Want to be a big-time consultant?Here's how to get into this lucrative field from African Americans already i the mix When Kim Crawford younger, she dreamed of becoming an attorney. But while attending Stanford University Stanford University, at Stanford, Calif.; coeducational; chartered 1885, opened 1891 as Leland Stanford Junior Univ. (still the legal name). The original campus was designed by Frederick Law Olmsted. David Starr Jordan was its first president. , the Chicago native realized she loved business, and more importantly, that as a businesswoman she could bring power to the African American community. With this new goal in mind, Crawford stepped onto the world's fastest track to business knowledge and expertise--she became a consultant. Today's consultant is a high-priced hired gun hired gun Forensic medicine A popular term for a physician, lawyer or other highly paid expert who is not a regular employee of a particular enterprise, whose services are paid only as long as necessary; the term is an analogy from the use of mercenaries to fight whose job is to find solutions to the business problems plaguing small companies and large corporations. The tools and techniques in a consultant's arsenal vary, but the general problem-solving strategy is this identify, analyze, recommend and help implement. Industries from manufacturing to healthcare to consumer products now firmly believe that outside consultants can offer the solutions to make their businesses mote (reMOTE) A wireless receiver/transmitter that is typically combined with a sensor of some type to create a remote sensor. Some motes are designed to be incredibly small so that they can be deployed by the hundreds or even thousands for various applications (see smart dust). competitive and poised for global advancement. "Running a successful business becomes more challenging each day," says Crawford, 32, now a partner at Bain & Co. Inc., one of the nation's top consulting firms with offices in 18 countries. "The corporations that succeed pull in the expertise they need when they need it. That's where we come in." Perhaps timing is everything. As Crawford and other African Americans are discovering consulting, the industry is undergoing meteoric me·te·or·ic adj. 1. Of, relating to, or formed by a meteoroid. 2. Of or relating to the earth's atmosphere. 3. growth. More corporations are relying on consultants to lead the way as they streamline and consolidate their operations. A prime example is Andersen Consulting See Accenture. , a giant in the industry that, since 1989, has quadrupled its revenues and doubled its workforce. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Kennedy Research Group (KRG KRG Kurdistan Regional Government KRG Key Resource Group (Los Angeles, California) KRG Killology Research Group KRG Knoxville Repeater Group )--a division of Kennedy The Division of Kennedy is an Australian Electoral Division in Queensland. The division was first proclaimed in 1900 and was one of the original 75 divisions contested at the first federal election. Information, the industry's leading information source--consulting is growing at a rate of 16.1% per year. In a recent report, The Global Management Consulting Noun 1. management consulting - a service industry that provides advice to those in charge of running a business service industry - an industry that provides services rather than tangible objects Marketplace: Key Data, Forecasts & Trends, KRG attributes this growth to a healthy global economy, aggressive penetration of new geographic territories, improved marketplace perceptions, rapid changes in information technology, deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. , privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned and the globalization globalization Process by which the experience of everyday life, marked by the diffusion of commodities and ideas, is becoming standardized around the world. Factors that have contributed to globalization include increasingly sophisticated communications and transportation of markets. Revenues in global consulting revenues are projected to exceed $100 billion by the end of the century. With this expansion, the industry has recognized the necessity for diversity in its ranks at all levels. New hires can enter directly from college or cross over from industry. Although the percentage of African Americans in consulting is small, insiders estimate that the number has tripled in the past five years. "As business becomes more global," says Nellie See Sooty albatross Gonzalez, a minority recruiting manager for Andersen Consulting, "companies realize that to do business in a diverse world, it is in their best interest to match that world within." Crawford also sees African Americans as critical change agents in today's rapidly changing business environment. W.E.B. DuBois' "The Talented Tenth" essay states that the most gifted 10% of the black population will lead the rest. Echoing this idea, Crawford says, "If we can bring capital to bear on our communities and employ it with the right ideas and talent, we can build businesses, create jobs and provide returns for black investors." WHY HIRE A CONSULTANT? Consulting is a broad term, and so is the industry, which KRG segments into four categories: strategy, operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. , information technology and human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. . Strategy firms, such as Boston-based Bain & Co., work to improve the long-term health of a company by developing business plans, redesigning the processes and helping to identify new marketing and sales opportunities. Andersen Consulting, an information technology leader, works with clients to improve information management, including the analysis, design and implementation of systems. Size varies as well; Andersen, with offices in 47 countries, currently has 53,000 employees compared to Bain's 2,000. Across the four industry segments, KRG tallies some 3,800 consulting practices across the country. What consulting firms bring to the marketplace is knowledge capital. A firm such as Andersen, which maintains a global intranet for electronic knowledge sharing and has serviced clients in a broad array of industries, has a depth of information technology expertise that a company simply cannot replicate from within. Furthermore, according to Bain's Crawford, with the major layoffs of the last decade, corporations have maintained a streamlined approach to business, and in order to succeed, must now "partner with complementary people in the areas of strategy and operational improvement." HIGH-PRICED ADVICE In consulting, the partnership is key. Consultants do not simply come into a company, evaluate and provide solutions. Instead, they team with members of the client company. Together, they get the job done. "Each side brings value," says Andrew Jackson, 37, a partner with Andersen Consulting. "The client understands how they do business and what issues they need to address. The consultant brings industry knowledge, best practices and experience drawn from a global set of customers. The blending of these cements is what creates innovative solutions." Members of a consulting team source from all levels of the firm, and these positions vary from company to company. However, consulting positions generally break down into the following levels: analyst/associate, consultant, senior consultant/manager and partner. For each, the tuition for knowledge is high and includes intensive training, an in-depth, on-the-job business education and exposure to top-level executives. Also in the package are long hours, lots of travel and lofty compensation. The consulting experience, high speed and intense, isn't called fast track because it sounds good. Yale Peebles joined Bain & Co. after earning his M.B.A. at Wharton last spring. As a consultant, Peebles works on a team led by a manager who directs the project. The manager works under a partner who pitches and sells the project and is ultimately responsible for the client relationship. "Our job is to help corporations navigate complex issues and changes," explains Peebles, 33, who is currently developing a corporate solicitation and distribution strategy for a national nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. that funds community-based agencies. Peebles and his team first identified specific needs within each community. Then through a rigorous analysis, they integrated those needs into sales presentations that target community-specific and national corporations. Explains Peebles, "We needed to be able to show companies that in addition to being altruistic al·tru·ism n. 1. Unselfish concern for the welfare of others; selflessness. 2. Zoology Instinctive cooperative behavior that is detrimental to the individual but contributes to the survival of the species. , they should give because on many levels, it's economically good for their business." Kedrick Adkins, 45, has been a partner at Andersen Consulting for 11 of his 22 years with the firm. His specialty is developing information systems for health organizations. "A partner must be an excellent businessman--an entrepreneur who can market services, sell and bring value to clients," says Adkins, who recently assisted a large managed-care organization in overhauling its technology. "They were on a hardware platform, using outdated application software," explains Adkins, whose hand-picked team created a multi-year plan for change. "Over a three-year period, new systems were designed and implemented, beginning with core administration systems such as membership and benefits processing." Consulting projects, called "engagements," last from several months to several years. Client expenditures run into the hundreds of millions, and time quickly racks up. "Some weeks you work 70 hours," says Adkins, who also travels 75% of the time. Ron Williams
KPMG Kaiser Permanente Medical Group KPMG Keiner Prüft Mehr Genau (German) KPMG Kommen Prüfen Meckern Gehen Peat Marwick, happily logged over 100,000 frequent flier frequent flier n. One who travels often by air, especially on one airline. fre  quent-fli miles last year. "If you're interested in becoming a professional at delivering service and support and creating financial wealth, consulting is the vehicle," says Williams. "You learn how to walk, talk and deliver; you learn how to think, act proactively and change ideas into actions." Williams specializes in call center solutions and frequency juggles three or four projects. "It's exciting, and the boredom factor is limited," says Steve Morgan
Steve Morgan OBE (born November 25, 1952 in Liverpool) is an English businessman. , an associate with Coopers & Lybrand. "You go in, analyze the situation with the client and together you devise the solutions and implement them. I work with different companies, approaches and strategies all the time." The Fordham business school alum alum (ăl`əm), any one of a series of isomorphous double salts that are hydrated sulfates of a univalent cation (e.g., potassium, sodium, ammonium, cesium, or thallium) and a trivalent cation (e.g. is currency working on two projects: reengineering processes for the treasury department of a multinational financial institution and assisting a national bank in resolving post-merger bank balance issues. A major player in the consulting field, Pamela Thomas-Graham, 34, joined industry giant McKinsey & Co. in 1989, and is now a partner. Her specialty, media and entertainment, has led to her latest engagement--developing a new sales strategy for a large publishing house. Her modus operandi [Latin, Method of working.] A term used by law enforcement authorities to describe the particular manner in which a crime is committed. The term modus operandi is most commonly used in criminal cases. It is sometimes referred to by its initials, M.O. includes conducting extensive field interviews, a thorough examination of competitors and analysis of cost structure and human resource deployment. Additionally, adds Thomas-Graham analogies from other industries are relevant, and that's what That's What is one of the more idiosyncratic releases by solo steel-string guitar artist Leo Kottke. It is distinctive in it's jazzy nature and "talking" songs ("Buzzby" and "Husbandry"). consulting can bring to the table that corporate insiders cannot always bring--breadth of knowledge. Thomas-Graham brings an additional touch to her book-selling client--she, herself, is a published author. The Harvard alum (B.A., 1985; J.D./M.B.A., 1989) has written A Darker Shade of Crimson, the first of three installments of a mystery series. Overachieving, multitalented people such as Thomas-Graham are what this industry thrives on. Many have written books, served their communities and excelled in other areas. WHO IS GETTING HIRED? Entry-level analysts are generally hired straight from undergraduate school, and while a bachelor's in business is the norm, any major is acceptable. Many firms search for people with broader backgrounds and liberal arts liberal arts, term originally used to designate the arts or studies suited to freemen. It was applied in the Middle Ages to seven branches of learning, the trivium of grammar, logic, and rhetoric, and the quadrivium of arithmetic, geometry, astronomy, and music. degrees due to the expanded knowledge base such candidates bring to the table. Analysts generally stay at a firm for two years before leaving to earn a graduate degree, which is generally required in order to move up. Traditionally, this meant an M.B.A. from a top-10 business school, but today candidates from other universities can also break into the business. What is not in question is that you must be a top academic performer. "For two years we've targeted historically black colleges and universities Historically black colleges and universities (HBCUs) are institutions of higher education in the United States that were established before 1964 with the intention of serving the African American community. They are often liberal arts colleges or universities. , and we've increased our hiring from these schools," notes Andersen's Gonzalez. Part of Andersen's strategy for success was to assign an African American partner to each of the HBCUs. Andersen's Jackson explains that he "owns" Florida A & M University. "It is my job to pay attention and build vital relationships there," he says. "We have to give the students the opportunity to see that minority executives at Andersen are in key roles." In potential hires, Gonzalez looks for "the ability to work on a team, juggle more than one project, navigate technology and express an innate curiosity." Qualities are deduced from background and experience, including G.P.A., work history and involvement in student activities. "Leadership roles with campus organizations are important," adds Gonzalez. Andersen Consulting, with $6.6 billion in revenues last year, recruits at over 300 schools. The M.B.A. requirement is changing too. According to McKinsey's Thomas-Graham, firms are beginning to look for other advanced degrees. "We've recruited M.D.s and Ph.D.s," she explains. "With consulting services expanding, expertise in other areas is coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. ." KRG cites 13 industry categories where consultants are now utilized. The top five for growth are utilities, communications, oil and gas, financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and manufacturing. KRG also notes a major trend in the development of "one-stop shopping," where clients have all their needs met by one firm. Many candidates move into consulting directly from industry. One-third of Andersen's new hires each year are experienced professionals. KPMG's Williams entered consulting just last year, but with extensive experience in customer service and call center design, he leveraged a senior manager position. The former U.S. Army captain and company commander had also worked at MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. , Bell Atlantic and GE. Williams, like others, expresses concern and hope for a stronger African American presence in the business. "Historically, African Americans have shied shied 1 v. Past tense and past participle of shy1. shied Verb the past of shy1 or shy2 away from sales and marketing, and that's what much of consulting is," says Williams. "Our community doesn't know about this--we don't have the legacy." This sentiment is echoed by others. "It's not in our history," says Torrence Boone, a manager and head of associate consulting recruiting for Bain & Co. Unless one goes to a top-10 business school, says Boone, who went to Harvard, the buzzword A term that refers to the latest technology or a term that sounds catchy. If not a flash in the pan, new technologies become mainstream. For example, Java was a hot buzzword in the 1990s, but should remain a major topic for decades. "consulting" is not heard. "If you don't have a connection with people who have done this before you, you're less likely to consider it." Boone and others at Bain have joined forces to spread the gospel of consulting by forging partnerships with campus minority organizations and sponsoring dinners, workshops and information sessions. They have increased their presence at conferences, including the National Black MBA MBA abbr. Master of Business Administration Noun 1. MBA - a master's degree in business Master in Business, Master in Business Administration Conference, the Whitney M. Young Conference at Wharton and the Harvard Career and Alumni Conference. Additionally, black employees at Bain annually hold their own conference. "We needed a tighter network," states Boone, 28. "If we don't do this, it's a lost opportunity for African Americans all over." NEW RESOURCES ON THE SCENE In 1994, Dale Caldwell, a senior manager and six-year veteran of Deloitte & Touche Consulting Group, conducted an informal poll of the top firms. "In consulting overall, I came up with 11 African American partners and 20 senior managers," recalls Caldwell, now 37. Saddened by the numbers, Caldwell vowed to start an organization to increase them. One year later, the National Association of Black Management Consultants (NABMC) held its first conference. Today it boasts over 200 members and a wide variety of resources. With a mission to increase diversity within the management consulting profession, the NABMC has created a national mentoring program, a network of consulting and industry professionals, and most recently, a strategic relationship with the Center for Career Advancement, an executive recruiting firm targeting minorities. "We offer a comprehensive program to help candidates enter management consulting and sustain a career," says Virginia Jenkins, the center's chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "With a target list of over 70 consulting firms and corporate internal consulting groups, we're an excellent resource for those actively seeking employment and those interested in keeping abreast of opportunities." These two organizations also sponsor Career Forums--multitrack seminars, workshops and panel discussions on consulting business issues. "Companies are very interested in increasing their diversity," states Caldwell, who is both president and founder of the NABMC and national director of recruiting for Deloitte & Touche. "The response to our programs has been overwhelming. This industry is growing like gangbusters." Linda Solomon, a partner with Deloitte & Touche Consulting Group and leader of the group's diversity initiative, is working hard at increasing the number of African American consultants. "Many of our clients are instituting diversity initiatives," says Solomon. "When we show up to work on a project with them, we, as the consulting firm, need to bring a diverse project team to the table." Furthermore, adds Solomon, people with different backgrounds have varying sets of skills, and the firm needs that variety. HAVING WHAT IT TAKES: LANDING THE JOB In her book, The Fast Track: Insider's Guide to Winning Jobs in Management Consulting, Investment Banking, & Securities Trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the , former consultant, investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. and recruiter Mariam Naficy tells of scanning 600 resumes to find 20 potential recruits. "This is a conservative industry," says Naficy, 27. "Funny paper, artsy art·sy adj. art·si·er, art·si·est Informal Arty. fonts and unorthodox formats are out." Naficy recommends that resumes and cover letters be direct and to the point, always stressing accomplishments and business experience. The most distinguishing aspect of interviewing for a consulting position however, is the "case question," where candidates are given hypothetical problems that a client might face. "Practicing your responses to the interview is crucial," explains Naficy. "Six or seven case questions are common before landing an offer." Naficy cites examples of case questions in her book and explains that the dialogue ensuing en·sue intr.v. en·sued, en·su·ing, en·sues 1. To follow as a consequence or result. See Synonyms at follow. 2. To take place subsequently. from the question is as important as the answer; candidates are expected to query appropriately. Also popular are number "guesstimates." where candidates might be asked "to do a quick back-of-the-envelope calculation The phrase back-of-the-envelope calculations (abbreviated "BotEC") refers to rough calculations that, while not rigorous, test or support a point. They are far more than a guess but far less than a proof. The phrase is generally used in mathematics, physics and engineering. and tell how many gas stations there are in the U.S.," states Naficy. For the job search, Naficy stresses the importance of networking and using all resources possible, especially if coming from industry or a school where recruiting is not strong. She also advocates use of the Internet. "A candidate can log on just hours before an interview and research a company," she explains. To close his essay, "The Talented Tenth," DuBois said, "Education and work are the levers to uplift a people Work alone will not do it unless inspired by the right ideals and guided by intelligence...The Talented Tenth of the Negro race must be made leaders of thought and missionaries of culture among their people." Perhaps today's African American consultant is exactly what he had in mind. RELATED ARTICLE: CASE QUESTION at a glance Consulting case questions present you with hypothetical business problems. You ore expected to drive toward a solution by asking thougthful, linear questions in key areas. A conversation might unfold this way: INTERVIEWER: Your client manufactures electric switches that are put on machine tools as a mechanism to stop the machine in case of on emergency. Your client has $600 million in revenues and for 10 years has seen revenues and profit remain flat. You've been hired to generate profitable growth. Where would you start? (At the beginning of the question the recruiter is looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. structure and broad perspective. Don't jump immediately to aI detail or what you think is the right answer. Think about a structure that you would use to approach the problem; mention several possible paths; then ask questions that will you decide where to go next.) CANDIDATE: There ore several ways to grow a business. We could take market shore away from a competitor, stimulate primary demand and therefore increase the see of the market as a whole, or use our technology to develop new products and therefore expand into a new market. INTERVIEWER: How would you increase the company's market shore? CANDIDATE: I'd want to kind out whether there are any major differences between my client s product and that of the competitors that would compel customers to switch to my client's product If there aren't any differences and it's a commodity then price would be an important selection factor. (This back-and-forth would continue until the candidate, with the help of the interviewer has identified key customer decision-making criteria and a strategy for growth.) From The Fast Track: An Insider s Guide to Winning Jobs in Management Consulting Investment Banking & Securities Trading Copyright [C] 1997 Reproduced by permission of Broadway Books, a division of Bantam Bantam Former city and sultanate, Java. It was located at the western end of Java between the Java Sea and the Indian Ocean. In the early 16th century it became a powerful Muslim sultanate, which extended its control over parts of Sumatra and Borneo. Doubleday Dell Publishing Dell Publishing was an American publisher of books, magazines, and comic books. It was founded in 1921 by George T. Delacorte Jr.. During the 1920s, 30s, and 40s, Dell was one of the largest publishers of magazines, including pulp magazines. Group Inc. To order coil Books Now! at 800-BOOKS-NOW or visit www.BooksNow.com/BlackEnterprise RELATED ARTICLE: Consulting Career Resources Interested in a career in consulting? Here are some of the top firms in the industry: Andersen Consulting 1345 Ave. of the Americas New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , NY 10105 Attn: BE06-98 212-708-4400 www.ac.com Bain & Co. Inc. 2 Copley Pl. Boston, MA 02116 Attn: Recruiting Dept. 617-572-2000 www.bain.com Boston Consulting Group Exchange Pl. Boston, MA 02109 Attn: Recruiting Coordinator 617-973-1200 www.bcg.com Coopers & Lybrand Consulting 1301 Ave. of the Americas New York, NY 10019 Attn: BEM BEM British Empire Medal www.us.coopers.com Deloitte & Touche Consulting Group 2 Tower Center Blvd. East Brunswick, NJ 08816 732-296-6296 (fax) www.dtcg.com Ernst & Young L.L.P. 787 Seventh Ave. 14th Pl. New York, NY 10019 Attn: Human Resources Director 212-773-3000 212-773-1529 (fax) www.ey.com KPMG Peat Marwick 8200 Brookriver Dr., Suite 400 Dallas, TX 75247 Attn: Human Resources Center 888-ONE-KPMG (fax) www.kpmg.com McKinsey & Co. 55 East 52nd St. New York, NY 10022 Attn: Recruiting 800-221-1026 www.mckinsey.com Price Waterhouse Management Consulting 1177 Ave. of the Americas New York, NY 10020 212-790-6677 (fax) www.pwmc.com ADDITIONAL RESOURCES National Association of Black Management Consultants P.O. Box 793 New Brunswick New Brunswick, province, Canada New Brunswick, province (2001 pop. 729,498), 28,345 sq mi (73,433 sq km), including 519 sq mi (1,345 sq km) of water surface, E Canada. , NJ 08903 Attn: Linda Nation 888-410-5398 www.nabmc.org Center for Career Advancement 1 Exchange Place, Suite 1000 Jersey City, NJ 07302 201-876-1912 201-222-5201 (fax) www.advanceyourcareer.com The Fast Track: An Insider's Guide to Winning Jobs in Management Consulting, Investment Banking, & Securities Trading by Mariam Naficy, Broadway Books, $15 www.thefasttrack.com Harvard Business School Harvard Business School, officially named the Harvard Business School: George F. Baker Foundation, and also known as HBS, is one of the graduate schools of Harvard University. Career Guide for Management Consulting 1998, edited by Alex Miller For Australian novelist, see . Alex Miller (born 4 July 1949, in Glasgow) is a Scottish football coach and former football player. Miller is a fully qualified European licenced coach. , Harvard Business School Publishing Harvard Business School Publishing is a not-for-profit, wholly owned subsidiary of Harvard Business School. It operates as an umbrella corporation to manage a group of publishing products associated with the School, including Harvard Business Review (management journal), Harvard , $24.95 (available also as a CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). that features 200+ video interviews with industry pros, $39.95) www.hbsp.harvard.edu To order, call Books Now! at 800-BOOKS-NOW or visit www.BooksNow.com/BlackEnterprise |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion