<p>Spending time on PowerPoint, Excel, programming macros, playing with numbers, etc. I guess this would be more along of the line of back office work instead of out in the front office?</p>
<p>I did read MB, it seemed like a bunch of bs. :)</p>
<p>What would someone in the front office do?</p>
<p>Monkey Business really isnt a bunch of bs. Sorry if you're thinking that but you're wrong. Don't kid yourself. Certain parts are exaggerated but its pretty inline. And they were working front office.</p>
<p>"Which part of investment banking isn't based off performance? More like "grunt work" I guess you could say instead of taking heavy risks (like trading)."</p>
<p>Well pretty much every part of the IBD is performance based. For M&A only the top analysts are asked to come back the rest aren't. For S&T you have to be a top trader bringing in more money than your co-workers. In Research you have be the one providing the best quality research, etc. Since IBDs are an up or out system then performance, whether it be trading performance or your detailed analysis for a pitch, will dictate if you move up or leave the firm. </p>
<p>Regarding the OP...the salary for a big three MC firm (bain, mckinsey, bcg) is about the same as an average banking salary ( ~ 55k) however in banking your bonuses are much bigger...so for a first yr associate at a consulting firm you'll be looking at total compensation in the high 70k low 80k while for banking total comp can range from low 80k to 100k+ depending on your performance. The big difference is in the years to come, in banking your bonuses go up exponentially as you climb the ladder while in consulting your comp doesn't skyrocket, it grows much more slowly. You won't see many consultants (5 years out) with total comp higher than 400k while in banking it is very possible...I know bankers who left school worked 2 yrs analyst, 2-3 associate and got promoted to VP (at around 26-28) and are now making much more in the high 6 figure salary range (350k-800k). It's not that uncommon to be under 30 and making a high 6-figure salary. In consulting after 2 yrs as an AC, 3 yrs as a consultant, and then getting promoted to manager you will probably be making in the mid 200k. still good but nothing like banking. hours are much better though.</p>
<p>i am going to stern.. where finance is, by far, the most preferred major by students. However, I plan to double-major in MIS and General Management. would this be a good idea (I wanna be a consultant)?</p>
<p>^^^ that is exactly what I am thinking about doing. Management is called operations/quality management where I am going. I am going to UMD but they did get ranked 6th in MIS and 9th in Management by USNEWS. My only concern is that I have heard that sometimes young people have problems being consultants only because 40 year olds don't like getting advice from 22 year old fresh out of college kids. At UMD though the average starting salary for MIS is $53,277 and $56,250 for management so i guess they do get decent jobs. </p>
<p>Does anyone else think that a young consultant may have trouble getting through to older people that don't really want their advice?</p>
<p>What do people think about supply chain management and logistics? Luckily, UMD is top 10 in that too at 8 but it is has an average salary that is one of the lowest from smith. I am thinking about picking 2 of three and double majoring, which two would be most helpful?</p>
<p>Finance > MIS + Management</p>
<p>"Finance > MIS + Management"</p>
<p>I am not trying to be a financial consultant, so i really dont understand how you can say that..</p>
<p>"Finance > MIS + Management" For banking...</p>
<p>Management > Finance for MANAGEMENT consulting...</p>
<p>here at wharton all the finance people end up taking banking jobs, all the management people take consulting jobs nd the other majors go diferent places.</p>
<p>I personally think the combination of General Mgmt and MIS is excellent to get into management consulting--though you'll have to start in a junior position--and work up to the senior consulting positions as you get more experience.</p>
<p>Good luck to you.</p>
<p>is there like a specific major for management consulting? i heard production/operations management is a gud major for consulting as well.</p>
<p>I am pretty sure I'll go with MIS and Operations/ quality management. </p>
<p>quick question though. There are three majors that seem related at UMD for management consulting. These are 1. MIS, 2. logistics transportation and supply chain management, and 3. Operations and Quality Management</p>
<p>US news uses the titles below and the ranking of smith is to the left in the 5 things i thought dealt with management consulting.</p>
<p># 6 Management Information Systems </p>
<h1>8 Supply Chain Management/Logistics</h1>
<h1>9 Management</h1>
<h1>13 Quantitative Analysis</h1>
<h1>16 Production/Operations Management</h1>
<p>Of the 5 above where do they fall into in the 3 majors presented by UMD. 3 are pretty explanitory but where does management and qualitative analysis fall under in the 3 majors.</p>
<p>honestly MIS and Management look like the best choices off of that list.</p>
<p>So what do you all think are the best management consulting firms? I guess it is somewhat like the big four for investment banking. This was talked about briefly in this thread </p>
<p>To add to that discussion there is also this site <a href="http://www.soyouwanna.com/site/syws/consulting/consulting.html%5B/url%5D">http://www.soyouwanna.com/site/syws/consulting/consulting.html</a></p>
<p>It says the Big 5 in accounting and tax firms are
Arthur Andersen
Deloitte & Touche
Ernst & Young
KPMG International
PriceWaterhouseCoopers </p>
<p>I am trying to figure out if they mean big as in BIG or big as in good</p>
<p>i am pretty sure they mean these are the best
Booz·Allen & Hamilton
Bain & Company
The Boston Consulting Group
Andersen Consulting
PriceWaterhouseCoopers</p>
<p>^Where is Mckinsey?</p>
<p>^my bad, it should be on the bottom list the site did put it on their list, nice save.</p>
<p>this is pretty annoying because everywhere I look i see different top firms.</p>
<p>Nothing too drastic, i mean mckinsey, booz allen, and bain are always there but others are not. </p>
<p><a href="http://www2.ups.edu/ces/student/Consult.htm%5B/url%5D">http://www2.ups.edu/ces/student/Consult.htm</a></p>
<p>Here is another list, it explains that accenture is the new name for anderson which has popped up a few times so I guess accenture is one that should be on the list and not anderson.
Bain is there
Bearing point- formerly known as KPMG consulting
booz allen
deloitte
Hitachi(first time i have seen that)
mckinsey
wyatt
Mercer(alaxandre said mercer in the other thread as being one of the ones he knew was good too)</p>
<p>They list the others as </p>
<h2>AT Kearney; Arthur D. Little; Boston Consulting Group; Mercer Management Consulting; Mitchell Madison Group; Monitor; Cap Gemini Ernst and Young. </h2>
<p>This isn't as easy as knowing GS, Lynch, and stanley are the best but i guess that says a lot of the ones are pretty good and respected not just 3 or 4 so so far all that I have seen as being good is
Mckinsey
Booz·Allen & Hamilton
Bain & Company
The Boston Consulting Group
Andersen Consulting- now accenture???
PriceWaterhouseCoopers
Bearing point
Mercer
deloitte
wyatt
hitachi</p>
<p>Mckinsey seems to be considered the best by far though, if anyone knows more about this feel free to take off and add on to that list, i have just got that reading a few things.</p>
<p>The big three are McKinsey, Bain and BCG....There are also some really elite small consulting groups too, just check the Vault web site rankings, they are the most accurate ones.</p>
<p>You need to remove Arthur Andersen and Andersen Consulting from these lists. </p>
<p>Arthur Andersen was a fallout victim from the Enron/Worldcom debacle of 2000-2002. They were the external auditors for both firms. Arthur Andersen and their consulting service both went bankrupt shortly thereafter and most of their good accountants and consultants were acquired by the other firms.</p>
<p>"I know bankers who left school worked 2 yrs analyst, 2-3 associate and got promoted to VP (at around 26-28) and are now making much more in the high 6 figure salary range (350k-800k)."</p>
<p>bern, do you mean just bankers or I-bankers?</p>