Top 10 Management Consulting Firms

The management consulting field concerns itself with the delivery of organizational assistance for companies in need of external advisory services, such as performance and operational analysis, new strategic guidance, reorganization and streamlining and improvement. While this is just a general overview of what management consulting comprises, the industry has grown a vast network of consulting firms worldwide that range from small, boutique-style firms to large, top-tier firms with their hands in virtually all areas of expertise. In this sea of different firms, which firms stand out as leaders in the field? Read on to discover the top ten.

McKinsey & Company

McKinsey was founded in 1926, and has grown to a firm with over 15,000 employees. James McKinsey, a career accounting professor, founded and built the company to provide financial services.

Today, the firm helps organizations across a wide variety of sectors by helping their clients increase their leadership skills and capabilities at every level. Integrity and professional conduct are seen as paramount at this value-driven organization.

The Boston Consulting Group

BCG is a global management consulting firm with more than 70 offices around the world. The company recently ranked second on Fortune Magazine's "100 Best Companies to Work For" list. The company was founded in 1963 and employs over 6,000 people. Their headquarters are located in the greater Boston area.

Bain & Company

Bain was founded in 1973 and has quickly become one of the best consulting firms in the world. The firm focuses on delivering sustainable results by helping clients make more informed, calculated decisions. Their management consulting expertise has a broad reach into industries such as transportation, financial services, energy, healthcare, technology, and private equity.

Booz & Company

Booz & Company is a leading firm with more than 3,300 people located in 60 offices around the globe. Booz prides itself in their deep functional expertise and practical approach to helping their clients.

Deloitte Consulting LLP

Deloitte is a management consulting firm with over 45,000 professionals. The organization works with their clients to help them solve their toughest problems. Their consulting services seek to leverage human capital, strategy, operations, and technology so their clients can reach higher and farther than they ever thought was possible. Consulting Magazine recently named Deloitte consultant Gene Procknow as one of the top 25 consultants in America.

Monitor Group

Monitor specializes in helping their clients through management consulting that addresses all aspects inhibiting growth. From innovation, leadership, organization, pricing, and marketing - Monitor covers it all for their clients. The firm specializes in working with companies whose industries are in a state of transition.

Oliver Wyman

Wyman is a top management consulting group with offices in over 25 countries around the world. More than 3,000 dynamic consultants work at the firm, employing in-depth industry expertise and strategic and analytical skills to deliver results to their clients.

A.T. Kearney

Kearney is comprised of some of the world's top management consulting professionals that generate powerful and practical business solutions for the clients that stretch all over the world. The firm has over 2,700 employees that feature over 1,900 consultants. They specialize in the aerospace and defense, automotive, public, energy, utilities, and transportation sectors, among others.

Accenture

Accenture is a global management consulting firm with over 236,000 employees worldwide. The firm generated over $25 billion by the end of fiscal year 2011. Strategy, technology and outsourcing underpin Accenture's success in helping their clients' aims to enter new markets, grow market share and maximize operational performance.

Towers Watson

TW specializes in working with organizations to increase their performance by utilizing their consultant's expertise in risk and financial management, and sound business decision-making. Towers Watson aims to connect their client's vision with the big picture

Top Management Consulting Firm 

How to Write a Good Management Consulting Resume?

Question:

Dear,

I want to apply to McKinsey, Bain, BCG, AT Kearney and Roland Berger. I guess you could say that I have been an outstanding student, with a good set of extra-curricular activities as well. On the other hand, I do not find that much good information on how to write a compelling management consulting resume. Could you explain me what an excellent management consulting resume should look like?

My reply:

I personally spend a good amount of time optimizing my resume (and cover letter) back in the days when I applied for Bain & Company, McKinsey & Company, BCG, Roland Berger, AT Kearney and AD Little. I eventually got a first round case interview invitation at each firm (and got an offer at all but one).

By now, I have screened quite a good amount of resumes at Bain & Company, so I will share my ideas on how to write a compelling management consulting curriculum vitae. Needless to say that these ideas do not only apply for Bain, but also apply for McKinsey, BCG and the like. Furthermore, keep in mind that regardless of whether you are an undergraduate applying for a business analyst position, or an MBA applying for an associate position; in the end the below tips and tricks are largely true (thus regardless on which entry level you are applying to).

The most important thing you have to keep in mind when you make your management consulting resume is to always keep in mind what the consulting firm is looking for (and include this on your resume). In the end, each consulting firm is more or less looking for the same elements on your resume. When I receive a resume, the first thing I always do, is simply check whether all key elements are demonstrated (preferably backed with numbers).

The next question is then: "What are these 'elements' that management consulting firms are looking for?" In the following I will give you an overview of each of these elements, and afterwards discuss why each one is important to a management consulting firm, and how you can best demonstrate your strong capability for each aspect.

The leading management consulting firms are looking for five key elements in resumes:

Top employers and/or renowned universities
Excellent academic performance
Strong analytical skills
Evidence of leadership and strong social skills
Extra-curricular activities

1. Top employers or renowned universities

When you receive a resume that says Harvard, Princeton, INSEAD, Cambridge or the like; it will immediately stand out. In the end, a management consulting firm will be billing you out to its clients for several ten-thousands of dollars month, and for this reason the client will want to know about your background. If the firm then can say you have a BA from Yale and an MA from Harvard, 'your' price tag will of course be easier to justify. Furthermore, being able to say you studied at one of these top-universities, also shows that you have already passed a difficult selection process to get in the specific school, which of course already well demonstrates your competencies. Regardless of this, you do not need to have studied at an Ivy League university to get a job in management consulting. In case you come from one of the many good universities of your country, you will definitely also make a shot at MBB. It will however then be even more important to be really convincing, and to clearly show your determination to work in management consulting.

Next to renowned universities, the management consulting firm will also be looking for top employers on your CV. In case you are a young graduate, this will moreover be an internship at a top-employer, and in case you would be an experienced hire, they will definitely be looking for previous (preferably high-profile) work experiences at some of the world's top employers. Examples of such top-employers would include Google, Microsoft, Apple, P&G, Exxon Mobil, Merrill Lynch, etc. Again, you do not necessarily need to have worked at one of these companies to land an interview at MBB, but it would definitely give you an advantage in getting that important first interview. For this reason, if you are thinking to work in management consulting, try to do at least one internship in a leading corporations, as it will be a great experience, but also look very good on your resume.

2. Excellent academic performance

It is great of course if you have studied at Harvard or Yale, but if you there where one of the weakest performing student of your year, then this has far less meaning. A management consulting firm will be looking for the strongest students of the year to focus their recruiting efforts on. In the end, recruiting does cost quite a lot of money, and the firm knows that they will have a better chance of finding good potential hires if they focus on students with an excellent academic track. The management consulting firm will definitely look at your result for each year, but the weight (of importance) is definitely higher for your last years at university. Keep in mind that even if you apply for MBB to get a position as an industry hire, your university results will matter. Clearly you should never lie about your marks, but in case you had one 'bad' year, you could hide your result by replacing it by an aggregate score for multiple years together (in case this would be better).

3. Strong analytical skills

As a consultant you will always need to very analytical (and structured) on the job. For this reason, a management consulting firm will be on the lookout for people that have demonstrated strong analytical skills, for instance through excellent grades for math/science courses, or even better through a high score for (one of the standardized) tests such as SAT, GRE or GMAT. These tests make it easy for the firm to compare your score with other applicants, and obviously they will be looking for those with scores that are well-above average (though there is no specific cut-off). For this reason, it is important to on your resume include these scores, and demonstrate your strong analytical skills.

4. Evidence of leadership and strong social skills

Graduating from a top university, or having had a top position at one of the world's leading corporations, together with continuous strong performance and excellent analytical skills will make you an interesting candidate for a management consulting firm. However, you will also need to demonstrate strong social and leadership skills on your resume to make you an excellent candidate. In the end, a consultant needs to work often aside with the client to create results, and good social skill will be key here. Furthermore, you will need to demonstrate your leadership skills, as the firm also wants to know whether you can manage and steer a client team or (potentially at a later stage) your colleagues. For this reason, you should definitely include projects/events where you demonstrated strong leadership and social skills. This could be an (important) event that you have organized, a (small) business you had set up with your friends while you were a student, etc. Keep in mind that if you have a very technical background (example Math major at MIT), you should even more proof your social and leadership skills on your resume.

5. Extra-curricular activities

It is definitely possible that you already included some extra-curricular activities on your resume to demonstrate your social and/or leadership skills, as discussed above. Regardless of this, try to think (further) about the ten most important/impressive achievements/projects in your life (it can take a fair amount of time to make a good top ten), and think about which ones you would include on your resume. The rule on what to include is simple; if you feel it would be valuable to discuss during a case interview (or have your interviewer be aware of it) than you should include it; otherwise not. Examples could for instance be an award-winning paper you wrote, your selection for the (Under 21) Olympics ice skating team, a (prominent) summer course you participated in, etc. These do not really fall under the four categories above, but would nonetheless be good additions to your resume.

Other things to keep in mind when developing your resume:

1) Keep in mind that your resume should show excellent performance in each single year. You do not want the CV to be thinking that you had a weak performance during one or two particular years. Ensure each year looks impressive; if you had one weaker year at university, think about specific things you realized that year to compensate for the weaker marks.

2) Also keep in mind the formatting (or design) of your resume. It definitely does matter, and the reason for this is simple. To make a simple analogy; Imagine buying a beautiful diamond ring for your fiancé, and putting it in a carton box. This would kill the entire experience, and the reason is simply because the package does matter. In the end, the design of your resume does to extent say something about you. A management consulting firm is looking for a well-structured and 'clean' person. Therefore ensure your resume is well-formatted to demonstrate these values. It should be easy-to-read (or skim-through) and appealing to the eye. Keep in mind however that an enormous amount of different formats could definitely work. The most important thing however is that your major accomplishments are easy to read.

3) Lastly, definitely keep in mind to include your language proficiency. Where in the US it is often good enough to master English, it is always great to be able to show you also speak Spanish or even Chinese. In European countries it is generally required in management consulting to at least speak two languages (native language & English), and more languages are even more a bonus in Europe.

Leading Management Consulting Firm 

What Part Time CFO Services Can Do for Your Company

Money can be considered the blood of a business. It enables all the departments to function to let the business survive. Money is needed to establish a business and gaining more of it is why a business is put up. Keeping track of the financial processes in a business is an essential and challenging task. Accuracy and promptness is needed. For your business, you can get part time CFO services.

A chief financial officer, or CFO, is responsible for facilitating the financial processes of a company. This may include financial risks, record-keeping, reporting, financial planning, and others. The officer may also be responsible for data analysis. Today, CFOs can function in the area of business strategizing. They can also be advisors to the CEOs. A chief financial officer plays a big role in the development of a company.

Every corporation, no matter the nature of their business, can greatly benefit from having a chief financial officer. A company can even get part time CFO services, so that at least someone is managing the finances for the meantime. Part time CFO services can help a company function properly while it looks for the right person to become the chief financial officer. These services are especially helpful for large corporations that need immediate assistance.

If your business is in need of a chief financial officer, but you have not yet found a qualified candidate yet, an interim or temporary CFO can help you. Interim officers from CFO services are experienced, so they do not need a long period to become familiar with the dynamics in your company. You may no longer need to do thorough training, which can be time-consuming. This is good if you urgently need a CFO.When you get CFO services, they make sure to place the best officer for your company, based on the nature and conditions of your business, and the capabilities of the CFO. These part time chief financial officers have experience in many industries. Among these industries are construction, manufacturing, retail, healthcare, and food and beverages. CFO services can help companies that range from small to multinational.

Another benefit in getting a part time CFO for your company is that you may not be limited to a contract. You can work with a temporary officer while searching for a full time one. A company can also hire an interim CFO on a long-term basis, if that is what it needs. These CFOs can help improve the skills of your finance department. They can help business leaders come up with strategies and make critical decisions. With this, you have assistance in achieving your goals.

Part time CFO services UAE 

Management Consulting Firms Are In Great Demand

Hiring management consulting firms is a growing trend among companies and corporations who are trimming the fat from their organizations and attempting to move toward a more productive and cost efficient model of operation. What the consulting firms offer is a broad knowledge of the industry and the practices. Strategies that work in one company can sometimes be transferred to another to improve them. Performance management is only one of the services these companies can offer to improve performance and profitability.

The trend toward choosing consulting management firms has grown rapidly over the last three decades. It should be noted though that the demand for the services of such expert peaks during harder economic times and lessens as it improves. The need to be profitable during hard economic times has driven their growth over the last decades.

The fat lazy corporations of the past are gone with the dinosaurs and in their place are goal-oriented companies determined to survive no matter the economic climate. Consulting firms, which specialize in management consulting services can, further those corporate goals by giving an objective assessment of the procedures and efficiency in a company. Furthermore, these experts offer suggestions to improve these aspects and increase performance.

Specialized management firms working on a consultancy basis can assist a corporation and the management during the transition after a buy out or transition. They can provide short-term courses of action and suggestions as well as direct company leaders toward goals that may be more efficient. Consultants acting in this capacity usually have their own methods of identifying problem areas as well as in correcting them.

Management consultants are experts who usually have made the field of management and management practice their primary field of study. They may offer coaching services or development services to help a company develop more efficient and directed executives. Not all persons in executive positions may be born leaders but with proper coaching most can be excellent and far more efficient.

What works for business is often adopted by non-profit and governmental agencies eventually and the trend toward professional management consultants works. As a result, more and more agencies, which are not necessarily profit oriented, are choosing such firms to improve their service delivery and use of funds. However, there are undoubtedly constraints in efficiency when working with government agencies these experts can produce improvement.

Overall, a firm, which offers a team of specialist in various aspects of management, has become a valuable asset to businesses large and small. Reducing the inefficiency in upper management, results in a more productive work force for most businesses. Reducing inefficiency has led to more firms being profitable in times when profits are difficult to make.

Implementing new technology can be a confusing and tumultuous time for some companies. A management consultant can help smooth out the transition period and develop strategies, which outline responsibilities and even training courses.

There are few experts, which are as goal and result oriented as management consultants. The firms, which hire these specialists, offer an expert for almost every problem a corporation might encounter. Whether the challenge is transition management, executive coaching or development or implementing technologies, these experts usually find the shortest path to the desired goal.

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Business Management Consultants - Your Partner in Growth

The structures and styles of management vary from one company to another. When it is about ensuring a company's success, its leadership has to manage the business both strategically and tactically. Most of the times, a management process has a few roadblocks that become deadlocks if they are not removed. And many a time, companies lack the expertise to remove these roadblocks.

At this point, business management consulting companies come into play. These companies have the best processes and the right people so that all of these managerial roadblocks transform into stepping stones to success.

These challenges that the company is facing to manage its business efficiently can become opportunities once the leadership has honed its managerial skills. Now, these skills can be revamped once the business's process is analyzed well. The management consultants, which a business brings on board, have the expertise and the experience to examine the existing processes and give their recommendations.

The business analysis process

Every leading management consultancy adheres to the following steps while inspecting a company's existing business processes.

Analyzing the situations or challenges

During this step, the company analyzes its internal and external industry's challenges. Based upon the determined challenges, management consultants suggest how a company's strength can be positioned to surmount each of these challenges.

Identifying the opportunities

After the challenges are analyzed, the consultants research the areas where the company can experience growth. Further, the growth of a company gets boosted through external partnerships, internal improvements, and maintaining alliances (for enhancing its corporate stance).

Determining the weaknesses and the gaps

Now, the consultants determine all those sectors where the company is lacking. Once the company's weaknesses and shortcomings are analyzed, only then a consultant can build a road map to improving the business's internal processes.

Recommending solutions

In this phase, the consultants have to document their findings, which they have gathered after analyzing the company's existing processes. Once documented, these findings are, further, presented to the client company in the form of recommendations that have to be given to its leadership so that it can improve the existing processes.

Repositioning strategically

The company's existing strategic positions need to be determined. Afterward, the consultants suggest to the company how and why it needs to reposition itself strategically. For strategic repositioning, the company will have to prioritize its efforts; management consultants also assist the company's leadership to prioritize its effort.

Training the workforce and collaborating with it

While preparing the priority list and other key strategies, the consultants and the company's top brass work together. By having this collaborative approach, it becomes easier to determine which new initiatives should be executed to improve the company's managerial capabilities.

Implementing and evaluating

After the strategies are prepared, the consulting firm along with the client company implements the strategies, the initiatives, and the newly formed processes. Once the strategies are implemented, their performances are evaluated. These consultants have access to a range of tools and methods for measuring the performances of these implemented strategies and initiatives.

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Professional Help For Offshore Company Set Up

Offshore company formation marks the success and growth of a business. However, it is important to understand the rules of the foreign locale as the new setup has to be formed on an international destination outside the country of residence. For businesses setting hold in different countries, keeping a watch on the rules, regulations and policies is an intricate practice. This should not be a limiting factor as many service providers out there are ready to offer help to business personnel with necessary guidance and important advice to get started. With these services to help, it becomes easier to achieve the international business objectives.

What do these experts do?

The objective of the offshore consulting services is always inclined towards the business needs of their clients. They hold rich industry experience in offshore business development consultation in multiple areas including trusts, company formation, bank accounts, yacht registration, gambling licenses among others in multiple jurisdictions. Their services are also important in the management and regulation of financial aspects of any business.

The professional team has rich knowledge and expertise required for offshore company setup legally. Aside from company set-up, they also offer help in other affairs including offshore asset management, collaboration with attorneys, trustees, notaries to prepare their clients for the legal practices for their security in the foreign national. The offshore consultants work with a team of professionals having knowledge in various fields, so they are able to build a network that is of great help in the offshore company foundation.

Hiring these consultants has many advantages

Innumerable benefits and opportunities knock the door when hiring these services. The corporate consultants that help in offshore company setup provide one-stop solution to every problem that business owners face when it comes to forming an international office.

They offer valuable consultation on:

• Tax optimization opportunities
• Offshore business setup
• Flat rate taxation
• Asset protection
• Successful maintenance of corporate work culture
• Finding a site for the office

All these advantages provide a solid reason to seek these services when trying to set up a business to an international destination. With all the important details taken care of by them, clients have very little to worry about when it comes to setting an offshore organization. Therefore, these services are extremely valuable when it is about starting a new venture by entering into international trade. Moreover, benefits come only when an experienced and reputed consultant is chosen for help.

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