A few of the major names can help you get into the most lucrative consulting companies. Strategy&, McKinsey, Bain, EY-Parthenon, and Bain all boast top salaries. What makes them stand out? You can find out which firms are the best by reading on. We will also discuss what you should look for when interviewing. This article will also provide an insight into what to expect from each firm.
Strategy&
While this list does not contain all the top-paying companies, the following three firms comprise the top tier. EYParthenon has a strong presence across Asia and Europe as a global management consulting company. EY-Parthenon, with over 5,000 employees across 60 offices in 60 countries and an annual revenue exceeding $2.1 billion, has established itself as one the most sought-after consulting firms.
Strategy& offers many additional benefits. They offer a $12,500 signing bonus and 15% discount on Accenture stock. It has a well-known brand name that makes it one the most highly paid consulting firms. Although Strategy&'s salary is comparable to BCG's, it offers more career opportunities and better compensation.
McKinsey
In the past, McKinsey was renowned for its extremely competitive recruitment process, which saw 200,000 applicants applied for positions in just a few years. McKinsey employed only 1% of these applicants, as compared to Goldman Sachs' 4%. McKinsey is also the largest employer for Rhodes Scholars outside the United States government and maintains a dedicated recruiting portal for students. McKinsey is a low-paying company that still expects high performance from its workers, despite this.
Kearney is another top-paying company that offers consulting jobs. Accenture is a technology consulting business with approximately 8,000 employees. The company has over $26B in annual revenues. Kearney, formerly A.T. Kearney. It was established by a former McKinsey partner. Kearney is home to more than 3500 employees, and 60 offices in 60 countries. Its annual revenues total $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. Although the climb to the top is more difficult than at other consulting firms, it is comparable to the salaries of some of the most respected companies in the world. Your career path usually begins as an Associate consultant. This position can be held for 6 to 20 months. If you perform well, you'll be promoted to the Consultant level for at least two years. After two years, you'll move up to the Consultant level. There, your salary will rise even higher.
The bonus policies of this consulting firm are among the most generous. Bain's average salary is almost PS12,000 higher than that of other firms. Consulting is a great career choice, especially for high-performing and driven individuals. For more information about consulting compensation, sign up for free interview prep materials. You'll be well prepared for your next interview. Bain Consulting offers the highest compensation in the industry.
EY-Parthenon
EY-Parthenon a global management consultancy firm has added Anastasia Makeeva its Amsterdam office. Makeeva is a highly respected expert in strategic development. She previously worked for the Big Four. With more than a decade of consulting experience, she has successfully completed over 60 strategy projects. Her areas of expertise include market entry strategy, business planning development, and growth-oriented organisational transform.
Previously known as Ernst & Young, EY-Parthenon is one of top consulting firms for MBA graduates. It is located in London and employs more 250,000 professionals around the globe. EY Parthenon is one of the "Big Four", which include Deloitte, PwC, and KPMG. The Fortune 100 list of best places to work ranked this multinational company 29th.
FAQ
What skills will I need to be a consultant?
A consultant should have strong analytical skills as well as interpersonal skills. This is vital because you may not understand the scope of your work. This is a must because you need to learn how quickly you can manage people.
Communication skills are essential. Most clients expect to hear back within 24 hours. If they don't hear back from you, they assume you aren't interested. It's important, therefore, to always keep them informed and ensure they understand what is going on.
How much does it take to hire a consultant
Many factors go into determining how much it costs to hire a consultant. These factors are:
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Project size
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Time frame
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Scope of work
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Fees
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Deliverables
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Other considerations such as experience level, location, etc.
How do I choose a good consultant?
There are three major factors you should consider:
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Experience - How skilled is the consultant? Is she a beginner? Intermediate? Advanced? Expert? Does her resume reflect the knowledge and skills she has?
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Education - What did this person learn during school? Did he/she continue to take relevant courses after graduation? Were there any evidences of this learning in his/her writing?
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Personality - Do we like this person? Would we prefer him/her working for us?
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These questions help to decide if the consultant suits our needs. If the answers are not clear, it may be worthwhile to interview the candidate in person to get more information about them.
How long does it take for a consultant to be established?
The amount of time needed depends on your industry and background. People start work with a few weeks before they find employment.
Some consultants work for years to perfect their skills, before being hired.
Who hires consultants?
Many businesses hire consultants to assist them with their projects. This includes small businesses, large corporations and government agencies.
Some consultants work directly with these organizations while others freelance. In both cases, the process for hiring depends on how complex and large the project is.
Before you can hire a consultant, there will be several rounds of interviews.
What is the difference between consulting and freelancing?
Freelancers are individuals who work for themselves and offer their services to clients. They charge hourly rates depending on the amount of time spent on a client's projects. Consultants are usually employed by companies or agencies. Consultants are typically paid either monthly or annually.
Because they have control over their work hours and can set their prices, freelancers are more flexible than consultants. Consultants have better benefits, like health insurance, vacation time, sick leave, retirement plans and etc.
What is the difference in a consultant and advisor?
A consultant is an advisor who gives information on a particular topic. A consultant provides solutions to problems.
A consultant works directly alongside clients to help them realize their goals. Clients are referred to advisors through books, magazines and lectures.
Statistics
- 67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
- So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)
- Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
- WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (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)
External Links
How To
How do I find a good Consultant?
Finding a great consultant starts with understanding your expectations. Do you want them helping you improve your website's performance or not? Do you want them to optimize your site to rank higher in search engines? You might also want someone to help you determine if your hosting provider is in trouble. After you have decided what services you need, it is time to start looking at potential companies. While there are many consultants that claim to be able provide these services for you, not all of them will. How do you select the right consultant for your project? Here are some things that you need to keep in mind when selecting a consultant.
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Get referrals. Referring to other consultants is the best way of choosing a consultant. You shouldn't hire someone you haven’t met before as they will probably charge you too much. But you also don't want to work with someone whose reputation isn't solid. You're fortunate enough to receive referrals from people you trust. However, even if this is not possible, you might still be able check reviews online. Seek out testimonials from satisfied clients.
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Ask around. Many people aren't aware that they could benefit from hiring a consultant. People believe they don't have to make any changes because they are currently doing well. This is often false. Even if you're getting great results right now, chances are that you haven't been keeping up with new trends or technologies. If you continue to rely on outdated methods, your business will be unable to grow. It's always worth asking for referrals to find good consultants.
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Be sure to check their credentials. No matter how small your project is, it's important to ensure that the consultant you choose has the necessary skills. Check that they are qualified to complete the tasks and have enough expertise in the chosen area.
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Find out what kind of projects they specialize in. This is false. Some areas require specialized training and education. If you are looking for someone to create a WordPress theme, then you will not want to hire someone who isn't a specialist in Drupal. It is the same for programming languages, graphic design, and so on. It is important to inquire about the types of projects that they work on.
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Find out what their charges are. You don't want a consultant who charges too much. You don't necessarily want to pay too low, but you shouldn't either. There are many different types of consultants. Some charge hourly rates while others bill per project. This will help you save money in the long-term.
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Learn what they offer. Are they willing to provide free consultations? Can they provide advice on how to setup your own system? Is there a guarantee that your site will rank higher after working with them? You have the right to cancel at any time if you aren't satisfied with what was said during your consultation.
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Finally, find out if they offer discounts for multiple months or years. Many consultants offer discounted pricing for extended periods of time. It is not necessary to commit to an entire year. However, you could still benefit from any deals offered by the consultants.