McKinsey, Bain, OC&C and others feature in Don Leslie's January 2020 consultancy newsletter
A Happy New Year to you. Below are some articles related to management consultancy which I’ve come across in the last few weeks, and my news, views and opinions about what’s going on in the consultancy sector. If you are researching the consultancy sector and – as you will have heard me emphasise if you have attended one of my presentations or heard my webinars - information like this could spark an idea that leads to a job opportunity.
KPMG Intl up - EY down - hires at Simon-Kucher - LatAm news - Gulf growth - climate change consultancy joins PwC - Bain big in Nordic strategy - interview tips - Turkey - internal consulting - advice for McKinsey - what’s new with AI?
Here’s a round up of what’s been happening in a couple of consulting markets. The Latin America and Caribbean consultancy scene is reviewed by consultancy analyst Hélène Laffitte https://tinyurl.com/qvv7n6z , who also comments on consultancy growth in the Middle East https://tinyurl.com/w2fs4r2 , where EY is expanding its healthcare business in Saudi Arabia https://tinyurl.com/unnrx8v , KPMG Qatar is setting up a Turkey team https://tinyurl.com/v78bvyl and Oliver Wyman opines on AI in the region https://tinyurl.com/sevafmm . NB, the Middle East is always a good option for English speakers who want to get into consultancy (and Arab speakers, of course…)
Firm news: PwC has bought German climate and energy boutique CO-Firm for its climateXcellence tool, which assesses climate-related risks and opportunities. https://tinyurl.com/tfwbpge Arthur D Little has added Poland to its Eastern European network of offices in Austria, Czech Republic, Russia and Turkey. https://tinyurl.com/v5y5a4m Top tier firm Bain & Co becomes the biggest strategy consultancy in Scandinavia with the acquisition of the three office, 450 strong local firm Qvartz. https://tinyurl.com/rlngqhc. Listed UK professional services company Capita has re-established a consulting arm, Capita Consulting, 33 years after its first foray into public sector consultancy. https://tinyurl.com/vsvblf5 . On the downside, EY is to slim its financial services practice in the UK https://tinyurl.com/vjwjz6h by up to 350 staff, including partners, following “anaemic” growth of only 1.5%. Meanwhile, KPMG International has posted growth of 6% due to strong demand for strategy, merger & acquisition and digital transformation services. https://tinyurl.com/u3b2oog
Partner promotions can often mean expansion, as the new partners grow their teams. Simon-Kucher has added 20 in Australia, France, Germany, The Netherlands, Spain, UK and USA, https://tinyurl.com/tqmytnc OC&C appoints two in the UK, https://tinyurl.com/uwcsrdw and Bain beefs up its European private equity team with partner hires in healthcare and technology in Germany and the UK. https://tinyurl.com/rhaep2f
The impact of Artificial Intelligence is being felt not only by their clients, but also by consultancy firms themselves. “As artificial intelligence takes over the capital markets, will consulting be far behind? The similarity between the two lies in their core: data. Just like traders, consultants offer a data-driven service.” Read more at https://tinyurl.com/vzz2eut Even the best consultants could be at risk: https://tinyurl.com/rrgemt7 Although consultancies can still use AI to better service their clients: https://tinyurl.com/rvnuz58
Data analytics provide deep insights into an organization’s performance metrics, and the complex changes happening around them. Here’s how consultancies use analytics. https://tinyurl.com/qtufczc
The Economist lifts the McKinsey bonnet and checks the engine. Is it firing on all cylinders? (23rd November 2019, UK edition p70). Fights with Alix Partners, strategy services now only 10% of revenue, being outspent by the Big Four on technology services….downsizing could be the retune that’s needed, suggests the article.
UK news: four consultancies make it on to Glassdoor’s latest best places to work UK list https://tinyurl.com/svs62js : Accenture, Arup, Capgemini and Turner & Townsend. EY’s strategy arm EY-Parthenon, and Cairneagle Associates, have been voted top UK education consultancies. https://www.ipevents.net/educationinvestor-awards-2019/winners-2019/ , and Manchester adds another consultancy https://tinyurl.com/wnntdrr : Boardroom Consulting, “a new kind of strategy consultancy” for brand, audience and organisational strategy.
The international healthcare sector generates $10bn sales for the consultancies. https://tinyurl.com/rg523cd
Every month the newsletter reports on another design/marketing/branding agency being acquired by a consulting firm, as the consulting industry eats the advertising industry’s lunch. (See, for example https://tinyurl.com/qlfcace ). Agency Havas is fighting back: it has ought management consultants Gate One for its digital transformation expertise. https://tinyurl.com/tmc5ztr
Masters students: how to prepare for consultancy applications. https://tinyurl.com/vl79hyo
Getting ready for interview at consulting firms soon? Here’s how to answer that question about your greatest strength https://tinyurl.com/trv83dv /weakness https://tinyurl.com/vkdhsv2 And what about the unexpected ones? https://tinyurl.com/yxxzlujl The Consulting Career Academy has some suggestions. Sure you want to be a consultant? How to spot if you are spending too much time on the road. https://tinyurl.com/swvuq9z Fifty consultants share their advice for new consultants with Prof. Joe O’Mahoney https://tinyurl.com/ttjrs82
Following the article in December’s newsletter https://tinyurl.com/tyqtfkm, here’s more on Internal Consulting https://tinyurl.com/v3qxfel
Tips – spread the word. A new AT Kearney hire tells me how he used his university’s alumni book to approach contacts in the firm for advice about the “stress interview” portion of the selection process. Another went along to a public meeting on market research and found herself sitting next to a Gartner partner, whom she engaged in conversation…which is how she came to join Gartner. And this one: “I saw the firm listed on ‘best consultancies 2019’ https://tinyurl.com/sw3ruqs and approached them speculatively. They told me there wasn't a position for me, but I got to speak with the CEO. I asked for a follow up coffee next time he was in London. That coffee conversation ended up being quite long and he asked me to draw up my ideal job. We met twice more - a follow up lunch for a formal interview. then a presentation and questions with the board. No case studies. Start to end it was about 3 months between original email and offer.” Don’t just apply to job advertisements or wait for somebody to spot your LinkedIn profile – take the initiative yourself!
I’ll be presenting on consultancy careers at EM Lyon and ESSEC Paris (strikes permitting) and RSM Rotterdam shortly, and attending the MBA Employability Conference in Glasgow. Catch you there. And I’ve re-opened my 2020 diary for 1:1 telephone coaching conversations. Let me know if you’d like to talk: [email protected], + 44 (0)203 051 8540 / + 44 (0)7812 056 652.