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458.Paper.Peter Qu.AUT08

458.Paper.Peter Qu.AUT08 - MSandE458 StanfordUniversity...

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MSandE 458 Stanford University Final Paper Peter Qu [email protected]
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1. Introduction This is paper is written for my peers who wish to pursue a career in consulting. A consulting career is exciting, but choosing the right firm to work for can be difficult. In this paper, I provided detail review of eight different consulting companies. These companies have been chosen to be representative of the wide spectrum of opportunities available in the consulting space. The companies under review range from well‐known firms such as McKinsey & Company to small boutique consulting firm such as L.E.K. Consultants. Some companies such as McKinsey & Company chose to focus on strategic consulting, while companies like Diamond Consultants also provide operational advices. While there are many companies have a wide spectrum of practice areas, there are also companies like Mercer LLC that is specialized in human resource consulting. I hope my choice of eight companies provide a good representation of the diversity of career opportunities in consulting. For each company, I will then provide a summary of the company history, consulting styles, merits and de‐merits, views by the insiders, performance result and personal opinion. A greater emphasis is placed on the consulting style and merits sections, since these information are important to the potential clients. Potential clients will be interested in the methodology deployed as well as the differentiating factor of each consulting firms. The insider views and performance results sections offer a sneak peek into the works at each firm: company culture, compensation, benefits, travel policy, promotion policy and etc. My goal is to help my peers understand how does each consulting firm creates value for its client and what is the work environment at each firm. 2. McKinsey & Company Company Overview: McKinsey & Company was founded in Chicago in 1926 by James O. McKinsey who pioneered budgeting as a management tool (McKinsey & Company, 2008). Over the next eight decades, the company has gradually risen to global prominence and has been called “the Cadillac of consultancies” by the Vault Guide (Newman, 2008). The company currently employed over 16,000 employees and has 90 offices in 51 countries (Newman, 2008). McKinsey advises two thirds of the Fortune 1000 companies, three of the world’s five largest companies, governments, and nonprofit organizations on the strategic, organization, operation and technological issues (Newman, 2008). In 2007, it has been estimated that McKinsey & Company generated $4.37 billion in revenue (McKinsey & Company, 2008).
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Perhaps McKinsey & Company is most famous for sending its consultants to the top executive positions at other company. McKinsey alumni include Louis V. Gerstner Jr‐ former chairman and CEO of IBM, James P. Gorman ‐ Co‐President of Morgan Stanley, Jeffrey Skilling‐former CEO of Enron and many others (McKinsey & Company, 2008).
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