A few of the major names can help you get into the most lucrative consulting companies. Strategy& and McKinsey have top-paying jobs. But what sets them apart from one another? Continue reading to learn which consulting firms are the best. In this article, we'll discuss what to look out for in an interview. This article will give you an overview of the expectations for each company.
Strategy&
Although the list of top-paying firms in consulting is not comprehensive, the three following firms are the top tier. EYParthenon is a global management and consulting firm that has strong presences in Asia and Europe. With more than 5,000 employees in 60 offices worldwide, and annual revenues of over $2.1 billion, EY-Parthenon has made a name for itself as one of the most desirable consulting firms.
Strategy& provides many benefits beyond a high-quality compensation package. These include a $12,500 sign bonus, 15% off Accenture stock and a 6% match in your 401(k). It also has a prestigious brand name, making it one of the top-paying consulting firms. Although Strategy&'s compensation is comparable with that of BCG it is arguably more well-positioned to offer career advancement opportunities and a wider variety of opportunities.
McKinsey
McKinsey had a reputation for being a very competitive recruiter. In fact, McKinsey saw over 200,000 applicants apply for positions within a matter of years. McKinsey hired just 1% of those applicants, compared to 4% at Goldman Sachs. The firm is also the largest employer of Rhodes Scholars outside of the United States government, and maintains a dedicated recruitment portal for students. McKinsey expects high levels of performance, despite the low salary.
Kearney is another top-paying company that offers consulting jobs. Accenture is primarily a technology consultancy firm with over 8,000 employees and $26B annual revenue. Kearney, formerly A.T. Kearney. It was established by a former McKinsey partner. Kearney currently employs over 3,500 people in 60 offices all around the globe. Its annual revenues are $1.3B. Roland Berger, a strategy consulting firm with more than 2,700 people in 40 offices around world, has an annual revenue of over $1B.
Bain
As an employee at Bain Consulting, your salary will increase along with your career path. While this upward career path may seem steep when compared to other consulting companies, it is comparable with the compensation offered by the most highly regarded companies around the globe. Your career path will typically begin as an Associate Consultant. This position is usually held for six to twenty-months. If you perform well, you'll be promoted to the Consultant level for at least two years. Then you will be promoted to Case Team Leader where your salary increases even further.
The bonus policies of this consulting firm are among the most generous. Bain top performers make nearly PS12,000 above the average for all other firms. Consulting is a great career choice, especially for high-performing and driven individuals. Get free interview prep materials and more information on consulting compensation. Prepare yourself for your next interview. The compensation at Bain Consulting is unrivaled in the industry.
EY-Parthenon
EY-Parthenon has just added Anastasia Makeeva, a global management consultant firm, to its Amsterdam branch. Makeeva, a renowned expert in strategy development, previously worked at other Big Four firms. With more than a decade of consulting experience, she has successfully completed over 60 strategy projects. Her expertise includes market entry strategy, business plan development, and growth-oriented organisational transformation.
Previously known as Ernst & Young, EY-Parthenon is one of top consulting firms for MBA graduates. It has over 250,000 employees worldwide and is headquartered in London. EY Parthenon is one of the "Big Four", which include Deloitte, PwC, and KPMG. This multinational firm was 29th in the Fortune 100 ranking of the most desirable places to work.
FAQ
How do I choose a consultant?
Three main factors should be considered:
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Experience - How many years of experience is this consultant? Is she a beginner? Intermediate? Advanced? Expert? Does her resume show that she has the necessary skills and knowledge?
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Education – What did this person learn at school? Did he/she study any relevant courses after graduating from high school? Do we see any evidence of this learning in the way he/she writes?
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Personality: Do you like this person or not? Would we like him/her to work with us?
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The answers to these questions help determine if the consultant is right for our needs. If the answers to these questions are unclear, it might be worth a first interview to get more information about the candidate.
What is the average salary of a consultant?
Some consultants earn more than $100k per year, but most consultants earn between $25 and $50k. The average consultant salary is $39,000 This includes both salaried as well hourly consultants.
Salary depends on experience, location, industry, type of contract (contractor vs. employee), and whether the consultant has his/her own office or works remotely.
What skills do I need for consulting?
As a consultant, you should have both strong interpersonal skills and analytical skills. This is important because you are working on projects where you may not know exactly what you are doing. You need to be able to manage people quickly and solve problems efficiently.
Communication skills are essential. Most clients expect a reply within 24 hours. If they don’t hear from you within 24 hours, they assume you don’t care. It is important to keep them updated and make sure they fully understand the situation.
Why should consultants be hired?
There are many reasons to hire consultants.
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You may have a problem or project that your organization needs to solve.
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You want to improve your own skills or learn something new
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You want to work with an expert in a particular field
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There is no one else available to handle the task
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Feel overwhelmed by all the information available and don't know where you should start
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You can't afford to pay someone full-time
Word of mouth is the best way to find a great consultant. Ask your network if they are aware of any credible consultants. If you already know someone who works as a consultant, ask him/her for recommendations.
You can use online directories such as LinkedIn to find consultants in your local area.
What kind of jobs are there for consultants?
Being a consultant will require you to have a solid understanding of business strategy as well as operations. You need to be able to comprehend how businesses function and how they fit in with society.
To be successful as a consultant, you must have strong communication skills and an ability to think critically.
Consultants must be adaptable because they may be asked to do different tasks at different times. They should be able change direction quickly, if required.
They must be willing to travel for their clients. This type of work can take them all over the world.
They must also be able handle stress and pressure well. Consultants may sometimes be required to meet tight deadlines.
Consultants are often expected to work long hours. This means that you may not always get paid overtime rates.
What is the average price you should charge for a consulting job?
It all depends on the service you offer. You don't have to charge anything if you provide services free of charge. If you're selling products or services however, prices should be determined based on their value.
If you offer low-quality services then you don’t have anything for sale. So why would anyone pay any money for your services.
If you provide high-quality service, you may ask for higher prices because people appreciate the value you offer. Customers who buy multiple services from you may qualify for discounts.
What qualifications do you need to be a consultant?
It is not enough to have an MBA degree. You must also have experience as a consultant. At least two years experience in training and/or consulting for major companies is required.
You must have worked closely with senior management teams on strategy development projects. This requires you to feel confident presenting ideas to clients, and getting buy-in.
Additionally, you will need to pass a professional qualification such as the Chartered Management Institute Certified Management Consultant (CMC).
Statistics
- On average, your program increases the sales team's performance by 33%. (consultingsuccess.com)
- According to statistics from the ONS, the UK has around 300,000 consultants, of which around 63,000 professionals work as management consultants. (consultancy.uk)
- Over 50% of consultants get their first consulting client through a referral from their network. (consultingsuccess.com)
- So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
- 67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
External Links
How To
How do I start a consultancy company?
You can make a lot of money by setting up a consulting business. It doesn't require any prior business experience nor capital. It is possible to create a website to launch your consulting business. Once you've built a website, you'll want to use social media platforms such as Facebook, Twitter, LinkedIn, Instagram, Pinterest, YouTube, etc... to get the word out about your services.
These tools allow you to make a marketing program that includes the following:
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Content creation (blogs).
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Establishing relationships (contacts).
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Generating leads, also known as lead generation forms
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Selling products on e-Commerce websites
Once you've created your marketing strategy, the next step is to find clients who are willing to pay you for your services. Some people prefer to go through networking groups and events, while others prefer to use online methods such as Craigslist, Kijiji, etc. Your choice is yours.
Once you've found new clients, you'll want to discuss terms and payment options. This could include hourly fees, retainer agreements, flat fee contracts, etc. You need to be clear about what you expect of a client before they accept you as a client.
An hourly agreement is the most common contract for a consulting service. You agree to offer certain services at a fixed fee each month or every week. Based on the service you provide, you might be able to negotiate a discount based on the length of your contract. Make sure you understand what you are signing when you accept a contract.
Next, you will need to create invoices that you can send to your clients. Invoicing can be a complicated task until you actually attempt it. There are many options for invoices to be sent to your clients. Some prefer to send their invoices directly by email, while others prefer to print and mail hard copies. Whatever method you choose, make sure it works for you!
After you've created your invoices, you can collect payments. PayPal is popular because it is easy to use, offers several payment options, and most people prefer it. Other payment processors, like Square Cash or Google Wallet, Square Cash or Apple Pay, Venmo and Venmo are also available.
Once you are ready for payments to begin, you will need to open bank accounts. Having separate checking and savings accounts allows you to track income and expenses separately. Setting up automatic transfers into your bank account is also helpful when paying bills.
It can seem daunting to start a consulting business. But once you understand how it works, it becomes second nature. Check out this blog post for more information about starting a consultancy company.
It's a great way for extra income without having to worry about hiring employees. Many consultants work remotely, which means they don't have to deal with office politics or long hours in the office. Because you don't have to work a set number of hours per week, you can be more flexible than a traditional employee.