You can begin your search for lucrative roles in the top consulting firms by starting with some of the biggest names. Strategy&, McKinsey & Bain offer top salaries. What is it that makes them stand apart from each other? Find out which consulting firms are best. In this article, we'll discuss what to look out for in an interview. This article will give you an overview of the expectations for each company.
Strategy&
While this list does not contain all the top-paying companies, the following three firms comprise the top tier. EY-Parthenon is a global management consulting firm with a strong presence in Asia and Europe. With more than 5,000 employees in 60 offices worldwide, and annual revenues of over $2.1 billion, EY-Parthenon has made a name for itself as one of the most desirable consulting firms.
Strategy& provides many benefits beyond a high-quality compensation package. These include a $12,500 sign bonus, 15% off Accenture stock and a 6% match in your 401(k). Its prestigious brand name makes it one among the highest-paid consulting firms. Although Strategy&'s salary is comparable to BCG's, it offers more career opportunities and better compensation.
McKinsey
McKinsey had a reputation for being a very competitive recruiter. In fact, McKinsey saw over 200,000 applicants apply for positions within a matter of years. McKinsey took on just 1% of those applicants compared to Goldman Sachs, who had 4%. McKinsey is also the largest employer for Rhodes Scholars outside the United States government and maintains a dedicated recruiting portal for students. McKinsey requires high performance from its employees, despite its low pay.
Kearney and Accenture are two other top-paying consultancy firms. Accenture is primarily a technology consultancy firm with over 8,000 employees and $26B annual revenue. Kearney (formerly A.T. Kearney) was founded by a McKinsey partner. Kearney currently employs over 3,500 people in 60 offices all around the globe. Its annual revenues total $1.3B. Roland Berger, another strategy consulting company, has more then 2,700 employees at 40 locations around the world. They also have over $1B in annual revenues.
Bain
As an employee at Bain Consulting, your salary will increase along with your career path. This upward career path is steep compared to other consulting firms, but it is on par with the compensation of the world's most prestigious companies. Your career will begin as an Associate Consult, which you'll hold for six to twelve months. If you do well, you will be promoted to the Consultant position for at least 2 years. After that, you'll progress to Case Team Leader, where your salary rises even higher.
This consulting firm has one of the best bonus policies. Bain top performers make nearly PS12,000 above the average for all other firms. This makes consulting an attractive career choice for highly motivated 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's compensation system is unrivaled in this industry.
EY-Parthenon
EY-Parthenon has just added Anastasia Makeeva, a global management consultant firm, to its Amsterdam branch. Makeeva is a highly respected expert in strategic development. She previously worked for the Big Four. More than 60 strategy projects have been successfully completed by Makeeva who has over a decade of experience as a consultant. Her expertise includes market entry strategy, business plan development, and growth-oriented organisational transformation.
EY-Parthenon, formerly Ernst & Young was a top-ranking consulting firm for MBAs. It is headquartered at London and employs more than 250,000 people worldwide. EY-Parthenon belongs to the "Big Four" accounting companies (PwC and Deloitte) The Fortune 100 list of best places to work ranked this multinational company 29th.
FAQ
How do I choose the right consultant?
There are three major factors you should consider:
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Experience - How experienced is the consultant? Is she an expert, beginner, intermediate or advanced consultant? Does her resume demonstrate that she has the required skills and knowledge
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Education - What did he/she learn in school? Did he/she pursue any relevant courses once he/she graduated? Do we see any evidence of this learning in the way he/she writes?
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Personality - How do we feel about this person? Would we prefer him/her working for us?
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These questions can help you determine whether the consultant is right for your needs. If you do not have the answer, it is worth interviewing the candidate to find out more.
Can you run a business consulting from your home?
Absolutely! This is something that many consultants do already.
Working remotely is a common way for freelancers to work. They use tools like Skype, Trello (Slack), Trello, Basecamp and Dropbox. They may even create their own office space in order to take advantage of company perks.
Some freelancers prefer working in cafes and libraries over traditional offices.
Others choose to work at home because they love being with their children.
Of course, working from home has its pros and cons. It's worth looking into if your job is fulfilling.
What tax do I have to pay on consulting income?
Yes, you will need to pay tax on your consultancy profits. This amount will depend on how much you earn each year.
If you are self-employed, expenses can be claimed on top of your salary. These expenses include rent, childcare and food.
You can't deduct the interest on loans, vehicle damage, or equipment costs.
If your annual income is less than PS10,000, you can only claim 25% back.
Even if you earn more than the threshold, you could still be taxed depending upon whether you are classified as a contractor and/or employee.
The PAYE tax for employees and the VAT tax for contractors is generally paid as you earn.
Statistics
- 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)
- Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
- My 10 years of experience and 6-step program have helped over 20 clients boost their sales by an average of 33% in 6 months. (consultingsuccess.com)
- According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
- On average, your program increases the sales team's performance by 33%. (consultingsuccess.com)
External Links
How To
How can I find a good consultant for my business?
Understanding your needs is the first step to finding the right consultant. Are you looking for them to improve the performance of your website? 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. You need to know what kind of services you want, and then you can begin looking at other companies. There are many consultants out there who claim they can provide these services, but only a few actually live up to their claims. How do you select the right consultant for your project? Here are some considerations when choosing a consultant.
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Get recommendations. This is probably one of the best ways to find a consultant. Because you are likely to pay too much, you shouldn't hire someone who you have never heard of. However, you don't want work with someone who has a bad reputation. If you have the good fortune to get referrals from trusted people, great! But even if you don't, you still might be able to check reviews online. Look for testimonials and case studies where clients have used your service.
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Ask around. Many people don't realize that consulting could be beneficial for them. They think that since they're currently doing fine, they don't need to make changes. This is often incorrect. Even if you have great results right now you probably haven't been keeping pace with new technologies or trends. If you continue to rely on outdated methods, your business will be unable to grow. Ask around to find a qualified consultant.
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Be sure to check their credentials. When you're looking for a consultant, it doesn't matter whether you're building a small blog or launching a multi-million dollar eCommerce store; you want to be sure that whoever you hire has the skills needed to handle your project. You need to ensure that the person you hire is qualified to do the job and has sufficient knowledge in the subject.
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Find out what type of projects they are skilled in. It is a common misconception that everyone can manage everything. Some areas require specific education or training. 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. The same goes for graphic design, programming languages, etc. Ask the designer what kind of projects they have worked on in the past.
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Know what they charge. As we mentioned, it is important to know what they charge. You also don't want too much. There are many different types of consultants. There are some that charge an hourly fee, while others may bill per job. You can save money by knowing upfront exactly what you will be paying.
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Know what they offer. Do they offer free consultations? Will they give you advice on how to set up your own system? Do they promise that your site will rank higher once you have worked with them? If you don't like what you hear during your consultation, you should feel confident knowing you can cancel without penalty.
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Ask if they offer discounts over multiple months or for years. Many consultants offer discounted pricing for extended time periods. Even though you do not necessarily have to commit to a whole year of service, you might still be able to benefit from any specials they offer.