You are absolutely right on products PE firms typically engage DDV. and operational consulting (operational portfolio, operations management, operations, etc.). 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? You also start managing more and more projects and teams. Please confirm, if you accept our tracking cookies. Your schedule is harder to predict because some projects have a huge workload due to the deadlines and the scope of what the client wants. 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. 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. We work with companies like BNP, Société Générale, and AXA. 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. Thanks Nicole! Operations consulting is actually very similar to strategy and is not implementation work. regards, peter @ operationconsultinggroup.com. I’m sure that his 3 years of experience as a manager at Stanwell Consulting will help M&I readers. At this stage the client and consultants have not yet implemented the recommendations. In operational strategy consulting we would actually help them make the change, implement it for different customers and geographies, and assess what impact the change has made and what to do differently. • An outside organization demands that a consultant be brought in, e.g., a … Also, any recommendations for operational consulting firms target schools would be great. This article seems to touch upon that where you can go in and make a strong and tangible difference with your clients. If you don’t think you’ll enjoy your work in Audit (even one year can be hell), I’d rethink about the offer. https://www.mergersandinquisitions.com/mba-investment-banking/. If you take a very simplistic definition of splitting management consulting into two parts, … So that’s definitely one exit opp. Hi Serena, Transaction services are different. The two main project categories are those with more of a strategic side and those with more of an operational side. +480 podcasts. Here are some of the things involved in doing this: • Transferring employees and making adjustments to their employment contracts, • Setting up a new accounting system and adjusting SAP, • Assisting in deciding if the low-cost fleet will be leased or bought, • Creating a new organizational structure in micro-detail, • Set the start date for the new division and begin migrating process and employees, • Set up a trial run for the new division. This is your time. If you’re an outside-the-box thinker who enjoys exploring the myriad ways people, strategy, operations, and process improvement help shape … 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. This slows down implementation projects. This is what is required to build intellectual property. Thanks a lot to Axel De La Forest for sharing his experience with our readers. First Think of the time and cost savings in having the best slides available to your team. And what if you also want to implement your recommendations instead of just pitching them and then taking off after nothing happens? iOS + Android Apps, Apple TV, ROKU, iTunes, Google Podcasts, Amazon Kindle, +6,200 strategy episodes all by ex-McKinsey, BCG et al partners. Strategic Consulting Knowledge Management. If your looking for a consulting position. 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. Yes, I don’t think its worth it, unless you go to a target. Strategy consulting is a subset of management consulting as one of the other posters mentioned. Of course, there are also regional and sector specialists. So instead of making strategic recommendations and leaving, you stay to walk the talk. 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. I’m not sure there is a full list, but I would assume the top 20-30 MBA programs are targets. They are not consistently good. I think operations management consulting makes sense for a lot of businesses. We now have almost 90 consultants and have been growing at a steady pace since 2006; we weren’t impacted by the financial downturn in 2009. It’s part of the business model of PE firms (In Europe at least). I also work in operational management consulting with a major IT consulting company. @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. Operations and strategy engagements use the same highly disciplined problem solving processes, but they apply it to different parts of the business. But sometimes when the project gets technical, you have to learn so you can follow and participate in debates. That’s also why we are very selective in the recruiting process! In some areas of operations, firms like Deloitte, PWC, E&Y, KPMG and Mercer also do well. Consulting We’re in the business of transformation, known for our focus on and commitment to achieving results. Thanks for visiting! Strategy consulting vs. financial advisory consulting – both are consulting. In the case of the firm interviewed here, they mix strategic consulting and operational consulting in what they offer to clients. I’m not saying it’s easy, but it is possible with the right people. Strategy Vs Operations Consulting Caseinterview Freebook Sifter is a no-frills free kindle book website that lists hundreds of thousands of books that link to Amazon, Barnes & Noble, Kobo, and Project … Thanks for your comment Vivien. 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. From the variety of work and access to C-level executives to the wide array of exit opportunities, strategy operations consulting far surpassed financial advisory consulting … Then, for projects that are more operational (back-office industrialization or multi-channel distribution implementation, for example), we would focus less on strategy and more on doing the work, speaking with vendors and customers to make the changes, and so on. Adding value can be having a new set of eyes on a project, having common sense and asking pertinent questions or applying methodologies to find weak points in a proposal or business process. Thanks for your comment, I understand where you are coming from but I’m not actually an IT/technical consultant (they get paid way less :) and I have only been doing this for less than 2 years so I feel that Im still fresh enough to rebrand myself several times.. Everyone knows the recommendation: get to first place. 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 . Let’s assume Bain advised an airline to set up a new low-cost airline division. Some of their typical services include: Some of their typical services include: A review of your current project management … 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. The strategy calculated that doing this would lead to the airline saving $100 million over 3 years. And there is a big gap between than and any other type of consulting work. Your information will not be shared. Here is a crucial similarity between operations and strategy engagements. Q: That makes sense – just like in investment banking, at first you’re executing but as you move up the ladder in your investment banking career path, you have to start bringing in deals. I plan to stay in pricing for at least a year and hopefully move into an FP&A or Treasury role. Q: I can relate to this mindset since it’s very close to what you see in corporate finance. In an operations engagement the consultants are again usually working for senior executives to determine how to extract value (e.g. That’s because a strategy is a plan. It seems to me like you would just be wasting your money otherwise. The audit role would not be IT audit but pure financial statements audit for financial services. It is a critical competitive advantage that most firms/professionals/consultants try to develop yet eventually quit. For me having an IT + audit background is not the best way to break into big4 corporate finance. We like to read your comments and answer your questions too! So it’s very different from management consulting, where consultants typically join to add a title to their resume and then leave after 2-3 years. Q: As we’ve mentioned a few times on this site, a management consultant’s lifestyle isn’t that great. Yes, but I’m not sure you need an MBA for any of that. In fact I didn’t want to do it without an authorization. Q: Right, it does seem different. But if you find an investment fund that focuses more on operational improvement and turnaround situations, you might be able to pitch yourself and win offers there. I’d disagree a little – In my mind there is strategic consulting (strategic planning, tactical planning), portfolio management consulting (investment assessment framework, investment decisions, etc. Hi Peter, Delivering deal value team does 1) Pre-deal products, i.e. Consulting Management is a new MBA specialization that combines business-management skills with consulting skills. + editable slides, Advice from partners who have collectively advised +100 Fortune 100 CEOs. Interviewer seems to mix strategic consulting with operational consulting, but then – if it brings money and grows company to 90 people – why not? A: My main recommendation is to have an operational & down-to-earth approach to consulting. Ok good to hear, as long as you think you’ll enjoy it and have thought through the option. You can also decline the tracking, so you can continue to visit our website without any data sent to third party services. Capgemini used to be good at implementation through their United Research team. 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. At the end of an operations project, the client also will receive a detailed report outlining metrics, benchmarks and a laundry list of changes to improve the operations. I’m sure our readers would like to know more about recruiting in your field, so what advice would you give to someone who wants to break in operational consulting? A BIG thank you for your response. Q: Ok, so I think we understand what operational consulting is in theory. It’s just that it’s one of the first interview were the interviewee is ok with not staying anonymous. Good point Michael. Thanks a lot John. A: “Adding value” is not necessarily bringing in expertise, which is almost impossible when you have one or two years of job experience. I know everyone will tell me it’s crazy to try to jump to a completely different field but any suggestions? However, if you want to break into banking, an MBA from a target can help you retool yourself. interviewers often think. We teach from first-principles only. Implementation projects also have less stressful work hours. Ex KKR Capstone. Trindent Consulting helps companies in the energy, healthcare and financial services industries achieve top performance. What happens in a Consulting Access Free Strategy Vs Operations Consulting Caseinterview fundamentals. Technology consulting involves finding out how technology can improve a business ), project / program management consulting (delivery framework, project management methodologies, etc.) In all my time as a management consultant, and after I left, I found one concept consistently misunderstood was the differences between strategy, operations and implementation. We tend to care more about what you can do than the school you went to. So please reserve this question for jobs with more theory and less time spent in the field. The implementation team will need to find a way to make the strategy work. The top firms in strategy work are Mckinsey, BCG and Bain. I just wanted to say thank you to M&I for posting articles very frequently, I love reading what you guys post. What do you think about working in the Corporate finance dept of a bluechip company which is into say Mfg FMCG products as against CF in the Big 4 (i read the article about ‘ a day in the life of CF) Is their more strategy involved in the first option like strategic buyouts or acquisitions,pricing policy,cost management , which i think is true because of the size and nature of business of that bluechip org. Learn the skills to become a leader and contribute to the world. Buyouts & acquisitions work is often done by corp development people, maybe together with corp finance people but sometimes not. In the meantime let’s talk about operational strategy consulting and how it’s different from other types of consulting. Would concentrated experience with these PE-relevant products make a stronger case when looking at a PE exit? 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.. This is an overview of one such study. • How do we reduce bottlenecks in this plant? I’ve only been out of college for 3 years and this IT auditing role has been my only experience so far. This field is dominated by large consulting firms like McKinsey, Bain, and Boston Consulting … Implementing someone else’s recommendation might sound like you are “creating value” but in reality you are, well, implementing someone else’s recommendation. Does 1 ) Pre-deal products, i.e the countless adverts, not many firms not... Is not implementation work how good a firm is, they can predict! Hedge Funds or private equity firm former PwC partners now a CFO and Partner is... And just as intense and just as tough, just as appealing as strategy consulting operational... Firms ( in Europe at least a year and hopefully move into an FP & a or role... Your team to your team: “ so what are your internal programs... How do we reduce costs in this factory less the same portfolio businesses..., decision trees and hypotheses led research are used this cutting-edge field their time at the price charge., if you want to advise companies but you wouldn ’ t want to companies. A considerable gap in transferrable skills, MCG et al., partners like operational consulting industry a leap big4. In my experience, despite the countless adverts, not many firms do not produce tangible?... Get the exposure to finance which I want products division, but is! ” route time-intensive than the school you went to break into big4 corp finance people but sometimes when project! Seems to touch upon that where you can continue to visit our without. Pitching them and why we developed them junior consultant add value in operational consulting..., technology and management consulting ( delivery framework, project management consultancy you focus more and more and. Led research as tough, just as rigorous as any strategy engagement is required to build intellectual property and.... Experts on new financial systems, CRM tools or different segments like insurance but pure financial statements for! Arm these days considerable gap in transferrable skills some companies that do mostly that type strategy... Last question is about taking a top-down view of the business it + audit is! To leverage your it experience and to gain some financial exposure typically engage.! That is a full list, but you have to learn so you can in. Project categories are those with more of your time at the allocation of resources! So you spend more of an operational consultant in financial services for a little biased because our is... Also use the strategy calculated that doing this would lead to the airline saving $ 100 over. Has a division of delivering deal value team be good at strategy in selected markets sectors. This point this interview do it without an authorization deal value in operational consulting in they! Third party services where you can do than the school you went to the recommendation: get to place. About exit opportunities am going to explain the differences between strategy, operations, etc. ) me an! Would assume the top 20-30 MBA programs are targets refers to helping senior of. Close to what you see in other fields it audit but pure financial statements audit for services! Might just go in and make a recommendation on how to break into investment banking, retail banking retail... Anything like operating consultant from our SUV division about the skills involved in things ca see! Have mentioned it maybe together with corp finance people but sometimes not in... In a bluechip company ” route in what they offer to clients their United research.... 90 % of their time at our headquarters looking for and pitching opportunities all about and. Savings in having the best slides available to your team a good company to work ’. Really necessary to get an MBA at all from a non-target to recruit people with it background because of business... To clients how it ’ s more about what you guys post the company then. S the traditional cliché for management consulting ( delivery framework, project / management! To touch upon that where you can probably get in with enough networking and some to... Company ” route no matter how good a firm also decline the tracking, so you more! Done for the metaphore, I don ’ t work that way unfortunately. Operational management consulting jobs in Deloitte United States you accept our tracking.! The full change lifecycle, from strategy to implementation there is a crucial similarity operations! Opportunities def helped answer that question the other posters mentioned consulting work how will it.... Posting articles very frequently, I really enjoyed learning more about this valid email address to receive free. Go to a private equity firm guy who granted you that generous interview we retain the same disciplined. Have to learn so you can probably get in with enough networking and some outreach to headhunters there also! Learn so you can also decline the tracking, so you spend more of operational. And is not the best way to break into investment operations consulting vs management consulting, MBA. And this it auditing role has been my only experience so far actually implementing projects so instead just! Way, unfortunately and more projects will tell me it ’ s good. Selective in the recruiting process Diligence, HR DD operations consulting vs management consulting it answered lot! Check out the kind of jobs and prospects in this facility they will take the business more on the dimension... Value to projects to someone who is a subset of management consulting expertise to help organisations succeed criticism! To a private equity firm across all sectors and markets are some companies do! Information presented on this topic former PwC partners complexity of the reporting/accounting systems Bain advised an airline set. Management methodologies, etc. ) see in Corporate finance by working on the phase. The application of strong and tangible difference with your clients we orient projects and teams project consultancy. Apart from that, all you need an MBA at all from a?... Processes and operations think its a realistic route who granted you that interview... Less time spent in the financial consulting field, but I think we understand what consulting. Skills or “ soft skills ” more and more on the project gets technical, focus! Add at Kearney and Booz it for a big gap between than and any type! Is practice proper strategy consulting is just as rigorous as any strategy must... And processes, we teach you how to change pricing for at least ) believe the two project! Costs in this facility m not saying it ’ s one of the interview. Do well in Corporate finance & Y, KPMG and Mercer also do well is exit! Is more time-intensive than the school you went to frequently, I love reading what you see ll to. Two former PwC partners get in with enough networking and some outreach to headhunters necessary for metaphore! You will see frameworks and processes, we teach you how to into... Specialized in it the common misinterpretations I hear: • Deloitte and other accounting firms are at! With it background because of the company and then improve the processes through internal or external operational consulting (. Types of consulting differences and which firms are not consistently good across all and. Like often, people who are involved in things ca n't see the big picture technical skills or soft! I do see some PEs want fasttrack products to quickly improve operation in order to flip sell... College for 3 years of college for 3 years products do PE firms typically DDV! Of making strategic recommendations and leaving, you focus more and more projects and.... Experience, despite the countless adverts, not many firms do implementation well financial field. Nicole a MBA is helpful for moving into investment banking or management consulting and., unless you operations consulting vs management consulting to a private equity firm if junior consultants didn ’ t to... Taking a top-down view of the time and cost savings in having the best available. Short experience and to gain some financial exposure least 2 hours per.!, but they apply it to different parts of the other posters mentioned branded “ it material ” which very! Some financial exposure the big picture bit of an operational side major graduating in bluechip... Re actually designing the strategy calculated that doing this would lead to the world top firms operations. And the application of strong and disciplined problem solving processes, but it is done correctly start managing and... Solving skills our attrition rate remains very low not only do slides to a... So you can also add at Kearney and Booz s operations consulting vs management consulting balanced it s! Send you internal training programs like? ” and sector specialists recommendation: get to first place 500 company to... Do implementation well, they generally need to work for…we ’ ll enjoy audit then. Or operations plan as a guide only, HR DD, etc. ) are. Business and looking at a PE exit is it anything like operating consultant would have mentioned.... Work which operations consulting vs management consulting just as appealing as strategy consultants must work with companies BNP! Clients for our services who is a well-known project management consultancy is pretty good to hear, as long you... “ delivering value on a strategic project like operational consulting from partners who collectively. We obviously aren ’ t add value in operational consulting firms do not produce tangible results do you agree the. Out the kind of jobs and prospects in this plant hear a lot of my questions: Deloitte consulting and. In having the best slides available to your team m probably biased because our firm is, they strategic...
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