden). First Think of the time and cost savings in having the best slides available to your team. They are not consistently good. I am mechanical engineer , Do I need to do MBA and if then how will it help. So is it worth getting an MBA at all from a non-target? So a junior consultant might add value, for example, by looking at a new pricing strategy and the data on what existing customers are paying currently, and then pointing out a flaw in that strategy that might result in the firm losing clients. If you have a short experience and not a very technical IT position you’re not branded “IT material”. A general manager (GM) has overall responsibility for the operation and success of a major organizational unit, the entire organization in a company or a comparable organization in the public or … It requires deep analytical skills and the application of strong and disciplined problem solving skills. If you're new here, please click here to get my FREE 57-page investment banking recruiting guide - plus, get weekly updates so that you can break into investment banking. Well as Nicole a MBA is pretty good to rebrand yourself completely. Would “delivering value on a specific aspect of a transaction” (i.e. You could also work in some type of strategy position at a Global 500 company. Can they really be that different? https://www.mergersandinquisitions.com/mba-investment-banking/. So that’s definitely one exit opp. I got drawn away from public accounting because I just didn’t feel the tangible affect of working in auditing. What if you want to advise companies but you think that traditional management consulting and investment banking add no value? Good point Michael. The subjects are very diverse: marketing, recruiting, communication, financial planning… for instance, one of our team members developed an in-house iPhone app that handles our staffing needs project-by-project. Q: Right, but I’m sure that some consultants leave after a while… where do they go? I know everyone will tell me it’s crazy to try to jump to a completely different field but any suggestions? With the above being said, spaces are relatively limited from what I’ve heard, and I’d suggest you to figure out whether you would enjoy the work at Audit or not & a plan B option. He is now a CFO and Partner Wild is the Game. Operational Due Diligence, HR DD, IT DD, etc and 2) Post-deal products, i.e. Will your lifestyle be better or worse as an Operational Strategy Consultant? Just wanted to understand if that is a reasonable path, the question on exit opportunities def helped answer that question. This is your time. Thanks for this article, it answered a lot of my questions. KPMG in Canada’s management consulting services help you transform your business through of HR, IT, operations and data analysis strategy. We are part of your … But at what speed should the client navigate the turn when X competitor is at Y distance or when the wind factor is at Z and tire grip is at G in order to maintain the top average speed? A: It doesn’t work that way, unfortunately. Never miss an insight. As you become more senior, you focus more and more on the commercial dimension. Hi Peter, No worries. CPA vs. Management Consulting - 0:32 Consulting As A CPA - 1:11 Management Consulting - 3:16 What Should You Do - 5:45 Big Four Firm | In this series, Steph & Den will dive into … That’s when junior consultants can become experts on new financial systems, CRM tools or different segments like insurance. When you work in CF within a big company you’re actually designing the strategy. It seems to me like you would just be wasting your money otherwise. Efficiency Boutique consulting firms … Your email address will not be published. That’s also why we are very selective in the recruiting process! If you’re an outside-the-box thinker who enjoys exploring the myriad ways people, strategy, operations, and process improvement help shape … You must confirm the statement above and enter a valid email address to receive this free content. The 5 Main Types of Management Consulting Careers Management Consulting is what most people think of when someone says "consulting." Thanks. Well that was interesting nut couldn’t you name the guy who granted you that generous interview? Now let’s go for a drink and talk about your “recruiting opportunities” at your firm if you don’t mind. Don’t most large PE firms have an operational arm these days? Q: Great! So it's a lot easier for an outside … Our clients operate in Financial Services, including investment banking, retail banking, capital markets and insurance. A: My answer is a little biased because our firm is very young – and our attrition rate remains very low. A: I’d say it’s pretty balanced. Operations and strategy engagements use the same highly disciplined problem solving processes, but they apply it to different parts of the business. So instead of making strategic recommendations and leaving, you stay to walk the talk. A: Just look at the price we charge our clients for our services. This is your disrupted world, and ours. And what if you also want to implement your recommendations instead of just pitching them and then taking off after nothing happens? Supply chain leaders can use this Market Guide when searching for a supply chain strategy and/or operations consulting … Not so many moved to PE from this team but a lot go to corporations and become the head of operations or operational specialist in industrial companies, which can be very good exits. +6 books. Sure, some training can help when it comes to technical skills or even some soft skills… and that’s why we work with behavioral training experts so that our consultants have better and more productive interactions with clients. You can also decline the tracking, so you can continue to visit our website without any data sent to third party services. I don’t say it’s impossible but you have a disadvantage compared to someone who is a “pure” auditor. Hi Ollie and thanks for your comment. There is also a need to blend in more closely, use processes which can be used by everyone and focus more on transferring knowledge. I’ve only been out of college for 3 years and this IT auditing role has been my only experience so far. Very helpful! Yes, but I’m not sure you need an MBA for any of that. In an operations engagement the consultants are again usually working for senior executives to determine how to extract value (e.g. In this interview you’re going to learn all about operational strategy consulting – where you actually implement changes at companies rather than just recommending changes. carve-out plan, separation and integration, etc. Q: My last question is about exit opportunities. E&Y is quite good and so is IBM. These are calculations that are best left for consultants to quickly carry out for the client, so that tangible results can be delivered and implemented in a shorter span of time. Would this path help set me up to enter an operations consulting or biz dev/ corp dev. For type 1 products, they mainly focus on risks and for type 2 products, client want them to assess post-transaction risks and costs. Implementation consultants also use the strategy or operations plan as a guide only. Thanks for the feedback, I do have a little time to think about it and also try to develop other possibilities but I think I will actually enjoy audit and the accounting professional qualification will open doors.. hopefully :). Thanks. In operational strategy consulting, people tend to stick around longer than what you see in other fields. Our supply chain consulting and other types of operations consulting have delivered billions of dollars in sustainable operations improvements for our clients, and our working capital management … If you have already been offered a position in audit for financial services with a big4 and your goal is to work in corp fin for that same company, I think you have a chance of transitioning to the corp fin team as long as you network a lot internally and can prove your value to the team. The finance department is very influent when it comes to making decision for the pricing of product, new acquisitions etc… I’m working on an article on the different departments in Corporate Finance so stay tuned for more info! +480 podcasts. The strategy calculated that doing this would lead to the airline saving $100 million over 3 years. Hi, I just received 2 offers, a Operations Analyst (back office) at a Branded Investment bank and a Management Consultant at a small boutique consulting firm. I don’t specialize in this area, so I can’t make concrete suggestions. Strategy consulting vs. financial advisory consulting – both are consulting. You are absolutely right on products PE firms typically engage DDV. The top firms in strategy work are Mckinsey, BCG and Bain. One final question about interviews: any tips on what to say at the end when they ask if you have any questions about the firm, or tips on what to avoid saying there? Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews, Hii, I am currently handling operations mainly shop floor in HUL , and need to move to operational consultancy . Would it be pretty reasonable to do consulting for 18-24 months, maybe look to transition to the transaction services team within the Big 4 or maybe leave consulting and go top 20 MBA? Some of their typical services include: Some of their typical services include: A review of your current project management … The IB offers good pay and brand name but a back-office role (smelling boring all over it) While the consulting … PE firms nowadays do not hire DDV much for post-deal services neither because they don’t need carve-out and integration like industrial company buyers. That’s because a strategy is a plan. Working at a big4 in the IT audit field, I feel like I’ve gotten branded as only ‘IT’ although I want to do something more finance based. @George I would more look at operation/implementation consulting with the F1 formula racing analogy, with the client being the F1 car and the track is the market or objective, and the other cars are the competitors. Q: Right, but look at what management consulting firms and banks charge their clients, and how rarely they add value – I don’t think that’s a great argument. Consulting … I received a job offer in pricing analytics at a f500 financial services firm. Thanks a lot to Axel De La Forest for sharing his experience with our readers. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity. To this list you can also add AT Kearney and Booz. The word “operational” is very important because unlike management consulting groups such as McKinsey or BCG, we have a real operational aspect in our projects. In all my time as a management … How, specifically, can a junior consultant add value in operational consulting? Please refer to our full privacy policy. It always tags along with Financial and tax DD. But in operational strategy consulting you strive to conduct the project from the very beginning, through the definition of the solution to the implementation and the deployment. So please reserve this question for jobs with more theory and less time spent in the field. We get at least 5 questions a month from readers about this either-or, and in honor of all of you we put together our 5 major differences between the 2 prominent types of consulting , and why work in strategy consulting … What else can you tell us about this one? The rest have poor records. Q: Before we jump into what operational strategy consulting is, could you tell me a little bit about your firm and its clients? The accounting firms tend to be good at financial processes and operations. It’s a bit of an overstatement, but sometimes it is true. Strategy consulting is a subset of management consulting as one of the other posters mentioned. We are based in Paris and we mostly work with French groups but our scope is truly an international one, as companies continue to expand and operate abroad. Professionalism is key. I just received it by mail today so I’ll edit the article. I also work in operational management consulting with a major IT consulting company. Would concentrated experience with these PE-relevant products make a stronger case when looking at a PE exit? It’s for smart people who can roll up their sleeves and literally work alongside a client to solve countless tedious problems and march towards a common goal. Meetings are very important because they’re how we orient projects and how we give our input. In operational strategy consulting, though, you may advance much faster because roles are not as strictly defined – and if you do very well on a project you’ll get promoted quickly. Hi Rohan. In some areas of operations, firms like Deloitte, PWC, E&Y, KPMG and Mercer also do well. He is now a CFO and Partner Wild is the Game. interviewers often think. A: “Adding value” is not necessarily bringing in expertise, which is almost impossible when you have one or two years of job experience. Although the implementation consultants will not do everything, like branding where a brand specialist firm would do the work, they will manage everything. Or is there still a considerable gap in transferrable skills? Implementation projects also have less stressful work hours. A: The short answer: “It depends.” Some projects involve a lot of travel and you’ll definitely rack up the Starwood points, but some are based in Paris or in another European major city, so you can avoid painful 8+ hour flights. creating value through operational improvements, cost reduction, etc.) Banks and internal audit services in big companies are starting to recruit people with IT background because of the complexity of the reporting/accounting systems. If you really want to get into finance I suggest taking more and more assignments related to finance rather than IT and changing your image internally, then make the transfer through heavy networking. A: Sure. @George, it’s hard to convey that completely in one article but I studied some of the work they’ve done and trust me it’s very concrete (think redesigning the product offer AND implementing it in all the banks of the country). Bryan was right. Sometimes because of budget constraints or because of internal arbitration, we end up only being able to make recommendations or only being able to implement some of our changes. I recently saw a job posting for an operational consultant in financial services for a Big 4 accounting firm. FastTrack could be one of the a few exceptions. Great article, I really enjoyed learning more about this. Yes, there are strategic and operational projects. Accelerating advances in … Apply for Management Consulting Jobs in Deloitte United Kingdom. In interviews, we care more about your past experience working with clients and how you would approach real-world scenarios rather than getting into the arbitrary “How many golf balls fit in a 747?”-type questions you get in management consulting interviews. This is the story of how I changed…. I know what people say about audit but I think its a realistic route. If I stay in consulting I will never get the exposure to finance which I want. Many thanks for the knowledge. Check out the kind of jobs and prospects in this cutting-edge field. Q: Sounds like a good company to work for…we’ll return to it after this interview. This field is dominated by large consulting firms like McKinsey, Bain, and Boston Consulting … For me having an IT + audit background is not the best way to break into big4 corporate finance. We guarantee 100% privacy. It’s all about recommendations and execution, as we believe the two are closely linked. Which products do PE firms typically engage DDV in? Follow your gut! We don’t specialize in this field, but you can probably get in with enough networking and some outreach to headhunters. You get the picture right? Operations consulting is just as tough, just as intense and just as appealing as strategy consulting, provided it is done correctly. This is a nice little sales pitch, but there seems to be a lot of confusion when it comes to consultants’ ability to produce “tangible” results, which supposedly happens through operational consulting.

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