Management Consulting (2 Viewers)

[Student1993]

With the Big 4-affiliated firms e.g. with Strategy& as part of PwC and moving laterally, what do you think would be a good starting point? Audit?

Audit aka. professional snitching aka. professional box ticking is pretty much the dregs - the leftover job that no-one wants to do. Pretty much the worst.

 

[esaitchkay]

Audit aka. professional snitching aka. professional box ticking is pretty much the dregs - the leftover job that no-one wants to do. Pretty much the worst.

Well, I think audit has a place in business - look at what happened to Lehman Brothers and Repo 105.
Besides, surely you would learn some valuable skills as an auditor??

 

[enoilgam]

Audit aka. professional snitching aka. professional box ticking is pretty much the dregs - the leftover job that no-one wants to do. Pretty much the worst.

Most professional jobs arent that exciting too be perfectly honest - a few people would probably disagree, but there are very few office jobs which would get me going.

Back on topic, but I'm not sure if all the Big 4 have management consulting functions in Australia - I know Deloitte has it here, but I'm not sure about the others.

 

[RishBonjour99]

Most professional jobs arent that exciting too be perfectly honest - a few people would probably disagree, but there are very few office jobs which would get me going.

Back on topic, but I'm not sure if all the Big 4 have management consulting functions in Australia - I know Deloitte has it here, but I'm not sure about the others.

Pwc and ey both have equivalents but they make it clear that they only target smaller corporations etc (leaving the large ones for mbb and 'tier-2's). Either way, consulting at big 4 firms isn't easy to get into. You need some solid grades/ECS etc.

For MBB, it requires a lot more to get in. Most people I've heard of getting in had first class honours in law at usyd/unsw/umelb (basically creme of the crop) or pretty much topping their university for engineering or finance or maths/science. These are extremely difficult to achieve so a more realistic way is to apply later in your career (a common one seems to be bbib and then mbb or free hills and then mbb)

 

[enoilgam]

I think people also need to look past the glamour of MBB when considering a career in the field. Often times, you're little more then a bean counter who comes into an organisation to downsize and outsource. I mean, every now and then you will do work for companies who want to conduct process improvements which are fun. But often, companies bring in hatchet men to do all the dirty work which they arent willing to do and that is where a lot of these firms come in.

I dont mean to be discouraging, because as I mentioned it can be fun and stimulating, but there is another side to it.

 

[seremify007]

Audit aka. professional snitching aka. professional box ticking is pretty much the dregs - the leftover job that no-one wants to do. Pretty much the worst.

I disagree (for obvious reasons). Audit, or more broadly speaking, assurance, definitely has a role in the modern business world and offers unique insights into businesses which would otherwise be nearly impossible to obtain. The experience on individuals in the practice can vary wildly with some never seeing the role or industry beyond a compliance or professional box ticking exercise, but then there are others who do see the value it can bring to organisations.

Whilst some of the large firms have divested some or all of their advisory arms in the past, these areas have definitely been rebuilt under various names. Further, the differentiation between what is an audit service, an assurance engagement or consulting is constantly being blurred. Either way, the role is what you make it and I would caveat that some of the vocal ex-auditors you hear of may not have been the most actively engaged with the bigger picture role of the value they could deliver.

Coincidentally I am working on some risk consultancy work now for a large financial institution but I leverage my audit experience across other similar clients regularly.

 

[RishBonjour99]

I think people also need to look past the glamour of MBB when considering a career in the field. Often times, you're little more then a bean counter who comes into an organisation to downsize and outsource. I mean, every now and then you will do work for companies who want to conduct process improvements which are fun. But often, companies bring in hatchet men to do all the dirty work which they arent willing to do and that is where a lot of these firms come in.

I dont mean to be discouraging, because as I mentioned it can be fun and stimulating, but there is another side to it.

I think it is generally attractive because 1) prestigious, 2) most your colleagues will be brilliant 3) you will actually be engaged in challenging work 4) good pay 5) exit opportunities. There are plenty of small firms doing the same but you're clients would be very small or some small government stuff.

And half the time large companies/execs hire mbb consultants to rubber stamp decisions in general, not just the dirty work. E.g. xyz from bain recommended..... so in case it goes the wrong way, the blame can be somewhat diverted to the consultancy.

 

[enoilgam]

I think it is generally attractive because 1) prestigious, 2) most your colleagues will be brilliant 3) you will actually be engaged in challenging work 4) good pay 5) exit opportunities. There are plenty of small firms doing the same but you're clients would be very small or some small government stuff.

Definitely agree with you on three - the reason it is so highly regarded is because it is a very challenging career. Namely because you will be working with a variety of organisations over a short period and it's a steep learning curve to quickly understand an organisation in order to recommend changes. I've worked for three organisations in the past 2 years and I know that it's tough to develop an understanding of a company in a short period. I cant imagine how difficult it would be when you're under pressure to make major changes to a business, because you would need to learn and understand everything fast. Add that to the challenges I mentioned in my other post and it is a tough career I think.

 

[seremify007]

I'd say the bigger challenge for most young players is you're essentially trying to tell someone how to do something better than they already do when you yourself have minimal experience or knowledge. It's a hard sell. Like many professional services, it's as much about salesmanship and relationships as it is genuine insight or technical excellence. If anything, the latter ones are expected from any of the big players.

 

[Omnipotence]

i think it is generally attractive because 1) prestigious, 2) most your colleagues will be brilliant 3) you will actually be engaged in challenging work 4) good pay 5) exit opportunities. There are plenty of small firms doing the same but you're clients would be very small or some small government stuff.

And half the time large companies/execs hire mbb consultants to rubber stamp decisions in general, not just the dirty work. E.g. Xyz from bain recommended..... So in case it goes the wrong way, the blame can be somewhat diverted to the consultancy.

exit opportunities above all

 

[Omnidragon]

I hope you don't go do a corporate job because of good pay, because most people will be pretty disappointed.

 

[esaitchkay]

Back with an ATAR now!
Not sure whether to take BAcc and get a placement strategy related or take a combined law degree?
Any ideas?

 

[Chronost]

Back with an ATAR now!
Not sure whether to take BAcc and get a placement strategy related or take a combined law degree?
Any ideas?

What do you mean placement strategy related? Any placement you take with BAcc will be with one of the sponsors and you'll be doing some kind of accounting work with the firm.

 

[esaitchkay]

What do you mean placement strategy related? Any placement you take with BAcc will be with one of the sponsors and you'll be doing some kind of accounting work with the firm.

One of the BAcc students were an M&A strategy intern at a commercial firm, so whilst that probably is accounting work, it seems more orientated towards this pathway.

 

[enoilgam]

Back with an ATAR now!
Not sure whether to take BAcc and get a placement strategy related or take a combined law degree?
Any ideas?

Unless you want to be a lawyer, I'd go with the practical experience 100%.

 

[Chronost]

One of the BAcc students were an M&A strategy intern at a commercial firm, so whilst that probably is accounting work, it seems more orientated towards this pathway.

You sure that was M&A strategy(and not just primarily accounting work?)? Maybe he quit BaCC to intern there? And which firm? Cause I know BaCC sponsers pretty much all give some kind of accounting role, sure there is strategy involved in alot of the work and it might have some relevance to M&A in it, but it certainly wouldn't be an internship based around it.

I would argue having a law degree can be quite beneficial if you're really set on management consulting (that being said you're still going to need to be top gun, and generally it just won't happen for most people)

 

[esaitchkay]

You sure that was M&A strategy(and not just primarily accounting work?)? Maybe he quit BaCC to intern there? And which firm? Cause I know BaCC sponsers pretty much all give some kind of accounting role, sure there is strategy involved in alot of the work and it might have some relevance to M&A in it, but it certainly wouldn't be an internship based around it.

I would argue having a law degree can be quite beneficial if you're really set on management consulting (that being said you're still going to need to be top gun, and generally it just won't happen for most people)

Nope it was part of BAcc, I believe.

I think I'll try to talk to people on both sides of the degrees. Thanks for all the help guys!

 

[seremify007]

The lines are blurry these days... I'd be mindful that some teams will support a particular function by being inside the team but the actual role itself may still be an accounting/finance role- e.g. decision support, management accounting, due diligence team, etc...

 

[RishBonjour99]

What did you end up picking mate?

I say go with combined law at a go8. Have a look at the grad programs/past scholars etc, a very large proportion are high achieving comm/law or engo/law students. Both these programs teach you how to think.

Just know that no matter how smart you are, the grads will make you feel inadequate (e.g. some recent grad has uni medal in usyd engineering + first class honours in usyd law).

Also, no one does MBB for the money mate - I rather get into MBB than be a trader racking in 500k+ by 25. Thnx.