<p>What is Management Consulting? Is it very hard to land a job in MC? What majors do they look for? How well is the pay compared to IB?</p>
<p>Management Consulting is a broad term that describes the industry formed by various firms, large and small, that advise companies on various aspects of running their business. That could include anything from detailed financial aspects of the company, mergers and accessions, product designs and launches, strategies for growth... basically anything and everything to do with generally making a company better. Some firms have a broad focus over a number of different business sectors and consulting areas whilst others focus on only specific sectors.</p>
<p>The competition for consulting jobs is steep and is at least on part with that for IB jobs. Most consulting firms hire those from almost any background. In fact, many top firms acquire a large portion, if not a majority, of their new hires from those with degrees and backgrounds in areas wholly unrelated to "business." Most will hire those with almost any degree although there is often an interest in recruiting those with a strong math, science or engineering background because of the strong analytical, problem solving and quantitative skills displayed in those majors. Successful candidates should generally display those skills and also have a track record of strong leadership (but also working well in teams).</p>
<p>Pay is generally very good and on par with IB (some super top trader would probably get more because of a bigger bonus, but apart from those exceptions the pay is about the same over the progression of ones career).</p>
<p>What are some highly esteemed companies that one interested in Management Consulting should be keeping an eye on? You know, like the Goldman Sachs/Merrill Lynch of consulting. And what would be some good books/websites/etc to read up on for this career path?</p>
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What are some highly esteemed companies that one interested in Management Consulting should be keeping an eye on? You know, like the Goldman Sachs/Merrill Lynch of consulting.
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<p>McKinsey, BCG, Bain</p>
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And what would be some good books/websites/etc to read up on for this career path?
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<p>Vault Career Guide to Consulting, Vault Guide to the Top 50 Consulting Firms, Vault Guide to Case Interviews, Case In Point</p>
<p>Pay in consulting is significantly lower than in investment banking, if you compare top firms with top firms, mid firms with mid firms, etc. The base rate is roughly similar, but then for the bonus there is really no comparison -- regardless of whether what front office division you work in at the investment bank. </p>
<p>On the other hand, the stress level in consulting is generally considered to be lower.</p>
<p>And the swag is ridiculous. In the top firms you'll fly first or business class, stay in four or five star hotels, get all your meals, cab fare, drinks paid for. Plus you have so many frequent flyer miles you can go to Hawaii with friends first class any given weekend.</p>
<p>Oh yeah I forgot to add, the amount of travel involved is pretty awful for a lot of people. They don't count the hours you're stuck in a plane, car, or hotel as part of your working hours when people come up with the 60-70 hour workweek for consulting. So be advised.</p>
<p>^^^</p>
<p>But in management consulting, the hours vary widly so you cant really look at average. Some weeks you may work 90-100 hours (deadline) and some weeks you may work 40-45 hours (waiting for a project)</p>
<p>But yea, travel blows.</p>
<p>YOU, I honestly wouldn't be worried about pay. Rest assured that you will get paid. If I were you, I'd be thinking about whether MC or IB is something you really want to do for a career. Sure, pay is amazing, but unless you're 100 % committed, you'll either burn out or not get a job in the first place. With the economy in this state, jobs are getting slashed, and that means that whatever jobs are left will be very, very difficult to get.</p>
<p>^ Indeed, that is very sound advice. It seems like most people on CC (or most people in their late teens/early twenties?) just look at careers that appear to be popular, and then attempt to jump on the bandwagon with little independent thought about what they actually want to be doing with their lives.</p>
<p>just throwing this out there, Yul Kwon, the winner of Survivor, is a management consultant. He graduated from Stanford and then Yale Law School. He's my hero, lol</p>
<p>With credentials like that, how did he become so desperate that he had to try out for a reality tv show?</p>
<p>Lmao, that dude is the absolute man</p>
<p>What's the main difference between Consultants & IB? Also what type of people will be good for these two careers?</p>
<p>The reason I ask this is because I'm a HS Sophomore-becoming-junior and would like to start preparing myself from now until the end of college. I love to travel, money, plus more so a person who could do people-oriented jobs and be more successful than task-oriented jobs. I have a growing interest of real estate that I'll like to get involve eventually. Wanting to own my own business and help my mother with hers. Also my dream is to become multi-millionaire & possible live in Japan.</p>
<p>hmmm, sure everyone loves to travel when they're young, but you need to think about when you have a family. You're going to be gone a lot and not going to be able to see your kids grow up. </p>
<p>And I don't think Yul is desperate, he didn't even want to try out, I think he said his brother made him.</p>
<p>Yul is a ****ing beast!</p>
<p>Is it possible to be a Management Consultant while starting up your own company at the same time??
I really want to be an Entreprenuer as well as the former.</p>
<p>management consulting takes up so much time that i doubt you would have time for your own company</p>
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What's the main difference between Consultants & IB?
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<p>The main difference is that they're two completely different jobs. You might as well ask what the main difference between a lawyer and an architect is.</p>
<p>Meanwhile, the level of stupidity and inaneness in the IB forum here is both appalling and frightening.</p>