Top50 Consulting

VAULT GUIDE TO THE 50
MANAGEMENT AND STRATEGY CONSULTING

2010 EDITION
Sponsored by:
Customized for: Max (mgumport11@amherst.edu)
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VAULT GUIDE TO THE
TOP 50
NAOMI NEWMAN AND THE STAFF AT VAULT
MANAGEMENT AND STRATEGY
CONSULTING FIRMS
Copyright 2009 by Vault.com Inc. All rights reserved.
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Acknowledgments
Thank you to all the Vault editorial, sales, production and IT staff for writing, selling, designing and programming this guide. Special thanks to Philip Stott for his excellent writing and superb insights, to Alex Tuttle and Laurie Pasiuk for their editorial support, and to Mary Sotomayor and Elena Boldeskou for their production expertise. As always, this book is dedicated to the more than 5,500 consultants and 85 consulting firms who took time out of their busy schedules to distribute and complete our survey. Your insights about life at the top consulting firms are invaluable, and your willingness to speak candidly will help job seekers and career changers for years to come.
Table of Contents
INTRODUCTION 1
A Guide to this Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
THE VAULT PRESTIGE RANKINGS
Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 The Vault 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Practice Area Rankings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
THE VAULT QUALITY OF LIFE RANKINGS
13
Quality of Life Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15 The Best 20 Firms to Work For . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 Quality of Life Rankings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
THE VAULT DIVERSITY RANKINGS
29
Diversity Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 The Best 20 Firms for Diversity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31 Diversity Rankings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .32
OVERVIEW OF THE CONSULTING INDUSTRY
35
The State of Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 Practice Areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .40
THE TOP 50 FIRMS
43
1. McKinsey & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 2. The Boston Consulting Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48 3. Bain & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 4. Booz & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61 5. Deloitte Consulting LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66 6. Monitor Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74 7. PricewaterhouseCoopers LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80 8. Mercer LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86
9. Ernst & Young LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 10. Oliver Wyman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 11. Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 12. IBM Global Business Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .111 13. KPMG LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117
vii
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Table of Contents
14. Towers Perrin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 15. AlixPartners, LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .126 16. A.T. Kearney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133 17. The Parthenon Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140 18. Watson Wyatt Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143 19. L.E.K. Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147 20. FTI Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 21. Alvarez & Marsal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159 22. NERA Economic Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .166 23. Capgemini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172 24. Navigant Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178 25. Huron Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .183 26. Hewitt Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187 27. Roland Berger Strategy Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .194 28. ZS Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .198 29. CRA International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204 30. Arthur D. Little . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209 31. PRTM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212 32. Kurt Salmon Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .217 33. LECG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222 34. Gallup Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226 35. Aon Consulting Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232 36. Diamond Management & Technology Consultants, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .237 37. Cornerstone Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243 38. Corporate Executive Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248 39. Hay Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .252 40. Analysis Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256 41. Milliman, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .261 42. Zolfo Cooper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .267 43. Mars & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .271 44. The Advisory Board Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .274
45. Putnam Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .278 46. First Manhattan Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .282 47. IMS Health Incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .287 48. Buck Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .293
viii
2009 Vault.com Inc.
49. Giuliani Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .296 50. Archstone Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .299
BEST OF THE REST
303
Abt Associates Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .304 Bainbridge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .308 Bates White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .311 BDO Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .316 The Brattle Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .319 Celerant Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .324 Crowe Horwath LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .327 Dean & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .331 Droege & Comp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .335 Easton Associates, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .338 Greenwich Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341 Health Advances, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .345 Kaiser Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .349 The Lewin Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .353 Mercator Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .356 North Highland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .359 Novantas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .362 OC&C Strategy Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .367 Opera Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .371 PA Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .374 Pearl Meyer & Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .379 Point B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .384 Prophet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .387 Protiviti Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .391 Quintiles Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .398 ScottMadden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .402
The Segal Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .405 Simon-Kucher & Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .408 Stern Stewart & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .413 Strategic Decisions Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .416 Strategos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .421 Triage Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .425
Visit Vault at www.vault.com for insider company profiles, expert advice, career message boards, expert resume reviews, the Vault Job Board and more.
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Trinity Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .430 Vivaldi Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .434 West Monroe Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .438
APPENDIX
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Index of Firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .443 About the Editor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .447
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Introduction
Whatever else may be said for it in hindsight, the year 2008 will go down in history as the one in which the credit crunch morphed into the Great Recession, leveling financial institutions, companies and individuals (not to mention the stock market) without any consideration for the industries they represent. Despite being well positioned for helping clients to negotiate the crisis, the consulting industry was not spared its knocks because of the turmoil, posting its first year-on-year revenue decline in North America since 2004. As a result, consulting firms have responded much as their peers in other industries have, by reducing spending, slowing hiring and even making cutbacks. Theres plenty of evidence to suggest that 2009 and 2010 will not be nearly as gloomy for consultants, however. Many firms have strengthened the public-sector side of their businesses in an attempt to gain business from the implementation of the $787 billion stimulus bill, while corporate turnaround experts have been enjoying a significant boom in business. While we might not be able to predict with any sort of accuracy how deep or how long this recession will go on, we can say one thing with reasonable certainty: Whatever happens, consultants will find a way to make themselves invaluable. Whether its dealing with the effects of the downturn or strategizing on ways to grow coming out of it, there will always be a role for those in the consulting industry to play. To stay on top of which of the firms in the industry have the brightest prospects in the coming years, weve surveyed over 5,500 consultants for the 12th edition of the Vault Guide to the Top 50 Management and Strategy Consulting Firms. Every year, we survey the best of the management and strategy firms, from gigantic multinationals to boutique firms with fewer than 100 employees and focused practice areas. The 85 profiles in this years edition are based on detailed research and extensive feedback from current consultants, and encompass everything from company culture to compensation, travel demands and diversity. Check out the top-50 rankings to see which firms have the golden touch, according to industry peers. Consultants at prestigious firms enjoy access to a high caliber of clients and projects, not to mention that a recognizable and well-regarded name puts a sheen on any resume. Prestige aside, there are plenty of other considerations in choosing a consulting firmfor example, area of specialty, training opportunities, the all-important perksand youll learn about all of them in the Vault Guide to the Top 50 Management and Strategy Consulting Firms. Best of luck with the job search; were confident youll be able to find your next employer within these pages! The Editors Vault.com
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Introduction
A GUIDE TO THIS GUIDE

If youre wondering how our entries are organized, read on. Heres a handy guide to the information youll find packed into each firm profile in this book.
Firm Facts
Locations: A listing of the firms offices, with the city (or cities) of its headquarters bolded. For firms with a relatively small number of offices, all cities are included. Countries for international offices are typically not specified, unless the location is uncommon. Practice Areas: Official departments that employ a significant portion of the firms consultants. Practice areas are listed in alphabetical order, regardless of their size and prominence. Uppers and Downers: Good points and, shall we say, less positive points of the firm, as derived from consultant interviews and surveys, as well as other research. Uppers and downers are perceptions and are not based on statistics. Employment Contact: The person, address or website that the firm identifies as the best place to send resumes, or the appropriate contact to answer questions about the recruitment process. Sometimes more than one contact is given.
The Buzz
When it comes to other consulting firms, our respondents are full of opinions! We ask them to detail their views and observations about firms other than their own, and collect a sampling of these comments in The Buzz. When selecting The Buzz, we include quotes most representative of the common perceptions of the firms held by other consultantseven if, in our opinion, the quotes do not accurately or completely describe the firm. Please keep in mind when reading The Buzz that its often more fun for outsiders to trash, rather than praise, a competing consulting firm. Nonetheless, The Buzz can be a valuable means of gauging a firms reputation in the consulting industry, or at least of detecting common misperceptions. We typically include two to four Buzz comments. In some instances we opt not to include The Buzz if we do not receive a diversity of comments.
The Stats
Employer Type: The firms classification as a publicly traded company, privately held company or subsidiary. Ticker Symbol: The stock ticker symbol for a public company, as well as the exchange on which the stock is traded. Chairman, CEO, etc.: The name and title of the leader(s) of the firm, or of the firms consulting business. Employees: The total number of employees, including consultants and other staff, at a firm in all offices (unless otherwise specified). Some firms do not disclose this information; figures from the two most recent consecutive years the information is available (if at all) are included. Revenue: The gross sales (in U.S. dollars) the firm generated in the specified fiscal year(s). Some firms do not disclose this information; numbers from the two most recent consecutive years the information is available (if at all) are included. In some cases, revenue is given in Euro ().
The Profiles
The profiles are divided into three sections: The Scoop, Getting Hired and Our Survey Says. The Scoop: The firms history, clients, recent company developments and other points of interest. Getting Hired: Qualifications the firm looks for in new consultants, tips on getting hired and other notable aspects of the hiring process.
Our Survey Says: Actual quotes from surveys and interviews with current consultants at the firm on topics such as firm culture, diversity, hours, travel requirements, pay, training and more. Profiles of some firms do not include an Our Survey Says section.
Best of the Rest

Even though the name of this book is the Vault Guide to the Top 50 Management and Strategy Consulting Firms, we didnt stop there, and added 35 other firms we thought notable and/or interesting enough for inclusion. These firms are listed in alphabetical order.
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PRESTIGE
RANKINGS
Vault Guide to the Top 50 Management and Strategy Consulting Firms
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Vault Prestige Rankings
RANKING METHODOLOGY
For the 2009 Vault Strategy Consulting survey, we selected a list of top consulting firms to include. These consulting firms were selected because of their prominence in the consulting industry and their interest to consulting job seekers. This year, over 5,500 consultants participated in our survey. The Vault survey was distributed to the firms on Vaults list in spring 2009. In some cases, Vault contacted practicing consultants directly. Survey respondents were asked to do several things. They were asked to rate each consulting firm on the survey on a scale of 1 to 10 based on prestige, with 10 being the most prestigious. Consultants were unable to rate their own firm. They were asked to rate only those firms with which they were familiar. Vault collected the survey results and averaged the score for each firm. The firms were then ranked, with the highest score being No. 1, down to No. 50. We also asked survey respondents to give their perceptions of other consulting firms besides their own. A selection of those comments is featured on each firm profile as The Buzz. Remember that Vaults top-50 management and strategy consulting firms are chosen by practicing consultants at top consulting firms. Vault does not choose or influence the rankings. The rankings measure perceived prestige (as determined by consulting professionals) and not revenue, size or lifestyle.
TOP 50 CONSULTING FIRMS
THE VAULT 50
[MOST PRESTIGIOUS CONSULTING FIRMS] 2010
FIRM McKinsey & Company The Boston Consulting Group, Inc. Bain & Company Booz & Company Deloitte Consulting LLP Monitor Group PricewaterhouseCoopers LLP Mercer LLC Ernst & Young LLP Oliver Wyman Accenture IBM Global Business Services KPMG LLP Towers Perrin AlixPartners, LLP A.T. Kearney The Parthenon Group Watson Wyatt Worldwide L.E.K. Consulting FTI Consulting, Inc. Alvarez & Marsal NERA Economic Consulting Capgemini Navigant Consulting, Inc. Huron Consulting Group SCORE 8.390 7.978 7.874 6.514 6.107 6.070 5.998 5.946 5.914 5.859 5.710 5.667 5.585 5.535 5.528 5.367 5.258 5.192 5.177 5.025 4.951 4.930 4.868 4.781 4.749 2009 RANK 1 2 3 4 7 5 9 6 11 8 14 13 16 18 27 12 15 29 10 38 44 25 19 26 32 HQ/LARGEST OFFICE New York, NY Boston, MA Boston, MA New York, NY New York, NY Cambridge, MA New York, NY New York, NY New York, NY/London New York, NY New York, NY Armonk, NY New York, NY Stamford, CT Southfield, MI Chicago, IL Boston, MA Arlington, VA Boston, MA/London West Palm Beach, FL New York, NY New York, NY New York, NY/Paris Chicago, IL Chicago, IL
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
21 22 23 24 25
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RANK 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
FIRM Hewitt Associates Roland Berger Strategy Consultants ZS Associates CRA International, Inc. Arthur D. Little PRTM Kurt Salmon Associates LECG Gallup Consulting Aon Consulting Worldwide Diamond* Cornerstone Research Corporate Executive Board Hay Group Analysis Group, Inc. Milliman, Inc. Zolfo Cooper Mars & Co The Advisory Board Company Putnam Associates First Manhattan Consulting Group IMS Health Incorporated Buck Consultants Giuliani Partners LLC Archstone Consulting
SCORE 4.725 4.696 4.659 4.547 4.348 4.329 4.289 4.233 4.205 4.182 4.089 4.086 4.050 4.016 3.989 3.827 3.812 3.811 3.794 3.697 3.643 3.625 3.624 3.555 3.487
2009 RANK 24 21 22 31 33 35 30 43 36 46 34 41 40 49 47 NR NR 45 37 NR 39 50 NR NR 48
HQ/LARGEST OFFICE Lincolnshire, IL Munich Evanston, IL Boston, MA Boston, MA/Paris Waltham, MA Atlanta, GA Emeryville, CA Washington, DC Chicago, IL Chicago, IL San Francisco, CA Arlington, VA Philadelphia, PA Boston, MA Seattle, WA New York, NY Greenwich, CT Washington, DC Burlington, MA New York, NY Norwalk, CT New York, NY New York, NY Stamford, CT
46 47 48 49 50
NR= Not Ranked *Diamond Management & Technology Consultants, Inc.
PRACTICE AREA RANKINGS

Vault also asked consultants to rank the best firms in several areas of business focus. These areas are business advisory, economic consulting, energy consulting, financial consulting, human resources consulting, operations consulting, and pharmaceutical and health care consulting. Consultants were allowed to vote for up to three firms as the best in each area. The following charts indicate the rankings in each practice area, along with the total percentage of votes cast in favor of each firm. (As long as at least one consultant voted for more than one firm, no firm could get 100 percent of the votes; if every consultant had voted for the same three firms, for example, the maximum score would be 33.3 percent.)
Economic Consulting RANK 1 2 3 4 5 6 7 (TIE) 7 (TIE) 8 9 10 FIRM NERA Economic Consulting CRA International, Inc. McKinsey & Company Analysis Group, Inc. LECG Cornerstone Research Bain & Company The Boston Consulting Group, Inc. Deloitte Consulting LLP Booz & Company The Brattle Group 2009 RANK 1 3 2 5 6 7 4 8 NR 10 NR SCORE 15.74 10.41 8.74 8.27 7.47 6.04 4.13 4.13 2.62 2.38 2.15
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Energy Consulting RANK 1 2 3 4 5 6 7 8 9 10 FIRM McKinsey & Company Booz & Company Bain & Company The Boston Consulting Group, Inc. Accenture Deloitte Consulting LLP Navigant Consulting, Inc. CRA International, Inc. Ernst & Young LLP IBM Global Business Services 2009 RANK 1 2 3 4 5 6 8 7 NR 10 (TIE) SCORE 20.56 8.43 6.77 6.26 5.49 5.11 3.70 3.45 2.81 2.30
Financial Consulting RANK 1 2 3 (TIE) 3 (TIE) 4 5

FIRM McKinsey & Company Deloitte Consulting LLP PricewaterhouseCoopers LLP Oliver Wyman Bain & Company Ernst & Young LLP The Boston Consulting Group, Inc. KPMG LLP FTI Consulting, Inc. First Manhattan Consulting Group AlixPartners, LLP
2009 RANK 1 6 8 3 2 7 4 10 NR 5 NR
SCORE 14.77 9.21 7.65 7.65 7.42 6.53 5.42 4.38 3.19 3.12 2.90
6 7 8 9 10
Human Resources Consulting RANK 1 2 3 4 5 6 7 8 9 10 FIRM Mercer LLC Towers Perrin Watson Wyatt Worldwide Hewitt Associates Hay Group Deloitte Consulting LLP McKinsey & Company Aon Consulting Worldwide Accenture Oliver Wyman 2009 RANK 1 3 4 2 5 (TIE) 5 (TIE) 7 9 8 6 SCORE 29.63 15.65 11.44 11.12 4.10 3.78 2.75 2.00 1.67 1.62
Operations Consulting RANK 1 2 3 4 5 6

FIRM Accenture Deloitte Consulting LLP A.T. Kearney McKinsey & Company Booz & Company IBM Global Business Services Bain & Company The Boston Consulting Group, Inc. PRTM AlixPartners, LLP
2009 RANK 1 3 2 4 5 6 7 8 9 NR
SCORE 16.03 12.87 10.07 8.79 8.54 7.93 4.66 3.19 2.91 2.52
7 8 9 10
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Pharmaceutical & Health Care Consulting RANK 1 2 3 4 5 6 7 8 9 10 FIRM McKinsey & Company ZS Associates The Boston Consulting Group, Inc. IMS Health Incorporated Deloitte Consulting LLP Bain & Company Mercer LLC Towers Perrin Accenture Watson Wyatt Worldwide 2009 RANK 1 2 3 5 6 4 NR NR 7 NR SCORE 15.58 10.58 6.52 5.64 5.26 5.00 3.86 3.04 2.98 2.66
Business Advisory RANK 1 2 3 4 5 6

FIRM McKinsey & Company Bain & Company The Boston Consulting Group, Inc. Deloitte Consulting LLP PricewaterhouseCoopers LLP Ernst & Young LLP Booz & Company AlixPartners, LLP Accenture KPMG LLP
SCORE 17.06 13.06 10.39 8.33 5.13 4.81 4.57 3.84 3.72 2.83
7 8 9 10
* This is the first year Vault has included business advisory in its practice area rankings
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QUALITY OF LIFE
RANKINGS
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Vault Quality of Life Rankings
QUALITY OF LIFE RANKING METHODOLOGY

In addition to ranking other firms in terms of prestige, survey respondents were asked to rate their own firms in a variety of categories. On a scale of 1 to 10, with 10 being the highest and 1 the lowest, respondents evaluated their firms in the following quality of life areas: Overall satisfaction Compensation Work/life balance Hours in the office Travel requirements Overall business outlook Formal training Interaction with clients Relationships with supervisors Firm culture Selectivity Green initiatives
Ranking the firms

A firms score in each category is simply the average of these rankings. In compiling our quality of life rankings, we only ranked firms from whose consultants we received 10 or more responses for a particular question. Only companies that distributed the Vault survey to their consultants were ranked. Firms that distributed the survey this year were: A.T. Kearney Accenture AlixPartners, LLP Alvarez & Marsal Bain & Company Bates White Booz & Company The Boston Consulting Group, Inc. The Brattle Group Celerant Consulting Cornerstone Research Dean & Company Deloitte Consulting LLP Diamond Management & Technology Consultants, Inc.
FTI Consulting, Inc. Gallup Consulting Greenwich Associates Health Advances, LLC Hewitt Associates IBM Global Business Services IMS Health Incorporated Kaiser Associates Kurt Salmon Associates L.E.K. Consulting Milliman, Inc. Monitor Group Navigant Consulting, Inc. NERA Economic Consulting Novantas LLC OC&C Strategy Consultants
Oliver Wyman PA Consulting Group Pearl Meyer & Partners, LLC PricewaterhouseCoopers LLP Protiviti Inc. PRTM Putnam Associates Quintiles Consulting Roland Berger Strategy Consultants Simon-Kucher & Partners Strategic Decisions Group Strategos Triage Consulting Group Trinity Partners, LLC Vivaldi Partners ZS Associates
Easton Associates, LLC First Manhattan Consulting Group
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THE BEST 20 FIRMS TO WORK FOR

Which are the best firms to work for? For some, this is a far more important consideration than prestige. To determine our Best 20 firms, we analyzed our initial list of 85 firms using a formula that weighted the most relevant categories for an overall quality of life ranking. Each firms overall score was calculated using the following formula: 20 percent overall satisfaction 15 percent compensation 15 percent work/life balance 10 percent hours in the ofce 10 percent travel requirements 5 percent overall business outlook Like our top-50 rankings, our Best 20 is meant to reflect the subjective opinion of consultants. By its nature, the list is based on the perceptions of insiderssome of whom may be biased in favor of (or against) their firm. 5 percent formal training 5 percent interaction with clients 5 percent relationships with supervisors 5 percent rm culture 5 percent overall diversity
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14
FIRM Bain & Company Trinity Partners, LLC Gallup Consulting Triage Consulting Group Health Advances, LLC Cornerstone Research OC&C Strategy Consultants Strategic Decisions Group The Boston Consulting Group, Inc. Milliman, Inc. Novantas LLC Strategos Pearl Meyer & Partners, LLC Putnam Associates Hewitt Associates The Brattle Group PRTM Alvarez & Marsal Diamond Management & Technology Consultants, Inc. Quintiles Consulting
SCORE 8.890 8.825 8.627 8.491 8.460 8.378 8.215 8.113 8.112 8.104 8.040 8.007 7.976 7.967 7.931 7.916 7.914 7.899 7.855 7.807
15 16 17 18 19 20
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Overall Satisfaction
On a scale of 1 to 10, where 1 means very poor and 10 means excellent, how would you rate your overall satisfaction with your firm?
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
FIRM Bain & Company Gallup Consulting Trinity Partners, LLC Strategos Strategic Decisions Group Health Advances, LLC OC&C Strategy Consultants Triage Consulting Group Cornerstone Research Milliman, Inc. The Boston Consulting Group, Inc. Diamond Management & Technology Consultants, Inc. Novantas LLC Deloitte Consulting LLP Alvarez & Marsal Kaiser Associates The Brattle Group Oliver Wyman Putnam Associates Easton Associates, LLC
SCORE 9.400 9.278 9.191 9.000 8.947 8.778 8.750 8.638 8.533 8.523 8.486 8.447 8.432 8.418 8.387 8.375 8.350 8.315 8.310 8.308
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Compensation
On a scale of 1 to 10, where 1 is far below average and 10 is far in excess of industry average, how would you rate your firms compensation (including salary and bonus)?
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
FIRM Bain & Company The Boston Consulting Group, Inc. First Manhattan Consulting Group Milliman, Inc. Trinity Partners, LLC Health Advances, LLC PRTM Oliver Wyman Cornerstone Research The Brattle Group Alvarez & Marsal Strategos A.T. Kearney AlixPartners, LLP Triage Consulting Group Novantas LLC Diamond Management & Technology Consultants, Inc. OC&C Strategy Consultants Bates White Booz & Company
SCORE 9.059 8.798 8.609 8.537 8.524 8.412 8.375 8.368 8.258 8.238 8.189 8.182 8.171 8.122 8.119 8.108 8.061 8.000 7.960 7.833
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Work/Life Balance
On a scale of 1 to 10, where 1 is very poor and 10 is excellent, how would you rate your firms efforts to promote a livable work/life balance?
RANK 1 2 3 4 5 6 7 8 9 10 (TIE) 10 (TIE) 11 12 13 14 15 16 17 18 19

FIRM Triage Consulting Group Strategos Gallup Consulting Putnam Associates Trinity Partners, LLC Bain & Company Easton Associates, LLC Kaiser Associates Quintiles Consulting Strategic Decisions Group OC&C Strategy Consultants Alvarez & Marsal Health Advances, LLC Hewitt Associates Pearl Meyer & Partners, LLC The Boston Consulting Group, Inc. Protiviti Inc. Kurt Salmon Associates Cornerstone Research IMS Health Incorporated Milliman, Inc.
SCORE 9.121 9.000 8.815 8.793 8.727 8.724 8.615 8.375 8.250 8.000 8.000 7.967 7.944 7.864 7.846 7.696 7.684 7.679 7.645 7.625 7.610
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Hours in the Office

On a scale of 1 to 10, where 1 means completely unsatisfied and 10 means extremely satisfied, please rank your satisfaction with the number of hours you spend in the office each week.
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
FIRM Gallup Consulting Triage Consulting Group Easton Associates, LLC Strategos Bain & Company Trinity Partners, LLC Alvarez & Marsal Kaiser Associates Cornerstone Research Putnam Associates Pearl Meyer & Partners, LLC Strategic Decisions Group Hewitt Associates Protiviti Inc. Novantas LLC Milliman, Inc. OC&C Strategy Consultants Navigant Consulting, Inc. NERA Economic Consulting PRTM
SCORE 9.077 8.759 8.462 8.400 8.322 8.182 8.077 8.000 7.903 7.862 7.846 7.778 7.746 7.709 7.676 7.571 7.550 7.544 7.505 7.500
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Travel Requirements
On a scale of 1 to 10, where 1 means excessive and 10 means minimal, how would you rate your firm's travel requirements?
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 (TIE) 17 (TIE) 18 19

FIRM Pearl Meyer & Partners, LLC Cornerstone Research Bates White Kaiser Associates The Brattle Group NERA Economic Consulting Trinity Partners, LLC L.E.K. Consulting Putnam Associates Health Advances, LLC Hewitt Associates ZS Associates Dean & Company Simon-Kucher & Partners OC&C Strategy Consultants Novantas LLC Bain & Company Milliman, Inc. Gallup Consulting IMS Health Incorporated PRTM
SCORE 9.304 9.226 8.712 8.588 8.429 8.391 8.273 8.250 8.214 8.118 7.778 7.733 7.700 7.600 7.579 7.270 7.259 7.259 7.146 7.031 6.938
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Overall Business Outlook

On a scale of 1 to 10, where 1 is extremely poor and 10 is excellent, how would you rate the business outlook for your company?
RANK 1 2 3 4 5 6 (TIE) 6 (TIE) 7 8 9 10 11 12 13 14 15 16 17 18 19

FIRM Trinity Partners, LLC AlixPartners, LLP Triage Consulting Group Alvarez & Marsal Gallup Consulting ZS Associates The Brattle Group PricewaterhouseCoopers LLP OC&C Strategy Consultants Accenture Milliman, Inc. Easton Associates, LLC Health Advances, LLC Bain & Company Diamond Management & Technology Consultants, Inc. Hewitt Associates FTI Consulting, Inc. The Boston Consulting Group, Inc. A.T. Kearney Bates White Strategic Decisions Group
SCORE 9.182 9.093 8.930 8.830 8.796 8.700 8.700 8.580 8.526 8.471 8.468 8.385 8.375 8.264 8.178 8.175 8.147 8.141 8.139 8.085 8.000
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Formal Training
On a scale of 1 to 10, with 1 being very poor and 10 being excellent, how would you rate your satisfaction with the training offered by your firm?
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
FIRM Bain & Company Strategic Decisions Group Health Advances, LLC Triage Consulting Group Cornerstone Research Trinity Partners, LLC The Boston Consulting Group, Inc. Deloitte Consulting LLP PricewaterhouseCoopers LLP Accenture ZS Associates L.E.K. Consulting PA Consulting Group Diamond Management & Technology Consultants, Inc. Bates White OC&C Strategy Consultants The Brattle Group Navigant Consulting, Inc. A.T. Kearney Putnam Associates
SCORE 9.698 9.211 9.111 8.931 8.548 8.455 8.431 8.287 8.216 8.200 8.079 7.964 7.878 7.837 7.633 7.579 7.524 7.506 7.449 7.357
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Interaction with Clients

On a scale of 1 to 10, how satisfied are you with your opportunity to interact with your clients top-level management?
RANK 1 2 3 4 5 6 7 8 9 (TIE) 9 (TIE) 10 11 12 13 14 15 16 17 18 19

FIRM Bain & Company Kaiser Associates PRTM Trinity Partners, LLC Strategic Decisions Group Strategos Novantas LLC OC&C Strategy Consultants Booz & Company Health Advances, LLC Milliman, Inc. Alvarez & Marsal Gallup Consulting Kurt Salmon Associates Quintiles Consulting Deloitte Consulting LLP The Boston Consulting Group, Inc. Diamond Management & Technology Consultants, Inc. A.T. Kearney AlixPartners, LLP Triage Consulting Group
SCORE 9.417 9.412 9.313 9.273 9.263 9.200 9.079 9.059 9.000 9.000 8.923 8.872 8.863 8.840 8.800 8.792 8.729 8.711 8.701 8.635 8.586
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Relationships with Supervisors

On a scale of 1 to 10, where 1 means very poor and 10 means excellent, how would you rate your relationships with your superiors/supervisors?
RANK 1 2 3 4 5 6 7 8 9 (TIE) 9 (TIE) 10 11 12 13 14 15 16 17 18 (TIE) 18 (TIE)

FIRM Gallup Consulting Trinity Partners, LLC Bain & Company PRTM Deloitte Consulting LLP Monitor Group Triage Consulting Group Strategic Decisions Group Health Advances, LLC Novantas LLC Putnam Associates Cornerstone Research Diamond Management & Technology Consultants, Inc. Strategos Accenture Alvarez & Marsal A.T. Kearney IBM Global Business Services Kaiser Associates AlixPartners, LLP The Boston Consulting Group, Inc. OC&C Strategy Consultants
SCORE 9.547 9.409 9.374 9.188 9.178 9.150 9.000 8.947 8.944 8.944 8.931 8.903 8.896 8.818 8.750 8.732 8.682 8.667 8.647 8.647 8.637 8.632
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Firm Culture
On a scale of 1 to 10, where 1 is not at all pleasant and 10 is extremely pleasant, assess your firms culture.
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
FIRM Bain & Company Gallup Consulting Trinity Partners, LLC Triage Consulting Group Health Advances, LLC Strategos Cornerstone Research Kaiser Associates Deloitte Consulting LLP Strategic Decisions Group OC&C Strategy Consultants Novantas LLC The Boston Consulting Group, Inc. The Brattle Group A.T. Kearney ZS Associates Oliver Wyman Diamond Management & Technology Consultants, Inc. Milliman, Inc. Monitor Group
SCORE 9.759 9.519 9.455 9.339 9.222 9.182 9.129 9.118 9.059 9.053 9.000 8.946 8.874 8.857 8.836 8.778 8.771 8.755 8.695 8.650
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Selectivity
On a scale of 1 to 10, where 1 means easy and 10 means extremely competitive, how selective is your firm in terms of hiring?
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
FIRM Gallup Consulting Bain & Company The Boston Consulting Group, Inc. AlixPartners, LLP Cornerstone Research Strategic Decisions Group Novantas LLC Monitor Group PRTM Oliver Wyman OC&C Strategy Consultants Booz & Company Health Advances, LLC First Manhattan Consulting Group Bates White Diamond Management & Technology Consultants, Inc. A.T. Kearney Putnam Associates Alvarez & Marsal Quintiles Consulting
SCORE 9.815 9.704 9.653 9.336 9.258 9.222 9.135 9.085 9.000 8.986 8.950 8.939 8.857 8.800 8.784 8.745 8.716 8.655 8.626 8.600
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Green Initiatives
On a scale of 1 to 10, where 1 is not at all committed and 10 is extremely committed, how dedicated is your firm to pursuing environmentally sustainable (green) business practices?
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
FIRM Triage Consulting Group A.T. Kearney IBM Global Business Services L.E.K. Consulting Bain & Company The Boston Consulting Group, Inc. Deloitte Consulting LLP Gallup Consulting OC&C Strategy Consultants Cornerstone Research Diamond Management & Technology Consultants, Inc. PricewaterhouseCoopers LLP Trinity Partners, LLC Accenture ZS Associates Monitor Group The Brattle Group Strategic Decisions Group PRTM Novantas LLC
SCORE 9.535 9.048 8.872 8.857 8.348 8.211 8.155 8.136 8.000 7.833 7.795 7.596 7.500 7.313 7.239 7.185 7.100 7.000 6.786 6.781
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DIVERSITY
RANKINGS
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Vault Diversity Rankings
DIVERSITY RANKING METHODOLOGY

Vaults survey asked consultants to rate their firms diversity with respect to women, with respect to minorities and with respect to gays, lesbians, bisexuals and transgender individuals. When asking consultants to assess their firms diversity in these categories, we asked them to think about hiring, promoting, mentoring and other programs.
THE BEST 20 FIRMS FOR DIVERSITY

To determine an overall diversity score, we took the average of the scores firms received in each of the three diversity categories (women, minorities and GLBT).
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
FIRM Strategic Decisions Group Gallup Consulting Trinity Partners, LLC Health Advances, LLC Bain & Company Hewitt Associates Cornerstone Research Deloitte Consulting LLP IMS Health Incorporated The Boston Consulting Group, Inc. Accenture PricewaterhouseCoopers LLP Pearl Meyer & Partners, LLC Diamond Management & Technology Consultants, Inc. Quintiles Consulting A.T. Kearney Easton Associates, LLC IBM Global Business Services Bates White Milliman, Inc.
SCORE 9.520 9.359 9.311 9.239 9.183 8.972 8.937 8.882 8.878 8.867 8.838 8.796 8.791 8.692 8.668 8.649 8.502 8.429 8.420 8.288
16 17 18 19 20
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DiversityWomen
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your firm to women in terms of hiring, promoting, mentoring and other programs?
RANK 1 2 3 4 (TIE) 4 (TIE) 5 6 7 8 9 10 11 12 13 14 15 16 17 (TIE) 17 (TIE) 18

FIRM Health Advances, LLC Gallup Consulting Triage Consulting Group Easton Associates, LLC Trinity Partners, LLC Cornerstone Research Strategic Decisions Group Bain & Company Hewitt Associates Deloitte Consulting LLP Accenture The Boston Consulting Group, Inc. The Brattle Group Pearl Meyer & Partners, LLC PricewaterhouseCoopers LLP Milliman, Inc. IBM Global Business Services Quintiles Consulting IMS Health Incorporated A.T. Kearney Diamond Management & Technology Consultants, Inc. Protiviti Inc.
SCORE 10.000 9.660 9.559 9.500 9.500 9.433 9.333 9.236 9.179 9.044 8.943 8.887 8.850 8.800 8.776 8.765 8.698 8.667 8.667 8.600 8.581 8.387
19 20
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DiversityMinorities
On a scale of 1 to 10, where 1 means needs a lot of improvement and 10 means exemplary, how receptive is your firm to minorities in terms of hiring, promoting, mentoring and other programs?
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 (TIE) 14 (TIE) 15 16 17 18 19

FIRM Strategic Decisions Group Trinity Partners, LLC Gallup Consulting OC&C Strategy Consultants Bain & Company A.T. Kearney IMS Health Incorporated Deloitte Consulting LLP PricewaterhouseCoopers LLP Hewitt Associates Accenture The Boston Consulting Group, Inc. Diamond Management & Technology Consultants, Inc. PRTM Quintiles Consulting Health Advances, LLC Pearl Meyer & Partners, LLC Bates White IBM Global Business Services Cornerstone Research The Brattle Group
SCORE 9.533 9.046 8.961 8.941 8.848 8.783 8.742 8.736 8.735 8.679 8.677 8.600 8.581 8.539 8.539 8.529 8.391 8.275 8.244 8.241 8.211
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DiversityGLBT
On a scale of 1 to 10, where 1 means very poor and 10 means excellent, how would you rate your firms commitment to diversity with respect to gays, lesbians, bisexuals and transgender individuals?
RANK 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
FIRM Strategic Decisions Group Bain & Company Gallup Consulting Trinity Partners, LLC IMS Health Incorporated Health Advances, LLC Pearl Meyer & Partners, LLC Cornerstone Research The Boston Consulting Group, Inc. Hewitt Associates Bates White Diamond Management & Technology Consultants, Inc. Simon-Kucher & Partners Accenture PricewaterhouseCoopers LLP Deloitte Consulting LLP A.T. Kearney Novantas LLC Monitor Group Oliver Wyman
SCORE 9.692 9.464 9.457 9.389 9.226 9.188 9.182 9.138 9.113 9.058 9.048 8.914 8.912 8.893 8.879 8.867 8.565 8.433 8.421 8.407
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OVERVIEW OF THE CONSULTING
INDUSTRY
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Overview of the Consulting Industry
THE STATE OF CONSULTING

Outlook: Gloomy, with patches of sunshine
Its no secret that the economys been in trouble lately, or that where the economy goes, the consulting industry is likely to follow. So it wasnt surprising that 2008 saw the industry post its first yearly decline since 2004. According to Plunkett Research, industry revenue in North America came to some $158 billion in 2008, down from $160 billion in 2007. While that represents a decline of a little less than 2 percent, its by no means certain that the industrywhich tends to serve as a lagging indicator of the state of the economyhas seen the worst of whats to come. Indeed, Kennedy Information has estimated that strategy consulting firms could be looking at revenue drops in the region of 10 percent for 2009, and a further 4 to 5 percent in 2010a figure that, extrapolated to the North American consulting industry as a whole, could see it valued at just $135 billion by the end of the year.
The downsizing picture

Consulting firms, like their peers in almost every other industry, have responded to the crisis in a number of ways. First and foremost, many have resorted to layoffs to try and bring costs in line with expected drop-off in business (although the secrecy of many companies in the industry also means that confirmation of those layoffs, and hence hiring numbers, is extremely difficult to come by). In addition to layoffs, consulting firms have slowed their usual recruitment drives, with reports of deferred offers and delayed start dates emanating from college campuses across the country. This has further heightened an already competitive field for graduates. Adding to the woes of those graduating into one of the worst hiring markets in a generation (so much so that those coming of age have earned the moniker Generation Crunch) is the fact that the financial sector is a much less appealing place to work in the aftermath of all the scandals and subsequent government intervention. The result: yet more competition for spots at the top consulting firms. Despite all of that, employment in the industry has actually grown since the onset of the recession. According to the Bureau of Labor Statistics, the field of management/technical consulting had 2 percent more employees in July 2009 than in December 2008. For the sake of comparison, consider that the finance and insurance industry had shed more than 5 percent of its employees in the same period, while the auto industry had downsized more than a third of its employees. Thats not to say that all those new consultants have been going into the traditional powerhouses; the BLS also reports that some 21 percent of management/technical consultants are self-employed. Thats more than double the average for all occupations. And, with so many in that boat, theres no way of knowing how many are actually getting work or making ends meet. On a more positive note, consulting firms have also responded by doing what they do best: attempting to help clients navigate through difficult times. Thus, many firms have been announcing new units to deal with everything from crisis management to restructuring to assistance with consolidation. Bain and The Boston Consulting Group, for example, have both announced new corporate restructuring outfits since the onset of the crisis, while traditional players in the crisis management sector such as AlixPartners, Alvarez & Marsal and FTI Consulting have seen an uptick in demand for their services, thanks to the downturn. Thats been reflected in something of a stratospheric rise in the Vault prestige rankings, as well: Alvarez & Marsal climbed an unprecedented 23 places to No. 21 in this years guide, while FTI and AlixPartners improved on 2009s performance by 18 and 12 places, respectively.
An industry in flux
In addition to advising clients on how to steer through the turbulent economic seas, consultants have had to pay more attention than usual to their own careers, as even healthy companies have started consolidating operations to deal with increased financial pressures. While one of the few bright spots for consulting in the midst of the recession has been an increase in work related to mergers and acquisitions and consolidation, consulting firms have likewise been buying up weaker rivalseither in part or as a wholeand integrating them within their own operations. That has, in turn, led to further layoffs in the industry, but it also means that the companies likely to emerge from the recession will be leaner and meanerand in some cases much larger and more prestigiousthan they entered it. Case in point was the announcement in June 2009 of a merger between two of the worlds largest HR consulting firms, Watson Wyatt and Towers Perrin, in a deal that supplanted Mercer LLC as the biggest player in the field. The creation of the new company, which will be known as Towers Watson & Co. when the deal closes at the end of 2009, can be attributed to recessionary shifts, with both companies facing lower-than-expected revenue, brought on primarily by diminished discretionary spending by clients and layoffs (the firms are paid based on the number of transactions or workers at the client company). The list of reasons for other companies teaming up or being swallowed by rivals includes behavior that ranges from the practical to the criminal. This latter category fits the downfall of Satyam Computer Services, which was snapped up by Tech Mahindra in April 2009, while BearingPoints protracted demise in February 2009 saw its one real cash cowthe U.S. federal services divisionpurchased by Deloitte. PricewaterhouseCoopers and Keane picked up a substantial portion of its North American commercial services business.
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The changing face of project work

While scandals, consolidations, strategic acquisitions and tales of layoffs may be the factors that change the industry on a macro scale, the changes affecting those likely to be working within it are happening on a level that is harder to gaugeone that is largely driven by client demand and the financial health of both the firms and their clients. In the recent past, with credit flowing easily, clients could afford to commission a classic three- to six-month transformational project with relative ease, and consulting firms could afford to take them on, safe in the knowledge that, even if payment wasnt immediately forthcoming, credit facilities could be arranged to meet expenses until the payment arrived. These days, however, many firms are insisting on a much shorter time lapse between project completion and payment (a figure formally known in business-speak as days sales outstanding, or DSO). That has led to something of a catch-22 situation, where consulting firmsmindful of the risk of not getting paidare loath to accept contracts for which financing may be at risk. At the same time, clients are finding it harder to come up with the kind of financing required to retain consulting firms, due to restrictions in the credit markets and the need to make larger payments to satisfy more stringent DSO requirements. The phenomenon of increased levels of demand on projects is by no means a one-way affair; clients have been getting ever more savvy about what they expect from consultants, and are asking for ever higher levels of service to justify any outlay on consulting services. According to Kennedy Information Advisors JJ Sendelbach, the landscape today is one where clients request a lot of dialog with their trusted advisors and hope for new advice and push back on scenarios currently explored by them; handholding and babysitting are expected for free.
Do-ers wanted
That background is partly what is behind a change that has been emerging in the types of projects that many consultancies have been able to sell to clients. As mentioned, the classic strategic transformation projects that many firms have relied on for sustaining utilization rates (not to mention revenue) have fallen out of favor with clients, replaced with shorter, quick-hit projects aimed at immediate performance improvementmost likely in an effort to stem losses or generate immediate profit improvement. Not only has this trend meant that consultants must work harder to sell more projects, its also led to a change in how project work is pitched to clients. Gone are the days, at least for now, when organizational structure or the lure of outsourcing significant back-office functions would be enough to snare a client. In the present environment, consultants are finding that a focus on bottom-line concerns and on the specific potential return on investment of a project is the key to getting clients to bite. For the most part, open-ended strategic initiativesthose costly projects that pop up in almost every negative anecdote about the consulting industryhave been put on hold, with implementation being the buzzword du jour. And, with clients seeking consulting firms that are capable of implementing the strategies they dream up, so the firms are seeking people with abilities in both strategy and implementation. As such, Jonathan Phillips, founder of professional services search firm Magellan International told Consulting magazine in March 2009 that hybrid candidates are the order of the day in many segments of the industry: [Consulting firms] would typically like to go into a company where someone from Bain left after four or five years to work for a company, maybe started [at that company] in a strategy role, maybe then moved over to an operating role and has been in that kind of situation for a number of years and they would go after that person to come back into consulting.
The importance of being focused

As might be expected, given that background, smaller, more niche firms are poised to benefit from the recession. Not only are they finding it easier to recruit top candidates from college due to the slowdown in hiring at the bigger consulting shops, theyre also finding a glut of experienced consultants on the market that have been laid off from those same firms. And, with consulting clients demanding more specific and focused service areas, specialized firms are likely to emerge as some of the biggest winners over the next few years. For example, consultants at Simon-Kucher & Partners, a leader in pricing consulting, feel confident that their firms specialization will only help them in the face of the economic crisis, despite the fact that theyve seen some cost-cutting and an increase in hours. Says one source, As a specialized firm with a clear profit-improvement proposition, we see great opportunities ahead. On the other hand, firms that have diversified offerings are also in a good position. While several of their service groups may falter in the downturn, other units may thrive and help keep the company afloat. For instance, Oliver Wyman, which has a heavy focus on the financial services industry, has certainly seen some dips in that area, but points to its health and life sciences business, which has been booming of late. This fact seems to comfort consultants at bigger consultancies. A source from Accenture says of his firm, There have been some performance-based layoffs and some of our clients are majorly cutting back, especially in financial services and communications/high-tech industries. However, our clients in government, resources and products are doing better, and I think we have a lot of opportunity in this economic environment to really help solve some big problems.
The stimulus effect

Regardless of how they may have felt about the politics or ideology behind it, the $787 billion stimulus bill passed by the Obama administration in February 2009 had consultants across the country in agreement on one thing: the opportunities it presented for gaining new business. Realizing that much of the money allocated would end up either with federal agencies or state governments, some firms have been pitching their expertise at those entities in a bid to translate their hard-won private-sector experience into the public sector. According to a June 2009 article in Consulting magazine, that expertise will be needed quickly: the act calls for the funds to be used within the next 18 to 36 months. The article points out that Deloitte has already sold a recovery-funds-related project for a large state, and quotes A.T. Kearney CEO Paul Laudicina on the unique problem now facing
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government agencies that have long since been accustomed to working on limited budgets: Now, the government will find itself with the curious problem of how to do more with more. Its not only the public sector that will benefit from the provisions of the stimulus bill, however; the bill contained specific provisions for effecting change in areas of the private sector, including health care, the energy industry and the technology field. Indeed, so large is the shift that is underfoot, that Laudicina has heralded it as a business transformation at its heart as important as the big transformations in history. That, he says, means that consultants have an awesome responsibility to help midwife this huge transition that the global economy is going through, also adding that there is probably no profession that on its face should be positioned to play a more important role in this interaction between the private and public sector.
Keeping busy
Among the most notable trends that have emerged since the onset of the recession has been the sheer number of reports and papers being issued on the state of the economy, and recommendations on how companies can deal with it. Part of that, obviously, is consultants seeking to keep themselves busy during times when utilization rates may be suffering. Part of it, also, has been driven by firms seeking to drum up business by advertising their expertise. While many firms have gone the extra mileincluding the likes of BCG, whose consultants authored a series of reports called Collateral Damage, and Ernst & Young, which has focused on business risksperhaps the most innovative advertising-cum-advice segment to date came from KPMG. The firm shot a series of five films featuring interviews with leading staff members, including Global Head of Advisory Alan Buckle, discussing the perils of the economy. Titled A Blueprint for Succeeding in Turbulent Times, the five videos came in at around three minutes each, and were featured both on KPMGs website and on YouTube, providing an interesting glimpse of how companies are attempting to extract maximum value from their brand for as little cost as possible. Not to be left out, firms in the HR consulting sphere have also been in something of a publishing frenzyan entirely understandable one, given that the focus in the HR world has shifted in the last two years from fretting about a talent shortfall due to the impending retirement of the baby boomer set to concerns over how to cut employee costs and numbers without destroying the business. As such, HR consulting firms like Hay Group and Watson Wyatt have produced significant volumes of research and reports on everything from how staff are being treated by employers in the new economy to outsourcing, layoffs, pension cuts and much more.
Blowing hot and cold

When times change as rapidly as they have recently, there are sure to be winners and losers, and the consulting industry is no different. All of the factors mentioned abovethe shift toward public-sector work, the collapse and rebirth of the finance and automotive industries, a shift in government priorities under a new regime, a new era of regulationgive some indication of where the consulting industry is headed. In addition to those factors, longer term trendsan aging population, the movement toward sustainable energyare also likely to have an effect on where future business for the consulting industry lies.
Health care: One of the key planks of the Obama administration, the health care arena is certain to generate a lot of business in the coming years. While at the time of writing the debate is raging over what the future of health care will look like, one thing seems certain: Change is coming. And where theres change, there are opportunities for consultants. Moreover, with the realities of a rapidly aging population only beginning to become apparent, the opportunities seem set to stretch well into the future. Energy: Another area receiving significant stimulus funds, the energy sector has a number of challenges over the coming years. Those include the much-vaunted smart grids to be rolled out across the country, a heightened level of expertise in oil and natural gas extraction as supplies dwindle, and the challenge of developing clean, sustainable energy forms for the future. Financial services: In something of a holding pattern as banks and financial institutions await new regulations, the majority of work in this sector is likely to come in bailout management, M&A work, consolidation advisory, bankruptcy work, de-conglomeration and a shift toward community-based banking as the era of the one-stop financial shop passes. A boom in regulatory compliance work is likely to follow, too, as it did in the aftermath of the Sarbanes-Oxley regulation passed as a result of the last economic downturn. Crisis management/restructuring: Perhaps not as good a prospect over the long term, this sector has been one of the few posting gains since the onset of the recession, and seems likely to continue doing so for the short to medium term. Notable contract wins of late include Alvarez & Marsals work on Lehman Brothers bankruptcy (which netted $115 million in fees in just nine months) and AlixPartners assistance with General Motors. Human resources: At a time when companies are seeking to cut costs, reduce workforces and find nonmonetary ways of retaining top employees, the role of HR consultants has become ever more important. While fewer workers may mean a short-term decline in the fees these firms are likely to bring in, the long-term outlook is brighter; recovery is certain to bring with it an increased demand for new talent, and a likely surge in benefits-related work to boot.
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PRACTICE AREAS
Business advisory
With a name that is almost self-explanatory, consultants in the business advisory arena specialize in offering advice on all aspects of a clients businessfrom cost reduction to organizational structure to performance improvement. Put simply, business advisory specialists have one thing in mind: helping clients meet whatever challenges they face in the marketplace. That often involves specialists from a number of different backgrounds finance, operations, risk, procurementworking together as a team to provide recommendations on any number of issues. Examples of typical business advisory engagements include: Research, appraisal and recommendation of targets for acquisition based on a clients strategic needs Helping a client devise a plan to control costs across the entire breadth of its business Working with a client to effect immediate improvement in profits and cashflow
Economic consulting
With global economies growing progressively intertwined, businesses in the United States are no longer isolated from economic shifts in other parts of the world. Thus, clients often turn to think tank-like economic consulting firms for guidance. These firms, typically loaded with economics PhDs and MBAs, as well as industry experts, investigate the economic factors that help clients resolve competition, antitrust, public policy and regulation issues, both domestic and global. Quantitative analysis, statistical studies and modeling services often form the core of economic consulting engagements. Examples of typical economic consulting engagements include: Helping a client comply with a multitude of tax regulations in the various countries in which it operates Projecting the financial impact of a new environmental regulation Assessing the implications of a proposed merger
Energy consulting
Undoubtedly one of the hottest fields around, the energy sector is abuzz with everyone from entrepreneurs to oil companies to multinational conglomerates, all trying to develop alternativeand ideally sustainableenergy sources to power the planet and to reduce the amount of consumption of traditional sources. The opportunities within the consulting field, therefore, are limited only by the size of the market and, ultimately, the successes and breakthroughs within the field; a world that runs on clean, sustainable energy will likely not need a consultant to advise on how to reduce consumption. Until such timewhich seems a long way offclients will continue to need advice on a range of issues, including how to achieve carbon reductions in a cost-effective manner or how to green their supply chains. Examples of typical energy consulting engagements include: Performing audits of a clients energy usage Recommending and implementing strategies to cut energy usage (and ideally achieve cost savings) Optimizing supply chain management for utilities providers
Financial consulting
Projections on consulting spending by members of the financial services industry are rather hard to come by in the present environment, and for good reason. While industry insiders seem split on the short- to medium-term prospects for the sector, they all agree on one thing: New regulation is sure to come in the aftermath of the credit meltdown and the demise of some of the biggest names in the industry. That single fact has placed those consulting firms in the financial services zone in something of a holding pattern.
Strong growth in the sector is predicted over the long termdue in no small part to the after-effects of the meltdown and its recovery efforts. While the initial surge of work related to crisis management has cooled as the recession has worn on, the real long-term drivers of growth are likely to be regulatory compliance (once the new regulations become known), M&A (once credit becomes available), divestitures, private equity and risk. Financial consulting firms tend toward two types of service offerings; either they work with financial services firms to enhance their strategies and performance, or they use a specific financial model to enhance client performance. In both cases, the focus is typically on boosting shareholder value. Examples of typical financial consulting engagements include: Applying a proprietary financial model to improve performance Helping an investment firm identify a strategy to reach a new target market Evaluating liquidity for a private equity firm
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Human resources consulting

While it might seem incongruous at a time when unemployment is higher than at any point since the early 1980s, the field of HR consulting is going strong. As a primary illustration of that fact, note that four of the top climbers in the Vault prestige rankings this year are HR consulting firms: Watson Wyatt and Aon, both up 11 places; the Hay Group, up 10; and Towers Perrin, which climbed from 14th to 10th overall. While Watson Wyatt and Towers Perrin have since announced a merger (due in no small part to faltering revenue), its the long-term prospects in this field that make the sector such an appealing one: Even businesses with fine-tuned strategies and streamlined operations wont succeed without the right people in place. And, with the amount of human capital afloat in the hiring pool at the moment, sorting the wheat from the chaffboth in hiring and downsizingis more crucial than ever. HR consulting addresses the issue of maximizing the value of staff and placing employees in suitable roles. HR consulting firms are also hired for organizational restructuring, talent management, HR systems implementation, benefits planning and compensation. Additionally, increased demand for benefits consulting, due to revisions in the U.S. Pension Protection Act and Financial Accounting Standards Board changes to pension plans, continues to contribute to the demand in the market. Examples of typical HR consulting engagements include: Helping a business devise a leadership development plan for its junior employees Evaluating the financial consequences of changing benefits plans Developing a retention strategy for a firm that has experienced high turnover
Operations consulting
Operations consulting is what puts strategy into action. In years past, operations consulting focused on saving money and increasing efficiency. In the recent booming economy, however, clients were more focused on expansion and profit growth, so operations consulting shifted in order to respond to market changes, globalization and customer interaction (though today, with clients taking a cautionary stance toward spending, there has been a slight shift back to earlier conventions). While strategy involves marking out clear goals, operations consulting focuses on the practical means of reaching those goals, which might include allocating resources, shifting value chain priorities, evaluating benefits of outsourcing or examining customer service and distributionall to help clients alter processes in response to competition or react to shifts in the market. That kind of expertise, particularly as it pertains to cost-cutting, has become ever more highly prized as the downturn has barreled on, causing firms to revisit again and again how best to position themselves until recovery sets in. Typical engagements may include: Evaluating procurement, sourcing and supplier relationships for a manufacturer Developing a global financial reporting system for a multinational business Implementing a customer loyalty program to help a credit card company attract and retain customers
Pharmaceutical and health care consulting

A market valued at over $25 billion, health care consulting is one of the hottest areas around. According to Kennedy Research, the health care consulting market represents one of the few consulting areas likely to see significant growth over the next three years. As the U.S. population and that of other industrialized countries ages, as scientists make further advances in genetic engineering and as patents for blockbuster drugs expire, the health care industry thrives. Add in the $19 billion earmarked for spending on health care technology in the stimulus billmuch of it for implementing electronic record-keeping systemsand the future for firms in this corner of the consulting field looks even brighter. The National Coalition on Health Care reports that total U.S. health care expenditures were $2.4 trillion in 2007, and are expected to hit $4.3 trillion by 2017. Furthermore, health spending in the United States, at 17 percent of GDP, accounts for a larger share of GDP than any other major industrialized country. With so much cash at stake, the industry is predictably overrun with players. Thats where health care and pharmaceutical consulting firms come into playhelping clients, such as life sciences firms, hospitals, HMOs and drug companies, navigate a complicated maze of legislation, tackle competition, manage costs of vendors and equipment, and implement new technology. Examples of typical health care/pharmaceutical engagements include: Developing an electronic medical records system for a hospital Analyzing market competition for a new pharmaceutical product Helping an insurance company manage reimbursements
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TOP 50
FIRMS 1-50
PRESTIGE RANKING
MCKINSEY & COMPANY

RANKING RECAP
Practice Area #1 Business Advisory Consulting #1 Energy Consulting #1 Financial Consulting #1 Pharmaceutical & Health Care Consulting #3 Economic Consulting #4 Operations Consulting #7 Human Resources Consulting
55 East 52nd Street New York, NY 10022 Phone: (212) 446-7000 Fax: (212) 446-8575 www.mckinsey.com
LOCATIONS
94 locations in 52 countries
PRACTICE AREAS
Functional Practice Areas Business Technology Office Corporate Finance Marketing & Sales Operations Organization Risk Strategy Industry Practices Automotive & Assembly Chemicals Consumer Packaged Goods Electric Power & Natural Gas Financial Services Healthcare Payor & Provider High Tech Media & Entertainment Metals & Mining Petroleum Pharmaceuticals & Medical Products Private Equity Public Sector Pulp & Paper/Forest Products Retail Social Sector Telecommunications Travel Infrastructure Logistics Special Initiative Climate Change Special Initiative
UPPER
The brand name
DOWNER
Constant criticism means consultants have to have a tough skin
EMPLOYMENT CONTACT
www.mckinsey.com/careers
THE STATS
Employer Type: Private Company Managing Director: Dominic Barton 2009 Employees: 16,000+ 2008 Employees: 16,000+
what other consultants are saying

The big dog Style over substance Diversified business Not a people place
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition McKinsey & Company
THE SCOOP
The McKinsey mystique
McKinsey & Company is a privately owned management consulting firm. Roundly considered to be the most prestigious company of its kind, it has achieved a level of renown so great as to be known even to laymen, despite shrouding details of its work and its client list in secrecy. In its practice areas, it addresses strategic, organizational, operational and technological issues, always with a focusaccording to the firmof doing what is right for the clients business, not what is best for McKinseys bottom line. As for the range of those specialties, the list of industrial sectors the firm serves encompasses everything from commodities and natural resources to the worlds of media, entertainment and high tech. While it doesnt give up the names of its clients (even in case studies it refers to them with pseudonyms such as BigBank) the firm does claim to serve more than 70 percent of Fortunes Most Admired Companies list. In addition to its regular consulting brief, the firm also operates a climate change special initiative to address challenges associated with the move to a low-carbon economy, serving both the public and private sectors. The initiative brings to bear the firms expertise on abatement cost curves (a factbased understanding of the size and cost of measures for the reduction of greenhouse gas emissions), process changes, emissions trading, biofuel options and new asset valuation in light of regulatory changes.
The early days

In 1926, James O. McKinsey, CPA and University of Chicago management professor, founded the business to give local companies financial and accounting advice. Before long, he realized that clients financial data could be interpreted to help make better management decisions. Thanks to this innovation, McKinsey is credited with the idea of using consultants, or management engineers for the first time. And although the firm is his namesake, it was one of his protgs, Marvin Bower, who is most remembered for shaping the direction of the firm. Most notably, Bower is known for molding the McKinsey culture, mainly through a three-part code of conduct outlining certain ideals consultants were to upholdsomething that remains in place today. Among these values are putting client interests ahead of those of the firm, giving superior service and maintaining the highest ethical standards. Consultants are also instructed to be absolutely truthful with the client, regardless of whether the client disagrees. Perhaps the most infamous part of the code is to protect the privacy of clients; to this day, McKinsey never publicizes its big-name clients, nor does it tout successful engagements. Despite this, the firm doesnt lack for publicity, since the secrecy surrounding its work is itself often the focus of media attention.
The MBA draft

Another of Bowers policies was to concentrate hiring efforts on recent MBAs from top schools, as opposed to bringing on experienced managers from other organizations. Bower reasoned that demand for seasoned talent would too quickly eclipse supply, leaving mediocre candidates with high price tags who would turn out to be poor investments. Moreover, recent graduates could offer fresh ideas and insights, rather than replicating old, predictable methods that had been entrenched by years of rote service. In recent years, McKinsey has begun hiring more broadly, with most of its offices witnessing a steady influx of undergraduates, postgrads and industry professionals, in addition to MBA students, joining as consultants.
Without a home
McKinsey claims to have no headquarters office. The base of operations for former Managing Director Rajat Gupta was for many years New York, and that held true for the London office, when Ian Davis was at the helm. Dominic Barton, who became the new managing director in July 2009, will be based primarily in London, while keeping an office in Shanghai. The company is officially run as a decentralized partnership, allowing for a global network of staff that can be chosen based on suitability for a project, rather than geographic availability. The managing director is elected for a threeyear termwith a three-term limitfollowing a vote by the current directors.
Knowledge factory
McKinsey experts frequently produce works of business scholarship, whether in the form of reports and studies, or in the pages of the McKinsey Quarterly, the firms business journal and platform for expounding on issues of management, strategy and finance. The publication also includes articles by external experts. And in 2009, the firm launched a blogWhat Matterswhich covers topics of global importance, featuring essays by world experts, as well as its own consultants. McKinsey consultants have also written a number of best-selling business books. One of the earliest and best-known examples is Thomas Peters and Robert Waterman Jr.s In Search of Excellence, a 1982 tome that identified the unique strengths of American companies, reigniting confidence in domestic business at a time when Japan seemed to have an unshakeable advantage. It went on to become one of the highest-selling business books in publishing history.
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Additionally, the firm operates the McKinsey Global Institute, a research group concentrating on critical economic trends around the world. All MGI studies are funded by McKinsey partners, rather than any outside business, government or other entity. It is staffed by consultants serving assignments of six months to one year, after which they return to client work.
Social betterment
In addition to its social-sector office, which helps leading institutions address societal challenges, McKinsey also undertakes pro bono services through its local offices, which serve numerous nonprofit and/or public-sector organizations. Nearly 50 percent of the firms consultants participate in nonprofit work during their tenure, and many serve as board members of nonprofits.
THE LATEST ON MCKINSEY & COMPANY

McKinsey makes a push for magazines
July 2009 If you felt a sudden shudder coming from the Eastern Seaboard, that may have been employees of Cond Nast reacting to the publishers announced hiring of McKinsey & Company. In a memo that quickly made the rounds, Cond Nast CEO Chuck Townsend explained McKinseys purpose as being to realign Cond Nast to be a successful business in an emerging economy, and develop new perspectives on optimizing our approach to business. This was immediately translated by bloggers into much simpler phrasing: Prepare for major layoffs. And not without reasonthe numbers show that even the publishers top magazines ad revenue was down across the board, and underperforming titles that normally would have cleared the budget (such as Domino, Portfolio and the surefire hit Mens Vogue) were already axed before it was deemed necessary to call for outside help. This isnt McKinseys first visit to the company. Cond Nast contracted the firm back in 2001, in a tumultuous period which also resulted in streamlining the companys staffbut also brought about efficient organizational measures, like setting up a back office in Delaware and paring down the budget excesses of the 1990s.
Barton takes the baton

July 2009 Dominic Barton, formerly McKinseys regional leader for Asia, supplanted Ian Davis as managing director. He was elected in February by the firms 400 directors, and stands to serve a three-year term. Barton has been with McKinsey since 1986, focusing on financial sector reform, governance in the public and private sectors, and globalization. Davis stepped down after serving his maximum allowance of two, three-year terms as managing director.
Greening Tata
May 2009 The firm was appointed by Indias Tata Group to assist its top-five polluting companies in reducing their carbon footprint. Appointed alongside consulting rival Ernst & Young, McKinsey was tasked with assisting Tata Steel, Tata Motors, Tata Power, Tata Chemicals and Tata Consultancy Services to reduce their emissions to global benchmark levels by 2012. Those five companies contribute some 80 percent of the Tata Groups total carbon emissions.
Investment strategy, corporate-style

April 2009
Reflecting on the problems of effectively timing strategic investments in a troubled economy, an article in the McKinsey Quarterly recommended scenario analysis as a means for companies to figure out the inherent risks versus the likely rewards. Including an analysis of a hypothetical acquisition, the article laid out many of the factors that need to be considered for executives considering getting back into the M&A market, or making another kind of strategic acquisitions.
McKinsey will tell you what matters

February 2009 McKinsey launched a blog, What Matters, which gathers essays and thoughts from leading thinkers around the world, ranging from researchers, academics and journalists, to policymakers, executives and some of McKinseys own. The essays and articles presented attempt to address long-term views and trends, and tackle issues of global importance.
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Health care opportunity

November 2008 A report in the McKinsey Quarterly found that most health insurers in the U.S. are missing a significant revenue opportunity when it comes to retaining customers transferring from one product class to another. An example of such a transfer cited is when a commercial member becomes eligible for Medicare (i.e., transitions from employer-provided to government health care upon retirement). According to McKinseys estimates, less than 10 percent of such opportunities are converted, despite the fact that they have an annual value in excess of $40 billion a year.
GETTING HIRED
Meeting with McKinsey
Depending on their school, future McKinseyites should expect two to three rounds of interviews before making the cut, insiders say. Usually in the first round, there is a written test for analytical ability, along with an interviewor interviewswith associates and project leaders. During the second (and possibly third) round of interviews, candidates sit for a number of interviews with a range of McKinsey staffers, including partners, and will be expected to answer case study and behavioral questions, such as, Describe a situation when you had to persuade someone, a senior business analyst recalls. For case questions, candidates should be very structured and pragmatic in their answers, providing a clear and pragmaticnot theoreticalresponse. For each interview, expect to spend 45 minutes interviewing, with 15 minutes for the personal evaluation interview and 30 for the case, a source advises. Overall, the whole process was very fair and transparent, an insider states, adding that everyone received detailed feedback immediately after each round, no matter if they passed or not. I received the offer the same evening I was interviewed.
OUR SURVEY SAYS

Good grooming
McKinsey consultants describe their firm as fast-paced, demanding and challenging, but also collegial and supportive. One of the most distinctive attributes is its emphasis on feedback, which can be overwhelming at times. From the moment you walk in, youre being groomed to be a partner, and you are constantly receiving feedback, 90 percent of which is developmental, in order to help you reach that bar, a Chicago staffer reports. I absolutely love it, though its startling at first; everyone here is used to getting everything right. But, once you sit back and take it all in, you realize how much you are learning and developing day after day. Coming out of undergrad, I believe it is the best choice you can make, says a business analyst. All of that criticism means you have to have a tough skin, since you will never feel like you are knocking things out of the park, a source remarks. But, chin up: You will never be around so many smart people at once.
Know what you want

A consultant reports that, despite the recent global economic slowdown, McKinsey is continuing to expand with little effects from the downturn thus far. The firm is even continuing to expand business into markets. Coming in, you can be a generalist or join a specific industry or function. So, make sure you consider these various options before applying.
Emphasis on flexibility
Its also very important to define ground rules regarding work and life balance at the beginning of each engagement, sources note, otherwise it will be difficult to tear yourself away. For those who feel overworked and overwhelmed, the firm does help staffers develop a more manageable work program, which could mean implementing a more flexible work schedule, reducing hours, planning a vacation, working closer to home or even a career-track change.
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PRESTIGE RANKING
THE BOSTON CONSULTING GROUP, INC.

RANKING RECAP
Practice Area #3 Business Advisory Consulting #3 Pharmaceutical & Health Care Consulting #4 Energy Consulting #6 Financial Consulting #7 (Tie) Economic Consulting #8 Operations Consulting Quality of Life #2 Compensation #3 Selectivity #6 Green Initiatives #7 Formal Training #9 Best Firms to Work For #11 Overall Satisfaction #13 Firm Culture #15 Work/Life Balance #16 Interaction with Clients #17 Overall Business Outlook #19 Relationships with Supervisors Diversity #9 Diversity for GLBT #10 Best Firms for Diversity #11 Diversity for Women #12 Diversity for Minorities
One Beacon Street, 10th Floor Boston, MA 02108 Phone: (617) 850-3700 Fax: (617) 850-3701 www.bcg.com
LOCATIONS
Boston, MA (HQ) 66 offices in 38 countries
PRACTICE AREAS
Functional Practice Areas Corporate Development Global Advantage (Globalization) Information Technology Marketing & Sales Operations Organization Strategy Industry Practice Areas Consumer & Retail Energy Financial Institutions Health Care Industrial Goods Insurance Social Impact & Non-profit Technology, Media & Telecommunications
THE STATS
Employer Type: Private Company President & CEO: Hans-Paul Brkner 2009 Employees: 4,500 (consulting staff only) 2008 Employees: 4,300 (consulting staff only) 2008 Revenue: $2.4 billion 2007 Revenue: $2.3 billion
UPPERS
Great exposure to the business and high-profile clients Culture of learning Owning your work People are wicked smart
EMPLOYMENT CONTACT
www.bcg.com/careers
DOWNERS

Damn good Eggheads, introverts Wonderful place to work; great alumni network Big picture, less depth
THE BUZZ
Its very easy to feel completely inadequate, especially at junior levels Can be overly competitive The extremely political and murky processes involving promotions Being on call morning to night
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Boston Consulting Group, Inc.
THE SCOOP
Bostons best
The name may sound local, but The Boston Consulting Groups reachand expertiseis anything but. With 4,500 consultants in 66 offices in 38 countries, the firm ranks as one of Americas largest private companies, according to Forbes magazine. Clients typically include the worlds 500 largest companies, but BCG also counts among its clients midsized businesses, nonprofit organizations and government agencies in North America, Asia, Europe and Australia. The firms consultantswho have included corporate notables such as Indra Nooyi, CEO of Pepsi, Jeff Immelt, CEO of General Electric, and William Browder, co-founder of Hermitage Capital Managementare experts in a number of industries, including the consumer, financial institutions, industrial goods, social impact and nonprofit, energy, health care, insurance, and technology, media, and telecom sectors. BCG helps clients with a number of specific management needs within its broad functional practice areas, such as growth strategy development and execution, business portfolio management, mergers and acquisitions, postmerger integration, productivity and efficiency improvement, marketing and pricing, supply chain management, IT infrastructure, and customer and supplier relationship management, among other services.
The Henderson legacy

BCG was founded in 1963 by Bruce D. Henderson, a former Bible salesman and Harvard B-school dropout. Challenged by the CEO of The Boston Safe Deposit & Trust Company to form a consulting arm for the organization, Henderson responded with an aggressive strategy. While his first months billings amounted to $500 and his office had a staff of just two by the end of his first year in business, Hendersons subsequent success is impossible to denyand it was driven largely by expansion. In 1966, BCG became the first Western strategy consulting outfit in Japan, and a string of offices throughout Europe soon followed. By 1976, half of the firms revenue was being generated outside the U.S.a year after Henderson had laid out a plan for employee stock ownership that saw the firm fully owned by BCGers in 1979. Such was Hendersons reputation within the business world that, following his death in 1992, no less a publication than the Financial Times wrote that few people have had as much impact on international business in the second half of the twentieth century as the founder of The Boston Consulting Group. In 1998, BCG established the Strategy Institute, a sort of consulting think tank set up to apply insights from a variety of academic disciplines to the strategic challenges facing both business and society. Among the concepts developed by the firm over the years are the experience curve (which charts improvements in efficiency as experience is amassed), time-based competition (an approach that recognizes speed as an essential component of success), disease management (an approach to patient care that takes a more systemic view of quality and costs than traditional methods), richness versus reach (the trade-off inherent in the economics of information), trading up and trading down (consumer spending phenomena) and globality (the post-globalization era in which everyone from everywhere competes for everything).
Not the stuff of fairytales

Perhaps the most valuable tool the firm is known for, however, is its growth-share matrix. While a tool that utilizes images such as cows, stars and dogs might sound fanciful, the matrix is one serious piece of business methodologyand one that has become a core tool used by businesses the world over. A graphic representation of a firms money flow, the tool divides a companys assets into four categoriesthe three mentioned previously, plus question marks. A full description of the methodology is available on BCGs website, but the basic meaning of each category is as follows: A cow represents a cash cow, a low-growth, high-market share pursuit (generally the bread and butter of any business); a star is an enterprise that both uses and generates a lot of money, usually on the way to achieving cow status; a dog tends to be labor-intensive but provides little return on investment; and question marks are to be avoided at all costsbasically representing money pits that absorb resources but produce little revenue.
Falling in line
While many of BCGs consultants come from some of the best business schools in the worldincluding the University of Chicago, Harvard, INSEAD, Kellogg, Stanford and Whartonnot everyone working at the firm has a business background. A number of consultants have degrees that range from economics, biochemistry and engineering, to psychology, classics and law.
Whatever their background, the firm organizes its brainpower into practice areas, which include consumer and retail, corporate development, energy, financial institutions, health care, industrial goods, information technology, insurance, marketing and sales, organization, operations, strategy, and technology, media and telecommunications.
Paying it forward
BCG is big on being good. Its social impact practice network, which functions like one of the firms business practices, works with clients on socially conscious issues, including sustainable environment, hunger and international development, public health, education, community and economic development, and arts and culture. The network chose its focus areas based on the UN Millennium Development Goals, which set targets for combating poverty, illiteracy and disease for the worlds poor by 2015. In 2008, BCG completed approximately 190 assignments across these areas,
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working with more than 100 organizations around the world, including the World Food Programme, Save the Children and the Bill & Melinda Gates Foundation. As might be expected of a company with so many experts and a dedication to research, BCGers put out their fair share of publicationsso many, in fact, that in 2006, the firm collected some of its biggest ideas from the past 40 years into one volume, entitled The Boston Consulting Group on Strategy. Aimed at executives across all industries, the anthology offers both the now-established wisdom as the company conceived it years ago, as well as more recent thoughts on the state of business. The themes, in many cases, have remained consistent over the decades: Retain competitive advantage, break compromises, realize the value of time, and remain aware of second- and third-order causes.
THE LATEST ON BCG

BCG driving GM and Chrysler?
April 2009 BusinessWeek reported that BCG had won a contract worth up to $7 million to serve as an adviser to President Obamas task force on the automotive industry. The magazine noted that the task force, charged with overseeing the restructuring of General Motors and Chrysler, had precious little [auto] industry experience, the lone exception being Xavier Mosquet, head of BCGs Detroit office and an auto industry consulting veteran.
Innovation station
April 2009 Since 2005, BCG and BusinessWeek have teamed up to compile a list of the worlds most innovative companies. The 2009 list saw Apple at the top of the heapin front of Google and Toyota Motor Corporation. Of the senior executives BCG questioned for the survey, just 46 percent said they were satisfied with their return on innovation spendingdown from 52 percent in 2008. The study also showed that executives are making innovation less of a priority: Just 23 percent of respondents called it their top concern in this years survey, down significantly from 32 percent last year.
BCG, MIT, BFF?

March 2009 BCG announced the launch of a major, multiyear collaboration with the MIT Sloan Management Review. Intended to examine emerging trends and ideas in sustainability as it applies to business, the collaboration will utilize MIT SMRs online capabilities to create a discussion hub for ideas emerging from the joint research.
Soldiers of Fortune
January 2009 BCG regularly makes it onto a variety of Fortunes rankings, and 2008-2009 was no exception. Most impressively, the firm jumped some eight spots to place third on the magazines annual list of the 100 Best Companies to Work Foran accolade that places the firm above fourth-placed Google, the previous occupant of the No. 1 slot. In May 2008, meanwhile, BCG also made an appearance among Fortunes 25 Most Desirable MBA Employers. Both lists applauded the firms free health insurance, while the latter was especially keen on its free beverages and snacks or fruit at work.
Buy the book, but not by the book

December 2008
BCGs original thinking and perceptive outlook on the market earned it the title of devoted meteorologists of the financial industry from The Wall Street Journal for a report the firm published on the private equity industry. The report, written in tandem with the University of Navarras IESE Business School, stated that 50 percent of all companies backed by private equity funds will default on their debt; as many as 40 percent of buyout firms will shutter their own operations; and only 30 percent of partnerships will survive the next few years. Data gleaned from Standard & Poors Capital IQ at the time showed BCGs report to be prescient: In September 2008, 15 private equity-backed companies filed for bankruptcy, 23 filed in October, 27 in November and 28 in December.
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Doing right by interns

December 2008 BusinessWeek recognized BCGs internship program as one of the best in the United States, ranking the program 19th in its annual list of the 50 Best Internships. The index is based on pay and percentage of interns who get full-time offers, as well as student feedback. In 2007, BCG extended fulltime job offers to 90 percent of its interns, and 83 percent of those offered full-time positions accepted.
Accomplished alumni
November 2008 Jeanie Daniel Duck, a former BCG senior partner and one of the consulting professions most accomplished women, was awarded a Lifetime Achievement Award from Consulting magazine. Duckwho retired in July 2008 but continues to advise BCG and its clientsis an expert on change management. Her book, The Change Monster: The Human Forces that Fuel or Foil Corporate Transformation and Change, has been translated into nine languages, and her Harvard Business Review article from 1993, Managing Change: The Art of Balancing, has been included in every edition of Harvard Business Review on Change, from the Harvard Business Review Paperback Series.
Editorial appointment
October 2008 Simon Targett, a former senior editor at the Financial Times, was brought on as BCGs first editor in chief. His new job involves overseeing all BCG publications.
Accolades ahoy
September 2008 Working Mother magazine named BCG one of its 100 Best Companies for the third consecutive year. That same month, for the second year in a row, BCG earned a perfect score on the Human Rights Campaign Foundations annual Corporate Equality Index. The index measures workplace equality for gay, lesbian, bisexual and transgender employees, and evaluates corporations policies and practices, including nondiscrimination policies, transgender health benefits and domestic partner benefits
Leading lady
June 2008 Consulting magazine named BCG Senior Partner Dr. Antonella Mei-Pochtler as one of the Top 25 Consultants of 2008. One of Europes highest-profile businesswomen, Mei-Pochtler is a member of the firms executive committee, European management team and global marketing committee, as well as the leadership teams of the technology, media and telecommunications practice, and the marketing and sales practice, in which she is head of branding. Mei-Pochtler is the fourth BCG woman, and the 12th BCG partner overall, to make the publications annual top-25 list since it was first published in 2000. BCG CEO Brkner, himself a past top-25 honoree, noted that none of the firms key competitors have had more than one woman recognized in this way.
Everyone, everywhere, everything

June 2008 BCG Senior Partners Harold Sirkin and James W. Hemerling, along with Partner Arindam K. Bhattacharya, authored GLOBALITY: Competing with Everyone from Everywhere for Everything, which addresses what comes after globalization and tells the story of a new era of international business competition.
GETTING HIRED
The resume review alone eliminates most applicants at BCG, where the recruiting process is extremely competitive and highly selective. Im continually amazed at what high-quality people we turn away, one consultant remarks. The bar to get in here is really high. Whats BCG looking for? Nothing less than academic and intellectual achievement, breadth of interests and interpersonal skills. (Yes, your SAT score and GPA are very important, as is evidence of leadership and business experience.)
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The Ivy League and top-tier undergraduate and business schools provide the bulk of BCGs candidate pool, but sources say the firm has a fairly open mind when it comes to specific degree programs within these institutions. We actively recruit [other advanced degree holders], like PhDs, MAs and MDs, explains an insider. This makes each team extremely diverse in terms of academic background. Those who are chosen to proceed to interview rounds will start with first-round case interviews on campus, followed by decision-round case interviews in the office. Six or seven interviews are typical before any offer is extended, and candidates should be prepared to spend most of their recruiting time with senior project managers and partners.
Geek out
Current employees say they picked up on BCGs culture early in the recruiting process. They flew the geek flag high, a source claims. Theres legitimate intellectual curiosity and commitment to driving real, new change. As befits this brainy, results-oriented crew, almost all interviews are case interviews, with few special tests. The first round usually consists of two interviews with project leaders or principals, while the final on-site decision round (so called because thats make-or-break time) includes three or four interviews, generally with principals or partners. The rigorous process involves very structured case interviews, with a strong fit component. The cases themselves get progressively more challenging, were told, and interviewers screen for analytical rigor and problem-solving skills. But thats not all, insiders say. It is extremely important at this company to be able to work well with people, to have a good sense of humor and be able to adapt well to all sorts of situations. So while we test intelligence, analytical skills, communication skills and creativity with the case portion of the interviews, the equally important fit portion gets at all the rest.
Open cases
Sources report that interviewers construct case scenarios from their personal experience, making them interesting to discuss (and ever-changing). Insiders recall setups like this one: An insurance company has recently gone from making profits to losing $120 million a year. The CEO wants to know what is going on and how he should respond. Or this: Your client, a chain of mall-based cookie shops, has been suffering from rising ingredient costs and a sharp decline in sales. What do you do to turn the business around? Many case questions will include lots of data for which the candidate must probe, says a partner, offering this example: How would you evaluate how to bundle a number of drugs to be sold by a pharmaceutical sales team in order to maximize prescription revenue from a hospitals doctor mix? In addition to case questions, a source tips, all interviews contain questions about experience and education.
OUR SURVEY SAYS

Busy brainiacs
BCG is not the right place for someone whos scared of data, says a consultant. The culture is insight-driven and even a bit dorky, but the collaboration, mentorship and teamwork keep people genuinely excited about the challenge of solving difficult problems. Those who become loyal to the BCG way of doing business are said to bleed green, a reference to the firms signature color. Insiders describe their colleagues as driven, committed to the utmost professionalism and firm in their belief that clients come first. A relative lack of hierarchy keeps things from feeling too stuffy, however. Its a flat structure where entry-level consultants are encouraged, even expected, to have an opinion and express it within the case team environment, a source explains. Ideas trump tenure, adds another. In fact, even brand-new hires are expected to engage with senior partners on projects. Staffers agree that the firm is a friendly place. Thats thanks in part to an incredible focus on individual development and training, which brings employees together for monthly meetings, office lunches, office drinks, presentations, trainings, community service activities and countless other events. Some say they enjoy their colleagues so much that they make an effort to hang out with them outside of the work environment. And its a good thing, notes one consultant: You spend so much time with your case team that the job would suck if you didnt like the people. Fortunately, Ive really enjoyed the majority of those Ive met.
In good health
Overall, BCGers are quite satisfied with their compensation, and give extra raves to a number of firm-sponsored perks and benefits. Free health care for the entire family is a selling point for most; that includes a $5 co-pay on anything and no referrals needed, plus dentals included. New moms can take 12 weeks of maternity leave, with an option to take a longer leave of absence if they want, while dads get one week of paternity leave. The firm treats new parents to a gift for the newborn and siblings, too.
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Besides flexible options for new parents, BCG allows part-time work schedules for some employees who want to take an 80 percent, 60 percent or 40 percent workload. Those with the travel bug applaud the opportunities for international travel and transfers. Closer to home, employees enjoy discounted memberships at gyms and fresh fruit in many officesmangos in January, anyone? Those who spend a lot of time on the road say BCG offers the ability to stay the weekend, fly a friend out or travel somewhere else if you dont want to come home from a travel case. And yes, you can keep your hotel points. Being connected to a lifelong alumni network and career support is a perk that can last long after the job ends, and BlackBerry-happy staffers say IT support is fantastic in managing our communication needs. They do everything to make sure that our lives run smoothly, because the job can get stressful.
Tracking workload
Hours worked per week depend on the case, with some weeks averaging 40 to 50 hours and others climbing as high as 80. The negative impact of the workload, of course, depends on whether you like the project at hand. The firm does its best to prevent weekend work and to support a good work/life balance, says an insider. That said, this isnt always feasible, given that we are in a client-driven business. Although there are exceptions, most projects last about three months. And while being on a project means we work hard, sources say there is a lot of flexibility given around when work gets done, so people can get their work done at the time that most makes sense for their personal lives. In addition, teams complete a weekly workload indicator survey to gauge the hours and subjective sense of how heavy ones workload is. Partners use this data to take active steps to reduce the load on teams that are overloaded by reducing the scope of the project, applying more staff or providing a day off at the end. All in all, consultants feel that their work/life balance is doable, though its not always easy. Concludes one respondent, You will have to make small sacrifices in your personal life, but on the really important things, you can make them happen.
The travel trade-off

Since travel is on an opt-in basis, BCG can be very receptive to travel preferences. The options are highly variable, depending on office location and individual projects, but for the most part, if someone would prefer not to travel for a given case, it is likely they will be accommodated. A few words of warning, however: Eschewing travel can mean being cut off from plum assignments. Theres always trade-off between the choice of cases and travel required, an insider explains. Adds another, be wary of local cases that actually require you to be at the client four to five days a week. Although not everyone travels a lot, those who do can be away for long periods. A typical travel assignment involves being away from home three nights and four days per week for several months in a row. A source who travels Monday through Thursday every week, often to the East Coast from California, says the downside of frequent trips is that it limits my affiliation with the office. The perks do compensate for road warriors, however (think business class, top hotels, expenses paid). And while the constant travel can be wearing, BCGers say they understand why it has to be done. I have my days when I feel like I could be working from my home office, but I see the importance of being present at the client site and being visible to the clients, shrugs a consultant. Its part of the job.
All about the networks

Sources applaud BCGs efforts to attract and retain women, which include global and local womens networks to discuss issues and find solutions. Womens initiatives are said to be a top priority. The CEO is involved and very willing to listen and learn on this dimension. Female consultants, meanwhile, say they find strong mentorship in the office, and while the firm is attentive to womens needs, theres no special treatment for hiring. Instead, the firm seeks to keep women in the workforce through its various initiatives, including flexible working models for mothers. As a woman myself, I find it refreshing that we cultivate the excellent talent that we find instead of lowering standards to realize a specific ratio, a source remarks. The firm is also proactive when it comes to GLBT equality in the workplace. A member of BCGs GLBT community reports, There seems to be an active effort to address GLBT concerns before, during and after the hiring process, and staffers point to the firms 100 percent rating from the Human Rights Campaign as a testament to that fact. One openly gay employee calls the in-house GLBT network fantasticit goes above and beyond. I cant imagine a firm could do more for its GLBT employees, says another.
On the minority front, while there has been consistent and visible support for improving our diversity at all levels of the company, there are still very few African-Americans and Latinos. But BCG seems to be aware that its an ongoing process. We have made progress, and are still pushing harder to make more progress, a partner explains. In fact, the firm notes that over the last three years, it has focused on increasing retention through a formal mentoring program for all African-American and Latino consultants, while a dedicated diversity team supports its commitment to continue recruiting people of all races, religions and backgrounds. These efforts seem to be paying offevery team meeting Ive ever been in, there are always amazingly diverse people coming together and working effectively, says an insider.
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Sink or swim
Consultants give mixed reviews to their relationships with their superiors. Some say management is extremely available. They participate in weekly case team meetings and engage in debates with staff. Theres a clear, unambiguous commitment to open interaction, and most people say they have very good relationships with supervisors who are ready and willing to give their time and listen to my point of view. Partners, however, vary in how available they make themselves, in part because theyve got a lot on their plates. And since quality is so heavily prioritized at BCG, staffers whisper that when partners do step into the picture, they can be highly demanding. But respondents are proud to tell us that, even in the first years out of college, BCG consultants should expect to find themselves interacting with CEOs of large companies, including heads of Fortune 500 clients. We get excellent exposure to senior management at our clients, says a source. I regularly meet with CEOs, CFOs, EVPs and SVPs. That means newbies have to be locked and loaded from day one. As an insider explains, I have access to a lot of senior clients during meetings, which is a great learning experience, but often intimidating.
Up the ladder
To get ready for all that client contact, training at BCG involves a mix of on-the-job training, formal cohort training in the office, regionally and worldwide, and in-person or online topic-specific training. Were told that entry-level orientation lasts two weeks at the start of the associate position, and is followed by other sessions that focus on specific tools, as well as communication skills and leadership development. The quality of formal training with outside experts is phenomenal, a source claims, and a junior colleague agrees: I owe most of my development to apprenticeship during the case process. Another newbie concurs, saying that there is fantastic apprenticeship given. A strong component of our superiors performance evaluation is upward feedback, which is based on their mentoring capabilities. All this training really pays off come promotion time. BCG consultants are given time to develop, and those who perform well can advance very quickly, with meaningful level changes every two years. Eventually, however, it is up-or-out. The built-in timeframe for advancement is 24 to 30 months from consultant to project leader, and those who wish to continue their career with the firm have to prove they can make it.
Proud to be green
BCG keeps its surrounding community in mind, devoting resources, staff and funding to causes like the Bill & Melinda Gates Foundation, the Rockefeller Foundation and Save the Children. The firms extensive involvement in social, economic and charitable efforts, both locally and globally, is a point of pride for its people, who are encouraged to take part in pro bono consulting, tutoring, mentoring and a variety of community service activities each month. Second-year associates are also given opportunities to serve as board fellows for an area nonprofit and conduct a mini consulting engagement for them, allowing for exposure to board membership and for ownership of a project beyond what we might normally get. Appropriately enough, given BCGs signature color, theres a firmwide green initiative underway, and consultants are actually staffed against it. Most BCG offices have made a slew of environmentally friendly upgrades, including switching to paper products in our kitchens, distributing reusable bottles instead of bottled water and changing default printer settings to black and white, two to a page, duplex. Green lighting and green HVAC systems have slashed energy use, and Chicago consultants boast of an upcoming move to a Gold LEED-certified building. We have made a lot of improvements, and we have a whole host of initiatives underway to evaluate more ways to improve, a contact reports.
Everyones honest
In other cost-cutting measures, major nonessential expenses have been trimmed in response to the recession, and sources report that some locations have reduced travel and cut some perks around the office. Theyve strongly recommended avoiding using car services, though not everyone complies, a Chicago source notes. Theres no policy in place to ban it, though. Most staffers say theyve seen no dramatic changes, but recruiting targets have been downsized to a more rational level. As some clients struggle, however, there is some pricing pressure, and we are providing free resources to clients just to keep people busy. Respondents do give BCG leadership credit for sharing information about the business in a very transparent way, which has helped keep morale high. The firms ability to pick up some large and exciting cases even in the tough times helps as well, as does its ability to capitalize on some of the effects of the recession to sell different types of work. The outlook is strong, says a confident source. There is a good group of core clients that provide a lot of business. The company will be fine, even in the economic downturn.
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PRESTIGE RANKING
BAIN & COMPANY

RANKING RECAP
Practice Area #2 Business Advisory Consulting #3 Energy Consulting #4 Financial Consulting #6 Pharmaceutical & Health Care Consulting #7 (Tie) Economic Consulting #7 Operations Consulting Quality of Life #1 Best Firms to Work For #1 Compensation #1 Firm Culture #1 Formal Training #1 Interaction with Clients #1 Overall Satisfaction #2 Selectivity #3 Relationships with Supervisors #5 Green Initiatives #5 Hours in the Office #6 Work/Life Balance #13 Overall Business Outlook #17 (Tie) Travel Requirements Diversity #2 Diversity for GLBT #5 Best Firms for Diversity #5 Diversity for Minorities #7 Diversity for Women
131 Dartmouth Street Boston, MA 02116 Phone: (617) 572-2000 Fax: (617) 572-2427 www.bain.com
LOCATIONS
Boston, MA (HQ) 41 offices in 26 countries
PRACTICE AREAS
Change Management Corporate Renewal Corporate Strategy Cost & Supply Chain Management Customer Strategy & Marketing Growth Strategy IT Mergers & Acquisitions Organization Performance Improvement Private Equity
THE STATS
Employer Type: Private Company Chairwoman: Orit Gadiesh Worldwide Managing Director: Steve Ellis 2009 Employees: 4,800 2008 Employees: 4,300
EMPLOYMENT CONTACT
www.joinbain.com
UPPERS
Awesome opportunities to work on tough problems with high-level execs Constant steep learning curve The partnership and impact we have with our clients Openness and honesty of senior management in the current economic environment

The Ritz Carlton of firms Their consultants seem to have drunk the Kool-Aid Dynamic Gateway drug to private equity
THE BUZZ
DOWNERS
Trying to be a global firm when local offices make many decisions Tenure-based promotion track could be faster Lean admin staff and support Not enough upside for standout performers
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Bain & Company
THE SCOOP
Secrecy and success
With 41 offices in 26 countries, Bain & Company is one of the worlds leading consulting firms. Since its founding in 1973, it has worked with over 4,150 major multinationals, small and midsized businesses, private equity firms and nonprofits on issues of strategy, operations, marketing, organization, technology, and mergers and acquisitions. The firms 4,800 consultants are experts in a number of industries, including the automotive, consumer products, energy and utilities, financial services, health care, industrial machinery, media, mining, nonprofit and public sector, retail, services, technology, telecommunications and transportation services sectors. Founded with an eye toward making real change, rather than just writing reports, Bain has always been a consulting firm with a difference. Named for founder Bill Bain, the firm is fiercely dedicated to its clients, and they to Baina relationship that derives at least in part from Bains extraordinary secrecy and emphasis on client confidentiality. A measure of the firms commitment to its clients is that in the early days, it promised clients it would only work with one company per industry. Bain redefined its commitment in response to clients who did not value industry exclusivity, but rather expected deep industry expertise that comes from working for multiple companies in an industry. To this day, however, the firms client list still remains a closely guarded secret, with very few details of its engagements ever making their way into the public eye. According to Bain (and attested to by calculations from PricewaterhouseCoopers), its clients stock prices outperform the market by four to one. The firm works with both small and midsized firms from the Fortune 2000 ranks, as well as two-thirds of the Global 500, and has established a reputation as a leader in private equity consulting. Its highlights reel includes having worked on half of the largest global deals in the last decade, with buyout funds representing 75 percent of global equity capital. And, despite Bains secrecy, word has leaked out about some of its prestigious clients, among them the likes of De Beers, Dell, Ford, Charles Schwab, Starbucks and Del Monte.
Calling all Bainies

In a 1989 feature article on the firm in The New York Times Magazine, Bain consultants were referred to as troopsalso known in the industry as Bainieswith an iron discipline. Since 1993, Bainies have answered to Israel-born, now Paris-based chairman Orit Gadiesh, a former Israeli military intelligence officer, deputy chief of staff of the Israeli army and Baker Scholar from the Harvard Business School. The first female to lead a consulting firm of Bains size, Gadiesh has repeatedly been listed in Forbes as one of the worlds 100 most powerful women, earned the inaugural Lifetime Achievement Award from Consulting magazine and is on the board of directors at the World Economic Forum. On the flip side of the coin is Bains worldwide managing director, Steve Ellis. Prior to taking the top spot and replacing outgoing director John Donohoe (who would go on to become CEO of eBay), Ellis managed the firms San Francisco and Palo Alto offices. Compared to the military-trained Orit Gadiesh, Steve Ellis is the entrepreneur of Bains leadership, having joined after co-founding a Silicon Valley firm, then lending his leadership to help build Bains technology and telecommunications practice, as well as its private equity group. He has also taken a considerable role in the firms nonprofit relations he holds a seat on the board of The Bridgespan Group, which operates as an independent affiliate to Bain to extend its consulting know-how to charities and foundations.
Private equity pioneer

In 1994, Bain became the first consulting firm to establish a private equity practice. The unit provides fund strategy, sector screening and deal generation, due diligence, portfolio company performance improvement and exit planning for clientsmostly leveraged buyout firms, hedge funds and sovereign wealth funds. Having carved quite a niche for itself in this area, Bains private equity practice today is three times larger than its nearest competitor.
M&A Q&A
Much of Bains reputation has been built on its proven approach to mergers and acquisitions, an expertise stemming from extensive experience in corporate and private equity clients. Over the last 10 years, the firm has conducted over 3,900 private equity and corporate diligences, integrated over 500 companies, and advised clients on hundreds of joint ventures and divestitures. Although the odds for acquisition success in the current market are, to say the least, poor (over half the deals in the market fail to generate excess returns), Bain maintains a disciplined approach to navigating the deal cycle, and has generated roughly 20 percent higher excess returns for its integration clients.
Aid for the distressed

Just as the subprime mortgage loan crisis pushed the economy into a downward spiral in 2007, Bain opened a new business group that provides turnaround services to distressed and severely underperforming companies. The well-timed unitnamed the Bain Corporate Renewal Groupfocuses specifically on the needs of owners and future owners of financially stressed midmarket businesses, and on turning around their companies to preserve value. For companies in trouble, Bain CRG has the capacity to assess a companys financial health, drive restructuring and turnaround, and serve in an advisory, chief restructuring officer or interim management capacity until the business is healthy again.
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THE LATEST ON BAIN

Emerging-market expansion
August 2009 Continuing its global expansion, Bain opened its newest office in Mumbai in August 2009. And its not the firms first in the region: Bains Dubai office opened in April 2007, following the opening of a New Delhi office in 2006, both of which have since built up a robust client base of conglomerates, equity firms and government institutions. Other recent expansion has seen new Bain signage appearing on office buildings in Kiev, Moscow, Helsinki, Oslo, Frankfurt and Buenos Aires.
Grim outlook
June 2009 The latest Bain CRG Default Outlook study addressed the unprecedented surge in U.S. corporate defaults expected in 2009 and continuing through 2010. While some may find relief in predictions that weve reached an apparent turning point in the recession, with most economic forecasts predicting an uptick in GDP, Bain CRG estimates that up to 200 companies will defaultrepresenting an unprecedented 11 to 13 percent of all speculative grade debt issuers. The numbers will look only slightly better in 2010, the firm says, estimating a 7 to 9 percent default rate. The firm pinpoints the traditional media industry as one of the most likely to see high default rates.
Working for mothers

June 2009 Bain was named to Working Mother magazines 100 Best Companies for Working Mothers. The publication cites the firms formal part-time options and generous maternity leave as reasons for its inclusion on the list. It also commends Bains human capital dashboard, which tracks and aims to prevent employee burnout.
Ranked in Rome
June 2009 In its annual honors, Consulting magazine named Bains Claudia DArpizio to its Top 25 Consultants list. DArpizio, a partner based out of Rome, was recognized for excellence in retail, following her support to the Italian luxury goods industry. In previous years, Consulting has included many other Bainies in its ranking, such as Charles Farkas in 2008, Russ Hagey in 2007 and Ashish Singh in 2006.
Luxe in flux
October 2008 Bain released a studypicked up by The Wall Street Journal and other international media outletsforecasting the first recession in six years in the luxury goods market, come 2009. Commissioned from Bain by Altagamma, an association of Italian luxury goods companies, the Luxury Goods Worldwide Market Study stated that growth in luxury goods sales would likely slow sharply to 3 percent, in comparison with 9 percent growth in 2006 and 6.5 percent in 2007. However, the report similarly anticipated a gradual recovery for the market over the long term, dependent on a surge in spending by wealthy individuals, stemming from emerging markets including Brazil, Russia, China and India.
GETTING HIRED
Incredibly competitive
Those who call themselves Bainies do so with a certain sense of pride: The recruitment process selects only the best of the best from the worlds top undergraduate, MBA, PhD, JD and MD programs, staffers say. The hiring process is incredibly competitive. Typically, there is less than one slot for every 100 resumes received, explains one source. Having said that, there are no strict cutoffs or specific work experiences required. If you do very well in the case-based interviews, you will be seriously considered. Those who make the cut are then asked to participate in two (but sometimes three, in certain offices) rounds of interviews, with a total of five to six case-based interviews. For consultant candidates who are completing their MBAs, there are typically two rounds of interviews, with two interviews in the first round and three in the second. For all interviews, candidates will face full-time Bain consulting managers and partners, most of whom play a significant role in recruiting.
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What to expect
Most of Bains interviews, insiders say, are based on real case examples from our experience. Respondents add that each interview lasts around 45 minutes, with the bulk of that time dedicated to a case study and the rest of the interview focused on going over the candidates resume. The firm stresses that a candidate can nail the resume portion, but not even be considered if they dont pass the case; only once the candidate passes the case will the interviewer assess his or her resume.
OUR SURVEY SAYS

Meet the Bainies
The motto among Bain employees, according to a Chicago consultant, is: A Bainie never lets another Bainie fail. That is to say, the firms extraordinarily supportive culture is heavily team-oriented, but with a relentless focus on delivering value to our clients, a partner explains. The firm celebrates pragmatism and results, [but] knows the importance of having fun, another executive-level insider notes. We have something very special here, reports a senior source. Every year, as I am exposed to more clients and organizations, I am a little more grateful for the Bain culture. Consultants enjoy a flat hierarchy where, despite the size of the company, it still has a small-company feel. An associate consultant from Boston relates one example of just how connected Bain consultants are: I snagged an extra pair of tickets to a Red Sox game last summer. Going with another consultant, we ended up sitting next to a private equity group partner, who was there with his kids. Wed hardly worked together, but the partner knew our names and bought each of us a beer; thats the type of place Bain is.
Soccer fan?
Also illustrative of Bain managements effort to promote an environment of collegiality is the very popular annual Bain World Cup, where the firm will fly 400 to 500 employees from around the world together for a soccer championship. This event is, quite possibly, the best event of the year, enthuses a source. It brings everyone in the [global] Bain system together for a weekend, and is a great way to reconnect with people you have met during training sessions, all in a fun environment. The 2009 Bain World Cup will be held in London. The Bain World Cup is just one of many morale-building events Bain management organizes, thanks to a social activities budget funded by a certain percentage of client revenue [that] is put aside for team events that may include a nice dinner or a day at an amusement park, explains a source in Los Angeles. There are also a number of team-level events to increase camaraderie among team members.
Gaining ground
Bains top-down community feel has also helped the firm cope with the industry-wide hardships that have come with the recent economic downturn, insiders note. Obviously, I would prefer an excellent economic climate to a poor one. That said, in this poor climate, there is no place I would rather be than Bain, notes a midlevel consultant in Chicago. I think our continued focus on getting results for our clients keeps morale high and limits unnecessary distraction due to events we cant control. In general, sources say Bain is well positioned to weather the worsening economy, especially in relation to its biggest competitors. A focus on results has helped the company continue to win share from McKinsey and BCG over the last several years, and the trend is accelerating during the downturn, a manager shares. A longtimer says he looks forward to winning more share of work, though it is unclear how much work there will be in 2009 and 2010. I dont think well shrink as a firm, but its unclear if things will grow at a significant rate. For the time being, we have a strong balance sheet and will continue to invest in the downturn, notes a manger. Add to that the fact that Bain has focused on maintaining a low cost structure, which leads a number of consultants to believe that were not going to be cutting jobs. And, despite a slowdown in many of the firms practice areas, the strength of the private equity practice remains an important differentiator, while our corporate renewal practice helping companies in decline is essentially counter-cyclical, insiders say.
Open and approachable

Bain staffers credit much of their firms success to upper management. That starts with keeping the lines of communication open from the top down: Bain has been great at communicating expectations for the future and being very open, notes an associate. A consultant adds that management truly invests in their people with constant communication about firm initiatives, standing, outlook and individualized professional development sessions and evaluations so you always know where you stand. There is even an online suggestion box that is truly monitored, and there are quick reactions to the little things that people complain about in the office, which goes a long way, an associate consultant reports. Generally, managers and partners are very accessible for those who are willing to make the connection. They work hard to make time for consultants to help with informal mentoring and coaching and general Bain knowledge, adds an entry-level source. Bain partners are very open and approachable on work content, client issues, development and coaching, or other career advice, adds a higher-up. In talking to friends, notes an
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associate consultant, Ive gathered that the attention my supervisors devote to my professional development is miles beyond what is typical for other firms/careers.
Tremendous exposure
Management is also committed to giving us as much face time with clients as possible, insiders say. Client exposure is tremendous Its rare to be on a case and not meet the primary decision-maker on the client side, whether thats the CEO or the partner at a private equity firm, a consultant points out. A manager agrees that his client access and impact have been amazing, adding, My team now is directly helping drive major strategic choices directly with the CEO. Thats what I came to consulting to do! A consultant with a similar experience relates that, in my almost three years at Bain, I have worked closely with more than 10 CEOs. As you advance in your consultant track, CEO interactions become more and more intense and impactful.
Busy but flexible

While consultants workload is largely travel- and case-dependent, with average workweeks of 50 to 65 hours per week, most say they are able to balance their work and home life. While it is a challenging job, there is always pressure to make sure team members feel like they can live a life outside of Bain, though they still end up spending a lot of their nonworking hours socializing with Bainees, notes a contact in Los Angeles. Sources add that the firm makes a significant effort to improve processes to minimize unnecessary work. When the hours begin to rack up, however, consultants feel their efforts are justified, notes a consultant in Atlanta: Its rare for me to work more than 60 hours a week and, on the occasions when it does happen, the reasons for itand benefits to the clientare clearly spelled out. Who spells those reasons out? Team leaders, who constantly monitor the temperature of all team members with frequent check-ins and updates. Consultants credit their ability to strike a fair work/life balance to the firms flexible approach to working arrangements. A partner explains that Bain is very flexible in allowing us to carve out time for important family activities and personal objectives, while a colleague adds, I can basically set my own schedule. So, if I need to come in late or leave early to spend time with my family, I can. There is a mentality of, Just get your work done and dont make anyone elses job harder than it needs to be, and you can do whatever makes the most sense for you and the firm.
Homenot a bad default plan

Like consultants workloads, travel schedules also vary considerably by assignment, respondents explain. However, our location default is the home office, not the client. We travel to the client as necessary. Sometimes that means three to four days per week, sometimes that means no travel, a consultant in Boston states. A co-worker adds that management has also made an effort to develop strong local relationships with a wide array of industries, which means that a nontravel case is just as likely to advance your professional development as a travel case. Most travel cases may require consultants to be on the road two to three days per week, insiders say. And, because of Bains regional model, the length of any flight to a client site is likely under two-and-a-half hours, which really cuts down the pain associated with travel. Our managers also proactively identify opportunities for reduced travel and notify us [of travel requirements] in advance. Overall, insiders say managements efforts to make travel more manageable means our consultants have a better lifestyle and, frankly, more productive hours in a week.
Benefits you cant complain about

Bain consultants are privy to a generous benefits package about which no one should complain, and which is terrific in the current business economy. In addition to excellent health benefits, the firm also offers a 401(k) contribution of 5 percent, no matter what for newer employees (and more for those with increasing tenure), and the ability to invest in private equity funds for managers and above. Bain also offers profit sharing to most of the consulting staff, which is a nice signal that the partners are willing to recognize that strong achievement is a team effort, an insider remarks. Other benefits include a two-month sabbatical, as well as transfer and/or externship opportunities, notes a staffer in Boston who had the opportunity to travel to Sydney for six months. And dont forget the Quaker oatmeal, fresh fruit and several types of fresh-brewed coffee every day, adds one insider, since its the little things that count.
Baby talk
Bain also offers generous maternity and paternity leavetwo weeks paid paternity leave and up to 12 weeks of paid maternity leave. In addition, new parents can avail themselves of part-time work options. A partner states, Dads have flexibility on when they take paternity leave; many take one week at the beginning and then one week later. There are also new mom quiet lounges for nursing and accommodations at training events for nursing moms.
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Merit moves you up

At Baina 100 percent meritocracyinsiders say there is a certain necessity for upward movement of consultants, while the firm is careful to steer clear of the up or out mentality. But the expectation, were told, is that associate consultants spend two years at level before moving up to senior associate consultant. After 12 months to two years at the senior associate consultant level; the next step up is the consultant level, assuming no grad school; then, after three to four years, manager. It then takes, on average, three to seven years to move up from manager to partner.
Train at home and away

Bains formal training programs are surely best practice in the industry, a consultant claims. Whether or not thats true, the firm emphasizes both formal and informal, on-the-job training for its entire consulting staff. The formal training program includes a global training meeting every 18 months held off site; past sessions have been held in Cape Cod and in Cancun. And between global training programs, there are in-office formal training sessions. Outside the classroom, Bain has also formalized a mentoring program as part of its focus on professional development, and expects its experienced staff to act as coaches to newer recruits. A consultant in Boston says, You are always training, based on Bains apprenticeship model. There is even an explicit budget to build mentoring relationships, notes a manager. Off the clock, the firm also offers reimbursement to pursue an MBA in business school programs.
What gender gap?

A number of female consultants say there are lots of successful women role models for younger staff to look up to at Bain. In fact, the two partners I work for are both women, a source reports. One has been at Bain for 20-plus years, the other for 10-plus. They both have children, have worked part time on and off for years, and are exceptional examples of how well a Bain career can fit with being a mother. An executive-level female consultant agrees, saying that the number of women at all levels of the firm is truly unique. A cohort in New York office adds that there are so many women it hardly feels like a diversity issue anymore. To ensure that this sense of equality continues and grows, Bain has a number of woman-focused programs, including a biannual global womens summit and robust local programs that are part mentoring, training, experience-sharing and social, reports a higher-up. Another points out that Bain has targeted recruitment and retention for women in the firm, especially post-MBA talent.
Join the club

When it comes to ethnic diversity, respondents say the firm makes a great effort, but that it could do a better job of driving more diversity. A contact adds, When you look at the on-the-ground result in terms of our manager and partner pool, theres definitely room for improvement. To bridge the diversity gap, the firm supports a number of formalized affinity interest groups, some of which were established more than 15 years ago. BABs (Blacks at Bain) and LATBA (Latinos at Bain) are committed to the recruitment, mentoring and professional development of blacks and Latinos. There is also a group to support GLBT employees called BGLAD (Bain Gay and Lesbian Association for Diversity), with a high number of partners directly involved, an associate consultant reports, adding that the BGLAD network and managements commitment to diversity really means a lot to me and significantly impacts the way I think about the firm.
Giving back
Bain consultants are big on charity work, collaborating with several local charities and contributing both spare time and full case teams. A number of associate consultants offer pro bono consulting hourswith oversight from the leadership teamvia Inspire, a collection of young consultants around the United States, who provide free advice to community organizations, usually with an education focus. Sources report that every year the firm runs a United Way campaign, which culminates in the infamous United Way Auction. Firmwide, staff are involved in a variety of volunteer efforts, including local school tutoring, food and clothing drives, volunteering with Big Brothers/Big Sisters and offering tax preparation assistance for the needy. The Chicago office supported the development of an inner-city charter school, in partnership with a community organization. That school was approved and will open in fall 2009, were told.
Green gains
When it comes to greening Bains operations, consultants say there has been a noticeable increase in momentum over the last 12 months, with the establishment of a green team that is in charge of local green initiatives, such as recycling and energy saving. So far, the green teams efforts have included phasing out bottled water, recycling a lot more, using recycled/compostable cups and utensils, and encouraging the use of mugs. There are also measures to reduce electricity consumption, such as light sensors, reduced A/C service on weekends, etc. A source in Chicago adds that his office is LEED-certified, while a colleague reports that Bain has a goal of being carbon-neutral in the next couple of years.
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PRESTIGE RANKING
BOOZ & COMPANY

RANKING RECAP
Practice Area #2 Energy Consulting #5 Operations Consulting #7 Business Advisory Consulting #9 Economic Consulting Quality of Life #9 (Tie) Interaction with Clients #12 Selectivity #20 Compensation
101 Park Avenue, 18th Floor New York, NY 10178 Phone: (212) 697-1900 Fax: (212) 551-6732 www.booz.com
LOCATIONS
59 offices around the world
PRACTICE AREAS
Enterprise Strategy Finance Information Technology Innovation Marketing & Sales Mergers & Restructuring Operations Organization, Change & Leadership Product & Service Innovation Security, Risk & Compliance
UPPERS
Career progression pace Generous compensation
DOWNERS
Recent layoffs Sink-or-swim mentality
THE STATS
Employer Type: Private Company Chairman: Joe Saddi CEO: Shumeet Banerji 2009 Employees: 3,300 2008 Employees: 3,300
EMPLOYMENT CONTACT
www.booz.com/global/home/join_us

Marquis name Identity crisis Friendly work style Dated
THE BUZZ
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THE SCOOP
From outsider to insider
Booz & Company is a global consulting firm that advises businesses, government ministries (outside the United States) and institutions around the world on issues of strategy, organization, operations, transformation and information technology. It holds expertise in a vast range of industries, including aerospace, automotive, chemicals, consumer, energy and utilities, financial services, health, industrials, media and entertainment, oil and gas, retail, transportation and others. The company, founded in 1914 by Edwin Booz, is one of the oldest consultancies in the world. In its original incarnation, as The Business Research Service, lone staffer Booz conducted studies and investigational services. The name Edwin G. Booz Surveys was adopted in 1924. Despite then carrying a title befitting his one-man operation, Booz brought in two new employees (George Fry and James Allen) in the 1920s, and the firms work began to draw attention from large clients like Goodyear, the Chicago Tribune, Montgomery Ward and the Canadian & Pacific Railroad. Since then, the list of engagements the firm has worked on is perhaps best described as variedit includes accomplishments that range from helping to organize the National Football League in the 1960s to advising on the breakup of AT&T in the 1980s, to restructuring Nissan Motors in the early 2000s. Along the way, the company has come up with some revolutionary ideas in the consulting field, and credits itself with inventing concepts such as human capital in the 1940s, product lifecycle in the 1950s, supply chain management in the 1980s, smart customization in the 1990s and, more recently, organizational DNA.
Down the middle

In May 2008, Booz Allen Hamilton announced that it was splitting its U.S. government business from its global commercial consulting business. In conjunction with the split, the firm sold a majority stake in the U.S. government business to The Carlyle Group for $2.54 billion. The commercial business became Booz & Company, a separate entity owned and run by its existing officers. The U.S. government business continues under the Booz Allen Hamilton name, in partnership with Carlyle. Heading up the new commercial consulting business is London-based CEO Shumeet Banerji, who had served as managing director of the firms European commercial business, and Chairman Joe Saddi, who is based in the Middle East and also stands as director of the new firms 16-member board of directors. Why split a successful company? Growing differences between the U.S. government and global commercial businesses had meant that the two groups were run differently and serviced vastly different types of clients. Moreover, after the September 11 attacks, the U.S. government units revenue surged well beyond those of the commercial unit. As a combined company, the firm generated over $4 billion in annual sales, with approximately one-third coming from the commercial side, even though two-thirds of the firms partners worked in that unit. Not that the split sees the two sides cutting all ties, however; at the time it was announced, Banerji said his newly independent company might partner with Booz Allen Hamilton when our combined expertise helps our clients succeed.
Hitting the books

Just as its founder did nearly 100 years ago, Booz continues to place a heavy emphasis on research. The firm regularly publishes reports, white papers and books, and even produces a quarterly magazine, strategy + business. It also puts out regular podcasted online talk shows on mergers and acquisitions.
THE LATEST ON BOOZ & COMPANY

Clearing the roadway
June 2009 In reporting on the restructuring efforts at General Motors, BusinessWeek reported that Booz consultant Jon Katzenbach had been hired by the auto company in May 2009 to assist with the effort. Katzenbach, who joined Booz after selling his firm to the company in April 2009, was specifically tasked with helping GMs middle managers take more risks and become more comfortable making decisions. According to the article, Katzenbach and his team of consultants sought out mavericks adept at getting ideas past a recalcitrant bureaucracya process he conducted by asking department heads to name five candidates each. The move by GM was part of an effort to remove a managerial bottleneck seen as responsible for stifling fresh ideas at the company.
Surveying CEO stability

May 2009 An article in the Financial Times detailed the findings of Booz & Companys ninth annual survey of CEO succession, Stability in the Storm, which found that in the face of the worst economic crisis since the Great Depression, CEOs in 2008 demonstrated surprising recession resistance. While CEO turnover rose slightly on a global basisfrom 13.8 percent in 2007 to 14.4 percent in 2008the survey revealed that turnover in 2008 actually
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declined in North America and Europe, the regions hit first and hardest by the recession. Boozs study of CEO succession patterns examined the degree, nature and geographic spread of leadership change among the worlds 2,500 largest publicly traded companies. The survey generated international coverage, which, in addition to the U.S., U.K., Middle East, Asia and European editions of the Financial Times, included articles in Les Echos, Handlesblatt and NRC Handelsblad, Valor Econmico, and on CNBC.
List-makers
May 2009
Booz was named to Fortunes 2009 list of most desirable MBA employerscoming in at No. 29 out of 100. The firm has something of a proud record with the MBA list: Prior to the split with Booz Allen Hamilton, it appeared in the top-25 for three consecutive years.
Good time for deal-making

April 2009 The company announced the acquisition of New York-based consulting firm Katzenbach Partners for an undisclosed fee. A specialist in organizational transformation, Katzenbach brought around 115 employees and approximately $45 million in revenue into the Booz fold, according to The Wall Street Journal. In relation to the global economy, the purchase can be seen both as an attempt to take advantage of the lower cost of acquisitions, as well as an attempt by Booz to strengthen its offerings to clients struggling to cope with the economy themselves.
Advice on a crisis
March 2009 A Booz & Company survey found that senior executives at many Fortune 500 companies are not taking advantage of all the options available to them for steering their firms through the recession. Finding that companies are often trying to apply traditional solutions to a very non-traditional recession, the survey also suggested alternative methodologies for keeping companies healthy through the downturn. Among the problems hindering executives, according to the survey, are an over-reliance on default plans, such as a focus on large-scale layoffs and cost cutting. While those plans were found to have an effect, the survey also noted that the most cost-competitive firms are twice as likely to adjust compensation levels than less cost competitive companies. In addition to reducing salary and bonus outlays, meanwhile, the survey also recommended making bigger, faster cuts to maximize savings, and to focus on revenue enhancementsomething often forgotten when firms have cost cutting on the brain.
Entering India
February 2009 Booz opened offices in Mumbai and Delhi, establishing a presence in India for the first time since 2001, and offering its full range of consulting services to clients in the region. According to the firm, it is seeking to take advantage of one of the worlds most vibrant economiesone that continues to escalate despite the global economic slowdown. The India business will be managed jointly by Suvojoy Sengupta and Jai Sinha. The move into India is consistent with CEO Banerjis stated intention to move into emerging markets, and is something the firm is seeking to expand upon rapidly; almost as soon as it arrived in the country, Booz began recruiting at some of Indias top universities, and has aggressive plans to grow in the country over the next three years.
The distracted academic

November 2008 Addressing students at the Wharton School, Banerji described his career as a series of accidentslarge, potentially risky, highly entrepreneurial moves. Banerji, who can now lay claim to being one of the most famous management consultants in the world, began his career as a business professor at the University of Chicago, where he spent six years. He left teaching, he said, because he didnt have the talent for it. Indeed, he told Indias Economic Times in August 2008 that I was a distracted academic. Leaving academia, Banerji joined Booz Allen Hamiltons Chicago office in 1992, and later became managing director of its European business before his appointment as CEO of Booz & Company in 2008. He was named one of Consulting magazines Top 25 Consultants of 2008.
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R&D matters
October 2008 A Booz & Company study found that corporate spenders invested nearly half a trillion dollars on research and development in 200710 percent more than in 2006. The study also found that U.S. companies spend more on R&D abroad than at home, while 40 percent of all R&D dollars spent in the United States is invested by companies headquartered outside the U.S. Indian and Chinese companies investment in R&D grew by 22 percent in 2007, versus the average international compound annual growth rate of just 5.6 percent.
Straight out of Hahvahd

September 2008 The firm hired Tom Stewart to oversee the production of its research materialsor intellectual capital, as the company calls it. Stewart, the former editor and managing director of the Harvard Business Review, reports to Banerji in his role as as chief marketing and knowledge officer.
The split
May 2008 Booz Allen Hamilton was split down the middle, forming two separate companiesthe U.S. government side of the business (now majority-owned by The Carlyle Group) kept the Booz Allen Hamilton name, while the commercial side became Booz & Company.
GETTING HIRED
How much for the dinosaur?
Whether you are fresh out of undergrad or an experienced hire, the hiring process at Booz & Company typically involves multiple interview rounds to test candidates capabilities and to see how well their personalities mesh with the firm. For associates (who usually join the firm upon receiving their MBA), insiders report, the recruiting process involves two rounds of interviews that include case studies, a math test and an essay-writing test. Case questions run the gamut, from examples like, How would you go about making a go or no-go decision on producing a new product? to, Size the cost of nationalizing our health care system, and How would you establish a global sourcing process for stamped copper parts? An associate throws out this example: Can you determine the valuation of a dinosaur? Now thats thinking outside the box!
Booz-lite
The firms summer internship program is a surefire way to get a taste of what life is like as a Booz consultant. Interns are treated just like you are full time, says one midlevel insider. There are summer associate events and get-togethers, but you truly get a feel for what the consulting lifestyle is like. One former intern says the internship was a great experience, while another, now a senior partner, says the internship offered the opportunity to hold the same responsibilities as a new full-time associate hire. The summer enabled me to work on a client engagement from beginning to end, and experience the fun and the challenges of a consulting career. At the end of the summer, I received an offer with sponsorship for my second year of the MBA.
OUR SURVEY SAYS

Take the challenge
Booz insiders describe their firm as success-driven and competitive but collegial. Consultants are certainly under pressure to perform, staffers say. Every assignment is a challenge, and you are always outside of your comfort zone, says one new recruit. That can take a thick skin, but for such a development-oriented firm, there is a lot to learn, adds a colleague, as every feedback, assignment or task is geared toward pushing us forward and upward. For those up to that kind of challenge, there is payback in the form of outstanding access to client leaders. Says one midlevel consultant, My previous three clients have been CEOs of Fortune 100 companies.
Making work work

Booz insiders are realistic about the consulting lifestyle, which at their firm means that long hours and travel every week are expected. But, weekends and vacation time are there to decompress and establish some balance, explains a senior associate. Of course, says a Chicago staffer, there are exceptions around critical client deadlines, but otherwise, one can draw boundaries if one sticks to them. An associate notes that when
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consultants are not traveling, the workday is very flexible; you can arrive late and get some exercise in the morning. Another staffer claims it also helps if you align yourself to partners who are pragmatic and involved with the client, [since] it is much easier to set priorities and ultimately work less. Typically, Booz consultants travel Monday through Thursday, reserving weekends for home time. The Booz model is geared toward heavy travel, says one McLean insider. We are very hands-on with clients, which is good, [but] the downside is that this requires significant travel. Respondents acknowledge that this can be tough, noting that it takes time to adjust to being away from home so often, but there truly is no way to deliver the results we do unless closely engaged with the client. A consultant also says that Boozs regional staffing model means that the firm will staff jobs based on capability within the region, instead of purely focusing on [who is available at] the home office. This means that you are often staffed on jobs on the other side of the country. The plus side to such a hectic travel schedule? There is usually good [travel] flexibility if the seniors and team are open to it, which seems to happen more often than not, notes a source in McLean.
A few more pluses

Besides having understanding managers and team members to see Booz consultants through their crunch times, staffers report that other benefits include healthy health coverage, retirement plan contributions, discounted car and home insurance, and very generous vacation, with five to six weeks paid time off per year. Booz also offers a sabbatical program that allows employees to take off one to 12 months with guaranteed employment upon return. And for those looking to bone up on their business skills, Booz also offers an MBA sponsorship program.
(Temporary) Booz blues

The recent economic downturn has left not a few consulting companies worried about their business, and Booz & Company is no exception. To stay in the black, insiders say the firm has had to reduce its workforce and has instituted mandatory unpaid vacation of up to 10 business days. Road warriors also say that Booz has reduced business-related travel, and there are tighter rules around travel practices. But, says one manager, such measures are only temporary and are meant to manage short-term costs. Longer term, insiders are optimistic about the firms business outlook. Prospects were pretty grim for a while, but prospects are looking up, explains a principal. Why? All those companies in disarray after dramatic layoffs, restructurings, and mergers and acquisitions will need help cleaning house, staffers say. We are well positioned to capture some significant operational restructuring jobs, says a respondent. In the meantime, were actively managing costs and capacity, and creating a flexible workforce that we can leverage when the economy improves, notes a San Francisco staffer. Booz also has strong positioning in several resilient sectors and regions, good bench strength and great client relationships, adds a source in Houston.
Staying the course

Those who hold onto their jobs will find a fairly clear career track, insiders say. The standard [promotion] period is two to three years tenure at each level, explains a consultant, but there are accelerated promotions based on performance and business prospects. Higher positions such as principal and partner take longer, a New York Booz insider adds. Those consistently falling short of the mark will quickly find that Boozs promotion policy is up-or-out. New hires, however, are lent a helping hand to help them make it to the next level, sources say, most often through informal mentoring, which is taken very seriously and valued. There are also training sessions held once a quarter, plus on-the-job training.
Making room for mommy

While the majority of Booz staffers recognize the firms efforts to support gender equity and cultural diversity in the workplace, they agree that there is room for improvement. For one, a male consultant says, it would be good to see more women partners, while another male source adds, We have a shocking lack of diversity with regard to women who remain with the firm long term. The firm does not provide the necessary support for people in consulting positions to come back to the firm post-pregnancy. A principal concurs, adding that the firm does a great job of bringing in women at entry level, but [there is] not enough flexibility to balance starting a family with a long-term career. Respondents also praise Booz for its multiculturalism50 percent of the Houston office is minority or international, says one insiderbut there are relatively few African-Americans, admits another.
Bonus points with pro bono

Booz may be tightening its belt because of tough economic times, but cost cuts have not included its community service activities, which include pro bono consulting projects. According to one insider, the Dallas office offers pro bono consulting services to the Boys and Girls Club of America, while a cohort in New York says that office leads small pro bono consulting engagements with small businesses in Harlem to improve their sustainability and growth as Harlem grows around them. Throughout the year, Booz offices also organize events and support local organizations by tutoring students, organizing clothing, toy and blood drives, and painting schools, were told.
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PRESTIGE RANKING
DELOITTE CONSULTING LLP

RANKING RECAP
Practice Area #2 Financial Consulting #2 Operations Consulting #4 Business Advisory Consulting #5 Pharmaceutical & Health Care Consulting #6 Energy Consulting #6 Human Resources Consulting #8 Economic Consulting Quality of Life #5 Relationships with Supervisors #7 Green Initiatives #8 Formal Training #9 Firm Culture #14 Overall Satisfaction #15 Interaction with Clients Diversity #8 Best Firms for Diversity #8 Diversity for Minorities #9 Diversity for Women #16 Diversity for GLBT
1633 Broadway New York, NY 10019 Phone: (212) 492-4000 Fax: (212) 492-4743 www.deloitte.com
LOCATIONS
New York, NY (HQ) Over 50 offices in the United States
PRACTICE AREAS
Human Capital Strategy & Operations Technology
THE STATS
Employer Type: Subsidiary of Deloitte LLP, the US member firm of Deloitte Touche Tohmatsu (DTT) Deloitte LLP Chairman & CEO: Barry Salzberg Deloitte Consulting LLP Chairman & CEO: Doug Lattner 2008 Employees: 44,375 (Deloitte LLP) 2007 Employees: 40,998 (Deloitte LLP) 2008 Revenue: $10.98 billion (Deloitte LLP); $3.51 billion (Deloitte Consulting LLP) 2007 Revenue: $9.85 billion (Deloitte LLP); $2.96 billion (Deloitte Consulting LLP)
UPPERS
The job is very dynamic, we rarely do the same thing every day Access to all levels of the firm Flexibility with your own career Commitment to people development
DOWNERS
Customized for: Max (mgumport11@amherst.edu) No bonus for most junior staff Big and bureaucratic The paperwork Promotion policy needs to be more robust to retain the best employees

Best of the bigs Worst travel schedule Wide range of clients Bloated
THE BUZZ
EMPLOYMENT CONTACT
careers.deloitte.com
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Deloitte Consulting LLP
THE SCOOP
Do it with Deloitte
Deloitte Consulting LLP, based in New York, is one of the worlds largest consulting firms. It operates in three primary areasstrategy and operations, human capital and technologyand serves clients in a number of industries, including consumer products and retail, energy, financial services, life sciences and health care, process and industrial products, technology, media and telecommunications, as well as the public sector.
Under the DTT umbrella

In the United States, Deloitte LLP is the member firm of the 165,000-person-strong Deloitte Touche Tohmatsu (DTT) organization, which includes a worldwide network of audit, consulting, financial advisory, risk management and tax services. Each member of the DTT network provides its services independently as distinct legal entities, but reports to the head honchos over at DTT. The parent organization itself does not provide services to clients and is not liable for anything any of its units do, whether bad or good. Not only does this structure help the mother ship dodge any stray bullets, it also helps its worldwide network firms adapt more easily to local laws and regulations. DTTs American operation, Deloitte LLP, does not provide services, either. It oversees the operations of its subsidiaries, including Deloitte Consulting LLP, Deloitte & Touche LLP, Deloitte Financial Advisory Services LLP and Deloitte Tax LLP. Each Deloitte subsidiary is separately capitalized, has its own chairman, CEO and board of directors, and provides distinct services.
Many functions, one identity

Deloitte Consultings strategy and operations practice, with a double-digit share of the global market, consistently ranks in the top-10 firms in the industry. The practice works with senior executives to help them in their efforts to solve their toughest and most complex problems from strategy to execution. Deloitte focuses on executable strategy services, which it defines as insights that help our clients produce results. Services offered support such activities as corporate strategy, marketing and sales strategy, mergers and acquisitions, and innovation; manufacturing operations including supply chain; sector-specific service operations; infrastructure operations including outsourcing advisory and shared services; and financial management. The organization is also well known for its human capital practice, the second-largest human resources consulting group in the world, with access to more than 10,300 consultants operating out of 55 offices around the globe. The practice specializes in integrating talent issues with business strategy, with the aim of helping clients enhance their performance, productivity and profitability. Key services in this area include HR transformation, organization change and talent strategy, workforce and safety analytics, employment services for multinational organizations, actuarial and risk, and total rewards, including benefits such as health care, retirement and compensation. The firms technology practice is regarded as one of the most developed tech consultancies in the world, delivering a holistic portfolio of support to clients, ranging from advisory services through to implementation and operations assistance. The practice aims to align clients technology with the core of their business strategy to deliver measurable results. Key services support such activities as technology strategy and innovation, information management, enterprise architecture, technology enabled business transformation, and technology integration and optimization.
View from the top

Being CEO of Deloitte is, in some ways, like being president, in that both jobs come with a term limit. In Deloittes case, that limit is four years, after which time an election for a new manager takes placea process that doesnt preclude the incumbent from serving an additional term. The current occupant of the CEO seat is Barry Salzberg, who was elected to the post in July 2007 after 30 years of service to the firm. That same year, Sharon Allenthe first female chair of a major professional services organizationwas re-elected as chairman for a second four-year term. Heading up Deloitte Consulting is Doug Lattner, a position he has held since 2003. Having been among the Deloitte ranks since 1975, Lattner is widely recognized as the driving force behind the consulting arms success in the years since the other members of the Big Four elected to rid themselves of their own consulting units over conflict of interest concerns (although they have srebuilt them over the past few years).
Schizophrenic but successful

As part of the Leadership Lecture series at the Wharton School of the University of Pennsylvania, CEO Lattner told business students that Deloitte is a schizophrenic firm. How so? Apparently because we like to compete in all major areas of consulting, with McKinsey and BCG in strategy, Hewitt and the likes in human capital and Indian firms like Wipro, Tata and Infosys in technology. Lattner also stated, Were not going to out-Accenture Accenture, were not going to out-IBM IBM, and were not going to out-McKinsey McKinsey. Were going to be very good at what we do. He later elaborated that what we do is to offer clients superior consulting services combined with an unrivalled range of advisory services including risk management, valuation, tax expertise and much more. Schizophrenic perhaps, but ambitious.
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THE LATEST ON DELOITTE CONSULTING LLP

1,000 and counting
June 2009 Deloitte LLP reached a milestone, hitting the 1,000 mark for U.S. women partners, principals and directors. This achievement highlights the firms commitment to hiring and retaining female talent through its Initiative for the Retention and Advancement of Women (WIN). WIN, established in 1983, was the first official program for women created in the Big Four, and helps to improve the firms pipeline of female leaders by utilizing a variety of training, mentoring, coaching and succession-planning programs. Deloitte is now the first and only major professional services firm to have a female chairman, Sharon Allen, and its board of directors is 29 percent female.
Bold ideas
April 2009 Deloitte Consultings Michael Raynor and Mumtaz Ahmed provided an overview of their latest research project, called the Persistence Project, in a Harvard Business Review article, entitled Are great companies just lucky? The Persistence Project is an effort to challenge the ideas behind popular management research by using statistical research to identify companies that are truly remarkable, not just lucky.
Bearing ahead
March 2009 Deloitte LLP announced that it had acquired a component of the U.S. operations of troubled rival BearingPoint for $350 million, bringing more than 4,200 BearingPointers into the Deloitte fold. The major prize in the deal was BearingPoints federal government unitthe only real asset the firm had in the U.S. prior to its bankruptcy filing in February 2009.
Helping others bring home the gold

March 2009 Deloitte LLP announced that it would sponsor the U.S. Olympic Committee, the 2010 and 2012 U.S. Olympic and Paralympic Teams, as well as the 2011 U.S. Pan American Team and the 2010 U.S. Team for the Youth Olympic Games. As the official professional services sponsor of audit, tax, consulting and financial advisory services, the organizations subsidiaries will contribute to the Games by offering a variety of in-kind professional services to the USOC.
Marshalling the troops

February 2009 One of Deloittes key investments, and a major focus of late, is to bring in leadersfrom business, academia, industry, government and the armed servicesinto its practices. Internally referred to as game changers, these individuals work alongside client teams on the frontlines, bringing in valuable insight from their respective fields. Most recently, in February 2009, the firm brought on former NATO and defense department figure Marshall Billingslea. Other recent pickups include Innovation Exchange board members John Hagel III and John Seely Brown, health and medical care expert Paul H. Keckley PhD, former American Bankers Association President Donald Ogilvie, General Harry D. Raduege Jr., former lead regulator for the Federal Reserve Richard Spillenkothen and two top figures from the Bush administrationformer Secretary of Homeland Security Tom Ridge and former Health and Human Services Secretary Tommy Thompson.
Going green without costing the earth

January 2009 Deloitte released a white paper focused on the growing trend of companies moving toward sustainability. In looking at the issue, Deloitte consultants considered the many pitfalls that await companies on their path to implementing successful sustainable practices if the task is not approached in a clear and focused manner. Among the nine pitfalls identified were items such as pursuing without prioritiesa reference to companies that either try to tackle too many areas all at once, or who focus on one big area (such as water consumption) without having the resources to make much of an impact. To avoid such issues, the firm recommends building a strong foundation that takes account of strategic intent, operational strategy, governance and infrastructure, and operational integration. Sounds complicated and like it may take a team of outside specialists to implement? Dont worry Deloitte may be able to help!
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Government recommendations
January 2009 Deloitte released a report with suggestions on how the government could save some $530 billion through health care reform over the coming decade. In reaching its conclusions, Deloitte LLPs Center for Health Care Solutions polled over 4,000 Americans on what they want from a health care system, and also produced a report analyzing the cost structure and quality of care within the U.S. system. Unsurprisingly, the reports found that a majority of people are dissatisfied with their health care provisions. Perhaps more relevant was Deloittes presentation of a health care reform pyramid, which identified four key layers for improving the service while cutting costs: IT (including e-prescribing and reduction in admin costs); comparative effectiveness/evidence-based medicine; coordination of care; and consumerism, a category that includes such concerns as providing incentives for consumers to stay healthy.
Giving back to the community

December 2008 Deloitte LLP announced that it would contribute $50 million in pro bono work for nonprofits across the country, and created the internal infrastructure to support the personnel doing the work. One example this commitment is the organizations work with the Tech Museum of Innovation to create a renewable energy exhibit. Based in San Jose, Calif., the nonprofit museum offers technology and science exhibits. Deloitte is assisting the museum in developing a new display featuring renewable energy technologies, and has assigned to the project a team of pro bono consultants specializing in clean technology, alternative energy and sustainability.
Not exactly rocket science

October 2008 A Deloitte Consulting survey showed that incentive plans at many companies will be hurt by the worsening global economic situation. That will leave many employers looking for new ways to make their employees feel valued and motivated. The survey included 151 U.S. companies, 59 percent of whom reported that they expected their annual incentive plans to pay out below target in 2009. Eleven percent said they believed there would be no payout at all, and one-third claimed they plan to create a stand-alone incentives program for the executive and employee groups these companies are most concerned about keeping. In lieu of incentive plan payouts and to cut costs, 59 percent of companies surveyed are considering implementing or expanding flexible work schedules, telecommuting (46 percent), compressed workweeks (34 percent), part-time work (26 percent) and/or subsidies to help defray commuting costs (10 percent).
Investing in employees
June 2008 Deloitte LLP announced a $300 million investment to build an employee learning and leadership development center in the Dallas-Fort Worth area. Scheduled to open in 2011, the 750,000-square-foot campus will boast 800 guest rooms upon its completion, along with conference spaces and classrooms for hosting events with recognized industry leaders and academics. And, despite the fitness center on campus, its not just for Deloitte LLP bigwigs to go on retreatthe center is expected to serve as a training destination for everyone from the newest recruits to the upper echelons of management. In fact, according to Deloitte LLP CEO Salzberg, the new campus is of critical importance to the future of the firm: We expect this facility to become the heart of our organization. The place where we meet, learn and develop our next generation of leaders.
A very good year

2008-2009 Deloitte LLP representatives spent much of 2008 attending awards ceremonies, with the notable theme of a consistent performance in picking up awards for being a good employer. In 2008 alone, Deloitte LLP was named to Fortunes list of the 100 Best Companies to Work For for the 10th time since 1998, Fortunes Top 10 Most Desirable MBA Employers as well as BusinessWeeks Best Places to Launch a Career. Other awards included Deloitte LLPs 15th straight appearance on Working Mother magazines annual 100 Best Companies list, and the sixth straight mention on the same publications list of Best Companies for Multicultural Women. Rounding out its impressive haul for the year, the firm appeared on DiversityIncs list of Top 50 Companies for Diversity. Deloitte Consulting also received the inaugural Consulting magazine Achievement Award for Excellent in Diversity in 2008.
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GETTING HIRED
Increasingly competitive
The hiring process at Deloitte has become increasingly competitive, especially in the strategy and operations practice, insiders say. External acknowledgement and the fact that the business has grown faster than its competitors in the marketplace have positioned the firm as a primary recruiter at top campuses in the U.S., a manager reports. Being consistently selected as one of the best companies to start your career and other external acknowledgement has helped Deloitte to be a desired place to be and to be very selective in attracting talent.
Undergrad, MBA or experienced?

Deloittes hiring process differs depending on a candidates educational and professional background. For undergraduate hires, there are typically two rounds of interviews, staffers report, with the first consisting mainly of behavioral interviews. The second round is more focused on case studies, with a series of 45-minute interviews. Insiders note that candidates are often required to include their SAT scores on applications, and there is a strict GPA cutoff at 3.5, which is upheld with few rare exceptions. For those who make the grade, were told the firm is extremely fast with its hiring decision making; there is no feet-dragging. Undergraduates in their third year should also note that Deloitte offers a summer internship program, with a similar interview process, and depending on performance, interns may receive offers at the end of the summer. The recruitment process is slightly more in depth and time-intensive for candidates completing or holding an MBA or another masters degree. For those still completing their studies, Deloitte recruits from a set list of top-20 business schools. The process typically starts with an information session at MBA schools to introduce students to Deloitte. Resumes are dropped and screened very carefully by Deloitte practitioners. Students are then invited to interview with typical first-round interviews, behavioral in nature, and students are told within a daysometimes within a few hourswhether or not they made it to the next round, a well-informed insider explains. Virtually all first-round interviews include an interview with at least one partner or director. The next round is usually a two-on-one case interview. MBA candidates are also expected to provide their GMAT scores and their GPA. Of note, a consultant adds, Deloitte often hosts a case competition for business school students as a chance to get noticed by our practitioners before recruiting is formally underway. More senior, experienced hires may have a different process, and it may vary depending on where they are coming from, how they were identified and which specialties they bring.
OUR SURVEY SAYS

Welcome to D-Street
Even though Deloitte LLP may be a large company, staffers say people make the effort to maintain connectionsreal and virtual. Case in point: The organization recently launched a Facebook-like web tool called D-Street, where colleagues can friend each other, learn more about each other, and check out each others blogs. In the real world, insiders note that Deloittes collaborative, nonhierarchical and community-focused corporate culture is one of its strongest points: We preach this during our recruiting sessions, and this is one area where I think the firm really shines, a staffer from Los Angeles explains. A McLean source adds that the lack of hyper-competition and elitism is one of the best things about the firm. Having such a collegial environment to work in also allows consultants to try on different hats to expand their skill sets. There are seemingly unlimited opportunities to advance and take on stretch roles in client service, an insider reports, adding that for those who make an extra effort, there is outstanding responsiveness of partners and firm leadership to the needs and wants of business analysts.
Taking initiative
When it comes to Deloittes corporate culture, staffers note that, because the firm encourages them to take a stake in how it operates and treats its employees, everyone feels as though they can drive change not only for the clients, but also for Deloitte. For example, a group of analysts just launched an externship program that will affect the entire firm, a consultant says. This program allows participants to leave Deloitte for three to six months to pursue interests outside the office, such as working for a nonprofit. Of the first externships offered this year, many included international service opportunities, an insider reports.
Customization makes for better balance?

Life for these consultants is busy. In general, management consulting is a high-burn profession, and many people struggle with work/life balance, an associate reports. Besides working on deadline-driven client projects, an insider adds that there is also a significant emphasis on nonclient
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contributions, such as leading recruiting efforts, delivering trainings, etc., which can make it tough to manage professional and personal responsibilities. The good news is that firm management appears to be trying to make it easier for its professionals to lead full lives outside of work. Deloitte has a new approach to work/life balance, which has now been rolled out across the strategy practice, referred to as mass career customization, an engagement manager explains. The idea is that career trajectories are not linear, but are dynamic depending on the stages of life. There are times to go full throttle and times to throttle back. The firm is trying to accommodate all career stages. This is just over a year old, and so the results are yet to be seen, but at least management is open-minded.
No procrastinators, please
While staffers wait for the results of the mass career customization effort to come in, Deloitte veterans advise them to proactively and personally seek out ways to make the workload more manageable. One source who has been with the firm more than five years says, If you want a better balance, you can easily achieve it by setting reasonable boundaries and managing your time effectively. A respondent in New York adds that some projects are high burn, some are not, and there is a lot of self-selection for projects and burn rate. So, a work/life balance is up to you. Ultimately, says another, Deloitte is about getting your work done. Whether this requires you to work all weekend or, conversely, take a Friday afternoon off, practitioners have the flexibility to manage their own schedules with a great deal of autonomy. I really like this. For those burning the midnight oil and performing under pressure, there is often immediateand monetaryrecognition for their efforts. The firm allows team leaders to award two types of on-the-spot payments in the form of certificates of up to $500 and cash payments of up to $1,000 to reward high performance on a project. These have been great over the past two years, both as a nice surprise or a great way to pay for a weekend away with family, a manager states.
Travel challenges
Travel is critical to developing effective client relationships for Deloittes strategy consultants, which can be difficult at times, to say the least. Typically, the firm subscribes to a three-four-five model, with three nights at the client [site], four days with the client and five days working each week. Traveling to the client site every week is a clear expectation, an insider adds. This schedule can be especially challenging, staffers note, despite the fact that Deloitte has done a great job establishing stringent rules for three-four-five travel. Travel requirements, however, are not uniform across the board. Some people dont travel at all, some people travel 50 percent [of their time] and some people always travel. For those in the two latter categories, there are more and more cases where clients dont want or need us on site, and where we work out of the office, a manager comments. A colleague says he has taken advantage of this trend to make more use of our new videoconferencing facilities which take a bit of getting used to for practitioners and clients, but are ultimately very well received and encouraged by my clients who appreciate the lower travel expenses. The firm comments that it also has many in-town clients and works with consultants to balance local and out-of-town assignments. For those still packing a suitcase each week, there are some added benefits. Deloitte offers an alternative travel program, which allows staffers to fly to any city if the ticket price is of equal or lesser value than flying the consultant from the client site home, or flying someone out to see you. Staffers can also keep hotel and airline points for all business travel, and there is a nice expense budget when traveling for a fancy snack or two.
Deloitte dollars
Insiders are fairly happy with their competitive pay and great health benefits, which includes coverage of annual exams that are 100 percent paid for with no co-pay, were told. The firm also offers long-term disability insurance, a pension plan and a 6 percent 401(k) matching program. A health and fitness subsidy of up to $500 can be used for equipment or health services or classes, and is a great motivator to stay mentally and physically healthy. Every analyst is also outfitted with a new laptop and a PDA, and the firm offers a graduate school tuition assistance program: If accepted into a program, a source explains, the firm will pay for your MBA upon your return to the firm.
The good news for expecting moms and dads? Deloitte just extended our parental leave from two weeks to eight weeks for mothers, and two weeks to three weeks for secondary caregivers, a source notes, and thats in addition to the standard maternity leave. For women who have returned to work after having a baby, the firm also offers wellness rooms for nursing mothers, and it actively tries to help new mothers limit their travel upon their return from leave. It also provides emergency backup day care. New mothers with separation anxiety, a source adds, have been known to travel with their children to the project location, as they preferred that over being separated during the week. The firm notes that adoptive parents are also eligible for many of these perks. Less tangible but still helpful, new parents receive support from the Deloitte Parents Network, which provides a forum for discussion, support and resources, such as a backup caregiver locator resource, newsletters and quarterly web discussions of topics selected by network members.
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Prove yourself
Promotions at Deloitte must be earned and readiness demonstrated, sources say. While there is no single promotion policy applicable to all levels of staff, what is common to all levels is that promotion is tough and not guaranteed. That said, there is an intense focus on making sure that those who are suited to consulting are fully supported, an insider adds. Generally, were told, promotions are granted every two to three years at lower levels, and three to five years at higher levels. For MBA hires, there is a grow-or-go policy, and they must earn their first promotion within two years. This policy is more of a soft up-and-out, but is being enforced much more rigorously this year, adds a case team leader.
Training at all levels

Training has become a critical requirement and element for career advancement within Deloitte Consulting, a manager reports, with every consultant required to have 40 hours of training each year. The organization explains that there is an onboarding program that helps to accelerate a new hires readiness to join an engagement team, and at each career level, there is a milestone program that helps practitioners develop the consulting capabilities required to be successful at their level. Were told that technical training options range from introductory- to advanced-level courses, covering pretty much every aspect of the business, provided through a variety of mediums, from classroom to remote learning formats, a Los Angeles source relates. Courses are tailored according to industry, service line and level in the organization, from analyst through partner, a manager explains, adding that each practitioner has a formal personal training plan, in addition to informal, on-the-job training and brown-bags. Ultimately, these programs allow you to become fully certified in an industry or service offering, says an associate. Outside the classroom, insiders say the firm also places a big emphasis on on-the-job learning through mentoring and involving junior staff in client meetings. Deloitte offers an abundance of client-facing opportunities, but its up to the individual to take advantage of these opportunities. Business analysts arent just expected to sit in the team room and crunch numbers, an entry-level source adds. Many are assigned key client relationships on their first projects. Even on my first project, I presented one of my deliverables directly to the lead client. A midlevel consultant relates a similar experience: Since my first experiences at the firm, the managers and partners with whom Ive worked have made a concerted effort to have me involved in conversations with senior clients so that I could learn how to manage conversations and get a sense of their expectations.
Strong on diversity
When it comes to diversity, a manager reminds us that Deloitte LLP has been among DiversityIncs top-50 companies for diversity and recognized as a top-10 company for Asian Americans, GLBT employees and for people with disabilities. Diversity, an insider notes, is a real strength of the Deloitte organization. For both minority and GLBT employees, a number of business resource groups have been organized at the office level, which offer networking events and provide support networks. The firm explains that there are more than 100 local chapters across the U.S., and approximately 15 percent of the total Deloitte population is actively affiliated with one or more of these groups. Some groups include Ability First, Armed Forces, Asian-American Alliance, Black Employee Network, International Network, Gay, Lesbian, Bisexual, Transgender, Deloitte Parents Network and the Hispanic/Latino(a) Employee Network.
Women WIN
Deloitte LLP is also supportive of its female employees, with a strong Womens Initiative (WIN) that promotes mentorship and flexible growth opportunities for women in the workplace. As part of WIN, the firm has set up a number of committees and programs to support women professionals at Deloitte, including WIMAC (Womens Initiative Manager Action Committee) and WISMAC (Womens Initiative Senior Manager Advisory Committee). WIN also organizes the Ellen P. Gabriel Fellows Program for leadership development, and Leading Edge, a leadership development program for women partners, principals and directors. In addition, the firm sponsors small-group workshops, like the Carol Hyatt Workshops and WF360 Inner Circle breakfasts, which provide opportunities for professional women to meet, network and develop their professional skills. A consultant in San Francisco adds that Deloitte LLP also sponsors workforce conferences such as Working Mother magazines annual Work Life Congress, Fortunes summit on the 50 most powerful women and the Simmons Leadership Conference. Despite these efforts, a number of sources say that bridging the gender equity gap is an area where we need to improve, since the job is tough, given that travel is a job requirement in the end. Despite flexible programs, many talented women leave based on their desire not to travel, a senior manager remarks.
Make an IMPACT
Deloitte LLP makes a firmwide commitment to community service, so much so that it was recently awarded a presidential honor for its contribution to U.S. communities, sources report. One of its most public efforts is the annual IMPACT Day, arguably the largest company-driven initiative to give a day back to the local community, a source claims. For one full working day each year, the organization encourages every employee to participate in community initiatives, ranging from leading seminars on business issues for nonprofit executive directors, mentoring high school students on the importance of college, helping out a food bank manage supply chain issues, to building playgrounds or cleaning up parks.
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Deloittes commitment to community work extends beyond that one day, and frequently undertakes pro bono projects. Any practitioner can apply for a pro bono project, and, once approved, projects are set up and staffed like any other client engagement, sources report. A manager adds that the organization of this initiative is now nationally driven, which means there are some heavyweight partners backing it.
Greening the Dot

Also of the altruistic vein: Deloitte LLPs recent green campaign, which has included duplex printing, mugs, biodegradable kitchen supplies and motion-sensing lights. The firms green team conducts regular global carbon footprint surveys, which help us monitor our personal carbon footprint. It also helps staffers to go green in their own homes, setting up corporate arrangements and employee programs with solar-power installation providers. To keep everyone up to date, Deloitte LLP publishes a Greening the Dot newsletter each quarter, which shares practitioners stories of how to stay green in the office, at client sites and during their travels. In addition, the firm recently launched an enterprise sustainability blog to share green ideas within the organization.
Tightening belts and looking to grow

When it comes to the recent financial crisis, overall staffers are confident about Deloittes ability to withstand the recessions money pinch. The firm learned a lot from the economic downturn in 2001, and is handling this economic downturn much better, an insider reports. A Chicago staffer adds that parts of our business are down, others are up, but morale is still high and we are taking the right actions to manage the economic downturn. In the end, we are definitely still tightening our belts, but I think we will be fine, forecasts an associate, who adds that on-campus recruiting is continuing, and any offers that are given will not be revoked. And morale remains high despite cost-cutting measures, staffers add, since the firm has been very good at keeping open communication about economic effects on the firm. Deloittes resilience, insiders presume, is due to its diverse portfolio, [which] has allowed for modest growth despite current economic conditions, a manager explains, adding, We have been able to maintain pricing despite lower rates being reported from the competition. A co-worker adds that Deloitte has a very strong presence in a number of areas in which there is great need or interesthealth care reform, enterprise cost reduction, mergers and acquisitions, postmerger integration, etc. While a diverse portfolio may have helped Deloitte through the worst of the recent financial crisis, one manager relates that the firm has spent much of 2009 looking at where the business needs to go to not only hold its current market position, but to continue to grow This work involves the reduction in the number of offerings and industries that we currently play in, a more focused delivery of work to growth area clients and an investment in our people. Most of these initiatives are due to roll out through 2010 and beyond.
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PRESTIGE RANKING
MONITOR GROUP
RANKING RECAP
Quality of Life #6 Relationships with Supervisors #8 Selectivity #16 Green Initiatives #20 Firm Culture Diversity #19 Diversity for GLBT
Two Canal Park Cambridge, MA 02141 Phone: (617) 252-2000 Fax: (617) 252-2100 www.monitor.com
LOCATIONS
Cambridge, MA (HQ) 28 offices worldwide
UPPERS PRACTICE AREAS

Economic Development & Security Innovation Marketing & Pricing Organization & Leadership Strategy Get experience in a diverse range of industries Ability to self-direct your career Feedback-oriented, social culture The people, the people and the people
DOWNERS
Low pay relative to peers Opacity about the firms global results and strategy Brand name is not well known Too little attention paid to commercial activities
THE STATS
Employer Type: Private Company Chairman: Mark Fuller 2009 Employees: 1,500 2008 Employees: 1,600
EMPLOYMENT CONTACT
www.monitor.com/Join

Cerebral top-five firm Past sell-by date Dynamic firm, great culture Hurting
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Monitor Group
THE SCOOP
Switched on
Monitor Group is a professional services firm focused on strategy consulting, capability building and capital services. Its services include marketing and growth strategy, organizational analysis, corporate finance, leadership development, operational and corporate planning, and competitive analysis. Founded in 1983 in Cambridge, Mass., the firms footprint expanded rapidly for the first 25 years of its life, topping out at 30 offices in 19 countries by 2008. While no official announcements were made in the media, it would appear that the companys 25th anniversary wasnt quite as smooth as it would have hoped; by 2009, it had shrunk to 28 offices in 16 countries. Clients come from nearly every industry, including automotive, health care, telecom, energy, consumer products, financial services, tourism, media and advertising, and computers, as well as the public sector. For the most part, the company works with Fortune 500 companies, but occasionally serves mid-tier organizations, government agencies and nonprofits, as well. Monitor prides itself on the long-lasting impact it has on clients. Work is done in highly collaborative environment in which consultants and clients work side by side to solve problems. Moreover, Monitor places significant emphasis on achieving a knowledge transfer to its clients by teaching them how to fish, as it says.
Putting ideas into practice

Monitor was founded by a group of six former Harvard University professors and students intent on finding practical applications for the theory then being taught in the institutions business school. Within five years, the group had expanded from the doorstep of its alma mater into Europe and Asia, with a London office arriving as early as 1985. Global expansion has not dimmed the firms Harvard connection any, howevercurrent Chairman Mark Fuller is a former assistant professor at the university, while Monitors thought leaders include at least seven further Harvard alumni and current or former professors. Among those thought leaders is co-founder Michael Porter, who still serves as a Bishop William Lawrence University Professor at Harvard, and whose books, Competitive Advantage: Creating and Sustaining Superior Performance and Competitive Strategy: Techniques for Analyzing Industries and Competitors, provided the backbone of ideas around which Monitor Group was formed. Porter has since written 14 more books and over 80 articles on business, and Accenture has named him one of the top-50 business intellectuals of our time.
Breadth of activities
Monitors core competitive strategy capabilities are practiced throughout the organization. Meanwhile, there are several business units that focus on developing and applying cutting-edge thinking in key growth-related disciplines: Monitor Innovation, which helps companies develop comprehensive innovation strategies; Lattice Partners, which assists clients seeking to transform leaders, teams and organizations, and helps align organizational design and strategy; m2c, which develops marketing and pricing strategies for Monitors clients; and MAST, which focuses on strategic transactions and M&A. In addition to these core growth disciplines, Monitor also operates several highly specialized business units that enhance its ability to advise clients. The Monitor Institute, for example, advises nonprofit, philanthropic and social-sector institutions, while Monitor Executive Development designs training and other talent cultivation programs for clients.
Monitoring money
Monitor Capital is the firms merchant banking arm, along with Monitor Clipper Partners and Monitor Venture. Clipper Partners is a $1.5 billion private equity investment firm that targets midmarket companies in North America and Europe. With the Monitor Group behind it, Clipper Partners can combine capital resources with advisory and guidance. Monitor Ventures serves a similar function, though it looks primarily at early-stage companies, helping to commercialize new information, technology, biological and medical systems, and consumer products and services.
Monitocracy
Purely on a philosophical level, Monitor understands that career development is individualized, coming about from different choices and rates of advancement, rather than demanding that employees adhere to a set pace and promotion track. This means that Monitor does not enforce the upor-out policy that many of its competitors do. Nor are consultants at Monitor tracked within classes of peers the way they are at other companies, thus leaving the possibility for much more rapid advancement compared to firms with a more conventional cohort-based promotion system. In fact, some Monitor consultants have been known to make the transition from undergraduate consultant to associate partner (or candidate leader, as it is called) in just five years.
Conscientious corporation
Monitor shows a great deal of social awareness, and acknowledges its larger responsibilities as a prominent global institution through several initiatives. The firm is the signature partner to New Profit, Inc., a U.S.-based venture philanthropy fund that provides strategic counseling and financial support
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to social entrepreneurs. It is also a partner of Management Leadership for Tomorrow, a nonprofit that grooms African-American, Hispanic and Native American youth for leadership positions in companies, nonprofits and entrepreneurial ventures. Collaborating with New Profit, Monitor advised MLT on growth strategy, and has supplied consultants as faculty for the programs career prep classes. The firm also partners with Teach for America, a domestic educational Peace Corps, of sorts, which places recent college grads in teaching positions in impoverished towns and cities across the United States. As a partner of the organization, Monitor agrees to hold positions for recruits who accept a two-year term with TFA, while also giving those recruits career support and summer internships. Recruits are also selected from existing TFA corps members.
THE LATEST ON MONITOR GROUP

Plotting a path
January 2009 The firm released Paths to Prosperity: Promoting Entrepreneurship in the 21st Century. Billed as a first-of-its-kind, the report came as a response to the deteriorating economic environment, and was based on surveys and interviews with entrepreneurs across 22 countries to determine what attitudes and policies are required to allow entrepreneurship to thrive. The idea driving the survey is that entrepreneurship is one of the most important economic elements that can be fostered or fueled, whether by governments, civic entities or other organizations. Among the studys findings were insights on cultural factors that affect entrepreneurial outlooks in different locations. It also found that basic seed money made more of a difference to the chances of a company actually forming than venture capital, which the study found to be more critical to a companys early growth.
On the TV circuit
December 2008 Founding member Michael Porter appeared on PBS Charlie Rose Show to discuss the global economic situation, the challenges it poses to Americas economy and U.S. competitiveness in the world. In the 25-minute appearance, Porter stressed the importance of revamping the countrys primary education system, as well as reinvesting in science and technology, and pushing through regulatory reform to aid American competitiveness.
Big noise in China

November 2008 Monitor Group was named one of Chinas most important companies by The China Enterprise Confederationa reflection of the work the firm has been doing in the country for more than 15 years. Monitor was one of 60 leading multinational companies chosen from a pool of more than 1,500 to receive the award.
Consulting kudos
September 2008 Consulting magazine named Monitor one of its top-10 Best Firms to Work For in 2008. The firm won especially high praise for its commitment to work/life balancea category in which it placed fifth out of the 205 firms ranked.
Going green
June 2008
Monitor enhanced its green credentials by forming an exclusive partnership with Esty Environmental Partners, a leading environmental consultancy. The two firms expect to drive more business by marrying Monitors business and strategy know-how with EEPs expertise in green business and corporate sustainability.
GETTING HIRED
Real-world skills
Although Monitors hiring process is really tough, one source says it more closely resembles the actual experience of being a consultant than any other firm with which I interviewed. During two or three formal rounds of interviews and multiple discussions, recruiters will test all the skills you
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need to succeed: analytics, interpersonal skills, presentation skills, facilitation skills, and the ability to diagnose and intervene in interpersonal dynamics. With such tough criteria to meet, insiders dont hesitate in calling Monitor extremely selective. But culture fit is also important to us, a firm veteran reveals. Intelligence and the ability to work in highly ambiguous environments is critical, but we will turn someone away if they perform well but wouldnt be a good cultural fit, or if theyre not in line with our values. Monitors campus recruiting calendar varies from year to year, but core schools include Harvard, Penn, Georgetown, MIT, Northwestern, Stanford and Berkeley. Other institutions on frequent rotation include Dartmouth, Columbia, INSEAD and Oxford, as well as Queens, McGill, University of Toronto and Western in Canada. Given the top-caliber students who come from these feeders, insiders say the competition can be fierce. This year, at one undergraduate institution, we received close to 400 resumes for 30 interview slots, a source recalls. Of the 30 people interviewed, eight received second-round interviews, and one received an offer for the internship program.
No tricks up these sleeves

Candidates typically go through two rounds of interviews, the second being more extensive than the first. The entire process tests your ability to work collaboratively with others to solve problems, which is the most important skill a consultant can have. Dont worry about encountering brainteasers, though; at Monitor, there are none of the ridiculous how many pingpong balls fit in a 747? type questions. As one staffer puts it, Consultants are rarely expected to do that, especially in their first few years. Instead, interviews focus on cases and problem solving. The first round typically includes a written case with graphs and data that the candidate must use to develop an answer. Interviewees will have about 15 minutes to review the information, while working to solve three questions about the case. At that point, interviewers return to work through the case together, looking at the candidates logic process, creativity and poise. The final round is a group interview, in which candidates are judged on their individual analytical skills, as well as their ability to work with a team of three to six peers. During this round, candidates are given a set of questions addressing different focus areas of the case. Expect to be probed on things like how to maximize profitability or how to find creative ways to increase market share. During group presentations, sources say, its important to interact and create a dialogue. After the cases wrap, theres a feedback and fit interview at the end of the final round.
Sample the job

Monitors summer internship is dubbed excellent and a great working experience by those who say they gained exposure to top management, commitment to true case team experiences and a lot of fun socializing. My work experience was thoughtfully matched to my undergraduate and previous work backgrounds, says a former intern who called the program a key motivating factor for my return to the firm. A full slate of social events plus a great deal of support and training give interns plenty of opportunities to interact with senior leaders of the firm, and the hands-on work means youre staffed to a project just as you would be as a new hire. Were told the internship is also central to our full-time hiring program, as many interns wind up first in line for employment offers. Most, but not all, of the people who join full time at the MBA level have been summer consultants, or worked at Monitor prior to business school, a source explains.
OUR SURVEY SAYS

From art to zoology
Monitorites describe themselves as hardworking and collegial, a crew of passionate and dedicated consultants who forge a strong bond at the junior levels. Youd think that after spending so much time with each other in the office we wouldnt want to see each other out of it, but Im always amazed at the number of social and community service events that are organized each year, marvels one consultant. (A possible exception to the super-friendly rule is the firms headquarters in Cambridge, Mass., which because of its size can seem impersonal to newcomers; some say the closest connections are built in the firms smallest offices.)
Meritocracy is a strongly held value, were told, even though the firm has seemed a bit more centrally controlled of late. That said, consultants still have a great deal of autonomy in terms of both performance and career. Approachable and open senior consultants tend to be genuinely interested in junior staffs progress, while reinforcing the rule of individual responsibilitywhich does have a tendency to create something of a sink-or-swim environment. One things for certain: Monitor consultants like to break the mold. The firm has a knack for recruiting bright, quirky, motivated individuals who have done a whole series of interesting or remarkable things. Explains a source: The people I joined with studied everything from art history to zoology, and partners Ive worked with have held jobs as Army fighter pilots and sheep farmers in New Zealand before choosing to focus on business.
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Getting in on the action

Responents tell us theres a big emphasis on feedback in the relationships between supervisors and individuals working under them, and most higher-ups cultivate great relationships with those lower down on the ladder. Managers also do a good job of making sure you get enough face time with clients. That means first-years often get to attend client meetings and play meaningful roles within the Monitor team. Three-and-a-half years out of undergrad, Ive presented to CEOs at executive team summits, and I currently exchange daily emails with the executive director of my nonprofit client, one insider shares. The partner on one of my current cases makes time to sit down with me before and after every major client meeting, another agrees. We talk about roles and facilitation strategies beforehand, and debrief on things I did well and strategies for addressing the things I need to work on afterwards. Although a few people say senior managers in the firm can be difficult to access these days, they chalk that up to increased stresses caused by the extraordinary financial crisis.
Whats your adventure?

Were told that informal training on the job is fantastic and absolutely crucial, but one downside is that it can lead to many different versions of how content and tradecraft are delivered to the client. We lack sophisticated formal training, a veteran of several years says. Its improved somewhat since I began, but it remains an area for improvement. To that end, Monitor has begun local office training to supplement the formal training. This year, Monitor launched a training for case team leaders that was extraordinary, an insider reports, but others worry that cost cutting may reduce the amount of training offered. Monitor has cut back on training, given the economic times, which is hugely disappointing, admits a staffer. The firms promotion policy is not up-or-out, by any means, and most consultants seem to advance quicklyor at least as fast as their skills allow them to. Each consultant has a highly customized trajectory, which means that each can chart his or her own path. Success at Monitor is not dependent upon completion of an MBA, and there is significant flexibility to design a career path without the pressure of a fixed two-year time horizon, one contact adds. Says another, This choose-your-own-adventure approach is incredibly empowering. Monitor really wants consultants to pursue their personal professional goals. But tough times seem have taken their toll in this area, as well. In the wake of the global recession, Monitor laid off 20 percent of its workforce, and insiders say this has led to an unofficial up-or-out policy at the lowest performance levels.
Cautiously optimistic
And what of that financial crisis? The recessions impact has definitely been felt at Monitor, but insiders say theyre cautiously optimistic. Layoffs are the most obvious change, a staffer reports, referring to the 20 percent staff reduction in September 2008. It was a terrible, awful day, given how close our community is. But the decision was right for the firm. A few offices, mainly in Europe, were shuttered completely around the same time and, more recently, travel for internal activities like training and orientation has been curbed, and budgets for social activities have been cut (though most offices still celebrated our annual holiday party). Certain parts of the firm are doing better than others, depending on geographic region and industry focus. The company is internally quite strong, but some sectors simply face tougher market conditions, which obviously have a knock on morale. No one enjoys the ongoing uncertainty, but employees credit management with making reasonably good decisions and taking steps to solidify relationships with repeat clients, who make up 80 percent of our business. The big question is how bad the external environment will get, an insider notes. Concludes another, Our biggest challenge in the long run is to develop a consistent, recognizable brand for ourselves that exists beyond the work and relationships of our individual practitioners.
Recession and de-stressin

In order to contain costs, Monitor eliminated bonuses for 2008 and deflated salary increases, leaving most insiders very uncertain about their future compensation packages. It depends on the economy, a source says simply. Perhaps because of this, compensation overall gets average marks, and several consultants say they would like to be paid more, also lamenting the fact that theres no matching for the 401(k). The firm also seems to be cutting back on some of its office space; one source notes that the most endearing perk was having my own beautiful office, but the recession has converted it into an office that three people share.
As for perks, Monitor moms and dads appreciate Parents in a Pinch, a national nanny/babysitting service for times when you absolutely need support in order to show up at the office. Plus, three months paid maternity leave is standard for all female consultants, and three months unpaid leave is often acceptable, a contact says. A one- or two-week holiday during the Christmas season helps employees avoid using PTO during this time, and those applying to business school find that funding is available for GMAT prep and MBA consultingand the return offer process is great. In addition, some offices have TVs, Wii and pingpong, as well as happy hours, for destressing, while others provide nap rooms, a gym, dry cleaning and a physician on site.
Close to home
Monitor has a philosophy of being on the client site as needed, and only as needed, which minimizes the travel burden, sources say, which means travel only occurs when we feel its important, and rarely overnight. A Chicago consultant notes that travel requirements have decreased even
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further since weve been able to grow our local clientele. Im just around the city and in the suburbs. This model is seen as a win-win for Monitor and its clients, who are always looking to save money, and so are open to phone or web meetings, as long as the quality of the discussion and the engagement is not compromised. For eager road warriors, There is an element of personal choice herethose who wish to travel a lot to exotic places get to do so. A Los Angeles insider agrees that if you want to travel and see the world, the opportunity is there. Ive traveled all over Europe, the Middle East and Africa during my four years here, and I know my experience isnt uncommon. But since Monitors default model is not to be on the ground four or five days a week, insiders say they can develop strong ties to their co-workers instead of bonding with hotel staff. People in the office know each other really well because most of us are there on a daily basis, explains a source.
Reasonable demands
A 50-hour workweek is not uncommon at Monitor, and in busy times sources say they may put in 60 to 70 hours per weekbut the balance varies on a project-by-project basis. Assignments typically run for three to four months, though some are shorter and others may last half a year or more. When its slow, face time is a nonissuepeople are expected to make the most of their beach time and are encouraged to leave early when workloads allow. Plus, the firm is open to discussing virtually any reasonable request about juggling schedules, including sabbaticals, 80 percent workweeks and extended holidays. However, were told, the onus is on employees to speak up when they need some flexibility. And this flexibility is precisely why some consultants wind up working weekends. A lot of my weekend work is by choice, an insider explains. Id rather put in some time over the weekend than slog through consistently late nights during the week, and Monitor allows me to make that trade-off. Another source tips, When youre working for a relationship client who knows you and trusts you, you can carve out your nights and weekends for yourself. With a new client, the work can be quite intense. Overall, I think these two periods balance each other out. Besides, Monitorites say they have their priorities straight: Were not focused on hours worked, were focused on productivity, sales and billability. We focus on results.
Grassroots green
As part of an environmental initiative, Monitor is trying to cut down on travel and paper use, and is looking to reduce its carbon footprint. However, this has been a very grassroots operation, according to staffers. Senior management is slowly coming around to the idea of greening the firm. Now theres an established committee whose primary purpose is promoting green practices. This green team includes members from all Monitors global offices, and it has recently led to a firmwide green policy that was announced for delivery in 2009. Charitable activity varies by office, but includes efforts led by the Monitor Institute, which specializes in pro bono and nonprofit consulting for a variety of clients. There are also volunteer consulting opportunities through Inspire, a collaborative effort with Bain, Parthenon and L.E.K., and activities like food and clothing drives during the holidays. And closet rockstars can get involved with a favorite Monitor tradition: All employees bid on specific singers, employees and songs. The top few singers perform their songs at a Karaoke-Aid event in the office, and donations go to the charity of the bidders choice.
Genuine diversity
Monitor is one of the GLBT-friendliest places to work that I know of, a case team leader declares. There is a vibrant community here, and it is well integrated into Monitors culture and social scene. The in-house GLBT network receives resources from the firm, as well as attention in recruiting, and employeesgay and straight alikecredit the firm for being a strong and early supporter of its GLBT employees. Says a source, The story about one of our senior partners ending a client project because of their poor reaction to a gay project manager is legendary in the hallways. Theres also a racial diversity network thats involved in recruiting and retaining employees, and Monitor participates in Management Leadership of Tomorrow, a nonprofit that coaches minority undergrads and MBAs. But while the goals are in the right place, the numbers still dont meet our goals. Significant and constructive efforts are being made on this front, and we need it! a consultant states. A partner agrees, saying, I think the firm has a long way to go with its diversity efforts. We know it and we are committed, but it will be a while before we get to an acceptable place.
The commitments there

Respondents give average ratings to Monitors efforts to retain and recruit talented women. We struggle with finding and retaining women at more senior levels, but were trying hard, one insider reports. We have a womens leadership initiative within each office to encourage and support women consultants. Lower down in the organization, up to the level of case team leader or project director, I would say the firm is very good, if not exemplary, at hiring, promoting and mentoring women, opines another. However, I think at more senior levels the firm could do more to promote and encourage senior women. Most believe this is an area Monitor really will be able to improve. The firms approach to promotions and flexible work schedules helps a lot, a contact says. I do feel a strong commitment from the firm to helping women advance, and I expect that well see the numbers of senior women improve over time.
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PRESTIGE RANKING
PRICEWATERHOUSECOOPERS LLP
RANKING RECAP
Practice Area #3 (Tie) Financial Consulting #5 Business Advisory Consulting Quality of Life #7 Overall Business Outlook #9 Formal Training #12 Green Initiatives Diversity #9 Diversity for Minorities #12 Best Firms for Diversity #14 Diversity for Women #15 Diversity for GLBT
300 Madison Avenue New York, NY 10017 Phone: (646) 471-4000 Fax: (813) 286-6000 www.pwc.com/us www.pwc.tv
LOCATIONS
New York, NY (HQ) Network of member firms in 85 US cities
PRACTICE AREAS
Advisory Capital Projects & Infrastructure Corporate Finance Forensic Services Internal Audit Performance Improvement Transaction Services Assurance Private Company Services Public Sector Practice Tax
UPPERS
PwC takes care of us and treats us like people, not just revenue machines It is well connected Exposure to many different industries Feeling of inclusiveness, even for younger workers
THE STATS
Employer Type: Private Company Chairman, PwC Global Network: Dennis M. Nally US Chairman & Senior Partner: Robert E. Moritz Global & US Advisory Leader: Juan A. Pujadas 2008 Employees: 38,160 2007 Employees: 37,970 2008 Revenue: $9.33 billion 2007 Revenue: $9.03 billion
* Employee and revenue figures are for North America and the Caribbean only
DOWNERS
You are usually traveling so you do not have a set workspace Some politics and bureaucracy Sometimes the firm is not supportive of its commitment to work/life balance Competing with fellow co-workers to be assigned to client work
EMPLOYMENT CONTACT
www.pwc.tv

Great brand, good work/life balance Struggling to get beyond accounting Respected and results-oriented Giant, lacks focus
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition PricewaterhouseCoopers LLP
THE SCOOP
Getting back into it
Big Four accounting firm PricewaterhouseCoopers has been steadily building its consulting practice in recent years, following the sale of its original consulting wing to IBM in 2002. These days, PwCs management consulting operations focus on operations, finance, organizational strategy and structure, process improvement, human resources effectiveness, technology integration and implementation, risk mitigation and crisis management. And its not difficult to see why; in 2004, PwCs advisory division pulled in some $3.4 billion in revenue. Within four years of restarting a business consulting unit, that number had more than doubledand thats without the firm delving back into the IT market in any big way; its noncompete agreement with IBM only ended in 2007, and PwC has yet to signal any great intention to rebuild that portion of its business.
One firm, many members

PricewaterhouseCoopers LLP is the U.S. member firm of PricewaterhouseCoopers, a global network of independent member firms. Today, the PwC network comprises more than 155,000 people in 153 countries and territories. This international group was created in 1998, with the merger of Price Waterhouse and Coopers & Lybrand, two accounting and professional services firms that date back to the 1800s. Both Price Waterhouse and Coopers & Lybrand began in London, and both grew their global presence organically and through mergers. PricewaterhouseCoopers LLP is headquartered in New York and includes more than 30, 000 employees in 85 offices across the United States. To the north, the Canadian member firm has more than 5,000 employees in 24 offices. While each member firm operates independently within its own geographic locale, there is a considerable amount of cooperation and networking between them, ensuring that the global network of firms works as both a global entity and on a local scale. Given its sheer size and country coverage, not to mention the independent setup of its member firms, it should come as little surprise that the services PwC offers vary slightly within the global network of firms. However, all services do fall into one of three core PwC lines of service: tax, advisory and/or assurance. As for clients, the firm works with some of the biggest names in global business, including the likes of AXA, JPMorgan Chase and Lloyds TSB in finance; 3M, Honeywell, IBM, Sony and Walt Disney in technology, infocomm and entertainment; and Anheuser-Busch, Caterpillar, Ford, Johnson & Johnson and many more in consumer and industrial products and services.
THE LATEST ON PRICEWATERHOUSECOOPERS LLP

Building up from BearingPoint
June 2009 PwC purchased the majority of BearingPoints North American commercial services practice. With the completion of the transaction, PwCs advisory practice assumed some of BearingPoints contracts and brought on 800 professionals with significant business and consulting expertise across multiple industries. Through the purchase, PwC also gained some top-tier clients with a broad portfolio of multisector contracts in commercial and financial services. The firm has also agreed to acquire two global delivery centers from BearingPointone in Shanghai and one in Bangalore. The acquisitions of these operations, which are expected to close in the coming months, will provide PwC clients with expanded global sourcing capabilities and competitive cost advantages.
Into the hot seat

June 2009
PwC U.S. Assurance Leader Bob Moritz was named U.S. chairman and senior partner. Moritz, who has been at the firm since 1985, succeeded Dennis Nally, who began a four-year term as the global chairman of the PwC network in July 2009.
Focus on diversity
May 2009 PwC was named No. 1 on DiversityIncs Top Companies for Global Diversity, a list that ranks the global companies with the best attitude toward fostering a diverse and inclusive working environment. The recognition followed on from a Global Award the firm received in April for its gender diversity work and achievement. The award was presented by Opportunity Now, a membership organization for employers committed to creating an inclusive workplace for women.
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Worlds best
May 2009 The firm was ranked as the top outsourcing advisor in the world by the International Association of Outsourcing Professionals. The ranking reflects PwCs increasingly strong market position in the field, and comes soon after another No. 1 ranking in March 2009this time in business advisory services and management consulting, according to Kennedy Consulting Research and Advisorys Global Consulting Marketplace 2008-2011 report. Kennedy cited several reasons for the firm rising to the top of the pile; among them were PwCs sheer size (it has around 27,000 advisory professionals with its global network), the fact that it serves 80 percent of the worlds Fortune 500 companies and its high potential for growth.
Mr. Chairman
March 2009 Dennis Nally was selected as the successor to Global Chairman Sam DiPiazza, who announced his retirement in November 2008. Nally has served the firm in a variety of roles since joining PwC in 1974. He took over the global chairmans role in July 2009.
From Davos with love

January 2009 With the press awash with stories of a world economy on the brink, and widespread predictions of the type of depression in North America and Europe not seen since the 1930s, PwC released its own piece of literature on the future prospects of the business world at the World Economic Forum in Davos, Switzerland. The firms Annual Global CEO Survey unveiled some eye-opening statistics, with a paltry 21 percent of company CEOs across a variety of industries and geographic regions saying they were very confident of revenue growth during 2009, a figure down from 50 percent the previous year. Within Western Europe, meanwhile, the figure dropped to only 15 percent, compared to 21 percent in Central and Eastern Europe.
Getting to grips with globalization

October 2008 In an attempt to meet the demands of globalization, the PwC global network streamlined its global offices, dividing them into three geographical clustersEast, Central and Westeach led by the senior partner of the largest national firm of each area. The reasoning behind the change, according to the company, is that it will increase the speed of decision making when it comes to investments and acquisitions in emerging economies, as well as aligning the firms strategy within its member firms across the world. From an employee point of view, the changes will make it easier for people to move from area to area, providing broader career options, even though member firms will continue to be locally owned and managed.
Strong results before the storm

June 2008 While it remains to be seen what effect global economic woes will have on PwCs annual revenue in 2009, the firm still managed to register pretty healthy profits by the end of its fiscal 2008. An 8 percent increase in global revenue saw the firm pull in a staggering $28.2 billion, with its advisory practice contributing some $6.9 billion of it, up 14 percent from 2007. Business in Europe continued to be strong, with the firms operations in the region contributing $13 billion of total revenue. Central and Eastern Europe did particularly well, posting revenue gains of 20 percent, while their Western counterpart saw an increase of 8 percent. Areas where growth was strongest for the global network of firms continued to be the developing markets of China, India, the Middle East, and Central and Eastern Europe. The results also showed that the advisory practice remains the smallest of PwCs three service lines; the assurance practice brought in just under half of the total global revenue, contributing $13.8 billion, while the tax group chipped in a further $7.4 billion globally.
GETTING HIRED
Tough but pleasant
PricewaterhouseCoopers LLP employees say their firm is pretty selective about who it hires, but that the interview-heavy recruiting process is actually rather pleasant. Says one associate who went through the process recently, The firm is big on meeting people in groups, as well as one-on-one interviews with multiple people, and adds that PwC uses its hiring process as an opportunity to get to know you as a person. If youre having a first or second interview, they already like you on paper and want to see how you fit with the job, the people and culture in place.
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When it comes to specifics regarding how PwC recruits new candidates, consultants report that for undergraduate and graduate hires, the process begins with a resume drop and screening on campus. The night before on-campus interviews, the firm sometimes holds a networking reception for those whose resumes stood out from the crowd and then, on interview day, candidates sit through two interviews, one behavior-based and the other centered around a case study. Those who make the first cut are then invited into a PwC office for a secondand possibly thirdround of interviews, both behavioral and case study-based. A senior associate says his interviews included interesting questions about the possibilities I could bring to the firm, as well as my experience in the industry. The interview process allowed me to be myself and respond to their very straightforward questions. An entry-level source in New York offers some useful advice for potential PwC hires: Basically, act yourself and the firm will make a judgment whether or not you fit in. He adds that in the interviews, honesty is the best policy. One of the questions I was asked was where do I see myself in five years. My answer was possibly not at PwC, as I was hoping to be in charge of an organization, or at least a part of an organization, outside of the consulting realm. I didnt suck up, and my interviewer remembered me for that answer.
The eight-week interview

Applying to be part of PwCs internship program is as challenging as applying for a full-time position, with a similar and just-as-selective hiring process, insiders say. Internship applications begin with a resume screen and on-campus interviews, followed by a round or two of interviews in a PwC office. Basically, respondents say, the internship experience serves as an eight-week interview for candidates. On the final day of the internship, exit interviews are held, and each intern may or may not be offered full-time employment upon completion of their final year of college.
OUR SURVEY SAYS

Culture counts
By and large, PricewaterhouseCoopers LLP staffers say their firm has a strong, positive and professional corporate culture. In fact, one associate says the culture is one of the best aspects of working at PricewaterhouseCoopers, adding, The firm truly is connected. What does that mean, exactly? Most insiders would say much of that connectedness stems from their employers culture of coaching, where everyone is encouraged to give and receive candid feedback on a regular basis. This culture ensures that staff members are constantly growing, learning and working to better themselves every day, as one Philadelphia-based source puts it. An associate adds that, although hierarchies exist at PwC, they are not a barrier to communication. Partners have an open-door policy.
Hustle and bustle

PricewaterhouseCoopers LLP consultants are a busy bunch, typically working 50 to 60 hours per week, but not so busy that they dont have time for family and personal goals. And, client demands and deadlines aside, insiders say that taking vacation time is encouraged, and that, generally, its more important to get your work done than to work long hours. But life at PwC isnt always easy, as one associate explains: On a daily basis, I usually dont know what time Ill be off, while a colleague says that, given the nature of the firm, overtime is expected as part of my job. I know that I am expected to be flexible and work when it is needed. Both add, however, that people are generally understanding, and that the firms leadership does a great job of keeping our spirits up and being understanding during busy times. Another source notes that there are many good programs around time off, vacation time and encouraging external activities that often make up for working long hours and occasionally weekends. In the end, being able to strike a healthy balance between work and personal life is up to the individual, a respondent claims: As long as you communicate in advance and maintain an open and flexible attitude, I have been able to achieve my work and life goals. (Notice how the pronouns change But who knows? Maybe his advice will pay off for others, too?)
Travel: A necessary evil

In most cases, travel requirements depend on the particular project. Some consultants are gone a majority of the year, while others are in the office the whole time, an entry-level source reports. Generally, the expectation is that travel could constitute up to 80 percent of a consultants billable time, but, according to one Dallas-based insider, it is closer to 20 percentat least in his office. For those with a heavier travel burden, the firm does make efforts to lighten the load. For one, were told, there is a system where employees can indicate the maximum amount of travel they deem acceptable. PwC also tries to staff locally whenever possible, a senior associate adds. However, when all is said and done, working at the clients office is vital, a midlevel source admits. Local travel is a necessary evil, adds another, while a Philadelphia insider says most local travel is within driving distance, approximately 45 to 55 minutes from my home.
See dentist, win rewards

Along with the typical benefits package stocking stuffers, such as good health insurance, a retirement contribution plan and paid time off, PwC also offers a program, Well-Being Rewards, that gives staffers gift cards based on points earned for taking preventative health care measures. An
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associate goes on to explain that staff earn points by getting a yearly physical, seeing a dentist twice per year, gaining free coaching in different health areas and working out. These points can then be redeemed throughout the year for gift cards to be used at various merchants. Other PwC perks include flexible Fridaysfrom Memorial Day to Labor Day, employees can take Fridays off if they have worked 40 hours that week. The firm also offers generous maternity and paternity leave. Generally, all new parents get two months off work to spend time with the baby, a source reports. And aside from parental leave, the firm offers group sessions for working mothers and affiliations with nursery and day care centers.
Priceless training
When it comes to training, the strongest emphasis at PwC is on coaching new recruits via a mentoring program, where every new employee is assigned a coach who is typically one level above them. Going above and beyond the firms formal mentoring program, however, coaches and helping hands can be found firmwide, insiders report. Supervisors and peers are very much concerned with teaching and coaching associates and helping them develop their careers, an associate states. A midlevel source adds that everyone is very willing to take a few minutes to teach you a concept you need more insight on, while a senior associate says that, even as an experienced hire, he has been impressed by the strong coaching culture of the firm. PwC has also invested in a formal training program that begins with multiple weeks of national onboarding training, and is followed by on-the-job training, which is available throughout the year. A respondent says there are always more opportunities for everyone to get more training on basically any areas of interest. All of these [areas] are available in computer-based trainings. In addition, the firm offers lunch and learn sessions, pays for professional certification and offers stipends for graduate-level work at a university.
When training works ...

For trained go-getters within the PwC ranks, promotions are offered, on average, every three to five years until the director level and above. And, while there isnt necessarily an up-or-out policy in place, there is a strong emphasis on improving and getting better, a senior associate reports. To qualify for a promotion, a colleague reports, it is the performance level, involvement and many other factors that matter. Promotion decisions are made by an independent committee that conducts yearly reviews of performance. However, in tough economic times, an associate admits, prospects in this market to get a promotion are bleak.
Networking circles
Generally, insiders give the firm high marks for diversity. An entry-level insider says the firm prides itself on diversity and acceptance. And, while women, ethnic minorities and members of the GLBT community may not be as well represented as they should be in the firms leadership, respondents say the firm is making companywide efforts to buck this trend. For women and minorities, it has organized specific networking circles to allow for networking and professional development. The womens networking circle, for example, creates a forum for women to network amongst each other, plan events as a team and gain informal mentoring from others who have had similar experiences in their careers at the firm, a respondent explains. A Philadelphia-based source mentions that a number of minority employees in that office take advantage of PwCs diversity circle to make connections and stay involved in firm activities. Likewise, the GLBT circle raises awareness and promotes activities related to the GLBT community.
Taking time out

Outside the office, were told PwC encourages its consultants to volunteer in their local community, offering 10 paid hours [per year] to use on the community service of our choice. It also sponsors a summer of community service, where all staff nationwide take a day away from client service and band together to make an impact on their communities. The activities organized for these community service projects are organized by a national office of corporate responsibility. And throughout the year, PwC sponsors and supports a number of charitable events, such as clothing drives, food drives and charity walks. In 2008, the firm even cancelled its annual holiday parties nationwide and used the allotted funds to benefit the charities of choice in each individual market, a source reports.
Green envy
While the firms efforts to green its business may be in the beginning stages, insiders say they have noticed positive changes in their offices. For example, an associate indicates that there are notes around the office offering ways to be green, such as one towel equals two dry hands. And theres an option to add a green message to the end of your email signature, and some offices offer reimbursements for those who carpool or take public transportation, a colleague adds. Others note that leadership also reaches out to staff asking for suggestions on what it can do to become even more green.
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Planning ahead
When it comes to facing the economic downturn, insiders say their firm has done a good job of hiring less people and weeding out those who dont fit in order to not do layoffsa policy that has kept morale high, a senior source claims. Looking ahead, staffers feel pretty secure in their firms prospects. PwC is situated to help clients identify savings and cost reductions, which they desperately need in the current economic climate, a respondent reports, while an associate adds, It is expected the Democrats will regulate tighter, which will translate into a lot of new work for the Big Four firms.
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PRESTIGE RANKING
MERCER LLC
RANKING RECAP
Practice Area #1 Human Resources Consulting #7 Pharmaceutical & Health Care Consulting
1166 Avenue of the Americas New York, NY 10036 Phone: (212) 345-7000 Fax: (212) 345-7414 www.mercer.com
LOCATIONS
New York, NY (HQ) Offices in 40 countries
UPPERS
Diverse client base Flexible schedules with the ability to work from home on a periodic basis
PRACTICE AREAS
Health & Benefits Human Capital Investment Consulting Investment Management Mergers & Acquisitions Outsourcing Retirement, Risk & Finance Consulting Surveys & Products Workforce Communication & Change
DOWNERS
Uncertainty of the industry means job insecurity Raises and promotions seem to be more about office politics than accomplishments
EMPLOYMENT CONTACT
www.mercer.com/joiningmercer
THE STATS
Employer Type: Subsidiary of Marsh & McLennan Companies, Inc., a Public Company Ticker Symbol: MMC (NYSE) CEO: M. Michele Burns 2008 Employees: 19,000+ 2007 Employees: 18,000+ 2008 Revenue: $3.6 billion 2007 Revenue: $3.2 billion

Best of the HR crowd Too corporate Great first job for undergrads Huge, lumbering
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Mercer LLC
THE SCOOP
A resource for human resources
New York-based Mercer is a global human resources consulting firm that provides consulting, outsourcing and investment services. Mercer helps clients design and manage their health, retirement and other benefits, and to get the most out of their employees, and it also advises on issues related to administration, technology and benefits. The firm has more than 19,000 employees serving clients in over 180 cities and 40 countries and territories. Clients include a majority of the companies in the Fortune 1000 and FTSE 100, as well as medium- and small-market organizations. A wholly owned subsidiary of one of the United States largest insurance brokerage firms, Mercer consistently generates around 30 percent of Marsh & McLennans total revenue.
Different names, same business

Since its birth in 1937 as the employee benefits department of Marsh & McLennan Companies, Inc., the firm has undergone several shifts in identity, although HR concerns have remained at the core of its business. The first change occurred in 1959, when MMC acquired a Canadian company named after its founder: William M. Mercer. In 1975, that firm became a wholly owned subsidiary of MMC, keeping its name until 2002, when it was renamed Mercer Human Resource Consulting. That identity lasted a mere five years, however, as the firms offerings expanded ever further beyond the world of HR consulting. Accordingly, all but the first word was dropped in a 2007 rebranding, and the firm emerged plainly as Mercer.
Threes company
Mercer groups its consulting activities into three main areas: retirement, health and benefits, and othera group that is also referred to as the talent field, and that includes service offerings such as human capital consulting, survey and product work, and workforce communication and change. The companys extended offerings, meanwhile, also include consulting and management on investments, as well as outsourcing and a dedicated M&A business. Outside its regular consulting operations, Mercers investment consulting services serve fiduciaries of pension funds, foundations, endowments and other investors on all stages of the institutional investment process, from designing a strategy, to structuring and implementing investments, to ongoing portfolio management. Investment management consultants primarily focus on retirement plan assets for institutional investors (including retirement plan sponsors and trustees) and for individual investors. Finally, the firms outsourcing unit helps clients streamline their benefits programs. Mercer offers total benefits outsourcing, retirement outsourcing and standalone services for outsourcing-specific functions, such as defined benefits administration, defined contribution administration, health benefits administration and flexible benefits programs.
Class is in session
Mercer also offers executive learning services to its clients in the Asia Pacific region via Mercer College. Targeted specifically at human resources professionals, the college offers more than 60 workshops in 10 different learning categories: leadership effectiveness, mergers and acquisitions, organizational effectiveness, human resources transformation, performance management, talent management, rewards management, health and benefits, retirement and communications. The workshops are structured and designed based on the concept of the Mercer human capital wheel, which is made up of six key areas that the firm says can predict a companys level of productivity: people, processes, structure, information and knowledge, decision making and rewards. The college also offers an advanced diploma of business (human resources), accredited by UNE Partnerships, an education training company based out of the University of New England. Additionally, Mercer publishes results from numerous studies, analyses and surveys conducted by its own consultants on a full range of HR and finance management issues. These compiled findings, presented in the context of current market trends, are being utilized as part of Mercers suite of new services to keep in step with the demands of the global recession.
THE LATEST ON MERCER

Armed with knowledge
May-June 2009 Since the stock markets near death in late 2008, Mercer has addressed the crisis with a wave of products and services aimed at helping clients ride out the storm. These have included ePRISM Pro, a lower-cost version of the firms compensation management tool, and Mercers Dynamic De-Risking Solution (MDDS), a process for managing the financial risk of U.K. pension schemes. The firm also unveiled an interactive resourceLeading Through
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Unprecedented Timeswhich allows clients to access its thought leadership. Clients are also given options to benchmark their business practices against global survey data on cost and performance, risk and control, social reform and regulation, and restructuring and enterprise value.
Wheres your city?

April 2009 Generating media coverage just about everywhere on the planet, Mercer released its 2009 Quality of Living Survey, which ranks, well, the quality of life in cities all over the globe. German-speaking parts of the world fared particularly well, with Vienna coming in on top, Zurich and Geneva ranking second and third, and another Swiss city and three German ones in the top 10. The highest-ranked North American city, meanwhile, was Vancouver, in fourth, followed by Calgary in 26th place. The United States highest-placed entrant was Honolulu, which ranked 29th, closely followed by 30th-place San Francisco. The rankings take some 39 factors into account, which are grouped into 10 categories: political and social environment; economic environment; sociocultural environment; health and sanitation; schools and education; public services and transportation; recreation; consumer goods; housing; and natural environment. The data collected allows Mercer toamong other thingsmake recommendations on compensation and incentives for expats, particularly those living in difficult locations.
Investments paying off

March 2009 Mercer won the Investment Consultant of the Year award at the Global Pensions Awards. At the risk of walking away with just one award, the firm also scooped up a prize for 10 years of excellence at the same ceremony.
Report card
February 2009 Mercers parent firm MMC filed its annual report, showing an 8 percent increase in Mercers revenue throughout 2008. While MMCs revenue was up just 4 percent, at $11.59 billion, Mercers contribution to the total was $3.64 billionaround 31 percent. Of Mercers total, meanwhile, its retirement services division pulled in $1.18 billion (32 percent of total), health and benefits accounted for $898 million (24.6 percent), and its other consulting lines contributed $555 million (15.2 percent). The remaining revenue came from its outsourcing and investment consulting and management units, which posted income of $702 million and $309 million, respectively. Each of the units within Mercer grew by 9 percent, while the investment consulting and management division grew by 14 percentperhaps unsurprising in a year of unprecedented economic turmoil. And in a further reflection of the tightening economy, the firms outsourcing unit saw growth restricted to just 3 percent.
Executive pay shift

January 2009 Responding to perhaps the hottest topic of the moment, Mercer moved Diane Doubleday, the global head of its executive remuneration business, from New York to London. Much more than a realization that there was no such thing as executive remuneration in New York, the move was aimed at driving more business in the unit across Europe. Accordingly, the firm also launched an executive remuneration center of excellence in Geneva, Switzerland, and tasked Doubleday with finding ways to take advantage of the increased pressure to justify executive pay practices to boost the units business.
Projections for pension plans

January 2009
A Mercer study calculated the cost of the worsening global economic crisis on pension plan funding. The report estimated that, due to declining equity markets, pension expenses for S&P 1500 companies will likely increase from $10 billion in 2008 to $70 billion in 2009, resulting in a potential 9 percent reduction in profits for the year.
Driving forward
December 2008 The firm announced that Nissan Motor Co., Ltd, had selected it to act as its global retirement consultant. The firms role is to first assist Nissans global governance team in managing its pension plan exposure around the world, while also assisting with managing those plans.
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GETTING HIRED
Looking for the cream
Candidates at Mercer can expect to go through multiple interviews with all levels of co-workers. An engagement manager notes that for levels below principal, the process typically starts with a phone interview, followed by on-site interviews with three or four different people. Those vying for a principal spot must complete a test and may need to have multiple interviews with different offices. A higher-up reports that hiring can take a long time, especially for senior people, with many approval layers and multiple interviews and testing. According to an associate, questions might be along the lines of, Discuss something you have failed in. But its probably wise to emphasize successes since, as an engagement manager warns, we choose the best of the crop.
OUR SURVEY SAYS

Missing the good old days
A number of insiders are full of praise for Mercers culture, describing it as results-driven, very flexible, strongly supportive of career development, enriching and fun. They say their colleagues are are friendly and team-spirited, extremely intelligent and simply the best and brightest. A senior source reports that theres great leadership and direction, with input valued at every level, and a colleague raves, Mercer is an excellent organization that does first-class work with a first-class staff. But others note that things can be very dysfunctional and very political, with increasing animosity with regard to corporate policies. Promoting oneself to principals is an important part of the culture, reports a senior associate, and a principal says theres infighting for leads and sources of new business. The competitive and political environment interferes with true teamwork and professional growth, complains a longtimer. Many sources feel that, overall, the culture is changing, and not for the betterrather, they say its going from from very pleasant to not so much. An engagement manager states, Mercer was and is a thought leader, but recently the focus on intellectual capital has moved more toward focusing on billing hours. CEO Michele Burns accounting firm background is starting to impact the culture of the company. A partner complains that things are shifting to very top down, process-oriented, with financial and legal concerns overriding other factors, and much less opportunity to influence the environment. An associate agrees that the firm is constantly in transition, noting that the current focus is on economic efficiency.
An unpredictable future
Still, the source adds that Mercer makes a point to never lose focus on clients, and others agree that because the firm puts clients first, its well positioned to be successful in the future. A partner comments that Mercers intellectual capital [and] brand help get us in the door, putting the firm in good standing for bringing in new business. But not everyone is so optimistic; one source remarks, I think we are doing well, however, theres daily news of more clients with cutbacks and layoffs. This will spill over to our services at some point in the near future, Im afraid. And another cynical staffer warns, Our success has a lot to do with the clients financial well-being. When they have no money (or go out of business!), we have less work.
Sticking close to home

On the plus side, an engagement manager notes, the market setup is just right so that there isnt too much travel too often, adding, When it does happen, most trips are daytrips. Others agree that travel is manageableeven minimaland, recession or no, generally speaking, technology makes travel less of a requirement. Perhaps in part due to the light travel schedules, most staffers say that striking a healthy work/life balance is possible at Mercerat least to some extent. Some say management is very flexible and family-friendly, and large workloads are offset with flexible schedules. A director shares, I have the freedom to work from home whenever I need to, which actually makes me more productive. And a partner says, I can be discriminating in where to focus my attention and understand what is important from the firms perspective. A case team leader claims hes been able to achieve balance mainly by strict adherence to a personal policy of not working overtime. That source doesnt seem to be too unusual; by and large, insiders report average workweeks of 40 to 50 hours. An executive notes that some projects, such as my current one, require more hours each day and weekend. However, the typical project does not, and only rarely would there be late hours in order to meet a looming deadline. So while a senior associate complains, Im here at 7 a.m., and when things are busy, I will work until 9 p.m. every day, he also notes that hes in the minority: Most of these people dont bother coming to work until 9:30 a.m. Another consultant adds, Some colleagues have been granted part-time hours based on family needs. That said, she continues, I dont know if that will change with the economic issues.
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Things move slower in Beantown

When it comes to moving up the ladder, its not clear that going the extra mile will help speed things along. Staffers agree that Mercer is not up-orout, and there is mobility within the firm to move laterally between practices, but opinions differ about specific policies. Some say promotions are very tied to a global performance management system, while others complain that they are based mainly on the luck of working with better clients than qualifications, per se. A senior associate reports that some people are fast-tracked, while others stall, and an engagement manager states matter-of-factly, It generally takes about two to three years to move up a grade level. Meanwhile, an associate claims that promotion procedures vary by location, noting of his Maine office, I feel there is longevity here. But in larger offices like Boston, they tend to give a few years to earn a new level. But dont lose sleep over these detailsa case team leader points out that promotions are a moot point at the moment, since the firm froze promotions as well as merit increases for 2009.
Too little training

Theres little hope of speeding things up by hitting the books, since insiders are less than impressed with Mercers training options. A principal reports that there are town halls, etc., and required online trainings, but not too much of either. Others say that most training is unofficial, and that the firm really leaves it to employees to self-teach. The problem is that formal opportunities are very limited in this economy, remarks a senior associate. And a principal complains that whatever formal training there is is poorly planned and ineffectively rolled out, adding, It is also not differentiated enough by level. Junior consultants have much more available than senior consultants.
Complaints about compensation

Perhaps in lieu of more extensive training, an associate notes, Mercer offers tuition reimbursement, adding, We are encouraged to spend money for more education, in the form of certifications, graduate degrees, etc. But generally, were told that compensation at Mercer leaves something to be desired; insiders say that, at best, its about average for the industry. Moreover, perks are few and have been decreasing of late (for example, no more subsidized parking). Some of the available benefits include a defined benefit pension plan and free Monday breakfast.
Mercer could do more

Respondents also feel that Mercers philanthropic activities are underwhelming, if not woefully inadequate. That said, an associate shares, we donate our time to a charity of our choice to honor fallen colleagues from September 11. The firm also sponsors a public school reading program and offers support to the Childrens Aid Society and United Way. Closer to home, insiders note that local office initiatives for reducing the firms carbon footprint include using filtered water instead of bottled, recycling bottles and cans, and using motion sensors for office lights. Still, a partner complains that Mercer doesnt make [green business practices] a priority, but instead takes steps toward going green only if it makes economic sense to the firm.
No glass ceiling here

Were also told that Mercer could do more to promote diversity. A partner reports, I dont see many consultants of color, and another longtimer states that senior staff is mostly white. Its ridiculous. That said, as associate reports, Our CEO is a woman, and a colleague explains that theres a special womens network to promote our place in the organization. For new moms, theres a lactation room in some offices, and an executive insists that, by and large, the firm is very very flexible for new parents.
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PRESTIGE RANKING
ERNST & YOUNG LLP

RANKING RECAP
Practice Area #5 Financial Consulting #6 Business Advisory Consulting #9 Energy Consulting
5 Times Square New York, NY 10036 Phone: (212) 773-3000 Fax: (212) 773-6350 www.ey.com
LOCATIONS
New York, NY (US HQ) London (Global HQ) Locations in 138 countries and territories
UPPERS
Fair pay Interaction with management Flexibility
PRACTICE AREAS
Business Advisory Services Customer Finance Supply Chain & Operations
DOWNERS
Too short-term oriented Evaluation process is not easy to understand The conservatism
THE STATS
Employer Type: Private Company Chairman & CEO: James S. Turley Area Managing Partner, Americas: Steve Howe 2008 Employees: 41,535 2007 Employees: 40,635 2008 Revenue: $9.8 billion 2007 Revenue: $9 billion
* Employee and revenue figures are for the Americas only
EMPLOYMENT CONTACT
www.ey.com/US/en/Careers

Strong name Big and boring Always good to work for a Big Four Churn business
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Ernst & Young LLP
THE SCOOP
Earnest Ernst
For two decades, Ernst & Young has helped clients stay on the straight and narrow. The worlds second-largest accounting firm, Ernst & Youngs 135,000 employees around the world offer advisory, assurance, tax and transaction advisory services via offices in nearly 140 countries. Ernst & Young LLP is the U.S. member firm of Ernst & Young Global, with over 41,000 professionals who work with clients in the asset management, automotive, banking and capital markets, biotechnology, consumer products, insurance, media and entertainment, mining and metals, oil and gas, pharmaceutical, power and utilities, provider care, real estate, retail and wholesale, technology and telecommunications industries.
Not consulting, advising

Its difficult to discuss EYs consulting capabilities without delving into the realm of ancient business history. First, and perhaps most importantly, is that there is no such thing as a consulting wing at Ernst & Young. There is, however, an advisory unit, a term adopted as EY sought to rebuild its business advisory presence following the $11 billion sale of its original consulting unit to Capgemini in 2000. The reason for that shift in terminology appears to lie with CEO James Turley, who commented in 2007 that consulting is a very broad and no longer particularly helpful term. Accordingly, the firm advises, where others might consult on six areas: actuarial advisory services, business advisory services, business risk services, financial services risk management, fraud investigation and dispute services, and technology and security risk services. While all of the above services are part of Ernst & Young LLPs advisory unit, its the business advisory services segment that performs what might traditionally be viewed as management consulting services. While the offerings within that unit vary from country to country, the U.S. practice has just three core competencies: customer, finance, and supply chain and operations.
Keep it simple
EY might be one of the largest firms of its kind in the world, but it is also trying to be one of the most streamlined. In April 2008, the firm underwent a major restructuring process to consolidate its business and position itself to capitalize on opportunities in emerging markets. As such, the firm brought together 87 national practices across Europe, the Middle East, India and Africa, and 15 national practices across Asia, to create operationally integrated EMEIA and Far East areas. These groups will work alongside the already-integrated Americas area. Going forward, the firm is paying special attention to its operations in Russia, India and China, where revenue increased between 30 percent and 40 percent in 2008. By 2010, the firm will have invested $1 billion in its offices and operations in these markets. EY also revamped its advisory business services platform to take advantage of recent growth in this service line. It established a global project management office for all of its assurance and advisory business services to streamline the practice areas operations as a connected global advisory business.
Advancing all kinds of causes

As might be expected, the firms 18,000 advisory professionals worldwide are active in conducting and publishing research, with a particular focus on the area of risk management. Thats not the only area the company pushes forward, however; every year, EY organizes the Entrepreneur of the Year awards. Award winners are selected by independent panels of judges and area business and civic leaders in more than 135 cities in 50 countries. The purpose of the awards is to encourage entrepreneurial activity and to celebrate those who are building and leading successful, growing and dynamic businesses. And the commitment to pushing boundaries doesnt stop there, either. The firm regularly appears on lists of top employers for its practices, and its commitment to all forms of equality and diversity in the workplace. See below for a sampling of some of the companys recent commendations.
THE LATEST ON ERNST & YOUNG LLP

Moving up the list
March 2009 Ernst & Young LLP ranked third overall on DiversityIncs Top 50 Companies for Diversity, up from 17th place in 2008. The firm also placed first on the DiversityInc Top 10 Companies for GLBT Employees, and second on the Top 10 Companies for People with Disabilities lists.
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Bragging rights
January 2009 EY is the only accounting firm out of the Big Four professional services firms that has made Fortunes 100 Best Companies to Work For list for 11 consecutive years. In 2009, the firm placed at No. 51 on the illustrious ranking, and 17th in the category for large companies. In 2008, EY also made it onto BusinessWeeks 50 Best Places to Launch a Career list; Fortunes 100 Best Companies to Work For; The Times Top 100 Graduate Employers, as well as its Top 50 Places Where Women Want to Work; the Sunday Times 20 Best Big Companies to Work For; and Working Mothers 100 Best Companies.
Risky business
January 2009 A survey released by EY and consulting firm Oxford Analytica polled more than 100 analysts on the biggest business risks for the coming year. The resulting top-10 business risks for 2009 included: the credit crunch, regulation and compliance, a deepening recession, radical greening, nontraditional market entrants, cost-cutting, managing talent, executing alliances and transactions, business model redundancy and reputation risks.
No size fits all

October 2008 Ladd Muzzy, the Americas leader of EYs risk management practice, wrote in Financial Executive that businesses should think more carefully about risk. According to Muzzy, not only is there no such thing as a one-size-fits all approach to enterprise-wide risk management in todays market, but there isnt even a one-size-fits all definition of what risk means. His recommendations, however, could apply to anyones business: Identify your risks, both internal and external, and then assess those risks and prioritize how to deal with them.
Making big businesses out of small business

September 2008 The firm promised to provide up to $1 million of in-kind resources over the next three years to Kiva.org, the worlds first person-to-person micro-lending website. The site works with microfinance institutions to connect entrepreneurs with individuals who want to contribute loan funds via the internet. As of the time of the announcement, Kiva.org had facilitated over $43 million in loans from over 337,000 Kiva.org users to 60,000 developing world entrepreneurs, including carpet weavers in Afghanistan, goat herders in Uganda and farmers in Ecuador. EY announced that it would help Kiva.org by using its resources to check a borrowers identity, the loan amount and term of the loan, and the amount of the investment.
GETTING HIRED
Looking for leaders
Generally, EY insiders say the firm is looking for well-rounded people with great grades, excellent communication skills and demonstrated leadership ability. During interviews, candidates should be ready to provide personal examples of leadership, such as overcoming a difficult problem or motivating a team, one source advises. The firms recruitment process typically includes two rounds of interviews, but be prepared for multiple interviews, with standard-issue questions and more challenging role-play questions. An alumnus of the recruitment process adds that he went through four rounds of interviews, first with human resources, then the rest with a senior manager and two partners. In the past, EY has also asked candidates to sit for an internal psychometric/aptitude test, though one staffer reports that testing has been cancelled, as it doesnt tell human resources much about the person.
OUR SURVEY SAYS

Just trust me
EY staffers say one of the highlights of the firms culture is its emphasis on inclusiveness, honest communication, flexibility and trust. A director remarks, We trust our people more than I think other firms do. We have very little institutional tolerance for micromanagement, and expect folks to do the right thing without their boss looking over their shoulder. Because of this, I find that I can focus on doing what needs doing without nonessential
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things getting in my way. Oftentimes, for new hires, that sense of trust translates into responsibility early on and access to upper management. I have been amazed with how approachable partners are and their willingness to interact with employees of all levels, a source notes.
Mixed opinions on balance

When asked about their ability to balance work and home life, respondents answers vary. With a 40- to 80-hour workweek, one partner states, it is a challenge, as you need to be available to your clients at all times. Another insider comments, We are able to balance work and life, but there are unspoken rules here. If you want to really succeed, you will really need to work your heart out. That way, youll be noticed. They speak about work/life integration and not balance, a colleague adds. Still others say that striking a work/life balance is possible, with a little legwork. There are certainly weeks that call for some pretty tough hours, but management has no problem if you need to leave midday for various reasons, as long as all responsibilities are taken care of on your side, an associate explains. Meanwhile, a manager praises the firms flexible schedules and works from home twice a week. A source from Detroit adds that, because our remote communication tools are so effectiveemail, voicemail and instant messenger software, most of us dont know and dont care where everyone is, so long as the clients needs are being taken care of. Most of us routinely work from home on a regular basis as an alternative to being in the office. Balance and flexibility is really first class here.
Have projects, will travel

EY consultants say the amount they travel depends on the types of projects they are working on. Travel requirements are not extremely excessive and occur in batches, explains one. We have offices all around the world so, accordingly, the client service requirement for travel is not at all excessive, a colleague states. A source in New York adds that travel schedules vary depending on what engagement you are placed on. I am in the office daily, but in the past [I have been] on an engagement that was off site for three months. One executive-level contact says consultants do spend a lot of time [with] clients and work with other EY offices on a regular basis, but estimates that 20 percent-ish is a good average travel amount. But it varies, and if an individual has travel restrictionsday care, personal commitments, etc.the firm works hard to find a solution that works for everyone.
Perks boost the bonus bummer

More than a few respondents bemoan EYs lack of a bonus plan, but in general, most are fairly satisfied with their overall level of compensation. They also note the firms good health care benefits and frequent special employee events. Additional perks include BlackBerries and an $80-per-month allowance to pay off phone bills, as well as free laptops. Consultants also have access to company cars, free or reduced-price tax software and a Starbucks card on your birthday for a little extra pick-me-up on your special day. Were told that new parents have great maternity and paternity leave options. EY managers turn themselves inside out to accommodate the needs of new parents, both men and women. Whether the individuals need more flexibility, less travel or a reduction in unexpected overtime, EY does it without thinking twice, a director states. A female consultant adds, Maternity leave, coupled with vacation days and disability, frequently gives our female employees up to 11 months off. While most training at EY is informal and on the job, there is formal training for all hands for a full week, three times a year, reports a director. There is also free web-based training and pre-approved specific courses, depending on the level of experience.
Pay your dues

Insiders say the promotion schedule at EY is very conservativeyou must pay your dues, sometimes for several years, before you can go up a rung, says one staffer. If youre aiming for the top rungs, the targeted time from staff to partner is 15 years, and promotions are often dependent on a consultants business area. If the business cant support a higher level, [a consultant] wont be promoted, a source explains. A partner adds that recently, there has been too much creep in early promotion, effectively creating a level below partner that is unofficially split into two groupsjunior senior managers and experienced senior managerswhich causes people to sit at the senior manager level for too long.
Not interested in the hassles of promotions? There are alternatives to climbing the corporate ladder. Staffers say they can choose to create a niche for their own skillsthere is another part for those who want to become specialists and managers. When it comes to less-than-stellar consultants, sources add, the firm does not immediately show them the door. While C and D performers tend to leave us, we do not strictly apply up-or-out, a partner explains. We generally believe that everyonehired through meticulous screeningcontributes something valuable to our partnership. A director adds that if a person is not considered promotable, that discussion is had very honestly, and the affected individual usually does not have a drop-dead date to leave. And many times the firm will help the person find their next job!
Hows this for diversity?

On the subject of diversity, a director states, My group consists of two white guys, a white woman, three Indians, and folks from Russia, China and Jamaica. By gender, four men, five women. Diverse enough for you? Quite, agrees an associate: We are renowned for our diversity programs.
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That diversity also extends to GLBT consultants. We have a gay/lesbian group formally organized by the firmits a national and local office group, an insider reports. A number of men and women are out in my office and they are seeing that overt bias has been squeezed out of the culture, and unofficial bias is rapidly dying out as gays and lesbians are now represented at all ranks in the local office, including at the partner level. The firm is also improving its gender balance at all levels. With just over half of the firm now women, and the women partner ranks increasing as well, a woman joining EY today can be assured of being advanced based upon her merit. Taking time off for children and family is the new norm for both men and women, as is flexibility. Still, a manager notes that there is room for improvement in this area. This is an issue we are still working on. We have a special committee dedicated to improve this.
Paper cups be gone!

A consultant in Los Angeles notes that EY is serious about doing what it can to improve the environment. We are leaders in green/clean tech accounting and, internally, we have national and local teams dedicated to environmental issues. We are the only firm that has a global leader dedicated to this issue and, after Earth Day, we no longer use paper cups! A Detroit insider adds, We recycle, issue everyone coffee mugs to reduce the use of paper cups, and we are trying to get rid of paper files to the extent possible.
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PRESTIGE RANKING
10
OLIVER WYMAN
RANKING RECAP
Practice Area #3 (Tie) Financial Consulting #10 Human Resources Consulting Quality of Life #8 Compensation #10 Selectivity #17 Firm Culture #18 Overall Satisfaction Diversity #20 Diversity for GLBT
1166 Avenue of the Americas New York, NY 10036 Phone: (212) 345-8000 www.oliverwyman.com
LOCATIONS
New York, NY (HQ) 50 offices in 16 countries worldwide
PRACTICE AREAS
Automotive Aviation, Aerospace & Defense Business Transformation Communications, Media & Technology Delta Organization Design & Change Energy Finance & Risk Financial Services Health & Life Sciences Industrial Products & Services Leadership Development Marketing & Sales Operations, Manufacturing & Sourcing Retail & Consumer Products Strategy Surface Transportation
UPPERS
Ability to advance without a graduate degree Consultants, from the minute they step in the door, are eligible for international staffing Client exposure is fantastic, and projects are of the highest caliber The huge amount of discretion in how to spend my time
THE STATS
Employer Type: Subsidiary of Marsh & McLennan Companies, Inc., a Public Company Ticker Symbol: MMC (NYSE) President & CEO: John P. Drzik 2009 Employees: 4,000 2008 Employees: 3,900 2008 Revenue: $1.55 billion 2007 Revenue: $1.5 billion
DOWNERS
The bureaucracy caused from being a member of Marsh & McLennan Brand recognition is still not on par with the other majors Growing pains; infrastructure lags a bit Little formal training
EMPLOYMENT CONTACT
www.oliverwyman.com/careers

Increasingly visible Overworked and over-traveled Young and fun Confusing brand
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Oliver Wyman
THE SCOOP
Tracing the family tree
New York-based Oliver Wyman is part of the Marsh & McLennan Companies, a global professional services network with brands and affiliates in more than 100 countries. The largest component of the Oliver Wyman Groupa collective that also includes NERA Economic Consulting and the brand and identity consultancy Lippincottthe firm has around 4,000 consultants working out of offices in over 40 cities spread across some 16 countries. Todays Oliver Wyman is the result of three consulting firms (Mercer Oliver Wyman, Mercer Management Consulting, Mercer Delta Organizational Consulting) joining forces under the name Oliver Wyman in 2007. Prior to the merger, each of the companies was a veteran of the consulting industry in its own right, and each brought a different specialty to the new entitys consulting practices. Launched in 1984, Mercer Oliver Wyman was a management consultancy specializing in financial services; it became Oliver Wymans financial services and risk practice. The traditional management and strategy consulting side of the business came from the Mercer Management Consulting business, which itself was built from the merger of various strategy consulting firms founded in the 1970s and 1980s. Oliver Wymans Delta Organization & Leadership practice began as Delta Consulting Group, which was established in 1980 by leadership guru David Nadler, and acquired by Mercer Inc. in 2000. In early 2009, Harvard Business School published a case study on Oliver Wymans successful rebrandingonly the second case study the school has published on a management consulting firm. Oliver Wymans consulting services cover the automotive, aviation, aerospace and defence, communications, media and technology, energy, financial services, industrial products and services, health and life sciences, retail and consumer products, and surface transportation sectors. Its clients include numerous Global 1000 companies, more than 80 percent of the worlds largest 100 financial institutions and heads of Fortune 1000 companies.
Global reach
Although Oliver Wyman is headquartered in New York, the firm has a very cosmopolitan flavor. While the firm has more offices in North America than on any other continent, more than half of its properties are located elsewhere. Additionally, more than 50 percent of its employees are European, while the firm maintains a footprint on five continents. Further boosting the companys geographic and business reach, meanwhile, is the fact that the other companies owned by parent company MMC are available, should opportunities arise for collaboration with Oliver Wyman.
Nonprofit knocks
The firm is committed to the concept of work/life balance and, as part of that commitment, it offers several programs for staff to recharge their batteries or pursue other interests. One example is the Non-Profit Fellowship program, in which employees can choose to work for a nonprofit organization for three to six months, while the firm pays a stipend equivalent to 40 percent of their salary. In addition, since May 2008, Oliver Wyman has had an alliance with microlending organization Kiva.org, operating a formal externship program that dedicates consulting staff to supporting Kivas expansion. Oliver Wyman has been involved with the online person-to-person lending organization since its inception, when consultants participating in the firms Non-Profit Fellowship program helped Kiva get its website off the ground.
Experts at research
Its not enough for Oliver Wymans consultants to know their industriesthey have to know them well enough to be able to publish frequent reports on the state of those industries. For example, the firm has been putting out a State of Financial Services Industry report every year since 1997, and two years ago began publishing a State of the Communications, Media & Technology Industry report. Additionally, Oliver Wyman puts out the semiannual Oliver Wyman Journal, a management publication covering business strategy, operations and leadership. The firms partners are also regularly quoted in major newspapers and financial and business publications the world over. So much so, in fact, that in 2008, Oliver Wyman garnered more press mentions in The Wall Street Journal and the Financial Times than any other major consulting firm.
THE LATEST ON OLIVER WYMAN

Bovenzi goes public
June 2009 Oliver Wyman announced the signing of John Bovenzi as a partner in its financial services practice. Bovenzi offers his expertise in public policy and risk management as a former deputy to the chairman and chief operating officer at the FDIC. The post will require Bovenzi to split his time between Washington, D.C., and New York City to consult financial institutions and public-sector clientsan extension of the firms growing public policy practice, headed by Partner Andrew Kuritzkes. Kuritzkes stated of Bovenzi, The financial services industry will be reshaped by the regulatory reforms adopted in response to the financial crisis. Johns expertise will be invaluable in helping clients develop effective strategies for the post-crisis world.
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Chief fly boy

March 2009 When President Obama went looking for someone to head up the FAA, he turned to Oliver Wymannot for a recommendation, though, but rather to recruit. The President identified J. Randolph Randy Babbitt, a partner in Oliver Wymans aviation practice, as his top choice to head the U.S. Federal Aviation Administration. A pilot for more than 25 years, Babbitt also served as CEO of the Airline Pilots Association, and joined Oliver Wyman as part of the firms 2007 acquisition of aviation specialists Eclat Consulting. His appointment was confirmed by the Senate in May 2009.
Flat is better than down

February 2009 At the end of one of the most traumatic fiscal years on record, parent company Marsh & McLennan Companies filed its annual report, posting revenue of $11.58 billionup 8 percent for the year. Oliver Wyman also came out slightly ahead, with earnings of $1.55 billion, representing an increase of 2 percent year on year. Those seemingly flat results came after a 26 percent increase from 2006 to 2007, and an average growth rate of 20 percent that the firm has shown every year since 2004. Still, those results are commendable in light of the difficulties in the economy at large in the latter half of 2008.
Pandemic preparedness
February 2009 Unwittingly foreshadowing the arrival of swine flu on the global scene, the firm released the findings of study that found vaccine manufacturers had substantially increased their preparedness for ramping up vaccine production in the event of an influenza pandemic, compared to two years ago. Conducted in collaboration with the World Health Organization and The International Federation of Pharmaceutical Manufacturers & Associations and funded by The Bill & Melinda Gates Foundation, the study found that, while capacity had increased by over 300 percent in the last two years, it still wasnt sufficient to produce enough vaccines in the event of an emergency. The study also noted that current and future surpluses of vaccines could allow for the production of billions of other doses of influenza vaccine. Just one problem for those who came down with swine flu in Mexico a matter of weeks after the report was issued: It only mentioned stockpiling vaccines for the H5N1 virus, commonly known as avian flu. The H1N1 virus, however, never factored into the study, exposing the concept of pandemic preparedness to be a highly unpredictable affair.
The (inexact) science of rightsizing

January 2009 In response to a trail-off in consulting business, the firm moved to reduce its headcount, shedding some 6 percent of total staff. Cuts were made across certain sectors and geographic regions of the business in an effort to bring the firms headcount in line with projected demand. Projecting demand in an unprecedented economic downturn is no exact science, however; to help ensure that these kinds of reductions are always the last resort, the firm says it offers a variety of options to staff under Flex OW programs, including nonprofit fellowships, externships, sabbaticals and 10- and 11-month work schedules to aid in managing staff capacity.
Telling fortunes
January 2009 Oliver Wyman collaborated with the World Economic Forum to put together a report called The Future of the Global Financial System; A Near-Term Outlook and Long-Term Scenarios. In the short term, the report claims, the financial industry will see broadened regulatory oversight, a back-to-basics approach in the banking sector, some restructuring by alternative investment firms and a new set of winners and losers. Over the long term, the two biggest uncertainties that have the ability to alter the future of the industry are the power shift to emerging economies and the extent of international coordination on financial policy. The report analyzes the impact of these and other factors on financial markets from now through 2020.
Whither the next generation?

December 2008 A report from Oliver Wymans Delta unit found that many companies are doing a poor job of paying attention to grooming their top executive talent. According to the surveys findings, a mere 13 percent of companies reported keeping their top talent informed of their status, or having a formal assessment procedure for ensuring that top executives are objectively selected. Perhaps more shocking was the finding that only 5 percent admitted to having specific performance targets for filling key executive job openings, and only 3 percent have any formal measurement tools for showing the impact of talent development programs on the actual performance of executives.
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The findings were accompanied by recommendations from the Delta group that companies pay more attention to nurturing and developing top talent within their ranks, and that they communicate transparently to let that talent know exactly where they standand could be headedwithin the company.
End of the acquisition spree?

August 2008 In what turned out to be the firms final purchases of 2008, Oliver Wyman acquired two firms: Academee, a provider of leadership learning solutions out of the U.K., and ChapterHouse, a U.S.-based health care strategy firm. Picked up in April, Academee will expand the firms Delta Executive Learning Center, which focuses on executive education for Global 1000 companies, and came just one month after the firm bulked up its Paris practice with the addition of management consultancy Hemeria. The acquisition of ChapterHouse was finalized in August as a means to strengthen Wymans positioning in the health and life sciences sectors, which are expected to see continued growth despite the global economic crisis. The firms financial services group was also augmented early in 2008 with the acquisition of Celent in February. A research firm and consultancy focused on the global financial services industry, Celents operations in Bangalore, Boston, New York City, San Francisco, London, Paris, Milan, Tokyo and Beijing became a separate unit in Oliver Wymans financial services practice. Also that month, the firm acquired Harbour Consulting, an automotive industry consulting firm based in the U.S., which publishes The Harbour Report, one of the foremost guides on the North American automotive industry.
GETTING HIRED
Get ready for some number crunching
Were told that the hiring process at Oliver Wyman typically consists of two rounds of interviews, with a combination of case-based and fit questions covering a range of capabilities from heavy quants, to reasoning, to communicating with mock clients. Theres also a quantitative reasoning test. A case team leader describes the process in detail: Our firm has two rounds of interviews consisting of two case interviews in the first round, and three cases plus one fit interview in the second (final) round. These interviews are done with multiple interviewers, so afterwards, time is spent to discuss the best candidates and which should move on to the next round and why. Also we [may] administer a quant test that gives us another guide in terms of a candidates ability to think about quantitative problems. Unlike the interviews, it isnt grounds alone for dinging a candidate, but it is an important input as to how their minds work at solving quant problems for clients. A recent hire insists, Our interview questions are not designed to trip people upno brainteasers, and nothing out of left field. Another newbie adds, Every interviewer designs his or her own case, so they are all very different. But, they aim to test quantitative abilities, strategic reasoning, structuring and general personable skills. Were also told that cases may be based on past/current client work, or may be hypothetical (example: market size of light bulbs in the U.S.). Sample case questions include the following: An insurance company wants to know why it is steadily losing membership. Structure how you would lay out the project, How does a NYC taxi cab maximize its profitability? and You are starting a wine bar in Boston. Tell me about its profitability. The firm recruits primarily from the well-known Ivy League schools and other top-ranked universities, but others are welcome to apply via the web and are definitely considered. The firms on-campus schedules can be found on the careers page of its websitebe sure to check both the general management consulting (GMC) and financial services management consulting (FSC) tracks, as they tend to hit different schools.
Summer insight
Respondents say that summer internships are a great way to get a feel for the firm, as they are very busy but revealing of work and lifestyle. A recent hire shares, We had a ton of intern events and got the opportunity to meet a ton of individuals across the firm. We also had very realistic project experiences, as well. The experience was identical to what an entry-level consultant would experience, agrees a colleague. He recalls, I worked on two live cases. In both cases, I was based on the client site, away from our home office. In addition, I was involved in a couple of internal research projects. And another consultant reports, There was one week of training with all the other interns for North America, and then I was on a flight first thing Monday morning to the client site. I had a fairly demanding role for being brand new, and was challenged, but the case managers were also fairly understanding about taking time to mentor me along. However, summer plans may be on hold for the time being: One respondent reports that the MBA summer intern program has been cancelled as of this year.
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OUR SURVEY SAYS

Intellectual but informal
Most insiders at Oliver Wyman praise the firm for its relaxed and informal environment thats also results focused and intellectually demanding. The people are very friendly, fun-loving, open, welcoming and down-to-earth, and the culture is generally meritocratic, as well as qualityand delivery-focused. Were told theres plenty of intellectual power, combined with a fun, highly collaborative atmosphere, and theres a great mix of really smart people who are easy to talk to [and] fun to hang out with in and out of work. Intellectual curiosity and a sense of humor are highly appreciated and present, and everyone is eager to help each other. Collegiality seems to be the name of the game at Oliver Wyman, where were told that we simply genuinely like each other, which contributes to a great culture. One recent hire raves, Overall, the people here are very proud of their company. We have a firm bond or connection. The most amazing thing is that no matter what office you travel to, European or American, you always think, Yep, these people definitely work at OW. Still, there are a few complaints, like these from one naysayer who warns that while the firm is entrepreneurial, its also siloed and fragmented (especially between former financial services and general management), adding that recent layoffs have been extremely rough on corporate culture. And another warns that compared to another consulting firm Ive worked with, Ive noticed that while our firm is more egalitarian (less titles, more open doors), the workers tend to separate into cliques. Although the firm does a lot to try to break through that, people tend to remain in their own little circles.
Diversity talk
Many insiders insist that Oliver Wyman consultants come from diversified backgrounds. An associate states, There are a significant number of minority partners and consultants. In fact, a colleague quips, I would say our firm is majority minorities. That said, a New York-based staffer qualifies, We do a good job at hiring foreign nationals, but a poor job of domestic ethnic minorities. Hispanics, on the whole, are absent from the firm, while we have a strong group of Asians. Agrees a partner, What the firm fails to do (in North America, at least) is to make a specific effort to attract underrepresented minorities (i.e., African-American and Hispanic). The firm does make some efforts, it explains, having hosted diversity-focused campus events over the last several]recruitment sessions, and plans to expand those efforts going forward. A longtimer notes that the firm is more active for GLBTs than it is for women or minorities, explaining, In part, this is because there was a significant GLBT contingent that wanted to actively promote inclusion. Theres a GLBT support group in the firm known as GLOW, which were told ran recruiting events at five universities last year and is expanding its role within the firm. One principal reports, It has gotten great support from the firms senior leaders, and has great networking opportunities from MMCs sister firms. A colleague remarks, I am GLBT, and the firm is extremely hospitable to me. My partner is welcome at all company events, and the travel policy allows him to come visit me when staffed abroad at firm expense. And a New York-based consultant shares, I know a number of GLBT individuals at the firm, including partners. They are all very comfortable and have great prospects at the firm. When it comes to gender diversity, one respondent comments, Although the firm was historically male-dominated, nearly half of new consultants are women, and a colleague notes, The firm does a lot to recruit and develop womenwe even have specific events with those specific goals in mind. Still, support systems vary by office. So while a New York-based consultant says there are very few formal structures for women (other than a couple womens events each year), a co-worker states, We have a very active womens initiative in the Boston office. Upcoming events include financial planning, nutrition and eating while traveling, real estate planning and dress for success. We have an ongoing book club, an annual holiday party and potluck, do charity events and clothing drives, and run in the breast cancer run. But in all offices, were told by many that the ratio of men to women becomes quite lopsided in more senior positions. So while there are a significant number of female junior consultants, there are few female partners.
Much ado about mentoring

A recent hire states, As a female consultant, I do not feel that I am treated any worse than my male colleaguesif anything, I find that the mentorship opportunities are stronger, given how many impressive women work here. Indeed, across the board, were told that the majority of training is on-thejob training. A recent hire explains, The most valuable learning, in my opinion, is informal, where the apprenticeship model really allows consultants to learn applicable skills in a client engagement setting. That said, theres also some time set aside for formal training, namely, two weeks at hiring, several days every year, plus scattered one- to two-hour sessions. A recent hire notes that a tradition at training for new hires is a scavenger hunt around Boston. A higher-up reports, Formal training has been relatively weak during the past few years, but we are launching a brand new training program that should revolutionize learning opportunities for consultants. In addition, each of the practice areas has compiled databases of materials that provide basic and advanced training in each subject area. This has been tremendously helpful.
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Trusted from the start

Part of the reason theres so much learning done on the job is that consultants are given a high level of responsibility from early on. A source whos been at the firm for a few years shares, I have had close interaction with senior clients ever since my very first year out of college. The opportunity for consultants to interact with leaders in the industryboth at our firm and at client firmsis tremendous. Others agree that all consultants, from analysts to partners, are expected to work directly with clients, and say they are consistently amazed at the level of trust partners and senior managers put in first- and second-year consultants regarding high-level client interaction. In addition, praises a newbie, I have very friendly relationships with many management-level employees, including senior partners, and a case team leader tells us there are many excellent, excellent managers, with only a few bad apples.
Merits what matters

When it comes to climbing the ladder, insiders insist there is no up-or-out policy, and say the firm is truly a meritocracy, where you advance as quickly as you prove able, with little regard to face time. One recent hire comments, Not having an up-or-out policy is one of those things I didnt really care about a year-and-a-half ago when I first joined, but I think it says a lot about ones firm. Especially in this tough economy when there arent any jobs, and perfectly skilled former classmates at top firms are being forced out once their two years are up, you come to really appreciate the fact that the firm does maintain a sense of ownership and truly cares for its employees. Another reports, Functional advancement happens on a caseby-case basis, where when it is felt that consultants are good enough, they are able to take on management roles. On average, she continues, consultants are given management opportunities after two to three years, and become partners after seven to nine. Overall, many say, advancement tends to be rapid. An associate notes that salaries also vary within each level, therefore salary can still increase while gaining experience within any particular level. A colleague adds, Oliver Wyman has an MBA sponsorship program for consultants, which is a great opportunity to pursue a graduate degree on the company. I should note, however, that Oliver Wyman does not require an MBA for advancement. Many have made it to partner or associate partner without an MBA.
A 55-hour target
In the end, qualifies a partner, each person has to significantly contribute to the firms success in order to make it at Oliver Wyman, and that can take some long hours. On the plus side, many insist that all members of the firm take work/life balance seriously and have a lot of fun together, and they almost never work weekends. A consultant with a few years experience says, The firm has a longstanding and serious commitment to work/life balance, adding, I rarely work weekends, and nearly always manage to stay within the firms target workweek of 55 hours. Moreover, many of my colleagues have taken advantage of programs such as sabbaticals to maintain flexibility in their lives. And a new father reports, I have a newborn child at home, and have been able to carve a great separation between work and home life. But many warn that the ability to achieve balance depends on the engagement and partner, with some complaining about working nights and weekends, and frequent travel and weekend work compounds the balance issues from work hours during the week. The economy isnt helping, says an associate, noting that, burner cases [are] becoming more common as business slows. A midlevel source states, It [varies] largely project by project. I have been on cases where I never worked on weekends, and other cases where it was expected to work almost every weekend. An engagement manager adds that getting promoted tends to increase the workload: By the time you start managing larger projects, you effectively have to absorb the schedule changes, meaning some work in late evenings and weekends is somewhat inevitable
Overtime isnt overlooked

Meanwhile, others say that while balance isnt a constant, its at least achieved over time, explaining that usually periods of intense work are followed by well-deserved relaxation, and weekends are almost always free, and when they are not, extra vacation days are often given. Plus, an associate reports, the firm is tremendously flexible in allowing for vacation and personal days. It also offers excellent Flex OW programs, including sabbaticals, externships, 10- and 11-month years, etc. The firm really avoids the up-or-out mentality and strives to make consulting a sustainable career. Another notes that when workweeks exceed the 55-hour target, partners and staffers make an effort to make it up to consultants by trying to balance tasks assigned to them, allowing breaks for lower intensity internal work after particularly difficult projects, etc. Consultants are encouraged to fill out monthly work/life balance scorecards, and poor scores prompt immediate contact from HR to see how the situation can be remedied. Others say theyre comforted by the fact that extra work is at least not in vain: A new hire insists that managers are also careful not to make me stay late (past 7 p.m.), unless work absolutely needs to get done that night, and make sure that Im doing meaningful work and not staying late for inefficiencies. Another newbie agrees, The good part is that you are being challenged at work, and not kept late just for busywork.
Travel when its called for

Theres a similar attitude with regard to travel. A higher-up remarks, OWs philosophy is that you travel when you need to. This makes travel a lot easier, because you know you arent doing it just because of some blanket requirement that you always have to be at the client site. Of course, travel
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can be disruptive: A principal says that his three days a week on the road make it very difficult to sustain work/life balance. But the amount of travel required from staff varies widely. A recent hire states, Travel can be excessive or nonexistent, depending on the individual consultant. Some consultants almost never travel, while others spend weeks on end outside of the home office. Requests for one or the other are considered but not necessarily honored. You can give preferences on places you want to visit, but in the current economic climate, we have to be more flexible, an associate explains. You dont join a globally staffed consulting firm and expect not to travel. Others reiterate that you have to be open to travel at OW.
Enjoy the exotic locales

Then there are those who claim to actually enjoy the travel, like a recent hire who states, Being at a firm focused on financial services means the vast majority of our clients are located in major cities, which makes travel a lot of funI can meet up with friends, stay the weekend, etc. A colleague agrees enthusiastically: Consultants expect to travel, but often that can mean to drab places. I, on the other hand, have had the opportunity to travel all over the world for a week at a timeStockholm, London, Hong Kong, Tokyo, Singapore and Mumbai. It has been awesome! And another says it helps that the firm provides a weekend travel budget in instances where one cannot fly home every week. But by and large, travel schedules are Monday through Thursday, and Fridays are virtually always spent in the office so that everyone can see each other. Some offices hold Friday 5 p.m. happy hours, which helps people start their weekend off on a good foot. Other perks include regular partner-staff dinners, significant discounts to cultural/theatrical performances (Broadway, ballet, etc.) and discounts on a wide variety of purchases. There are also multiple OW sports leagues every season (including dodgeball, curling, basketball, flag football, etc.) and lots of social events (ski trip, camping, happy hours, etc.). Some offices have a well-stocked kitchen with sodas, snacks and fresh fruit, not to mention free donuts in the Boston office whenever there is a snowstorm. Were also told that compensation, in general, is very competitive for the industry, and includes 401(k) matching and great health benefits.
Getting involved
Respondents also report that there are many ways to get involved with the community at our firm, including extensive pro bono work, extensive support work with university business and consulting groups, volunteering at fund-raisers and working in food programs, etc. Were told that each office organizes its own charitable activities locally, although contributions vary: An engagement manager notes that while theres a huge push on community through the New York office, theres a little less so in the Toronto one, partially because we are smaller. An associate in New York adds that theres no coercion involved: The firm strongly encourages and helps facilitate philanthropy, but never imposes specific requirements on its consultants. For those with a particularly strong interest, Oliver Wyman offers its three- to six-month Non-Profit Fellowship program, where you get a portion of your salary to leave and work for a nonprofit organization.
Green but for those jumbo jets

When it comes to environmentally friendly activities, some offices are more conscious about [going green] than others. A Toronto-based engagement manager says, Our office recycles, has gotten rid of bottled water, composts and has a low-water usage dishwasher with biodegradeable soap, and a colleague in New York reports, We have a policy to avoid wasting electricity, and recycle at all times. A senior engagement manager explains, Oliver Wyman has a green task force that has converted a lot of office processes to be more green-friendly. This came after an extensive internal analysis of Oliver Wymans gaps to corporate best practice in environmentalism. But many insiders agree with a case team leader who notes, Our firm needs to do more in this area because, as consultants, our travel contributes highly to greenhouse gas emissions and our firm does nothing in this area to offset that. He adds, I suspect the economy makes such a discussion unpalatable right now.
Still going strong

Along those lines, one associate warns, Consultants are the Prada handbags of the industry. Were expensive and exclusive, adding that luxury goods tend to fare among the worst in downmarkets, and were no exception. He continues, Im not very upbeat about the long-term prospects of the industry, and the firm will have to endure at least another year of less-than-stellar financial performance. The firm has been pretty open about the situation, which has been an immense help. But most seem confident that the firm will make it through the economic slump with its business intact. One source boasts that Oliver Wyman is very well positioned to grow our market share. We believe we are the No. 1 consultancy in financial services, and that our specialization is a key differentiating factor. A colleague explains, Our industry faces some huge challenges; however, we continue to win share from competitors, and our specialist model is validated more and more each day. We will be very well positioned when the economy recovers. Another insider posits, Business has been weaker in 2008 and 2009 than projected. This is not a surprise, given the complete financial meltdown. The real surprise is the fact that a firm that focuses [so much] on financial services is still generating such a significant amount of business. A colleague explains that Oliver Wyman is
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in demand by banks looking to put themselves back together after the recent crisis and meet new regulatory requirements. The firm also points to its health and life sciences business, which is charging ahead despite the economic downturn. A case team leader insists that the firms integrity has been highlighted during the recent crisis, stating, Instead of rescinding employment offers to recent graduates when the economy got bad, Oliver Wyman created a program to find one-year roles in our parent company, MMC, until the economy improved. Oliver Wyman also paid for some people with deferred offers to work at nonprofit organizations or startups. He adds that this very unique program really means the company cares about doing the right thing.
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PRESTIGE RANKING
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ACCENTURE
RANKING RECAP
Practice Area #1 Operations Consulting #5 Energy Consulting #9 Business Advisory Consulting #9 Human Resources Consulting #9 Pharmaceutical & Health Care Consulting Quality of Life #9 Overall Business Outlook #10 Formal Training #14 Green Initiatives #14 Relationships with Supervisors Diversity #10 Diversity for Women #11 Best Firms for Diversity #11 Diversity for Minorities #14 Diversity for GLBT
1345 Avenue of the Americas New York, NY 10105 Phone: (917) 452-4400 Fax: (917) 527-9915 www.accenture.com
LOCATIONS
Offices and operations in more than 200 cities in 52 countries
PRACTICE AREAS
Management Consulting Customer Relationship Management Finance & Performance Management Process & Innovation Performance Strategy Supply Chain Management Talent & Organization Performance Outsourcing Application Outsourcing Business Process Outsourcing Infrastructure Outsourcing Systems Integration & Technology Application Portfolio Optimization & Renewal Custom Solutions Digital Solutions Enterprise Architecture Enterprise Solutions & Enterprise Resource Planning Industry & Functional Solutions Information Management Services Infrastructure Consulting IT Strategy & Transformation Microsoft Solutions Mobility Solutions Research & Development Security Consulting Service-Oriented Architecture Software as a Service (SaaS) Systems Integration Operating Groups Communications & High Tech Financial Services Products Public Service Resources
THE STATS
Employer Type: Public Company Ticker Symbol: ACN (NYSE) Chairman & CEO: William D. Green 2009 Employees: 181,000+ 2008 Employees: 186,000 2008 Revenue: $23.39 billion 2007 Revenue: $19.7 billion
UPPERS
Freedom to chart your own destiny and career Client and project diversity Employee development initiatives, leadership commitment to employees Ability to move around within the company
EMPLOYMENT CONTACT
careers3.accenture.com

Good company for women Long projects, all on-site work Produce great alumni Overgrown machine
THE BUZZ
DOWNERS
Pigeonholed as technology only Partner politics We hire too many people who are not a fit Unclear career path past senior manager
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Accenture
THE SCOOP
Mashed-up moniker
Accenturewhose name derives from accent on the futurewas formally established by partners from the consulting division of various Arthur Andersen firms in 1989 as Andersen Consulting. Their goal: to create a new consulting and technology services company built on the idea of business integration, or aligning a companys people, processes and technology under one strategy to improve business performance. Within 10 years, Andersen Consulting had grown into a global brand. On January 1, 2001, the company cut its ties to Arthur Andersen and renamed itself Accenture. Shortly thereafter, rumors swirled that the name change was an attempt to conceal involvement with Enron (Arthur Andersen performed accounting for Enron, and was completely ruined by its implication in the scandal), although the historical timeline proves this impossible. Accenture also went public in 2001, listing its stock on the New York Stock Exchange under the symbol ACN.
Strive for five

Accenture delivers its services via five industry-focused operating groups: communications and high tech, financial services, products, public service and resources. In FY08, the products groupwhich serves clients in the automotive, consumer goods and services, health and life sciences, industrial equipment, retail, transportation and travel services industriesoutperformed all others, making up 25.9 percent of net revenue. The second-highest performing group was communications and high tech, pulling in 23.3 percent of net revenue, which serves clients in the communications, electronics and high tech, and media and entertainment industries.
Accenture anywhere
Today, Accenture is one of the largest companies of its kind in the world. It prides itselfand capitalizeson being able to deliver its services from more than 50 centers in its global delivery network, as well as from many Accenture and client sites, depending on skills and language requirements, costs and the clients location. More than 80 percent of the companys 181,000 employees live outside the United States. Of those, slightly more than half are based in Asia Pacific, Accentures fastest growing regionmostly in India and the Philippines. Its that kind of reach and flexibility that has insulated the firm from direct hits in the market and made it a recession-resistant one-stop-shop IT services company, as BusinessWeek described it in December 2008. As an added boon, the publication noted, Accenture is able to use exactly the right resource in the right place at the right price to service its clients. As a mark of just how far-reaching Accentures global brand is, meanwhile, look no further than its most famous spokesperson: Tiger Woods, arguably the most famous and easily recognizable sporting figure in the world.
Reporting from the frontlines

When they are not helping multinational companies improve their performance, Accentures consultants keep busy working to put together a number of reports and papers. These are published through the Accenture Institute for High Performance, which applies academic research to the problems facing todays businesses and organizations. Many of the papers published appear in major international newspapers, such as the Financial Times, Harvard Business Review and The New York Times, as well as magazines and journals, while others have a more limited circulation as research notes and papers in books. So ingrained is a culture of staying ahead of the game that Accenture even has its own research and development technology labs, where it investigates new and emerging technologies, uncovering new trends and helping clients take advantage of the opportunities they offer. Made up of 150 professionals, the technology R&D team operates from four labs in the U.S., France and India, and like the Accenture Institute for High Performance, they, too, produce volumes of research known as Points of View. In addition, the firm publishes the online journal Outlook, released three times a year, which focuses on high-performance business strategies written by industry experts. It also produces a newsletter called The Point, written by its global financial services executives. The publication delves into current trends and analysis in financial services, covering topics such as risk management, deregulated markets and customer retention. Each operating group and growth platform within Accenture contributes to getting the word out by publishing its own external publications.
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THE LATEST ON ACCENTURE

Its never too late for spring cleaning
September 2009 While the global economy started to show signs of a rebound, Accenture spent summer 2009 getting its house in order. Mid-August saw the announcement of a shake-up of the firms executive leadership and services, in what was billed as a reorganization to drive future growth. This included naming Jo Deblaere as the new chief operating officer, while outgoing COO Stephen Rohleder assumed a lead role in the new health and public service group. Meanwhile, Accenture realigned two of its growth platforms into technology (combining systems integration and technology with application and infrastructure outsourcing) and business process outsourcing (now a one-stop shop of industry-specific and cross-industry services). With this shift, the reins for the technology and BPO platforms were handed over to current outsourcing Chief Executive Kevin Campbell and BPO Managing Director Michael Salvino, respectively. These changes, along with a host of other new group leadership roles being filled, took effect at the beginning of Accentures fiscal year on September 1, 2009. The firm also announced that it would invest in new growth areas, including health care, analytics, digital services, mobility, emerging technologies and key geographic markets.
A healthy new business

June 2009 In a move that reflects one of the major growth areas in the consulting industry, Accenture created a new health and public service group. The unit draws together all of Accentures existing public service offerings, and combines them with its health and life sciences industry group to form a single entity. According to the company, the practice was created to meet a need not only in the improvement of health care across the globe, but in recognition of the fact that there are ever-increasing opportunities at the point where health care and public service meet. The United States $787 billion stimulus was likely something of a motivating factor, as well; some $19 billion in the bill was specifically earmarked for improvements in health care technologymuch of it for implementing electronic record-keeping systems, which is one of the new units specialties.
Irish eyes are smiling

June 2009 Amid heightened U.S. government scrutiny of the use of corporate tax havens, Accentures board voted to change the firms place of incorporation from Bermuda to Ireland. According to a company press release, Accenture does not expect any material change in its operations, financial results or tax treatment as a result of the change in its place of incorporation. The company will continue to be registered with the U.S. Securities and Exchange Commission (SEC) and be subject to the same reporting requirements as it is today. Accentures shares will continue to trade on the New York Stock Exchange under the ticker symbol ACN. Since splitting from Arthur Andersen, the firm has been incorporated in Bermudaa British territory known for its minimal direct taxation on corporate income and relatively lax regulation of business enterprises. Further, a company spokesman told The Wall Street Journal that Accenture has always paid its taxes in the countries where the income is generated. That statement came in response to questions about Accentures decision to shift its home country to Irelanda country that offers similar benefits on the tax front as Bermuda, but which has the added advantage of having a tax treaty with the United States. That means companies registered there would likely escape the sort of legislation affecting companies still registered in traditional havens such as Bermuda or the Cayman Islands.
Global green credentials

May 2009 In recognition of Accentures ongoing commitment to environmentally sustainable practices, the firm achieved Global ISO 14001 Environment Management System (EMS) certification. An internationally recognized standard for EMS, the certification covers some 53 of Accentures locations around the worldaround a quarter of its total. To achieve the certification, companies must identify significant impacts that they have on the environmenti.e., carbon emissions, energy and water useand work to control and improve them through implementation of environmental management programs. According to Accenture, its environmental efforts include not only efforts to measure and manage its impact, but to engage employees in those efforts. The firm has pledged to continue working toward gaining ISO certification in more of its locations.
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Fortune favors Accenture

March 2009 The firm slipped into the top 50at No. 49on Fortune magazines annual list of the worlds most admired companies. Rubbing shoulders with the likes of Apple, Berkshire Hathaway and Toyota in the main list, the firm also found itself with some noteworthy company on the sub-list of most admired infotech services firms. There, Accenture ranked second, behind rival IBM. Accentures placement in the top 50 follows on from its January 2009 recognition on another Fortune listthe 100 Best Companies to Work For, where it placed 97th.
The downturn begins to bite

March 2009 Reporting its second quarter earnings for fiscal 2009, Accenture lowered its predictions for the remainder of the yearthe first real hint that the firm was feeling the effects of the troubled economy. Despite the dire situation globally, however, the firms revised predictions werent exactly the stuff of nightmares: Revenue was expected to grow somewhere between zero and 4 percent in local currency, while new bookings were revised downward to a range of $23 billion to $25 billion, from $24 billion to $27 billion. While the revised predictions may have come as a surprise to some in the wake of a record year in 2008, its worth noting that the companys fiscal year ends on August 31st, meaning that Accentures 2008 results appeared before the worst economic events of the year took place, thus giving little idea of how it was likely to fare in the downturn. What it did show, however, was record revenue of $23.39 billion for the year. That represents a 19 percent increase over 2007, while the firm also added 17,000 people to its payroll. Profits also increased, up to almost $1.7 billion.
Business comes flooding in

February 2009 Accenture was awarded a one-year, $58 million contract by government agency FEMA to provide program management and business architecture for its Flood Risk Mapping, Assessment and Planning program. The program is designed to help reduce U.S. vulnerability to natural hazards.
In the public interest

December 2008 Capping a great few months for Accentures public service group, The Maryland Board of Public Works awarded the firm an $87 million contract to implement a new tax system. The deal follows a couple of other significant wins for the unit. Among these was a three-year, $26.2 million contract awarded by the state of Kansas in October for Accenture to implement a new statewide financial system. In September, meanwhile, U.S. governmentowned Amtrak commissioned Accenture, under a multiyear contract, to standardize and improve its business operations.
Texas trip-up
December 2008 Accentures outsourcing ethos that it isnt about what you can subtract from a business, but what you can add, was fully realized when the firm agreed to cancel a contract after failing to find a way in which to save money for its client. That client was the state of Texas, which had given Accenture an $899 million contract to manage its Childrens Health Insurance Program and to run call centers enrolling Texans in food stamps and Medicaid. After three years trying to implement one of the most ambitious outsourcing projects of its kind in the country, Accenture cold not help the state save money, and Texans were still finding it difficult to enroll for and receive state benefits. The result: Accenture agreed to cancel the controversial social services deal and pay the state more than $100 million in waived payments, cash and credits.
Underused analytics
December 2008 An Accenture report on the use of business analyticsinformation gleaned from customers and operations and processesfound that most companies do not rely on them enough when making business decisions. More than half of companies57 percent, to be precisesurveyed in the report, Competing through Business Analytics, said they dont have a beneficial, consistently updated enterprise-wide analytical capability. While executives understand that companies with enterprise-wide business analytics have an advantage over those still relying on nebulous sources to make decisions, they face institutional challenges to reforming their processes across the board, said Royce Bell, head of Accentures information management services.
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Singapore it on
October 2008 The firm announced it will open a management consulting innovation center in Singapore in mid-2009. According to the firm, the center will become a regional hub for developing, enhancing and showcasing Accentures latest ideas and offerings in management consulting, and will support its growing management consulting business in the Asia Pacific region. The center will focus specifically on designing and developing new global and regional operating models, while offering Accenture clients services such as pre- and postmerger and acquisition support, as well as strategic cost management advice.
Increasing the parts of its sum

January 2008 Accenture acquired the acquisition of Gestalt, LLC, a defense consulting firm specializing in command and control systems support services to the U.S. Department of Defense. Gestalts clients include the U.S. Armed Forces, the Joint Forces Command and regional power grid management organizations.
Ethical focus
January 2008 Accenture signed the United Nations Global Compact, joining a group of nearly 3,700 companies from more than 120 countries that have promised to advance 10 universal principles in the areas of human rights, labor, environment and anticorruption.
GETTING HIRED
Threes company
Accentures recruiting process typically involves three rounds of interviews: one for background and experience, one for behavioral questions and one as a final interview with senior executives within the firm, survivors report. Generally, primary interviews are 15 to 20 minutes long, behavioral interviews are around 45 minutes long, and the final executive interviews run anywhere from 30 minutes to an hour. Aptitude tests are also part of the process, which is flexible to accommodate certain geographic requirements. For junior spots, it is generally easier to land a spot via Accentures on-campus recruiting efforts than it is to apply online, staffers say, and first- and sometimes second-round interviews are often held on campus. Mid- to senior-level applicants typically face a longer interview process to determine fit and capability. I was an experienced hire, says one Chicago staffer, who reports having gone through six separate interviews. The first was a human resources screen, the second and third were skills-based, and the final three were scenario-based.
OUR SURVEY SAYS

Type A(ccenture)
Accentures employee ranks have almost doubled in the last four years, staffers say, with one associate noting, I joined three-and-a-half-years ago, and today, 65 percent of the workforce started after me. But, while the rank and file may be relatively new, nearly all have similar competitive, collaborative and hard-driving personalities, insiders say. More than one source describes the firms makeup as very type A and as overachievers who enjoy the hard work that they do, who are very team-focused and work well together. As one manager explains, People are always striving to push you to the end of your comfort zone, but be the first to jump in when you need help.
Balance verges on imbalance

With a workweek of 40 to 60 hours, most staffers say its possible to strike a fairly healthy work/life balance, but they note that consultants in general work long hours, so work and life tend to bleed together. An analyst comments that, for the industry, Accenture is average in the work/life balance category, with schedules highly dependent on client projects. Still, many respondents point out that while Accenture management has recently developed work/life balance programs, we still have a way to go to put them all into practice. A source in Chicago adds that finding managers who are supportive of a work/life balance may be hit or miss and, overall, individual employees may be penalized if they attempt to push back on work demands for personal or family commitments. In the San Jose
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office, meanwhile, an insider says striking a good balance between work life and home life takes a lot of boundary setting, since the firm will take as much as they can and ask a lot of you.
The importance of face time

Consultants indicate that travel is a big part of their job, since working face to face with clients is key. However, the amount of travel depends on how much local work the office you are based out of has, explains a source in Houston. And, when consultants do travel, it is typically Monday through Thursday afternoon, which helps a lot. Insiders also tell us that the travel burden often lessens as they rise up in the ranks, which allows them to win more projects closer to home. In recent years, staffers add, management has put a lot of emphasis on working in your local home office area over traveling.
Its the economy, stupid

While the majority of respondents are satisfied with their pay, all are realistic about their diminished chances of earning a bonus in 2009, which typically falls between 5 and 10 percent of annual income. The economy is going to hell, one New Yorker puts it bluntly. Why would anyone expect a bonus? But for now, insiders focus on the other benefits to working at Accenture, which include an employee share purchase plan, where employees get 15 percent reduction in purchase, a 401(k) match program, 25 days of paid time off per year and the option to take a short-term leave of absence. Traveling Accenturites also enjoy access to airport lounges via a free Amex Platinum card and per diems when out of town, and they can keep all of the points and miles accumulated during business travel for personal use. Consultants also recall the Accenture Perks website, which offers shopping discounts to hundreds of online retailers, and the Celebrating Performance site, where managers can give employees points that can be exchanged for gifts, like electronics, gift certificates, etc.
Family-friendly
Parents get special treatment at Accenture, which offers support resources for mothers-to-be and parents, in general, such as emergency child care if a babysitter cancels. New moms are eligible for six weeks maternity leave, while dads get one week of paternity leave. One staffer in the Midwest adds that Accenture provides nanny coverage for 40 hours following the birth of a child, while another says some offices have New Mothers rooms for pumping.
Youre in unless youre out

Accentures promotion policy is pretty much up-or-out, respondents tell us. There is a prescribed model where consultants must reach specified milestones, otherwise they are at risk, an insider explains. In most cases, that model means moving up from analyst to consultant between two and three years, and from consultant to manager after three to four years. Going from manager to senior manager can take another three to four years. If you are not promoted to the next level after two attempts, warns a consultant in Houston, then reassessment occurs to see if this is the right career for you. Those not keeping up with the Type A Joneses are not shown the door immediately, however. Candidates for promotion receive a tremendous amount of handholding and coaching before it is finally deemed that they will be unsuccessful at the next level, reassures a manager.
Train like Tiger

Like its spokesperson, Tiger Woods, Accenture is big on trainingboth official and unofficialfor its consultants, including on-the-job mentoring and peering, and excellent classroom training with a global workforce at our central training centers in Chicago, London and Kuala Lumpur, as well as really good online training. Official training programs include quarterly meetings, required classroom trainings and additional optional trainings that can be accessed via an internal training website. Beyond core training courses, Accenture also offers vendors and training in other areas, says one Accenture veteran of 10 years. For example, they are becoming better at enabling and teaching softer skills, such as people management. Insiders also note that the firm recently instituted a new MBA tuition reimbursement program.
Strength in numbers and in networking

When it comes to diversity, Accenture gets two thumbs up from its consultants, who say that, overall, the firm has a high commitment to diversity. There are both formal and informal womens networking and mentoring groups, networking groups for minorities, including the African-American Network, Asian American Network, etc., and GLBT networks at most offices that hold networking events. When it comes to women breaking into senior ranks, however, insiders admit that the firms requisite traveling lifestyle can make it difficult for women to stay in the consulting workforce after having children. As you move up the ranks, Accenture becomes more and more male-dominated. Still, notes one manager, there are lots of women leaders at high levels in the organization and, according to another executive-level source, Accentures recruiting efforts now include a womens forum that is conducted each year with collegiate women.
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Living la vida local

For its size, Accenture makes a big effort to build ties to the communities where its offices are based. We sponsor a variety of activities, from assisting in school projects to charities, pro bono work, mentoring, tutoring, food drives and the list goes on, an insider states. The Seattle office, for example, is the annual sponsor for events such as Seattle Works Day, which is a citywide cleanup. Farther afield, consultants can travel overseas to work on international development projects for six to 12 months through the Accenture Development Partnerships program. You can go and work in a highly entrepreneurial fashion to help an overseas aid foundation, an insider states, adding that those who choose to take part in the program take a 50 percent pay cut while abroad.
Diamond clients save the day

Overall, Accenture consultants are confident that their firm will come out of the economic downturn looking pretty good. According to one insider, There have been some performance-based layoffs and some of our clients are majorly cutting back, especially in the financial services and communications/high tech industries. However, our clients in government, resources and products are doing better, and I think we have a lot of opportunity in this economic environment to really help solve some big problems. Some staffers put their firm in a class apart from its competitors in terms of its ability to work its way through the muck. Says one, Although the current environment is difficult, Accenture is better positioned than competitors to serve client needs and remain viable in the marketplace. What gives it this advantage? For one, our leadership has been great during this period, a source feels, while a colleague adds that Accenture has a diverse portfolio and many diamond clients that continue to seek our services despite market conditions. Another edge? We are weathering the economic downturn well and have a specific set of offerings that have been created to help C-level executives deal with managing the economic downturn within their organizations. Way to make lemonade, Accenture!
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PRESTIGE RANKING
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IBM GLOBAL BUSINESS SERVICES

RANKING RECAP
Practice Area #6 Operations Consulting #10 Energy Consulting Quality of Life #3 Green Initiatives #17 Relationships with Supervisors Diversity #16 Diversity for Women #18 Best Firms for Diversity #18 Diversity for Minorities
1 New Orchard Road Armonk, NY 10504 Phone: (914) 499-1900 Fax: (914) 765-7382 www.ibm.com/consulting
LOCATIONS
Armonk, NY (HQ) Offices and operations in 170 countries
PRACTICE AREAS
Application Services Application Management Custom Application Development & Systems Integration Business Services Business Analytics Customer Relationship Management Financial Management Human Capital Management Strategy & Change Supply Chain Management
UPPERS
Reasonable expectation of long-term job security High concern for ethics Rotational opportunities within the company to strengthen and acquire new capabilities Lots of opportunity to differentiate myself
DOWNERS
The 24 x 7 x 365 work environment Perception by some as simply an IT firm Sometimes you really feel like you are 1 of 350,000 people Some workplace politics
THE STATS
Employer Type: Division of IBM, a Public Company Ticker Symbol: IBM (NYSE) Senior Vice President: Frank Kern 2009 Employees: 100,000+ 2008 Employees: 190,000 2008 Revenue: $19.6 billion 2007 Revenue: $18 billion
EMPLOYMENT CONTACT
www.ibm.com/consulting/careers

The IBM name has its own intrinsic value Bureaucratic Best of the IT plus consulting groups Virtual organization with no soul
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition IBM Global Business Services
THE SCOOP
A new meaning to business machine
IBM Global Business Services works hard to make clients businesses work better. The group includes IBMs consulting, systems integration and applications businesses, which together employ more than 100,000 professionals in the Americas, Europe, the Middle East, Africa and Asia Pacific. GBS is one-half of IBMs Global Services division, but only in the sense that its one of two units within that division (Global Technology Services is the other). Global Services is responsible for over 50 percent of IBMs total revenue, with GBS contributing roughly 20 percent of the companys annual income. GBS offerings are broken down into two primary practice areas: business consulting and systems integration, and application management services. The first of these offers six areas of specialty assistance to clients: customer relationship management, financial management, human capital management, strategy and change, business analytics and supply chain management services. The units clients work in a number of industries, including aerospace and defense, automotive, banking, chemicals and petroleum, consumer products, education, electronics, energy and utilities, financial markets, government, health care, insurance, life sciences, media and entertainment, retail, telecommunications, travel and transportation. The second practice areaapplication management servicesoffers expertise in application development, management, maintenance and support services for software and applications.
A chip off the old PwC

For those who knew IBM from its reputation as a manufacturer of hardware, the current iteration of the company may be hard to recognize; the company that exists today is the result of two major business events early in the millennium. The first occurred in post-Enron-scandal 2002, when IBM emerged from the feeding frenzy of Big Four accounting firms grasping the prize of PricewaterhouseCoopers consulting armthe tech firms first major foray into the world of service provision. Two years later, the historic $1.75 billion sale of its computing systems and PC hardware side of the business to Chinese manufacturer Lenovo completed the change of direction for IBM, sending it inexorably down the consulting path, and ensuring a bright future for the Global Services division. Having thus moved away from its traditional business model into the realm of consulting services, IBM has made a concerted effort to attract clients to its higher-value corporate services packages of research, software and services, specializing in providing the best skills, not the best prices. At the same time, the firm has focused on globalizing its business, moving away from a country-by-country business model.
Research readiness
Effective consulting requires access to fresh research and analysis. The company maintains sources for both through the IBM Institute for Business Value. The institute provides strategic insights and recommendations to help clients capitalize on new opportunities. It is comprised of consultants around the world who conduct research and analysis in 17 industries and across five functional disciplines, including human capital management, financial management, corporate strategy, supply chain management and customer relationship management.
THE LATEST ON IBM GLOBAL BUSINESS SERVICES

Bramante earns the top honor
June 2009 Consulting magazine placed GBS North America Managing Partner Jim Bramante atop its listing of the top-25 consultants for 2009. Currently responsible for the strategic direction and management of approximately 20,000 GBS partners, consultants and staff members in North America, Bramante received the honor in the consulting leadership category.
A new unit is born

April 2009 IBM announced the creation of a business analytics and optimization services consulting unit, to be housed within the GBS division. It comes in response to increased demand for key information to aid business leaders in making decisionssomething that IBMs Institute for Business Value revealed in a report released on the same day the new unit was announced. According to the report, some eight out of 10 business leaders make major decisions despite having missing or untrusted informationsomething the new unit aims to change, along with the ratio of business leaders (one in two) who report not having access to information they need in their organization to do their job. The business analytics and optimization services unit is the first extension of the GBS line since its founding in 2002.
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The units initial capabilities are centered around five new data centersone each in Tokyo, London, New York, Beijing and Washington, D.C.and requires some 4,000 analytics consultants and professionals, all of whom will either be fresh hires or retrained members of the existing IBM talent pool.
What recession?
February 2009 IBMs overall income for fiscal 2008 came in at $103 billion, up 5 percent on 2007s figures. While that was good news for the company, the Global Services unit fared even better, pulling in some $58 billionalmost 9 percent more than in 2007, and more than 57 percent of the companys overall revenue. That made the unityet againnot only the biggest within IBM, but also the fastest growing. Considered separately, while GBS and GTS both posted identical growth rates of 8.8 percent, GTS continues to contribute almost double the revenue that GBS does. In 2008, that amounted to $39.3 billion for GTSsome 38 percent of total revenue, and almost exactly two-thirds of Global Services total take. GBS, meanwhile, contributed the not insubstantial sum of $19.6 billionaround 19 percent of IBMs total take.
The customer is always happy

January 2009 GBS has its competition beat in overall client satisfaction, according to a January 2009 survey of 700 companies by National Analysts Worldwide. IBM consultants won in all of the surveys 11 core service areas: overall satisfaction, value, reputation, competitive advantage, innovation, leadership, meeting expectations and client retention.
Kern can
January 2009 Thirty-year IBM veteran Frank Kern was appointed head of GBS. Before his appointment, Kern was part of IBMs global push, leading the companys global sales and distribution unit, where he was responsible for the segments revenue, profit and client satisfaction in 170 global markets. Kern also headed up IBMs Asia Pacific operations out of its Shanghai office, where he oversaw dramatic growth and an expansion of IBMs business across emerging markets throughout China, India and the surrounding regionan area that continues to be integral to IBMs growth plans. And, from 1995 to 1997, Kern was CEO of IBM Global Services Australia Limited, a joint venture with Lend Lease and Telstra in Sydney.
Social studies
January 2009 An IBM Institute for Business Value report, The Changing Face of Communications, found that it was do-or-die time for traditional communication service providers. Either those providers adapt and learn how to use social networks to their advantage, the report said, or they lose out to newcomers like Skype, Google, Microsoft, MySpace and Facebook, which have redefined the communications landscape. Communications providers have a huge market to cash in on, if they can keep up; according to the report, in June 2008, unique monthly visitors to social networks represented approximately two-thirds of the worlds internet audience. By 2012, IBM estimates that the number of unique monthly visitors to online social networking sites will surpass 800 million.
CBO + FDNY = Safety

January 2009 IBMs Center for Business Optimization won a contract with the New York City Fire Department. The firm is tasked with building a state-of-the-art system for collecting and sharing data in real time that will help prevent fires and protect firefighters and other first responders when a fire breaks out. The new FDNY coordinated building inspection and data analysis system will use predictive modeling and advanced data analytics to anticipate fire exposures, analyze possible impacts and improve processes to minimize risks, such as collecting and sharing data on building inspections, permits and violations.
Just in time for the recession

July 2008 The financial transformation unit strengthened its services portfolio with the launch of a financial transformation workbench tool. Designed in conjunction with IBM Research, the tool helps identify underperforming finance functions within a clients company, as well as opportunities for improving those functions. It answered the call of those CFOs and senior finance executives who told IBM in its IBM Global CFO Study 2008 that
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they cannot measure their business performance on their own. Nearly a third of the 1,200 executives surveyed said their current financial management models lack the effectiveness and flexibility they need to monitor their global businesses.
GETTING HIRED
Experience makes things easier
Insiders give varied accounts of the hiring process at IBM, but most say there are two to three rounds of typical consulting interviewsboth casebased and behavioral. Some insist that the pace of hiring depends on where youre coming into the process, and while its relatively short and lacking in intensity for experienced hires, the entry-level hiring is intense and more drawn out, and requires several interviews. One source provides a detailed account of the college hire experience: There is campus recruiting that drives selection of a short list of candidates. Then there are four rounds of interviews with the shortlisted candidates, requiring three different case studies of some sort and a behavioral fit interview. Candidates are interviewed by more senior bands. Interviewers then review the candidates individual performance and rate whether or not to give them an offer. Offer letters are then sent out. Candidates who are given offers are each assigned a buddy to keep in touch with them. The candidates who are given offers are invited to sell events, where they are given a deep dive into the company and where they meet some senior members of the team.
Dont hold your breath

Staffers agree that, in general, candidates shouldnt expect a hiring decision for a while; one engagement manager states, Patience is very important, as we are not the most nimble company! and another agrees, The admin steps and the amount of time it can take from start to finish has resulted in a number of qualified candidates accepting offers from other firms who have much more nimble hiring processes. Staffers note that recruiting varies by sector, but emphasize that across the company, we recruit everywhere. That asid, a consultant suggests that recruiting efforts are more limited and focus on the top-10 to -15 business schools (e.g., Harvard, Wharton, MIT, NYU, Columbia).
OUR SURVEY SAYS

Pushing for performance
Consultants at IBM say the firm culture is focused on excellence in delivery, driven by making the numbers, very focused on utilization (billable client hours), customer and shareholder value, and performance-oriented. Their colleagues, they claim, are very dedicated, capable, hardworking and brilliant, and nonpretentious. Most also describe the environment as collaborative and meritocratic, although several say that people behave individualistically, despite companys values and good intent. A recent hire comments that there are unavoidable politics because its a large company. Still, many say they are more than content with firm dynamics, and an experienced source insists that people are always helpful.
Focus on flexibility
Were also told that its common for staffers to work from home. As a result, notes a recent hire, online collaboration is a big part of the culture. To that end, remarks a principal, working predominantly from home gives me the flexibility to structure my professional life around my personal life, and vice versa. An engagement manager agrees, We are responsible for delivering results but have a lot of flexibility in how and when we get our work done, e.g., I prefer to work some evenings but rarely on weekends, so I have the flexibility to make this happen. And an associate remarks, There is no expectation to work weekends or holidays. Ive often done so, and its been my personal choice, to deliver more value for the team and the client. My efforts have always been rewarded. Many add that, in general, the firm places a lot of emphasis on work/life balance, and offers many programs to help address longer-term work/life balance needs. Management is conscious of peoples hours and making sure they have support, if needed, an insider notes.
Work anywhere at any time

That said, its not uncommon to hear complaints like, Work comes before life at home, and that flexibility in schedule means work anywhere at any time, which can make it difficult to shut off. An executive warns, It is next to impossible to get the work done in a regular workweek (generally 8 a.m. to 7 p.m. Monday through Friday), so weekend work is necessary; work during vacation and holidays helps to keep up. And a director is resigned to the fact that consulting requires us to be in project mode, but he adds, I dont mind working nights (usually Monday through Thursday), as I normally travel home Thursday evenings and work from home on Fridays.
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A recent hire says that while its true that there is always work, the solution is you just have to walk away from it. Similarly, a higher-up remarks, I take advantage of slow times when I can, and dont have a problem carving time out of my schedule for personal things that are really important, adding, I dont keep score on a daily basis; I worry about work/life balance more on a quarterly or annual basis! Similarly, an associate partner acknowledges that striking a balance can be difficult, but explains, I need to plan personal time on my calendar that is nonnegotiable. I use all my vacation days and make sure to disconnect when I travel for leisure. I am open with others about my involvement in off-the-job activities, so they get a sense of what matters to me outside of work. Additionally, another senior source states, IBM is extremely family-oriented and fully supports my working-mom lifestyleits not a problem to work virtually, shift my schedule to accommodate doctors appointments, day care, etc. IBM creates a flexible work environment, and Ive found this to be standard across all projects Ive supported since joining the company three years ago.
Travel is typical
Generally, opinions about IBMs travel requirements vary. Everyone agrees that travel is an expectationin fact, were told, our consultants are expected to travel up to 100 percent of the time. However, some say that, in actuality, most projects are local, while others claim three nights away from home per week is typical, and still others explain that there is a standard four days a week for domestic travel, and three weeks out of four for international. At least things seem more balanced than they might be elsewhere; as a source puts it, We are consultants, after all, but more of our projects seem to be done remotely, where nobody travels, versus other consulting firms. Some also note that management is very conscious of people who cant/dont want to travel, and try to place people accordingly. But others warn that for those who do end up on the road, not enough is done to ban Sunday night travel, and one longtimer complains that IBM is no longer subscribing to the 3-4-5 schedule, and consultants are more than encouraged to arrive on Sundays and stay late on Thursdays (often red-eye flights), if not into Friday. For the most part, says a managing consultant, if you are staffed on a traveling engagement, you are expected to do it, adding, My practice areas leadership tries to accommodate people with families and other commitments that make it difficult to travel, but recent economic events may result in more people traveling if thats where the client work is.
Cultures on the house

Despite the potentially late hours and long weeks in hotel beds, insiders are generally appeased by the competitive compensation IBM offers. In addition, were told there are good health care benefits and dental plans, including an option that has no monthly cost. The firm provides at least six weeks paid leave for mothers and two weeks for fathers, and there are paid leave options for adoptive parents. Theres an excellent 401(k) match, and the 401(k) is well run with mostly low-cost index funds. Staffers also receive stock grants based on performance, as well as a discounted stock purchase program, although one staffer complains that its sadly at 5 percent nontaxable amount. In other perks, the firm offers free financial planning and lots of great discounts and freebies, including free admission to lots of museums, discount cell phone service, discounts for cars, electronics, mortgage and tax services, and cash awards for wellness program participation.
Trainings all over the map

A New York-based staffer adds that the firm holds training in exotic locations (Miami, Utah, etc.). But opinions differ about the availability of training, and many insist that, if anything, training has been significantly cut due to budget constraints in recent years. A longtimer in D.C. complains, Our training is almost entirely computer-based. Another agrees that there are very few classroom training opportunities (especially for those working with public-sector clients), while a colleague explains that theres a limited budget for training, so we have to find work-arounds to ensure adequate standardization and knowledge transfer. An engagement manager in Stamford claims that official training has big budgets, but moans that its not always effective: They have cut some of the best courses in favor of classroom courses that are not professionally led or developed. Opinions also differ about training quality. A source in Canada claims that most training is unofficial, and whatever official training there is can be pretty useless, while a cohort in D.C. agrees that IBM could do a much better job of investing in targeted training programs (e.g., focused on hot skills) to stregthen its consulting practitioners capabilities. Meanwhile, an insider in Chicago says official training is substantial and largely of good quality, but adds, It is almost impossible, however, to take outside training unless you cover the cost personally.
Supportive supervisors
Supervisors get more compliments. An associate says hes had great support from project team leaders on every engagement Ive been on, and a principal praises, My management team is exceptional. They have provided opportunities for me to excel and to be successful. A managing consultant reports, My supervisor makes sure to understand my project and my career objectives, and works to meet my needs. But, given that many people work from home, one experienced source notes that theres a highly virtual reporting structure, which means that [supervisor] contact is typically remote, and theres very little true face time.
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Room to grow
Client contact seems harder to come by. An engagement manager states, I wish there was less hierarchy involved with the clients, and that we could interact more directly with C-suite execs. But most respondents are more than content with the amount of responsibility they have, as well as with the career options available at IBM. A career here can take so many directions that are just not available anywhere else, says a longtimer. A recent hire notes, The depth of experience still amazes me. When I came from another consulting firm, we struggled to have depth in many areas. At IBM, the question isnt do we have depth, but how much depth do you want? Along those lines, were told there are lots of opportunities to move to other parts of the business besides strategy consulting, and theres lots of room for lateral movement. Theres also no up-or-out culture at IBM, and advancement is based on performance and desire. As a result, someone can stay in their current position for 10 years or more, as long as they continue to perform in their roles, satisfy clients/project requirements and drive new business. Those who strive to move up typically get promoted every two to four years, although promotions get less frequent as people rise. That said, one recent hire warns, the current economic climate has resulted in a number of senior leaders being rebanded, or essentially demoted down one level. I think that revenue generation (business development) will become a key indicator for success and promotion opportunities in the future.
Enthusiastic expectations
Most insiders are optimistic about the firms outlook, insisting that IBM is well positioned, with strong financials and a good cash balance. An engagement manager praises, We have been very proactive in managing our business and are extremely financially healthy, adding, We made our financial goals in 2008 and are poised for great things in 2009. Colleagues tend to agree: We are well positioned to take advantage of growth opportunities in other high-growth countries, given our scale and vision, and believe that their CEO is very good about setting business trends and generating demand. Even those who recognize that the firm has hit some bumps say that things are looking up. A midlevel source states, Our stock price is down like everyone else these days, and we have had layoffs, but seem to be weathering the economic downturn better than most competitors. Plus, when it gets down to the numbers, a recent hire reports that the firm is still paying bonuses and pay raisespresumably a good sign.
Decently diverse
With respect to diversity, staffers insist that IBM places a pretty heavy emphasis on diversity programs for womenso much so, notes a director, that its consistently recognized by Fortune and Working Mother in the top places to work for women. A female consultant observes that there are women at very high levels, and women are encouraged to lead projects and take an active role in client-facing work. Were also told that IBM is excellent with hiring and promoting minorities, and the company is very open to the GLBT lifestyle, although some respondents claim that they dont know of GLBT diversity programs, specifically.
Committed to the community

IBM has a a huge commitment to community service, offering tremendous opportunities to get involved in a number of community events, as well as making large donations to charities each year. The firm has a number of specific philanthropic programs for its staffers, including on demand community, a suite of online tools and resources to support employee volunteerism, community grants, a program that awards long-term volunteer commitments with grants of cash or IBM equipment, and matching grants, through which IBM matches employee grants to schools and nonprofit organizations. Some staffers have even been able to go overseas for a month to do corporate sponsored charity work. A source reports that theres also a big annual drive to encourage employees to donate pretax money to charities, and a colleague adds that during this drive, the firm is diligent about getting 100 percent response on whether or not you want to donate. Others sponsored activities include pro bono consulting and developing country programs, as well as local outreach.
Eager to help the environment

Respondents tell us that in terms of going green, IBM is working to be a leader in this space, and is devoting a lot of resources to make it happen. This is a very big push for IBM nowadays. According to a recent hire, one of our biggest initiatives currently is Smarter Planetall about greener, more sustainable business practices through application of technology. We have dozens, if not hundreds, of green service offerings. In fact, a project manager generously estimates, IBM is investing billions in R&D for many green projects/products. An engagement manager insists that IBM is committed to environmental leadership in all of its business activities, from its operations to the design of its products and use of its technology. She continues, IBMs corporate policy on environmental affairs, first issued in 1971, is supported by the companys global environmental management system, which is the key element of the companys efforts to achieve results consistent with environmental leadership and ensures that the company is vigilant in protecting the environment across all of its operations worldwide.
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PRESTIGE RANKING
13
KPMG LLP
RANKING RECAP
Practice Area #7 Financial Consulting #10 Business Advisory Consulting
345 Park Avenue New York, NY 10154 Phone: (212) 758-9700 Fax: (212) 758-9819 www.kpmg.com www.us.kpmg.com
UPPER LOCATIONS
New York, NY (HQ) 87 offices throughout the United States Very diverse
DOWNER
Stiff corporate culture
PRACTICE AREAS
Advisory Accounting Advisory Business Performance Corporate Finance Financial Risk Management Forensic Internal Audit, Risk & Compliance IT Advisory Restructuring Transaction Services Audit Tax
EMPLOYMENT CONTACT
www.kpmgcareers.com
THE STATS
Employer Type: US Member Firm of KPMG International Chairman, KPMG LLP: Timothy P. Flynn CEO & Deputy Chairman, KPMG LLP: John Veihmeyer Americas Head of Advisory: Mark Goodburn Global Head of Advisory: Alan Buckle 2008 Employees: 23,914 2007 Employees: 22,003 2008 Revenue: $5.68 billion 2007 Revenue: $5.36 billion
* Employee and revenue figures are for KPMG LLP only

Great place to start a career Churn and burn Diverse Mired in old-world accounting mold
THE BUZZ
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THE SCOOP
Network kings
Professional services giant KPMG operates as an international network of independent member firms known as a Swiss cooperative. While the firms that make up the company might be independent of one another, their businesses are all organized around the same three service lines: audit, tax and advisory. And within those service lines, the offerings from country to country are likely to be pretty consistent, too. Indeed, as of October 2009, KPMG advisory services will be organized into three groups that address distinct client issues: performance and technology, transactions and restructuring, and risk and compliance. While that simplifies the firms offerings from the nine categories it offered before, the shift will likely change little about the day-to-day work its consultants do; theyll still be committed to mitigating risk, improving performance and creating value on behalf of clients. In North America, KPMG member firms include KPMG LLP (USA) and KPMG LLP (Canada).
Alphabet soup
KPMGs roots date back to 1870, when accountant William Barclay Peat hung out his shingle in London. In 1911, his firm merged with New Yorkbased Marwick Mitchell & Co., forming a business that later became known as Peat Marwick. Meanwhile, over in Scotland, Glasgow accountancy Thomson McLintock partnered with Dutch and German accounting firms to create Klynveld Main Goerdeler (KMG), an alliance of independent practices operating throughout Europe. The 1987 tie-up between KMG Main Hurdman and Peat Marwick Mitchell & Co. was considered the first megamerger of modern accounting, and the resulting entity, eventually named KPMG, organized its consulting activities into a separate business unit in 1997. Three years later, KPMG spun off KPMG Consulting with an initial public offering. The now-separate consulting business took over KPMGs consulting work for several companies, eventually changing its name to BearingPoint in October 2002. The bulk of BearingPoints assets are now owned by Deloitte, which purchased them after the company filed for bankruptcy protection early in 2009. As part of the spin-off that created BearingPoint, KPMG signed a noncompete agreement with its former consulting arm, which limited KPMGs ability to provide certain types of services. Following the spin-off, KPMG continued to provide advisory services, but any limitations on its ability to provide a full range of services ended when the noncompete agreement expired in 2006. Today, KPMGs advisory practice generates around one-quarter of the companys overall revenue.
Service matters
While it may be consolidating its advisory service lines in October 2009, it is unlikely that what KPMG advisors do will be changing too much. As such, the nine service lines it previously relied on are a good guide for the type of services and specialties that will be on offer from the firm: accounting advisory, business performance, corporate finance, financial risk management, forensic, internal audit, risk and compliance, IT advisory, restructuring and transaction services. In addition to helping clients, KPMG is also committed to helping the environment; it is currently in the midst of a three-part environmental program called the KPMG Global Green Initiative. The primary goal of the programbegun in 2008is a 25 percent reduction in member firms combined carbon footprint by 2010, a target that has involved both an investment in renewable energy sources and limiting use of nonrenewable energy. Measuring and reducing the firms emissions profiles is the first step of the plan; the second step involves supporting environmental projects in member firms local communities. Finally, KPMG aims to help employees and suppliersin addition to its clientsreduce their impact on the environment.
THE LATEST ON KPMG LLP

Diversity reaps rewards
February-July 2009 KPMG LLP made out like a bandit in 2009s award season. In an overall thumbs-up, KPMG ranked No. 56 on Fortunes 100 Best Companies to Work For in February. One month later, it was honored with a Catalyst Award in recognition of its programs to recruit, develop and advance women in the workplace. In June, DiversityInc gave KPMG several nods in the diversity category, naming it among the top-50 companies for diversity, top-10 companies for GLBT employees and top-10 companies for people with disabilities. And the following month, it earned another diversity distinction, landing in the top five on Working Mothers Best Companies for Multicultural Women.
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A new model for advisory

June 2009 The firm announced a new model for its advisory practicea change that will see its nine existing service lines consolidated into three new service groups: performance and technology, transactions and restructuring, and risk and compliance. Each of the three groups has a new global leader. The firms U.K. performance practice leader Aidan Brennan has been tipped to head the performance and technology unit; EMA corporate finance head Simon Collins will lead transactions and restructuring; and Mike Nolan, KPMG Internationals global head of internal audit services, will helm the risk and compliance line. According to the firm, the changes are due to take effect on October 1, 2009, and are being made to align its offerings with the demands of the global marketplace.
Special feature
April 2009 Responding to the economic crisis, KPMGs global advisory unit produced a series of five short films featuring practice leaders discussing the crisis. Titled A blueprint for succeeding in turbulent times, the five filmsplus a sixth that summarized the seriesidentified and discussed the key issues facing companies in the current economy. According to the individuals surveyed, those issue are: cash management, risk management, maintaining performance while reducing costs and growth. Each of the films came in at around three minutes, and were featured prominently on KPMGs website as well as on YouTube.
Two years?
March 2009 Mick McLoughlin, KPMG Internationals global head of restructuring, released an article in which he estimated that the credit crisis could take a further two years before any end is in sight. The reason? He believes that a glut of financing in the years leading up to the crisis meant that companies that should have been restructuring were being refinanced instead. The result: a marketplace in which the necessary restructuring is only now beginning to take place, a process that McLoughlin believes will take up to two years to fully play out. Only once thats done, he said, can confidence return to the marketplace, and any kind of economic turnaround come about.
Emerging hubs
February 2009 Predicting a boom in the outsourcing industry due to the economy, KPMG International selected 31 cities it believes are emerging as contenders to the established BPO centers around the world. The listtitled Exploring Global Frontiersincludes locations such as Buenos Aires, Calgary and Indianapolis in the Americas, Brisbane, Ahmedabad and Ho Chi Minh City in Asia Pacific, and Sofia, Belfast and Gdansk in the EMEA region.
The results are in

September 2008 The end of KPMG Internationals fiscal year found the company in robust health as the economy began its full-scale implosion. Annual revenue for the firm as a whole increased some 14.5 percent from $19.8 billion in 2007 to $22.7 billion in 2008, while the advisory unit posted 13 percent growth, going from $6.4 billion to $7.27 billion, contributing 32 percent of the companys total revenue. Geographically, EMA remains the companys biggest revenue-generating region, pulling in 54 percent of all revenue, while some 32 percent came from the Americas.
GETTING HIRED
Are you a superstar?

According to KPMG LLP insiders, the firms recruitment process is fairly straightforward and casual. While the process may vary from office to office, an associate explains that it typically involves a phone screen with human resources followed by meetings with various managers. Those meetings typically involve behavioral questions, requiring candidates to provide examples of their leadership capabilities or experience. One manager asked if I am a superstar or a follower, a source shares, noting at the same time that the interviews were very conversational and there was not too much pressure. Overall, KPMGs recruiting is a pretty smooth process, were told.
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OUR SURVEY SAYS

A great culture
Despite its large size, staffers describe KPMGs corporate culture as friendly, very progressive and open, and fast-paced. A Florida-based consultant says, Most people, including myself, were swayed toward KPMG because of the people, while a cohort on the West Coast couldnt agree more: Managers and associates comingle for performance reviews, social events and other team-building types of events It is a great culture. An associate says the KPMG community extends beyond ones tenure at the firm, as well. Once you leave the firm, you are part of an alumni network of ex-KPMG folks, where you can keep in touch and also see internal job postings. Overall, this is neat.
Working under pressure

Insiders admit that hours can be longup to 60 hours during the busy season, an associate reportsbut it really depends on the clients needs. The upside, however, is that management is flexible as to how employees meet their work requirements. I need to get my hours in, but Im not watched by someone every hour of the day, so I dont feel like Im untrustworthy, a respondent states. A colleague adds that management goes out of their way to promote a positive work environment and flexibility with hours. KPMG as a whole really places an emphasis on work/life balance, a contact says. The firm works to ensure that it is an employer of choice, and regularly gives days off around holidays and/or shuts down the office early, a Kansas City-based consultant explains. There are also a few breaks to look forward to when summer rolls around: The firm offers a four-day holiday for the July Fourth weekend, encourages use of PTO during the summer months and offers a generous sabbatical program.
Mixed reviews on pay

Respondents have different opinions when it comes to KPMGs compensation. One associate reports that salaries are competitive with the market, and bonuses are based on performance, usually around 8 percent. However, a senior associate claims the salary is nowhere near competitive and, given the recent economic downturn, bonuses are not guaranteed. Outside of salaries, insiders note that KPMG does offer health care and four, five or six weeks of vacation based on your level, but no employee stock options.
A change of view
An extra perk to working at KMPG, were told, is the ability to change offices. A source says, There are opportunities to move to other offices without much work. If I decide to go to another state, I can pretty easily do that. A consultant in Los Angeles adds that staffers with the travel bug also have the opportunity to relocate to one of KPMGs offices abroad. I found that those [opportunities] set KPMG apart from its Big Four competitors. While the other three firms indicate some opportunities to work abroad, KPMG is, as far as I know, the only Big Four to specifically have official programs dedicated to those opportunities.
Moving on up
There are also plenty of opportunities to move up the corporate ladder at KPMG, sources say. Advancement definitely exists if you want it, an associate reports, adding that there is a defined career path from associate to senior associate to manager to senior manager. After senior manager, then you are on our own. Who decides when it is time to move to the next level? Insiders say that decision is made jointly by staffers and their managers via KPMGs performance management system called Dialogue. As part of that system, staffers are assigned a performance manager. Employees rate their work performance according to three rating levels: needs improvement, good and excellent, and then managers get together and determine if there is agreement. A source notes that most folks are good, and those who get excellent are those who are on the fast track to promotion. Others add that it helps if your performance manager is [also] your engagement manager, [because] then you can get quick and direct feedback.
Downturn hits home

Since KPMG as a whole has lots of financial services clients like banks, mortgage companies, etc., business has slowed, and thus hiring has slowed since the onset of the economic downturn. Some layoffs and cost cutting have ensued, although an associate reports that partners remain accessible, and there seem to be strategies to seek growth in other areas like sourcing, business process outsourcing and strategic planning to make up for lost business.
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PRESTIGE RANKING
14
TOWERS PERRIN
RANKING RECAP
One Stamford Plaza 263 Tresser Boulevard Stamford, CT 06901 Phone: (203) 326-5400 Fax: (203) 326-5499 www.towersperrin.com
THE STATS LOCATIONS

Stamford, CT (World HQ) Offices and alliance partner locations in the US, Bermuda, Canada, Europe, the Middle East, Asia, Latin America, South Africa and New Zealand Employer Type: Private Company Chairman & CEO: Mark V. Mactas 2009 Employees: 7,000+ 2008 Employees: 6,232 2008 Revenue: $1.77 billion 2007 Revenue: $1.63 billion
PRACTICE AREAS
Human Capital Services Actuarial Executive Compensation Health & Welfare HR Function Effectiveness Mergers & Acquisitions Research & Surveys Retirement Consulting Total Rewards Effectiveness Workforce Effectiveness Risk & Financial Services Actuarial Enterprise Risk & Capital Management Financial Modeling Software Solutions Mergers & Acquisitions Reinsurance Retirement Risk Risk Financing & Transfer Tillinghast Insurance Consulting
* In June 2009, Towers Perrin agreed to a merger with Watson Wyatt Worldwide; the deal is expected to close by the end of 2009. Until then, the two will continue to operate as separate companies.
UPPERS
Mentoring Strong reputation in the industry Flexibility
DOWNERS
Hierarchical Values results more than potential Sink or swim
EMPLOYMENT CONTACT
careers.towersperrin.com

Best actuarial firm in world Sharp elbows and big egos Practical; down-to-earth Old brand, old ideas
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Towers Perrin
THE SCOOP
HR and beyond
Towers Perrin is a global professional services firm, offering human resources and benefits consulting, reinsurance and financial risk management services through offices and alliance partners in the United States and Bermuda, Canada, Latin America, Europe, Asia, South Africa, Australia and New Zealand. The firms HR consulting practice aims to help employers manage their staff in the areas of benefits, compensation, employee research and change management, among others. Its reinsurance business provides reinsurance strategy and program review, claims management and program administration, catastrophe exposure management, market security consulting and contract negotiation and placement. Financial risk management services are handled by the companys Tillinghast business, which offers consulting, actuarial services and software solutions to insurance and financial services companies. Tillinghast also advises clients on risk financing and self insurance.
Towers foundations
Established in Philadelphia in 1934 as Towers, Perrin, Forster & Crosby, the companys initial focus was on life insurance and reinsurance. Offices in Chicago and New York followed in the 1940s, and the life insurance division became the pension division, an obvious focus for the firm, considering H. Walter Forster, one of its founders, had developed the first-ever pension plan in 1916 for Union Carbide. The division began publishing the TPF&C Pension Tax Manual, now a standard reference (and a rollicking good bedtime story, to boot) on pension tax law for the IRS. In the 1950s and 1960s, the company branched out overseas, opening offices in Montreal, Brussels and London. It was in the 1960s, as well, that it began establishing a niche in HR consulting. Over the following decades, the company grew both internally and through acquisition, taking on Tillinghast in a 1986 merger. The following year, Towers Perrin was declared the umbrella name for the companyan arrangement that allows units such as Tillinghast to continue leveraging its brand name.
You scratch my back

Towers Perrin has been engaged with the business and technology solutions company EDS (now owned by Hewlett Packard) since 2005, in a joint venture known as ExcellerateHRO. The collaborative business combines Towers Perrins administrative solutions with EDS payroll and HR outsourcing services. This dual service arrangement allows clients to align their HR and business objectives with minimal loss of time and money investments.
THE LATEST ON TOWERS PERRIN

Two become one
June 2009 In a deal that will create the worlds largest consulting firm dedicated to HR and employee benefits, Towers Perrin agreed to a merger with Watson Wyatt Worldwide. Billed as a merger of equals, the deal created a company with some 14,000 employees, expected to rake in some $3.2 billion in revenue in its first year. According to industry analysts, the deal is a reflection of the downturn in business associated with the recession; both companies had seen revenue fall off as clients cut spending and brought certain HR functions back in house. The two firms will continue as separate entities until the deal officially closesan event scheduled for the end of 2009at which point the new company will be known as Towers Watson & Co.
Cherry-picked
April 2009
The firm sold its Oracle PeopleSoft Enterprise HCM practice to New Jersey-based CherryRoad Technologies. The sale, which was agreed upon for an undisclosed fee, sees the transfer of several Towers Perrin consultants and customers to CherryRoad. Towers Perrin didnt comment on any specific reason for the sale.
Stepping into the future of HR

April 2009 Towers Perrin announced that it had developed a rigorous and actionable measurement framework for human capital metrics. Aimed at helping HR managers make better decisions about investing in practices and programs to enhance productivity, the framework has four key categories: human capital productivity (both financial and industry-specific measures), talent management (how well employees are attracted, engaged, retained, etc.), total labor cost and rewards effectiveness, and HR function performance.
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All data collected by the firm is collated in industry-specific databases, which are open to subscribers to enable them to use existing data and metrics to assist in the decision-making process.
Middle East expansion

March 2009 Towers Perrin opened an office in Dubai, heralding its arrival in the Middle East. The firm opened a regional headquarters, from which it will serve clients in the region. Of particular interest to the firm, it would appear, is Abu Dhabi; the company held a client event there, in addition to one in Dubai, to mark the opening of the office.
A milestone without candles

February 2009 The firm celebrated its 75th anniversaryprovided the act of putting out a press release can be considered celebration, that is. While it didnt make any mention of where to find the company parties, the release did, at least, spare employees from having to listen to a longwinded CEO speech. Instead, CEO Mark Mactas was quoted, suggesting that Towers Perrins best days werent behind it. Its an exciting time to be a part of Towers Perrin, he said, and we look forward to continue working with our clients around the world to help their businesses thrive and prosper.
Risk champions
November 2008 Chartis Research named Towers Perrin to its top-100 list of risk technology vendors, and singled the firm out as the winner in the insurance field. Chartis cited the firms breadth and depth of functionality combined with strong professional services and thought-leadership as the key reasons for receiving the award.
Where were you before the recession?

July 2008 The firm created Towers Perrin Capital Markets Inc., a new, wholly owned subsidiary that will advise clients in capital markets. Specifically targeting areas such as risk-linked securities, retirement risk transfer transactions and asset risk management services, the timing of the unit is either incredibly responsive to the economic meltdown or incredibly unfortunate. Based in New York, the unit is just one of two independent companies announced by Towers Perrin on the same day. The otherTowers Perrin Capital Management Ltd.is based in London, and offers many of the same services to European clients as the New York-based company does to those in the U.S.
Theyre paying you how much?

April 2008 As the credit crisis first began appearing on media radars, Towers Perrin Managing Principal John England found himself the subject of scrutiny. The reason? England, an executive compensation specialist, was hired by mortgage lender Countrywide Financial (now owned by Bank of America) to make recommendations on CEO Angelo Mozilos salary. The controversial part of the process was two-fold: First, that Mozilo arranged for Towers Perrin to be brought in despite another consulting firm having already made a recommendation on Mozilos salary; and second, that John Englands recommendation came in significantly higher than the original. Towers Perrin issued a statement at the time making it very clear that the firm acts only on the behalf of organizations, not individuals. Either way, the results remain the same: Countrywide no longer exists, having succumbed to the subprime debacle it played a leading role in setting up, and Mozilo still walked off with the majority of the $103 million salary England helped set up.
GETTING HIRED
A is for actuaries
Towers Perrin insiders say their firms very competitive hiring process is mainly limited to recruiting from schools with the best actuarial sciences programs. And despite the economic slowdown, an entry-level source says the firm is still actively recruiting on campus for actuaries at the associate level.
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B is for background checks

Respondents say the typical interview process at Towers Perrin involves two to three rounds of interviews, depending on the candidates level of expertise. Usually, the firm will conduct a phone interview for the first round, followed by an all-day meet-and-greet, with up to five one-on-one interviews and a lunch meeting with current associates. Potential candidates should have their report cards ready, too. Insiders say the interview process also includes background checks into candidates academic history.
OUR SURVEY SAYS

High expectations
At this HR consulting firm, everyone is part of the team, a partner notes, and expectations are high. Others describe the firm as collaborative, professional and demanding, with a very flat hierarchy and senior management that is highly accessible. Above all, clients needs come first, sources say: Even though the culture is relatively relaxed on a day-to-day basis, you need to be available whenever work does come up.
A juggling act
Striking a balance between work and personal life is difficult to do at any consulting firm, and Towers Perrin is certainly no different, insiders say. Clocking in 40 to 60 hours per week, most staffers say maintaining a work/life balance takes some effort, but that the firms upper management does allow for some flexibility to take the edge off. The firm is understanding and supportive of peoples needs for a life outside of the firm, a partner notes. And, adds another higher-up, there is flexibility to define your hours, depending on your level. Typically, however, standard hours are 8:30 to 5:30, with a one-hour lunch, with overtime as needed, a Philadelphia source reports, adding that overtime is usually on very short notice.
The upside to a bad economy

An executive-level Towers Perrin insider notes that travel is very reasonable for this industry, and most work is done in the office with most trips limited to day trips in the region. However, for mid- to high-level consultants, travel requirements do increase. There is an upside for Towers Perrin homebodies, however: In this economy, we are encouraging video-conferencing and alternatives to travel, a manager notes.
Holding pattern
Speaking of the economy, Towers Perrin knows a thing or two about recessionsWe were founded in the Depression, 75 years ago, notes a director. During the current economic downturn, staffers say that, overall, their firm is in a holding pattern. We are not growing and, at the same time, we are being responsible not to increase expenses, an associate explains, adding that there are some concerns about how necessary certain positions are. In the short term, Towers Perrin is benefiting from being a large partnership, with no outside shareholders, a consultant explains, and a senior source claims that the firms core businesses will keep it strong. An added benefit: Recession-hit companies trying to cut costs are going to Towers Perrin for help in trimming the fat off their retirement planning, executive compensation and benefits programs.
Fat wallets
Respondents say Terrin Powers offers competitive compensation and generous benefits, which include several health care options, a 5 percent match on employees 401(k) savings and three to four weeks of vacation. It also reimburses educational fees for employees who have remained with the firm for at least three years. New parents are given paid time off and, a consultant adds, there is reimbursement for adoption expenses available.
Towers training
New hires at Towers Perrin are expected to jump right into the action, learning as they go, but there are some official training programs to make the trial-by-fire experience less intimidating. Besides a strong mentoring program, the firm also offers courses through the Towers Perrin Institute, such as instruction on core technical skills like communication, project management and other consulting-related skills. The downside to Towers Perrins emphasis on on-the-job training, however, is that some lower-level staffers may feel unsupported in their professional development. Many associates leave after one or two years of the firm because they feel that they cant learn much in the office, and that principals tend to not have much patience teaching junior-level employees, laments a source.
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Do well, get promoted

Towers Perrins promotion strategy is pretty straightforward: It is based on performance and achievement of goals, a director explains, adding that promotions are also often dependent on managements support. In order to move up to the next level, actuaries will also have to sit for an exam to test their skill levels, notes another higher-up. Not everyone is so vertically inclined, however, and were told consultants can remain at the level at which they feel most comfortable. While strong performance is expected, Towers Perrin is not an up-or-out firm, and many people have decided that they are happy where they are, a respondent says. Such decisions are supported firmwide.
Qualifications without discrimination

Diversity is nearly a nonissue at the firm, at least among the lower ranks, insiders note. Qualifications are the most important requirement for employment, a director explains, with a much better than average male-to-female employee ratio. Women have been successfully integrated into senior management for a long time, a manager states. The same can be said for hiring GLBT professionals, with many openly GLBT partners and associates at the firm, a respondent reports. Slightly lower marks are given in the area of minority diversity. In this respect, staffers say that the firm does OK, although it could be better and we are trying to do better.
Ad hoc community service

While there is no specific, firmwide community service approach at Towers Perrin, the firm is involved in a number of charities, mentoring and volunteer projects on an office-by-office basis. For example, in the New York office, consultants are involved in New York Cares Days, Strides for Breast Cancer, holiday season toy drives and blood donations. Insiders also say the firm has a charitable gift-matching program, and will support employees who want to take time off to do volunteer work.
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PRESTIGE RANKING
15
ALIXPARTNERS, LLP
RANKING RECAP
Practice Area #8 Business Advisory Consulting #10 Financial Consulting #10 Operations Consulting Quality of Life #2 Overall Business Outlook #4 Selectivity #14 Compensation #18 (Tie) Relationships with Supervisors #19 Interaction with Clients
2000 Town Center, Suite 2400 Southfield, MI 48075 Phone: (248) 358-4420 Fax: (248) 358-1969 www.alixpartners.com
LOCATIONS
Southfield, MI (HQ) Chicago, IL Dallas, TX Los Angeles, CA New York, NY San Francisco, CA Washington, DC Dsseldorf London Milan Munich Paris Shanghai Tokyo
PRACTICE AREAS
Bankruptcy Claims & Estate Management Bankruptcy Reorganization Business Performance Improvement Corporate Turnaround & Restructuring Financial Advisory Services IT Transformation Services Litigation Consulting Services Litigation Technology Services
UPPERS
High impactthis is hands-on work running companies One-on-one relationships Opportunity for advancement Overtime pay
DOWNERS
Lack of transparency from the partners Work/life balance does not get better with time Expanding bureaucracy Training is limited
THE STATS
Employer Type: Private Company Chairman: Philip Hammarskjold CEO: Frederick Crawford 2009 Employees: 1,000 2008 Employees: 750
EMPLOYMENT CONTACT
Go to the careers section of the firms website

Turnaround experts Cutthroat Growing in light of the economy Heavy travel, heavy hours
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition AlixPartners, LLP
THE SCOOP
Financial facelift
AlixPartners is an international business advisory firm that has made its name and earned its reputation through its work in the corporate turnaround and restructuring industry. Although it can provide other services, the firms four main business functions are operational performance improvement, financial restructuring and bankruptcy reorganization, litigation consulting and financial advisory services. AlixPartners is most known for its services aimed at reversing the fortunes of struggling companies, but it also offers nip-and-tuck services, such as performance improvement and strategic consulting services, for companies that are not in financial straits but may still be looking to improve operations. Operating in the United States, Europe and Asia, AlixPartners has been retained by major companies including Cadbury Schweppes, GM, Kmart, Toys R Us and more. Best of all for its clients, AlixPartners works on a pay-for-performance system, aligning its compensation structure with its clients success.
There must be a better way

Jay Alix & Associates PC was conceived by Jay Alix in 1981, when he observed that companies in trouble needed help saving assets and jobs, but had few resources for doing so. The companys early years included aiding notable clients such as DeLorean Motor Company, of Back to the Future fame, and Phoenix Steel Corporation. The firm began to evolve in the 1990s, taking on more staff and serving major clients, such as Unisys, Phar-Mor and General Motors National Car Rental Subsidiary, and it expanded from 33 employees to over 100. Its current incarnation was born in 2002. At the time, Co-Chairman Alix said that the name AlixPartners was chosen to reflect the firms central premise that it is a partner to it employees, clients and referral sources. But the new millennium brought more changes to the firm than just the name alone. In 2001, it began to expand from a national to an international entity, now totaling 14 offices in seven countries. Although originally based in Detroit, New York and Chicago, it soon began a rapid expansion into Europe, opening offices in London, Munich, Milan and Dsseldorf. The next major market was Asia. In 2003, the Japanese government invited AlixPartners to come to Tokyo to help launch the Japanese Association for Business Recovery the countrys first-ever business turnaround industry and association. An office in Los Angeles followed in 2003, two more in Tokyo and San Francisco in 2005, and another in Paris in 2006.
THE LATEST ON ALIXPARTNERS

Fee foes
June 2009 The firm hit the headlines over billing for work it carried out for General Motors restructuring, both before and after the auto maker was forced into bankruptcy. U.S. officials charged with overseeing GMs bankruptcy objected in bankruptcy court to claims for some $40 million in fees by AlixPartners and fellow financial consultants Evercore Partnersmost of which was allegedly claimed for 30 days work during the bankruptcy restructuring, and which comes in addition to $85 million already paid to the two firms. According to The New York Times Dealbook blog, AlixPartners was seeking an unknown amount in hourly fees, but potentially averaging $16 million a monthincluding $835 per hour for AlixPartners executive Albert Kochs services as GMs chief restructuring officer. Other costs include claims for $13 million as a success fee, and an unknown discretionary fee. The case continues, with GM, Evercore and AlixPartners having been ordered to prove why the fees were necessary.
Specialists in (the) capital

May 2009
The firm opened a new office in Washington, D.C., that will specialize in providing services for corporate investigations and for regulatory readiness and response. The office is AlixPartners first location in the city, its 14th around the world, and its ninth new location in just seven years. Among other employees, Washington, D.C., will be the home office of Managing Director Susan Markel, who joined the firm in January 2009, having previously served as the chief accountant of the U.S. Securities and Exchange Commissions enforcement division.
Something to chew on
May 2009 The firm released the results of a survey that found up to 40 percent of U.S. restaurant chains are in danger of failure within a year. The findings are based on information showing that the debt-to-equity ratio in the restaurant business has doubled since 2006, and on survey results of restaurant
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customers that found some 51 percent expected to pay less than $10 per meal in the coming yeara figure that has increased from 42 percent since 2008. According to AlixPartners, the results suggest a looming liquidity crisis in the industryone that places up to 40 percent of restaurant chains in jeopardy. In particular, the firm suggests that fine and casual dining establishments are most likely to suffer as consumers cut back.
Consumer outlook worrying

March 2009 An AlixPartners survey found that American consumers predicted their spending levels in a postrecession world are likely to be just 86 percent of what they had been prior to the recession. According to AlixPartners CEO Fred Crawford, the findings are worrying because, given that spending by Americans drives approximately 70 percent of our economy, this massive reset will result in major changes in the economic landscape of almost every sector of business, from consumer-facing companies to suppliers of all kinds to raw-materials companies to financial-services organizations.
M&A magic
March 2009 The firm was honored with two awards for its turnaround work by the M&A Advisor, an information and publishing company focused on the M&A market, distressed investing and related financial industries. AlixPartners was awarded Turnaround of the Year for its work with plastic container firm Consolidated Container Corporation LLC, while Managing Director Alan Holtz was named Turnaround Consultant of the Year for his restructuring work with auto parts-maker Remy International.
A brush with infamy

January 2009 As required by bankruptcy process, AlixPartners released a list of names of investors that had lost money in the biggest financial fraud in history (to date, at least). Thats right: The firm was called in to act as the claims agent in the liquidation of Bernard L. Madoff Investment Securities LLC, following Madoffs admission that the firm had been defrauding investors for yearsto the tune of $50 billion.
Loving Lovett
November 2008 David Lovett, managing director of AlixPartners London office, was named Turnaround Practitioner of the Year at the First Annual Insolvency and Rescue Awards, awarded by Credit Today magazine. The honor, created to distinguish excellence among professionals working in the insolvency sector, came in recognition of Lovetts contribution to the turnaround industry in recent years. Lovett has been in the business for 30 years, and also won the title of Turnaround Professional of the Year in December 2007 by the Institute for Turnaround.
Making lists, checking them twice

November 2008 The firm was selected, for the third year in a row, by Cleveland Clinic to help it produce its list of the top-10 medical innovations for 2009. To produce the list, AlixPartners probed physicians and researchers from the clinic. No. 1 on the 2008 list was the use of circulating tumor cell technology. When a patient has cancer, some of the cancer cells may break away from the tumor and spread throughout the body via the bloodstream. The circulating tumor cell test can measure the amount of these cells in the blood, allowing physicians to better monitor patient progress.
Award season
September 2008 AlixPartners received a record four awards from the independent Turnaround Management Association for its work with Calpine Corp., Dana Corp., Solo Cup Co. and Remy International Inc. The firms work with Houston-based energy firm Calpine, was called a poster child for a successful reorganization by one federal bankruptcy judge. AlixPartners worked with the company to redesign and manage its accounting and cash management functions, and to consolidate claims resulting in more than $8 billion of unsecured claims being converted to equity by the end of the companys turnaround. The firms work with Dana Corp., an international auto supplier, earned it the International Company Turnaround Award, while the Large Company Turnaround Award came for its work with disposable goods producer Solo Cup. The Transaction of the Year Award, meanwhile, was given for AlixPartners work with Remy International, the Indianapolis-based auto parts maker.
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Nobodys perfect
July 2008 Proving that even the most successful turnaround practitioners cant help everyone, AlixPartners was forced to withdraw from an engagement to help with Haven Healthcare through its Chapter 11 filing. HHC filed for Chapter 11 protection after a newspaper reported on a long history of inferior care at its facilities, leaving the health care firm owing tens of millions of dollars to creditors. A bankruptcy judge appointed AlixPartners to monitor and sign off on all of HHCs financial transactions and employee terminations, but the firm was forced to drop the client because HHC did not have adequate corporate bonding insurance to cover the $10 million deductible on AlixPartners policy. The Hartford Courant reported that HHC securing the insurance needed to retain AlixPartners would have been equivalent to trying to insure a teen driver who had already totaled a string of cars.
A new face at the top

June 2008 After seven years at the top, Michael Grindfors stepped down from his position as CEO to assume the role of vice chairman. He was replaced by Fred Crawford, who joined the firm in 2004. Prior to working at AlixPartners, Crawford served as executive vice president and managing director of Cap Ernst & Youngs (now Capgemini) $1.6 billion global consumer products, retail and distribution practice. Since joining AlixPartners, Crawford has acted as co-head of the firms global performance improvement practicewhich saw rapid growth during his tenurein addition to his position as a managing director. Crawford has a tough act to follow; under outgoing CEO Grindfors guidance, AlixPartners went from being a three-city firm with revenue of less than $80 million to a global organization with revenue in excess of $500 million.
Hall of fame induction

May 2008 Jay Alix was named among the inductees at the Turnaround Management Associations inaugural class for induction in the Turnaround, Restructuring and Distressed Investing Industry Hall of Fame. While it may seem strange to see a hall of fame for such a niche industry, this one was established to honor those who have contributed to the increased stature and respect of the turnaround industry. New honorees will be inducted every five years. Alix is credited with many firsts in the turnaround industry, including using turnaround teams to get a companys own employees involved in turnaround initiatives, results-based success fees and the use of a chief restructuring officer integrated into struggling companies to keep CEOs focused on dayto-day operations.
Upward directions
January 2008 Beginning the year on a high note, AlixPartners announced the promotion of 11 employees to the managing director position, while 38 more moved up to director level. In addition to promotions from within, the firm also brought a number of new experts onboard to boost its market status, including two in its retail practice, two in turnaround and restructuring, plus several others in the areas of valuation and transaction, strategy performance and improvement, and IT.
GETTING HIRED
Not for newbies
At AlixPartners, only experienced hires need apply. We do not do any recruiting or hiring directly out of school, a source explains, since the firm manages crisis turnaround projects that require the skills of seasoned consulting veterans. No freshly minted MBA is allowed, and the expectations for intellect, work ethic and fit to values is extremely high and exclusive, a colleague notes. Of the experienced hires whose resumes are accepted, the vast majority are recruited via referrals, to preserve the firms culture and its reputation in the industry, an associate explains. For an applicant to become part of the AlixPartners team, it will take strong credentials, smarts and an act of God, an insider quips, especially in the turnaround and restructuring practice, so be ready to be in fierce competition.
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High rejection rates

Even for experienced consultants applying to AlixPartners, the recruitment process is highly selective. Of all firms, including McKinsey, The Boston Consulting Group, etc., out there, I believe AlixPartners has the most rigorous and scientific recruiting process, a respondent claims, adding that rejection rates are extremely high. For those who have the brainsand the staminato apply, the recruitment process begins with a resume screen, which is followed by a phone screen and a first round of interviews to assess fit, background, knowledge and client skills. Interviews are heavily case study-based, and require serious brainpower, sources say. You will undertake the most comprehensive case interview of your life, says one insider. You will be presented with a client situation. You must then absorb and analyze the data, develop charts, graphs and talking points, and present to a group of managing directors and directors at the firm, all in very short timeframes. This first round of assessments also includes a daylong series of tests, which includes IQ, behavioral and personality tests. The tests can be mentally grueling, but are a good indicator of how a candidate fits within the firms culture by catching important personal details that do not always come up in interviews, a source explains, adding that about one out of 10 make it past the IQ and personality test. Finalists are then subjected to a final round of assessment interviews.
OUR SURVEY SAYS

Overachievers club
AlixPartners consultants pride themselves on thriving in an aggressive, demanding, objective and urgent work environment that is very resultsoriented. One associate says that working at the firm is comparable to belonging to the ultimate overachievers club. The corporate culture is extremely performance-oriented, and small, senior engagement teams leverage decades of expertise to facilitate optimal outcomes in distressed client situations. In short, AlixPartners staffers are more likely to live to work than work to live, as one Chicago insider notes: Most people who work at AlixPartners love their job and frequently have a hard time talking about nonwork subjects.
United Nations of consulting

Because AlixPartners almost exclusively recruits experienced consultants, the firm is an amalgamation of consultants and industry hires from varying backgrounds, sources say. Its culture is a blend of AlixPartners and all of the other firms where we recruit experienced talent. I have had projects that tended toward the styles of McKinsey, A.T. Kearney, Booz, Bain, etc., depending on the team composition, a vice president remarks. As a result, theres no homegrown talent, so you end up with a United Nations of consulting firms, and it can be challenging as each individual brings the culture of the firm they used to work for to solving problems, a source says. The upside to so many divergent backgrounds is that the collective skills of AlixPartners staff members is actually quite encompassing in that it has over time picked up some of the more positive tenets from the various consulting firms that colleagues have been part of, a source notes.
Thick skins required

AlixPartners is the place for people that have decided what they want to do when they grow up, insiders state. So for younger, or less experienced hires that do make the cut, the AlixPartners experience is not for the faint-hearted. Speaking from experience, an analyst reports that the firms staffing model tends to be top-heavy, so the few analyst/associate-level consultants are expected to hold their own while working directly with senior management teams and client executives. For the individuals who are geared to thrive in this sort of environment, working for AlixPartners is a dream come true. A senior source in the New York office adds that, for people just starting at the firm, it can be difficult to find your niche, noting that staffing requires internal network-building.
What recession?
As turnaround specialists, AlixPartners business is booming, insiders say. Right now, we are rockin, says one, while a colleague adds, We are purpose-built for this economy. As the only tier-one turnaround and restructuring firm, the current economic downturn provides ample opportunities. Besides its core service offerings in turnaround and restructuring, sources say that the firms smaller practices are also thriving off of other companies hardships: Our other groups all seem to be doing welllitigation increases, investigations increase, bankruptcy claims increase, etc. If the market stays like this in the short term, well do very well for a while. A director from New York attributes AlixPartners healthy portfolio to its methodology: The firms unique approach of small, experienced teams, addresses a need that few other firms can meetthe ability to immediately find meaningful improvements. Our strong analytical process means that our recommendations regularly meet or exceed expectations. The only real obstacle standing in the firms way, insiders claim, is its limited ability to find qualified, experienced people who share our work ethic and our drive for results.
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Home is where the office is

Its little surprise that at AlixPartners, the work/life balance is decidedly tilted toward work and does not change regardless of level, a vice president explains. Consultants social lives can take a big hit, adds an analyst. The results-oriented focus, combined with a five-day-at-the-client model makes work/life balance extremely difficult, a cohort in Chicago agrees. The tight timeframes and client urgency take precedence. At a minimum, it is very common to check and respond to your email and take phone calls over the weekend. An associate also notes that, aside from project-related work, the ability to get home at a decent hour is made more difficult by administrative work that needs to get done and which the firm has made more complicated recently. Still, most respondents say that long hours are monitored and, in many cases, managing directors are happy to let you take off midweek if you can work effectively off site the remainder of the week. That said, most employees are type Aextremely driven and committedwhich means they often set an aggressive work schedule for themselves. But the upside to working with consistently high performers [means] you are rarely stuck carrying others work. You can expect top-quality work from your peers, so that improves balance, versus other consultancies, says an executive-level source.
110 percent travel

There is a heavy travel expectation for all AlixPartners consultants, which many say is the most personally challenging aspect of working for the firm. New hires should expect to fly out on Sunday night or first flight on Monday, and return Friday evening. The reason for so much travel? You cant turn around a company without being there, an associate explains, adding that travel expectations are 100 to 110 percent. A director notes that, as a firm that promotes senior, executive-level expertise, we must put our expertise where it is required, not where it lives. Besides trying to offer its employees flexible traveling schedules, AlixPartners management has designed other ways to compensate consultants for time on the road. The firm has a unique compensation model that rewards you for travel and workload to ensure that you are recognized for your efforts, a partner explains. This earned bonus program, which is for nonmanaging directors, promises a partial reward for working overtime on client engagements. Eligible consultants earn bonus pay hours in excess of the minimum [40 hours], with overtime at 85 percent of the hourly rate. The plan seems to help relieve some of the travel burden: Our consultants appreciate the opportunity to bring forward some of their compensation, and their spouses appreciate the higher compensation at the time our consultants travel the most on client work, a principal says.
Its all roses

AlixPartners offers a competitive salary and benefits package for its consultants. Topping the list of extras is a great medical plan with hardly any outof-pocket expenses, [and] prescription costs are very low. There is also a defined contribution pension plan, and employees report that there is the potential for stock participation if AlixPartners goes public. The firm offers four weeks of vacation at the partner level, although Ive never been able to take more than two weeks in any year due to work demands, a higher-up comments. In addition, AlixPartners covers consultants cell phone fees, provides Amex Platinum corporate cards so staffers have access airport lounges, and consultants are allowed to keep all credit card, airline and hotel points accrued on business travel. But new parents feel a little left out of the perk pool. One female consultant says the firms parental benefits are below average, reporting that the firm does not offer maternity leave, and instead requires new mothers to take short-term disability. Therefore, instead of three months of maternity leavea relative standardwe get either six weeks for natural birth or eight weeks for cesarean. I wound up taking an additional six weeks without pay. It was surprising that a firm that prides itself on providing top-of-the-line benefits would do such a horrendous job with maternity leave. We do not offer any type of paternity leave.
Trial by fire
AlixPartners does not have a formal training program, since it expects its experienced recruits to have all the necessary skills on hand. You are expected to hit the ground running, a source explains, adding that the firm does offer a two-day cash modeling course and occasionally pays for certifications, but thats about it. This is a throw-you-into-the-fire kind of firm, which really is the best way to learn the turnaround business, a respondent comments. However, on a brighter note, this is a recognized limitation, and efforts are being made to provide some additional skills training, a higher-up in Chicago admits.
Destination: Director
The firms promotion policy is about as informal as its training policies are, insiders say. There is no formal policy or noticeable patterna complete meritocracy, one respondent reports. Typically, insiders say consultants are promoted every two to three years, and promotions move quickly through the director level, but it is harder after that, a managing director explains. That is most likely because the firm considers the director position to be a destination, since very few are promoted to managing director, an associate postulates. However, not everyone is expected to become a managing director, and there is no up-or-out [policy] at the director level.
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Performance trumps diversity

Diversity, an executive-level insider reports, is not a focus at AlixPartners. Instead, the focus is on hiring and promoting based on ability and performance and fit, another source adds. Still, although the firm is receptive to hiring and supporting women, minorities or GLBTs, the very low numbers of women and minorities in positions of authority is troublesome, a director says. One minority respondent in New York claims that, in his office, you can count the minorities on one hand. And when it comes to representation of women, an associate says AlixPartners can sometimes feel like a good ole boys club, with a colleague noting that, aside from some high-profile women, the firm feels like its 90 percent men, and there is a clear lack of women at higher levels of management. Whats more, a partner adds that there are no active programs to promote womens leadership within the firm. Staffers tend to attribute the gender gap to the firms heavy travel demands.
To each his own

While there is no firmwide emphasis on volunteering or community service, sources say individuals are encouraged to participate/lead in community activities, and note that the firm supports a number of charities on an ad hoc basis. For example, the firm is involved with Doctors Without Borders and Marine Toys for Tots charities, a Dallas staffer reports.
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PRESTIGE RANKING
16
A.T. KEARNEY
RANKING RECAP
Practice Area #3 Operations Consulting Quality of Life #2 Green Initiatives #13 Compensation #15 Firm Culture #16 Relationships with Supervisors #17 Selectivity #18 Interaction with Clients #18 Overall Business Outlook #19 Formal Training Diversity #6 Diversity for Minorities #16 Best Firms for Diversity #17 Diversity for GLBT #18 Diversity for Women
222 West Adams Street Chicago, IL 60606 Phone: (312) 648-0111 Fax: (312) 223-6200 www.atkearney.com
LOCATIONS
Chicago, IL (HQ) Offices in 36 countries
PRACTICE AREAS
Enterprise Services Transformation Growth Strategies Innovation & Complexity Management IT Strategies Merger Strategies Strategic Supply Management Supply Chain Management Supply Management Services
UPPERS
Stimulating intellectual environment There is an entrepreneurial atmosphere, while the firm also has the financial resources of an established company A collaborative culture with an open-door policy at all levels Brand name
THE STATS
Employer Type: Private Company Managing Officer & Chairman: Paul A. Laudicina 2009 Employees: 2,700 2008 Employees: 2,500 2008 Revenue: $910 million 2007 Revenue: $785 million
DOWNERS
Intense projects with unrealistic timelines Often overshadowed by the bigger consulting firms (i.e., McKinsey) Getting pigeonholed into specific types of projects Hangover of negative reputation from days of EDS ownership

Well respected Old, behind the ball, not nimble Deep, narrow expertise Number crunching, boring
THE BUZZ
EMPLOYMENT CONTACT
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition A.T. Kearney
THE SCOOP
An ascendant descendent
As a consultancy, A.T. Kearney has a rich heritage that takes it back to the setup of McKinsey & Company and the arrival of consulting as a profession in 1920s Chicago. When James Oscar McKinsey set up his original firm in the city in 1926, one of the first partners he was to hire three years later was a certain fellow by the name of Andrew Thomas Kearney. Following McKinseys death in 1939, the firms two officesbased in New York and Chicagosplit, with Kearney taking the latter and focusing the companys attention on operations and manufacturing. Today, that office has become a monster of a firm, with a truly global reach; it has offices in 36 countries across the world. And, of course, as it has grown over its 80-year history, the company has diversified its operations. Now boasting a workforce of some 1,900 consultants, it proudly focuses on what it calls CEO-agenda concerns, a list that ranges from merger, growth and IT strategies, to supply chain management, innovation and complexity management, and enterprise services transformation.
A failed romance
Looking at its more recent history, A.T. Kearney walked into what can only be described as a loveless marriage in 1995 with Texas-based tech monolith Electronic Data Services (EDS), now a unit of HP. Initial intentions seem clear enough: EDS was looking to boost its flagging consulting arm, while giving A.T. Kearneys specialists access to some of its high-profile clients. The reality, however, failed to live up to the intentions, and the partnership lasted a mere 10 years. Various factors, including a drop in EDSs earnings, cultural differences at an executive level and a general dislike among A.T. Kearneys management of the notion of being a subsidiary of a publicly held company soon led to a parting of the ways. That officially occurred in January 2006, when more than 170 of the firms leading consultants (from no less than 26 countries) participated in a management buyout to take the firm private. Following the buyout, A.T. Kearney officers elected an international 11-member board of directors, which is headed up by Managing Officer and Chairman Paul Laudicina, who has been in charge since 2006. Laudicina, only the seventh person to lead the firm, joined the company in 1991, and has more than 25 years of global consulting and management experience in industry, government and research institutions.
Elite council
A key plank of A.T. Kearneys reputation is based on its Global Business Policy Council. Established by Laudicina as a forum for corporate, government and academic leaders to discuss relevant issues, the council is limited to the worlds top CEOs and business-minded leaders. The group meets regularly to discuss topics such as globalization, foreign direct investment and offshoring.
Retail details
In addition to the advice and implementation work the firm does for its clients, A.T. Kearney leverages its expertise by producing a wide variety of studies each year that track trends in a range of industries. Since 2001, for example, the firm has released an annual Global Retail Development Index, which details retail investment attractiveness in global markets.
Putting its money where its mouth is

To set an example for its clients, in September 2007, A.T. Kearney announced that it would attempt to become a carbon neutral operation within two years. Whether or not the firm succeeds will doubtless depend on a variety of factors, but the attemptand the degree to which it succeedsis likely to have an effect on the number of clients taking up the firms offer of carbon reduction consulting services. To accomplish its goals, A.T. Kearney established plans to make changes to the levels and modes of employee travel, to make more environmentally friendly choices in hotels and rental car companies, and to increase its use of public transportation.
THE LATEST ON A.T. KEARNEY

Skills shortage in CPG
May 2009 The first report from A.T. Kearneys industry review of sales force talent management trends (see below for details) found that consumer packaged goods firms are falling behind the times in terms of retailer expectations. The study, titled Talent Triage: Raising the Bar on CPG Sales Force Talent Management, states that the relationships between retailers and CPG companies have changed, but that the skills of CPG sales forces havent developed to keep up with the times. Accordingly, the report recommends that CPG firms focus on both diversity and talent management to help them emerge strong from the recession and to ensure that their businesses are staffed with people with the appropriate skills to meet customer needs.
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Coming to a store near you

January 2009 A.T. Kearney was selected by the Grocery Manufacturers Association and the Network of Executive Women to carry out research into sales force talent management in the consumer packaged goods industry. The research is necessary because many consumer goods companies are recognizing that recruiting and retaining talented sales professionals are key to their long-term success. The firm was tasked with identifying successful sales practices, reasons for turnover and employee loyalty, and offering recommendations to help companies retain talent.
Greening the office

December 2008 A.T. Kearneys ongoing attempts to achieve carbon neutrality were recognized when its Cambridge, Mass., office was honored with a silver certification for commercial interiors under the U.S. Green Building Councils Leadership in Energy and Environmental Design (LEED) rating system. The Cambridge office is the first of the firms offices to be recognized with this designation. It earned it by implementing a range of green practices, among them reducing lighting power and introducing more efficient water fixtures, providing 90 percent of workspaces with a view, and using recycled and regional materials.
Rattle and hum

November 2008 The firm released a report, titled Rattling Supply Chains: The Effect of Environmental Trends on Input Costs to the Fast Moving Consumer Goods Industry in 2008. A mouthful it might be, but the reports contents are no joke. Released in conjunction with the World Resources Institute, it forecasts that companies in the consumer goods sectors who do not make sustainable green changes in the next few years could face significant reductions in earnings as soon as 2013. In short, the report points out that issues such as climate change, water scarcity, decreased carbon emissions and scarcer natural resources are problems that are not going away. Further, the environments effect on consumer goods can already be seen in the approximately 6 to 13 percent increase in cereal prices. Addressing how these factors will impact the value chain of a companys production and distribution of consumer goods, says A.T. Kearney, is vital to that companys survival.
Among the best

October 2008 For the first time ever, Consulting magazine named A.T. Kearney to its annual list of the best firms to work for. Debuting in eighth place, the firm was singled out for its high staff morale and the positive impact of its work on clients.
Awards aplenty
June 2008 Proving that recruiting and retaining talent isnt much of a problem for the firm, A.T. Kearney was named to The Black Book of Outsourcings 2008 Top Outsourcing Advisors list. The list is authored by the Brown-Wilson Group, and is considered an industry standard for customer satisfaction in the global services industry. A.T. Kearney earned the No. 2 spot for corporate globalization consultant, and was listed among the top-10 full-service outsourcing/offshoring advisors. The results were compiled from surveys of outsourcing users and C-level officers who give their perspective on the global services industry. The recognition continued that month when Daniel Mahler, an A.T. Kearney partner and global coordinator for sustainability, was named crowned one of Consulting magazines top 25. Mahler joined the firm in 1998 and has worked out of its New York, London and Berlin offices. According to the magazine, Mahler was selected for his work in establishing A.T. Kearneys sustainability initiatives internally, as well as with the firms clients, and for his work with its pledge to be carbon neutral by 2010.
India loses top spot

June 2008 A.T. Kearneys seventh annual Global Retail Development Index found Vietnam to be the most attractive emerging market destination for retail investment, among 30 emerging markets. India, which had held the top spot for three years, came in second on the list.
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GETTING HIRED
Prepare for a presentation
Insiders at A.T. Kearney report that qualified candidates can expect a two-round interview process after an initial resume screening. There are anywhere from two to four interviews (both case and fit) in each round. The second round includes an interview with at least one partner of the firm, as well as a presentation session. One recent hire tells us that the candidate is given 30 minutes to review a client issue, and then must deliver the presentation to two interviewers. An engagement manger notes that there are no special tests, but that its important to demonstrate the ability to hit the ground running, as well as a basic understanding of Kearney and the regional industry issues.
Keep your eye on Kearney

Another source explains that cases are based on engagements to give a real-life flair, and span topics such as supply chain, growth strategies and pricing. Respondents describe case questions along the lines of, Two companies are merging. How would you assess synergies associated with the merger? What risks would the merger encounter? or Youre working for a large telecom company. How can you restructure their supply chain? Questions also may be fairly specific, like, Im meeting with the newly appointed CEO of X company. He wants our assessment on the viability and sustainability of his or her business. Is it viable? You only have an afternoon to do the researchbe realistic on what analysis you can do and numbers you can run in this timeframe. Or questions may take a more general form, such as, How many cups of coffee do you think a Starbucks sells in one day? Were told it may help to brush up on A.T. Kearneys history, since, according to an associate, we quote the founder, Mr. Andrew Thomas Kearney, quite often. A longtimer advises, We live by the essential rightness clause of our founder. Recruits should ask us about this!
Super summers
But perhaps the best way into the firm is through its formal, national summer internship program. Former participants rave about the fantastic, phenomenal and exemplary experience they had. Interns are given work expected of a full-time associate, with a lot of responsibility from day one, the opportunity to meet and network with CEO and many partners, well-planned social events, as well as an ample support network. A recent hire recalls, [I was] treated like a full-time associate, with all the responsibilities and expectations, adding that he received constant, honest and tactical feedback throughout the summer to know exactly where I stood in terms of getting a full-time offer. And another states, I worked on a great project with a very supportive team. The team included other analysts, and I appreciated working with people in my peer group. We did several team events, and there were also many office events on weekends when we were back in the home office. In all, an engagement manager shares, the great people to work with made my decision to return full time easy.
OUR SURVEY SAYS

An 80-year-old startup
Staffers at A.T. Kearney say the firms culture is collaborative, friendly and collegial, as well as highly innovative and intellectually stimulating, intense, down-to-earth and results-oriented. Theres a roll up your sleeves, get the job done attitude, and all voices have a chance to be heard. An associate says its all about thinking outside the box and sharing experiences at all levels, and a colleague agrees that junior consultants are given a lot of responsibility and the opportunity to perform at a more senior level. One VP states, We are an 80-year-old firm with all of the leading traditions and experience that entails a world-class operating model of a new startup, which takes the best from the entire industry and eliminates most of the legacy ownership issues of our competitors. Perhaps more than anything, insiders insist that the people truly make the firm a great place to work. A director reports, I actually like my colleagues, which is unusual from what I understand about consulting. And an analyst remarks, The people are very knowledgeable and fun to work with. They are always willing to help you with anything ... whether it be work-related or personal. Agrees a recent hire, My firm is full of extremely motivated people who enjoy working hard and enjoy being challenged in their projects. People are willing to provide assistance and support to new hires, but they also expect new hires to learn quickly and figure things out on their own, as well. According to a colleague, A.T. Kearney consultants, at all levels, are people first and consultants second. In a nutshell, says another, ATK rocks.
Putting relationships first

Given the firms very open culture, a source notes that relationships go beyond workboth with ATK upper echelons and with clients. He explains, I have developed personal relationships with client CEOs and CXOs. I frequently dine, golf and go on excursions with A.T. Kearney principals and partners. Others note that leadership is dedicated to each individuals personal career growth/success, partners are very accessible and open to feedback, and top-level management takes care to ensure frequent and transparent communication.
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All this camaraderie makes for great business: A higher-up reports, Because of the way we work with clients, I observe that ATKers develop stronger, deeper client relationships than any other firms people do. I am humbled that I am regularly invited to my clients personal social events. And even those lower on the ladder get opportunities to connect with clients; a newbie reports, A.T. Kearney does an excellent job giving junior consultants exposure to clients. From discussions with my friends at other consultancies, Id say this is one of the things that sets us apart as an ideal place to learn.
New focus on formal training

And while theres always been lots of on-the-job training, insiders say theres also been a recent push to improve ATKs formal training program. The newly strengthened training program incorporates several national training days, as well as a travel budget to bring people from across the country together for the training of their choice. The official training can really add up; an engagement manager shares, I had two weeks of in-office training last year. While one associate insists, I learn much more on the job unofficially than I do in training classes, most say that the improvements to official training have been a great benefit. Formal training is also especially handy for new hiresone states, The training I received when I joined the firm was excellent. I spent three weeks in classroom training and then completed a shadow assignment, which turned into a full-time project. That said, new staffers shouldnt expect immediate class time. According to another newbie, Although I started in January, my formal training will be scheduled over the summer, so we can train with the interns. I would have preferred formal training up front.
Put in your time before promotion

Were told that as part of the new training policy, certain training must be met before promotion or bonuses are granted, and a director adds that there are minimum time in grade requirements for promotions. A principal explains, You have to demonstrate that you operate at the next level before being promoted. In this sense, the firm does not really stretch consultants to grow into their new positionthis is a low-risk and slower promotion model that has some people frustrated. Still, others say consultants have the opportunity to advance more quickly than at other firms, and a source notes that we have significant potential to grow as a company, and as a result as a consultant. Opinions differ on whether the firm follows an up-or-out promotion policy. Some say its strictly up-or-out, some claim its not strictly up-or-out, but you will be pushed out the door if you are underperforming for a while, and others feel its simply not up-or-out. These differences seem to stem from differences in department practice. A director explains, The majority of the firm is up-or-out. There are certain divisions that have a more flexible policy. And an associate agrees, A segment within my firm definitely follows an up-or-out policy, but the segment that I am a part of does not use this policy. We have many consultants who specialize in a particular role and stay in that role for as long as they want. In all, were told that it typically takes two to three-and-a-half years from associate to manager, and then three to five years for promotions at senior levels, with the full path of associate to partner in eight to 11 years.
Demanding days
Some staffers tell us they struggle with their workload, which is typically 50 to 70 hours a week. Were told that work/life balance is difficult, as there is often lots of work late into the nights, as well as on the weekends, and many times the demands of the project are simply too great to meet by working only during the week. A recent hire states, When I am staffed on a project, it is extremely difficult to manage my work/life balance. I am usually on the road from Monday through Thursday, and I essentially work all day and night when I am out of town. And an associate complains, There is an unstated pressure to work late. Ive observed that face time at the client site after hours is expected, which is unnecessary and takes away from free time. There is a very conscious effort to work hard Monday through Thursday, and not work much if at all over the weekend, says another, but he adds, Of course, if there is a critical deadline, work is required on weekends at times, which is unavoidable.
Up to you to take control

Others insist that face time does not exist, as long as you deliver, and an experienced engagement manager says that, overall, there has been significant improvement in ATK with respect to balance. Colleagues agree that the firm is taking all the necessary steps for good work/life balance, like a case team leader who adds that most project leaders are very aware of it and encourage ease of consulting. A newbie states, Supervisors are permanently assessing the level of effort (hours) of each individual, and take actions to make sure the people have a work/life balance (e.g., working from home is widely accepted). My manager gave us two days off to compensate for a weekend that we had to work. And an associate adds that the firm has started a new work/life part-time program for those that only want to work 80 percent ... Absolutely phenomenal. Meanwhile, a senior business analyst says that while the firm is beginning to have official initiative to maintain good work/life balance, its nonetheless the case that the project manager is the deciding factor in an average consultants workload. Says one such manager, It is up to you to balance work and life at A.T. Kearney. You need to be assertive with your personal needs and, as long as you are reasonable, most projects will respect the fact that periodically you need to be back at home midweek. In addition, as long as we can plan ahead (so make your personal needs known as early as possible), we have a better chance of being able to accommodate your needs.
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Keep those bags packed

Theres no question that the firms heavy travel model puts strain on striking and sustaining the balance. Thats perhaps not surprising, since our firm makes a choice to work side-by-side with our clients on a daily basis, so we travel more frequently than other firms. Were told the typical travel schedule is Monday through Thursday, and once a month (minimum) Fridays. A consultant remarks that juggling work and life is always a challenge, as personal relationships never quite seem to fully understand the nature of the travel required in your professional life, and clients rarely understand your priorities other than a deadline. Work/life balance difficulties notwithstanding, most staffers agree that travel is definitely a positive when it comes to working with the clientour collaborative approach is difficult to replicate when working remotely. And there are no surprises for new consultants on the travel issue: The schedule is clearly indicated before hiring. As a vice president puts it, In consulting, you need to expect to travel, as working remotely from the client is not always an option. Therefore, even though our consultants are typically on the road three to four days per week, I dont think this should be considered excessive, given our expectation going in that we will be traveling. However, an associate claims, we could do a better job of being flexible on travel requirements and setting the right expectations with clients to allow consultants to meet persona/internal commitments. A director agrees: Oftentimes, the feeling is that we will do everything and anything to get a project sold, while a colleague gripes that there is very little efforts by leadership to manage client relationships in order to respect the teams desires to spend as much time as possible at home. On the plus side, were told that there are no expenses spared when traveling, with only five-star-plus hotel stays. And since more time is spent on the road than in their home office, consultants have the ability to live in any location, even if we do not have an office there. In addition, the firm offers the opportunity for global mobility through temporary or semi-permanent office transfers, and were told that international transfers are very easy. Moreover, staffers have the ability to work from your home between engagements.
Little extras
Other perks include four weeks of paid vacation per year, cell phone bills paid, project-specific performance bonuses, great health care benefits, as well as domestic partner insurance coverage, and gym membership subsidies. Its also possible to take an unpaid leave of absence for any reason for up to 10 days per year, even without seniority and without prior approval. An analyst notes that of all the benefits on offer, most attractive to me is A.T. Kearneys Scholars Program, which provides 100 percent financing for business school, while a colleague is just happy theres a Wii in our office for fun events on Fridays.
Wooing women
The firm is also very accommodating of expecting parents (both male and female), offering two weeks per year of service, up to six weeks for paternity leave, and up to eight months of 100 percent paid maternity leave, depending on tenure. But once that leave is over, an associate complains that ATKs intense travel model makes it nearly impossible for women to advance without a stay-at-home spouse. She adds that business schools have begun to admit women at a younger age, [but the] firm has not followed suit and sticks to rigid X number of years of work experience, which deters women from joining consulting in the first place. A colleague concurs: We could do a better job of balancing parenting commitments with work requirements and the part-time program. However, he adds that when it comes to diversity in recruiting, ATK has good hiring practices. In support of women, the firm does have a formal womens network with strong company-funded programs to build networks and share experiences in overcoming consulting challenges. Senior staffers observe that the number of women at the firm is on the rise. The firm is very proactive in hiring and promoting women. Particularly at the more junior ranks, in fact, recent classes have been 40 to 50 percent female, an insider states. In all, a director remarks, We are continuing to work on diversity. There is definitely a priority on this effort. She notes, It is still not where we want it to be, but I think we are making a strong push in this area.
An international crowd
Meanwhile, a principal insists that ATKs efforts are already worth celebrating, noting that the firm has been recognized as one of the most diverse firms in North America by Consulting magazine. We are very proud of our diversity and programs to become even more diverse. A longtimer in Chicago adds, We have a special GLBT recruiting focus and mentoring/support systems. I know many gay and lesbian consultants who thrive. One such consultant agrees that ATK offers a dedicated support group and extra GLBT recruiting budget for targeted activity. Were also told that the firm has several formal minority networks (African-American/Asian/Hispanic) that support people from different ethnic groups, and an African-American staffer claims she has an excellent network, both social and professional, at the firm. An associate in New York goes so far as to claim that my office is the most diverse international place I have ever worked. On my first day, I arrived and was almost distracted by a cacophony of different languages. It is not unusual to hear German, French, Spanish, Hebrew and Turkish all within earshot on any given day.
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Gung-ho about going green

Respondents say there is tremendous effort to go green at ATK, and many are quick to note that their firm was actually the first firm to announce that we were going green. We are the leading management consultant making commitments to sustainability, boasts an engagement manger, adding that, externally, we provide consulting in the topic. An associate comments that the firm faces an inescapable dilemma of trying to be sustainable with business practices that require at least two flights each week for a consultant, but others insist that the firm is on target to reach its goal to become carbon neutral as a firm by 2010. (A vice president notes that the firm is contemplating [the] purchase of carbon credits to accelerate this objective.) A Chicago-based staffer adds, Every office in North America is leading sustainability activities, such as monitoring and reducing paper, printer and electricity usage, and enhancing recycling programs for paper, plastic, aluminum and batteries. In addition, an executive in Cambridge, Mass., reports, Two of our newest officesCambridge and New Yorkare LEED certified.
Committees for community

Some staffers are less enthusiastic about ATKs level of community involvement. They tell us that philanthropy at the firm is not a priority, and simply not enough. An associate feels that efforts are haphazard and disorganized, but he adds that a team is actively working on improving it. And a midlevel associate is frustrated that there are ad hoc pro bono projects, but not a formalized strategy on incorporating pro bono work into the broader mix of engagements. But most insiders are more positive and stress that ATK is, in fact, heavily involved in community initiatives. An engagement manager explains, Each office has a dedicated community services committee that manages events and partnerships with local/global nonprofit organizations, and a staffer in Atlanta reports, My local office participates in at least five to six community events annually. In particular, were told the firm has supported clothing drives, holiday food drives, the Red Cross, March of Dimes, mentoring and pro bono work for Chicago public schools, among others. An executive in Cambridge states, We helped the Greater Boston Food Bank assess how to increase the capacity of their Second Helping (redistribution of processed food) program. ATK is also supportive of staffers personal philanthropic efforts. A source in New York reports, They allowed me to start a not-forprofit consulting firm, and have continued to push me to be involved in the community.
What crisis?
Insiders are confident that the future is bright for ATK, and tell us employee morale is very high. Our pipeline is strong and our people have stayed busy during the downturn, states a principal whos been at the firm for nearly a decade. We have a broad-based portfolio of projects and industries, and expect our operations and organization and transformation practices to do quite well, especially with clients who are looking to become more efficient, an associate explains. A colleague agrees that ATKs specialization in cost cutting means that we have a significant advantage over competitors in the current climate. And another remarks, We are prudently prepared for a downturn, but I dont expect to be on the beach anytime soon. In fact, boasts a longtimer, We had a great 2008 (better than 2007), and our 2009 is off to a better start than 2008.
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THE PARTHENON GROUP

UPPER
High level of client interaction, even for juniors
200 State Street Boston, MA 02109 Phone: (617) 478-2550 Fax: (617) 478-2555 www.parthenon.com
DOWNER
All consultants are required to work on two cases at once
LOCATIONS
Boston, MA (HQ) San Francisco, CA London Mumbai
EMPLOYMENT CONTACT
www.parthenon.com/careers
PRACTICE AREAS
Corporate Advisory Education Healthcare Nonprofit Private Equity
THE STATS
Employer Type: Private Company Chairman & Managing Partner: William F. Achtmeyer 2009 Employees: 200 2008 Employees: 200

Great reputation, very selective Limited appeal Polished Fratty culture
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Parthenon Group
THE SCOOP
Temple of consulting expertise
Boston-based Parthenon Group is a business strategy consulting outfit with expertise in corporate strategy, private equity, education and health care. Founded in 1991 by two former Bain consultantsJohn Rutherford and William Achtmeyerthe firms 200-plus consultants operate out of offices in Boston, San Francisco, London and Mumbai (opened in January 2008). Parthenons clients include Global 1000 corporations, among them ThomsonReuters, eBay, the Bill & Melinda Gates Foundation, as well as high-potential growth companies, private equity clients, health care and education clients, and nonprofit groups. In 2000, founding partners Rutherford and Achtmeyer decided to split up the companys practices. Achtmeyer assumed leadership over the strategy side of the business, while Rutherford took over Parthenon Capital, a private equity firm. The two are now legally separate entities.
In it for life
The Parthenon Groups approach to business is to form lifelong partnerships with clientsand it pays more than just lip service to that mantra. Since 1992, the firm has offered unconventional risk-sharing payment structures, including offering services in exchange for equity and success fees. Under the work-for-equity method, Parthenon is compensated with a stake in the client corporation. Equity gained in this manner is held for a set period, and its sale is generally discussed with the client beforehand to avoid disruption of the market for those shares. Traditional billing is available to clients, but Parthenon says it works best when accountability is highest and when it has a personal commitment to achieving results for a client. Further exhibiting its comfort with working with stock, in 2007, Parthenon launched its own hedge fund, Strategic Value Capital. Targeted stocks belong to small and mid-cap U.S. and Canadian public entities. Like the private equity practice, Parthenon employees can spend three to six months working at SVC to learn investment processes and how to assess the potential of companies in the funds portfolio.
A different kind of capital

The Parthenon Group is as proud of its ability to produce intellectual capital as it is of its ability to produce spending capital. The firm regularly puts out scholarly materials on business trends and insights, in addition to two newsletters: Parthenon Perspectives, which covers different aspects of the firms target industries and businesses, and Edupoints, a newsletter specifically geared toward the education sector.
Helping by example
Parthenon Chairman Achtmeyer sets a good example for his staff when it comes to philanthropic causes. In addition to managing his firm, Achtmeyer is also the former chairman of the Massachusetts Society for the Prevention of Cruelty to Children, and is currently an overseer for the Handel and Haydn Society and the Boston Symphony Orchestra. He has instilled the same kind of commitment to charity work at his firm, which, since 1993, has contributed over $4 million to charitable causes.
THE LATEST ON THE PARTHENON GROUP

Adding some fizz
March 2009 Dawn Hudson, former president and CEO of Pepsi-Cola North America joined Parthenon as vice chair. Having previously appeared among Fortunes list of the 50 Most Powerful Women in Business and Forbes 100 Most Powerful Global Women during her time at Pepsi, Hudson also has a strong background in advertising, and was inducted into the Advertising Hall of Fame for people under 40. Her responsibilities at Parthenon will be rather wide-ranging; according to the firm, she will contribute to all of the firms practice areas with a particular focus on the consumer, retail and sports management offerings.
Thought leader
March 2008 An article co-authored by Parthenon Vice Chairman Anthony Tjan appeared in the Harvard Business Review. Titled Transforming Strategy One Customer at a Time, the article examined how customer-driven strategies can be used in business-to-business settings, using something Tjan calls front-end customer strategy. Apparently, that process involves foregoing the entire universe of potential customers and focusing instead on those customers one can realistically serve.
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Parthenon Group
GETTING HIRED
Parthenon picks
The recruiting efforts at Parthenon are geared toward three types of candidates: undergraduates or professionals without an MBA degree, recent MBA graduates and experienced, senior-level hires. Those who fall into the first category are usually considered for associate-level positions, while MBA graduates are typically recruited at the principal level and, once in the door, will work as Parthenons primary client contacts. Usually, the firm recruits at the top national and international business programs, including Harvard Business School, INSEAD, Kellogg, London Business School, MIT Sloan School of Management, Stanford, Tuck and Wharton. Experienced hires are typically recruited to fill Parthenons highest-level openings, as principals or senior principals. These candidates, the firm says, should have an MBA and broad professional experience, since they will be helping to plan, execute and deliver projects to the client, if hired.
Summertime preview
For undergraduates and MBAs looking to stay busy the summer before their senior/second year, Parthenon offers a summer internship program. The 10-week internship includes a weeklong orientation training to learn about the firms strategy, analysis techniques and values. At the end of the program, interns are asked to show off what theyve learned by giving an individual presentation to Parthenons management team. Those who do well are offered full-time offers for when they complete their undergraduate/MBA degree.
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WATSON WYATT WORLDWIDE

RANKING RECAP
901 North Glebe Road Arlington, VA 22203 Phone: (703) 258-8000 Fax: (703) 258-8585 www.watsonwyatt.com
LOCATIONS
Arlington, VA (HQ) 108 offices in 34 countries
UPPER
Lots of formal, specialized training options
DOWNER PRACTICE AREAS

Communication Data Services Executive Compensation Government Consulting Group Benefits & Health Care Human Capital/Organizational Effectiveness Insurance & Financial Services Investment Consulting Mergers & Acquisitions Multinational Consulting Retirement Technology & Administration Solutions Up-or-out culture
EMPLOYMENT CONTACT
www.watsonwyatt.com/careers
THE STATS
Employer Type: Public Company Ticker Symbol: WW (NYSE) Chairman, President & CEO: John J. Haley 2009 Employees: 7,700 2008 Employees: 7,000 2008 Revenue: $1.76 billion 2007 Revenue: $1.49 billion
* In June 2009, Watson Wyatt agreed to a merger with Towers Perrin; the deal is expected to close by the end of 2009. Until then, the two will continue to operate as separate companies.

Well known in their niche Political environment Global; strong Trying to keep up with competitors
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Watson Wyatt Worldwide
THE SCOOP
Masters of HR
Tracing its roots back as far as 1878, Watson Wyatt has a long history of consulting work in the actuarial fieldlong enough, in fact, that it was offering consulting-style services before the term consulting even existed. These days, operating out of more than 108 offices in 34 countries, the company provides human capital and financial management consulting services, advising clients on such issues as compensation, retirement, health care, insurance and investment plans. Watson Wyatt prides itself on putting clients firstan approach that it says means many things, be it moving quickly or moving mountains. One thing the firm says it always means, however, is that it consults with clients, rather than at them. The company operates through five segments: benefits, technology and administration solutions, human capital, investment consulting, and insurance and financial services. The benefits practice is by far the largest, accounting for more than half of all annual revenue. The segments offerings include the design and management of benefit programs, actuarial services such as funding and risk management strategies, expatriate and international human resource strategies such as transfer policies and compensation mirroring, mergers and acquisitions advising, and assistance with compliance and governance. The other four segments together make up the remaining portion of Watson Wyatts offerings, with each contributing somewhere between 7 and 12 percent of annual revenue.
W + W = Quadruple U?
As mentioned above, Watson Wyatt traces its roots back to 1878, when one Reuben Watson started a small actuarial firm in Londonan outfit recognized today as the worlds oldest actuarial company. That little enterprise grew to be one of the most respected establishments in the United Kingdom through its work with the government on social insurance plans. As its reputation grew over the years, so did Watsons family; so much so that by the middle of the 20th century, Watson & Sons was one of the most recognized names in the European consulting world. The other half of Watson WyattThe Wyatt Company, founded in the United States in 1946also began as an actuarial concern, but later expanded its services into health care and compensation consulting. Over the latter half of the 20th century, both The Wyatt Company and Watson & Sons continued to grow and expand their reach in an increasingly global economyan economy that meant the two firms were coming into the others sphere of influence more and more. Spotting an opportunity for a unique alliance, 1995 saw the two joined together in a partnership that separated the company into two branches covering different geographic segments. Watson Wyatt & Company looked after the North American and Asia Pacific markets, while Watson Wyatt Partners covered Europe. The collaboration was an immediate success, with the joint concerns earnings growing by 30 percent in the first year alone. Indeed, Watson Wyatt & Companys business grew so much over the next five years that the firm made the decision to launch an IPO on the New York Stock Exchange in 2000. The stock has traded there under the ticker symbol WW ever since. Just one step remained in the nuptialsan official merger. That occurred in 2005, with the new entity adopting the name Watson Wyatt Worldwide to signify the joining of its two geographic sectors.
Research, report, repeat

In addition to its prodigious consulting output, Watson Wyatt consultants have been known to commit an idea or two to paper, in the form of research reports, technical papers, surveys and books. Also on the research front, the firm maintains a data services unit: Watson Wyatt Data Services. Operating out of five survey centers around the world, the unit conducts surveys and publishes over 200 annual compensation reportsa service that gives clients the opportunity to gain insights into workplace conditions on all levels, from local to global.
THE LATEST ON WATSON WYATT WORLDWIDE

Two become one
June 2009 In a deal that will establish the worlds largest consulting firm dedicated to HR and employee benefits, Watson Wyatt agreed to a merger with Towers Perrin. Billed as a merger of equals, the deal will create a company with some 14,000 employees, expected to rake in some $3.2 billion in revenue in its first year. According to industry analysts, the deal is a reflection of the downturn in business associated with the recession; both companies had seen revenue fall off as clients cut spending and brought certain HR functions back in house. The two firms will continue as separate entities until the deal officially closesan event scheduled for the end of 2009at which point the new company will be known as Towers Watson & Co.
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Dobro pozhalovat v Moskvu (Welcome to Moscow)

June 2009 Continuing a policy of expanding its footprint in emerging markets, Watson Wyatt opened an office in Moscow. According to the firm, the move was made in response to increasing demand for its services in the countryservices that will initially focus on the provision of consulting services to insurance and financial services companies, and human capital and strategic reward consulting.
A long road to the top

April 2009 Martin Pike was named the new global director of Watson Wyatts insurance and financial services consulting practice. Having spent more than a quarter of a century at the firm (he joined in 1983), Pike was well placed to take over the role from the retiring Philip Brook, who had served as the European head of the insurance and financial services practice since 2006. He is tasked with delivering growth to the unit across all geographic regionsa priority identified by CEO John Haley in a June 2008 interview (see below for details).
A good (fiscal) year

August 2008 If only everyones fiscal 2008 could have ended in August. Watson Wyatt reported revenue of $1.76 billion, an increase of more than 18 percent from the previous year. While it should be noted that the companys fiscal year means those results dont reflect its performance throughout the worst economic ravages of the year, they do represent a slowdown of sorts, compared to recent years; revenue doubled between 2005 and 2007, with a 72 percent jump in 2006 alone.
Haleys comment
June 2008 CEO Haley appeared on Fox Business News to discuss the firm. In the interview, he identified Mercer, Towers Perrin and Hewitt Associates as his companys biggest competitors, and outlined his plans for the future of the firm. According to Haley, The key is focus. We understand what were good at, and any business that were in, we want to be number one or number two in every market segment in the world. If were in something thats mission-critical, then we focus on being the best in the world at it. In response to a question about which areas of the business he would like to see grow more, Haley singled out the insurance and financial services segmenta division that contributed 7 percent of group revenue in fiscal 2008, but which hasnt established as big of a foothold in the U.S. as it has in Europe. If the following comment is anything to go by, however, the firm should have made a killing in the second half of 2008: In some ways, investment consulting advice becomes more valued when the investment markets are down. No mention of how many seek out that advice when investment markets are in a meltdown, however.
BA-bound
June 2008 The firm acquired Argentina-based Marcu & Asociados, an HR, risk and financial management consulting firm. Headquartered in Buenos Aires, Marcu added some 37 associates to the Watson Wyatt roll-call, together with some $2.5 million in annual revenue. Watson Wyatt paid $2.8 million in cash to seal the deal.
GETTING HIRED
Lots of choice
Watson Wyatt prides itself on the variety of career opportunities it offers its consultants, who can specialize in any one of the firms 12 core practices: communication, compensation, government consulting, group and health care, human capital consulting, insurance and financial services, international services, investment, organization effectiveness, pension administration, retirement, or technology and administration solutions. Whether you enjoy working shoulder-to-shoulder with clients or prefer the detail-oriented work of statistical analysis and valuation, youll find a perfect fit at Watson Wyatt, the firm states. Work opportunities at Watson Wyatt are divided between those for experienced hires and those for graduates and interns. For the former, the firm requires industry experience and superior analytical and communication skills, which are a must for any career path in human capital consulting.
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For those fresh out of school interested in lower-level or internship opportunities, the firm expects applicants to be able to work with and manipulate hard-core data, and to be able to conduct in-depth analysis to help companies improve their HR strategies. For candidates completing either their undergraduate or graduate-level studies, the firm publishes its campus-based recruitment schedule on its careers page at www.watsonwyatt.com/careers.
Hands-on experience
Watson Wyatts careers page also includes information on the firms internship and co-op opportunities, which give students hands-on experience working on the same kinds of client engagements as do full-time associates. For example, if interns are assigned to the firms retirement practice group, they will participate in investment studies, valuate post-retirement medical plans or assist in forecasting pension fund performance. In the group and health care practice, interns might help analyze employee benefits programs, benefits pricing or data analysis, while in the compensation practice, they work on projects such as preparing client exhibits, financial modeling of compensation plans or performing market analyses. In the insurance and financial services practice area, interns often work on projects related to mergers and acquisitions, financial reporting and analysis, risk management or reinsurance, to name just a few examples.
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PRESTIGE RANKING
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L.E.K. CONSULTING
RANKING RECAP
Quality of Life #4 Green Initiatives #8 Travel Requirements #12 Formal Training
28 State Street, 16th Floor Boston, MA 02109 Phone: (617) 951-9500 Fax: (617) 951-9392 www.lek.com
LOCATIONS
Boston, MA (US HQ) London (Worldwide HQ) 20 offices in 13 countries
UPPERS
We rarely travel Down-to-earth and laid-back attitude Rapid promotion International swaps
PRACTICE AREAS
Finance Marketing & Sales Operations Organization Strategy Transaction Services
DOWNERS
Limited control over your casework Face time, feeling guilty for leaving early No 401(k) matching Short deadlines
THE STATS
Employer Type: Private Company Co-Founder & Chairman: Iain Evans 2009 Employees: 900 2008 Employees: 850
EMPLOYMENT CONTACT
www.lek.com/careers

Good reputation, pretty selective Boiler room Finance whiz kids Very tedious, process-oriented work
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition L.E.K. Consulting
THE SCOOP
Getting to like L.E.K.
Founded in 1983, L.E.K. Consulting is a management and strategy consulting firm that offers services in six categories: finance, marketing and sales, operations, organizational development, strategy and transaction services. Founded in London, the firm maintains some 20 offices around the world, while its clients range from small businesses to Fortune 500 members, and hail from a wide variety of industries.
Digging in
Underscoring all its services, says L.E.K., are its data-driven research capabilities. The most valuable service that L.E.K. provides, it says, is to gather, distill, and analyze vast amounts of data. The firms data-crunchers dig into the numbers to provide clients with clear, actionable recommendations, using advanced research, benchmarking, modeling, analysis and strategy development methods.
Offering a helping hand

L.E.K. takes its responsibilitiesespecially its social responsibilitiesseriously. As part of its environmental and social responsibility program, the firm works with governmental and charitable organizations on projects to improve the environment and strengthen social services. One such client is Medicines for Humanity, a nonprofit that helps local health care partners implement effective health care initiatives for children and become selfsustaining organizations. L.E.K. worked with MFH to develop a business model that combines health care services and microenterprise lending. And, when it comes to going green, L.E.K. is more than just talk, working with clients on issues related to climate change, such as policy and regulation, green investments and developing low-carbon business strategies. In January 2008, L.E.K. became carbon neutral, making it the first major consultancy to implement such a policy across its global operations. By 2010, the firm hopes to reduce emissions by 20 percent by 2010.
THE LATEST ON L.E.K. CONSULTING

New media myth-busters
April 2009 An L.E.K. study identified and exploded five common myths about new media, and assessed revenue opportunities for media companies. Among the myths exposed by the firms survey of more than 2,000 U.S. households are demographic concerns (that new media is only for the young, and that traditional demographics can explain new media usage), concerns over new media being the preserve of the wealthy, that games are a niche activity and that free media is the only way to withstand the recession. Countering all of these myths, the firm presented suggestions and revenue opportunities for companies to take advantage of, even through the recession. Among them: the revelation that over-50s log the most time on the internet, while some 47 percent of new media users have a household income under $25,000.
From consumers to nonconsumers

November 2008 In response to the economic downturn, an L.E.K. survey of some 2,000 U.S. households found that consumers were planning towait for itcurb their spending. While that information is hardly surprising, the firm didnt stop there, going on to advise those in the retail and consumer products sector to recognize that the problem is likely to be a sustained one, and to make sufficient cuts to overhead and capacity to deal with the new reality. Additionally, the firm advised companies to explore both opportunities to enhance strategic position relative to competitors and incremental opportunities in adjacent segments.
Acquisitions article attracts accolade

September 2008 L.E.K. VP Stuart Jackson received the Highly Commended Award from the Emerald Literati Network 2008 Awards for Excellence. Jackson, head of L.E.K.s Chicago office, won the award for an article entitled, Creating Value Through Acquisitions. The piece appeared in the Journal of Business Strategy, to which Jackson is a bimonthly contributor.
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A sporting chance
July 2008 The firm teamed up with sports consulting specialists Pilson Communications to offer a joint consulting and advisory service to the sports and media world. Pilson is headed by one of the most influential figures in sports media: Neal Pilson, the former president of CBS Sports. Ostensibly, the partnership between the companies is aimed at providing clients of both outfits with new insights, although the opportunity for both firms to raise their profile with strategic connections to hooked-up insiders wont hurt much, either.
M&A success
February 2008 M&A Magazine named L.E.K. the M&A Specialist Due Diligence Provider of the Year. The publications editor said L.E.K. has delivered good growth in the past year, supporting over 90 transactions with a combined value of 23 billion [$33 billion].
Keeping score
February 2008
The Wall Street Journal, in partnership with L.E.K., published its 13th annual Shareholder Scoreboard, a by-the-numbers reckoning of the 1,000 largest U.S. companies by market capitalization. The Scoreboard compares shareholder returns over one-, three-, five- and 10-year periods, and also reveals overall industry strengths and weaknesses.
GETTING HIRED
The ABCs of L.E.K.
While L.E.K.s hiring process is competitive, the sought-after qualities of prospective candidates are fairly standard: a strong report card, good numbers skills, motivation and a strong professional backgroundespecially for those with an MBA. The hiring process is similar to other consulting firms. Recruiting teams review all applications, and selected candidates undergo a two- or three-stage selection process that includes at least two interviews per round. Interviews are case-based, and are used to learn how a candidate thinks and responds to business issues.
A taste of whats to come

Those who have gone through the process say interviews rarely last longer than 45 minutes, and case studies are typically inspired by real cases, so applicants get a sense of the kind of work they can expect to find at L.E.K. Generally speaking, questions range from developing a strategy for a pharmaceutical company to estimating the price for a potential acquisition, to determining what a business thats considering going public is truly worth.
OUR SURVEY SAYS

In it together
Most L.E.K. insiders agree that their firm is a rewardingthough demandingplace to work, even offering its newest additions some serious handson consulting experience. You are working on high-level strategic issues that have a huge impact on clients, says one source in San Francisco, and there is the opportunity to work on high-profile cases with the upper management of companies, particularly with high-profile biotech/pharma clients, adds a cohort in Boston.
Even on the toughest engagements, sources say there is a real sense of community in the office. Its a small company, so everyone knows each other and you develop a reputation quickly, says one associate. We have a were all in this together mentality, adds another. Part of the reason for the camaraderie in L.E.K. offices, respondents say, is the entrepreneurial spirit in each office. Each office feels like its own company, a source reports. While the culture may be different from office to office, the entrepreneurial feel also gives you that small-firm feel. Having a large number of young overachiever professionals doesnt hurt the collegial atmosphere either, insiders note. The young crowd here makes it a fun and interesting place to work.
No place like home

One of the biggest advantages to working for L.E.K., insiders agree, is its lack of travel to client sites. While specific travel demands are highly dependent on your practice area, few L.E.K.ers have to leave their home office on a weekly basis, except for the occasional final client presentation.
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Its great being able to come home every night, says one staffer. While some people see travel as fun and exciting, when its for work it truly isnt, and nothing beats sleeping in your own bed. That happy feeling applies to the office, too, according to a colleague: Having most people in the office, as opposed to on the road, helps you to develop relationships with a greater number of people. There are a couple of downsides to not traveling, however. For one, working at L.E.K.s home offices means very little time with clients. I think [this] is a large gap in my professional development that I dont see getting filled anytime soon, notes a consultant in Boston. The other, less-critical downside: Like some of my friends at other firms, I dont have a large number of frequent flyer miles or hotel points, says an associate. For those dreaming of more time on the road, one source points out that travel has been picking up over the last few years.
Jumping in head first

Associates at L.E.K. find themselves hard at workpretty much from day one. As an associate, you get a lot of responsibility and room to grow right from the beginning, with exposure to a variety of casework in a short period of time. Insiders say project-based case teams are structured to allow first-year associates to have an immediate impact on their cases. And, although the learning curve might be steep, associates cover a lot of ground in their first few years, due to the short duration and variety of projects to which they are assigned. Within a few years, these associates have learned enough to take on greater management responsibility. Having quick project turnarounds of three to five weeks means that I get to learn about one to two new topics every month, and I love it, says one respondent. It also means I work with a wide range of partners and managers who all know me by name.
The never-ending workweek

Getting the job done at L.E.K. often means racking up the hours. Monday through Friday often feels like nonstop work because there is little or no free time in the evenings, explains a Chicago staffer. Sources agree that, since L.E.K.s value proposition is a high-quality product in a short amount of time, the hours can be grueling, and it is often hard to strike a work/life balance during the work. However, schedules do vary depending on the type of project; With some projects, youre out the door by 6:30 every day, but if youre working on a two-week private equity due diligence, youre likely to be home very little, one consultant explains. For those who stick with it, however, striking the right balance between work and home becomes easier and, while hours can be high, they are not out of line with the rest of the industry, a source claims. A colleague adds that the firm has gotten better at allowing for better work/life management, and has even hired an allocations manager who now sits under human resources and is very interested in keeping employees happy over the long run.
Due recognition
For those stuck at their desks on big projects, there is a payoff. Comp days are given at the end of particularly intense cases, reports a New York insider. This usually comes out to one comp day at the end of each case for every week consultants work over 80 hours, or for every three consecutive weeks professionals work more than 65 hourswhich is often, some say. Managers and case team leaders also go to great lengths to accommodate schedules. Even on tougher cases, says one associate, it is common practice to set up a team schedule with personal conflicts. This goes for anything from doctors appointments to dinners with friends or birthdays, etc. Once out of the office, consultants say they can leave work behind. Weekends are sacred, and staffers are very rarely asked to work outside the fiveday workweek. There are also no BlackBerries for associates and consultants, which means you are unreachable when you go home.
Work hard, play hard

L.E.K. consultants may put their nose to the grindstone, but they know how to have fun when the workday is done. L.E.K. makes a pretty good effort to bring the firm together on a regular basis, including large charity events, summer outings, holiday and Halloween parties, and new-hire cocktail events, says one associate. In Chicago, were told, the best perk is an annual ski trip to Jackson Hole. The firm pays for hotel and airfare, [and] the first-year associates get a house for the weekend. Staffers also get pretty worked up about the Friday beer cart. In Boston, says one respondent, we have a beer cart every Friday, which a partner pushes around the office and marks the end of the workweek.
For supervisors, a mixed bag

Most respondents are fairly positive about the role their supervisors play in their day-to-day work and professional development. The partners are highly accessible, says one source in Los Angelesan office with a completely open-door policy. A case team leader from the opposite end of the country adds that, in general, both managers and partners are very intelligent and approachable, and are people that I enjoy working with. Still, there are exceptions, and a number of insiders describe their supervisors as aloof or unapproachable. One contact on the West Coast says upper management in his office is a real pain to work for, while a cohort back in the East notes that the partners in that location are extremely demanding
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and appear to consistently undersell work. In the end, however, you get what you work for when it comes to relationships with supervisors: The relationships are there, says one senior associate, but you have to take an active role in seeking them out.
Some things you cant learn in books

Training is a big part of life at L.E.K., especially since 2007, when insiders say the firm hired a new training directora highly regarded former L.E.K. consultantwho has made some pretty significant improvements to the [training] program. Installing that individual is just one sign of how committed [L.E.K. is] to helping people grow professionally and personally, praises one respondent. I have really noticed a marked difference in how quickly and easily I can comprehend complex issues now. While on-the-job training plays a big part in employees professional development, L.E.K. also has a rigorous formal training program. There are monthly, mandatory professional development seminars that cover different topics each month and are tailored to employees skill levels. The firm also organizes a program for career development coaches (CDCs) who act as mentors. L.E.K. pays for lunch once every six months for mentors and mentees to meet and discuss longer-term career ambitions, as well as how L.E.K. is helping toward that end, a higher-up notes, adding that CDCs are continuous mentors, meaning that while the case teams may change, [your CDC] is a consistent resource. Another, newer program implemented in 2008 is the One New Thing program. Explains one Boston staffer, At the beginning of each case, each case team member is allowed to express one thing they would like to experience [during] the case, whether that is running a module, blanking slides, various quantitative analyses, etc.
Rewards for going above and beyond

At L.E.K., the promotion strategy is a blend of having structured promotion timelines and promoting meritocracy. Typically, advancement at the associate level is annual, starting as a first-year associate, then moving up to second-year associate and on to the associate consultant and senior associate consultant levels. At the lower levels, everyone is generally promoted, and it is generally a three- to four-year advancement process for associates to the post-MBA (consultant) position. Promotion from the consultant to the manager level takes two to three years, staffers tell us. At higher levels, promotions are more performance- than time-based, especially from the consultant level up, although exceptional performance can be rewarded with faster promotion. One overachiever says he was promoted straight through to consultant after only three years. This really showed me how the company values going above and beyond in a very tangible way. How do you know when its time to move up? At L.E.K., there is a rigorous performance review process that involves several reviews per semester, due to the short cases. For some, the process offers a helpful measure of their development, although some find the process to be a time sink. If you find yourself out of sync with the prescribed timeline, there isnt necessarily a need to worry, since at L.E.K., promotions are not exactly up-orout. I have yet to see someone on the associate level pressured to leave because they werent going to be promoted, says one associate.
Recession-time blues
Generally, L.E.K.ers are satisfied with their compensation, in comparison to their industry peers. Theyre also pleased to receive three weeks vacation in your first year, as well as good health and dental benefits. For those who earn them, L.E.K. also provides performance incentive bonuses to second-year associates. The bulk of bonuses have traditionally come in the form of profit sharing. In the fall of 2007, a respondent explains, the three-year historical average profit share was around 19 percent [of salary and performance bonus], but because of the economic downturn, there was no profit share in 2008. Another sign of the times: In some offices, there has been rolling forced leave of absence for consultants and below due to the poor economy, an engagement manager points out.
Money isnt everything

There is at least a small upside to those late nights at the office: Insiders say L.E.K. pays for dinner and cabs home when they stay at the office past 8 p.m. Another incentive to burn the midnight oil? Quarterly recognition awards for associates and consultants, where the winner gets two free roundtrip airline tickets anywhere in the U.S., Mexico or Canada. Another interesting perk is the firms swap program, which allows L.E.K. employees who have been with the company at least a year-and-a-half to work in any other L.E.K. office around the world for six months. This program, however, has been suspended due to the economy, reports one respondentso stay tuned for future opportunities.
Weathering the storm

The overall feeling at L.E.K. is that the firm is in good shape to make it through the current economic downturnand may even come out stronger. While the recession has had an effect on the company, we seem to be relatively well positioned, while competitors show more signs of distress, reports an associate. Another source adds that L.E.K. has no debt, so the firm wont go under anytime soon. And, as a major morale-booster, the partners do everything in their power to avoid layoffsnone in [the U.S. offices] at alland we are continuing to hire as planned, notes a consultant. That will help to ensure the opportunity for a strong career path when the economy rebounds.
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For now, a midlevel source relates, we are diversified and strong in some sectors that havent been as affected by the economic downturn (e.g., biotechnology and airlines), and we have managed to stay pretty productive. We are shifting some of our resources to business development opportunities, so when things start to pick up again, were in a good position.
On diversity, room for improvement

While L.E.K. does its best to recruit the best, insiders say there is a notable lack of women in higher-level positions. There are plenty of woman in the associate ranks, but from the manager level and above, there are not many women. However, respondents claim the company is actively seeking to change this. L.E.K. recently launched a womens initiative, with the very purpose of fostering better mentorship and career advancement for women at L.E.K., says one female contact. And, notes another, L.E.K. has recently introduced new programs to make it easier for working women who have just become mothers. The firm evaluates schedules on a case-by-case basis. Likewise, insiders say there are too few minorities employed at the firman area of improvement for L.E.K. Says one Asian respondent, If you dont count Indians as minorities, L.E.K. does not hire a lot of minorities. L.E.K. also doesnt go out of its way to host recruiting events with minorities and women, like many other consulting firms do. But the same cannot be said about recruiting from the GLBT community. We actively recruit at GLBT job fairs every year and offer domestic partnership benefits, says one openly gay consultant. There is really no discrimination along those lines.
Inspire-d
There is a big emphasis on pro bono consulting at L.E.K., staffers say. Associates are highly active in nonprofit consulting through Inspire, a nonprofit consulting organization staffed through consulting firms across the country, an insider explains. An associate adds that the firm also does free cases for the Bill & Melinda Gates Foundation. Moreover, the firm supports a community service committee that sponsors a number of volunteer activities, including food drives, tutoring inner-city youth and holiday gift drives. In the Boston office, staffers say they participate in the Pan-Mass Challenge, a bicycle marathon that raises money for cancer research. That office raised around $250,000 for cancer research last year. And L.E.K.s commitment to going green could not be stronger. Sources report, with pride, that their firm was the first consultancy to initiate a carbonneutral policy. This policy lives and breathes in our culturewith default two-sided printing, turning off computers and lights at night, purchasing carbon credits to offset travel and more. An associate comments, Many initiatives have begun in the office and many more are scheduled to take place, with high involvement at all levels of the organization.
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PRESTIGE RANKING
20
FTI CONSULTING, INC.

RANKING RECAP
Practice Area #8 Financial Consulting Quality of Life #16 Overall Business Outlook
7700 South Flagler Drive Suite 1500 West Tower West Palm Beach, FL 33401 Phone: (561) 515-1900 Fax: (561) 515-1990 www.fticonsulting.com
LOCATIONS
West Palm Beach, FL (HQ) 80 offices worldwide
UPPERS
Stable job during the recession Lots of vacation Variety of industries and issues Good management
PRACTICE AREAS
Corporate Finance Economic Consulting Forensic & Litigation Consulting Strategic Communications Technology
DOWNERS
Cuts of perks and bonuses Size of the company Administrative requirements Annual review system
THE STATS
Employer Type: Public Company Ticker Symbol: FCN (NYSE) Chairman: Dennis J. Shaughnessy President & CEO: Jack B. Dunn IV 2009 Employees: 3,300+ 2008 Employees: 3,007 2008 Revenue: $1.29 billion 2007 Revenue: $1 billion
EMPLOYMENT CONTACT
www.fticonsulting.com/en_us/about/careers

Well positioned; diverse Acquisitions have given them a mutt model Innovative Bottom-heavy
THE BUZZ
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THE SCOOP
Thriving in the silver lining
FTI Consulting thrives when times are toughwhich means that business has been very good recently. Focusing mainly on services for companies that are facing trouble, whether economic, legal or regulatory, the firm boasts 15 to 20 percent of the world market share in economic consulting. Most of its revenue (around 85 percent) comes from within the U.S. market, but plans are afoot to expand on the dozens of FTI offices in Europe, Latin America and Asia in the coming years. Recently, FTI has grown both its domestic and international operations through a number of acquisitions, and currently owns eight subsidiaries. In all, the firm operates 80 offices worldwide and employs over 3,300 staff. There are few industries that FTI wont take on, with clients coming from sectors including automotive, chemicals, retail, pharmaceutical, health care, insurance, real estate, financial services, energy, construction, communications, and media and entertainment. Clients are often big fish97 of the top-100 law firms and nine of the top-10 bank holding companies worldwide, as well as 85 percent of the Fortune 100. President and CEO Jack Dunn told Accountancy Age that the firm would like to have a global brand where companies feel as comfortable using us as the Big Four.
The nuts and bolts

FTI divides its services into corporate finance/restructuring, economic consulting, forensic and litigation consulting, strategic communications and technology. The corporate finance practice focuses on financial and transactional issues, gathering a wide range of resources and experts to hunt for solutions. The economic consulting practice is comprised of two main sections: Compass Lexecon, which offers financial analysis of competition and antitrust policy and regulatory issues all over the world, and Network Industries Strategies, which helps network-oriented industries such as telecommunications, transportation, energy and electric power to move out of regulated and into competitive markets. Forensic and litigation consulting was the original focus of the firm way back in the 1980s, and it continues to be a major revenue generator. The technology practice helps clients use technology to improve security, data discovery and analysis, and workflow management. Strategic communication is handled through the firms global subsidiary, FD (formerly known as Financial Dynamics), which concentrates on improving brand, reputation and valuation through communications, and has won several international PR awards over the years. Other prominent subsidiaries of the firm are FTI Capital Advisors, LLC, which helps clients find and execute investment opportunities, and FTI Palladium Partners, which provides interim management for companies on the rocks, having its experts step in as CEO, CFO, COO or CRO (chief restructuring officer).
A bull in a herd of bears

As the most recent economic bubble began showing signs of weakness in 2007, FTIs business began surging, with the company taking advantage of opportunities to leverage its expertise in practice areas that are in high demand as a result of the economic downturn. The stream of distressed businesses knocking on FTIs door has been long and steady. For example, its forensic accountants and forensic computer consultants collected, processed and analyzed data for an internal investigation at New York-based financial services firm Refco. And, when troubled U.S. mortgage giant Freddie Mac was audited, FTI was there to help it investigate transactions and accounting policies.
Wanting to party with everyone else

While hard times have typically been boom times for FTI, too much focus on that area has left the firm vulnerable when the economy turned upward in the past. In 2003, for example, 80 percent of the firms revenue came from its restructuring services, but an economic recovery in 2004 saw FTIs earnings fall by 18 percent. Seeking to remedy its reliance on down cycles, FTI began a strategic shift in direction in 2004, concentrating on diversifying of its portfolio of services something done largely through acquisition. The efforts paid off: By 2007, revenue was soaring, but the restructuring practice was only responsible for 26 percent of them, with the firms technology and strategic communications practices gaining in prominence. That new spread of abilities has meant that the firm is better prepared for shifts in the economy than in the recent past, an attitude perhaps summed up best by Chairman Dennis Shaughnessys remark to Kiplingers Personal Finance Magazine in April 2008: People ask us: Do you root for good times or bad times? We root for interesting times.
Snapping up the leftovers

Diversifying through acquisition is nothing new for FTI. In fact, the companys whole focus on restructuring began with the buyout of two financial consulting firms in 1998, prior to which the firm had specialized in litigation consulting. Founded by Daniel W. Luczak and Joseph R. Reynolds Jr. in 1982 as Forensic Technologies International, the fledgling firm began its existence concentrating on finding and preparing expert witnesses. The companys commitment to acquisitions has continued in recent years despite the downturn. Indeed, since 2006, the FTI has purchased more than 10 companies across a range of consulting sectors. And its not only rival firms that the company has been snapping up; in the same interview
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with Kiplingers, CEO Jack Dunn confessed that there is another upside for FTI in a downturn: The firm can hire rock star consultants with little competition.
THE LATEST ON FTI CONSULTING

Lawyer up
May 2009 For the ninth year running, Corporate Board Member magazine and FTI Consulting published the annual list of Americas Best Corporate Law Firms. The list includes a comprehensive study of U.S. directors and corporate general counsel, and their pick of the most respected law firms in the country. Not that the list seems to involve too much in the way of heavy lifting: New York-based Skadden Arps Slate Meagher & Flom was listed in first place for the ninth straight year.
FTI mattersthe list says so

March 2009 FTIs technology practice was named to KMWorld Magazines list of 100 Companies that Matter in Knowledge Management. The list was selected by practitioners, theorists, analysts, vendors, customers and colleagues in the knowledge management field. FTI was singled out for its innovative approaches, exemplified in its Attenex, Patterns and Ringtail e-discovery software and consulting expertise.
Profiting from perilous times

March 2009 The firm released its 2008 annual report and, unlike most companies, gave investors reason to cheer, posting a whopping 29 percent increase in revenueup to $1.29 billion from $1 billion in 2007. While the majority of that growth17.4 percentwas attributable to contributions from companies acquired, over 10 percent came from organic growth. While the numbers alone provide proof that FTI tends to profit from difficult times, the annual report also spelled the tactic out more explicitly, noting that a significant focus of acquisition was to increase resources in the global real estate and construction industry, where FTI anticipates a growing amount of work coming from the impact of the global credit crisis. The company also indicated that it is following a strategy of expansion abroadnotably in the U.K., where two of its 16 acquisitions in 2008 occurred. Those companiesBrewer Consulting, a real estate consulting concern, and Forensic Accounting LLCwere folded into the firms existing British operations, making FTIs London office its second-largest in the world. Additionally, FTIs earnings forecast predicted that its revenue would grow 12 to 20 percent for the year to come, and that it was planning to hire close to 500 additional staff by 2010, bringing the total to around 4,000 employees.
Making a good thing better

February 2009 FTI Consultings technology services practice released a new version of its Ringtail Legal software. Providing faster, more flexible and less expensive e-discovery and document review services to clients, the service offering was made possible by the July 2008 acquisition of Attenex Corporation, an e-discovery software provider. With Ringtail Legal, clients can take very large data setswhich can include hundreds of thousands of documents and run queries on them to create focused reports using clustering and visualization software.
Oh, Canada (and Texas)

January 2009 The company acquired The Element Agency, a Canadian strategic communications consultancy specializing in sustainability, issue advocacy and corporate social responsibility initiatives. Established in 2003, the firm serves businesses, governments, universities, nongovernmental organizations and political candidates across North America. The acquisition followed hot on the heels of the purchase of Dallas, Texas-based CXO, an interim and turnaround management services firm specializing in bankruptcy, debtor advisory, interim management, crisis management, turnaround consulting, operational due diligence, creditor advisory, and financial and operational restructuring services. CXO has extensive experience serving clients in service, manufacturing and technology businesses, with a particular focus on the telecom, cable and media sectors.
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Straight down the middle

December 2008 The firm announced a multi-year global partnership with three-time major championship winning golfer Padraig Harrington. The dealwhich will see Harrington sporting FTI-branded caps as he makes his way around courses the world overis an extension of the companys when the game changes branding campaign, which also features the New York Yankees.
Bid of this, bid of that

October 2008 FTI expanded its economic consulting practice with a new auction solutions practice. The new unit will advise clients on auction design, bidding strategies and related matters, mostly for clients in the energy and telecommunications industries.
Across the pond

October 2008 As part of its expansion efforts into Europe, FTI Consulting opened a new office in Madrid. Initially, the new office will focus on activities related to the forensic and litigation consulting practice, but will eventually deliver global risk advisory, business intelligence, forensic accounting and litigation support services to FTI clients in Spain and across Europe.
GETTING HIRED
The top 10 percent
The hiring process at FTI Consulting is so selective, insiders say, that the firm typically hires less than 10 percent of the candidates interviewed. To make the interview process even more nervewracking, there is also no set recruiting process at FTI, as each office hires independently, with its own rules for finding new recruits. That said, there are a few tips interested candidates can rely on: FTI does recruit on campus at target top-tier schools and via networking events and referrals from FTI insiders. Candidates for entry-level positions can expect to complete around half a dozen interviews before getting hired, although fewer interviews may be required for experienced applicants. A Cambridge, Mass.-based source adds that the first round of interviews for undergrads and graduates is usually held on campus, with a second, full-day round of interviewsreferred to as Super Saturdayheld at FTIs offices with senior managers and senior analysts. Generally, the interview process for both entry-level and experienced hires includes behavioral questions and questions to test candidates quantitative abilities. Overall, however, the process is very much driven by [a candidates] expected ability to get the job done and, just as importantly, their ability to work and communicate effectively in a team environment, an engagement manager explains.
Plane plans
Respondents note that case studies are often included in the interview process, often pertaining to specific issues the interviewer has worked on. An example of one case study would be to analyze the fallout from a merger of two major airlines. Candidates would be expected to assess questions such as, What would be the key aspects to consider in order to decide whether this merger should be allowed or denied? In such a case, interviewees should consider, for example, the consumer benefits versus the costs, the market definition, the impact of the merger on other market participants, anticompetitive implications of the merger and so on, an insider explains, adding, How the candidate approaches and analyzes the problem is much more important than trying to come up with the right answer, especially since there is often no right answer, or it depends on the assumptions you make.
OUR SURVEY SAYS

FTI in flux
Generally speaking, FTI insiders say their firm is professional with a flat structure, and full of ambitious, helpful and well-motivated colleagues who work very collaboratively. Asked to put their finger on what makes their corporate culture unique, staffers have a hard time coming up with a single answer. Thats because FTI is still evolving, given the recent acquisitions, and the firm is not yet fully integrated. An engagement manager
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adds that the firms culture, as it exists today, varies widely by office and practice. Two different employees could have completely different experiences based on the office and people they work with.
An emphasis on the individual

Given the changes FTIs culture is undergoing these days, respondents say the firm has a very personality-driven culture that is expert-driven and entrepreneurial. At the same time, working as a high-performing individual does not exclude staffers from also working as a high-performing team member, with one partner noting that divas and high-maintenance prima donnas typically do not thrive here. Still, there is a survival-of-the-fittest element to FTIs culture, which can be tough for some new hires, a director reports. There is very limited handholding for new hires: You either get it and make it or quit in frustration after a year or two. Since there are always two sides to a story, however, another higher-up reassures us that FTIs culture remains focused on the long-term performance of the individual and company. There is a focus on learning and teaching at all levels.
Super supervisors
Despite the mixed bag of reviews on FTIs culture, most insiders are uniformly positive about their supervisors. I feel that the senior management at FTI is extremely competent and capable, a D.C.-based source reports, adding, They are always very fair, easily accessible and willing to support the entire team. A cohort in Chicago concurs, noting, Supervisors having a vested interest in my well-being and career aspirations. An associate adds that 95 percent of my directors and senior directors are some of the best people Ive ever worked with. And often, staffers note, strong relationships with supervisors can translate into formative on-the-job training. What I like about this job is the opportunity to be involved with the decision-making process at the very highest levels of the companies we work with, says an engagement manager. I dont know of any other job that provides such an opportunity. Most supervisors that Ive worked with foster an open team environment, where every team member feels comfortable coming up with ideas or speaking up if they dont understand something.
Training a work in progress

The training emphasis at FTI mainly comes on the job. For new hires, a consultant advises, that means getting on the right kind of job early can be helpful. Formal training is a work in progress, as the firm develops comprehensive courses. A vice president notes that significant efforts have been underway for the last year to bolster training. In the meantime, there are some structured training courses provided by FTI, yet they focus more on soft skills, and there is also a summer program where employees can choose an out-of-office training class presented by in-house or hired instructors, a New York source reports. Training outside of work is also an option, since the firm covers the cost of continuing education expenses, though outside training can be unreasonably difficult to have approved.
Finding a happy medium

Finding how to balance FTIs workload and life outside the office can be tough, staffers admit. Depending on the case level, it is pretty tough, a Pittsburgh-based insider says. An associate adds, Projects can be extremely demanding, with long hours for many days on end. Projects can arise with little or no notice, and expectations are that availability will meet these demands. Such is the nature of consulting, but the firm does try to accommodate such busy schedules. Its simple logic, a case team leader says: Consultants work while you work and play while you play There is full dedication in whatever we do [that] will keep life balanced. Knowing when its time to work and when its time to play is largely up to the individual, but it helps that the firm is flexible on many nonclient-facing work/life issues, a managing director reports, with a colleague adding that the firm is very flexible about when and where you get your work done, and about having downtime in between projects. And the flexibility goes both waysYou have to be willing to give up weekends on short notice, but they are good about letting you take vacation, and generally you have most weekends off.
Travel comes with the territory

The brutal truth? Anyone interested in this type of work should be comfortable with the travel, a source states. There is simply no effective replacement that Ive found to being on site with the client, at least during the initial phase of a project. I think you have to embrace the travel in order to do what we do. That said, were told that the level of travel varies depending on client engagement and practice area. For example, travel is close to 100 percent for some practices of the company, while in others, such as the economic consulting practice, there is very little travel. Typically, however, travel comes in waves, a Los Angeles-based staffer explains. You may be on a long-term engagement that requires weekly Monday to Friday or Sunday to Friday travel for months. Then, you may spend six months or more working on an engagement that is run out of the home office. Over the course of five years, I think I have traveled about 50 percent of the time, on average, but this travel was not evenly distributed.
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Standard extras
FTI offers comprehensive benefits for those among its consulting ranks, including a retirement savings plan, health care, dental and life insurance, as well as four weeks paid time off for new hires. For employees with at least two years of service under their belt, however, FTI offers five weeks paid time off. And, until January 2009, consultants were able to participate in the firms employee stock purchase plan, although the program was discontinued in order to integrate benefits offered across all FTI offices. Regarding bonuses, the firm explains that although discretionary bonuses were affected by the economic downturn, others based on chargeable hours in excess of a minimum continue to be paid at historic rates. Perks, in general, have also suffered as a result of companywide belt-tightening in recent months, staffers lament. For now, however, FTI offers tuition reimbursement on a case-by-case basis, with one Boston-based insider explaining that his office offers reimbursement for taking classes primarily at the Harvard Extension School, but also at other Boston universities. At one time, there was also a loose policy on after-work entertainmentdinners, drinks, etc.but this is being cut back. To burn off the provided-for snacks in FTI kitchens, the firm also offers free gym membership in some locations.
Boom times for restructuring

Despite reports of belt-tightening at FTI, staffers believe the firm is faring well, thanks to the recent economic downturn. As the top restructuring firm in the country, a director notes, FTI is a great place to be in a down economy, with a broad array of service offerings that can withstand slow demand in a particular sector. Outside its restructuring services, other FTI practice areas have noticed a bump in business, including its SEC consulting, construction and investigations services, which make FTI an entity whose business is very solid in a dreadful economy. A consultant working in the Compass Lexecon group of the economic consulting practice claims that the practice is rapidly growing into one of the largest and most successful antitrust economic consulting firms in the country. Looking ahead, an executive-level source says FTI has a superior competitive position in a market that will be strong for the company overall for the next three years.
Promotions take time

When it comes to moving up the ranks, were told consultants dont advance very quickly, with promotions granted, on average, every two to three years. Advancement is based on the skills, effectiveness and contribution of the individual, one managing director reports, while a senior managing director adds that, while promotion is strongly merit-based, merit has more than one definition. Strong project management and analytical skills are highly valued, even if you dont generate business. For those who do not move up according to FTIs regular promotion schedule, sources say the firm is not up-or-out, often choosing to keep exemplary people even if [they are] not promoted to senior managing director due to lack of business generation. But, while the firm is not necessarily up-or-out, underperforming staffers do get pinched off, since their underutilization impacts raises and bonuses considerably.
Homogenous upper ranks

When it comes to diversity at FTI, at least at the higher levels of management, staffers say there is some room for improvement. Women, for one, occupy few roles in senior management, a consultant in San Francisco notes, while a colleague reports, With the exception of one person, there are no women represented in consultant positions in the D.C. office. The lack of women leaders is not intentional, however, but simply a result of the fact that the requirements of the job (travel) mean most women leave before/just after having kids, a managing director notes. Similarly, when it comes to the representation of minority groups among FTIs consultant roster, there are very few minorities in the highest ranks, if any, a New York respondent comments. A director adds, This is an area where FTI could improve. I think the majority of diversity is at the administrative level. And for GLBTs considering work with FTI, an associate says the firm definitely does not discriminate, but they dont reach out to GLBTs particularly. It does, however, offer domestic partner benefits.
Volunteering is a personal choice

While there is no company-wide community involvement program at FTI, insiders say there are multiple programs based on location and the interests of the staff. For example, the firm does support individual community efforts, such as sponsoring Habitat for Humanity activities in the Washington, D.C., area, or helping out with a Christmas/holiday gift card drive for a local NGO that works with underprivileged families in the Cambridge area. Moreover, a consultant adds, we do some pro bono work in the right situations.
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PRESTIGE RANKING
21
ALVAREZ & MARSAL

RANKING RECAP
Quality of Life #4 Overall Business Outlook #7 Hours in the Office #11 Compensation #11 Interaction with Clients #11 Work/Life Balance #15 Overall Satisfaction #15 Relationships with Supervisors #18 Best Firms to Work For #19 Selectivity
600 Lexington Avenue, 6th Floor New York, NY 10022 Phone: (212) 759-4433 Fax: (212) 759-5532 www.alvarezandmarsal.com
LOCATIONS
New York, NY (Global HQ) 38 offices in 15 countries worldwide
PRACTICE AREAS
Business Consulting Dispute Analysis & Forensics Financial Industry Advisory Healthcare Interim Management Performance Improvement Private Equity Services Public Sector Real Estate Advisory Revenue Enhancement Tax Advisory Technology Asset Management Transaction Advisory Turnaround & Restructuring
UPPERS
Compensation is great Mentoring opportunities Young and up-and-coming Transparent culture
DOWNERS THE STATS

Employer Type: Private Company Co-CEOs: Antonio C. Alvarez II & Bryan P. Marsal 2009 Employees: 1,600+ 2008 Employees: 1,200 Extreme competitiveness Networking a lot for work Lean administratively Limited training
EMPLOYMENT CONTACT
www.alvarezandmarsal.com

Hot right now Eat-your-young culture Focused, elite Tactical, not strategic
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Alvarez & Marsal
THE SCOOP
Treatment options
Alvarez & Marsal, an independent global professional services firm, serves clients across a range of industries, including retail, health care, telecommunications, transportation, technology, manufacturing, financial services, public sector, government, oil and gas, as well as energy and utilities. The firms professionals, or corporate doctors as they are sometimes described, focus on preserving and maximizing the value of an enterprise. A&M is best known for its corporate turnaround and restructuring services, which consist of performance improvement, turnaround advisory, crisis and interim management, revenue enhancement, creditor advisory, corporate finance, claims management, health care, public sector and risk management advisory. The firm also advises on performance and process improvement related to functions such as human resources, strategy, IT, supply chain and customer management. It employs more than 1,600 professionals, and maintains offices throughout North America, Europe, Asia, Latin America and the Middle East. Since 2003, the firm has considerably expanded its geographic reach and capabilities, and now serves not only troubled and underperforming businesses, but also those in good health. Today, it provides a range of business advisory services, including tax advisory (A&M Taxand, part of the global Taxand network), dispute analysis and forensics, transaction advisory and private equity services. A&M also provides highly specialized performance improvement and restructuring services with a dedicated industry focus in health care, the public sector, real estate and financial servicespoint in case, A&Ms Co-CEO Bryan Marsal and a global team of A&M professionals have been leading the post-bankruptcy wind-down and restructuring of Lehman Brothers Holdings, WaMu and other major banking institutions.
Teeing off A&M

Like many great ideas, the one that led to the creation of Alvarez & Marsal was hatched over a game of golf between Tony Alvarez II and Bryan Marsal in 1983. The pair, both with a background in financial services, believed most consultants become so entangled in details that effective decision making can be neglected. Alvarez and Marsal, therefore, set out to create an organization that could offer tactical, action-oriented assistance to improve operational performance, instead of just strategic propositions. The firms earliest engagements focused on debtor management and advising struggling corporationsexperiences that established the skill set utilized today in the firms turnaround practice. A&Ms consulting divisions came into their own in 2003, when the company began recruiting seasoned professionals from other major firms, among them BearingPoint, Answerthink and Accenture.
Fixing the broken

A&Ms turnaround and restructuring practice assists clients at multiple points on the downward arc of business failurehealthy with weak divisions (not yet descending, but beginning to tip), underperforming (slipping and falling) and in crisis (Help! Ive fallen and I cant get up!). The firm uses a five-step approach that first arrests the companys fall, then reverses it. Step one is stabilize: The goal is to alter the environment to promote positive change, ensuring there are sufficient cash resources and a well-prepared management team (either by supporting or equipping them with objective, fact-based information or by placing A&M professionals on the roster as interim executives, when required). Step two is diagnose: The company investigates and analyzes the state of the industry, identifying obstacles and opportunities. Step three is self-explanatory: plan. A&M takes account of the clients strengths and maps a course of action. Facilitate is the fourth step, which calls for the cooperation and commitment of the whole organization to institute the prescribed plan. This facilitation sequences into the final step, lead. Execution of real change is only possible with capable leadership, coming from the existing management team or through A&Ms professionals serving in interim management roles or as active advisors.
Making the most of a crisis

While not many firms would have reason to celebrate the sort of economic downturn seen of late, specialists in corporate turnarounds operate in a very different universe, actually benefiting from increased business as companies begin to struggle. A&M certainly falls into that category, and is nothing if not opportunistica fact amply demonstrated when it launched the financial industry advisory services (FIAS) group in the midst of the global credit crunch. The unit offers clients in the financial services industry counsel from former bankers and bank regulators, turnaround managers, real estate advisers, forensic accountants and IT strategists, who are led by Samuel P. Golden in U.S., a former senior official with the U.S. Office of the Comptroller of the Currency, and Ann Cairns in London, a former ABN-AMRO and Citigroup executive. The firms real estate advisory services practice has also been making out well recently, working with owners, investors, lenders and corporate users of real estatemany of whom are still reeling from the subprime mortgage crisisto improve operations, add value to their businesses and minimize risk.
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THE LATEST ON ALVAREZ & MARSAL

Hiring in this market?
February 2009 The Wall Street Journal profiled Bryan Marsal and his restructuring teams work at the Lehman estate worldwide. Given the economic market, very few jobs are available, let alone in finance. But the complexity of the largest bankruptcy in U.S. history created some of the hottest jobs on Wall Street. Between the Lehman bankruptcy in September 2008 and the publication of the article, the A&M team had recovered over $7 billion that would go to creditorsa recovery that now stands to exceed $11 billion.
Acquisition recognition
December 2008 The firm was recognized for its transaction advisory work with client Platinum Equity Capital Partners II, when the latter picked up the industrial goods and basic resources deal of the year at the 2008 Middle-Market M&A Awards. The accolade came in recognition for A&Ms work on the acquisition of Maxim Crane Works Holdings, for which A&Ms transaction advisory group performed financial accounting and tax due diligence.
Anything Lehman can do, WaMu can do, too

November 2008 A&M Senior Director John Maciel was hired to act as chief financial officer, general auditor and controller at Washington Mutual. West Coast-based WaMu went belly-up in September 2008, as it struggled under the weight of losses connected with bad mortgages, and a run on the bank saw depositors withdrawing more than $16 billion in the space of just eight days, sealing its fiscal fate. While its banking operations were sold to JPMorgan Chase for $1.9 billion, Maciels skills are still required for the task of sorting through the banks assets and liabilities. A&M Managing Director William Kosturos assumed the roles of chief restructuring officer, executive vice president and secretary of the company.
No one-trick ponies here

October 2008 The firm expanded its public-sector group services to include an increased focus on federal, state and local governments. While still best known for its work in turning around public school systems, including St. Louis, New Orleans (pre- and post-Katrina), New York City, Washington, D.C., and most recently Detroit, the firm continues to invest in its public-sector capabilities by recruiting senior consulting and operating talent that can help state, local and federal goverments weather the the current economic downturn.
Lehman who?
September 2008 A&M was appointed to oversee the unwinding of assets at Lehman Brothers, following the investment banks high-profile bankruptcy filing. Bryan Marsal himself was initially brought in as CRO, before assuming the temporary role of CEO of the failed bank in December 2008, with the primary task of selling off its assets and increasing recoveries for creditors. According to media reports in January 2009, Marsal found that the bank had wasted between $50 billion and $75 billion in assets that could have been used to repay creditors the $200 billion they are owed. The reason? Apparently, then-CEO Richard Fuld and others expected a different outcome for the company, and most certainly did not expect to be thrust into an unplanned bankruptcy filing. At the same time, Marsal estimated that the complete unwinding of Lehman Brothers would take up to two years, although many pundits are claiming that, in fact, it could take anywhere up to six years.
Great place to work

September 2008 A&M placed sixth on Consulting magazines top-10 list of the best firms to work for. The magazine singled out the firms business advisory services, in addition to its ability to balance the work/life commitments of its consultants. A clear contributor to a happy workforce, the praise also backs up founder Tony Alvarezs past statements that A&Ms consultants come to work because they like what theyre doing and they like who theyre doing it with. With that in mind, its probably not surprising that the firm also scored among the top-five firms in the company culture category.
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A&M works the defibrillator

April 2008 A&M issued an eye-opening hospital insolvency study. Its analysis of more than 4,500 short-term acute care hospitals in the U.S., which was picked up by The Wall Street Journal, found that more than half are technically insolvent or teetering on the brink of insolvency. Looking at criteria such as operating expenses and net revenue, the study focused on two key measures of hospital performance: patient care margin and EBITDA margin. The message to hospital management and boards is clear: Act now to ensure long-term solvency.
Minds on mortgages
February 2008 In an early(ish) sign of the recessionary times, Kimball Hill Homes hired A&M as it attempted to restructure in the midst of a homebuilding market all but destroyed by the subprime mortgage mess. Kimball Hill, one of the 25 largest U.S. homebuilders, is based in Illinois and conducts operations in 11 major markets, among them Chicago, Houston, Dallas/Ft. Worth, Las Vegas, Tampa and Sacramento. The Kimball Hill appointment represents the biggest contract to date for the firms dedicated homebuilder assistance teama unit only formed in December 2007, specifically to deal with fallout from the crisis. The team leverages the expertise of A&Ms turnaround and restructuring, real estate advisory, transaction advisory, and dispute analysis and forensic services professionals.
GETTING HIRED
Getting noticed
For recent graduates of undergrad or MBA programs, it may be difficult to get that resume noticed by HR at Alvarez & Marsal. Typically, insiders say, the firm only hires experienced personnel, and A&M recruiters primarily look for individuals that already possess a specific skill set. There are some opportunities for recent graduates, however, as certain practice areas participate in campus recruiting. Even experienced consultants are up for a challenge when applying to the firm, staffers say, with new hires typically brought on through recommendations from employees inside the firm. A director explains that, for us, the competitiveness of the hiring process is strongly correlated to the current state of the restructuring field. In times like these, it becomes extremely selective with hundreds or thousands of applicants for one or two spots. That said, once a candidate is selected for an interview, the interview-through-offer process is very straightforward, reasonable and well run, and is very pragmatic and direct, notes a managing director.
No pretending
Once selected for an interview, respondents say the hiring process typically begins with an initial round of screening interviews. In the business consulting division, the second-round interviews differ from most other firms in that candidates participate in a team-based case-study interview process with real A&M clients. As an engagement manager explains, Teams spend the day working through the case and then present to the client. Teams are observed all day and judged not only on final outcome, but also on interaction and thought process. For example, a source says that, during her second-round case study scenario, A&M brought in a CEO from a client and asked us to work in teams to offer him advice about three possible outcomes his firm faced.
OUR SURVEY SAYS

Love what you do
The motto in A&Ms offices is: Love what you do and who you do it with and insiders say the firm does what it can to live up to those words. Insiders describe their company as inclusive and a meritocracy, where results matter and the organizational structure is nonhierarchical. The culture is open, with none of the Big Four hierarchy distinctions, a staffer adds, while an associate reports, The reason I joined the firm was its corporate culture: integrity, honesty and providing the best services to a client without wasting their time or money. A consultant in Nashville comments that, at A&M, the culture of loving what you do is only strengthened by the fact that everyone works together to achieve the goals of the company, as opposed to individuals only focusing on their advancement. This shoulder-to-shoulder type of collegiality also extends to junior staff and new hires, with a strong coaching environment in which everyones opinions are valued, regardless of staff level. An associate explains, There are no parts of the business that you cannot ask questions about and get honest responses. I get good insight into how client relationships are built and how much we bill. Even at the junior level, I can ask questions about this.
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Some growing pains

Respondents also describe A&M as entrepreneurial and almost cowboy-like in its approach to consulting, instituting few hard-and-fast rules in how it approaches client engagements or how it operates. A relative newcomer in a world of longer-standing and better known competitors, a partner describes A&M as one of the worlds biggest startups, culturally, with less bureaucracy than comparable Big Four firms. Recent growth, however, has meant that the culture of loose-spirited entrepreneurialism has been affected somewhat, a number of insiders lament. The firms culture, notes a director, has changed significantly over the past four years. A colleague adds that, given the increasing diversification of service offerings at the firm, there are notable cultural disparities between business lines, though the firm as a whole is making an effort to bridge these gaps.
Setting an example
At A&M, staffers say, there is a definite attitude of enjoy yourself as long as you get your job done. Its an attitudeand a work ethic, generally that is instituted from the top down: The partners seem genuinely concerned with maintaining a work/life balance themselves, and that filters down to everyone else, a Houston-based insider reports. Generally, management does encourage time off and discourages working on the weekends, unless absolutely necessary. Furthermore, face time is a nonissue here, as they do not expect you to be in the office unless you have work to do, a source explains. Still, consulting is consulting, and standard industry rules applywhen the client needs things done, that can mean long hours at the office. Sometimes the hours can take over for a couple of weeks, a Denver-based respondent says, but it averages out to be about 60 hours a week. How much time staffers actually spend at their desks, however, is pretty much up to the individual: Work/life balance is relative, an engagement manager explains. People at A&M know that their end compensation is based on revenue generated, so people seeking to make more money might work a ton, while others may not volunteer for new projects and may be content to not be chargeable for weeks at a time.
Travel for effective turnaround

As a higher-up explains, Travel is a necessary component of the turnaround business. We are required to be at the clients offices to effectively develop and implement the turnaround strategy. That is a known requirement of the position, and anyone entering into this field must accept and enjoy that aspect of the job. That said, the amount of travel, first, depends on the particular engagement. A manager says, This year, my projects have been in town. Last year, I traveled four days a week for eight months. And second, insiders say that some practices travel more than others. A senior associate reports, Consultants in the restructuring business travel nearly 100 percent of time, while consultants in dispute analysis and forensics or tax may only travel 20 to 40 percent of the time.
Making accommodations
While travel might be heavy for some consultants, staffers note that the firm makes a concerted effort to assign professionals regionally to limit time away, so that Fridays and weekends are spent at home. Sources also say that when travel is necessary, we travel as a team, so we get to know our teams and colleagues well on our engagements. As an example of how accommodating some A&M managers can be when it comes to lightening the travel burden, an associate notes that, after traveling four nights a week to an out-of-town client, the partner on the project actually noticed a difference in my daily countenance and inquired about how the travel was affecting my family. He got the client to agree to let me come in for three nights a week instead of four, and it made a huge difference on my home life. The fact that the partner was sensitive to an entry-level consultant is so impressive.
Bonus, bonus, bonus

Putting in a few extra (billable) hours at the office really pays off for consultants, thanks to the firms bonus structure, which is unmatched by other firms in consulting, and allows staffers to individually control how much [they] make. The annual cash bonus is performance-based, and top performers can be compensated handsomely. For example, in the business consulting division, bonus can range from 15 to 45 percent of base compensation, depending on experience level, a Miami insider reports, adding that this is one of the biggest perks to working at A&M. An associate comments that, while a portion of the bonus is paid in cash, there is an additional portion paid directly into a retirement fund. But when it comes to the typical array of perks, respondents say their firm chooses to put its perks into higher salaries and bonuses for its people. An associate puts it this way: Do not work at A&M for perks. It is a firm started by, run by and filled with cost-cutters. Money that other companies spend on perks, A&M spends on compensation. That said, there are a few perks for the working weary, including an on-staff personal trainer and masseuse in the New York office, and at least one meal every two weeks brought in at the Houston office. Other benefits include options for equity ownership in the firm and a very typical benefits package that includes health care, dental, vision and life insurance.
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Take your time

Family is important here, a New York insider notes, so the firm is very flexible with the needs and assignments of our people in the initial year they have a childlonger, if necessary. A partner adds that the firms informal, take-it-when-you-need-it vacation policy also applies to new parents: Take what you need. A source recalls, After my first son was born, I was able to take paternity leave during our busy time, with no stress from my boss. Moms returning to work are allowed to have modified work schedules, an engagement manager reports, adding, I know of at least one new father who has had his travel schedule modified to be with his wife.
Lacking in training
If youre looking for formal training as another perk, you wont find it at A&M, insiders say, as the firm lacks a structured training program. The firm is a mostly hit-the-ground-running culture, a director explains, with formal training limited to a once-per-year training session known as A&M University for staffers at the senior associate level and below. There is also a new-hire orientation, in addition to some online training options. Part of the reason for the lack of training, an associate explains, is that the growth and additions of many different consulting business lines has far outpaced A&Ms ability to congregate and train upcoming professionals. Nonetheless, they are learning quickly. Another source notes that, understandably, client demands make setting aside time for training difficult. Recently, however, insiders say A&M management has realized that the lack of training is an area that could be improved upon, and they are working on making official training better. A partner comments, Our training investments are paying off. We have significantly expanded our offerings and participation.
Major mentors
Sources say the firms strong emphasis on mentoring more than makes up for what it lacks in the way of formal training. Most of the directors, senior directors and managing directors are exceptional in terms of keeping relationships with junior members and mentoring them, an associate notes, while an entry-level consultant adds that my supervisors will always provide me with the opportunity to learn or try something new, even if it may take more time than if I were not involved. The mentoring experience extends from A&Ms office to the clients office. On my first project, I worked directly with the CFO of a midsized firm, says a junior source, while an associate reports that A&M staffers get great exposure with clients top-level management. I came from a major advisory group and have observed a pronounced increase in my visibility and interaction with client-level leadership. This has strengthened my opportunities to grow and forced me to become more effective and succinct in my communication style. It has been a big bonus thus far.
Ready when you are

Promotion policies at A&M are not very formal. Promotions are granted as fast as people are ready, an insider notes, while a colleague adds that the policy seems very output-baseddo the job, bring home the bacon and get rewarded. As a rule, tenure or years of experience is not a consideration. Luckily, as a San Francisco insider explains, promotion is strictly based on performance, and you dont have to wait for the person in front of you to be promoted or for them to retire.
Mixed grades on diversity

A number of respondents say their firm does a good job when it comes to promoting diversity. Diversity is a given, explains a managing director, and an associate says the firm does not appear to have any bias, and appears to be willing to hire the best person to fill the position, regardless of race, gender or sexual preference. Others, however, feel that A&M could improve on its female and minority representation. The firm can be somewhat of a boys club, a director notes, while some colleagues say the number of female consultantsespecially in upper-management levelscould use a boost. Most women seem to be at the director level or below, a Chicago staffer observes. We need to do better in terms of promoting women into the leadership ranks. The women who have risen to the top, however, take a special interest in providing mentorship to younger women, a female consultant remarks, and an entry-level source adds, As a woman working in the company, I have always felt that Im treated equally in terms of promotion, mentoring, etc.
Similarly, insiders say there is a noticeable lack of minorities represented at the highest levels, but credit the firm with a pleasant sense of ethnicityblindness, as merit is the yardstick. And, although some say the firm needs to increase minority representation, a director comments, I have definitely seen the diversity improve over the last couple of years and have never felt that race has been an issue in this firm. A Houston-based staffer states, As a minority myself, I believe the firm is doing a fair job. There is no formal program in place but those hired and promoted are based strictly on merit, as it should be.
Service at your leisure

While A&M staffers may be independently active in community and charity events, there is not a visible emphasis by firm management on volunteerism, were told. The motivation is there, but organization is lacking, an engagement manager remarks.
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Generally, on an office-by-office basis, A&M participates in multiple charity events throughout the year. In Dallas, for example, March of Dimes is always a big event, while the Chicago office participates in Chicago Cares and the Chicago Corporate Challenge. A staffer in Atlanta reports, We had two trips to work with Habitat for Humanity last year. And from time to time, various offices provide pro bono consulting services.
Every little bit counts

When it comes to green initiatives, insiders feel their firm is on the right track. There are local teams in place to make the office greener, a Houstonbased consultant notes, and they are responsible for recycling programs, installing water dispensers versus [plastic] bottles, and installing dishwashers and buying office dishes versus disposable. By and large, environmentally conscious initiatives are undertaken locally. In Chicago, we got rid of bottled water, encourage recycling and discourage printing when not necessary, a staffer explains, while in Atlanta, our building has stopped heating and cooling our office space on the weekends, unless requested.
Back to basics
As a company with historical roots in corporate turnarounds and restructuring, staffers say A&M is in a good position to cash in on the current economic crisis. Given the current economic outlook and the core business of our firm (restructuring), these next couple of years are posed to be great years for the firm, an associate reports, while a director claims that the current crisis only leads to more demand for our services. Sources say employee morale is high, and the entire organization is growing in difficult economic times. In turn, the high volume of work in the turnaround and restructuring groups means that many ancillary client needs arise, providing opportunities for all A&M competencies. Still, its impossible to ignore the fact that times are tough, which has impacted the company to some extent. The current crisis has affected the portion of our business that assists healthy companies, an insider notes, while a consultant in New York says, Many of us [in the business consulting practice] are hopeful that being part of a large restructuring/turnaround firm will get us involved with those types of projects. And, while the turnaround and restructuring practices are hiring, other business unitsi.e., traditional business consultingare reducing headcount, an associate notes. There is also a fear that, with financial and economic strains, financial institutions and public entities wont be able to hire outside consultants, a colleague shares.
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PRESTIGE RANKING
22
NERA ECONOMIC CONSULTING

RANKING RECAP
Practice Area #1 Economic Consulting Quality of Life #6 Travel Requirements #19 Hours in the Office
1166 Avenue of the Americas 29th Floor New York, NY 10036 Phone: (212) 345-3000 Fax: (212) 345-4650 www.nera.com
LOCATIONS
New York, NY (HQ) 25 offices in 13 countries
UPPERS
Working with very smart people (at all levels) with a genuine interest in economics and finance We are given a tremendous amount of responsibility, and are allowed to be quite autonomous in our work Flexible schedules International reputation for quality and integrity
PRACTICE AREAS
Antitrust & Competition Policy Commercial Litigation & Damages Communications Employment & Labor Energy Environment Financial Risk Management Healthcare Intellectual Property Market Design Mass Torts & Product Liability Postal Services Regulation & Public Policy Securities & Finance Statistical Sampling & Analysis Survey Research, Design & Analysis Transfer Pricing Transport Valuation Water
DOWNERS
The work tends to be very mundane at entry- and midlevel Researchers are not recognized enough Little social interaction Homogenous workforce
THE STATS
Employer Type: Subsidiary of Marsh & McLennan Companies, Inc., a Public Company Ticker Symbol: MMC (NYSE) President: Dr. Andrew S. Carron 2009 Employees: 600+ 2008 Employees: 630 2008 Revenue*: $1.55 billion 2007 Revenue*: $1.51 billion
* All Marsh & McLennan Oliver Wyman Group divisions
EMPLOYMENT CONTACT
www.nera.com/NERA_Challenge.asp

Excellent work, top-drawer people Academic, nerdy The best for regulatory consulting Quants for hire
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition NERA Economic Consulting
THE SCOOP
Its the economy, stupid
NERA Economic Consulting makes its buck off understanding what many people cant: the economy. The New York-based firm provides economic advice, analysis, expert testimony and regulatory insight for clients throughout North America, Europe and the Asia Pacific region. Employing more than 600 professionals, including 450 economists, the firm works with governments, law firms, regulatory agencies, trade associations and international agencies facing business and legal issues arising from competition, regulation, public policy, strategy, finance and litigation. It specializes in using hard economic data to make its case, drawing on its professionals expertise in statistics, econometrics, game theory, mathematics and computer science.
A big umbrella
NERA was founded in 1961 as National Economic Research Associates by Dr. Jules Joskow, a professor of economics, and Dr. Irwin Stelzer, an economist. In 1983, global professional services firm Marsh & McLennan bought out the company, with Joskow staying on under Marsh & McLennans direction, and Stelzer acting as president for several years before he opted to strike out on his own. Today, NERA exists as a business unit of Marsh & McLennans subsidiary the Oliver Wyman Group, operating alongside other Marsh & McLennan professional services units, such as risk and reinsurance specialist Guy Carpenter, insurance broker and risk adviser Marsh, human resources and financial advice services provider Mercer, and risk consulting firm Kroll.
NERA know-how
Among NERAs many service offerings, it is often called on for its antitrust capabilities. Respected and experienced in the world of antitrust and competition authorities, clients call on NERA professionals to provide economic analysis and testimony on business issues related to mergers and acquisitions, antitrust litigation and competition policy. Consultants are able to look at economic matters arising in antitrust cases and help clients deal with issues such as market definition and power, market structure and entry conditions, pricing, profitability and damages. Since the 2002 adoption of Sarbanes-Oxley, which has caused regulatory headaches for companies across the board, NERA has also been asked to provide its expert advice on commercial litigation and damages. Consultants working in this area provide analyses of their clients competition, regulatory environment and management decisions; cost, pricing and product strategies; risk management, business valuation and dispute avoidanceand, if that doesnt work, dispute resolutionamong other services.
Publish and be recognized

Not surprisingly, for a company boasting a plethora of academics, NERAs consultants like to publish their findings in formats that range from journal and magazine articles to white papers and books. Interviews with NERA consultants also pop up regularly in publications the world over.
THE LATEST ON NERA ECONOMIC CONSULTING

Special order
April 2009 The firm announced that Dr. Michael Baye, former chief economist at the U.S. Federal Trade Commission, had joined its global antitrust and competition policy practice as a special consultant. Baye, also a Bert Elwert Professor of Business at Indiana Universitys Kelley School of Business, is an expert on antitrust and consumer protection, and is a globally renowned expert in the field.
Climate insight
March 2009 NERA released the inaugural edition of Climate Policy Economics Insights, a new publication that provides insights from its experts on government climate change policies and their implications for industry. The publication, which will be produced six times a year, is a truly global affair: It is edited by Boston-based Dr. David Harrison, NERAs senior vice president and head of the firms environment group, and associate editors Greg Houston and Daniel Radov are based in Australia and London, respectively.
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Flat is better than down

February 2009 At the end of one of the most traumatic fiscal years on record, parent company Marsh & McLennan filed its annual report, posting revenue of $11.58 billionup 8 percent for the year. Oliver Wyman Groups resultswhich include NERAswerent quite as good, though; while the $1.55 billion it earned amounted to 13 percent of MMCs overall revenue, it represented an increase of just 2 percent year on year, and less than 1 percent once currency fluctuations were factored in. Those flat results came after a 26 percent increase from 2006 to 2007, perhaps indicating the difficulties in the economy at large in the latter half of 2008.
Subprime for some, prime for NERA

December 2008 The firms economic experts had something of a captive audience in 2008, following the subprime mortgage crisis that spawned a global economic recession. One study, in particular, was picked up by some of the most elite business media in the United States, including Forbes and Portfolio magazines, which quoted NERAs semiannual study of securities class action litigation. The December 2008 report, authored by NERA consultants Dr. Stephanie Plancich and Svetlana Starykh, found that the turmoil in the financial sector fueled a major surge in securities class action litigation in 2008. Through mid-December 2008, for example, there were 267 federal filings, a 37 percent increase over 2007 and the largest annual total since 2002. The result could be either good or bad for those filing the suits, say Plancich and Starkh: Either large investor losses will mean larger settlements, or median settlement sizes could go down as defendants (i.e., bankrupt companies) run out of cash.
Beijing Boost
October 2008 NERA opened a new office in Beijing, its second office in China, following its initial foray into the country with a Shanghai office in 2006. The move is part of the firms efforts to expand its Chinese operations and capitalize on the countrys massive market opportunities. The areas where NERA is recognized for its expertiseincluding transfer pricing, antitrust, intellectual property, finance, telecommunications, energy and the environmentare critically important to Chinese businesses and government organizations in todays economic environment, said NERA Vice President Yasunobu Suzuki, the new head of the firms office in Beijing. In total, the firm now has seven offices in the Asia Pacific region.
GETTING HIRED
Super sign-ups
Insiders at NERA tell us that although management is currently trying to standardize hiring, the number of interviews [a qualified candidate goes through] varies greatly by practice area and level. A few things remain consistent, though: There are almost certainly two rounds involvedone held on campus, if appropriate, followed by an all-day super-day on site. And a recent hire notes that all applicants must submit two letters of recommendation, a writing sample, transcript and resume, adding, It seems like there is an unstated 3.5 minimum GPA requirement. The second round, however, may last between three to seven hours, depending on the group with which you interview, and could involve as many as eight one-on-one meetings with potential colleagues and superiors, each typically around 30 minutes long. Were told that questions are both behavioral and technical, and there is a focus on quantitative background, research experience and knowledge of economic concepts. One staffer notes that the second round will include presentation of your thesis for PhD candidates. While some say that everyone was pretty friendly during the process, and that interviews are much more about conversation than difficult grilling, others warn that the hiring process is quite rigorous.
Take a second look at your textbooks

A researcher advises, Be prepared to discuss economic concepts you learn in class, and a junior source says a typical question might be, Do you know what the r-squared statistic means in regression analysis? While staffers agree that there are no tests, there are no guarantees when it comes to case studies. One senior analyst insists, We dont ask case questions. Were more interested in whether people can do quantitative economics. But a recent hire recalls having had five on-site interviewstwo analytical, one case study and two behavioral. Others report having been asked questions like, How many total members of the House of Representatives have there been in the U.S.? and to analyze an options backdating case. NERA recruits at top undergraduate institutions and economics grad schools. For those still in school, student internships provide participants with a good feel for the culture and the work. They can also get you in the door. A recent hire reports, I interned during the school year, and got real work that doesnt differ all that much from what I do now in my entry-level position. My job performance as an intern earned me a job offer without having to go through the standard hiring procedure (no interview). Another newbie agrees that interns are expected to do essentially the same tasks as entry-level employees, and are exposed to project work just like any other employee.
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OUR SURVEY SAYS

Also known as NERDA
Many insiders at NERA are pleased with their work environment, describing it as pleasant, professional, friendly, supportive, open-minded, laid-back and accommodating. But more than anything, were told the firms culture is academic and very intellectual, with very smart people who are intellectuality curious [and] ambitious. So its perhaps no surprise that NERA is sometimes affectionately referred to as NERDA, a senior analyst shares. Some consultants add that there are friendly and approachable employees at all levels, across divisions and practices. NERA has a very collegial and friendly culture, reports an analyst. Seniors have an open-door policy, and consulting staff and analysts are generally happy to help answer questions or explain a particular type of analysis. An associate explains, Most of the researchers are recent college graduates, so we are all in the same age range. The environment is very friendly, everyone is helpful and knowledgeable, and its a great place with great people.
Library-like
But not everyone is so positive. One junior source warns that NERA is not the most fun place to work. It is a very quiet place to workmost people spend their days sitting quietly in their cubes, which can make things fairly boring. Another associate remarks, There is also a disturbing lack of communication about many things from the top on down. Within NERA, there is a noticeable disconnect and breakdown in communication between the research staff and the senior consultants, echoes a colleague, adding, What is not verbally said at NERA is the fact that it is frowned upon to be outgoing and anything more than a person consumed by Excel within his or her cubicle. Another staffer remarks, NERA reminds me of the quiet floor of the library. Researchers sit quietly behind their computer screens and senior consultants sit quietly in their offices. Youre almost afraid to talk normally because no one is and/or the only other sounds you hear are those of keyboards.
No client chats for newbies

Despite these concerns, most new associates tend to agree that there is lots of opportunity to work directly with upper-level managers and seniors, and that supervisors are generally hands-on, so there is a lot of interaction with them. Most groups are small enough that anyone can talk to their project director without difficulty, explains an associate analyst. But some entry-level staffers claim that there is little client exposure for junior level, noting that the most interaction one might get is sitting in on a conference call.
Training without trainers

Colleagues agree that a large amount of training occurs on the job through interactions with more experienced staff, and is largely informal. Some respondents feel that on-the-job training is the most effective form of training on offer at the firm. An entry-level staffer remarks, Unofficial training from your peers on the job is much more helpful than the official training in New York. That said, an associate in D.C. reports, We have a variety of formal training opportunities, including multiday sessions, new-employee orientation, senior presentation series and workshops delivered by peers. An analyst explains further: There is a formal training program for new hires that spans several weeks (in total, training is spread out in several modules). However, a project leader in Philadelphia says smaller offices seem to be neglected in terms of training. She adds, It would be nice if they invited us to attend the training sessions in New York City or D.C.
The educational glass ceiling

Were told by one frustrated associate that almost everyone moves along the same path, regardless of ability and rating. But an analyst disagrees, insisting that promotions at our firm (at least in the NYC office) tend to be very merit-based, and occasionally outstanding staff will be promoted ahead of schedule. Initially, he explains, analysts are generally promoted about once a year. After three years with the firm, this slows and senior-level analysts and consulting staff may not be promoted (in title) for several years. A colleague adds that senior-level consulting positions generally require a PhD. As a result, say some, there is a glass ceiling for non-PhDs.
In fact, says a principal, NERAs prospects for employee advancement are stringent, as the partners (VP and senior VP) prefer to hire outsiders for senior consultants. As a result, once you get to the senior consultant level, there is a huge pressure to bring business or leave. Still, a VP claims, there is no up-or-out policy. If one wishes to remain at a certain level, as long as there was work to do, the firm will accommodate it.
Clients come first

Consultants of all levels say their hours typically range between 40 and 50 per week, but some warn that theres a high variance and that hours are unpredictable, unstable and long. An associate explains, Project deadlines can change at any moment, causing employees to have to work late or on weekends sometimes. And a colleague adds, You work according to your clients schedule and deadlines. In this line of work, that usually
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means court dates. So, for example, an associate shares, I average about 50 billable hours a week, but there will be a string of weeks where it will go to 70-plus. It helps that travel is minimal to none. There are no requirements, reports a senior VP. I travel when I need to for presentations and client meetings. Others add that there is no travel involved at the entry-level positions. As such, a project leader comments, I usually look forward to the few times I have to travel, and an associate agrees that his occasional trips out of the office make for a nice change of pace.
Set your own hours

Also making things more manageable are flexible schedules. A senior consultant states, Although I work 50-plus hours a week, there is flexibility in the time of day in which I put in those hours. For example, I dont always have to be in the office from 9 to 5. A vice president says, I choose to work four days a week, and have managed to maintain that for the last five years, through a combination of self-discipline and the support of my firm. As a result of this flexibility, I feel I am generally able maintain a relatively good work/life balance, an associate says. But before you get too excited, a project leader points out that practices vary across offices and across different groups, so in her case, for example, we are not allowed to work from home. A research associate adds, Having work/life balance tends to depend on which group you are placed in. Some groups are typically able to leave the office by 6 p.m., while other groups work till 9 or 10 p.m. for most of the week.
Free meals on late nights

And although a few consultants complain that late nights are not appreciated, one associate notes that if you work a lot, you get comp days (they work like extra vacation days) to compensate for working weekends or a lot of overtime. Plus, NERA pays for meals and transportation home when working more than nine or 10 hours a day. But when it comes to compensation, in general, staffers say their salaries are about average for the industry, and while a few list the money among firm pluses, many are less satisfied. A senior consultant gripes, The compensation at the midlevel is not comparable to what is on offer at other firms of equivalent standing. And as an indication of the weak economy, an associate adds that bonuses are low, and theyve raised our billing rate without raising our salary.
Aim for a B
But there are some perks to smile about, including three weeks vacation, outstanding medical insurance and reimbursement for education. An analyst explains that through a tuition program, an interest-free loan is offered for any relevant higher education course (up to two per semester), adding that the loan is forgiven if a grade of B or better is achieved. And there is reportedly no limit to this benefit. Other pluses include a culture card that allows free access to most NYC museums and gym discounts. Were also told that the company pays for our sports leagues, and an office social committee plans monthly happy hours for junior staff. Theres also a fair amount of free food, including, in some offices, Bagel Wednesdays, with free bagels, pastries and juice, Fruit Tuesdays with free fresh fruit, and free breakfasts on Fridays. A recent hire says the firm also has a tendency to order too much food for meetings, which allows the rest of the firm to devour the leftovers.
Diversity is office-specific
Opinions vary on NERAs efforts to foster a diverse workplace. An executive states, In senior leadership of firm, including the management committee, board, practice leaders and partners, women have a significant presence. Others agree that there are equal numbers of men and women in top management. That said, an associate explains that gender diversity may be office-specific: In the office that Im in, there arent too many women at senior positions; however, at our biggest office, theres a sizable number of women even at the senior level. Meanwhile, one associate notes that while she thinks the mix is fair, I dont think the firm puts any emphasis on hiring females. Another agrees: While we have a good number of women in the firm, Im not sure this is a result of any particular effort by the management. Still, a colleague comments, equality is certainly high on the firms list of values, yet it has recently had difficulty recruiting as many women as it does men. I am not sure why, but the firm is aware of it and has been making efforts to resolve this issue.
Similarly, adds a staffer in Boston, we seem receptive and unbiased [with regard to minority hires], but the numbers are what they are. I dont think theres discrimination, but as a matter of fact, not many minority individuals work here. A colleague in New York reports that the NYC office is diverse, but that is not the case in the other U.S. and European offices. Meanwhile, an associate says NERA (and Oliver Wyman Group, in general) seems to be making a concerted effort to be welcoming to GLBTs. A gay staffer in Washington, D.C., shares, In 2008 we formed GLOW, Gays and Lesbians at Oliver Wyman. The group has a webgroup with amazing conversations, GLBT recruiting and fund-raisers. While its noted that GLOW is a cross-Oliver Wyman Group initiative, another consultant notes that at NERA, there are no efforts made to reach out the GLBT employees and candidates. And another says with some frustration, They are open to employee thoughts on this issue and have responded to requests for support in promoting a good work environment for GLBT employees, but have not been particularly proactive.
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Little emphasis on environment

Insiders make it fairly clear that NERA isnt on the forefront of environmental change. At the firm level, there is no real interest in green practices, remarks an associate. I am the offices green advocate, reports another, and Ive experienced a lot of resistance from management. We still have free water bottles, which is so wasteful. A colleague adds, The very nature of our business causes us to waste reams and reams of paper when creating documents and exhibits. Also, we do not have recycling bins for our water bottles or soda cans. An engagement manager complains that his office is addicted to disposable cups, printing out every document and having the A/C on high enough in the summer that you dont need to refrigerate your ice cream.
Largely proactive about pro bono

But the firm is more proactive when it comes to giving back to the community. Many staffers agree with a vice president who points out that a significant amount of pro bono work takes place, in a variety of subject areas, led by a variety of senior economists. Others add that the firm sponsors local tutoring, clothing drives, involvement with youth organizations (e.g., Boy Scouts), occasional charity road races and a Power Lunch program, where employees can read to an elementary school student for one hour each week. Still, others say its not enough, and that while participation is encouraged, its not heavily sponsored.
You win some, you lose some

Whether NERA is able to boost its philanthropic efforts will likely depend on how it fares through the economic climate. One senior consultant boasts, Quite simply, we are head and shoulders over any other economic consulting firm in our market, and some colleagues are confident that this position will help them through these difficult times. A VP insists that the business outlook is very strong, with lots of work and interesting engagements, and a midlevel source comments, We seem to be holding up quite well compared to other industries. Others warn that the crisis has hurt, there is a dearth of work at the moment and business is down in my group. Many of NERAs clients were/are big banks, notes a recent hire, so given current economic conditions, the business outlook looks steady at the very best. A reasonable explanation for the disparate opinions, an associate explains, is that we operate in an industry where bad economic times have, at worst, a mixed effect on our business. A bad economy translates into more lawsuits and thus more cases for the firm; the opposite effect is that a bad economy also means the companies we work for have less money to spend on experts. A colleague agrees: While mergers may decrease because of the lack of credit, litigation activity will probably increase, especially in finance and securities.
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PRESTIGE RANKING
23
CAPGEMINI
UPPERS
The opportunity to work across industries and services, and globally Ability to drive ones own course Intellectually interesting projects with good quantitative/qualitative blend Plenty of client interaction and responsibility from early on
623 Fifth Avenue, 33rd Floor New York, NY 10022 Phone: (212) 314-8000 Fax: (212) 314-8001 www.us.capgemini.com
LOCATIONS
New York, NY (US HQ) Paris (HQ) Offices in 33 countries
DOWNERS
Poor brand recognition in the market Bureaucracy makes some internal processes cumbersome Undercompensated, relative to comparable firms Management consulting is buried within giant IT firm
PRACTICE AREAS
Capgemini Consulting: Finance & Employee Transformation Marketing, Sales & Service Supply Chain Management Transformation Consulting Local Professional Services Outsourcing Services: Applications Outsourcing Business Process Outsourcing Infrastructure Management Transformation Outsourcing Technology Services: Application Development & Integration Business Intelligence IT Transformation: Strategy & Architecture Mobile Technology Oracle SAP
EMPLOYMENT CONTACT
www.capgemini.com/careers
THE STATS
Employer Type: Public Company Ticker Symbol: CAP.PA (Euronext Paris) CEO: Paul Hermelin 2009 Employees: 92,000+ 2008 Employees: 86,500 2008 Revenue: 8.71 billion 2007 Revenue: 8.7 billion

Good company to work for Overgrown machine Smart tech folks Outsourcer in sheeps clothing
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Capgemini
THE SCOOP
A winning combination
Capgemini is a global consultancy engaged in information technology, management consulting, outsourcing and professional services. Headquartered in Paris, it employs over 92,000 people through offices in over 30 countries. The companys clients are active in the automotive, consumer products, distribution, energy, chemicals, financial services, health care, life sciences, manufacturing, retail, media and telecom industries, as well as the public sector. The company underwent something of a shift in identity in April 2009, creating a new strategic business unit known as Capgemini Consultinga move that brought all of its worldwide strategy and transformation consulting operations under one banner, and installed the company as the largest European consulting outfit at a stroke. The Capgemini Consulting unit employs over 4,000 consultants worldwide and contributes some 8 percent of total revenue. Headquartered in London, Capgemini Consulting is headed by Pierre Yves-Cros, and has three practice areas, each dedicated to business transformation: strategy and transformation, operations transformation (which includes marketing, sales and service, finance and employee transformation, and supply chain management), and technology transformation (where services include technovision, accelerated IT restructuring and consulting for CIOs). According to the company, this new structure allows it to better utilize its global standing to benefit clients through sharing of best practices and experience across the company.
Names, more names and acquisitions

Serge Kampf founded Capgemini in 1967 as Sogeti, a boutique provider of IT services targeting only local French markets. It was too successful to maintain a low profile for long, however, and by 1975, with the acquisitions of the larger companies CAP and Gemini Computer Systems, the company had a presence in 21 countries. Kampf toyed a bit with the corporate name, working for a while as Cap Gemini Sogeti, then opting for Cap Gemini. The company merged with the consulting unit of Ernst & Young in an $11 billion megadeal in 2000 and, apparently abandoning the earlier lessons of superfluous nomenclature, became Cap Gemini Ernst & Young. This was short-lived, though, as a 2004 rebranding not only shortened, but compressed the name to Capgemini. While the company may have settled on its new slim-line branding, its taste for monster-sized acquisitions hasnt abated; in 2007, it paid $1.2 billion for Kanbay International, a global IT services outfit with a significant foothold in India. That market has been the focus of increased attention by Capgemini in recent years, as the company has sought to establish its footprintand a significant outsourcing presencein the country. The focus is an understandable one, as outsourcing generates around 37 percent of the companys revenue. The technology unit is Capgeminis largest component, meanwhile, contributing almost 40 percent of total revenue.
The right stuff

Through its business divisions around the world, Capgemini can legitimately claim to have a consulting empire on which the sun never sets. Thats something it puts to good use through its Rightshore global delivery model, utilizing its network of international centers to provide specialist services around the clock for accelerated delivery, applications management service, business process outsourcing and infrastructure management. The model provides cost benefits for clients, as well, translating the lower cost of doing business in markets such as India, China and Eastern Europe into savings. The company is investing heavily in the method, with plans to increase its employee count in India to 40,000 by the end of 2010. This will put more Capgemini employees in India than in any other country, representing 40 percent of the companys total workforce.
THE LATEST ON CAPGEMINI

Consolidate to accumulate
April 2009
Capgemini restructured its regional and national business consulting units around the world into a single, unified structure known as Capgemini Consulting. Aimed at putting a unified global face on the companys business consulting operations, the new unit is headed by Pierre-Yves Cros. An additional benefit of the new organization is that it will allow the company to draw on talent from all over the world for any engagement; consultants had previously been hampered by the regional and national structures at the firm. Explaining the move, Cros said, Its a more fluid, global world where you have to transfer your top expertise.
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Energy expertise
January 2009 A Capgemini study highlighted the problems facing long-term implementation of renewable energy into national energy grids. According to the report, many utilities companies are being put off by the complex integration of large-scale wind farms and their variable power loads, hampering the development of green energy projects. Also in the energy field, a November 2008 Capgemini report provided a startling assessment of the state of the U.K.s energy production. The report claimed that, without significant increases in investment in power generation over the next decade, the country will not be able to meet demand for power. Whats holding it back? The paper blamed dwindling North Sea gas reserves, a move toward less effective renewable technology and the closure of around one quarter of the countrys energy plant capacity.
Heading for the clouds

November 2008 Recognizing a trend that seems likely to become a standard of business life in future years, Capgemini added a new option to its suite of IT consulting options in November 2008: cloud computing. Not that its going to be doing anything like hosting software, running data processing or storing clients data itselfthe companys U.K. wing signed an outsourcing deal for all of that with Amazon Web Services, a subsidiary of retailer Amazon.com. Capgeminis role in the cloud sphere will be limited initially to a new cloud computing center of excellence, which will be staffed with a team of Amazon Web Services-trained professionals. Located in North America, Europe and India, they will help Capgeminis clients evaluate and implement the appropriate web service offerings. Those will initially come in three major areas of technology: Microsoft Sharepoint in the cloud, Oracle ERP in the cloud, and cloud-based development and testing of applications.
Shuffling the exec deck

May 2008 The company unveiled Olivier Picard as its new development director. Picard joined the company from Alcatel Lucent, where he had served as a member of the executive committee, leading the Europe and South region as president. His appointment is the latest in a string of senior-level appointments at Capgemini in recent years. In February 2007, for example, Capgemini named Lanny Cohen as CEO of the North American technology services operations. Cohens predecessor, Salil Parekh, became executive chairman of Capgemini India, taking on responsibility both for overseeing growth in the region and for smoothing the transition following the Kanbay International acquisition.
Applying some (Uni)leverage

April 2008 Capgemini extended its contract with Unilever to acquire and manage the companys financial centers in Chile and Brazil. The deal increases the consultancys outsourcing foothold in South America, following the opening of its first center in Buenos Aires in November 2007, and will see 400 professionals from Unilever come into the Capgemini fold.
GETTING HIRED
Must play well with others
Capgemini recruits at many of the top schools across the country, including Columbia, Harvard, NYU, Vanderbilt, University of Chicago, Wharton and Tulane. The company is willing to give anyone a chance, but expects to be wowed: A case team leader insists, We do not limit the number of individuals interviewed, but take only those who are extremely promising candidates. An executive adds that hiring is quite competitive, but one important factor is fit. For campus hires, although specifics vary by practice area, Capgeminis rigorous hiring process typically involves several rounds of interviews that incorporate case studies, behavioral questions, and a possible leadership panel and/or group assessment day. A principal explains, In the strategy and transformation area, we do several interviews on campus, then two rounds afterwards. The final round includes an opportunity to watch the candidate interact with other candidates to solve a business-related case. Another source reports that his group conducts an initial screening, followed by four rounds of interviews at two to three interviews per round, case studies and a behavioral fit assessment, adding that there are group roundtables at the final decision point to assess whether the candidate is a fit, whether he can/will succeed, and his likelihood for development and promotion. Meanwhile, another staffer recalls that when he was hired a few years ago, he had one round of two 45-minute case interviews followed by a final round of two 45-minute cases, one 30-minute behavioral and one 30-minute executive fit interview.
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Experienced hires are less likely to be grilled quite as much, and may only face three interviews that are most likely over the phone. Those whove been in the biz for a while say Capgemini is looking for a combination of factors: consulting experience, executive presence and content expertise.
OUR SURVEY SAYS

A true melting pot
Respondents have varied opinions about the effect of Capgeminis history of mergers and acquisitions on company culture. On the positive side, an executive claims (with some exaggeration, perhaps), that because the company is made up of over 100 legacy firms that have been integrated into one single company, the diversity in culture and backgrounds has really helped the firm be able to work with anyone. Others agree that the company fosters a collaborative environment and prioritizes cooperation and teamwork. I like the collaborative and collegial nature of the environment. When I have a question, I feel free to reach out to my colleagues for assistance, shares a case team leader. A senior consultant agrees: People are easy to talk to and work with, no matter what their level in the company. It is easy for people to learn and grow. The Capgemini Consulting culture is inclusive and highly entrepreneurial. Senior leadership is highly accessible, and we operate in many ways as a startup within a larger organization, describes an associate. But a principal says that while its true that Capgemini is the story of acquisitions and integrations with many cultures represented, the overall effect is that the company does not have a strong corporate culture. A co-worker states, Our company is split into so many different groups, and the groups are set up in such a way that they do not work together or interact positively. The silos between groups truly damages the quality of the work we produce, and the work lives of the employees. Others agree: I do not see a clearly defined culture. Theres no community, and its numbersdriven, and everyone is very heads-down in delivery mode. Very little time is spent on developing soft skills, casual networking, etc. Moreover, an engagement manager says Capgemini is lacking a unified front toward the industry and to employees, with a general lack of community.
An international crowd
Whatever the effect, insiders are largely in agreement that Capgemini is a truly global company with a very diverse group of employees. One case team leader quips, Its like the UN. Weve got someone from everywhere, while others note that Capgemini is an extremely diverse companyboth in terms of ethnic and cultural backgrounds, as well as nationalities. Still, others see it differently. An African-American source states, I would like to see more diversity with regard to the variety of minority groups. We seem to currently have numerous employees from one or two minority groups. And a longtimer claims that, with the exception of East Indian resources, minorities are few and far between. That may be so, but according to a principal, We have made more minority VP and principal advancements in the last two years than nonminorities globally. With respect to gender diversity, a female engagement manager says, Capgemini has a nationwide and local womens initiative, as well as a womens leadership development program that includes a mentorship program. We are very good about hiring and promoting. We are improving on mentoring, putting more formal programs in place over the last two years, an insider reports, adding, We have a long way to go to improve retention in giving flexible work arrangements to mothers and giving more leave time around pregnancy. Others agree that theres not enough consideration for working mothers, which might also impact the numbers of women at the top of the food chain. Staffers say there are many women in the lower management but not at the VP level, and we are behind in terms of percentage of women in leadership. We pay lip service to this, but have not made tangible progress over the past several years. Still, an engagement manager reports, In the recruiting class of 2009, we have 70 percent women, and a recent hire states with confidence, Capgemini is continually advancing opportunities for women through both global and local efforts. A higher-up tells us that Capgemini provides the same benefits to any life partner of any employee, regardless of legal status, while others say they have never seen sexual orientation as an issue in the workplace. Several of my esteemed colleagues are GLBTs, and it has basically never been much of a big dealnor should it. A consultant states, Many local communities are involved in GLBT activities, and there is a Capgemini community that includes all GLBT members and allies.
Pack your bags

Community building of any sort isnt easy at Capgemini, since staffers are on the road much of the time. Consultants travel, its part of the job. If you arent traveling, you arent working, states a recent hire. A senior consultant shares, Our company informs all individuals who interview with us that we require employees to be available for 100 percent travel. Were told the company sticks closely to the 3-4-5 policy (three overnights, four days at the client site, five days of work) with Monday to Thursday on the road, and that staffers are almost never are asked to go to a client on Sunday night instead of Monday morning. An insider notes that Friday is supposed to be a work-from-home day, to catch up on calls and admin work, but adds, Rarely does this occur. Consultants report that there are extenuating circumstances that might keep someone closer to home. A vice president explains, We do try to staff people locally whenever possible, and a colleague says that work location preferences are taken into account, and consultants are given the choice of whether to accept out-of-town travel. An executive advises, If you are based near a major office, it is very manageablein fact, some people want to travel more. If you choose to live somewhere other than near a major office, you accept that travel will be more extensive. But staying local doesnt
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always mean shorter hours; a Chicago-based staffer warns, Im most often required to commute to local clients in the Chicago suburbs, negotiating a Chicago commute that can easily approach 70 to 80 minutes each way.
Take advantage of vacation days

Despite the 95 percent travel to client sites, a source insists, youre typically able to achieve a decent work/life balance, adding, Typical work hours stated in our client contracts are 45 hours per week. Many respondents agree that work/life balance is a priority at the company. An experienced source reports, Being in consulting for over 10 years now, Capgemini is above the rest in work/life balance. While expectations are set high, it is promoted by senior management to maintain a healthy work/life balance, remarks a newbie. Were told that managers dont expect you to work on the weekends, and respect your time off, and working from home is also an option. On the rare instances when weekend work is required (consulting is a client-centric industry, after all), it is casual, and based on my ability to do work after the kids are in bed, and it usually does not exceed six hours of required work. In addition, Capgemini has very liberal vacation policy and strongly encourages employees to take vacation (staffers get four weeks off per year). A longtimer explains, Our work is highly task-oriented, where, as long as completion of the task is done by the deadline, there is ample flexibility with schedules to accommodate personal needs. Others claim that balance isnt necessarily stressed at the corporate level, but rather is in the hands of the employee. I dont believe there is any focus on work/life balance at the firm level. Some individuals show it in how they manage projects, but there is no focus on this issue at a practice level, says a higher-up. Expectations are set extremely high that 60-hour weeks are the norm, insists a staffer whos been at the company for more than a decade, adding that balance is only achievable if I force the issue. Another longtimer agrees that work/life balance is something you have to create for yourself. The firm doesnt necessarily drive or support this, but the individual can make it work.
Disappointing pay packages

Meanwhile, a number of staffers complain that their expectations arent being met with respect to compensation packages, insisting that pay is low for the industry. Some add that any perks are basic and not worth noting, although others are more upbeat, happily listing pluses like a 50 percent match on the first 6 percent of salary in vested in 401(k), as well as discounts to major events, museums and parks, quarterly happy hours at the sector level for networking purposes, gym membership through payroll, a corporate mobile phone and even pet insurance! Travel itself comes with some notable bonuses, like alternate travel, which enables staffers to use their flight ticket to travel someplace else instead of the home location on weekends. In fact, one recent hire shares, the alternative travel can be a very valuable perk for young consultants like myself. While working in Europe in summer 2008, each weekend we were given a $1,200 budget to survive on for three days, instead of going home. Others enjoy the ability to stay in a corporate apartment instead of a hotel for projects lasting longer than six months, and a vice president notes that, at least at his level, for assignments over four weeks in other countries, its possible to bring a spouse along, as well as children in some cases, along with arrangements locally for daytime sitters. There are also opportunities to work abroad full time on assignment. A case team leader shares, I am just finishing up a six-month exchange program working in Europe. I was given the chance to work in our Vienna office for six months and was well taken care of on an ex-pat package (housing, daily stipend, travel, language classes).
Learn on the go
Equally exotic is the firms European training center. A senior manager states, I think that the chance to attend training at Capgeminis chateau in France is quite unique and is an amazing experience. Were told the company runs Capgemini University at that location, with over 100 formal courses. That said, its unclear who gets to go there or when. Generally speaking, were told that a lot of the official training the firm offers is through webcasts and books online. There are also brown-bag sessions every month on the latest offers/methods. But evidently theres nothing structured for new joiners in the U.S., and most respondents say that unofficial training predominates. Not that thats necessarily a bad thing says one source, In management consulting, generally the best development is on the job. Most of our leaders are very effective in developing junior consultants through delivery.
No rush to move up
When it comes to climbing the ladder, there is currently no up-or-out policy. A director warns that with the reinvention of consulting services and the recent economic times, there have been some reductions in staff, and I suspect up-or-out policies will be more part of the norm. But for now, a longtimer claims that if you dont want the responsibility of the next level up the ladder, you can stay at your current level. I did this for five years not wanting to move up to VP. The offer was made each year, and I turned it down with no issue. That said, high-quality performance is still expected; an executive explains, Nonperformers are told quickly of performance issues, provided with improvement plans, and told to either correct and stay, or leave. He adds, promotion occurs only when the individual is ready and demonstrates performance capabilities for the next level. Some move up quickly, others take more time. There is no rule followed. But opinions differ on what it takes to get promoted. Many agree that the firm is a meritocracy and that advancement is based on performance/demonstrating you are ready for next level. But some report that promotion is mostly numbers-driven, like a case team leader who
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remarks, Unless you exceed all targets for your level, you have no chance of a promotion regardless of performance in other areas. And others are more cynical, saying that Promotions are political and at least partly based on personal connection to the boss and fit with the culture. No matter how you get there, were told that promotions appear to move very slowly and advancement takes time. A principal explains, Consultants do not advance as quickly as competitors, but thats because our requirements are higher. We also tend to do better with our clients because we have deeper experience level to level. In all, it can take as long as two to four years from staff to senior [consultant], then four years to manager, four to eight years to senior manager, and an indefinite period of time to get to vice president. An engagement manager notes, MBAs typically start as senior consultants and get promoted two-and-a-half to four-and-a-half years after joining, depending on performance and their previous experience. A source adds that not having a MBA does not hold you back from advancing very far in our ranks.
Gold starts for supervisors

Nor does youth hold anyone back from bearing hefty responsibilities. A happy staffer shares, I am only 25, a senior consultant, and I get to run meetings with high-profile clients and manage certain elements of projects. The source adds, I have amazing bosses, at least at the VP level within my group. Even as an entry-level consultant, I had a lot of opportunity to work directly with them, and now, after being a bit more of a veteran, I feel comfortable going to them when I have a concern or need career advice. Others agree that the Capgemini management team is great, very accessible and willing to listen to input from people of all levels.
Still building the brand

Insiders are fairly confident that, although its a rough time for all companies right now, Capgemini will come out ahead in the end. One staffer admits that the company has had layoffs, but a colleague frames it a bit differently: We have made several major changes to headcount that hopefully will enable us to weather the current economic conditions. And although one recent hire complains that we dont have enough projects to staff people, so people often find themselves on the beach, another boasts, We exceeded gross profits targets significantly in 2008. Some warn that Capgemini has some marketing to do, since brand image is lacking in [the U.S.] a bit. An engagement manager remarks, Capgemini Consulting is trying to establish its brand in North America as a premier strategy and transformation practice. Establishing this brand (away from the traditional IT view most have) will be critical to attracting and retaining top talent and winning major engagements. Still, a colleague insists that the firms worldwide reach keeps it successful: Capgemini has been doing very well due to its diverse service offerings and large geographic footprint.
Not green enough

Speaking of footprints, most insiders are unimpressed by Capgeminis efforts to reduce its carbon footprint. Many say theyre not aware of any initiatives, and that the environment is simply not on the radar internally, which means, ultimately, that the company is not doing enough. That said, some staffers are happy enough that the firm encourages recycling and reduced paper use, and that it advertises green messages in each office. An engagement manager in San Francisco says the firms efforts include the removal of Styrofoam from kitchens, using recycled paper, installing motion-triggered light and a recycling program. Meanwhile, a vice president insists that Capgemini is doing more than others might think: We have dedicated people in each country trying to help us reduce our footprint. We have just evaluated automobiles and rated them green, steering people to the greener cars to lease, and providing different levels of lease support. In addition, we encourage train and other mass transit where we can. We are working with IEEE, DOE and others on green energy, energy efficiency and mass transit issues on company time pro bono.
A gem in the community

Most respondents praise Capgemini for its activities in the community. Were told that offices have a group dedicated to setting up community service opportunities, such as fund-raising for cancer research, AIDS and GLBTs, charity drives (food, clothing and/or toiletries), and many pro bono programs. We raise money for more than 100 charities, an insider reports, adding, We do tutorials in schools and small business centers. We are encouraged to get involved in local networks and help where we can. We are also encouraged to develop part-time side businesses in our areas of expertise. Plus, he adds, theres a run across Europe that our teams participate in each year (10 people for more than two weeksall covered by company sponsorship and paid time off). Community involvement time is encouraged, shares a recent hire, and a colleague notes that every month there is at least one event that we are encouraged to participate in.
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PRESTIGE RANKING
24
NAVIGANT CONSULTING, INC.

RANKING RECAP
Practice Area #7 Energy Consulting Quality of Life #18 Formal Training #18 Hours in the Office
30 South Wacker Drive Suite 3100 Chicago, IL 60606 Phone: (312) 583-5700 Fax: (312) 583-5701 www.navigantconsulting.com
LOCATIONS
Chicago, IL (HQ) Offices in 39 cities in North America, Europe and Asia
UPPERS
Stability of employment Great exposure Time-off policies Support of continuing education and training
PRACTICE AREAS
Construction Discovery Services Disputes & Investigations Energy Financial Services Government Contractor Services Healthcare Insurance & Claims Services Public Services Risk Management & Compliance
DOWNERS
Lots of administrative work for new hires Internal politics Promotion timetables Out-of-touch senior management
EMPLOYMENT CONTACT
www.navigantconsulting.com/careers
THE STATS
Employer Type: Public Company Ticker Symbol: NCI (NYSE) CEO: William M. Goodyear 2008 Employees: 2,600 2007 Employees: 2,539 2008 Revenue: $810 million 2007 Revenue: $767.1 million

Very competent, hardworking Incoherent mess of acquisitions Friendly A waning reputation
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Navigant Consulting, Inc.
THE SCOOP
Consultants ahoy!
Navigant specializes in steering companies through stormy waters. Focused on risk management and guidance during periods of change (regulatory or structural) or conflict, a significant portion of the firms business is related to issues concerning business disputes, litigation and regulatory compliance. Working with clients in the construction, energy, financial services, insurance and health care industries, as well as the public sector, the firm provides dispute, investigative, financial, operational and business advisory services, risk management and regulatory advisory services, and transaction advisory services. It has extensive experience assisting defendants, insurers and reinsurers in product liability cases. Formed in 1996 under the name The Metzler Group, Navigant has grown through a series of acquisitions. Those began with the acquisitions of the Peterson Consulting and Barrington Consulting Group in 1999a pair of deals that saw the newly formed tripartite consulting entity renamed Navigant Consulting. Since 2002, the firm has continued making acquisitions at a steady clip, even continuing to do so as the financial crisis took hold. Listed on the NYSE, Navigant employs a staff of roughly 2,600, and operates through offices in nearly 40 cities, primarily in the United States, but also in the United Kingdom, Canada, China and Singapore.
Rooting out corruption

Perhaps the most difficult and damaging conflicts and disputes any organization can face are those that arise internally. Navigant offers investigative services to address these issues, whether they arise from fraud, corruption or the less headline-grabbing, but nonetheless taxing, challenges of compliance. The firm has on hand a staff of experts, among them CPAs, certified internal auditors and certified fraud examiners, with experience in forensic accounting, fraud examinations, internal audit and litigation support that is essential to undertaking effective corporate investigations. The goal of any investigative engagement is to help resolve critical situations promptly, minimizing possible damage to operations, reputation and shareholder value. To that end, Navigant provides advice and analysis throughout the process, and evaluates compliance programs designed to prevent and detect future problems. When appropriate, the firm will also parlay with stakeholders and oversight bodies. These services are offered internationally, tackled by teams that fit the project, no matter the cultural, linguistic or logistical needs. Taking its investigative expertise to the page, Navigant produces Investigations Quarterly Magazine, a custom publication that looks into the current state of corporate regulation, the potential transgressions and the best way to manage that kind of internal risk.
Pointing North
The Navigant Knowledge Center provides insights and regularly publishes commentary to help readers and clients find their way out of business quandaries, such as how to manage through the credit crisis or navigate the green real estate industry. Lawyers in need of a refresher can also turn to the Navigant Knowledge Centers continuing legal education courses, offered either in-house, via webinars or as part of legal roundtables anywhere in the United States. The center offers a number of courses, covering antitrust, bankruptcy, commercial litigation, corporate finance and corporate governance, employment, energy and environmental, health care, intellectual property, securities litigation and trials, among other topics.
THE LATEST ON NAVIGANT CONSULTING

A meeting of minds
March 2009
Navigant organized an event in London that brought together more than 180 professionals from various industries to discuss the implications for institutions and law firms in the U.K. as a result of the global credit crunch.
Wherefore art thou, acquisition?

January 2009 Navigant acquired The Bard Group, a Boston-based health care consulting firm specializing in provider integration strategy, service line development and performance excellence. Prior to joining Navigant, The Bard Groups 25 professionals served the needs of executives and boards of academic medical centers, faculty practices, community hospitals and physician groups. These consultants will join Navigants health care practice, whose 400 professionals work with health care providers, payers and life science companies.
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Subprime special
October 2008 Navigant conducted its quarterly study on subprime mortgage and related litigation. In its third quarter 2008 update, Navigant consultants found that the number of subprime mortgage and related cases filed in federal court during just the first nine months of 2008 already exceededby more than 50 percentthe total for all of 2007. During those first three quarters, there were 448 cases, compared to 294 for the whole of 2007. The increase was spurred on by a number of major financial meltdowns, not least of which was the Chapter 11 bankruptcy filing of Lehman Brothers in September 2008, which, Navigant said, has spawned its own cottage industry of litigation.
What comes FIRST

November 2008 In the mess that is the subprime mortgage crisis fallout, companies need help prioritizing the many challenges they need to overcome to weather the economic storm. To meet this need, Navigant launched a financial institutions restructuring solutions team (FIRST), which works under Navigant Capital Advisors, the firms corporate finance business unit. The FIRST team offers services to stressed and distressed financial institutions, providing investor and manager oversight, portfolio valuation and assessment, counter-party and creditor workout support, institutional sales solutions, sales and transfers of over-the-counter derivatives, and general corporate strategic advisory services.
GETTING HIRED
Not just a number
Even though the specific recruitment processes among Navigants different practice areas may vary somewhat, sources say the bulk of it is focused on getting to know the individual instead of analyzing test scores. (That doesnt mean, however, that the firm does not look at candidates GPAs.) Typically, the interview process begins with an on-campus or phone fit interview with HR. If all goes well, candidates are invited to a super day at Navigants offices, where they have an opportunity to meet people in the office. Theyll have three interviews with people who range from managing consultants to managing directors, an insider explains. Candidates are also required to give a short presentation on a topic of their choice. The point of this presentation is more to give the interviewers a chance to see how the interviewee communicates, presents and carries himself or herself. A hiring committee of managers makes final decisions.
OUR SURVEY SAYS

Great first job
A number of new hires say Navigant is a great first job out of undergrad. The culture at Navigant offers someone like myself, starting their career straight out of college, a great chance to grow and learn, a consultant states. Everyone from the consultant to managing director level makes himself available to answer any questions, and you can truly feel others looking out for your personal development. Another newcomer says, Managers are great about having me sit in on calls and participate in meetings that help define the strategy we will use in a case. Beyond junior staff, the general consensus among staffers is that Navigant offers a laid-back but professional work environment, where people have their priorities straight and know when and where things need to be done. At the same time, they are able to not stress themselves out too much and maintain a good work/life balance, explains a consultant in Los Angeles.
Going against the flow

In tough economic times, being laid-back is a luxury afforded only to those firms with strong balance sheets. Such is the case at Navigant, where work tends to be countercyclical, in that our business does well when others may be facing challenges, a Washington, D.C., insider explains. Our clients need us now more than ever. The only noticeable economy-related side effect, sources say, is that we have lowered the usual number of people we hire. Respondents say that having a wide portfolio of service offerings also helps to offset financial shocks. The firm is very diversified and active in some good industries at the moment, such as energy and health care. Unsurprisingly, a case team leader notes, the financial services and other portions of the business have seen better days. Looking ahead, insiders expect that the fallout from the economic downturn should benefit Navigants bottom line once the markets begin to recover. Navigant is well positioned to benefit from federal budget and stimulus packages with strong energy, health care and construction practices and, in addition, lawsuits associated with this downturn will no doubt push its way through the firm for years to
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come, a confident source states. And with a new administration in the White House, a D.C.-based associate says the firm also anticipates a lot of regulatory enforcement cases going forward, which will result in work for us.
Managers listen
Navigant, like many of its peers, demands a lot of its consultants, but insiders say upper management isin most casesreceptive to employees needs to live a life outside the office. Navigant does a great job of promoting the importance of a work/life balance and understands that this balance is important to career longevity, a consultant states. Still, given that we are a service-oriented firm, there are definitely times when weekend work and long hours are necessary, a source says. However, senior level leaders are aware of the importance of maintaining a work/life balance, and are very responsive to individual needs and requests for time off. A colleague adds, I rarely stay late or work on weekends, but it happens. Most of the time, I can do this on my own schedule and work from home, so it does not affect my personal or social life. There is some payoff for long hours or foregone weekends: Hard work here is rewarded, and the firm is very open to nontraditional arrangements that suit particular needs. There is no clock punching, no desk checks. Be accessible, get work done on budget with happy clients, and management will have no issues with when or where you work, a director advises.
Short-notice travel
The amount of travel demanded of Navigant consultants depends on the group and project, insiders say, and travel becomes more frequent the more senior you become in the organization. But in general, travel schedules are light. Navigant definitely offers employees the opportunity to travel, but does not require travel on a regular basis, and the managers make every effort to take travel preferences into account when assigning project teams, a source says, adding that Navigants excellent travel policy is one of the top reasons I chose to join the firm. A Boston consultant who travels over 80 percent of the time also notes that, for those with extra-busy travel schedules, directors take notice of the sacrifice of travel and try their best to give you a good balance when you are able to be at home. And, as is fairly standard, on-the-road consultants get special perks, such as keeping hotel and airfare points for their own use. The only major travel hangup is short notice for upcoming trips, sources say. Overall, I have not had to travel excessively, but when I have traveled, it has been very difficult due to the short notice, a consultant complains. A colleague shares a similar view: We do not travel all the time, but we are asked to go anywhere on the spot without much advance noticeand sometimes we can be on the road for a long time.
Even pet insurance!

Respondents say they are satisfied with their compensation and the excellent insurance and benefits package that even includes pet insurance, insiders report. Besides cutting checks, Navigant also offers a 401(k) matching program, credit toward the purchase of company stock, profit sharing and extra-effort bonuses that are paid out each month to employees who were over 100 percent utilizedover roughly 180 billable hoursduring the month. Usually, these extra-effort bonuses are on the order of a few hundred dollars, a D.C. source estimates. Staffers can also participate in the firms tuition reimbursement and grant programs, and stand to earn a bonus for obtaining a certification. They are also eligible to participate in the firms flexible work arrangement program. And for new parents, in addition to paternity and maternity leave, Navigant offers new parents 80 hours of firm-subsidized child care per year.
The low-down on promotions

Insiders say Navigants promotion policy is fairly standard and adhered to, especially at lower levels. Consultants are promoted to senior consultants after one-and-a-half to two years, with promotion to managing consultant in three years, staffers note. Staffers are encouraged to stick it out to make it into the upper echelons; NCI prefers to have employees progress through the firm over their careers, and company leaders go out of their way to recognize promotions and highlight those who have been with the company their entire career, a contact explains. On a related note, were told that salary increases are not tied to promotions. This means that staffers can stay in the same position, but still land a raise because of their performance.
Training: A major draw

A rookie in San Francisco says the firms culture supports training and mentorship programs for entry-level consultants: I have genuinely appreciated the fact that NCIs culture is so conducive to learning and professional development. The professional development opportunities are both official and unofficial, with a firmwide orientation training for all new hires and classroom training available several times throughout the year, with a push for each employee to have 40 hours of official training per year. Most training is NCI-specific and taught by NCI employees, and often focuses on soft skills, were told. Practice area-specific skills are better learned on the job, consultants note, which is made that much easier via Navigants mentoring program. It is known that each manager has the responsibility to unofficially train younger team members, shares a consultant. Overall, at any level, staffers training
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needs are largely satisfied: The corporate training that I have participated in to date is the best I have received in my career, enthuses a higher-up in Denver.
Committed to women at the top

Bridging the gender gap may still be a challenge in top management positions, some respondents claim, but most insiders say they do not feel as if there is any disadvantage to being a woman here, since our president is a woman. One female consultant states, They are very supportive of hiring, promoting and otherwise supporting women. Even on a team of all men, I am made to feel like an equal. Were told that there is a firm goal to have more women in top management positions. Among its efforts to support professional development of its female employees, Navigant has established a womens leadership initiative, which promotes networking among women in the firm, as well as with clients, and is strongly supported by both women and men in the company, a D.C. source explains.
Making a push for minorities

Even though Navigant will consider any applicant who is well qualified, can communicate well and would succeed as a consultant, it could be more ethnically and racially diverse, insiders suggest. The firm is receptive [to minorities], explains a Chicago insiderthere are just not a lot of minorities here once you move past admin and most junior levels. A Houston source adds that in that office, there are Caucasians and Asians, [but] I havent really seen a fair representation of others. I suppose it represents what I have seen in my college courses. To remedy this situation, Navigant has just begun a diversity program to promote diversity within the firm, an insider reports.
Lending a hand
Navigant is heavily involved in volunteering and charity events, including a formal corporate citizenship program that is implemented at both a corporate and local level, and it started Lending a Hand foundation, which gives employees an opportunity to request corporate sponsorship and monetary donations to organizations that they value. Navigant has also created a community service committee that plans monthly community service events, such as clothing drives, charity runs and walks, tax assistance programs and reading programs for underprivileged children. In the Chicago office, twice a month, fourth- and fifth-graders come and eat lunch with our employees and learn about business and play games.
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PRESTIGE RANKING
25
HURON CONSULTING GROUP

UPPERS
Energetic Great sense of team
550 West Van Buren Street Chicago, IL 60607 Phone: (312) 583-8700 Fax: (312) 583-8701 www.huronconsultinggroup.com
DOWNERS LOCATIONS
Chicago, IL (HQ) Atlanta, GA Boston, MA Dallas, TX Detroit, MI Houston, TX Los Angeles, CA New York, NY Portland, OR San Francisco, CA Washington, DC Amman Dubai Jeddah London Riyadh Singapore Tokyo Upper management politics Poor training opportunities
EMPLOYMENT CONTACT
www.huronconsultinggroup.com/careers.aspx
PRACTICE AREAS
Accounting & Financial Consulting Corporate Consulting Health & Education Consulting Legal Consulting
THE STATS
Employer Type: Public Company Ticker Symbol: HURN (Nasdaq) Chairman & CEO: James H. Roth 2009 Employees: 2,124 2008 Employees: 2,129 2008 Revenue: $615.5 million 2007 Revenue: $504.3 million

Great at what they do Lots of underutilized employees Restructuring niche Middle of the pack
THE BUZZ
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THE SCOOP
Crisis consultants
Huron Consulting Group specializes in helping companies in trouble. It has made a name for itself in turnaround management, mostly advising clients through regulatory and litigation challenges. One of its fastest growing services is retrieval of files such as emails, voicemails and computer files for companies in litigation. The Chicago-based firm also offers more traditional business consulting services for clients in more stable situations, such as improving operations, boosting shareholder value and watching the bottom line. Hurons clients include Fortune 500 companies, midsized businesses, leading academic institutions, health care organizations and the law firms that represent these organizations. Its 2,000-plus professionals have worked on engagements with 49 of the 50 largest U.S. law firms listed in The American Lawyer 2008 Am Law 100, more than 80 of the United States top-100 research universities, more than 275 general counsels and nine of the top-10 largest health care systems as ranked by Modern Healthcare. Since opening its doors in 2002, Huron has conducted more than 7,000 engagements for over 3,000 clients.
The Huron quartet

The firm divides its practice into four segments: health and education, financial, legal and corporate. Consultant expertise in these segments is brought to bear on such issues as litigation, disputes, investigations, regulatory compliance, procurement, financial distress and other conflicts without clear categorization. The performance of clients in less dire circumstances is also addressed through strategic, operational and organizational analysis.
Out of Arthurs ashes

Hurons chairman and CEO knows a thing or two about dealing with business crises. A former senior partner at Arthur Andersen, Gary Holdren turned adversity into advantage when, in May 2002, he and Andersen co-worker Dan Broadhurst learned that their firm had been indicted by a federal grand jury for obstruction of justice in connection with the downfall of Enron. Just days after learning their firm was in trouble, Holdren and Broadhurst lined up financing to a new firm, along with over 200 other former Andersen employees. Within a year, Consulting magazine had named Holdren one of the most influential consultants of 2003. By 2004, Huron went public, with revenue of $150 million and more than 600 employees. By 2007, BusinessWeek was calling Hurons rise a phoenix-like ascent from Arthur Andersens ashes. Today, Hurons revenue tops the $600 million mark, and the firm employs more than 2,000 people.
THE LATEST ON HURON CONSULTING GROUP

Huron tells all
August 2009 Huron restated its financials for the past three years. The firm applied corrections to statements filed between fiscal year 2006 and Q1 2009, due to charges relating to how payments received by the sellers of certain acquired businesses were subsequently redistributed to Huron and certain employees. The restatement resulted in a reduction of approximately $56 million in net income and earnings for all restated periods, although it had no effect on Hurons total assets, total liabilities or total stockholders equity on an annual basis. Following the announcement, CEO Gary Holdren resigned his post to James Roth, Huron co-founder and former VP of the firm's health and education consulting segment.
India-bound
February 2009 As part of its efforts to expand its legal consulting service offerings, Huron announced a business alliance with UnitedLex to provide legal process outsourcing services. UnitedLex specializes in legal consulting, technology and outsourcing services. The alliance combines Hurons almost 1,000 domestic document review stations and UnitedLexs 600 India-based seats for a completely integrated discovery operation for both process and delivery. Also part of its legal consulting expansion efforts, in November 2008 Huron announced an alliance with the legal staffing and placement firm, The Dine Group, a division of U.S. Legal Support, Inc. The union will enable both companies to open a new document review facility in Manhattan, which will operate in addition to Hurons existing New York document review center.
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M&A in the Middle East

January 2009 In January 2009, Huron acquired Riyadh-based Nextmove as part of its Middle East expansion efforts. The purchase will also bolster its health and education consulting services in that region.
Fortunes seal of approval

September 2008 Huron was ranked one of Fortunes 100 Fastest Growing Companies, debuting at the top of the list. Our presence in the consulting sector has become increasingly stronger, and we are proud of the tremendous strides we have made since our inception in 2002, said Holdren. Since going public in 2004, Huron generated a compound annual growth rate of greater than 45 percent through 2007.
Dirty laundry
August 2008 Through a new joint venture with Acuity, Huron will assist clients with advisory services related to white collar and anti-money-laundering investigations. The Huron-Acuity alliance will offer clients consulting services in the areas of controls, monitoring systems, regulatory compliance and corporate governance for financial institutions and other enterprises affected by U.S. and foreign money-laundering laws, the Bank Secrecy Act and the Patriot Act.
A healthy acquisition
July 2008 The firm made another addition to its health and education consulting segment in July 2008, when it picked up Portland-based Stockamp & Associates. CEO Holdren stated at the time that Huron aims to become the best health and education consulting firm globally, serving the highest levels of healthcare companies and research institutions. Joining the Huron and Stockamp teams will create a real powerhouse by serving multiple segments of the industry, including major health systems, academic medical centers and community hospitals.
Topping the charts

July 2008 In the 2008 Socha-Gelbmann Electronic Discovery Survey, Huron received top rankings in six categories, including service providers, corporate rankings, law firm rankings, identification, preservation and collection. The annual survey provides a comprehensive view of the e-discovery market, pulling data from 155 organizations involved in e-discovery, including leading law firms and Fortune 1,000 inside counsel.
Know what you pay for

January 2008 Huron launched V3locity, the first predictable, fixed price-per-page e-discovery service. The firm estimates that its new service will save clients up to 60 percent compared to similar e-discovery services. V3locity was developed in response to market demand for more efficient, predictable electronic document discovery services. Its pricing model is based only on the number of pages subject to review, with no separate hourly charges for processing, hosting or production.
GETTING HIRED
Finding the right fit
The Huron people hunt is just as focused on potential candidates personality as it is on how well they can work out a case study, insiders tell us. The typical interview process includes two rounds of mostly behavioral interviews and many networking sessions, as well as one on-site visit to any office you are interested in being based at. Were told the interviews are fairly basic, and candidates will meet with managers and directors who are trying to get an idea if you are a good intellectual and/or cultural fit with Huron. Huron management indicates that case studies will be rolled out on campus in 2009. Typically, the firm recruits from the University of Illinois, Notre Dame, University of Michigan, University of North Carolina at Chapel Hill (UNC) and Vanderbilt, as well as others.
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Interview notes
To help candidates-in-waiting, insiders offer some advice on what to expect in the behavioral interviews and in the case study interview. For the former, candidates should be ready to explain specific past experiences in a way that demonstrates their reactions to specific situations. The interviews are fairly structured, as opposed to a conversational interview style, and candidates should know that they are being evaluated against a profile of desired behaviors. Case study interviews are a bit less structured, and are designed to gauge how well candidates think through a business problem, gather information and present conclusionsa test of general business acumen and ability to think on their feet.
OUR SURVEY SAYS

Culture counts
Hurons insiders highlight the firms entrepreneurial and forward-thinking corporate culture, as well as the young, internally involved and outgoing nature of its consultants. There are a wide variety of potential engagements, an entry-level source reports, and you get a chance to work with a lot of different people, which gives you many opportunities for growth. Huron staffers also make time for others, actively participating in volunteer activities. Many consultants have personal ties to volunteer efforts and get their co-workers involved, a respondent notes, adding that upper management is also very involved with the community.
It is consulting, after all

Trying to maintain a work/life balance at Huron can be a challenge, were told. It varies from project to project, but like most consulting firms, it is generally taxing on your work/life balance, a Chicago staffer explains. In most cases, however, you will work hard when you are on engagements, but the hours are usually reasonable; I work very few weekends, reports an associate. In the end, with effort, consultants say its possible to manage their workload during the 50- to 70-hour workweekjust dont expect to be working out or enjoying personal time at a respectable time of the day, says a midlevel source. Adding to the hours (and the stress) are Hurons travel requirements, which vary from project to project, but a number of respondents say theyre on the road anywhere from 75 to 100 percent of the workweek. A manager states, Travel is generally the standard Monday to Friday for many engagements.
Making up for time on the road

Among its various perks and benefits, Huron makes up for consultants travel time with a $750 travel bonus for being out of town 25 nights a quarter, insiders report. In addition, its benefits program includes medical, dental and vision insurance, as well as a generous paid-time-off policy. The firm also matches employees 401(k) retirement savings plan contributions up to 6 percent of their earnings, along with short- and long-term disability, life, and spouse and dependent life insurance. As a public company, it also offers an employee stock purchase plan that allows employees to use a portion of their short-term incentive bonus to purchase Huron stock with a 25 percent restricted company match. An entry-level staffer adds that, in the past, employees were awarded a 10 percent annual target bonus. But they just eliminated overtime, so they are going to a 15 percent target. This was angled as a positive thing for employees, but in reality, it will lower compensation. To compromise on these cuts, however, staffers who worked a lot of overtime in the past have been promised adjusted base salaries.
Goodbye finance, hello health care

The economic downturn has not been kind to Hurons service portfolio, sources tell us. Some practices are doing well, and others are barely surviving, notes a Chicago staffer. My prediction is that in two to three years, Huron will no longer have an accounting and financial consulting practice, a midlevel source forecasts. Were told that the financial consulting practice had been growing at an unsustainable rate for five years and, in 2008, they had to cut that practice by 30 to 40 percent. One consultant from that group complains of some gaps in the pipeline: If you are unassigned to a project, you are expected to come into the office every day from 8:30 to 5:30, but many days you will not be given anything to do. Additionally, there is no direction as to what you should be doing. You just have to be there. The good news is that the hard times have forced Huron to focus more on its most profitable service lines. All the growth and focus at Huron is on health care and higher education consulting, which sources say have a more stable pipeline than the financial consulting practice. Today, one insider states that Hurons higher education consulting practice has [a significant] market share and is doing extremely well.
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PRESTIGE RANKING
26
HEWITT ASSOCIATES
RANKING RECAP
Practice Area #4 Human Resources Consulting Quality of Life #11 Travel Requirements #13 Hours in the Office #13 Work/Life Balance #15 Best Firms to Work For #15 Overall Business Outlook Diversity #6 Best Firms for Diversity #8 Diversity for Women #10 Diversity for GLBT #10 Diversity for Minorities
100 Half Day Road Lincolnshire, IL 60069 Phone: (847) 295-5000 Fax: (847) 295-7634 www.hewitt.com
LOCATIONS
Lincolnshire, IL (HQ) 110 offices in 32 countries
PRACTICE AREAS
Absence Management Actuarial Communication/Employee Behavior Change Compensation & Rewards Corporate Transactions Defined Benefit Outsourcing Defined Contribution Outsourcing Executive Compensation & Corporate Governance Global Risk Services Health Care Health & Welfare Outsourcing HR Business Process Outsourcing Human Resources Effectiveness Point Solutions Retirement Talent & Performance
UPPERS
Sane culture Exposure to clients Career-building environment Excellent pay
THE STATS
Employer Type: Public Company Ticker Symbol: HEW (NYSE) Chairman & CEO: Russell Fradin 2009 Employees: 23,000 2008 Employees: 23,000 2008 Revenue: $3.2 billion 2007 Revenue: $2.9 billion
DOWNERS
They dont invest in maturing talent Being publicly traded Internal politics Time taken on internal issues
EMPLOYMENT CONTACT
www.hewitt.com/careers

Strong brand in HR Big and inflexible Employee-friendly Going public changed their culture for the worse
THE BUZZ
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THE SCOOP
Resourceful human resources
Hewitt Associates is one of the worlds largest management consulting firms specializing in maximizing organizations investment in human resources solutions. Its claim to fame: It is the worlds largest provider of benefits and multiservice HR business process outsourcing, and integrates HR outsourcing and consulting. The firms 23,000 employees, working from 110 offices in 32 countries, serve more than 3,000 clients, which include over half of Fortune 500 companies and more than a third of the Fortune Global 500. Hewitt might be big, but its likable, toonearly 95 percent of Hewitts largest clients have worked with the firm for at least five years. The firm has been recognized as one of Americas Most Admired Companies by Fortune magazine every year since 2004.
A list of firsts
The firm was founded in 1940 by Ted Hewitt as an insurance brokerage in a bank building in Lake Forest, Ill. As Hewitt Associates grew, so did its expertise, and the firm pioneered a number of now-standard HR functions. In the 1940s, it designed the first noncontributory employee savings and pension plan recognized by the Internal Revenue Service. In the 1950s, it was the first to measure ongoing investment performance for defined benefit plans. In the 1960s, Hewitt was one of the first consulting firms to tie benefits and compensation to corporate goals and missions, communicating total compensation as part of a business plan. In the 1970s, it designed the total compensation measurement methodology to gauge the value of salary packages, and in the following decade it was the first to design a large employer 401(k) plan. And in the 1980s, Hewitt created one of the first fullservice, outsourced benefits centers. More recently, in 2000, Hewitt became the first firm to provide HR benefits process outsourcing servicesincluding benefits, payroll, HR information systems, recruiting, learning and other HR servicesintegrated with consulting expertise. Today, the firm provides services annually to more than 20 million employees around the globe.
HR, covered
Hewitts business is broken down into three business segments: HR consulting services, HR benefits outsourcing services and integrated HR business process outsourcing solutions. The firm works with clients to create and manage retirement programs; design and deliver health plans; help attract, keep and reward the best employees; find ways to reduce HR costs; address HR and people issues in mergers, acquisitions and divestitures; administer HR and benefits programs; communicate and drive organizational behavior changes; and develop comprehensive HR solutions to improve clients bottom lines. In 2008, Hewitts HR consulting business delivered double-digit revenue growth (12 percent). The segment, which comprises 34 percent of the firms total revenue, consists of four main practices: retirement and financial management, health management, communication, and talent and organization consulting. Making up nearly half of Hewitt Associates revenue in 2008, however, was its benefits outsourcing segment. The unit offers clients a way to outsource their defined benefit, defined contribution, and health and welfare administration services, as well as absence management, flexible spending and participant advocacy programs. Pulling up the rear in Hewitts 2008 ledger books was its HR BPO segment, which made up 17 percent of revenue.
THE LATEST ON HEWITT ASSOCIATES

Prioritizing health care
March 2009
A Hewitt Associates study showed that U.S. employers are still making long-term investments in health care, despite the tough economic times. The study surveyed more than 340 employers, representing more than five million employees, asking them to explain their current and future approaches to health care benefits. While the number of companies focused solely on mitigating annual health care costs more than doubled in 2009from 15 percent in 2008 to 31 percent in 2009almost two-thirds (65 percent) said they are continuing to make significant investments in improving the health and productivity of their workforce. Only 4 percent, however, said they are taking steps today that will enable them to discontinue providing health care benefits altogether.
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Say hello to the new economy

February 2009 Another Hewitt study showed that the majority of organizations in every region of the world are responding to the economic downturn by making acrossthe-board cuts to their 2009 salary increase budgets. Many of those companies also plan to take additional steps to reduce compensation costs, including layoffs, pay freezes, hiring freezes and reduced bonus budgets. The study surveyed more than 2,000 companies, representing more than 25 million employees across 40 countries. According to the results, European companies were most likely to make changes (67 percent), followed by Latin America (63 percent), Asia Pacific (58 percent) and companies in the U.S. (50 percent).
Taking care of those close to home

January 2009 Hewitt opened an on-site wellness center and pharmacy at its Lincolnshire headquarters. The Choose Health Wellness Center is the centerpiece of Hewitts U.S. wellness program. Staffed by a physician-led team of nurses and nurse practitioners, the center offers health screenings, lab tests, immunizations and allergy shots, and health exams, while pharmacists from CVS Caremark working at the pharmacy can fill prescriptions and sell overthe-counter medications and supplies. A second on-site wellness center later opened in the Woodlands, Texas, office in May 2009.
Looking for leaders

January 2009 Hewitt, along with the RBL Group and Fortune magazine, launched the Top Companies for Leaders study. The study will examine how organizations choose and develop leaders to determine if theres a correlation between leadership practices and business results. It will rank top companies from Asia Pacific, Europe, Latin America and North America, and the rankings will be published in the November 2009 issue of Fortune.
Going to bat
December 2008 Addressing lawmakers in Washington, D.C., Hewitt lobbied Capitol Hill to modify pension funding rules in the Pension Protection Act of 2006, which it says exacerbate the current pension funding crisis. The firms experts say the acts funding requirements could require a substantial increase in cash contributions for many companies. To meet this requirement, companies may be forced to use money reserved for salaries, growth investments and other purposes to fund their pension plans. In the current economic environment, this could lead to an increase in layoffs, bankruptcies or, at the very least, more plan freezes.
Making HR easier
December 2008 The firm teamed up with SuccessFactors, a global provider of on-demand performance and talent management solutions, to create the High Performance Talent Solution, which helps employers develop and implement talent programs across their organizations more quickly and costconsciously. Under the new program, clients can integrate new talent management processes quickly and efficiently; access topical management and HR advice; use analytics and create reports to determine employee progress, retention and workforce performance goals; and use the softwares templates for work plans, communications and other job aids to cut down on costs and time.
New consulting chiefs

October 2008
Eric Fiedler and Yvan Legris were appointed co-presidents of Hewitts HR consulting business. Fiedler, former head of the Asia Pacific consulting business, and Legris, former head of the U.K. consulting and benefits outsourcing business, replaced Perry Brandorff, the global president of consulting, and Roger Parkin, the European consulting leader, who left the company.
An HR hiccup
October 2008 As successful as Hewitt has been in recent years, it is impossible to make every client happy all the time. In October 2008, the U.S. Office of Personnel Management (OPM), a client since 2006, cancelled its contract with Hewitt, reportedly because the firm had failed to deliver a functioning solution. Hewitt had been brought in to help modernize and improve the administration of its new RetireEZ retirement system for five million participants. Under the 10-year, $290 million agreement, Hewitt Associates was to create a retirement-calculation engine for RetireEZ.
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To calculate retirement annuities for federal employees, OPM said it tried to work with Hewitt on the system, but to no avail. Hewitt, in response, put the blame on OPM: We have delivered on our contractual commitments and taken extra steps to try to ensure the success of the project despite serious program management deficiencies on the part of OPM. Four months later, in February 2009, however, Hewitt announced that the contract with OPM had been terminated by mutual agreement.
Expand or bust
March-April 2008 If you just looked at Hewitts acquisitions over 2008, you wouldnt know there was a global recession in the works. In March and April 2008, the firm completed three purchases, the first of which was of British compensation consultancy New Bridge Street Consultants, which, at the time, provided executive remuneration services to more than 40 percent of the FTSE 350 U.K. listed companies. That same month, it acquired remuneration specialist CSi, which provides data, analytics and compensation consulting services to organizations in Australia and New Zealand. The final acquisition for the year was of LCG and its subsidiary, Disability Management Alternatives, which offers disability, leave and absence management services to midsized and large companies.
Remembering the little (or midsized) people

March 2008 Hewitts health care business beefed up both its consulting and outsourcing offerings in March 2008. First, the company introduced a new administration platform: Core Benefit Administration. The web-based solution, meant for organizations with fewer than 15,000 employees, simplifies benefits communication, enrollment and ongoing administration by creating a single destination with access for all workers. It also automates eligibility management, new hire processing, and life and employment events. The new focus also includes the Hewitt Pharmacy Purchasing Group, a coalition of drug dispensers, also introduced in March 2008, that opens midsized companies to the pricing matrices normally only available to Fortune 50 employers. The group offers transparent pricing, customized benefit plan design and pharmacy consulting services. CVS Caremark was named the first preferred vendor in the new arrangement.
Goodbye, Cyborg
January 2008 Hewitts licensed payroll and HR software services business, Cyborg, is no more. The firm sold the business, which it had acquired in 2003, to Vista Equity Partners, a private equity firm that invests in software and technology companies. Terms of the transaction were not disclosed. While it was under the Hewitt umbrella, Cyborg provided licensed, processed and hosted payroll software services to a number of organizations in the U.S., Canada and the U.K. The firm said it would retain and continue to provide Cyborgs payroll services for its HR BPO clients and will continue to license the companys software as the core platform for those clients.
GETTING HIRED
The major leagues
The hiring process at Hewitt Associates is pretty involved, lengthy and requires a number of interviews, insiders say. But, as one principal points out, the process can pay off for some: When I got the offer, it felt like I made it into the most exclusive club or that I was now playing for the Yankees. While one principal consultant notes that hiring is a nonstop process where we typically do not have quotas, others say that hiring has slowed considerably in this economy.
No tricky tests
Typically, candidates are tested to ensure they have the required skill set, and we also assess for fit, a staffer notes. To determine whether a candidate is right for the job, the firm, on average, requires three to five behavioral-based interviews to fill an opening. Such extensive interviewing, however, affords Hewitt the opportunity to introduce the candidate to many people in order to get feedback from the key stakeholders in the process, a source in Houston reports. Though extensive, the interview process does not involve tricky tests of convoluted methods for assigning value, reassures an associate. Sources add that some typical behavioral questions asked are: Tell me about a time where you were faced with two extremely high-priority deadlines. How did you go about prioritizing them and/or meeting the deadline? and Provide an example of where you had a conflict with a team member. What was it over and how did you handle it? Would you handle it in a different manner now? Why?
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OUR SURVEY SAYS

Eye on profits and people
Hewitts corporate culture is aggressive but collaborative, sources say, with a focus on the client first, and a keen eye on our own profitability and success. A principal adds that, despite the pressure of simultaneously pleasing clients and shareholders, there is a significant balance between business requirements and associate needs and wants. A consultant on the East Coast notes, it is generally a low-pressure environment where associates can focus on serving clients and doing their best. Additionally, respondents praise the firms flat organizational structure, which means no one is hung up on titles or hierarchy. It is a casual, teambased environment. And, despite the size of the firm, we are all on a first-name basis; there is not an emphasis on title, a midlevel source relates. I would feel comfortable emailing or calling anyone from my direct manager to our company CEO with a question or concern. That kind of teambased mentality is especially appreciated, given the recent financial headlines, a consultant remarks: In a world where executives from firms like AIG are getting huge bonuses for failure it is refreshing to work for a company that holds people accountable and rewards people on their performance.
The blogging CEO

Hewitts collegial corporate culture is supported by senior leadership that is very accessible and visible, communicative and open to questions, comments and ideas, insiders say. The CEO has a blog that he keeps updated, and the business-line presidents send regular emails and newsletters, an associate reports. We are a public company, but even so, I am impressed with the open leadership from the top down. Our execs eat at our caf and are open and approachable. I feel accountable, but rewarded. All leaders are quick to show genuine gratitude for hard work. A principal agrees, saying, We find ways to go beyond the job to incorporate and leverage key skills associates have.
Face time up front

That effort to build employees skills begins right away, with even junior staff granted face time with clients. I have really appreciated the chance to get in front of clients early in my career in situations where I am alongside senior consultants, an associate reports, while a case team leader says, Youre given the opportunity and are encouraged to establish your own personal relationships with clients. The firm also encourages consultants to build strong, lasting relationships with our clients, a Dallas-based source notes.
A doable schedule
While there are times when the hours are long, Hewitt consultants say it is possible to have a life outside of work, and working beyond the required 40 hours is often by choice. To make it easier to meet personal commitments, we can frequently work from home and manage our schedules as needed, a Chicago-based insider notes. Management is open to flexible work arrangements, and generally trusts consultants to be responsible for their own schedules. An added benefit to Hewitts organizational structure, as one insider explains, is that consultants are trained across practices so that someone with a lighter workload than I have can assist me if I have more work than I can handle, thus reducing the need for overtime. One working dad reports, We know what needs to get done, and as long as our clients are satisfied, we have the ability to arrange our schedule to provide some family life balance. For example, I have a large family with five young children. Although I oftentimes am out of town and/or in the office late during the week, I have been very successful in being able to have most weekends to devote to my family. This balance is of tremendous value. Additionally, many staffers say they are allowed to work remotely, which makes their ability to strike a healthy work/life balance that much easier. Consultants are often able to work at home with full server access on a secure laptop. An associate adds, I have a two-year-old and a five-monthold and am able to make myself available when they need me because of the firms work-from-home allowance.
Smart travel
While a Hewitt consultants travel schedule will depend heavily on client locations and assignments, the firms travel demands are not excessive at all, largely because it is organized to serve clients regionally, were told. And, although every project benefits from face-to-face time with the client, so much of what we do can be done virtually, a senior consultant reports, adding, Occasionally, you might get staffed on a project that needs you on site for a few weeks, but that is not usually the norm. A principal also notes that the firm tries to make smart travel decisions. When face-to-face meetings are needed, we absolutely support getting on a plane; conversely, we recognize when teleconferences make the most sense for our clients in terms of budgets and time considerations. Travel requirements are less demanding for more junior-level employees, as the firm doesnt tend to put associates on site, as much as doing project work, a principal explains. And for all staffers, the travel burden has dramatically shifted downward since the onset of the economic downturn.
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Post-IPO perks
Sources say that since Hewitt went public, the firm offers fewer perks, though a few remain. For one, the firm has a fabulous recognition program, where not only do you get a card with a thank you, but also a small gift card to spoil yourself with, an associate reports. The firm also offers partial tuition reimbursement, a fitness program discount, and will pay for child care and pet care expenses while staffers are traveling. Also, my dry cleaning is covered when I am on assignments longer than three days per week, which is really nice, a case team leader adds. Separately, for new parents, the firm offers parental leave and $5,000 to parents when they adopt a child. In Chicago, there is also an office designated as a mothers room for breast pumping. Besides their healthy paychecks and great health benefitswhich include on-site health clinics with reduced prices for prescriptions at the Chicago and Woodland, Texas, officesand a 401(k) match program, Hewitt also offers plenty of paid time off. Everyone is given a bank of paid time off that you need to draw from for both vacation and sick time. For every five-year anniversary with the firm, however, Hewitts vacation splash program awards extra vacation days to its employees. For example, for a five-year anniversary with the firm, you get five extra vacation days, for a 10-year anniversary, 10 extra vacation days, and so on. Employees can also buy up to five days of paid time off on top of their banked and splash days.
Raises versus promotions

Typically, when promotions are awarded at Hewitt, they are given every two to three years for consultants, based on experience level and client experiences, and if there is an opportunity for advancement. However, given the firms very flat organizational structure, advancement to a higher level is not frequent, sources say. Consultants have many avenues to advance, but it doesnt always translate into promotions, a principal explains. Instead, salaries are increased as the position requirements are increased, so there are rewardsits just not obvious from your title. What I like, an entry-level insider states, is that you dont have to be a manager to be well paid. Some very advanced associates make more than their managers. Also, at Hewitt, if youre a manager, that doesnt always mean that youre the most valuable employee. Still, promotions do happen, but as a case team leader advises, The responsibility for positioning oneself for promotion is viewed as resting on each individual associate. If you want to be promoted, raise your hand and volunteer to do things; dont look for your manager to push you into activities that will result in promotions.
Training in flux
Hewitt offers both formal and informal training, via mentorships, though respondents say there are some limitations currently due to budget constraints. Despite the recent belt-tightening, however, the firm still offers a number of training tools and resources, though they are mostly geared toward new, early-career hires, a consultant reports. Trainings include an official orientation, as well as weekly and monthly formal training sessions. There is also an extensive library of training courses offered, either in person (classes) or online. To further these resources, in February 2009 Hewitt launched Hewitt University, a global, virtual university that offers all associates a new way to grow their careers and to participate in development opportunities at the firm. Outside the classroom, mentoring is emphasized, with a formal mentoring program set up for entry-level staffers who are also staffed on client projects according to their training needs, insiders explain. And, while most training is unofficial through project assignments, we are reimbursed for professional association memberships and training for certifications.
Good marks on diversity

Whether describing their firms efforts to include more women, minorities and GLBTs on their staff, insiders award their firm top marks for diversity. For example, when it comes to gender equity, one source says, We have more women than men at most levels, except the C-suite, while an Atlantabased consultant says there is a good mix of women in leadership positions throughout the company. Within our officeabout 35 peopleI think there are actually more women than men. In fact, notes a principal, the heads of North American consulting, head of consulting in Canada, head of the North America talent and organization consulting practice, and the head of the North America communication practice are all women. To reinforce its efforts to include women in all aspects of the firms services, were told theres a women in leadership group that encourages networking and activities to help reach your personal and professional goals. In a similar vein, sources say minorities are well represented at Hewitt. Our firm looks very different than it did when I began here eight-plus years ago; we have many ethnicities, one insider reports, while a colleague says, Diversity has always been championed here, and it shows in the diverse culture weve achieved. And, similar to the women in leadership affinity group, the firm also offers many great channels for diversity within the organization, including various committees, as well as sponsorships and involvement of outside organizations and events that promote diversity and inclusion, an associate explains. Efforts are also made to welcome and promote GLBT staffersthere is an explicitly supportive corporate culture for GLBT employees. Speaking from experience, one San Francisco-based respondent relates, I feel very comfortable being gay at Hewitt. There is a lot of gay leadership here.
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Hewitt Cares
As part of Hewitts community service initiative, Hewitt Cares, staffers can use 16 billable hours per year to volunteer in their communities. In fact, we have billing codes that recognize Hewitt time for Hewitt causes, a staffer reports. Initiatives range from contributing to clothing drives, food banks and volunteering at local YMCAs, to organizing an annual gala with items auctioned to raise money for the local community. Often, the firms intranet displays random pictures and stories of all the ways our employees make a difference, including cancer support, Habitat for Humanity, disaster recovery, food kitchens and others. Also part of the Hewitt Cares program is the Hewitt Foundation that supports local organizations that are nominated by our associates. There are also pro bono projects for nonprofits in our area that we support. A Chicago-based consultant says, Ive done pro bono projects for Junior Achievement, World at Work and the State of Illinois.
Gradually going green

Respondents are not as quick to award their firm top marks for its efforts to go green, but were definitely working on it, says an associate. For example, we recently moved into a green LEED building, have adopted a number of green practices (e.g., no disposable cups, two-sided printing as the default, etc.) and we have a green team that continues to look for ways in which we can reduce our environmental footprint. In the Boston office, heat and air conditioning is off on weekends, and all lights are on motion-detected timers. We also carpool to client meetings or travel by train, if possible, for East Coast meetings. We recycle paper, cans and plastic, too.
Clients who pay

While Hewitt staffers are, by and large, optimistic about their firms ability to stand up to the challenges of the current economic climate, the company is wrestling with the impact of the economy on clients and their ability to hire us, a principal states. A number of consultants say that while some business units are doing well, others are suffering. For example, our benefits and outsourcing business seems to be booming as companies look for help in reducing costs, a case team leader reports, but adds, Our value-add consulting services are affected right now because many companies are reluctant to spend those dollars. As a result, there is growing uncertainty in that, under a normal economic environment, the firm would have forecast business growth over the next three years. However, today, they will only forecast for the upcoming year with caveats, a source explains.
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PRESTIGE RANKING
27
ROLAND BERGER STRATEGY CONSULTANTS

UPPERS
Freedom of thought Cross-border projects
2401 West Big Beaver Road Suite 500 Troy, MI 48084 Phone: (248) 729-5000 Fax: (248) 649-1794 www.rolandberger.com
DOWNERS
Demanding environment Lack of client interaction at lower levels
LOCATIONS
Munich (Global HQ) Chicago, IL Detroit, MI New York, NY 36 offices worldwide
EMPLOYMENT CONTACT
www.careers.rolandberger.com
PRACTICE AREAS
Corporate Development Marketing & Sales Operations Strategy Restructuring & Corporate Finance
THE STATS
Employer Type: Private Company Chief Executive Officer: Professor Burkhard Schwenker 2009 Employees: 2,100 2008 Employees: 2,000 2008 Revenue: 670 million 2007 Revenue: 600 million

Polished brand led by an iconic consultant Still struggling in US Good in automotive and industrial goods Cost cutting and very German
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Roland Berger Strategy Consultants
THE SCOOP
A Berger joint
From its humble beginning as a small, one-man consulting firm, Roland Berger Strategy Consultants has grown into an international giant. Ranked among the top 10 in global strategy consulting, it is the largest consulting firm to have emerged from Europe, where it still does the bulk of its business; 26 of the firms 36 offices worldwide are located in Europe. Within the U.S., the firm has just three locations, with offices in Africa and Asia completing its global footprint. All told, the company employs more than 2,000 people worldwide, and provides strategy consulting to many of the worlds largest corporations in a variety of industries. Those include automotive, construction, chemicals, energy, environmental technology, financial services, machinery, medical devices, pharmaceuticals, rail, telecommunications, and travel and tourism.
One man, one vision

Roland Berger founded the firm in Munich in 1967, growing it into a major player in its field and employing 100 staff within a decade of its founding. The consultancy has passed many landmarks in its journey to its present state; in 1980, for example, it became the first European firm to gain acceptance into the U.S. Association of Management Consulting Firms (formerly ACME). That acceptance was an early indicator of the firms international reach, and especially impressive given that it didnt arrive in the U.S. in a permanent way until 1995. While it has found success easy to come by in its home market, Roland Berger has found the American market to be a tougher nut to crack. While there are a variety of reasons for that, legislation is a major one; Deutsche Bank bought a majority stake in the firm in 1988, which added restrictions to the firms intentions to establish itself Stateside. Specifically, the U.S. Bank Holding Company Act forbade the firm from establishing an independent office within U.S. borders. Because of that, it wasnt until 1995 that Roland Berger set up a representative office in New York, with the help of several American partners. Three years later, the firm regained majority control, enabling it to open an independent office in Detroit, Mich. That same year, it consummated its relationship with New York, transitioning that offices status from representative to independent. The firms presence on the continent rose to three offices in 2008, with the establishment of a Chicago hub.
A literate bunch
Roland Berger has no shortage of publications available to the public and its clients. Published three times a year in German, English, Russian, Chinese and Polish, the firms think:act magazine discusses perspectives and opinions on top issues relevant to business decision makers. The firm also publishes think:act CONTENTwhich presents cutting edge research and analysis on a specific topic each issueas well as Automotive INSIGHTS and an executive review aimed at the capital goods industry. In addition, the firm has two well-established academic imprints, which together have put out more than 40 books since their inception: The Academic Network, which aims to make the firms research available to the general public, and The Management Series, which features the PhD dissertations of Roland Bergers professionals.
In the spotlight
In 2007, the firm committed to a three-year partnership with the World Economic Forum, a nonprofit organization that serves as a platform for discussion about global issues. Through the partnership, Roland Berger will help to shape the content for the WEFs summits, panels and debates, and will develop new ideas for its educational sessions. Roland Bergers particular area of interest is the WEFs Young Global Leaders program, which helps bring together some of the worlds brightest young minds to work on global issues.
Giving back
In March 2008, Roland Berger used some 50 million of his own private resources to set up the Roland Berger Foundation, an organization that promotes human rights and dignity throughout the world. The foundation gives a yearly award of 1 million to an individual or institution that helps to promote dignity and education.
In addition to the good works of Roland Berger the man, Roland Berger the firm plays its part in giving back to the community, especially through pro bono initiatives. For example, it takes part in Focus:HOPE, a nonprofit civil and human rights organization located in Detroit. The groups goal is to use intelligent and practical action to fight monumental issues such as poverty and racism. The organization helps the community through activities such as food programs for mothers, education and training courses, day care provision, and education and other volunteer activities.
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THE LATEST ON ROLAND BERGER

Award-winning publication
February 2009 For the third year running, think:act, Roland Bergers executive magazine, won the International Academy of Communications Arts and Sciences Mercury award in gold. The Mercury award is an international competition honoring outstanding achievement in professional communication. Among the elements considered in giving the award are how well the material covered is communicated to its audience, use of imaginative and original solutions, and overall expression of the message.
A presence in India ... finally

February 2009 Given the speed of development in the Indian market over the last two decades, it might seem surprising that, prior to 2009, Germanys largest consultancy hadnt established a presence in the worlds second-fastest growing economy. Seeking to increase its business dealings there, but lacking specific market knowledge of the region, Roland Berger opted to form an alliance with Indias biggest management consultancy, Tata Strategic Management. The relationship between the two firms is of mutual benefit, with Roland Berger lending Tata its experience in international markets, in return for the Indian giants local know-how. Both companies clients will find advantages in the unionboth are large international firms looking to take advantage of the booming economy in India and growing Indian firms wanting to expand globally. As part of the alliance, Roland Berger and Tata will move forward jointly into new markets in Africa, West Asia and Southeast Asia, and will offer services to customers in three core practice areas: automotive, chemicals and energy, and consumer goods and retail.
Leading the way

January 2009 Who better to write about excellence in business than the leader and CEO of Roland Berger? Burkhard Schwenker published a new book about leadership and how it is changing in the face of globalization. In Thinking Strategically and Managing Boldly, Schwenker identifies three key dimensions that define good management: hands-on skills, courage and character. More importantly, he discusses how to use these skills to make companies more successful. Schwenker also addresses other challenges that todays companies are facing, including penetrating Asian markets and dealing with competition from Asian companies, among many others.
A prize for Roland Berger (the man, not the company)

November 2008 Roland Berger was awarded the Prize for Understanding and Tolerance from the Jewish Museum Berlin for his commitment to human rights. More specifically, the award was presented for the work of the Roland Berger Foundation, which was created in March 2008. In its first year alone, the foundation awarded 160 scholarships to disadvantaged people within the German education system who have poor access to education.
GETTING HIRED
You wont get a tan working inside
A majority of the firms recruitment takes place at local universities, but those who really want to get a foot in the door should consider a summer internship, sources report. The firms structured internship program offers participants actual project work, business development and knowledge creation, and often leads to a job offer.
Once Roland Berger takes an interest in you, it will put you through three rounds of interviews. The first is a phone screening or on-campus interview, followed by an in-office interview with a 45-minute case preparation and presentation. The third round consists of three 30-minute interviews with partners, where they look at personality, business knowledge and fit.
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OUR SURVEY SAYS

Where everybody knows your name
The culture at Roland Berger is described by insiders as very informal and friendly, with an emphasis on perfection. The firm is in the process of making an effort to improve the number of women in the office, but insiders consider it to be a very diverse place, with a broad range of ethnicities and backgrounds. A consultant out of Detroit says staff and consultants are generally pretty friendly and easygoing. Everyone typically knows everyone else at the office. Small office size means individuals can have a significant impact on culture, as can turnover.
Hitting the brakes

Speaking of turnover, one insider points out that although the firms business has stayed rather stable during the current economic problems, the composition of the work has shifted from a focus on revenue growth to cost reduction and restructuring. And while the crisis has hit some firms hard, the effect of the U.S. slowdown has not had as large an effect on Roland Berger as some of its competitors, were told. We are nimble in the U.S., and have a good reputation with many strong leads. We have a strong tool set and expertise in Europe that we are transitioning to the U.S, a respondent comments. We view the current economic crisis as a launching pad for our U.S. growth. Our business prospects look good, particularly in areas of restructuring and corporate performance, a colleague adds. One of the new areas in which the firm hopes to gain some traction is in the area of green initiativesdespite the fact that it has not necessarily taken any extraordinary steps to pursue environmental sustainability itself, outside of small adjustments like avoiding disposable plates or plasticware and turning off unneeded lights. We intend to advise our clients in this area in the future, and have conducted studies on the topic of environmental sustainability as it relates to business, an insider points out. The firm is also bolstering its business with an extensive amount of pro bono work. One consultant reports, We offer strategic advisory services to several global and regional charities. In 2008, we participated in a major pro bono project with a major food and education providing charity in metro Detroit.
Weekends? Its up to you

Maintaining a positive work/life balance does not seem to be a problem for staffers at Roland Berger, who believe in the philosophy of work hard and play hard. A consultant explains, We tend to work about 12 hours per day, Monday through Friday, but no weekends. More importantly, I think that we work very efficiently and pragmatically. I dont mind long hours as long as I get the satisfaction of achieving something significant. Satisfaction or not, it helps that consultants have some flexibility in terms of when to put in the hours. Late nights are avoidable, another consultant says. I personally like to space out my work and try to do some on weekends. Balance is also helped along with the option of extended leave. Up to six months can be taken off as (unpaid) sabbatical for established employees, an insider explains. Other perks include a 401(k) match that is nice and generous, but that has recently been suspended until the downturn passes. The firm also offers a significant vacation package (20 vacation days plus sick days), and frequent-flyer miles can be used for personal travel. In addition, respondents mention that American Express points can be used for personal use, and drinks and snacks are provided in the kitchens.
Comforts of home
Respondents speak favorably on the subject of travel demands. Travel is only required when the client needs us to be there. Otherwise, we work from our home offices and are able to go home at night, one consultant notes. Indeed, travel requirements vary by project, but when travel is required, its usually expected four to five days per week. But even when its necessary, these homebodies dont find too much to complain about. Says one case team leader, It is difficult, but I understand it comes with the territory. We are treated very well while travelingand being on a clients site allows us to dedicate 100 percent focus to their needs.
Berger mix
Travel also comes into play for the annual firmwide training session, which normally takes place for a week in Europe. Otherwise, the training regimen is a good mix of official and unofficial, insiders report. There is a substantial official training program that all new hires are obligated to go to, a consultant explains. Staffers are also expected to participate in two to four seminars per year, usually conducted by external instructors. In addition, informal training is offered at all levels, and due to our frequent exposure to management, we have the opportunity to collect feedback frequently, a source states. This informal learning is supported by the firms open-door policy and high level of interaction with Roland Berger higher-ups (although top-level client interaction is usually left for our partners). We have frequent exposure to our management, and the interactions are very positive. They are demanding and can be harsh in their feedback, but they make significant investments into your development through their methods, a respondent remarks. As for where all that training leads, respondents tell us that Roland Berger does not have a strict up-or-out policy, and consultants advance at their own pace. That means that as long as they are solid performers, consultants are not pushed to move up the ladder. But for those who have higher aspirations, two to three years are usually spent at each level prior to promotion, an insider explains.
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ZS ASSOCIATES
RANKING RECAP
Practice Area #2 Pharmaceutical & Health Care Consulting Quality of Life #6 (Tie) Overall Business Outlook #11 Formal Training #12 Travel Requirements #15 Green Initiatives #16 Firm Culture
1800 Sherman Avenue, 7th Floor Evanston, IL 60201 Phone: (847) 492-3600 Fax: (847) 864-6280 www.zsassociates.com
LOCATIONS
Evanston, IL (HQ) Boston, MA Chicago, IL Los Angeles, CA New York, NY Philadelphia, PA Princeton, NJ San Mateo, CA Frankfurt London Milan New Delhi Paris Pune Shanghai Tokyo Toronto Zurich
THE STATS
Employer Type: Private Company Founding Directors: Andris Zoltners & Prabhakant Sinha Managing Director: Jaideep Bajaj 2009 Employees: 1,250 2008 Employees: 1,100
PRACTICE AREAS
Marketing Customer Insights Integrated Product Launch Planning & Management Marketing Performance Measurement Marketing Planning Segmentation Value Proposition Sales Incentive Compensation Design & Goal Setting Sales Force Design Sales Performance Management Sales Process Development Territory Design Sales & Marketing Operations Data Management, Performance Reporting & Analytics Incentive Compensation & Goals Administration Territory & Account Planning
UPPERS
I feel I have a role in shaping where we are going We can wear jeans to work! The firm is innovative and has great ideas on how to help our clients Continued growth projected, despite the economic slump
DOWNERS
ZS does not have as strong a brand name as other firms Monotonous projects Our 401(k) matching is poor and our expenses are scrutinized way too much The lets all get along mentality limits managers abilities to reprimand underperformers

Strong in their space Very quanty Tops in pharma sales organization Need to diversify
THE BUZZ
EMPLOYMENT CONTACT
www.zsassociates.com/careers Email: careers@zsassociates.com
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition ZS Associates
THE SCOOP
Mind your Zs and Ss
ZS Associates is a global management consulting firm specializing in sales and marketing consulting. Founded in 1983 by Kellogg School of Management marketing professors Andris A. Zoltners and Prabhakant Sinha, the firm now employs more than 1,200 professionals who offer sales and marketing strategy, implementation and operations consulting advice out of 18 offices in North America, Asia and Europe. While it has served more than 700 companies since its founding, ZS Associates is no fly-by-night operation; indeed, the firm still counts its first client from 1983 as a client today. In fact, most of its business comes from returning clients, who appreciate ZS Associates niche services. Most are Global 500 companies, although the firm does work with a number of midmarket, small and startup companies, hailing from a broad range of industries. While 85 percent of ZSs clients work in the pharmaceuticals, biotechnology, medical products and services space, the rest hail from the high tech, telecommunications, transportation, consumer products and financial services sectors.
Into S&M
The firms three targeted practice areas are marketing, sales, and sales and marketing operations. The marketing practice area works with clients to help them understand and develop the capabilities they need to commercialize a new product or service, and to improve the performance of their existing products and services. ZSs offerings include assistance with customer insights (know your customer), segmentation (divide and conquer your customers), value proposition (look good for your customer), marketing planning (reach out to your customer and offer a good price), and product launch planning and management services (give customers what they want, when they want it). The sales team complements the marketing team, working with customers to design, implement and manage their sales infrastructureall in an effort to maximize clients sales effectiveness. Services include sales process development (how will you sell your product?), sales force design (who will sell your product?), territory design (where will you sell your product?), incentive compensation design and goal setting (how will you motivate employees to keep selling your product?), and sales performance management (who is selling how much?). While it may sound like a mere amalgam of the other two units, the sales and marketing operations segment provides the left-brain analytical side to sales and marketing. Services include business process support, analytics, software tools and information technology services for developing costeffective sales and marketing operations. The firm also provides outsourcing services, either on an ongoing or temporary basis, to help clients focus on their core business.
A sweet suite
ZS Associates began developing sales- and marketing-specific software in 1983, with the creation of the first personal computer-aided territory mapping system. By 2008, it had created 12 standalone software products, which were then integrated as one unified sales and marketing software platform: the Javelin software suite. The suite includes the incentives software program, which manages incentive compensation programs, including quotas, objectives and payouts; the call planning software, which helps companies design strategies for reaching out to sales representatives and customers; forecasting software, which helps plan for the future, integrating product and market dynamics, assumptions and analytical metrics; account management software, to support the entire sales process, coordinating activity, customer preferences and producing customized sales documents; and, finally, the territory design software, which helps companies create balanced sales territories by analyzing sales and product data, and modeling teams of sales people, customer service reps, telesales staff or other customer contact personnel.
A class act
Throughout the years, ZS Associates has kept up its ties with the Kellogg School of Managementwhere Zoltners remains a faculty member, teaching marketingas well as with the Indian School of Business, where Sinha teaches courses on sales force effectiveness. The firm, including its cofounders, offers executive education courses at these and other business schools on sales force performance, sales force incentive planning and other special executive-level programs.
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THE LATEST ON ZS ASSOCIATES

Z&S still have what it takes
June 2009 ZSs founders Andy Zoltners and Prabha Sinha received two awards for their article, Sales Force Effectiveness: A Framework for Researchers and Practitioners. The piece, which appeared in the Journal of Personal Selling and Sales Management, received the American Marketing Associations selling and sales management special interest groups excellence in research award, and the Marvin Jolson award for the best contribution to selling and sales management practice.
CFO confirmation
May 2009 The company named Graham Webster as its new chief financial officer. Initially based in London, Websterwho has also served as CFO for ThoughtWorks, a global IT professional services firmtransferred to ZSs office in Evanston, Ill., to carry out his duties.
ZS in PA? OK.
October 2008 As part of its 25th anniversary celebrations, the firm announced that its Philadelphia office had doubled in size in just 16 months since its opening. Starting out with a staff of 17 consultants in 2007, that number had more than doubled by October 2008, and ZS projected that offices revenue would increase by a further 50 percent in fiscal 2009.
GETTING HIRED
At least theres lunch
Candidates at ZS should expect to be challenged during the firms hiring process, which were told is rigorous, competitive and even extreme. The firm takes the hiring process very seriously. Typically, a prospective hire goes through two rounds of interviews and, in general, its not just about being smart, but also personality plays a big role. An associate states, An emphasis is placed on hiring students who are not only top in class academically, but exhibit characteristics of team players willing to do the right thing. The first round typically includes a 30-minute case and a 30-minute fit interview, which may take place on campus or over the phone. The second round takes place on site and is more intense, with four to five interviews, including another 30-minute case and a 30-minute fit interview. A higher-up adds that the focal point of the second round for MBA hires is a panel presentation, where you have 45 minutes to prepare a recommendation and then present it to a panel of two to three managers/principals. A recent hire details the process further: You get 45 minutes in a room with the case materials, and you have to put together a short presentation about your solution to the case. The candidate then presents that strategy to a panel and handles Q&A. Were told that case questions will reflect the types of clients we work with, and are representative of the business problems that we solve on our projects. As an example, shares a newbie, a question might be along the lines of: BottlersCoke and Gatoradesend representatives to every state in the country. We have a report of their sales by state given in a table. How do we determine which reps are the best? Lest things get too stressful, adds a case team leader, we also pair candidates with our full-time associates for a lunch out of the office so the candidate can better get to know our firm.
Test the waters

ZS recruits predominantly at nationally ranked schools, including Kellogg, Stanford, Cornell, Purdue, UW Madison and UCLA. Students can also get a head start through the firms internship program. Former interns tell us that spending a summer at ZS gave them a great glimpse of what working full time at ZS is really like. One recent hire reports, You get real responsibility from day one. ZS also works hard to make sure you get exposure to different people throughout the firm to ensure a positive experience. Others agree that being an intern is just like being a new full time associate, with client contact by week four and plenty of responsibility. And for those looking to schmooze it up, were told that the internship also includes lots of learning sessions about the different aspects of ZS, as well as social activities (e.g., baseball games, happy hours, boat tours, dinners, etc.). That said, a colleague qualifies, larger offices (Princeton, Evanston and San Mateo) do a pretty good job of organizing intern events, though smaller offices could be better.
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OUR SURVEY SAYS

A casual intensity
Insiders agree that the culture at ZS straddles the line between relaxed and competitiveor, as one consultant puts it, the culture is casually intense. More specifically, were told its very collaborative and open, very collegiate, academic, energetic, family-friendly, people-friendly, team-oriented, informal and down-to-earth. The offices have a very collegial, flat atmosphere, and the dress code is lightly business casual with many consultants wearing jeans every day. In fact, an associate reports, One of the founders is more comfortable without shoes, so youll see him walking around the office barefoot. There are also a lot of young, energetic associates who often spend time together outside of work. All this camaraderie adds up to a successful business model; one staffer shares, I feel comfortable at work and, as a result, I am more productive. An associate agrees that although things are light and informal, everyone knows when to get down to business. An engagement manager explains that ZS is dedicated to delivering the right solution while retaining employees for the long term. He adds that the firm is not interested in burning people out. In all, an insider states, its a very academic firm, concentrated on learning and furthering the group and individuals, and theres no cutthroat or me-first mentality. The daily office interactions between people of all positions are casual, yet focused. Or, more simply, says a colleague, its like working in a computer lab at university with your friends.
Happy with higher-ups

ZS is also a relatively flat organization, and teams often include entry-level associates as well as principals and managers. In my experience at ZS, an associate shares, I have had the chance to work side by side with many senior ZSers (principals and managers). A cohort agrees: The founders and CEO can be seen in their respective offices on a daily basis, and you can interact with them at any time. Principals and managers are great resources, and other associates are always there to land a helpful hand. Other happy staffers tell us that managers at ZS are generally very friendly and easy to work with. They are very respectful. Says one longtimer, Our leaders truly are thought leaders and they enjoy sharing their ideas with everyone in the firm. They recognize the need to for new ideas in order to be successful, and are willing to listen to others. Staffers are also given the opportunity to mingle with client higher-ups. A case team leader notes that ZS provides the opportunity for client interaction and client relationship management very early on in a career. Plus, a consultant continues, our clients, regardless of level within the organization, are almost always extremely appreciative of our work and truly view us as experts in what we do. I have a very warm relationship with many of my clientsthey are happy to see me and to take my call/email, and some reach out for advice on nonwork issues, a colleague agrees.
Tough to make plans

Some respondents say the firm encourages managers to plan on avoiding weekend work whenever possible, but most say they are in the office on the weekend at least once a month. In general, consultants report that long hours are to be expected (anywhere from 40 to 70 per week), and it is typical to work late at night and occasionally on weekends. An associate warns, There is an expectation that at the lower levels you will be available all the time and at a moments notice, and others add that it is fairly unpredictable when you will be busy or not, which makes planning during the week a bit difficult. Others say that work/life balance is achievable, but not easily so. A recent hire says it requires difficult trade-offs, explaining, If there is something I would like to do, I can work around the work schedulebut it often means that I will have to choose between the activity or sleep. A colleague comments, At times, work and life are well balanced, but this requires clear communication of outside plans to project teams, as well as a lull on the project cycle. And an associate who says she has been able to achieve a decent work/life balance warns, However, when I leave on time, it seems like I am sneaking out, as most of the office is still working. When I have worked late at night (10 p.m. and on), I was never the only one in the office. Although I have only worked two weekends in over one year at ZS, I have heard some people say that it is the norm for them to work on the weekend. Meanwhile, another associate who say hes happy with the hours recognizes that long hours are just a part of the job: There will be weeks when 100 percent of your time not sleeping is at the office, and others where youre out every day by 7 p.m.
A two-way street
Insiders also note that ZS is very schedule-flexible. As a result, insists an associate, as long as you are on top of your project work, leaving the office early for an event or going out of email access for a weekend is perfectly acceptable. The firm affirms this stance, noting that consultants are expected to be available for client work and in the office from 8:30 to 5:30, but it does make allowances for flex time in certain situations. Others add that team members with young children often leave work earlier to spend time with their families, then work from home later in the evenings. An engagement manager states, My wife and I recently had a baby. The company had no hesitation to allow me to leave regularly at 5:30, and to work from home for two months full or part time as needed. If you take care of the firm, the firm will take care of you.
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Intelligent travel
It also helps that staffers rarely travel. A recent hire even goes so far as to say, I wish we traveled a bit more, just for a change of scenery, actually. A senior source explains, We employ an intelligent travel policy, only sending our associates to client sites when face-to-face meetings are required. There is relatively little on-site work, although there may be an increase in this in the future, depending on client needs. The firm also tries to staff locally, when possible. An insider explains that we staff most of our engagements with local office staff, so much of our client on-site time can be done within the same metro area our people live in, and ZS prefers to grow headcount by opening new offices close to our clients to limit the need for travel. Most staffers find this policy to be most favorable. An engagement manager remarks, I have found that a more manageable travel schedule at ZS significantly improves my ability to be a husband, father and consultant. And an associate concurs, stating, Since we dont have to travel as much as other firms, I can actually have a life in the city where I live.
Let them eat cake

Also making any long hours more bearable are the decent compensation packages staffers receivein addition to free dinners and cab rides home when working late. Benefits include life insurance, excellent medical coverage, including dental and vision with low premiums, and a 401(k). Vacation is reportedly generous, with three weeks for new hires, and the option to roll over time up to six weeks. Plus, consultants who have been at the company for more than one year are eligible to request unpaid leave, at the firms discretion. Other perks, which can vary by office, include cell phone provider discounts, gym membership corporate discount and tuition reimbursement, not to mention a fair amount of free food: free coffee/tea/juices, free soft drinks and chocolate, weekly fruit and we celebrate visitors coming and going to our home office with cake. Were also told there are morning mingles once a month for breakfast. On top of all that, there are yearly office retreats to fun locations, as well as other, smaller outings throughout the year, such as a great Christmas party and multiple social events throughout the year, some of which include spouses and kids. (These sorts of events and their frequency vary by office, however.) As one staffer puts it, We are not just colleagues, we are all friends and we party a lot! These are friendships that seem to last. A higher-up shares, For our 25th anniversary celebration in 2008, we had parties around the world, where we invited back all current and previous employees. We had almost 100 percent attendance from current employees, and a really good showing of alumni. Everyone who attended received an iPod Touch, and there was a nice video about the firm. Prior to the party, reports a case team leader, we had a worldwide MartiniZS competition, where teams created new alcoholic and nonalcoholic beverages, which were voted on during office parties. The winning concoctions were served at the 25th anniversary celebration.
Just in time
A principal reports that ZS also offers world-class training capabilities, with innovative apprenticeship models, real-time expert support, self-directed study and classroom training. Were told that all new employees attend a weeklong training session in Evanston, Illinois, (or in India, if they are based in that country) and there are additional official trainings [that] are sporadic throughout the year. Theres also a model known as JITT (just in time training), which is used if you are staffed on a project and need an immediate training. That said, many insiders say that most training is unofficial (learning through peers on the job), and theres a huge mentorship culture. In a nutshell, there are many avenues to learn.
Climbing the ladder

ZS has six levels of positions, respondents tell us: associate, associate consultant, consultant, manager, associate principal and principal, and the average promotion time is about two to three years to next level for most levels, although there have been examples of individuals promoted with more or less tenure. A recent hire warns that probably only 10 percent of entry-level associates will make it to consultant level before leaving for an MBA, but once there, a consultant can likely make it to principal in seven to nine years. In general, promotion is a strong function of both tenure and performance, notes an associate, adding that regardless of performance, one needs to have been in a position for a minimum number of years. Theres no up-or-out policy, but if a person is not progressing through the competency model at a reasonable pace, their pay levels off and they tend to leave for other opportunities as they see others move ahead.
Everyone needs pills

Providing some optimism for those eager to advance, notes a higher-up, We are growing so fast that there is plenty of room at the top. In fact, remarks an associate, we double our size approximately every five years. And despite the economic downturn, things dont seem to be slowing down much. Were told that ZS has not laid anyone off and [doesnt] plan to, but rather is still hiring actively. As a result, morale in the company is very high, a recent hire comments. We are cautiously optimistic for 2009, adds a manager, while a colleague is a bit more confident: Our firm is relatively well positioned to handle the current economic crisis, explaining, The majority of our work is in the health care industry, which is less drastically affected by the crisis than many other industries. We also have a number of offerings aimed at helping clients to get more efficient with their sales and marketing investments, which allows us to help them face the crisis. Feeling very comfortable in his position in the health care industry, one associate states, Everyone needs pills.
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Unabashed capitalists
Despite the firms strong financial standing, a number of staffers say philanthropic activities are limited at ZS; in fact, an associate goes so far as to say that ZS does not like to have its name involved in the community, while a colleague remarks, We are unabashed capitalists. Others agree that charitable giving is not a top priority, and they dont do much on this front. But others are less cynical, saying that ZS is very supportive of employee-driven initiatives, both in terms of time and money. An associate explains that each office has a ZS Gives Back team dedicated to incorporating community involvement in our team-building exercises (e.g., Habitat for Humanity), as well as spotlighting volunteer opportunities to participate in independently. Others tell us they participate in tutoring programs for schools, holiday gifts for needy children and other similar programs. In general, though, a recent hire explains that community involvement is driven internally by employees, not firmwide.
A diverse group
There are also no diversity initiatives at the firm, per se, but insiders largely agree that the ZS workforce has a great representation of diversity for all minorities. Were told that the firm has a traditionally strong Indo-Asia influence, as well as numerous Latin Americans, Europeans and Middle Easterners, although there is not a very strong African-American presence. There are also visible GLBTs in leadership roles. A senior source insists that there is no differentiation between men and women or races in any of our processes (including hiring, promoting and mentoring), and a female colleague agrees: In my 25 years of work experience, this firm is the strongest meritocracy I have experienced, and the only firm I have worked for where gender has never been a factor. However, the same source adds, we could improve in providing more informal affiliation support. And others agree theres room for improvement. A New York-based associate reports, Although I cant speak from experience, it seems like there needs to be a better and more public outlet or forum for the GLBT community. For example, most firms have a well-advertised GLBT group that meets regularly, whereas here that seems to be discouraged. A female consultant shares, I do believe we are getting there, but we need more networking/mentoring opportunities for women, and another comments that while we hire a lot of analysts (right out of undergraduate programs) who are women, the proportion of women that we have at higher levels in the organization is still pretty small. But a colleague notes that there are not many female principals, although I think ZS is improving in this regard.
Nalgenes for all

In a more proactive effort, ZS has created an international green team to investigate the firms environmental impact, identify opportunities for impact reduction and act on those opportunities to drive behavioral change. Specifically, describes a San Francisco-based engagement manager, there is an interoffice contest underway to reduce paper use. We have also worked with our building management company to reduce power use during evenings and weekends. We have minimized our use of bottled water, and we use glass dishes rather than paper. A New York-based associate concurs: When it became clear that most of the New York offices footprint was due to our rapid consumption of water bottles, we stopped stocking our fridge with free bottles and gave everyone a new, reusable Nalgene instead.
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CRA INTERNATIONAL, INC.

RANKING RECAP
Practice Area #2 Economic Consulting #8 Energy Consulting
John Hancock Tower 200 Clarendon Street, T-33 Boston, MA 02116 Phone: (617) 425-3000 Fax: (617) 425-3132 www.crai.com
THE STATS LOCATIONS

Boston, MA (HQ) 21 offices in eight countries Employer Type: Public Company Ticker Symbol: CRAI (Nasdaq) Chairman of the Board: Rowland T. Moriarty President & CEO: James C. Burrows 2008 Employees: 823 2007 Employees: 1,049 2008 Revenue: $377 million 2007 Revenue: $395 million
PRACTICE AREAS
Business Consulting Aerospace & Defense Auctions & Competitive Bidding Chemicals Climate & Sustainability Energy & Environment Enterprise Risk Management Industrial Products Life Sciences Mining, Metals & Materials Oil & Gas Transportation Litigation Antitrust & Competition Economics Financial Accounting & Valuation Financial Economics Financial Markets Forensic Services Insurance Economics Intellectual Property International Trade Labor & Employment Mergers & Acquisitions Regulation Transfer Pricing
UPPERS
Talented vice presidents from which to learn Lack of travel
DOWNERS
Not-so-great pay Publicly tradedaffects some operational decisions
EMPLOYMENT CONTACT
www.crai.com/Careers

One of the best in the economics field Struggling Friendly work environment Old guard, lack of creativity
THE BUZZ
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THE SCOOP
Ready to back you up
Founded in 1965 as Charles River Associates Incorporated, Boston-based CRA International is a leading global consulting firm that offers economic, financial and business management expertise to major law firms, industries, accounting firms and governments around the world via offices in the United States, Canada, Europe, the Middle East and Hong Kong. Besides its slew of business consulting services, the firm is also well known for its litigation services, which come in the form of expert reports, analysis and testimony. Clients include national and international companies; federal, state and local government agencies, and foreign governments; public and private utilities; and trade associations, which operate in a number of industries. Among those industries are aerospace and defense, banking and capital markets, capital projects, chemicals, energy and utilities, financial services, health care, insurance, manufacturing, media, mining, metals, materials, oil and gas, pharmaceuticals, real estate, retail, sports, telecommunications and transportation sectors.
Doubling up
After a year of restructuring and slimming down in 2008, CRA has narrowed its focus to two main areas of business: business consulting and litigation services. Under the former, its consultants offer advice on strategy development, performance improvement, corporate portfolio analysis, estimation of market demand, new product pricing strategies, valuation of intellectual property and other assets, assessment of competitors actions and analysis of new sources of supply. The firm is also often called upon for its litigation services. Working with law firms, businesses and government agencies, the other main area of CRAs business focuses on research, regulatory analysis, comprehensive support in litigation and regulatory proceedings, class certification, damages analysis, expert reports and testimony, strategy development, valuation of tangible and intangible assets, risk management and transaction support.
Minding your Is and Ps

CRA is a prolific publisher, regularly putting out studies, surveys and reports, like M&A Insights: Spotlight on Intellectual Property Rights. It also has 12count emdifferent newsletters that focus on the energy industry, accounting and valuation, competition issues, financial markets, life sciences, and the oil and gas industry, among other subjects.
THE LATEST ON CRA INTERNATIONAL

Adding value
June 2009 The firm announced that it had agreed to purchase boutique consulting firm Marakon Associates, for an undisclosed fee. Marakon had specialized in providing consulting services that created long-term value for clients. Founded in 1978, the firm ran into difficulties following an ill-fated merger with financial advisory IFL in 2007. While the intent of that deal had been to capitalize on the booming market for financial services consulting, the economic downturn evidently took its toll: Marakon and IFL split in early 2009, filing for bankruptcy protection in the process. In picking up Marakon, CRA expanded its presence in London, New York and Chicago. At the time of the deal, CRA announced that it would keep as many as 50 of Marakons consultants, creating with them a new value management practice headed by former Marakon Chief Executive Mason Kissell. Members of the new practice will be working from CRAs locations in London, New York and Chicago.
Boston blues
January 2009 CRAs annual report highlighted the fact that 2008 was a very rough year. The slowing economy meant slow business for the firm, which suffered from utilization rates of only 71 percent. As a result, CRA announced a drop in annual revenue to $377 million. That came despite major restructuring efforts that included the closure of its underperforming capital projects and legal business consulting practices, and the shuttering of offices in Austin, Dallas and Melbourne. The firm also reduced its office space in Houston. CRA President and CEO James C. Burrows said the moves were meant to focus our resources on our core businesses, but he refused to give investors any kind of forecast for 2009 because of the uncertainties in many of the markets we serve.
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The importance of IP
December 2008 A survey on the role of intellectual property rights assets in M&A was released by mergermarket, an M&A intelligence service. The survey, which was sponsored by CRA and law firm K&L Gates LLP, found that IP assets are becoming increasingly important to the success or failure of mergers and acquisitions. In fact, some 85 percent of corporate respondents and 72 percent of private equity respondents said IP assets are as important or more important than other assets in such deals. Respondents also agreed that, while important, IP assets also increase the risk of any deal because most companies or private equity players do insufficient due diligence on IP-related risks.
Discover settlement
October 2008 CRAs litigation specialists helped Discover Financial Services in the third-largest reported antitrust settlement in U.S. history. In 2004, Discover filed a lawsuit against competitors Visa and Mastercard because, Discover said, they were not allowing their member banks to issue credit cards for Discovers network. On the night before the trial was to begin, Visa and Mastercard announced that they would pay up to $2.75 billion to settle the suit. CRA worked with Discovers counsel on the case, providing economic antitrust analysis.
Bringing XM and SIRIUS together

August 2008 The firm announced that it had assisted with economic antitrust analysis of the successful merger between satellite radio providers SIRIUS and XM, which cleared the last regulatory hurdle in July 2008. CRAs role consisted of conducting economic analysis of the competitive effects of the merger, and filing reports with the FCC.
A Shaw thing
July 2008 Canadian telecommunications firm Shaw Communications, a CRA client, successfully bid on CAD$190 million worth of advanced wireless services spectrum licenses. CRA worked with the firm in its bid for the licenses, which could help the company provide next-generation mobile devices and services to customers.
Small is the new big

2008-2009 Despite a rough year, CRA was still in the spotlight as one of Forbes 200 Best Small Companies. For the seventh year in a row, CRA was included on the list of companies with revenue between $5 million and $750 million, and a stock price of at least $5, as of September 29, 2008. The index is measured using return on equity and sales and profit growth over the past 12 months and over five years. Also in 2008, CRA appeared on the Globe 100 list of top-performing public companies in Massachusetts. The firm ranked 45th among Massachusettsbased companies whose stock is publicly traded on the Nasdaq, New York Stock Exchange or American Stock Exchange.
GETTING HIRED
Wanted: A top pick
Candidates looking for a post with CRA better be on top of their game. We consider ourselves selective, says a source, and have frequently chosen to hire nobody from a particular school rather than make an offer to someone without universal support. Given its recent financial belt-tightening, CRA may even be more selective in whom it chooses to hire, especially considering it has undergone two rounds of cuts, though hopefully no more, a staffer crosses his fingers. For those willing to cast their lot with CRA recruiters, the firm typically corrals new prospects from top-tier undergraduate and MBA programs at schools such as the MIT Sloan School of Management, Vanderbilt, Carnegie Mellon, Yale, Wharton, Cornell, Babson and Harvard Business School. Once selected for an interview, candidates can expect the standard consulting routine, with two rounds of interviewsthe first held on campus or on the phone. The second round is on site, with eight to 10 case study-based interviews and fit interviews. Case questions, if used, are interviewerspecific, and usually are based on actual CRA casework. The questions asked are the standard ones: How would you approach the assignment? What are the issues? PhD candidates are expected to give their job talk, so have those dissertation notes ready.
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OUR SURVEY SAYS

A rich (and niche) opportunity
Insiders at CRA describe their firm as academic, serious, entrepreneurial and fast-paced, with a relatively open office culture that involves junior and midlevel staff in high-level discussions, both as a learning experience and to give them an opportunity to contribute. Those high-level discussions and on-the-job learning experiences have a particular edge for new hires, were told, given the firms niche role in the consulting world: We tend to have a greater industry focus than some competitors, a manager explains. When staff join out of undergraduate or MBA programs, they join a particular industry-focused practice. While that limits cross-industry exposure, it allows them to build enough depth to hold meaningful client discussions more quickly.
Work to live, not live to work

Despite the pressure of meeting tight deadlines, respondents tell us the firms management is great about the work/life balance. The firm is flexible about time in the office, and there is little face time expectation, though when deadlines loom, there is an expectation that people will pitch in. On average, consultants say they work 40 to 60 hours per week. A staffer comments, As long as you communicate in advance any obligations outside of work, every effort is made to accommodate. Ultimately, explains a vice president, most of us work at CRA because we have high standards for good work, but we do not live to work, we work to live. Staffers also tell us theres no average travel schedule. How much a consultant travels varies significantly by consulting practice and industry type. For example, within global industrial consulting, a practice in business consulting, traveling demands and level of client interaction are higher, explains a Boston insider. A higher-up notes, In my job, I may be on the road two or three days a week, but many of those trips are day trips. Im sleeping at home most nights.
Recessions are never easy

The economic hardships of the last year have taken their toll on CRA, respondents claim. The economy is not doing us any favors, says one Chicago insider, while a principal adds, CRA is in a strong position with relationships, but the firm is suffering a little now due to the economy. In addition to two rounds of downsizing, the firm has also reduced the level of business-related travel, cut out a number of on-site office perks, such as free coffee, free meals, etc., and eliminated or reduced the scale of winter holiday celebrations. On a hopeful note, a midlevel source notes that, even though the business outlook is uncertain now, as it is for many of our clients and consulting firm peers, I expect we will all see a rebound together as the economy begins to resume growth. And, with a mix of business consulting and litigation, and exposure to a mix of industry practices, the firm is doing OK and should do a bit better than most consulting firms in terms of weathering the current economic storm, adds a cautiously optimistic insider.
Not exactly winning the lottery

A source in Boston states that at CRA, there is not-so-great pay, though others say there are some notable benefits, such as health, dental and vision insurance, as well as a 401(k) matching program. The firm also covers the cost of consultants train passes or parking, and will dish out $150 for joining a health club. New mothers are granted three months of maternity leave, and paternity leave is available as well. Another family-friendly perk is that for parents in a pinch, CRA provides last-minute babysitting and nanny services.
Rise when ready

CRAs promotion schedule is more flexible and individualized than that of many of its competitors. Consultants advance when they show they can function at a higher level, explains a principal. It is not up-or-out. A senior-level cohort adds that consultants can remain in the same level and not be dismissed, thanks to the slow but steady promotion pace. This is one unique aspect of our culture, notes a Boston source. If people perform well in a role but promotion is not appropriate[such as a] lack of interest or skill fit for the next stagethat is acceptable. I think that helps keep the environment more collegial. On the other hand, people can advance rapidly if appropriate. Those in the latter camp can expect promotions about every two years, while the typical path is seven to 10 years to vice president. To help younger hires make their way up CRAs chain of command, the firm offers an official training program that includes career-stage sessions held at off-site locations, along with on-the-job mentorship training. A vice president adds that, these days, the firm is investing in a more formal training program.
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Could be more diverse

When it comes to diversity, insiders say CRA does a great job on behalf of women, and that, as a meritocracy, the issue is how well you do your job, not your sexual preference. However, staffers do note the firms lack of ethnic diversity. We have very few underrepresented minorities, a principal reports, which is a consequence of the schools and majors where we recruit.
Do-gooders and go-greeners

Off the billable clock, CRA is reportedly involved in a number of volunteer projects. A volunteer committee actively promotes activities for charitable causes, such as tutoring, clothing and food drives, and volunteering with Habitat for Humanity, sources say. Separately, but also in the build-goodkarma spirit, were told that CRA began a green office initiative in 2007, with a focus on paper usage, printing, recycling, turning off lights, etc.
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PRESTIGE RANKING
30
ARTHUR D. LITTLE
UPPER
Historic place in the industry
125 High Street Tower 28th Floor Boston, MA 02110 Phone: (617) 532-9550 Fax: (617) 261-6630 www.adl.com
DOWNER
Short projects create a lot of highs and lows
LOCATIONS
Boston, MA (US HQ) Paris (HQ) Houston, TX 30 offices worldwide
EMPLOYMENT CONTACT
www.adlittle-us.com/careers_us.html
PRACTICE AREAS
Automotive & Manufacturing Chemicals Energy & Utilities Financial Services Healthcare & Life Sciences Operations & Information Management Strategy & Organization Sustainability & Risk Technology & Innovation Management Telecommunication, Information, Media & Electronics
THE STATS
Employer Type: Subsidiary of Altran Technologies Ticker Symbol: ALTRAN TECHN (Paris Bourse) CEO: Michael Trm 2009 Employees: 1,000+ 2008 Employees: 1,000+

Great specialists Old, stodgy Traditional International only
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Arthur D. Little
THE SCOOP
Mold-breaker
Founded in Boston in 1886, Arthur D. Little lays claim to the dual titles of first and oldest management consulting firm in the world. The pioneering spirit of the founder who lent the firm its name is the stuff of legend, as is the firms continued survival, despite a serious restructuring that led to its acquisition by Frances Altran Technologies in 2002. So while Arthur D. Little himself may be long gone, the firm that bears his name is still going strong. The 1,000plus consultants it employs today find themselves spread across 30 countries, offering tailored services to clients in industries including automotive, chemical, energy and utilities, financial services, health care/life sciences, manufacturing, TIME (telecommunications, information technology, media and electronics), consumer goods, private equity and transportation. The firm also serves state and federal agencies, as well as foreign governments.
Founding fathers
Arthur Dehon Little was only half of the partnership of chemists that founded the firm. The other half was his fellow MIT classmate Roger Griffin, and together the pair set up as researchers for hire, pioneering the concept of process improvement through outsourcing research. Originally called Griffin and Little, the companys name was changed following Griffins untimely death in 1893, when an experiment went awry. As his firm grew in size and capability over the years, Little developed something of a genius for eye-catching PR stunts, which served no small role in increasing the firms visibility and, thus, client base. Among the stunts designed to prove Littles maxim of Who says it cant be done? were Little literally turning a sows ear into a silk purse, as well as a competition among a group of staff in the 1970s to make a lead balloon flyboth of which achieved considerable acclaim. Those feats brought some visibility to the company, underscoring the unusual measures it was prepared to take to get the job done, and establishing Little as a leading name in the field by the 1960sa position it maintained until the late 1990s, and a reputation it guards to this day. Arthur D. Little may not be the easiest global firm to manage, but it will never become one of the grey consulting firms where everyone gets brainwashed into behaving the same way and delivering the same productsunthinkable. So wrote Rick Eager, U.K. managing director of ADL in a 2006 overview of the firms history. The firms great strength is its people and its culture. More Vivienne Westwood than Chanelvive la diffrence!
After the boom

After a corporate restructuring in 2002, Arthur D. Little sold off parts of its business (and reduced its workforce by almost half). Altran Technologies bought the core management consulting business, as well as the Arthur D. Little name. This change led, perhaps unintentionally, to increased attention on business affairs in Europe, rather than in North America. In September 2006, this refocusing was formally confirmed by the shift of the firms world headquarters from Boston to Paris. Moreover, German-born Michael Trm, formerly of A.T. Kearney, replaced Richard Clarke as the companys CEO.
Littles known publications

As an extension of its consulting efforts, ADL also produces research reports and studies on the direction of business, the combined effect of which is meant to raise the companys profile and mark it as a thought leader. Chief among these is a biannual publication called Prism, which reflects on upand-coming industry trends, updates on business-related topics, and insights into how businesses and business leaders are thinking. The firm is also a strong proponent of sustainability, with more than 40 years of experience in advising clients on the opportunities and risks presented by the issue, as well as in climate change and the carbon agendas. ADLs sustainable impulse is no mere attempt to take advantage of a relatively recent buzzword, however; as far back as 1906, its namesake founder was clearly concerned with the concept as a basic plank of good business strategy. Every waste that is prevented, or turned to profit, every problem solved, and every more effective process that is developed makes for better living in the material sense and for cleaner and more wholesome living in the higher sense. That spirit of forward thinking is also reflected in the companys technology and innovation management unita section of the company that is dedicated to improving the innovative ability of clients. According to the company, the practices consultants are strong on technological and scientific expertise, which aids them in helping clients align and integrate innovation with existing business strategies and goals.
THE LATEST ON ARTHUR D. LITTLE

Opening the flood gates
November 2008 In November 2008, the firm launched The Water Margin, a look at how effectively managing something as commonplace as water could have major benefits for companies. Based on predictions that two-thirds of the world is likely to experience effects from water shortages by 2025, ADL investigated
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Arthur D. Little
the effect the commodity is having today. Featured in the report are the examples of lectricit de France and Anheuser-Busch, both of which have suffered severe business disruptions in the past due to water shortages. In the end, however, ADLs advice is less surprising than it might be: Companies should plan for shortages, and thus not be taken by surprise in future.
Cleaning up the gongs

October 2008 ACQ Finance Magazine announced two awards for ADL in its first annual Country Awards for Achievement in the private equity field. The firms Nordic branch was awarded the Swedish ACQ Country Award for Commercial Due Diligence, while its French branch was named management advisor of the year. The finance awards were developed to recognize leaders in mergers and acquisitions. ADLs accolades were achieved for work done by its global private equity and strategy and organization practices.
A new Prism
Fall 2008 In this issue of Prism, ADL tackled topics such as applying successful business models and going after global dominance. Experts provided advice on how to take the strategies of global giants like Ikea and McDonalds, bring them down to earth, and apply them in plain and simple terms. If its global dominance that piques your interest, ADLs advice is simple: Up-and-coming countries like China, India and Russia are going to have the largest customer segments around in the next few years. The firm provides practical advice on how to grab a piece of the pie before its too late.
Sustainable reporting
May-June 2008 Over the course of two months, the firm released three reports on achieving sustainability and green practices. First up was a report titled Sustainable Performance Delivered, which builds on a previously established ADL concept that integrity + innovation = sustainable performance. The report analyzes how companies such as GE, Dow and HSBC are finding value through their commitment to sustainable performance. (Hint: They do it by focusing on the I+I formula). In June, meanwhile, a pair of ADL reports came onto the scene. The first, Green Purchasing Power, focuses on how a sustainable approach to procurement can pay off for companies in lowering costs and risk levels while increasing shareholder value. The second reportSustainable Performancefound that many companies do little more than pay lip service to the question of sustainability, an approach that ADLsays is costing them opportunities to slash costs and increase competitiveness.
GETTING HIRED
A tall order
On Arthur D. Littles career page, the firm describes its perfect candidate: one who is capable of balancing creative insight with pragmatic industry understanding and technology, who is able to demonstrate outstanding intelligence, ample common sense, and well-developed social competence, and who is well rounded and committed to achieve lasting results. Oh, and theres one more requirement: You must also show unwavering personal integrity. That may be a fairly tall order for possible candidates to fill, but for those who fit the bill, Arthur D. Little promises excellent financial and personal rewards. Applicants who think they have the right stuff can submit their resume via ADLs Careers page, although current opportunities with the firm are not listed.
Join the club

For those who currently work or have worked at Arthur D. Little, there is an extensive Arthur D. Little Alumni Club made up of more than 3,000 alumni worldwide, across more than 50 countries. Members of the club include Laurent Ledoux, worldwide managing director of Fortis Public Banking and an Arthur D. Little employee from 1998 to 2003, and Peter Laurin, head of hosting services for Ericsson and an ADL employee from 1998 to 2000.
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PRESTIGE RANKING
31
PRTM
RANKING RECAP
Practice Area #9 Operations Consulting Quality of Life #3 Interaction with Clients #4 Relationships with Supervisors #7 Compensation #9 Selectivity #17 Best Firms to Work For #19 Green Initiatives #20 Hours in the Office #20 Travel Requirements Diversity #14 (Tie) Diversity for Minorities
77 Fourth Avenue Waltham, MA 02451 Phone: (781) 434-1200 Fax: (781) 647-2804 www.prtm.com
LOCATIONS
Chicago, IL Dallas, TX Detroit, MI Mountain View, CA New York, NY Orange County, CA Waltham, MA Washington, DC Bangalore Dubai Frankfurt Glasgow Lima London Munich Oxford Paris Shanghai Tokyo
PRACTICE AREAS
Customer Experience Innovation Operational Strategy Product Innovation Supply Chain Innovation
UPPERS
Flat organization, consistent and open access to high-level personnel Room to grow PRTM is a meritocracy, where the reward of partnership is there for the taking A very high director-to-consulting staff ratio
THE STATS
Employer Type: Private Company Global Managing Director: Scott Hefter Americas Managing Director: Mark Strom 2009 Employees: 670 2008 Employees: 675
DOWNERS
Smaller firm has its own administrative challenges, particularly with IT Need more brand awareness Sometimes theres just not enough time in the day to accomplish all that is required to make partner Very few business analyst-level consultants, so a new hire out of undergrad will have very few opportunities to interact with anyone of a similar age

Supply chain experts Pretty narrow, selling canned solutions Good culture Operations-focused, nonstrategic
THE BUZZ
EMPLOYMENT CONTACT
Use the online application form at www.prtm.com, or contact careers@prtm.com
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THE SCOOP
Op-center
Even the most brilliant business strategies fail without the right operational strategy. So says PRTMs corporate brochure, going on to define a winning operational strategy as something that translates a firms direction into operational reality, creating strategic competitive advantage. That, in a nutshell, is what PRTM sets out to do for its clients: to gain an idea of a companys overall direction and help it reach that destination through innovative operational strategies for products, supply chains and customer experience. Of course, as a consulting firm, PRTM is a little more jargon-tastic than that, as can be seen from its full list of capabilities: accelerating operational clockspeed, achieving sustainability, developing breakthrough products, driving asset utilization, driving top-line growth, expanding global presence, improving cost structure, managing organizational change, maximizing acquisitions and alliances, navigating regulatory change and strengthening customer loyalty. The firm serves its customers from 19 offices in nine countries around the world, and maintains a footprint on four continents. Clients come from a diverse array of industries, including aerospace and defense, automotive, communications and media, consumer goods, electronics and computing, energy, financial services, health care, industrial, life sciences, private equity, public sector and software.
When the bubble bursts, learn to swim

Founded in the heart of Silicon Valley (Palo Alto, Calif.) in 1976, the first two decades of PRTMs existence were spent serving the tech industry, including major firms such as Cisco, Texas Instruments and Sun Microsystems. The tech bust in the early years of the 21st century proved to be something for a wakeup call for the firm, however; seeking ways to maintain its revenue, it was forced to diversify its service offerings, and began by expanding into the public sector, automotive, life sciences, consumer products and global health.
Data crunchers
One of the core planks of the PRTM ideology is that benchmarking, analytics and frameworks are essential to driving improvements in operating performance. Having long practiced performance measurement in its work, it seemed only natural for the company to form its own enterprise to capture operational performance and best practice information. In 1998, the Performance Measurement Group, LLC (PMG) duly arrived, and has served over 1,000 companies with its operational benchmarking offerings since then. PRTM helped develop the supply chain operations reference (SCOR) standard, which serves as the platform for its supply chain management services. PRTM also took part in the founding of the Supply-Chain Council, an 850-member nonprofit consortium that maintains and promotes the SCOR open industry standard as a basis for achieving operational excellence. In addition, PMG provides SCOR-based benchmarking services that comprehensively compare a companys supply chain performance, practices and operations complexity to other companies in their industry, thereby allowing performance objectives to be fully aligned with operational strategy.
Setting the pace

Another major PRTM methodology is PACE (product and cycle-time excellence). The PACE framework attempts to create profitable growth by introducing the right products at the right pace. It relies on a dense mix of data concerning schedule variance, time to market, pipeline throughput and R&D effectiveness. BusinessWeek has called PACE one of the most successful and effective models of the product development process for technology-based industries.
THE LATEST ON PRTM

Squaring the circle
May 2009 Dr. Robert P. Kadlec rejoined the firm as a vice president in the global public-sector business, following a two-year stint in Washington, D.C., where he served as special assistant to the president for homeland security and senior director for biological defense policy. All told, Kadlec has some 26 years of experience in the public health and bioterrorism field, and is certain to play a major role in the firms ongoing efforts to generate business in the public sector.
An eGate in the Great Wall

April 2009 PRTM expanded its presence in China with the acquisition of eGate Consulting Shanghai, Ltd., a strategy consulting firm with a focus on performance measurement, which has worked across all industry segments in China. In addition to increasing PRTMs capabilities in the country, the purchase
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brings eGate co-founder Yong-Ling Sun into the PRTM folda significant development given that she was named one of Chinas most influential people in 2007 and is, according to a press release, widely regarded as one of the top-10 consultants in the country. The purchase continues PRTMs recent strategy of expanding into Asiasomething the company began in earnest in 2007, when it opened its first offices in India and China.
GETTING HIRED
Focused on fit
When looking to hire new business analysts, PRTM insiders say the firm typically recruits at the top-20 U.S. and international business schools, and undergraduate business and engineering programs. More experienced hires are recruited based on their experience and educational background in engineering, operations, medicine or public policy, staffers add. Candidates with the right profile should prepare themselves for an extremely selective yet transparent hiring process that is fundamentally focused on how a new hire would fit into PRTMs culture. As one associate explains, I believe the screening process in the interviews produces people that are very alike in thinking and passion. Usually, for undergraduate and graduate hires, the hiring process starts with an initial round of screening interviews followed by a second round of interviews with a number of senior consultants and directors. Throughout the process, insiders say, interviews are fit-centered, focusing on candidates past experience, capabilities, education and cultural fit, and rarely include case studies. A source adds that interviews are fairly laid-back and feel more like a conversation than an interview. A recent hire points out that, although the recruitment process was intense, the human resources department was very good at keeping me abreast of progress and ensuring that any questions I had were answered in a timely fashion.
OUR SURVEY SAYS

All hands on deck
PRTM, insiders say, is extremely client-focused, with a great deal of emphasis on delivering exceptional value to the client, while at the same time ensuring that its employees grow with the firm. Its collaborative culture means that all staffers are expected to get their hands dirty in client engagements. There is ample opportunity for everyone to get involved in not only client work, but in a variety of internal operations, [such as] marketing, business development and staff management. And in this fast-paced environment, sources say they never forget to celebrate winsand then get back to work.
A happy medium
PRTMs size also means that entry-level consultants work side by side with senior-level colleagues. As a lean, entrepreneurial firm, new hires are brought on with the long-term hope that they will one day become directors, so every effort is made to develop their skills and abilities, insiders say. The firm is flat, providing [new hires] access to directors, both on client projects and as mentors and coaches throughout consultants career, a contact notes, while another says directors and principals take a lot of time to help the junior consultants develop. A business analyst adds that there is a very high directorto-consulting staff ratio, so for a consultant out of undergraduate school, there is a lot of opportunity to learn from the leaders of the firm. This focus on bringing new employees into the fold also means that new hires get plenty of opportunities to interact with PRTMs senior-level clients. A new hire enthuses, Without question, I cant say enough about the opportunities at PRTM to interact with internal and clients top-level management, and to do so with specific measures of success and the positioning to achieve it.
A fine line
The downside to PRTMs all-hands-on-deck, client-focused mentality, however, is that it can be hard to balance work and life. In general, the expectation is that you will be available for brief discussions via email during nonwork hours, including weekends, an insider reports, adding, Not being available during these times does not seem to be a hindrance to advancing at the firm, but the expectation can be a bit overbearing. An engagement manager adds, The firm wants us to stay 100 percent billable, and also perform non-billable work, such as recruiting, which makes the balance difficult. That said, despite the occasional deadline-driven late night or weekend brainstorming session, consultants say they are generally able to strike a nice balance. A director says the firm takes great pride in outstanding planning for projects, ensuring that the budget, staffing and expectations are realistic and achievable. Additionally, PRTM staff are expected to manage their own workload, communicating when they need help or when they are maintaining an unsustainable workload. While there are certainly bursts of activity, weekend work is unusual and not expected to be a regular occurrence. Another senior source notes that, while situations may vary, engagement teams are typically very understanding of their colleagues personal commitments, and the directors have voiced support for work/life balance.
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Traveling light
That flexibility extends to consultants travel schedules, as well. Travel expectations remain quite reasonable, despite a recent uptick in travel demands due to the additional globalization and diversity in PRTMs client base, a respondent reports, adding that there is an emphasis on local work when possible, and manageable travel of only three nights per week. When long-distance treks are required, the firm tries to adhere to a Monday to Thursday itinerary. And, in all cases, an associate explains, the firm will work individually with personnel who have temporary personal situations that require limited travel.
Holding its own

While PRTM might not be the biggest fish in the sea, its compensation is industry-competitive, staffers say. Perks are reportedly few, although the firm does offer a standard benefits package that includes medical, dental, disability, life, accidental and travel insurance, paid vacation time and sick days, a 401(k) matching program, profit sharing and a sabbatical program. New moms are given two months of paid leave, although I know of few firms with a better policy, an insider remarks. And, while PRTM may be short on perks, it does pony up every five years for a companywide retreat for all employees and family members on the anniversary of its founding. The 30-year anniversary was held at the Nemacolin Resort in Pennsylvania, an associate reports.
Mentor for life

When it comes to formal training opportunities, an associate suggests that PRTM could invest in technical training for consultants who come from a less technical background, such as complex financial and data modeling and coding. Generally, if you do not come with that background, it is rare for you to be placed in a situation to learn it. The firm will simply find someone else who already knows the details, rather than formally training you. What PRTM lacks by way of formal training, it more than makes up for in on-the-job training and mentoring, staffers say. At PRTM, explains an associate, we have one director adviser (supervisor) for the entire career life of a consultant. This makes the relationship of the consultant and the director advisor strong and personal. But, advises a colleague, to take full advantage of [mentors], you have to be willing to ask questions where you dont know the answer and seek guidance as appropriate.
Promotions when ready

As a meritocracy, were told, PRTM offers promotions according to what you deliver and how you perform. An associate comments, PRTM emphasizes that promotions occur when individuals are ready to take the next step, so advancement is truly a personal process. That said, an insider says the firm tells new hires that the journey to director is about seven to nine years from associate, through manager and principal. Generally, you can expect to move up within your level once a year, sometimes more if you are a strong performer, an engagement manager explains. Enroute to director, respondents say the firm is not necessarily strictly up-or-out, but there is a strong desire to see demonstrated potential and growth.
An area for improvement

When it comes to the diversity of its workforce, sources claim the firm has some work to do, but that the efforts to include more underrepresented groups have been noted. When it comes to bridging the gender gap, a partner admits that, while we are very receptive to hiring and promoting women at PRTM, we have not been as successful as wed like. A colleague reports that there are too few women among the highest ranks, while an associate adds that, at least in the government practice, it tends to lean toward male dominance, but the firm has made impressive progress in decreasing that impression through a combination of hiring, promoting and mentoring.
Impactful efforts
Despite their busy schedules, PRTM consultants say they regularly take time out for community service projects, and that the firm supports these efforts. At least four times per year, PRTMs Make an Impact team organizes firmwide community service projects that tackle issues such as fighting hunger and poverty, environmental sustainability initiatives, medical research, education, hands-on support to improve housing, disaster relief support and so on. The firm has also made a recent foray into the green scene. According to a director, PRTM has significantly increased its focus on environmentally sustainable business practices over the last year. The primary focus has been on reducing the use of plastic bottles and printing materials, as well as increasing recycling of paper, plastics, glass and metal cans. And since the firm has undertaken these efforts, there is a new green initiative or adopted business practice just about every quarter. Theres more work to be done, however; as one respondent notes, The impacts of travel and commuting have not yet been addressed.
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Reaction and action

Theres no beating around the bush: This recession is difficult for all consulting firms, ours included. However, insiders say that, thanks to PRTMs ability to evolve like a small entrepreneurial company, it has taken positive steps to adjust to the downturn. The firm has responded well by investing in client relationships, continuing the focus on staff development and diversifying into new regions, industries and practices, a director reports, while another insider adds, The firm is a very lean organization, which will help ensure that operational costs are as low as possible. Moreover, an associate says PRTMs efforts to emphasize its work in the public sector and with the U.S. government should help safeguard its bottom line while times are tough.
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PRESTIGE RANKING
32
KURT SALMON ASSOCIATES

RANKING RECAP
Quality of Life #13 Interaction with Clients #17 Work/Life Balance
1355 Peachtree Street, NE Suite 900 Atlanta, GA 30309 Phone: (404) 892-0321 Fax: (404) 898-9590 www.kurtsalmon.com
UPPERS LOCATIONS
Atlanta, GA (HQ) 12 offices worldwide Accessibility to top-level clients Flexible hours Considerate and competent supervisors Interesting and challenging projects
PRACTICE AREAS
Health Care Facilities Development & Performance Information Technology Operation Planning Strategy & Finance Retail & Consumer Products Customer & Channel Information Technology Merchandising & Planning Private Equity Product Development & Sourcing Supply Chain
DOWNERS
Inconsistent leadership No telecommuting options Lack of training Too closely tied to the state of the US economy
EMPLOYMENT CONTACT
Americas www.kurtsalmon.com/content/main/body/careers/ opportunities/body.htm Asia Pacific Email: recrAPAC@kurtsalmon.com Europe Email: recrEU@kurtsalmon.com
THE STATS
Employer Type: Subsidiary of Management Consulting Group Plc, a British Public Company Ticker Symbol: MMC.L (London Stock Exchange) Chairman: Mark Wietecha President, RCP: John Karonis Managing Director, Health Care: Jim Berarducci 2009 Employees: 400 2008 Employees: 500

Retail-savvy Bad work/life balance Good boutique Lesser-known
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Kurt Salmon Associates
THE SCOOP
Knowledge of streams and currents
Kurt Salmon Associates is a management consulting firm serving the retail, consumer products and health care industries. It was founded (spawned, one might be tempted to say) in Nashville, Tenn., in 1935, as the solo operation of Kurt Salmon, a German immigrant and textile engineer. The company has since grown into a multinational operation spanning 12 offices in Europe, Asia and North America.
Attention to retail
In its retail and consumer products practice, KSA offers supply chain management and technology solutions to clients from the entire sweep of retail and consumer goods, including clothing, footwear, groceries, jewelry and other areas. It identifies consumer trends, optimizes pricing, facilitates market penetration, assists in brand launching, and guides mergers and acquisitions, among other services. Additionally, a team in KSAs retail practice is devoted to private equity services, offering investment thesis development, due diligence and exit support services to private equity funds, merchant banks, investment banks and portfolio companies.
Operating on health care

Though set apart from its consumer products and retail practice, the heath care practice uses many of the same approaches. KSA collaborates with clientswhether they be large hospital systems, community hospitals or small physician groupsto determine strategic direction, explore innovations and implement change. To assist with facility planning, the firm will perform site assessment and capital planning, determine capacity requirements and form alternative facility scenarios. It may be contracted to advise the health care client on a merger or acquisition, or to model a potential market. KSA performs IT consulting in this practice, as well.
Modern methods
KSA is a strong advocate for the use of innovative technology to drive success. The firm often helps clients select and implement software that will optimize, or even automate, their business processes, such as order fulfillment, project tracking, inventory management or other supply chain issues. It integrates IT solutions into its client service, where appropriate, and works to develop software that meets specific needs. KSA is also prepared to advise on the value of new ideas. The firms most recent focus for innovation and service growth has been on the act vertical concept, which encourages businesses to increase the effectiveness of their supply chains through concurrent, as opposed to linear, information sharing and decision making, and to create unique value propositions based on customer input.
Smooth as silk
In October 2007, KSA was acquired by U.K.-based Management Consulting Group Plc. MCG operates through a number of specialist consultancies, including Ineum, Alexander Proudfoot Company and more, and invested in KSA to broaden its scope of services. Welcoming KSA into the fold with open arms, MCG named KSA Chairman Mark Wietecha to its board of directors in March 2008.
THE LATEST ON KURT SALMON ASSOCIATES

The times they are a-changin
May 2009 An article co-authored by retail and consumer products President John Karonis and Senior Partner Madison Riley appeared in Forbes. Titled Why retailing will never be the same again, the article examines the dual effects of the recession and the Web on the retail industry. In the piece, the consultants argue that the impact of those forces on the $4 trillion industry will be just as profound, both for retailers and for the manufacturers that sell through them, as they have been for the newspaper industry. The heart of that change, the article says, is that retailers are being forced into one of two camps in order to survive: They must be either discounters that sell national product brands on the basis of price or stores that dont need to discount because they offer uniquely compelling products and shopping experiences. The result? Retailers seeking success in the future will have to find ways to differentiate themselves, meaning theyll needwhat else?more in the way of consulting-type services.
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New chief
January 2009 John Karonis was named president of KSAs retail and consumer products group. Formerly the firms managing director for North America, Karonis new role also includes oversight of the firms dealings in Asia and Europe. During his time at the firm, Karonis has also been a vice president, a member of the board of directors and national director of the supply chain practice.
Moving the GoalPost forward

October 2008 The firm released the latest version of its proprietary labor management system, GoalPost. Now on version 3.0, the new system is a from-the-groundup rewrite of previous versions of the workforce performance solution, which the firm now refers to as best-in-class.
Consultants like Salmon

September 2008 KSA was named to Consulting magazines list of the best firms to work for. The sixth year in a row that it made the list, the award is perhaps an indicator that life under the MCG umbrella continues as normal for KSA consultants.
GETTING HIRED
Personality beats brains
While the hiring process at KSA is competitive and selective, with one offer made for every 20 or 30 interviewed, insiders suggest that straight As and endless hours preparing for case studies wont necessarily land you the job. Thats because a big chunk of the firms recruitment process emphasizes fit over intellectual horsepower. But brains certainly do count, and its during KSAs quite intensive interview process where that intellectual horsepower can pay off. First, human resources screens candidates resumes. Then, for undergraduate candidates, potential hires must pass two analytical tests. From there, all candidates go in for a series of face-to-face interviews. In total, candidates go through anywhere from four to nine interviews, explains one source, which can be [on the] phone or in person, and could be traditional or behavioral in style. The final round of interviews is held for a full day at a KSA office and includes at least two case studies.
OUR SURVEY SAYS

Welcome to the family
KSA insiders say that, since the firm is so small, it has a very family-like feel. That atmosphere lends itself to a flat organizational structure, where mangers mentor and work alongside junior staff on projects. Within the company, there is a common practice of sharing knowledge throughout the different tiers of consultants. It provides a comfortable environment for new consultants to ask questions and learn from some of the best people in the industry, enthuses a consultant. An associate from the West Coast is appreciative of the fact that the corporate management team is very open about the state of the practice and welcomes interaction.
And welcome to consulting

KSAers work hard, but they are realistic about the demands of their industry: Long hours and lots of travel come with the territory. Work/life balance is an industry struggle, but when push comes to shove, the client always comes first, even if that means working long hours and weekends, a source states matter-of-factly. A project team leader adds, It is extremely easy to find yourself working on the weekends or late into the night to meet aggressively scoped projects. The bulk of consultants 40- to 60-hour workweeks is spent on the road, which they say takes a big toll on their personal life. Says one staffer, The partners and managers of the firm encourage work/life balance, however the way we staff individuals far from home does not often support this. A project team leader goes on to say that, because the projects we run are long-term client engagements on site, most consultants travel 80-plus percent of the year.
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Women pay the price

Respondents admit that those most hurt by the firms demanding travel schedule are female consultants trying to start families. The work/life balance tends to affect women more than men, primarily when they are about to start a family, explains a consultant, with a female colleague adding, Women frequently leave the firm because of the lifestyle and travel demands. [It is] nearly impossible to maintain a balance. The firm recognizes this problem, insiders say, and in 2008 it started KNOWthe KSA Network of Womento foster additional mentoring and career development resources for the professional women of the firm.
The travel alternative

Besides trying to staff projects with nearby consultants whenever possible, sources say their firm has made some recent efforts to give consultants flexibility when it comes to the amount of time they spend on the road. For instance, there is a companywide effort to have staffers spend more time in their home offices and, when we are not at the client site, people at KSA are generally able to work when and where they feel most effective working. Another option: relocation. While most consultants fly to and from client sites, KSA presents an option to move to the client area for the duration of the project. While this option isnt for everyone, it is an opportunity to be an on-site lead and experience a more normal home life, reports one associate who has taken up the call himself. I love it. I go home to my apartment every night and have the ability to participate in local activities. It is an opportunity for me to take advantage of the travel and enjoy the surrounding sites I work around.
The payoff
Besides racking up airline, hotel and rental car points, KSA consultants are also fairly satisfied with their compensation and note that the firm provides 401(k) matching, flexible vacation time, maternity and paternity leave, and domestic partner benefits for GLBT employees. In addition, there is a target contribution plan where KSA contributes toward pension accounts on employees behalf. Staffers vest in the plan over a six-year period. Respondents also note that the firm reimburses them for their cell phone bills, and that they get lots of discount offers from retailers that we work with.
Batter up!
While there is little formal training at KSA, newbies learn firsthand how to deal with clients by being thrown into client engagements head first. Entrylevel and midlevel consultants have a lot of opportunity to interact with partners and vice presidents at the firm, as well as executives on the client side, reports a New York-based source. An insider in Atlanta says that within nine months of graduating from college, I was delivering a presentation to the C-suite of a $3 billion luxury department store. Hows that for sink or swim?
Training improving
While the best lessons are often those learned on the job, respondents say the firm is working to improve and systematize its formal training program, noting that training has improved significantly over the last five years. Specifically, KSA now offers multiday milestone courses, covering a range of topics that match up to a consultants career progression, and stand-alone courses on specific topics [ranging from] one hour to two days, a source explains.
No pressure
KSAs flexible promotion policy is not up-or-out, were told. There isnt a lot of pressure to advance quickly, and the typical promotion cycle is two to three years, although it can take four to five years to move up in the more senior ranks. As the firm explains it, consulting staff are encouraged to play an active role in their development; consultants and their reviewers work together to determine when they are ready for promotions, which are approved by a committee of firm partners. An associate tells us that individuals who started with the firm as undergrads get promoted much more quickly than those who started at higher titles.
The thought that counts

While maintaining an active role in your community is valued at KSA, one source says, most community and charitable activities at the firm are carried out via small initiatives and, in fact, more could be done. Insiders explain that each office supports different charities, such as the American Heart Association, Leukemia Volunteer, March of Dimes and United Way, and employee-led activities, like tutoring sessions, are organized ad hoc per office. During the holidays, a consultant remarks, the firm encourages us to contribute to a charity of our choice, rather than spending money to send holiday cards to our colleagues. A San Francisco-based consultant suggests that a more firmwide approach to charitable activities presents a significant opportunity for the firm to leverage consultants on the bench, who are often idle without internal projects to work on.
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Hard-hit retail
When asked for their perspective on their firms business outlook, KSA consultants are fairly positive about its prospects. Still, its undeniable that retail has been hit hard of late, and since so many of the firms clients are in that industry, that has led to fewer large, growth-oriented projects, notes one insider, adding that the silver lining has been the addition of smaller projects focused on near-term operational improvements and cost containment. Being forced to think outside the typical retail box (or shopping bag) has meant that the firm has modified its selling strategy to ensure we will succeed in the future, hypothesizes one New Yorker. For the time being, the firm is focusing on further expanding our offerings and dealing with recent staff reductions and putting some consultants on furlough instead of layoffs, an associate reports. And despite the downsizing, morale continues to be high, as everyone understands the situation and knows we will weather the storm, remarks a consultant in Los Angeles.
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LECG
RANKING RECAP
Practice Area #5 Economic Consulting
2000 Powell Street, Suite 600 Emeryville, CA 94608 Phone: (510) 985-6700 Fax: (510) 653-9898 www.lecg.com
UPPER LOCATIONS
Emeryville, CA (HQ) 30 offices in 10 countries Broad array of industries and practice areas covered
DOWNER
Competitive environment
PRACTICE AREAS
Advisory Services Antitrust & Competition Policy Bankruptcy & Restructuring Economic & Financial Regulation Energy Entertainment, Media & Sports Environment & Natural Resources Finance, Valuation & Damages Financial Services Forensic Accounting Healthcare & Life Sciences Insurance Claims Intellectual Property International Arbitration Labor & Employment Legal Technology & Analytic Consulting Petroleum & Chemicals Securities Telecommunications Transportation
EMPLOYMENT CONTACT
www.lecg.com/careers
THE STATS
Employer Type: Public Company Ticker Symbol: XPRT (Nasdaq) CEO: Michael Jeffery 2009 Employees: 900+ 2008 Employees: 1,000+ 2008 Revenue: $335.6 million 2007 Revenue: $370.4 million

Best of the pure litigation shops Eat what you kill Great economists Lost many talented employees recently
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition LECG
THE SCOOP
Ask the experts
LECG is a global expert services firm, providing independent expert testimony, financial advisory services, original authoritative studies and strategic advisory services to clients in a variety of fields. LECG experts are comprised of academics, former government officials, industry leaders or seasoned consultants, whose objective opinions and advice can be used to inform legislative, judicial and business decision makers, or to resolve complex disputes. The company was formed in March 1988 by a group of faculty members at the University of California, Berkeley, who sought to lend their expertise toward the resolution of commercial disputes. Fifteen years later, in 2003, the company launched an IPO on the Nasdaq. Since its founding, LECG has seen more than 9,900 clients come through its doors, and has worked with them on over 18,000 projects in more than 50 countries. Among those clients are Fortune Global 500 corporations, law firms, and local, state and federal governments and agencies in the Americas, Europe and Asia Pacific. The range of industries those clients represent is almost as diverse as their geographical reach: energy; entertainment, media and sports; environmental and insurance claims; health care and life sciences; telecommunications; and transportation.
Theres no I in LECG
When contracted by a client for a project, LECG shapes a team of directors and principals (i.e., credentialed authorities on the subject at hand), senior staff (specialists working their way up to the principal role) and researchers. The researchers work behind the scenes, collecting and analyzing qualitative and quantitative information. Qualitative sources of information include trade press, academic material and market intelligence. Quantitative information includes economic, statistical and financial data from public sources, client records or confidential accounts gathered from other parties during litigation. The credentials and certifications of LECG staffers include, but are not limited to, PhDs, MBAs, MDs, masters in health services administration and JDs, plus a longer list of more obscure accreditations, which includes business valuation specialists, certified business analysts, certified business managers, certified financial analysts, certified forensic computer examiners, certified insolvency and restructuring advisors, and EnCase certified examiners. In many cases, LECGs senior staff and experts continue to hold positions outside of the firm in their respective fields, working for research labs, corporations, universities, government agencies or elsewhere. Thus, they are professionals, not professional witnesses.
A tip from Teece

Those wondering whether the financial rewards for a career in economics are worth the effort expended in gathering the expertise need look no further than LECG co-founder David J. Teece for guidance. A former chairman (and current nonexecutive vice chairman) of the firm, the native New Zealander has been described as an economic rock star by his home countrys government. In a March 2007 interview with The New York Times Freakonomics blogger Stephen J. Dubner, Teece outlined a compelling reason to work for LECG: cold hard cash. According to Teece, LECG has given economists the chance to earn investment bankers incomes. For those taking a look at the comparatively paltry sums I-bankers have pulled in since the onset of the recession, fear not; Teeces comment was made in the fat days of the bubble, meaning that for economists who are successful at LECG, it isnt hard to make half a million dollars a year.
THE LATEST ON LECG

Changes afoot
July 2009
CEO Michael Jeffery notified LECG of his intention to step down from his position, effective from the companys next annual stockholder meeting. At the time of the announcement, no date had been set for that meeting.
Heading for the Holy Land

May 2009 In a rare example of an LECG engagement becoming public, the company was revealed to have been hired by Israeli telecom firm Bezeq to help it fight the Israeli Ministry of Commerce over recommendations made for the local cellular market that would cut into Bezeqs business. To deal with the caseits first in IsraelLECG established an office in the country, headed by Gabriel Baron, formerly the managing consultant at the firms London office.
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Welcome aboard
April 2009 The firm announced the appointment of Lynn E. Turner, a former chief accountant at the SEC, to its forensic accounting practice. According to the firm, Turner is a noted authority on governance, financial reporting and auditing standards. His resume includes stints working on troubled companies during the savings and loan crisis, as well as 20 years with Coopers & Lybrand (now PriceWaterhouseCoopers), where he served as the SEC national review partner and headed the firms national high technology audit practice.
Even economists experience economic exigencies

February 2009 LECG joined the long list of public companies that had disappointing news to share at the end of 2008. Two years into a three-year restructuring plan, LECGs cost-cutting efforts didnt seem to be doing the trick in light of the recession. Over the course of the year, revenue fell 9.4 percent, from $370.4 million in 2007 to $335.6 million in 2008. In an effort to deal with the downturn, the firm announced that it had taken several steps during the fourth quarter of 2008. These included cutting headcount by 72 employees, as well as the closure of two offices and the divestiture of its finance and accounting services operations in Milan.
The A(ntitrust) team

November 2008 LECG announced that the former president of Brazils competition authority was joining its global competition policy practice. Dr. Elizabeth Farina, former head of the Conselho Administrativo de Defesa Econmica (CADE), was the fifth antitrust economist and former competition authority official to join LECG in 2008all part of the firms attempt to expand its global competition policy practice. Other experts recruited by the firm in 2008 include former heads of the Mexican and Portuguese government competition authorities, an expert from the Chinese Academy of Social Sciences and a former scholar in residence from the U.S. Federal Trade Commission Bureau of Competition.
GETTING HIRED
Whos who at LECG
Given LECGs niche service offerings that span a wide array of industries and practice areas, the firms consultant pool is equally varied, with specialists in economics, finance and strategy, as well as in disciplines such as accounting, electronic discovery, environmental studies, health care services and archival research. These specialties are evenly spread out over the firms two categories of consultants: juniors and seniors. The former group consists of research analysts, associates and senior associates, the majority of whom hold a bachelors and/or masters degree in economics, finance, accounting, business, statistics and other areas related to LECGs service offerings. Their primary responsibilities include researching and analyzing complex issues in litigation, public policy and other fields, and they work in teams consisting of other researchers, senior staff and experts, including directors and principals. Senior staff, meanwhile, typically hold advanced degrees related to LECGs work, and manage projects involving regulation, litigation and strategic consulting. As project leads, they clear the way for lead experts to define, analyze and reach independent conclusions for clients facing economic, financial or accounting-related issues, and are plugged into the latest economic and financial theories and applied methodologies, the firm explains.
Standard Q&A
For junior staff positions, LECG says its application and interview process is fairly standard for the consulting world. Candidates first meet with LECG on campus, where face-to-face interviews are held. These first-round interviews are generally used to assess applicants academic and professional background, and to see how prepared candidates are for work as an LECG team member. Second-round interviewsheld either on campus or in an LECG officeinclude behavioral and case questions to assess how candidates exercise judgment and their ability to tackle real-world business problems. For case studies, interviewees are expected to provide their responses in a short presentation, followed by a discussion session with interviewers to go over their case study assumptions and recommendations. Applicants looking to join LECG as a senior staff member may face a more varied interview process geared toward gauging candidates problem-solving approach and assessing their client-service orientation.
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A leg up with LECG

For a preview of what life is like as an LECG consultant, the firm offers undergraduate and graduate students the opportunity to work as a summer intern. Interns work with LECG researchers, learning the ins and outs of the firms research methods and getting firsthand experience on client engagements. Summer interns are recruited annually at certain U.S. campuses, or may be directly recruited by the firms senior staff. LECGs recruiting schedule is available on its online careers page.
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GALLUP CONSULTING
RANKING RECAP
Quality of Life #1 Hours in the Office #1 Relationships with Supervisors #1 Selectivity #2 Firm Culture #2 Overall Satisfaction #3 Best Firms to Work For #3 Work/Life Balance #5 Overall Business Outlook #8 Green Initiatives #12 Interaction with Clients #18 Travel Requirements Diversity #2 Best Firms for Diversity #2 Diversity for Women #3 Diversity for GLBT #3 Diversity for Minorities
The Gallup Building 901 F Street, NW Washington, DC 20004 Phone: (202) 715-3030 Fax: (202) 715-3041 www.gallupconsulting.com
LOCATIONS
Washington, DC (HQ) Offices in more than 20 countries
PRACTICE AREAS
Marketing & Customer Practices Brand Engagement Customer Engagement Marketing Strategies Workplace & Leadership Practices Employee Engagement Executive Performance Coaching Performance-based Compensation Performance Strategy Sales Force Effectiveness Strengths-based Development Succession Management Talent Acquisition
UPPERS
Beautiful facilities Being cared about as a person We have a very strong mission to make a difference in the world Autonomy and flexibility
THE STATS
Employer Type: Division of the Gallup Organization Chairman, President & CEO: James K. Clifton 2009 Employees: 2,300 2008 Employees: 2,300
DOWNERS
Better like what youre hired to do, because it can be difficult to transition to something else Sometimes the lack of structure and infrastructure is frustrating No cost-of-living raises or bonuses Not much training for new hires

Statistically relevant Super-niche; trapped brand New-age values Highly secretive www.gallup.com/careers
THE BUZZ
EMPLOYMENT CONTACT
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Gallup Consulting
THE SCOOP
Go organic
Gallup Consulting helps its clients grow from the inside out. Unlike other consulting firms, it says, which provide services in traditional disciplines like cost reduction and re-engineering business processes, the Washington, D.C.-based firm focuses on true organic growth, driving revenue and increasing profits from continuing operations. A division of the Gallup Organization, the public opinion research goliath, Gallup Consulting uses its research into the human psyche to determine how human behavior and relationships drive organizations. Organizations can grow, the firm posits, by developing engaged customers and building engaged workforces of talented employees. We help our clients really believe it when they say that their people are their most important asset, said Gallup Consultings engagement manager, Allan Watkinson, in a February 2009 interview with Australias Destination Talent blog. Following that philosophy, the firms services primarily facilitate the cultivation of relationships. Through two practice areas, workplace and leadership practices, and marketing and customer practices, Gallup offers services aimed at talent acquisition, leadership and succession, strengths-based development and, of course, employee and customer engagement.
And the survey says

Gallup Consultings parent company, the Gallup Organization, has become a household name in public opinion surveys, tracking public attitudes on political, social and economic issues. The company was founded in 1935 by Dr. George Gallup as the American Institute of Public Opinion. Four years after Dr. Gallups death in 1984, his sons, Alec and George Jr., negotiated a merger between the American Institute of Public Opinion and Selection Research, Inc., a recruitment services firm that matched up employees with new positions using structured psychological interviews. The combined entity, still operating under the Gallup name, grew over the next decade, expanding into consulting, printing and management education.
On the right path

Gallup Consultings alternative, relationship-based approach to building better businesses is described as the Gallup Path, which analyzes the linked path between every employees individual contribution and the organizations ultimate financial goal: an increase in its overall value. The chain includes five different points that can drive business performance. First, having the right people in the right roles with the right managersso the Gallup Path thinking goeswill drive employee engagement. Engaged employees, in turn, drive customer engagement, which drives sustainable growth. Sustainable growth, ultimately, drives real profitsand not those shady short-term profit increases that come about through creative bookkeeping. Gallups client projects dont concentrate on any single point in the Path, but rather integrate all points to promote strong returns in valuesustainable growth, higher profits and rising stock prices. The Path was an outgrowth of the firms research in management sciences, economics and psychology. Its own studies have revealed that satisfied employees are not only more productive, but also more likely to weather stress and periods of disruption. Retaining indispensable talent through difficult markets is an enormous advantage, and it leads to sustained growth when the market normalizes. Strong leadership is also essential, so Gallup offers executive coaching, giving corporate officers unbiased outside feedback.
Dont forget everyone who isnt on the payroll

Gallup also makes sure to address the sine qua non of doing business: the customer. Its research has distilled customer engagement down to 11 attributes, which it calls the CE11. These attributes, all of which can be influenced through advertising, public image, purchasing experience and other factors, include overall satisfaction, intent to repurchase, intent to recommend, pride in a brand, belief in the integrity of a brand and other emotional values. To most effectively help a client influence these factors, Gallup has assembled a comprehensive database that contains intelligence from almost three million customers, 16 industries and 53 countries. The goal, the firm believes, should always be to transform transactions into relationships.
THE LATEST ON GALLUP CONSULTING

Publish what you preach
March-April 2009 Gallup Consulting doesnt reserve its advice just for clients. Via the Gallup Press division, the firm publishes The Gallup Management Journal, comprising articles on issues related to the Gallup Path, such as developing highly engaged employees and loyal customers. The firm also organizes regular industry eventsGallup Learning Eventsto introduce business executives, managers and sales professionals to its research discoveries and best practices. In 2009, these events included three Strengths Based Leadership Summits in March 2009, the Gallup Summit in April 2009 and threeday Great Manager Programs held throughout the year.
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Gallup likes me, it really likes me

March 2009 Imitation is the sincerest form of flattery, as they say, and Gallup Consulting has chosen to recognize its biggest flatterers. Every year, the company awards the Gallup Great Workplace Award to companies that understand the importance of employee engagement and have created an engaged workplace culture. The 2009 Gallup Great Workplace Award was awarded to 23 companies, including a number of three-time winners, such as ABC Supply Co., Inc., the Campbell Soup Company, the Marriott Vacation Club and St. Joseph Health Systems.
Follow the leader

January 2009 Gallup Global Practice Leader Tom Rath and Barry Conchie, head of Gallups executive leadership consulting services, published Strengths Based Leadership, the results of their study of more than one million work teamswhich included more than 20,000 in-depth interviews with leaderson exactly why they followed the most important leader in their life. Based on their research, Rath and Conchie identified three keys to being a more effective leader: knowing your strengths and investing in others strengths; getting people with the right strengths on your team; and understanding and meeting the basic needs of those who look to you for leadership.
GETTING HIRED
Tough odds
Insiders at Gallup Consulting make it crystal clear that their firms hiring process is extremely selective. Specific statistics varyone staffer estimates that we hire something like 1 in 100 applicants, while another claims that we reject all but .1 percent of applicants. Others venture similar guesses, but one thing is clear: It is very difficult to get selected. Complicating things even further, were told theres no good way to prepare for an interview with Gallup. A principal explains, The selection is based upon talent in key consulting areas, in addition to your experience. So the evaluative testing and interviewing process is not something you can study for. You either have it or you dont. A manager agrees: The company hires based on talent for a role. A few roles (principal, engagement manager, partner) have minimum college degree requirements, but beyond that work experience is not as important as inherent talent. Others stress that experience and education are important, but the talent match is the most critical requirement for hire. The bottom line, an insider advises, is that the process is finely tuned to bring the right type of person into the firms culture. If youre trying to game the system by preparing the firm might not be a good fit for you if you indeed are hired. What a waste of your time. Be who you are.
A taste of their own medicine

The hiring process is also somewhat unusual in that it begins with an online test. As a principal explains it, First you take a web-based talent assessment to compare your talents to the talents of the most successful of those in the role you are applying to. Next, there are typically in-depth structured interviews conducted over the phone, and finally, if you are found to have the talent and fit for a role, you get a live interview in the city center with the local go-to manager and others you would work with. A principal adds that Gallup does not rely on traditional mediums such as references, previous work experience, degrees, certifications, etc.; rather, it has developed selection interviews for each position and opens the door to all applicants. In addition, notes an engagement manager, Gallup doesnt ask case questions. Instead, it asks applicants questions about their own personality and work style, and then asks for examples of those things in action. Case questions or no, a recent hire recalls that the whole experience was grueling. As a case team leader notes, Gallup actually sells the special selection tools used in its hiring process, so it is only right that we eat our own dogfood. Despite the intensity, staffers say the process is worth it and that, once hired, you are given every opportunity to succeed. And people tend to stick around for a long time, like one current principal who was so impressed with his internship 23 years ago that hes been at the firm ever since.
OUR SURVEY SAYS

Super supportive
Gallup insiders highlight the flexibility and freedom theyre given in their job. Were told the firms culture is entrepreneurial, performance-oriented, self-driven and strengths-based, with no one micromanaging or watching over you. You drive your growth and direction, reports an associate. A director explains, We are very laissez-faire in the sense that everyone is treated like a responsible adult, capable of managing his or her work and careerwith all of the freedom and responsibility that entails. Another higher-up notes that this focus on strengths and positive psychology create
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a great environment. The company is made up of smart, hard-driving and mission-oriented people who love what they do and enjoy working in teams. A principal adds that the firm has always appreciated that we spend a lot of time at work, and has always done a great job of creating fun and passion around work. It makes it a great place to show up to every day. But perhaps above all, staffers describe Gallups culture as supportive, welcoming and caring. They say people are very concerned about each other. This is a culture where people form strong and genuine friendships, and, I am constantly amazed by how helpful and honestly nice my coworkers are. Our company provides a wonderful work environment. A case team leader agrees: Gallup has a unique culture that is very friendly and focused on helping others, cheerfully adding, I once had a client joke that he started worrying that his fly was unzipped because everyone he passed in our building smiled at him. And others praise their great co-workers who are eager to celebrate your successes. In all, there is a sense of community and shared values, with a human-centric approach to consulting. Perhaps as a result, were also told that employee morale is very strong.
No glass ceiling here

In addition, insists an associate, our corporate culture embraces diversity. As a principal puts it, Its all about talent and the right fitnot gender, race or sexual preference. I think my company eagerly seeks out minorities and very much wants to keep diversifying our workforce, remarks another. That said, an African-American associate feels that she can count the number of African-Americans on two hands, probably, but adds that there are women at all levels of the organizationthey have really succeeded in this area. In fact, a source reports, there are many more women in my role than men, and most of our top operations managers are women. A co-worker follows up, noting, It isnt uncommon for high-level client meetings to consist of entirely women. Numbers aside, insiders say theres no special treatment for anyone. There is an unspoken policy from a few that if you are planning a family and take too much time off, you will not get the better clients, but that is anywhere you work. They are running a business and you need to be counted on to be there. A colleague adds that there are also no women-specific programs for promoting and mentoring.
Focus on fit trumps training

Training, in general, hasnt traditionally been emphasized at the firm. For recent hires, this makes things kind of sink-or-swim. A newbie states, There is some training that broadly goes over what the company does, but job-specific training is hard to come by. An engagement manager explains, We focus on selecting for talent and positioning you for a role in which you are a great fit. However, sometimes you dont have all of the information off the bat that you need to do your job right. I could have used more structured training. And a principal shares, There is no formalized training for the level I am at. You have to make your own training if you want it. It is hard to know what opportunities are out there. Still, change may be in the works; an engagement manager notes that there has been a huge initiative to make [training] more formal.
Keep your mind off the ladder

At least theres plenty of time to get the job right, since there isnt really a promotion policy at Gallup, but rather the goal is to do what you do best and get paid for increasing work levels. In fact, Gallup is very flat, and consultants are just three or four steps from the CEO. As a result, advancement happens within role by taking on bigger and more complicated assignments, not in taking on a new role through promotion. A respondent states, I am in the same position I was when I joined 19 years ago. But I have more responsibility, larger clients and three times the salary as when I first joined. I wouldnt want to be promoted to another position. There really isnt anything higher for me, as we have a flat, specialized role organization. The promotion policy is even described by some as the opposite of up-or-out. A principal insists that the firm wants you to love what you do and continue to do it. If youre preoccupied with advancement, youre not focused on solving your clients problems. Another confirms,We encourage people to become best in class and expand their role but stay doing what they do best. Others add that even if theyre not going up the ladder per se, consultants advance quickly in terms of responsibility. Moreover, advancement is based a lot on how many client hours you have, while advanced educational level is not really considered very much.
Build real relationships

Given that Gallup is such a nonhierarchical organization, its not surprising that consultants can form relationships with everyone from the front desk assistant to the CEO. In fact, a recent hire explains that there are no official supervisorsinstead, managers are called go-tos, and are your advocate/mentor more than supervisor. Whatever the naming convention, most insiders have nothing but praise for their higher-ups: My supervisor is a best friend at work, says one, and another shares, I feel very lucky to have such a great, trusting relationship with [my manager]. Theres also no micromanagement; as a principal puts it, This is a great place to work for people who might prefer to be self-employed. If you love to work and are self-motivated, management stays out of your wayunless, of course, you ask for advice or guidance. On the client side, meanwhile, a recent hire notes that there are many opportunities from junior- to senior-level people to get great client interactions and build really strong client relationships.
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Good times ahead

Staffers also seem confident that Gallup higher-ups are making the right choices for the firms future. I think we are making prudent directional and financial decisions, and are well positioned to weather the current economic climate, a longtimer claims. And a principal toots her own horn, stating, Upper management is always thinking lightyears ahead and positioning the firm to take advantage of coming trends. Even a source whos distressed that the economy is scary and obviously affects business also adds, On the other hand, Im very impressed by the financial leadership of my company. In general, echoes a principal, The economy isnt good, but I like our companys chances once we get through this. We are holding our own, better than most. We have products and consulting that clearly differentiate us. Others offer similar positive sentiments, stating, We still have very receptive audiences for the work we do, we find that our clients need us more now than ever before, and we continue to prove that we bring value to our clients. Plus, notes an associate, much of our work is multiyear work, so the downturn has not hit us as hard as places that depend on the revenue created recently. And although a principal warns, We have notices a significant decline in billable client hours, a colleague reports, We are hiring actively and expect to grow. A senior source points out that were taking advantage of the slight lull in business to do more team-oriented activities, learning and organization.
A blurry line between work and home

Perhaps due to the slower times, a number of staffers report workweeks of less than 40 hours, but most say the average lies somewhere between 40 and 50. That said, Gallup consultants dont seem too concerned about the actual numbers and, for that matter, seem to be pretty satisfied putting in as many hours as they need to. As a principal puts it, Its more integration than balance when it comes to work and home life. We focus on outcomes, so we can be there for our family when needed and for clients when needed. Its not 9 to 5 and 6 to 10. Its all day/night for both. And a principal remarks, Having the opportunity to work, to do a job at which I am good, is a pleasure. The more I work, the better I feel and the better my personal life is. Come to think of it, I dont think there is any such thing as work/life balance. Its all one, indivisible whole. With a strong focus on results for the client, the firm is easygoing in terms of affording staffers flexible hours. You really manage your own schedule, an insider explains. As long as you get your work done, it really doesnt matter when you get it done. That can mean long hours for tight deadlines, but it can also mean being able to take a half-day Friday when you are slow or not worrying about taking time off to go to the doctor or dentist. I personally am always connected to work and available, even if I am not working in my office. An associate adds that there is just an emphasis on getting the work done that you said you would do. You can turn down clients, so people typically take what they can handle. There can be pressure to take more clients, but at some point individuals realize the balance they want between a life outside of the office and more money. However, one principal warns that while schedules are flexible, if you take time out for something personal, then you still have to make up those hours to get your quota for the year. She continues, I do like that you can take off as much time as you need as long as you have 2,000 hours in a year, but 80 percent needs to be client-driven, which this year may be tough to hit. So [its] a trade-off.
Travel comes with the territory

Also playing into the balance equation is travel. A principal notes, My role requires heavy travel, making work/life balance a challenge at times. Others agree that travel is a necessary part of their work and advise, If you dont want to travel at least half the time, find a different line of work than consulting. In my role, says an executive, travel comes with the territory, and it is understood coming in that it is a function of the position. That said, most staffers feel that Gallups travel demands are far from onerous, and compared to other consulting firms, not excessive. A longtimer shares, I am able to make my work travel fit around my personal life and family needs. Travel has been wonderful because of the connections I am able to create and share with my five children. My family has been blessed to have so much exposure to other cultures, environments and values. And specific schedules may vary over timeas one source reports, Travel (at least for me) tends to go in waves, so there are times when Im in the office for weeks at a time, and others when Im hardly home. At the very least, it seems that travel is not in vain; a director insists, We are efficient in the amount of travel, usually only traveling if its client paid or if its absolutely necessary. Meanwhile, others say that travel requirements are highly dependent on the individual and the individuals choices, and are totally up to the person. You dont need to travel if you dont want to. So, as one consultant explains, My travel schedule is, by many measures, excessive, but I make choices to travel that others can pass on if they wish. A consultant on the other end of the spectrum notes, I choose not to travel often due to my family as the priority, and they respect that, for which I am grateful. That said, she continues, it does limit the type of work I do, in some respects.
Omahas the place for parents

Most insiders report receiving very competitive salaries and dont shy away from telling us some of their favorite perks. For example, there is an onsite day care and summer program for children, although this seems to be only at the Omaha office. Some offices also have an on-site gym and access to personal trainers, while at others Gallup pays for half of the gym membership. Other benefits include free lunches every other Friday, mass transit reimbursement of $100 a month and a tuition reimbursement program (partial) for advanced degrees.
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When it comes to environmental efforts, were told that policies vary considerably by office. So while some say the firm has strong recycling/sustainability programs, others complain, My office doesnt even recycle, we are still using styrofoam and we dont do a great job of promoting recycling and managing waste. Still, on a larger scale, staffers report that Gallup won a green design award for our headquarters in Omaha, and add that the firm is developing a new office building that meets [green] requirements.
Dollar-for-dollar donations
Respondents add that theres a huge push for community involvement at Gallup. In fact, notes one principal, almost too much is expected of its staffers: You get a bit hounded with emails to participate. But her colleagues are full of nothing but praise for the firms numerous volunteering and charity opportunities for each community our offices are located in. My company is a leader in the community, not only in stature but also in community action and charitable giving, boasts a senior source. An executive explains, At each of our offices around the world, we have programs focused on providing for local need, as determined by the people in that office who donate a portion of their income to those charities. Gallup offers a dollar-for-dollar match for donations to these programs, known collectively as Community Builders, which focus on developing youth, diversity, education and leadership in their communities. As an example, adds a source in Minnesota, our office has chosen to focus on poverty, and worked with Habitat for Humanity, local group homes, etc. Others say their offices have sponsored community mentoring and food drives. In addition, Gallup self-funds the World Poll, which surveys a representative population of 130-plus countries. Much of these data are made available to governments and the public, free of charge, for use in informing policy or making decisions based on the opinions and life conditions of respondents.
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PRESTIGE RANKING
35
AON CONSULTING WORLDWIDE

RANKING RECAP
Practice Area #8 Human Resources Consulting
Aon Center 200 East Randolph Street, 10th Floor Chicago, IL 60601 Phone: (312) 381-4844 Fax: (312) 381-0240 www.aon.com/human-capital-consulting
UPPER
A good place to work
LOCATIONS
Chicago, IL (HQ) 117 offices worldwide
DOWNER
Opportunities for advancement can take longer than would seem appropriate
PRACTICE AREAS
Compensation Consulting Financial & Litigation Consulting Health & Benefits Human Capital Management Outsourcing Retirement
EMPLOYMENT CONTACT
www.aon.com/about-aon/careers
THE STATS
Employer Type: Subsidiary of Aon Corporation Ticker Symbol: AOC (NYSE) Co-CEOs: Kathryn Hayley & Baljit Dail 2009 Employees: 6,335 2008 Employees: 6,300 2008 Revenue: $1.35 billion 2007 Revenue: $1.34 billion

Strong HR firm Always seems to be in state of flux Specialists A step behind
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Aon Consulting Worldwide
THE SCOOP
The new world
Todays business is about people, and good people make good businesses. So says Aon Consulting, a $1.4 billion global human capital consulting firm based out of Chicago. According to Aon, the single largest challenge for companies today is finding the right people to work for them, as baby boomers retire in developed countries, draining the talent pool, and developing countriesthough growing rapidlystill do not have enough experienced managers. Companies are having a hard time meeting that challenge: One-third of managers hire below-average candidates just to fill the positions quickly, according to research conducted by Corporate Executive Board. Few companies have the global reach and expertise to do what Aon Consulting does to fill this gap for companies. With over 6,300 professionals in 117 offices worldwide, Aon helps its 10,000 clientsincluding half of the Fortune 500to go global in their talent search, develop succession planning programs and manage employee-related costs like health care and benefits. Aon Consulting clients hail from a range of industries, including aerospace and aviation, automotive, construction services, entertainment, financial institutions, food system, agribusiness and beverage, health care, marine, natural resources, pharmaceutical/chemical, retail trade, technology and telecommunications, and the trucking industry.
Experiencing oneness
The companys connection to the insurance industry runs deep. Parent company Aon Corporation (Aon is the Gaelic word for oneness) is the largest insurance brokerage in the world based on brokerage revenue. Aon was established in 1982 by the merger of Combined International Corp. and Ryan Insurance Group. Administration of employee health plans evolved and spread into other areas of human resources until finally, in the mid-1980s, Aon spun off its human capital consulting business as Aon Consulting. Staying faithful to its Gaelic nomenclature, Aons business is conducted under a philosophy of inclusivity, with each unit or subsidiary acting as an extension of the corporate body. The resources of Aon Consulting are therefore fully available to the parent companys clients.
Aons brawn
Of the myriad consulting services offered by the firm, the strongest area is benefits. Aon advises clients on structuring, funding and administering programs dealing with health and welfare of employees, retirement, executive benefits, absence management, compliance, employee commitment, investment advisory and elective benefits services. Its focus on diversity forms the context in which these services unfold, with the ultimate goal being satisfaction of local needs while maintaining global strategies and policies. This allows decisions to be made efficiently from a central headquarters without ignoring the individual complexities of far-flung branches.
In times of trouble
In addition to its HR consulting, Aon Consulting also offers financial advisory and litigation consulting services, including financial statement and white collar investigations, securities litigation, financial due diligence and financial valuation services. Included in this practice area is IT risk consulting, which covers a spectrum of IT issues, be it inappropriate computer use (dirty forwards), security management (hackers) or computer forensics and e-discovery (retrieval of the dirty forwards that the hacker deleted). Clients in this practice area include law firms, corporations, government entities or other organizations that are either being investigated or carrying out investigations, and wish to address the risks. Consultants for this area, including former law enforcement officials, attorneys, researchers and threat management experts, tackle issues of due diligence, embezzlement, commercial bribery, theft of intellectual or physical property, fraud, sexual harassment and workplace violence.
United by a common purpose (and parent)

Aon Consulting sometimes follows the example of its own clients and turns to outside sources for help. When the firm is assisting a client in determining executive compensation, it utilizes fellow Aon subsidiary McLagan Partners, a pay and performance consultancy. McLagan specializes in compensation surveys that provide details about salaries, bonuses and long-term incentives for a range of functions and positions. It also conducts pay and productivity studies investigating the link between organizational and/or individual performance and pay. These resources allow Aon to set benchmarks for salary, bonus, commission, stock option and other pay structures. The company also takes full advantage of the expertise of subsidiary Radford Surveys + Consulting, a provider of compensation market intelligence to the technology and life sciences industries. Radford collects and controls global compensation survey databases, encompassing more than two million technology and life sciences companies of all sizes and stages of development.
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Behaving badly?
Outside the usual realm of human capital and management consulting services is Aons financial advisory and litigation consulting services (FALCon) practice that helps clients and their counsel resolve complex business, legal and regulatory issues. The FALCon group offers electronic discovery and computer forensics services, litigation preparedness planning, information security, damages calculations, expert witness testimony assistance and litigation management assistance. The group also performs workplace violence and threat assessments, undertakes investigative and financial due diligence, and does white collar, financial statement and internal corporate investigations.
THE LATEST ON AON CONSULTING

A health-conscious Berger
July 2009 Aon announced the addition of Paul Berger as chief medical officer to its health and benefits practice in the United States. Berger has a long history in medical and consulting practices, both as a doctor at Columbia University and as an officer to health plan solutions firm SHPS.
Aons uniquely civil union

May 2009 A profile in Workforce Management Magazine detailed the shared power of Aon Consultings co-CEOs Baljit Dail and Kathryn Hayley. Dail and Hayley had previously operated as Aons U.S. operations chief executive and COO, respectively, under former CEO Andrew Appel. When Appel stepped aside to fill the chairman position, he saw the two as a natural duo. Noting that joint arrangements at the CEO level are only found in 0.5 percent of public firms, the article highlights the necessary dynamics that can make or break such a partnership.
Alphabet soup
March 2009 Aon Reed Stenhousea Canadian subsidiary of Aon Corpacquired IAO Actuarial Consulting Services, a leading Canadian firm in the field of actuarial advice. IAO will be integrated into Aons global risk consulting unit, where its expertise in risk modeling, loss forecasting and reserving will enhance Aons current offerings.
Risk mapnot a board game

January 2009 Aon Corp.s risk services division published its 16th annual Political Risk Map, which predicted that political instability will follow economic unrest in 2009. Pointing out that countries hard hit by the credit crisis, such as Greece, Iceland and several Eastern European nations, had already seen examples of political unrest (riots in Iceland, for example), the political risk team predicted more of the same, and in a greater number of places. Further, political deterioration in several countriesincluding the likes of Afghanistan, Iraq, North Korea and Zimbabweled the group to create a very high risk list of nations for the first time.
Outsourcing recommendations
October 2008 Wil Gaitn, senior vice president of Aon Consulting, wrote in Benefits and Compensation International that companies looking to outsource their human resources, compensation and benefits services needs should look to Central America. The reason: its proximity to the United States, improved telecommunications, and trainable people with technical and language skills.
Best in breed
August 2008 In recognition of the firms efforts in the health and benefits field, it was awarded Business Insurance magazines Readers Choice Award for best employee benefits consultancy. The firm has now taken the award for three consecutive years.
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Retirement research
August 2008 Aon Consulting published its annual Replacement Ratio Studyan industry standard for employers and employees trying to calculate how much they should save for retirement. The report found that more retirees today do not know what they need to do to prepare for retirement. That problem is partly due to the fact that the amount of income people need at retirement to maintain their standard of living is increasing, while the amount of money available is decreasing as more and more baby boomers reach retirement age. In short, retirees have to assume more responsibility, not only to plan for their own retirement, but also to live off of their account during retirement.
GETTING HIRED
Sweet 16
Aon Consulting recruits entry-level consultants primarily from 16 partner universities across the United States, though online applications from candidates graduating from other programs are accepted. Partner schools include Brigham Young University, University of California, Berkeley, Cornell University, University of Georgia, Howard University, University of Illinois, Northwestern University, University of North Carolina, Notre Dame University, University of Pennsylvania, Miami University, University of Southern California, St. Johns University, University of Texas, Temple University and the University of Wisconsin.
Q & A(on)
Typically, insiders say, the on-campus recruitment process begins with an on-campus resume drop, followed by an on-campus interview. Candidates who make it through the first rounds of screening and interviews are then invited for interviews at the office. One recent hire explains the process as it took place at his university: After dropping off a resume, I was invited to interview the next day. It was a pretty typical one-on-one first-round interview that mostly entailed walking through my resume and talking about different types of experiences. I then had a follow-up phone interview the next week. From there, I was invited to a full-day of final-round interviews at the headquarters in Chicago with business units heads from groups I would potentially work with if I was accepted to the program. Another recent hire adds that interview questions are fairly behavioral-based, with questions about candidates leadership experience, working in teams, biggest challenges, etc. The firm explains that, when case study questions are included in interviews, they reflect the typical problem-solving challenges faced by our business professionals. During such questions, the emphasis is more on how candidates approach a problem, rather than on the specific answers given.
OUR SURVEY SAYS

Laissez-faire workplace
Aon insiders say their firms approach to work schedules is fairly laid-back. If youre a self-starter, the organization is ideal, a vice president explains. If youre getting your work done, no questions are asked about when you work or where you work. A Washington, D.C.-based consultant says, employees have the freedom to determine work schedules and telecommuting schedules, which means more flexibility to meet outside-of-work commitments. Typically, insiders say, an average workweek is 40 to 50 hourseither working from the office or from homebut during busy times, late nights can come into play. Adding to the laid-back atmosphere is the fact that there is no formal dress code, so most people assume business casual attire, an insider reports. Fridays are jeans days, which is not formalized, so this may vary from office to office.
Fair and standard

Staffers say they are fairly satisfied with how they are rewarded for their work efforts. Salaries, one respondent notes, are fair and reflect the type of job I do, while a colleague describes the benefits package as standard. The firm notes that benefits include a variety of medical plans, vision and dental coverage, tuition reimbursement, vacation, scholarship and tuition assistance, a 401(k) matching plan and employee stock purchase programs.
Eye on Aon
While Aons business has not been immune to the recent economic slowdown, insiders say its consulting services have remained strong. I think the consulting area will do well and will be shielded from this recession, as I believe it is diversified, an analyst comments. A co-worker adds that, while other major competitors have been hurt by scandals in recent years, Aon has escaped relatively unscathed and seized the opportunity to capture
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significant additional market share. This should position the company well going forward to enjoy somewhat higher margins and allow Aon to promote itself as an industry-leading service provider. In the meantime, however, the firm continues to cut costs where it canan effort that some staffers say has hurt employee morale. Financially, Aon is well positioned for continued growth, but much of that financial discipline has been borne on the backs of employees, an executive-level source relates. Cost-cutting efforts have included retaining minimal human resources staff, outsourced IT, annual increases in minimum billable hours from seven-and-a-half to eight hours a day, with no associated increaseand reduced benefits.
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PRESTIGE RANKING
36
DIAMOND MANAGEMENT & TECHNOLOGY CONSULTANTS, INC.

RANKING RECAP
Quality of Life #11 Green Initiatives #12 Overall Satisfaction #12 Relationships with Supervisors #14 Formal Training #14 Overall Business Outlook #16 Selectivity #17 Compensation #17 Interaction with Clients #18 Firm Culture #19 Best Firms to Work For Diversity #12 Diversity for GLBT #13 Diversity for Minorities #14 Best Firms for Diversity #19 Diversity for Women
John Hancock Center, Suite 3000 875 North Michigan Avenue Chicago, IL 60611 Phone: (312) 255-5000 Fax: (312) 255-6000 www.diamondconsultants.com
LOCATIONS
Chicago, IL (HQ) Hartford, CT New York, NY Washington, DC London Mumbai
PRACTICE AREAS
Business Design & Performance Improvement Business Complexity & Architecture Assessment & Planning Business Operations & IT Strategy Development Business & Technology Performance Assessment Innovation & Scenario Analysis Portfolio Review & Planning Risk/Compliance Assessment & Planning Customer Impact Channel Strategy Customer Experience Strategy Market Agility & Product Portfolio Management Execution Delivery Assurance Execution Effectiveness Program Recovery Transformation Program Leadership Information Advantage Advanced Analytics & Platform Services Information Architecture & Master Data Management Information Strategy
THE STATS
Employer Type: Public Company Ticker Symbol: DTPI (Nasdaq) President & CEO: Adam J. Gutstein 2009 Employees: 577 2008 Employees: 626 2009 Revenue: $152.2 million 2008 Revenue: $182.3 million
UPPERS
Top-tier clients Direct access to senior leadership Our leading intellectual capital development Smartest people youll ever work with
DOWNERS

Relaxed feel Tech-heavy High tech Outdated
THE BUZZ
The amount of nonproject work becomes overwhelming We need to keep building the brand Screwy promotion process Staffing is not transparent
EMPLOYMENT CONTACT
www.diamondconsultants.jobs
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THE SCOOP
Small but polished
With around 600 employees spread across six offices in the U.S., U.K. and India, Diamond Management & Technology Consultants is not one of the power players in the world of consulting. That said, it does operate in a niche market and has an enviable client list, having worked with the likes of Goldman Sachs, Morgan Stanley, American Express, Allstate, Pfizer, Bayer, CIGNA, Kraft, PepsiAmericas, the U.S. Department of Justice, Cadbury Schweppes, Barclays Bank and Royal Bank of Scotland. The firm has undergone a couple of shifts in identity and focus since its founding in 1994. Starting out under founder Mel Bergstein as Diamond Technology Partners, the firm also operated as DiamondCluster International before settling on its current identity in 2006, following the sale of one of its units. Todays iteration works with Fortune 500 companies and covers industry practices such as consumer packages goods, financial services, health care, insurance, logistics, manufacturing, public-sector organizations, retail and distribution, travel and transportation, and telecommunications.
Living the dot-com dream

The first of Diamonds incarnations came in 1994 when Mel Bergstein, a former partner and 20-year veteran of Andersen Consulting (now Accenture) set up a private company specializing in computer solutions for blue-chip clients. Six years later, it boasted annual revenue of $136 million and opened its first international office in London. That same year, in September 2000, it greatly expanded its foothold in Europe by agreeing on a $300 million merger with Barcelona-based Cluster Consulting. The ensuing DiamondClusteras the firm was renamedhad offices in France, Germany, Spain, the U.K. and the U.S., in addition to a presence in So Paulo. Four years of sliding revenue from 2000 to 2004, a result of the dot-com boom going bust, in addition to the expense and complexities of integrating two companies, meant this partnership was short-lived and the firm split in August 2006. Mercer Management Consulting (now Oliver Wyman) bought the companys operations in France, Germany, Spain, Brazil and a new office in Dubai for a mere $30 million. What was left of the firm after the buyout was renamed Diamond Management & Technology Consultantsthe firm we know today. At the same time, Bergstein stepped aside as CEO, clearing the way for co-founder Adam Gutstein to take over.
Facets and settings

The firms financial services practice has traditionally been its biggest moneymaker, with clients including top investment banks and credit card brands, plus other capital markets firms, retail brokerages, asset managers, credit card issuers and processors, payment system operators and full-service retail and commercial banks. The practice addresses issues such as adjustment to and assessment of new technology, information management strategies, productivity through strategic sourcing, profit improvement, compliance and risk management. Diamonds insurance practice serves life, property and casualty, reinsurance and brokerage firms. With the sector trending toward convergence of insurance, financial services and health care, Diamond advises insurance clients on their strategic positioning. It also addresses the opportunities created by a growing retirement population. The health care practice works with pharmaceutical, biotech, device, health insurance, provider and disease management companies on such business and technology issues as consumer-directed health care strategy and execution, IT optimization and value extraction, integrated business and technology architecture, process and planning, and large transformational program management. Marquee clients in this segment include Pfizer, Bayer and Aetna Life Insurance. Diamonds enterprise practice has served clients of the stature of Kraft, Pepsi and Lowes, and offers sales and operations planning, pricing, transformational technology platforms and data analytics to corporations in the manufacturing, retail, distribution, travel and transportation, and consumer packaged goods industries. Finally, the firm also maintains telecom and public-sector practices. The telecom segment advises operators, vendors and content providers in the equipment, wireless, cable and fixed-line markets, with some additional activity in media and entertainment. Services range across business and marketing strategy, customer behavior insight, profit improvement, wireless and broadband strategy and execution, and IT assessment and strategy issues. In the public sector, Diamond works with U.S. local, state and federal government agencies to improve operational efficiency, boost responsiveness and tighten up security.
A passage to India
Although Diamonds global aspirations suffered a major setback following the sell-off to Mercer Management, it hasnt stopped the firm from investing in emerging markets. In 2006, it opened the Diamond Information & Analytics Center in Mumbai, designed to uncover areas of untapped growth and profitability for companies. The firm also maintains an office there, opened in 2005, to serve local and international clients.
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Drumming up business
As part of its efforts to keep its name in the public sphere and in front of potential clients, Diamond regularly hosts events and conferences, and regularly publishes reports and white papers, which it calls Perspectives. The firm also keeps its image shining brightly through the DiamondExchange program for executives and business leaders. The forum, whose members come through invite only, explores the changing role of technology in business and helps member companies exploit that change. The program includes workshops and city-based events throughout the year.
THE LATEST ON DIAMOND

Stock buyback
March 2009 The firm repurchased 2.5 million shares of its own stock, decreasing the outstanding amount of its common stock by 17 percent. At the end of its fiscal year, March 31, 2009, the firm had some $26.9 million in stock still outstanding. In addition, in November 2008, the firms board of directors approved an annual dividend of $0.35 cents per share of common stock, highlighting the strength of Diamonds balance sheet and confidence in its ability to generate strong cash flow.
Thats one way to find solutions

October 2008 Diamonds India office announced the winners of its annual DconStruct competition, a simulated business case competition open to some of Indias top business school students. More than 500 students from three of Indias top business schools took part in the event, which saw them finding growth solutions for Indian retailers. The competitionwhich focused on the challenge of managing top-line growth in Indias organized retail sectionsaw a team from IIM-Calcutta take the prize.
History should not repeat itself

October 2008 Given the economic picture, the firm released a timely piece of research that illustrated how companies who made across-the-board cuts in the last recession lost considerable ground to competitors when the economy picked up again. Dont Waste a Crisis: Lessons from the Last Recession, argues that targeted expense cuts, as well as investments that actually make a business more cost effective and efficient, is a far more effective long-term strategy in seeing out a recession than sweeping job cuts.
A penny saved is a penny earned

June 2008 Despite the economic crisis, Diamond pulled in $152 million in revenue for fiscal 2009, a decrease of 17 percent on 2008s figures. Anticipating the slowdown, however, the firm vowed to cut spending over the coming fiscal year, and to implement a market growth strategy based on three things: increasing the partner-to-consultant ratio at the firm; broadening its data analytics capability (specifically by taking a more robust approach to information strategy and architecture); and continuing to seek out ways to diversify revenue sources, including heightening its focus on industries such as health care, the public sector and enterprise, as well as growing its international offerings, either in the existing U.K. and Indian markets, or opportunistically around the world. Given these actions, said CEO Gutstein, we expect to emerge from the downturn a stronger company, with a higher caliber of staff, increased leverage, greater focus, and more relevant service offerings and development programs.
GETTING HIRED
Never a dull moment
Diamond mines top-10 business schools for candidates, as well as top undergraduate schools such as Northwestern, Michigan, the University of Pennsylvania and the University of Chicago. If theres a need for candidates from a particular location or with specific technical skills, insiders say, the firm will do some one-off recruiting at appropriate campuses.
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Were told the recruiting process is very thorough and extremely competitive, but theres one thing it isnt: boring. A combination of cases, situational and behavioral interviews keeps things interesting, fair and unique. The process was challenging, admits one consultant, but it really brought out my strengths.
Diamonds in the rough

Undergraduate candidates will kick things off with one behavioral and one situational interview on campusthe latter will involve guided discussions to see how you think. Then its on to a super day in one of our offices, with a mix of behavioral, case, situational and resume review questions spread out over three or four interview sessions. Experienced hires will go from a phone screening process to a half day of four interviews on site. Employees note that the on-site round includes a case question for which candidates are given some time to prepare; the results will be presented to the interviewer, who may be a partner. This is much more realistic of consulting skills than pure logic and thought process questions, sources say. Another tip: Theres a high level of scrutiny on whether the person is ready to be client-facing, since even junior Diamond roles will require this skill set.
Case full of questions

Case questions vary by interviewer, but, generally speaking, hypothesis-based problem-solving approaches and properly outlined methodologies are highly encouraged. For short case questions, a situation is provided during the interview, and there is a congenial conversation about resolving the problem. For the bigger case, background information is provided before the interview, and the actual case question is provided during the interview. Candidates will be given an hour to prepare a mock presentation on the approach and timeline to solve the question. For cases, the query is usually, What is your approach? or What would you tell the client? One associate recalls being given a case that focused on quantifying the costs involved in either physically transferring checks from receiving banks to Federal Reserve banks to check-originating banks, versus sending electronic images. (Surprise! Physical checks were cheaper.) Behavioral and situational questions follow standard patterns, as candidates are asked about experiences in work and in school, Why Diamond? and Tell me about a time when ... setups.
A solid start
Diamonds 10-week summer consultant program runs from June through August, and according to the firm, the summer program simulates life as a full-time Diamond employee with a specific focus on exposure to senior leadership through project engagements and networking events. Successful summer consultants are strongly considered for full-time jobs, and the firm will repay any returning intern for their second year of graduate school. A former summer consultant says the experience was very rewarding and led me to choose to return to [Diamond]. We worked with the nations largest mall owner on an innovative hybrid online/in-mall shopping aggregation service. I was named in a patent application, and the launch was covered by CNN.
OUR SURVEY SAYS

Go with the flow
Diamond has a strong culture, which takes some getting used to, a recent hire reports. But youre surrounded by smart people who are passionate and energetic. The firms small, multidisciplinary teams are truly collaborative and free-flowingyou can know almost everyone if you try, which some call amazing, considering the virtual nature of the firm. Most staffers believe the firm adheres to its claim that our people are our most important asset, and backs that up through a variety of events targeted at personal and professional development. This makes it a great place to learn. Diamond is extremely entrepreneurial in spirit, one source says. If you have the horsepower to drive your own career, then this is the place. And colleague comments, if a light bulb goes off, Diamond will support you in bringing that idea to fruition. And although there have been some ups, downs and leadership changes of late, the majority of Diamond insiders say people are still friendly enough to work hard and then hang out at a local bar. (Unconfirmed rumor out of the Chicago office: Multiple members of the management team have solid hip-hop freestyling skills.)
Hanging in there
We took a big hit in financial services during the downswing of 2008-2009, an insider admits, but we have done well in insurance and health care. Furthermore, there are no consultants under manager on the bench, and there are complaints that we dont have enough resources. We have
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preemptively cut operational costs and hunkered down for a severe recession. These savvy moves mean the firm is operating in a healthy manner, and although there have been some benefit cuts and forced attrition common to most consulting firms, employees feel Diamond is very well positioned and has actually been growing its client base in some areas. Notes one associate, Were actually slowly hiring great people who are being laid off from other firms like Booz and Deloitte. Were also told that employee morale is a bit lower than it used to be, but thats the result of new promotion policies more than cost cutting. Diamond has adapted a stricter up-or-out policy, but the underlying goal of this initiative is to retain the top talent and make the firm even stronger than what it is today, explains a source.
The latest on promotions

More on that promotion policy. As mentioned above, respondents say Diamond has gradually become strictly up-or-out, indicating that the firm has been tougher in cutting people in recent years. Title promotions occur every two to three years, with sublevel promotions annually, and one insider estimates that the average path from analyst to partner is 10 to 12 years, and from senior associate to partner is about six to nine years. There are rare cases where people may not advance but not get counseled out, but the operative word there is rare. The bottom line is that 100 percent of those who dont advance a second time would be cut. Training has also gone through some transformation of late, with several insiders saying it has greatly improved, and that more official training is in development. Theres a semiannual All Hands event with formal training and yearly training simulation. Consultants are encouraged to attend at least nine days of training a year, while more junior staff are expected to attend upwards of 15 days of training per year. Still, many rely on their field teams for informal training on the job. Diamonds professional education department reports that incoming hires receive three weeks of structured training, which focuses on the basics of consulting, as well as instruction on how to solve client cases in a team-based setting.
Frequent flier miles

Staffers are clear on this point: If you do not want to travel, Diamond is not the place for you. Diamond is a virtual firm, so travel is something that is part of the job description. Consultants in Chicago and New York have been making a recent push to staff locally, however, perhaps in part to contain travel costs. But for those who live elsewhere, the expectation is that youll be on the road four days per week. At least the firm has done a great job of making travel less stressful, offering work-from-home options on Friday, flex travel and upgrades, depending on the length of flights.
Cant beat it
Due to Diamonds small teams, everyoneeven junior team membersusually has the opportunity to get exposure to all client counterparts, boasts a source. Agreement abounds: I was interacting personally with C-suite execs within a month of joining the firm, a recent hire says. Adds another, I have strong, close relationships with my clients COO as an entry-level analyst on my first project. You cant find that kind of exposure at other firms. Theres plenty of access to Diamonds top people, as well, and while there are always exceptions to the rule, most higher-ups are happy to work collaboratively and provide coaching. Diamond has worked hard to improve management, a source explains. One suggestion for further improvement? Weve enacted 360 reviews, which is nice, but managers choose who reviews them, which makes it a little biased.
Sometimes the balance is tough

The reality is that client project work often comes ahead of consultants work/life balance, an insider reports. A principal explains further: The balance is tough due to the leverage change we are undergoing, where senior people are managing more junior people. That said, staffers say Diamond truly cares about the welfare of its people, and most partners are good at scoping and framing the work. Projects may last anywhere from eight weeks to 12 months, although its more likely to be assigned a three- to four-month gig. While some consultants get away with a 40- to 50-hour workweek, others find themselves putting in 50 to 60 hours, with an occasionalthough not frequentweekend assignment. Ive rarely needed to work on the weekend, but I definitely put in late nights when necessary, says one contact. Another agrees: Theres certainly an ebb and flow of workload, and long days are simply the norm within consulting. However, Diamonds virtual model creates flexibility to work on your own terms in most cases, and helps immensely in balancing family needs.
Parent-friendly
Were told that compensation is extremely competitive, and the firm pays a signing bonus in cash, which could be up to 10 percent of consultants salary. Speaking of bonuses, despite economic conditions, Diamond has been able to accrue a larger bonus pool in fiscal year 2008, which is extremely positive.
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As for perks, in addition to four weeks of vacation and 10 holidays, the health benefits are unreal, insiders say. Medical, dental and vision are covered with no premium, no deductible and no co-pays in most situations. This is awesome for those with a family in tow. And regarding families, Diamond doesnt just offer maternity leavetheres also two weeks of parental leave for men. I didnt believe it when I heard about it, raves one proud papa.
Good works, Diamond-style

A corporate citizenship initiative helps Diamond staffers give back to each community in our footprint via a variety of service events. In Chicago, we participate in clothing and holiday gift drives and volunteer with local homeless shelters. In Los Angeles and Austin, we serve Meals on Wheels. In New York, were involved with NY Cares. In Atlanta, we assist local food banks. Were also increasing our community involvement abroad in London and Mumbai, recounts one well-informed source. The firm also gives employees one day per year for community service and matches charity contributions.
The green bandwagon

Diamond has also begun promoting awareness of environmental issues by disseminating weekly tips on staying green, cutting back on paper usage and using washable drinking glasses in the office. Recycling efforts are well underway, and consultants say a sense of environmental awareness has begun to inform both client service offerings and internal operations. Not everyones convinced that this is the best use of Diamonds resources, however. Some staffers grumble that the firm just recently jumped on this bandwagon, calling the green efforts hype.
Making headway
Diamond offers a very open environment and encourages diversity, but despite its efforts, some say it is tough to retain women. Insiders admit that there is room for more growth in that area. Says one source, Hiring policies are great, and there is recruiting outreach to women, but on-theground culture and attitudes toward women need to be improved. An active GLBT employees group called GLAD (Gays and Lesbians at Diamond) wins praise, and one openly gay associate says the firm is comfortable for me as a gay man, but there is no strong coordinated effort around recruitment or retention of GLBT employees. Similarly, several ethnic minority staffers say the firm struggles in recruiting minorities. We definitely make strides, an insider concludes, but there needs to be more active effort to ensure we bring more talented minorities into the firm.
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PRESTIGE RANKING
37
CORNERSTONE RESEARCH
RANKING RECAP
Practice Area #6 Economic Consulting Quality of Life #2 Travel Requirements #5 Formal Training #5 Selectivity #6 Best Firms to Work For #7 Firm Culture #9 Compensation #9 Hours in the Office #9 Overall Satisfaction #10 Green Initiatives #11 Relationships with Supervisors #18 Work/Life Balance Diversity #5 Diversity for Women #7 Best Firms for Diversity #8 Diversity for GLBT #19 Diversity for Minorities
353 Sacramento Street, 23rd Floor San Francisco, CA 94111 Phone: (415) 229-8100 Fax: (415) 229-8199 www.cornerstone.com
LOCATIONS
Boston, MA Los Angeles, CA Menlo Park, CA New York, NY San Francisco, CA Washington, DC
PRACTICE AREAS
Accounting Antitrust Energy Financial Institutions Intellectual Property Securities
UPPERS
A lot of firm loyalty High-profile casework Genuine respect for all people at all levels of the firm Job security
THE STATS
Employer Type: Private Company Chairman & Managing Director: James K. Malernee President & CEO: Cynthia L. Zollinger 2009 Employees: 450+ 2008 Employees: 450+
DOWNERS
Set-in-stone promotion schedule Litigation environment can be stressful Day-to-day projects can at times be mundane Tendency for some to get pigeonholed into certain types of cases

Specialized, intellectual You have to really like econ Family-friendly Quant jocks
THE BUZZ
EMPLOYMENT CONTACT
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Cornerstone Research
THE SCOOP
The starting line
In traditional architecture, a cornerstone is a stone representing the nominal starting place in the construction of a monumental building. Cornerstone Research, a litigation consulting firm, likes to think that it provides this same starting place for clients who are in the beginning phases of a monumental legal case. In the increasingly complicated world of commercial litigation, attorneys often need help sifting through complex economic or financial issues. Cornerstone is the place they turn to for help. The firm has worked with top-tier law firms throughout its existence, and has represented firms in a diverse group of industries, ranging from the financial, telecommunications and high-tech markets, to manufacturing and real estate. Cornerstone Research provides attorneys with the assistance they need in every facet of the litigation process. That includes finding high-quality expert witnesses, as well as providing economic and financial analysis to attorneys as they navigate the complexities of litigation and regulatory proceedings. The firm draws on faculty and industry experts from external sources, such as the nations leading business and law schools, but also staffs a group of internal expert witnesses who specialize in areas such as economics, finance, accounting and marketing research.
Clean break
Cornerstone was formed in 1989 when founding officers Cynthia Zollinger and James Malernee left the MAC Group, a management consulting firm. Zollinger and Malernee made the decision to split away from MAC because they felt that the fundamental differences between financial and economic consulting and management consulting called for a greater focus. Since its inception, Cornerstone has established an extensive network of faculty and industry experts at its offices in Washington, D.C., Boston, Los Angeles, Menlo Park, New York and San Francisco. It prides itself on the fact that much of its business still comes through client referrals.
Brick by brick
Lawsuits come in many shapes and sizes, but Cornerstone is most known for its work in legal cases involving issues pertaining to securities, antitrust, intellectual property, accounting, energy, health care and financial institutions such as banks, hedge funds and insurers. The firm will guide its clients through the entire legal process, from beginning to end, and gets the ball rolling by identifying key economic aspects of the case. These aspects are identified as areas that might require expert witness opinion or testimony. The firm then helps clients choose an expert witness who is recognized for his/her expertise in the relevant subject matter and prior experience in litigation proceedings. These witnesses come from a wide network of sources, including both academia and real-world experts. In addition, clients can call on Cornerstones state-of-the-art computer network to help them manage and analyze data to answer questions that are vital to the legal proceedings. Finally, when it is time to take all this work and move it into the courtroom, Cornerstone and the experts it supports will help attorneys prepare for depositions of opposing witnesses and the dreaded crossexaminations.
A clearinghouse thats not Publishers

Because Cornerstone is bound by confidentiality, the details of many of its cases are not made public. However, its name does occasionally land in the news. An example of this is when new reports are released by the Securities Class Action Clearinghouse, a joint venture between the firm and Stanford Law School. The Clearinghouse is a fully linked and digitized database that provides detailed information on federal securities class action litigations, as well as analyses of various trends such as the emerging importance of subprime-related litigation. Among the documents available in the database are the full text of complaints, motions, dockets and judicial opinions.
Stepping stone
The vast majority of undergraduates who join Cornerstone eventually leave to earn a graduate degree, with most pursuing an MBA. In 2008, as in previous years, the firms departing analysts attended some of the top MBA programs in the country, including such schools as Stanford, Harvard and MIT. Other departing consultants choose to pursue PhDs in economics or finance, or law degrees, both again at top schools such as Duke, Stanford, Harvard or Columbia. The firm takes several formal steps to help consultants with the application process. It brings in admissions counselors from Wharton, Stanford, Duke, MIT, Kellogg and Chicago, or other top institutions, to give presentations and talk to students about their respective schools and the requirements for admission. The company also maintains an alumni website for current and former employees, which also serves as a resource for current consultants looking to talk to someone who has been or is at a top program.
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GETTING HIRED
No surprises here
While the recruiting process at Cornerstone Research may be very selective, with less than 5 percent of [applicants] from top national universities receiving offers, its also fairly straightforward. The typical hiring process for full-time analysts is three rounds of interviews, with a case study presented at each interview. There are no special tests, and generally the interviews are laid-back, explains one consultant. A good grasp of economics, finance and accounting fundamentals and solid analytical skills will open the door. Theres no secret. The firm notes, however, that these subjects are not necessarily prerequisites; in the past, it has hired analysts with backgrounds in fields as diverse as computer science, math, English and sociology. On average, interviews are 30 to 45 minutes long and are largely focused on case studies based on past firm projects. The case questions allow us to get a better sense of how well the applicant will do at Cornerstone, and it gives the applicant a better sense of the type of work to expect at Cornerstone, notes a senior analyst. A principal adds that the case studies also help interviewers measure candidates effective listening and problem-solving skills. Insiders note that for the associate hiring process, MBA candidates are normally asked to sit through only two rounds of interviews that are also case-based but are 45 to 60 minutes long and can be more technical. PhD candidates should also be ready to present their research to Cornerstone staff.
An insiders perspective
Cornerstone offers summer analyst and summer associate programs for undergraduates and MBA candidates keen on getting a head start in the consulting world. A principal explains that the firms summer experience is as close as possible to full-time work to give people a good sense of working for the firm. According to one former intern, the internship program did just that: I worked on two case teams and got a very good introduction to casework and the Cornerstone culture. A colleague describes a similar experience. I worked on one billable and one non-billable project. On my billable project, I was able to work directly with the manager on the case I was able to learn a new statistical program that I had never used before, which I eventually used at school to write my thesis. On my non-billable project, I summarized intellectual property contracts.
OUR SURVEY SAYS

How are you today?
This is the type of firm where you can drop by our CEOs office just to say hi. Not only are you welcome to do so, but she knows your name and asks about your kids, your satisfaction at work, etc., reports a senior analyst. Colleagues agree that Cornerstone stays true to its commitment to its people. Says one associate, I think most firms would describe themselves as committed to their employees, but Cornerstone actually delivers. Everyones input is valued in team meetings, and everyones contributions to the work are recognized. Another consultant concurs, adding, The founding officers of the firm have said repeatedly that they do not view people as a variable cost, and that means a lot in this type of economy. Staffers say their firms collegial culture stems from its smaller size, which means that everyone in the office knows each other and that every employee has an individualized experience. Staffers also credit upper management for upholding the firms commitment to its employees. Senior management is exceptionally approachable, they say, and even junior employees can regularly interact with senior managers and officers. Ive noticed that managers take great concern in my development and in the quality of my experience, an analyst shares.
Letting loose
It can be easy to feel weighted down by all the worry over the recent economic downturn, but Cornerstones management has worked hard to keep employee morale up, insiders say. Especially in the midst of the economic downturn, it is evident that the company places a high value on its people, explains a respondent in San Francisco. Even in the midst of a downturn, the company continues to spend money on social events to encourage camaraderie and collegiality. These events are usually organized by a social committee that plans an array of fun events where everyone can enjoy themselves and relax, and this is very much an important part of the culture here, adds a New York staffer. In the San Francisco office, for example, each of the four floors in the building hosts a party and invites the rest of the office to participate. So far, we have had a murder mystery party, an Olympics-themed party and a game show party, with our own Jeopardy game. Theres also a firmwide retreat every three years to Palm Springs to bring all Cornerstone staffers together for training and bonding time.
Not too worried

Having time to dress up as characters from Clue or as Jeopardy host Alex Trebek is indicative of the confidence insiders have in the firms future business prospects. An insider notes that we havent had, and are not expecting any layoffs, and our recruiting targets for full-time analyst hires remained high through the fall, nor did the firm rescind any offers. And while some training sessions have been cut or postponed, and some raises
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and bonuses have been limited to ensure long-term stability, one source expects that Cornerstone will weather the economic storm because it is well positioned to address a flood of economic and finance questions arising in commercial litigation.
It is consulting, after all

Respondents say that, given the industry they are in, they are generally able to balance work and home life, working 50 hours per week, on average. However, there is always the predeadline, late-night rush to meet client demands. It can get difficult during spikes as you near the end of a big case event, such as a report filing or a trial, says a principal. Still, the firm is careful to stick with its work/life balance guidelines. The only hang-up specific to Cornerstone, staffers say, is that much of the workflow is dependent on litigation timelines. Work is based on supporting experts for litigation, explains a research associate, so workflow follows lawyer and court deadlines, which can be challenging. Variability in hours has also increased in the past year, one insider comments, probably in part due to the economic climate. Those late nights tend to balance out over time, however. We have a very reasonable target number of weekly hours, which really goes to a target yearly average, so there can be a lot of variance, a consultant in New York explains. A senior analyst agrees, adding, Our work schedule is somewhat flexible, which makes it possible to balance work demands with personal obligations. Insiders also note the firms extra-light travel demands. There is virtually no travel required, particularly for junior staff, says a Boston-based source. The amount of travel increases slightlyfrom nonexistent to sporadicas you get more senior. The longest typical out-of-town jaunt is for one or two days for meetings with experts and clients, an associate explains.
In-house slurpees
While Cornerstone is not huge on perks, it does offer staffers a few fringe benefits. All offices have fully stocked kitchens that look like pseudo 7Elevens. For those overdosing on the kitchen freebies, the firm also reimburses fitness club memberships. A principal adds that the firm generally covers expenses for outside professional development that is consistent with our work, for example, CFA certification training. More broadly, compensation at Cornerstone is competitive with other major economic and management consulting firms. It also offers staffers good health insurance with very good premiums, and a 401(k) matching [program] of 50 percent, up to 6 percent of compensation.
Having a baby is a big deal

One of the more notable benefits of working at Cornerstone, respondents say, is the firms very generous maternal and paternal leave policies. The firm respects and understands that having a baby is a big deal, an associate says. Typically, female consultants are allowed 10 weeks paid maternity leave, while eligible new dads (or other non-primary caregivers) are granted two weeks paid paternity leave. Additionally, eligible adoptive parents are granted four weeks paid adoption leave. Part-time work schedules [for returning mothers] are available and some people telecommute [before returning to work full time], adds a source in Los Angeles. Why the exceptional flexibility at Cornerstone? Most likely because many of our senior consultants are women, and Cornerstone is very supportive when they decide to start a family, a staffer explains.
The importance of a good role model

Its those female senior consultants who form the nexus of role models available to Cornerstones female contingency. Two of three [original managing directors] are women, and about 40 percent of the partners in the office are women, reports one staffer. A colleague adds that one of the things that attracted me to Cornerstone was the fact that there were so many women in management. Our CEO is a woman, as well. Cornerstone does a great job supporting women. Insiders also note that, in addition to a positive gender balance, there is respect for GLBT professionalsRespect for GLBT parallels the firms broader culture of mutual respect and admiration. And when it comes to ethnic and racial diversity, were told the firms staff reflects a number of cultures. While a source from Washington, D.C., says the number of Hispanic and black analysts across the six offices can probably be counted on one hand, a principal comments that Cornerstone is highly ethnically and culturally diverse, [with] a good portion of staff at all levels [coming] from abroad.
Step 1, Step 2, Step 3

The promotion policies at Cornerstone are fairly cut and dry for analysts: People here advance according to schedule, with little variation, a consultant explains. For those starting right out of college, you spend two years as an analyst, one year as a senior analyst and then any number of years as a research associate. In most cases, analysts typically stay at the firm for two to four years before pursuing graduate studies. The next step up from analyst is associate, which is a typical entry-level hire for MBAs and PhDs, explains an analyst. Promotion directly from research associate to associate is rare, but does happen occasionally. A principal adds that associate-level staff then progress to managers, senior managers, principals and vice presidents. For associates and above, it is possible to get promoted behind schedule, but it is very difficult to get promoted ahead of schedule.
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Very little guesswork is needed to determine where one is on the promotion ladder. The firm provides a consistent message about whether or not you are meeting performance expectations, so there are no surprises, a staffer notes. Cornerstone has a general timeline for promotions at different levels. For analysts, if you meet expectations, your promotion schedule strictly adheres to that timeline. The firm comments that there is also a general timeline for promotions at different levels for associates and other senior consultants, but it understands that some people may take more or less time. A little behind schedule? Not to worry. Cornerstone is not up-or-out, and there is very limited turnover.
Hands-on training
Cornerstone has an official training program set in place for all new hires, were told. When new analysts and associates join the firm, they attend a two-week orientation, which includes a mock case, explains an associate. The training ends with a mock deposition, where the trainees pose as the expert. To build on the skills learned at the orientation training and on the job, Cornerstone has traditionally held yearly firmwide trainings that last three to four days, with separate trainings for consultants of all levels. These yearly training events bring all the analysts from across the firm together, and allow analysts to meet each other and socialize while learning and improving skills. The firm notes that it has held similar sessions for new associates, experienced associates and managers. Outside the classroom, Cornerstone also places a strong emphasis on mentoring and on-the-job training. When analysts start, they typically are staffed on projects with more experienced analysts to learn the ropes, says a respondent from San Francisco, an office that has recently created BBLs, or brown-bag lunch training sessions, where analysts can present things they have learned. This is a way to ensure that analysts are constantly growing and sharing their knowledge.
Props to C.R.O.P.
Respondents tell us Cornerstone is active in its offices local communities. There is a firmwide outreach program, called C.R.O.P.Cornerstone Research Outreach Programthat is involved with a new charity each month. C.R.O.P. projects have ranged from contributing to Kiva, a microlending firm to actually going out and working for Habitat for Humanity, a source explains. Clothing and food drives are a regular fixture, as are dress-down days where employees can dress casually if they make a charitable donation. The firm also dedicates resources to pro bono professional projects from time to time, another staffer adds. As its name implies, Cornerstones green team addresses [environmental] issues and anyone can join. It affects things from office supplies and lights, to the food we buy, a source says. For example, we try to reduce paper use, reduce our use of energy in the office by having lights automatically turn off, etc., explains a Menlo Park staffer. In a recent renovation of the Menlo Park office, we used environmentally friendly materials and paint for the entire job. I think the people here care about the environment and do try to look for ways to reduce our energy use.
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PRESTIGE RANKING
38
CORPORATE EXECUTIVE BOARD

UPPERS
Make it happen work ethic Young crowd Idea-friendly
1919 North Lynn Street Arlington, VA 22209 Phone: (571) 303-3000 Fax: (571) 303-3100 www.executiveboard.com
LOCATIONS
Arlington, VA (HQ) Chicago, IL San Francisco, CA Scottsdale, AZ London New Delhi Sydney
DOWNERS
Young, inexperienced managers Sometimes it feels a bit too much like a school fraternity Micromanagement
EMPLOYMENT CONTACT
www.executiveboard.com/careers
PRACTICE AREAS
Finance & Strategy Financial Services Human Capital Information Technology Legal & Compliance Sales, Marketing & Communications
THE STATS
Employer Type: Public Company Ticker Symbol: EXBD (Nasdaq) CEO: Thomas L. Monahan III 2009 Employees: 2,000+ 2008 Employees: 2,500+ 2008 Revenue: $558.3 million 2007 Revenue: $532.7 million

Good first job Reports, reports, reports Intellectual and strategic Very competitive
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Corporate Executive Board
THE SCOOP
Safety in numbers
The largest network of major executives in the world, Corporate Executive Board draws on its collective brainpower so members avoid reinventing the wheel when solving similar problems other CEB members may have already overcome. CEB is a membership-based organization that provides best practices research, decision support tools, meetings and executive education seminars (in person and online) focusing on corporate strategy, operations and general management issues. For a fixed annual membership fee, corporate and nonprofit members subscribe to one or more of the companys programs on areas covering corporate finance, financial services, human resources, information technology, innovation and operations, legal issues and corporate governance, sales and marketing, and strategy and management. Founded in 1979 as the Research Council of Washington, then renamed The Advisory Board Company in 1983, CEBs network now boasts more than 5,100 participating members, including 80 percent of the Fortune 500, more than 60 percent of the worlds top-300 financial institutions and members in more than 50 countries. Around a third of the firms revenue comes from international members. Generally, CEBs clients break down into two groups: large companies with annual revenue of at least $750 million and midmarket enterprises with annual revenue of between $50 million and $750 million, though the membership list also includes nonprofit organizations including ServiceCorps and Pro Bono Corps.
Spreading the wealth

CEBs membership-based model means two things: For CEB, it can glean information from its wide-ranging membership to produce up-to-date best practice and performance data on and for its members. For CEB members, meanwhile, the shared-cost research model means they get similar information to what they would receive from premier strategy consulting firms, but at a fraction of the cost. The average annual membership fee is around $30,000, although this varies depending on the size of the company. For those bucks, CEB promises its members a whole lot of bang, offering four unique assets that include an extensive global network of peer executives, unrivalled best practices and data, unlimited service from CEBs 2,500-plus employees throughout the year and unbiased advice. Members have access to CEBs six practice areas and can choose from more than 50 different membership programs. In the course of a year, CEB staff create and distribute hundreds of new strategic research studies, hold hundreds of membership meetings and provide several thousand on-site executive education sessions. Subscriptions also cover CEB-produced studies and briefs, decision-support tools, access to CEBs newly developed web-based research and networking tools, support from its account management teams and executive education seminars. Members cannot normally access information in programs to which they dont belong, but the firm tries to accommodate them if the request is isolated.
THE LATEST ON CORPORATE EXECUTIVE BOARD

A smaller Board
January 2009 In response to the global economic turmoil, CEB announced a restructuring plan. Included in that plan was a provision for a 15 percent reduction in force, as well as the intention to realign, consolidate and retire certain products and services. The firm also announced plans to focus its operations on five corporate decision centersno word on where, howeverand to implement an integrated approach for managing member accounts and finding prospects.
Called to account
January 2009
The firms annual results for 2008 were something of a mixed bag. While revenue increased by 4.8 percent to $532.7 million, the total number of membership subscriptions decreased 3.7 percent to 15,747. While the latter figure was undoubtedly troubling, it would appear that the company picked up a number of smaller firms along the way, too: The total number of member institutions increased by 8.6 percent to 5,114, although the average subscription price dropped to $30,714, down 4.6 percent. In a nutshell: less big clients with multiple subscribers, more small firms. CEB was particularly hard hit by the collapse of so many financial institutionsa scenario that saw it lose more than a few clients. Indeed, as the firms annual SEC filing indicates, In 2008, the largest driver of the decrease resulted from large member companies who experienced disruptive economic distress themselves, or from other member companies that disappeared entirely, primarily in the financial services, transportation, and building materials industries. How big of a problem is that? The firm calculates that those categories accounted for 80 percent of the decrease in contract value.
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No more stalling
May 2008 To mark CEBs 25th anniversary, Matthew S. Olson, an expert in the firms strategy and management group, and CEB Chief Research Officer Derek C.M. van Bever, published Stall Points, a guide to overcoming barriers to growth for large corporations. The ideas behind Stall Points were borne out of research conducted in the 1990s by CEB experts, researchers at HP and others, which looked at the growth patterns of every Fortune 50-sized company across a 40-year period, and examined when the companies growth began to slow and why. The research showed that there were certain factors that landed companies in a danger zone for stalling, namely, being locked into a higher price than ones competitors, a breakdown in managements ability to drive innovation, prematurely abandoning the business core purpose and hiring underperforming staff. Olsens and van Bevers book concludes that, at some point, 87 percent of businesses hit a stall point, or a multiyear turning point in a companys fortune involving significant downturns in corporate revenue growth. The authors also summarized their thoughts in the March 2008 issue of the Harvard Business Review, in an article titled When Growth Stalls.
International expansion
February 2008 In the latest move in a bid to expand its global presence, CEB opened a regional office in Sydney, Australia. The move came after a busy year in 2007, which saw the company open regional offices in Chicago and San Francisco. CEB also consolidated its five separate locations in the Washington, D.C., area, and opened a new international headquarters in Arlington, Va., in 2007.
GETTING HIRED
The basics
The hiring process at Corporate Executive Board is fairly standard for the consulting world, staffers say, though it varies slightly depending on whether applicants are interested in a role on the firms content delivery, research, member services or sales teams. Generally, however, the process starts with a first-round HR phone screen, followed by in-person interviews with one or more line managers. Research staff normally need to submit a writing sample, while content delivery staff are also asked to make a presentation to a panel and field questions on a topic of their choice, explains a midlevel source.
Big on fit
A research analyst involved in CEBs recruiting process reports that the first round of interviews is normally focused on fit: Since its a young company that is at times a challenging environment the firm looks for people who will greatly enjoy their co-workers and help them ride through the frustrating aspects. Theyre also looking for people with a high level of energy and motivation, which will help them thrive in this atmosphere. The second (or third) rounds of interviews are largely case-basedthey tend to be more conceptual than quant-driven, and are specifically designed to assess your thought process, a source notes. For example, one case asked you to analyze why a credit card company would partner with an airline company. You needed to demonstrate an understanding of basic economic and competitive principles, and the ability to pull out insights about the specific industry composition.
OUR SURVEY SAYS

Young and casual
The most oft-used adjective CEB insiders use to describe their firm is casual. The dress code is business casual, which can mean wearing jeans to work on days when there are no clients on site, and were told that, in the cafeteria, the CEO will randomly pick an employee to eat with. He talks to them and asks them questions, a D.C. insider reports. In addition to the casual atmosphere, CEB consultants appreciate their very manageable schedules of 50 to 60 hours per week. In addition, the people are greatly enjoyablefun, very intelligent, motivated and from interesting backgrounds, a research analyst comments. The firm is also very young, although some say that this can have its downsides. Were told that management is young and inexperienced, and could use more training.
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Room to grow
One of the more notable advantages to being a CEB staffer, were told, is that there is lots of opportunity for senior exposure. An associate director who joined the firm right after completing his MBA shares, I was able to refine my sales skills, develop outstanding process management, learn how to knock down doors and get in with the right people, understand how organizations make purchasing decisions, and I literally met with hundreds of senior-level executives at $1 billion-plus companies. I was able to interact with senior execs in a way that few jobs would have allowed for someone so young in their career. A research analyst with a similarly positive experience adds, CEB calls itself a meritocracy, and I definitely experienced that. Roles and experiences are very flexible, and when I demonstrated competence or strength in a given area, my managers created more opportunity for that.
Upward mobility
That meritocratic ethos also applies to the firms promotion policies, which leave lots of room for advancement, as one consultant says. He attests to having received a promotion within six months of employment. Typically, CEBs promotion policy is based on how employees fare in a twice-yearly career committee. During these evaluation sessions, employee reviews are written and reviewed by level, and managers have the opportunity to advocate for their direct reports based on their pool, a midlevel staffer explains.
Payday blues
Respondents say compensation at CEB could be better, as its relatively low pay for the consulting industry. A practice manager explains that the firm is looking for people who love research but arent very sensitive to pay, which is something to keep in mind since starting salaries are low, raises are miniscule unless promoted and variable compensation is low to nonexistent. Others add that bonuses, which can be as high as 10 to 15 percent of base pay, can be zero if your franchise isnt doing welland most arent. The firm does offer a standard benefits package, with health, dental, vision, a 401(k) program, and subsidized parking and commuting. Other perks include a school reimbursement plan, gym membership subsidies and an annual end-of-the-year prom, which has been held at the National Building Museum in Washington, D.C., for the last two years. CEB also provides two weeks of vacation for entry-level staff and 25 days of paid time off for practice managers, though few get to use much more than half of their holidays, a source says, adding, For tenured staff, its unfortunately almost a badge of honor to leave a lot of holidays on the table.
Very into volunteering

Staff members are encouraged to volunteer, and are given a certain number of hours per month to use toward volunteer opportunities, a consultant from California reports, noting that the firm has a directory of organizations where employees volunteer regularly. The firm also recruits staffers to attend the Help the Homeless Walkathon each year, and staffers are recognized by their peers regularly for their community involvement, were told. On top of that, CEB offers pro bono consulting and really encourages employees to participate, an associate says.
Tough times at CEB

A number respondents tell us the company has had a rough time weathering the recent economic downturn. Despite using over $300 million in cash, the share price has declined by 50 percent or more in the past year, a practice manager states. An analyst adds that the firms troubles seemed to begin in early 2007, when CEB wasnt growing as fast as investors would have liked, and the upper management was visibly starting to get nervous. Budgets started to tighten [and the] focus changed from producing quality research to making sure the sales and member services teams were hitting their numbers. As a result, sources say, now pressure is on the sales side and the researchthe productis diminishing in quality. CEBs financial hardships have resulted in layoffs and restructuring that were not well planned or executed, a director notes, while another higherup says the firms slow growth and reorganizations have severely limited opportunities for advancement. Not surprisingly, then, employee morale and a sense of meritocracy has degraded over the past year, as one senior director explains, with an analyst adding that there was a mass exodus from the company in late 2008. But in an effort to put all of that in the past, were told the firm has a fantastic asset in documented, vetted, functional best practices and quantitative insights.
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HAY GROUP
RANKING RECAP
Practice Area #5 Human Resources Consulting
The Wanamaker Building 100 Penn Square East Philadelphia, PA 19107 Phone: (215) 861-2000 Fax: (215) 861-2111 www.haygroup.com
UPPERS
Freedom to act You can make a difference
LOCATIONS
Philadelphia, PA (HQ) 86 offices in 47 countries
DOWNERS
Lack of consistency in practices across offices Minimal career coaching
PRACTICE AREAS
Building Effective Organizations Employee & Customer Surveys Leadership & Talent Reward Services
EMPLOYMENT CONTACT
www.haygroup.com/ww/careers
THE STATS
Employer Type: Private Company Chairman: Chris Matthews 2009 Employees: 2,600 2008 Employees: 2,800 2008 Revenue: $537 million 2007 Revenue: $443 million

Original HR masters Out of date Diverse Limited
THE BUZZ
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THE SCOOP
Find your way with Hay Group
If a company needs help with its staffwhether to develop, motivate or train themthen Hay Group is the consultancy they go to first. The 66-yearold firm specializes in human resources and is the creator of the most widely touted job evaluation methodology in the world. The global firm, based in Philadelphia, uses the research it carries out on a company and translates it into what it calls actionable insights. It then passes these on to the client company, with the goal of improving its business strategiesas well as execution of those strategiesand boosting staff engagement at the same time. On top of that, Hay Group makes sure that its clients employees are doing the job that is right for the skills they possess through a range of leadership and talent assessments. In addition to carrying out customer and employee surveys to make sure clients are on the right track, the firm provides clients with direction on employee reward services and how to build an effective organization. Clients come from the private, public and nonprofit sectors, and from virtually all industries, including chemicals, consumer goods, education, financial services, health care, life sciences, manufacturing, oil and gas, retail services, technology and telecommunications. The firm operates in four practice areas. The first, leadership and talent services, offers capability assessment, leadership transformation and talent management services. The reward services group offers clients help with reward strategies, total reward framework advice, executive rewards, job evaluation, reward information services and benefits advice. Hay Groups consultants are also assigned to a practice area for building effective organizations, which ensures companies strategies are aligned with their operating models, and to the employee and customer surveys unit, which includes employee engagement and customer research services.
Matchmaker, matchmaker
Have big shoes to fill? Hay Group can make sure its clients pick the best managers to fill executive positions with the help of its McClelland Center for Research and Innovation. The center, founded by Harvard psychologist David McClelland, uses substantive, empirical research into human behavior and its effect on organizational performance to help clients assess and select the best managers and executives for their companies.
Measuring up
Hay Group backs up all of its advice with its industry-renowned methodologies and data services. Since the 1960s, the firm has collected more than 6.1 million individual leadership assessments of 551,761 individuals, including 52,438 executives from 4,944 organizations. It has also built over 1,200 competency models for clients, and its organizational climate surveys are available in 28 languages. The firm uses this data in a variety of ways, most notably for its job evaluation methodologythe first of its kind in the marketwhich is used by over 8,000 organizations around the world to determine the value of a job. A complementary methodology is Hay Groups role-profile matrix, which serves as the evaluation of the job evaluation method. It allows managers to see the difference between roles and to identify any gaps in order to determine how to shift jobs around. The matrix is most often used by boards and senior management in succession planning. Another Hay Group tool: PayNet. Developed in 1997, the database allows managers to compare online rewards across sectors on an international basis. It is the worlds largest database on remuneration for management positions, with more than 12 million individual records from over 13,000 organizations.
Making the list

Hay Group often partners with publications to recognize standout companies. Since 2002, it has paired up with Fortune to rank the most admired companies in the world, providing detailed analysis to make the case for each firm listed. Issues assessed for the ranking include attraction and retention of talent, culture, leadership, performance measurement, strategy implementation, managing through economic uncertainty, execution, innovation, ability to conduct business globally, board effectiveness and reward programs. Since 2005, Hay Group has also worked with Chief Executive magazine to put together the Best Companies for Leaders ranking. And starting in 2007, it joined forces with The Wall Street Journal to publish the annual WSJ/Hay Group Executive Compensation Report, which looks at various aspects of compensation, based on employee survey results. Its not all collaboration, however; while Hay Group might share some bylines, its consultants take full credit for a number of other survey and reports, which the firm releases regularly. (See the news section below for some examples.)
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THE LATEST ON HAY GROUP

Dialing back on CEOs
April 2009 In 2008, for the second time, Hay Group partnered up with The Wall Street Journal to compile the WSJ/Hay Group Executive Compensation Report, based on a survey of 200 U.S. companies with more than $5 billion in annual revenue. Hay Group analyzed the findings on CEO compensation. The results of the survey, published in April 2009, showed that U.S. companies reduced their compensation rates in 2008 due to the economic climate no surprise there. It also showed that, for the first time since 2001, CEO compensation declined, with cash compensation declining 8.5 percent and annual incentives falling 10.9 percent. The sharpest declines in executive comp were seen in the financial services industryagain, no shocker there. And for the second year in a row, performance-based plans were more prevalent than stock options in the long-term compensation pool for CEOs.
A decade of insider information

March 2009 The firm celebrated the 10th anniversary of the Fortune Most Admired Companies list. The most recent ranking put everyones favorite tech manufacturer Apple at the top, followed by Berkshire Hathaway, Toyota Motors and Google.
Survey says: Recessions hurt

December 2008 Hay Groups Global Employee Pay and Staffing Survey showed that the number of organizations that expect business results to be significantly worse than targeted levels for 2008 had more than doubled since March 2008, up to 31 percent from 12 percent. It was no small sampling, either: The survey included 2,589 organizations on six continents, and found that the hardest hit sector was retail.
Singapore smarts
October 2008 Under its building effective organizations practice, the firm opened a global research and development center on strategy execution in Singapore. Hay Group plans to invest $10 million over five years to boost its research and development work in Asia, with support from the Singapore Economic Development Board, a government agency dedicated to turning Singapore into a global business hub. The center will also partner with other institutions and universities and professional organizations in specialized areas such as technology, procurement, brand development or corporate finance.
Global salary outlook

September 2008 The firm released its World Pay Report 2008, which found that managers in the fast-growth economies of the Middle East, Asia and Eastern Europe tend to have the highest spending capacity. According to the report, the demand for management talent far outstrips supply in these marketsa situation that creates competition for top management material. At least until a recession comes along, that is
GETTING HIRED
Not your average interview
Not only does Hay Group buck the consulting trend by not actively recruiting on campusesYou either have to apply online, be found by a headhunter or know somebody it also does not rely on case studies in its interviews. Instead, for post-MBA prospects, the firm uses its own proprietary set of assessments that get to how a person is wired and motivated, and then maps that against their desired qualities for a good consultant, reports an insider, who warns, Theres no sense in trying to prep for it, as theyre looking for who you are, not necessarily what you know or what youve done.
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OUR SURVEY SAYS

Serious opportunities
For those who fit the psychological bill, Hay Group allows top-level client access for higher performers. The company is looking to attract and grow future leaders, and is willing to give recent MBAs access to top executives, even in presentation settings. As a flexible, open and low-key firm, new hires that show future-leader potential have the opportunity to move up in the organization quickly, with commensurate pay increases, a senior consultant reports. If youre a high-potential, are good with clients, are willing to work hard and are a cultural fit, youll get serious growth and advancement opportunities heremore than you will at other consulting firms. A higher-up concurs: We are quite willing to let people gravitate to where they believe they can add the most value.
Plowing through
Insiders say that the firm has managed to weather the economic storms, thanks to record years in 2007 and 2008. But there are some concerns: Hay Group, as a service business, is beginningas of April 2009to show weakness, warns an East Coast insider. Still, the company is on the rise, and its brand has never been stronger externally. But nobody knows exactly what the turmoil of 2009 will mean for the long-term prospects of the business.
Wearing pajamas to work

For now, insiders say, the big plus to working as a Hay Group consultant is flexibility, with an average 40-hour workweek and client projects that last anywhere from one to four months. There is zero face time at Hay Group, and consultants are trusted to get their work done in their own way wherever they like, says one respondent. While, at times, client deliverables can lead to long hours, there are fairly few people that are physically at the office much past 6 p.m. A manager adds, Consultants are given tremendous flexibility to schedule their time, as needed. So long as we are delivering on client commitments, we are given almost complete autonomy. One vice president says he often works from his home office and [is] easily able to work at convenient hours. Sources add that their free time outside of work is that much freer because of their ultra-light travel schedules. Theres obviously going to be travel in any consulting business, but because Hay Group is regionally based, travel is fairly light relative to other consulting firms.
Decent payday
The majority of staffers tell us they are fairly happy with their level of compensation, and appreciate the firms minimum 8 percent 401(k) contribution received after three months of service, and generous vacation policy of four weeks or more. Hay Group also offers a comprehensive health and dental PPO plan, various tax-deferred benefits, life insurance and disability plans.
Practice-specific training
Generally, how much training a consultant receives at Hay Group depends on his practice area, staffers report. For example, the leadership and talent practice offers extensive training. In fact, you cant do the work without having been put through a series of trainings and certifications. Consultants also note that, while much of the firms work content is proprietary and highly specialized, there is little infrastructure in place to ensure everyone is trained the same way. Upper management has taken note, however, and sources say that, in 2009, the firm launched a new training initiative to improve and standardize the quality of training and how data is managed throughout the firm.
Caring about communities

For their local communities, Hay Group offices may, from time to time, get involved with local charities, although there is no specific effort to manage the involvement centrally, an insider states. The firm, however, does have an ongoing charitable relationship with United Way, and a number of staffers are involved in mentoring programs. One source adds that the firm also has been known to conduct reduced-rate or pro bono consulting projects for charitable organizations.
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ANALYSIS GROUP, INC.

RANKING RECAP
Practice Area #4 Economic Consulting
111 Huntington Avenue Boston, MA 02199 Phone: (617) 425-8000 Fax: (617) 425-8001 www.analysisgroup.com
UPPERS LOCATIONS
Boston, MA (HQ) Chicago, IL Dallas, TX Denver, CO Los Angeles, CA Menlo Park, CA New York, NY San Francisco, CA Washington, DC Montreal Variety of casework Very flexible
DOWNERS
Horizontal culture means some structures or procedures arent always clear Workload can be uneven
EMPLOYMENT CONTACT
www.analysisgroup.com/analysisgroup/careers.aspx
PRACTICE AREAS
Accounting & Litigation Services Antitrust Commercial Litigation & Damages Energy Entertainment & Media Environmental Economics Financial Institutions Healthcare Consulting Services Intellectual Property Labor & Employment Securities & Financial Instruments Strategy & Analytics Telecommunications Tax Valuation
THE STATS
Employer Type: Private Company President & CEO: Martha S. Samuelson 2009 Employees: 475 2008 Employees: 437

Economics masters Analytical, boring Academic Small footprint
THE BUZZ
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THE SCOOP
Analyze this
Boston-based Analysis Group, Inc., provides economic, financial and business strategy consulting to law firms, corporations and government agencies. Much of the firms work is grounded in economic analysiswhether that be a quantitative assessment related to a litigation or developing a model for a clients corporate strategic planning exercise. To date, Analysis Group has provided support in litigations for attorneys at more than 500 law firms, including the 25 largest firms in the country, and has worked with Fortune 100 executives, including general counsels and senior executives. For law firms, the group helps with pretrial discovery, development of economic and financial models, preparation of testimony, critique of opposing experts analyses and other aspects of litigation. The current economic crisis has resulted in a big uptick in engagements involving analysis of complex securities, such as derivatives and credit default swaps, as well as the securitized assets at the center of the subprime housing fallout. Corporate and government clients, meanwhile, call on the firm for help with a variety of business issues, including financial planning, tax issues, company and asset valuations, cost-effectiveness analyses, market analyses, and evaluation of mergers and acquisitions. Analysis Group also helps clients analyze market dynamics and organization capabilities to improve products and services, and to identify new market opportunities.
Closebut not insidethe ivory tower

Former Arthur D. Little consultants Bruce Stangle and Michael Koehn founded Analysis Group in 1981 in Belmont, Mass. The two PhD-carrying brains sought to fuse academic practice with business litigation by applying economic research. The firm primarily consulted on mergers and acquisitions to start; today, its consultants, working from 10 offices in North America, have experience in all areas of economics as it applies to the legal and business world, including securities, health care, intellectual property, antitrust and commercial damages.
Principled professionals
The firm adheres to four operating tenets, which give shape to a kind of business philosophy. First is access: Analysis Group maintains close ties to specialiststop minds in academia, leaders in industry and government insidersto ensure that clients have access to the best people and ideas. Second, collaboration, sees the firm encourage strong relationships within consulting teams and between teams and clients, which ultimately improves communication, effectiveness and satisfaction. Next is responsiveness, a result of being able to rapidly identify specialized experts for a case, and a flexible structure that allows teams to quickly scale up or down as needed. And finally, pragmatism: Analysis Group believes all strategies should focus on relevant, applicable solutions. For each client engagement, Analysis Groups 475 professionals are grouped into teams, which are tailored according to the needs of the project and the client. Often, these teams are supplemented by academic or industry experts from the firms external network.
THE LATEST ON ANALYSIS GROUP

Wall Street headlines
March 2009 In a case that was closely watched on Wall Street and in the financial press, The Dow Chemical Co. acquired Analysis Group client Rohm and Haas, after citing the credit crunch as a reason to avoid closing the deal. Analysis Group assessed the financial implications of the proposed merger on Dows creditworthiness, liquidity and ability to raise capital, and the deal went through. Focusing on one result of the economic crisisincreasing workforce reductionsAnalysis Group VPs Debo Sarkar and Mark Gustafson teamed up to author an article for Law360, analyzing statistical methods to determine whether protected classes of workers are disproportionately affected in layoffs, a growing source of labor litigation.
Real page-turners
February 2009 Outside the courtroom, Analysis Group staffers are busy writing and researching on their various areas of expertise. In February 2009, for example, Chairman Bruce Stangle and Vice President Gaurav Jetley co-authored an op-ed piece in The Economic Times of India, in which they examine damages considerations in the context of the massive financial fraud and stock plunge of Satyam Computer Services, one of Indias largest outsourcing companies. Earlier, in January 2008, a research paper co-authored by Analysis Group associate J. Bradford Rice received the 2008 Ernest W. Johnson Excellence in Research Writing Award from the Association of Academic Physiatrists. The paper, titled The incidence of peripheral nerve injury in extremity trauma, was published in the May 2008 issue of the American Journal of Physical Medicine and Rehabilitation.
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Greening the White House

December 2008 Analysis Group announced that Vice President Judson Jaffe, a specialist in energy and environmental economics, will help lead the newly created Office of Environment and Energy in the U.S. Department of the Treasury, starting in January 2009. The new office will develop, coordinate and execute the Treasury Departments role in the domestic and international environment and energy agenda of the United States. Jaffe will focus specifically on the development of domestic climate change policy. Separately, in November 2008, Managing Principal Susan F. Tierney was tapped by then-President-Elect Barack Obamas transition team to co-lead the Department of Energy review group. Tierney participated in the review group while on leave from Analysis Group.
What would you pay for Bear Stearns?

December 2008 In another headline-making case, JPMorgan Chases acquisition of Bear Stearns, Analysis Group assessed the impact on Bear Stearns shareholders of a sale to JPMC versus bankruptcy. Based on this analysis, the Supreme Court of the State of New York dismissed the class-action lawsuits filed by Bear Stearns shareholders that claimed the acquisition by JPMC was unfair and inadequate. The decision was seen to protect directors faced with challenges brought on by the credit crisis.
One of Bostons best

November 2008 The Boston Globe named Analysis Group one of the top places to work in Massachusetts. The survey recognized the most progressive companies in the state, based on employee opinions about company leadership, compensation and training, diversity/inclusion, career development, family-friendly flexibility, and values and ethics. Analysis Group was ranked No. 56 on the overall list and 25th on the sublist of companies with between 100 and 249 employees in Massachusetts.
Adding notches to the belt

October & December 2008 Analysis Group worked with client TiVo on upholding the U.S. Supreme Courts decision in its patent infringement suit against Dish Network and its EchoStar spinoff. According to the verdict, Dish/EchoStar will pay TiVo $104 million to cover the jury award plus interest, while a federal judge considers TiVos call for $220 million in additional damages and an injunction to end Dish/EchoStars digital video recorder (DVR) service. The case began with TiVos belief that Dish/Echostar had infringed on TiVos patented Time Warp and Trick Play technologies that allowed viewers to pause, fast-forward, and replay live television broadcasts. Analysis Group provided TiVos counsel with economic damages analysis. Another recent, high-profile case was that of client Seagate Technologys defense of a patent infringement action brought by Siemens AG. In December 2008, a jury in the U.S. District Court for the Central District of California ruled in favor of Seagate. At issue were magnetoresistive sensors used in computer hard drives. In 2006, Siemens sued Seagate, saying that all Seagate disc drives sold since 2000 had infringed upon Siemens patent. Siemens had originally sought damages of more than $1 billion. Seagates defense attorney called on Analysis Group to provide damages analysis and, in the final ruling, Siemens damages claim was reduced to $160 million.
Health first
June 2008 A first-of-its-kind study quantifying the return on investment of bariatric surgery earned Analysis Group health care economists an interview with The Wall Street Journal. The research is part of a larger focus by the health care practice on the economic and social costs associated with the growing obesity epidemic and related illnesses in the United States.
GETTING HIRED
Faint of heart need not apply
Analysis Group insiders rank their firm highly in terms of selectivity and competitiveness of its hiring process. Most of the firms professionals have advanced degrees in economics, finance, law, accounting and management. To grow its ranks, insiders tell us, the firm typically reaches out to some of the best universities throughout the U.S. and Canada, such as Harvard, MIT, Yale, Princeton, all the small NESCAC schools (e.g., Williams,
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Amherst), Stanford and Berkeley. According to the firm, it seeks individuals with demonstrated ability in economics, finance, accounting, health policy, statistics, business strategy and similar disciplines with an emphasis on quantitative experience. A case team leader reports that candidates will typically go through two rounds, with four interviews in each round. [There are] no special tests or interview formats. The firm is very focused on fit and conservative in hiringthey rarely feel the need to hire anyone unless it is right.
Step by step
For those who make the cut, a typical career path at Analysis Group is as follows: analyst, senior analyst, associate, manager, vice president, managing principal and principal. More junior analysts and associates are promoted based on their ability to assist in the development of economic, strategic and financial models; analyze raw economic, financial and operational data; model complex economic and financial solutions; assist in preparing reports and presentation materials; demonstrate leadership; listen effectively and act on guidance; ensure quality control; develop ideas and alternative approaches; and manage teams of analysts, and communicate with experts and clients. Some analysts, after three or four years with the firm, will go on to pursue advanced degrees.
OUR SURVEY SAYS

Welcome to the club
Once hired, consultants are generally positive about life at the firm. Most praise the horizontal organizational structure, academic and informal culture, and the access it affords to academics, industrial experts and higher-ups. Says one consultant from Boston, People like to have the right answer, which means we challenge each other daily. At the same time, everyone is respectful of other peoples opinions. Others comment on the firms team-oriented nature: The culture at Analysis Group is collaborative and nurturing, where senior staff take pride in helping younger colleagues develop, says one source, while another adds that we have a commitment to long-term mentoring and growth for our employees.
Not handholding, mentoring

While there are official training programs for new hires, especially at the junior level, were told that most [training] is informal through mentoring and on-the-job learning, although there is some official training for technical skills. A longtime employee states that the firm has an open-door policy and the partners have always been open and welcoming. Above the associate level, however, most learning is relegated to the informal and unofficial realm. The firm notes, however, that a coaching program exists using both internal and external instructors, who help employees with communications and writing and presentation skills. In addition, Analysis Group provides coaching specifically designed for non-native English speakers, which covers not only linguistic skills, but social and cultural adjustment lessons as well. Some offices also have monthly forums, led by analysts, where topics discussed range from the legal system to analytics, econometrics, applications tips and an ever-popular session about getting into graduate school.
Striking the right balance

When it comes to work/life balance, the firm takes a very flexible approach, and insiders agree that the firm encourages people to have a fulfilling life outside of work, providing them with a work schedule that does not take over their lives. Similarly, a source in Boston remarks, the firm respects peoples lives outside of the office and, although deadlines are real and often require night and evening work, there is no face time requirement during more normal times. Staffers also observe Analysis Groups flexibility when it comes to meeting the demands of home life: Hours are flexible and consultants are allowed to work from home, when needed. The emphasis, they say, is on quality and complete work product, but not on billing for its own sake. While some sources say they do work weekends, at timesusually more than once a monthmost claim to put in between 40 and 60 hours per week, depending on the assignment. And while there is no such thing as an average assignment, most tend to last for around six months. In general, when there are deadlines that have to be met, we work late and on weekends, says one consultant. When there are no deadlines, we dont [work late].
Put away the passport

Project-related travel for these consultants is minimalmostly optional and largely regional (no overnights) a staffer notes. Another estimates that those at the associate or manager level can expect to go on three to five short trips per year. Travel is usually for certain client meetings, though most are done by phone or online, says one source in Boston, adding that senior staff travel more to sell work.
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The gift of time

Despite the pressures of their job, Analysis Group consultants say the firm makes allowances for individuals to take time during the day that they can make up later, in order to teach children, volunteer at food banks, etc. A Boston insider adds that team-building activities often include volunteer work. At the Montreal office, meanwhile, a source notes that staffers started a food bank drive during the holidays.
Spreading meritocracy
In terms of moving up, Analysis Group seems like a real go-with-the-flow type of place. Insiders agree that promotions are highly tailored to the abilities of the person, with one consultant explaining that the process is not strictly up-or-out. The normal expectation is several years in grade before promotion, and a desire to have the person really demonstrate that hes capable of doing the baseline expected skills/capabilities in the next grade before moving to it. A colleague adds that people advance at their own pace. Many do not advance at all but [find] very well-placed niches in writing, data analysis and the like. A vice president emphasizes that there is a true commitment to maintaining a meritocracy that rewards all types of firm contributions, not just billable hours. But dont think you can just sail through on cruise control; an experienced source warns, Clearly, if someone is not performing, they will be let go.
Parties and perks

Nearly all respondents are positive about their excellent salaries and bonuses, not to mention the perks. Insiders are thrilled about their PTO policy, which grants them four weeks of vacation and flexible holiday days, which add up to an additional two weeks of time off. Those who need it can also take five days for bereavement. Other perks include free snacks and beverages, company ski trips (with discounts for employees family members), free private English and French lessons (at least at the Montreal office), and, as noted by a number of respondents, good annual parties, both firmwide and for case teams. But perhaps the biggest benefit, according to many, is that the firm is very flexible and employee-oriented ... very hard to find.
All in the family

One of the biggest perks insiders point out is the firms family-friendly policies. Analysis Group is very family-oriented, comments one respondent from Montreal, adding, If I need to work from home when my child is sick, I can. They are very flexible. I can use sick time to take care of my child, rather than take vacation time; they actually encourage me to take sick time, [because] otherwise I wont have much vacation time left. How many employers do that? A female respondent who works part time says Analysis Group is very flexible in terms of hours and, as long as the work is complete, accurate and on time, I can work when it is convenient for me and my team. For those just starting out on the parenthood track, respondents report that new mothers receive three months full pay for maternity leave, which can be extended.
Equal opportunities
When it comes to diversity, Analysis Group does its best to recruit qualified applicants from various backgrounds, notes one consultant. That is especially true when it comes to the gender balance, which many sources say is extremely equitable. The CEO is a woman, many of the partners are women, and maternity leave and/or part-time employment do not stop promotion paths, an insider states. The culture at Analysis Group is also a comfortable place for GLBT employees: We have full domestic partner benefits, and people are perfectly comfortable bringing partners to firm functions, notes one respondent.
Sunny, with a chance of a freeze

Long term, Analysis Group insiders say their firms outlook is excellent, and feel that being a private company has somewhat insulated them from the economic downturn. Generally, the firm is not heavily leveraged, so we are stable, explains a consultant. Still, tough times call for a little belttightening, and a vice president warns that, in this time of economic slowdown, there will likely be less hiring.
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PRESTIGE RANKING
41
MILLIMAN, INC.
RANKING RECAP
Quality of Life #4 Compensation #10 Best Firms to Work For #10 Interaction with Clients #10 Overall Business Outlook #10 Overall Satisfaction #16 Hours in the Office #17 (Tie) Travel Requirements #19 Firm Culture #20 Work/Life Balance Diversity #15 Diversity for Women #20 Best Firms for Diversity
1301 Fifth Avenue, Suite 3800 Seattle, WA 98101 Phone: (206) 624-7940 Fax: (206) 340-1380 www.milliman.com
LOCATIONS
Seattle, WA (HQ) 50 offices in North America, Latin America, Europe and Asia Pacific
PRACTICE AREAS
Employee Benefits Health Care Investment Life & Financial Property & Casualty
UPPERS
Freedom to follow your interests as long as you can generate the work Flexible schedules Very strong peer review policy Compensation is directly tied to ones merit and contribution
THE STATS
Employer Type: Private Company President & CEO: Pat Grannan 2009 Employees: 2,200 2008 Employees: 2,200 2008 Revenue: $585 million 2007 Revenue: $522 million
DOWNERS
Management is a bit too unstructured Heavy emphasis on legal protections in our work The additional bonus offered for extra hours worked can be addictive Meeting the demands of a heavy workload while also preparing for actuarial exams
EMPLOYMENT CONTACT
www.milliman.com/why-milliman/careers Customized for: Max (mgumport11@amherst.edu)

Very good niche player Actuarial Extremely talented and experienced Narrow focus
THE BUZZ
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THE SCOOP
An independent streak
Seattle-based Milliman, Inc., is proud of its independence, never answering to outside ownership or influence. That kind of go-it-alone attitude has worked for the firm, whose clients seek it out for objective actuarial and consulting advice. Owned and managed by approximately 300 principals, the 2,200-person firm, which has 50 offices spread across the globe, extends its services to businesses, government agencies, unions, educational institutions and nonprofit organizations alike. Founded in 1947 by insurance industry veteran Wendell Milliman, who was later joined by an actuary named Stuart A. Robertson, Milliman & Robertson, Inc., mainly focused on assessing business risk. Although actuarial consulting remains a major Milliman focusmore than 1,000 of its employees are qualified actuariesthe firm has expanded its practice areas to include employee benefits, health care, investment, life insurance and financial services, and property and casualty insurance.
Pioneer days
Milliman has been a self-described pioneer in the retirement plan industry for the past 60-plus years. Services included defined contribution services, actuarial consulting, communications, compensation consulting, defined benefit administration, health and welfare consulting and administration, participant education and total retirement outsourcing, among other services. Clients working with Millimans employee benefits experts also have access to the firms proprietary tools, including its salary surveys, its benefits information and knowledge exchange (BIKE) database of news, source documents and benefits-related data, and its trademarked Milliman Actuarial Retirement Calculator (MARC), a pension administration system for the administration of defined benefit and cash balance plans.
Going global
In recent years, Milliman has made a concerted effort to grow both in and outside the United States, with a handful of expansionist moves, such as the opening of new offices in Paris, Bucharest and Dubai in 2009. The firms employee benefits practice also extends its international reach as a founding member of Abelica Global, formerly known as Milliman Global, a worldwide network of consulting firms that focuses on employee benefits, investments, insurance and health care. Each member firm maintains its independence, engaging with the network as an equal participant. Today, Abelica maintains offices in almost 100 cities around the world.
Going on record and online

Among Milliman consultants many articles and studies that are available online, the firms website also hosts two series of downloadable interviews with Milliman consultants called Spotlight on Risk and Healthcare Reform. In addition, the firm publishes Insight, a biannual journal that focuses on risk-related business issues, including details of how Millimans insurance clients, using MG Hedge, were able to minimize exposure to recent market volatility.
THE LATEST ON MILLIMAN

Insurance increases for families
May 2009 According to Millimans fifth annual Milliman Medical Index, the average total 2009 medical cost for a typical American family of four is $16,771, compared with $15,609 in 2008a 7.4 percent increase. The MMI tracks the changes in average yearly health care costs when the family is covered by an employer-sponsored preferred provider organization.
Pension payouts
March 2009 In February alone, pensions lost $33 billion in funding, according to the Milliman 100 Pension Funding Index, which consists of 100 of the nations largest defined benefit pension plans. Updated almost monthly, the index found that pensions lost $54 billion in assets during the month, although these losses were offset by liability decreases of roughly $21 billion, resulting in a net loss of $33 billion in funding status for February. In the previous 12 months, the funding ratio for these pensions fell from 99.6 percent to 71.7 percent.
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On the hill
January 2009 Milliman Chairman Bradley Smith testified before the Capital and Surplus Relief Working Group of the National Association of Insurance Commissioners (NAIC) meeting in Washington, D.C. His testimony was in support of reserve and asset valuations and capital standards, which he said more fairly and accurately reflect the economics of the life insurance business.
Better than a crystal ball

June 2008 Milliman released the latest version of its MG-ALFA (Asset Liability Financial Analysis) financial projection software. Created specifically for the life insurance industry, the new-and-improved MG-ALFA offers a wide array of actuarial modeling services that can help clients cope with new regulatory and accounting changes.
GETTING HIRED
No trickery afoot
Insiders say theres no consistent hiring process at Milliman; instead, it varies by business unit. Things typically start off with a phone interview, but after that, qualified candidates can expect anywhere from three to eight interviews of around 30 minutes. There may also be skills tests at lower levels, including an Excel test. Were told that, by and large, although the whole process is very thorough, its also not burdensome. An associate explains, We dont try to trick people. We talk to them, ask them questions and answer their questions. If it feels like they will be a good fit, both technically and personality-wise, we hire them. A director adds, We look for candidates who we believe can do exceptional-quality work, will fit into the culture, will be able to pass exams (if they havent already) and are likely to remain at the company for the long term.
Get ready to repeat yourself

Staffers add that there is generally not a defined interviewing formatin fact, an associate quips, there is significant overlap in questioning because there is no communication or organization with respect to who asks what. One common question might be, Describe a difficult situation you experienced and how you handled it. More content-heavy questions might be along the lines of, Explain to me how you would forecast future medical costs using a populations diagnostic and claims information? A principal says he often asks a question around a particular scenario, such as, A client has asked you to estimate the per-physician cost of credentialing a contracted physician network. Typically, the candidate doesnt know anything about credentialing. We assess the candidates ability to figure that out and then develop a cost buildup.
Dive right in
Were also told that the firm does not have a companywide academic recruiting program. Instead, local offices tend to recruit from their local colleges and universities, or from schools to which the hiring managers have a connection. Students can get insight into life at the firm through an internship. Former interns say their summer experience gave them a great opportunity to learn about the profession and the firms culture. I was thrown into projects where I had to figure out how to do the work. I learned a ton and made good money. I got a job offer at the end of the summer, says a principal whos now been at Milliman for nearly a decade. And more recent hires agree: They put me on a big project and in front of clients during the first week, says one, while a colleague notes that virtually everyone treated me like a permanent employee from the start. I started working on things that were meaningful from the very beginning.
OUR SURVEY SAYS

Were not nerds!
Contrary to a common stereotype, Milliman staffers insist that actuaries are not nerds, and in fact are more fun that you think! In a somewhat unconvincing effort to prove this, a principal states, Our practice has a fun committee to provide opportunities to interact with each other in a casual setting. But perhaps more importantly, were told that the firm is welcoming, encouraging, cooperative and supportive, personally and professionally. A principal comments, Milliman fosters an entrepreneurial culture, where each consultant is given the opportunity to pursue practice areas of his or her interest, while a colleague adds that employees are allowed much freedom to do their job. Its also apolitical, so hierarchy means little here,
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achievement is rewarded and employees of all levels are treated with respect and valued. We have a small business-type atmosphere even though we are a large firm, an associate states.
Just say no
Respondents tell us they generally face 40- to 50-hour workweeks and are able to maintain a decent work/life balance. All in all, a principal notes, we have a lot of flexibility in achieving balance. So while there is a hardworking culture here, explains a case team leader, it exists largely by choice. That is, people work hard because they enjoy their work and want to add value to their clients, not because they feel compelled to do so. A colleague adds that people respect after hours and ask, Is now a good time to talk? if they do call after hours. I know this seems like a little thing, but it makes a tremendous difference when you can say, No, actually I am headed to my sons band concert. Can I call you tomorrow? and they completely understand. Plus, were told, working from home is always an option.
Family comes first

Others tell us that Milliman makes family a priority. An associate explains, Our principals value family, and are careful to take family needs into consideration when determining assignments and workloads. If we need to leave the office to attend a family-related event, thats fine as long as all the work gets done, a consultant states, while another comments, My family comes first. My bosses are supportive and live that way, too. In addition, flexibility exists that allows mothers a more friendly career path. Case in point: They let me work part time so I could care for my child, a staffer shares. Of course, being able to put aside work for family time can have its drawbacks. I try not to bring work home, but sometimes I have no choice. Plus, notes a director, because Milliman shares so much of the additional revenue consultants bring in with the consultant, it can be hard to turn down the additional money and maintain a good balance. Regardless, a colleague insists, some weeks are busier than others due to client demands, but the rewards (both short and long term) outweigh the busy weeks.
Earn as an owner
And in terms of rewards, Milliman gets rave reviews for its excellent compensation. Staffers are especially pleased that all company profits are paid as bonuses or partner profitsbonuses that far exceed industry norms and are based on hours billed, not discretionary. A partner explains, Each Milliman consulting practice in each city is owned by the local partners, and we control our own futures locally, making many decisions on a local basis. Were employee owned, so all of our profits go to our employees. Almost all of our staff is eligible for bonuses, a co-worker notes. The firm also makes a 10 percent retirement plan contribution each year, and staffers pay less than 15 percent for medical coverage. Other firm perks include tickets to sporting events, company parties and conferences, excellent office spaces, activities during work time (i.e., anniversaries and birthdays celebrations, golf outings, picnics, the annual holiday celebration) and free drinks. Were also told that Milliman provides financial assistance for adoption and Amex cards to all frequent travelers plus two- to three-day expense reimbursement for those items not on the AMEX.
Same-day sojourns
That said, frequent travelers seem to be few and far betweenin general, the travel load at Milliman isnt unreasonable. So while a principal advises that every Milliman consultant should be willing to travel, adding that travel requirements vary widely by career level, subject matter and client location, most insiders report spending less than one day a week on the road. Were told that most trips are one- to two-day trips, if not simply out and back the same day. The bulk of my clients are fairly close to my officeI can walk or drive to their office, says a principal in San Francisco, continuing, Some clients are an hour flight away, so I rarely am away from home more than one night at a time. Some say that higher levels tend to travel more than entry level, but overall sources say travel is largely discretionary. A case team leader explains, There are opportunities to work with other offices and at client sites, but there is no requirement to do so. We are fairly atypical among consulting firms in that we tend to do our work in our local offices, rather than at the clients office.
Even where travel seems to be a must, there are ways to avoid it. A director shares, In my personal situation, I declined certain positions because I knew that the travel demands would conflict with my personal commitments. While it probably limited some opportunities, my decision was respected and I was not pressured to reconsider. In all, insists another, travel does not interfere with my life or ability to get projects done.
Learn from the best

Training at Milliman is predominantly unofficial and on the job. But, were also told that all consultants are encouraged to pursue third-party educational programs, and each year the firm holds two-day continuing education conferences for all consultants (one conference for each of our four disciplines: health, life, property and casualty, and employee benefits). All consultants are required to attend these meetings, which are held at a resort destination and coupled with social events. Theres also an official study program for actuarial students. An engagement manager notes
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that we are also allowed to take web training often, and a director adds that any training sessions I find on my own would be acceptable. Others say that everyone is very willing to answer questions and provide extensive support, and we truly have an open-door policy.
Be your own boss

That open-door policy is helped along by the fact that no ones pulling rank; insiders say Milliman is a very flat organization, which allows people at all levels to communicate without the normal hierarchy, and formal supervisory relationships are not emphasized. Individual practices are owned and managed by the principals, explains a consultant. Even entry-level consultants are only one to two levels below the managing principal. Corporate officers are very accessible.
Take your time to move up

While promotion policies tend to differ by office and practice, there is generally no up-or-out policy at Milliman. Staffers say consultants can advance as quickly as they want, if they have the skills and determination needed, but they are also able to maintain a less stressful position if this is what they choose. Many long-term employees are not partners, a source offers as proof. A director adds, There doesnt seem to be a ceiling or a limit on the number of top positions available, so theres never the feeling that someone cant move up until another person leaves. And a recent hire comments, Your career path can correspond with your life stages, explaining, Sometimes you may want to push ahead and get to the next level, while other times you may want to maintain your current position.
Equal opportunities
Were also told that opportunities are equal across gender, sexual orientation, and racial and ethnic lines, but staffers say that, generally speaking, the profession is not highly diversified. A principal explains, Location and the lack of diversity in the actuarial profession, to our frustration, seem to limit our ability to attract strong minority candidates. And a director insists, Although we have scant minority representation, I believe Milliman hires based on abilities. An engagement manager reports, however, that our group intentionally seeks out persons of different ethnic backgrounds, in large part because we do a lot of international work and like having consultants who speak the local language and are familiar with the culture. Meanwhile, female staffers are adamant that they have no complaints about gender bias at the firm. A senior source remarks, I am a female and am an equity partner. I have never felt disadvantaged, while a colleague states, I am a woman and have never felt that I was treated any differently. This beats any formal diversity program any day. A GLBT staffer shares the sentiment: As a gay man, I have never felt that there was any problem working here. My partner attends office social functions and feels welcome.
A grassroots effort
Insiders are somewhat underwhelmed by Millimans charitable efforts, much of which are kind of ad hoc, depending on the interests of individual employees. A principal in Seattle explains, Community involvement tends to be done at the local office level and is driven by the interests of the local principals, adding that community involvement is a requirement for election to principal. And a longtimer in Dallas shares, Mostly, our involvement comes from the gregarious people we employ having a multitude of passions outside the workplace. It is not manufactured for PR purposes. Specific initiatives and charities that Milliman offices have supported include United Way, charitable drives throughout the year (food pantry, winter coats, school supplies, etc.), Habitat for Humanity, community work days (Saturdays), sponsoring families during the holidays, Junior Achievement and pro bono consulting for some charities.
No more paper
Similarly, were told that Millimans green practices vary by office and local community standards. A staffer in New York says, We have eliminated paper cups in our office, and have beefed up our recycling efforts, largely due to NYC requirements, while a principal in Milwaukee notes, We went paperless on file documentation last year. If giving up over 50 percent of our file cabinets is a measure, I would say we are on the right track. Seattle seems to be even more on that track; an executive there states, There are strong financial incentives for public transportation. Recycling is a must, and small things like providing all employees with water bottles to eliminate the use of plastic bottles are all supported. In addition, lighting and heat/A/C are all set for automatic turnoff to reduce waste. In Chicago, were getting rid of bottled water and are all being given our own reusable cup. Recycling is all over the office. The lights and most machines go into energy saver mode pretty quickly. Our big windows and open floor plan bring in lots of natural light. Real plants around the office help to filter the air. And an engagement manager in the same office adds, We also have actively sought out some work projects with companies who capture wind energy, as it is a personal interest of our senior partner.
The right place to be

Respondents are confident that their firms future is very bright, despite the economic downturn. In fact, explains an engagement manager, we are engaged in managing equity market risk for companies that provide retirement savings guarantees. It is exactly the place to be right now. Agrees an
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associate, Knock on wood, retirement consulting seems pretty insulated from the current crisis. If anything, we are busier than ever helping clients manage long-term obligations that they ordinarily wouldnt stress about in good times. A director takes it a step further, noting that the economic downturn has had little to no impact on our business prospects. If anything, our clients look to us for more advice in troubled times. Milliman is constantly expanding into new arenas and individual principals are supportive of various new ventures. The proof is in the numbers: An associate points out that were still hiring. I take that as a very good sign. We are busy as ever. Also working in Millimans favor is the fact that it is very carefully and conservatively managed, and its privately held, so its more focused on longterm profitability than publicly traded firms, which tend to be more focused on short-term profitability.
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PRESTIGE RANKING
42
ZOLFO COOPER
UPPERS
Leaders in the industry The pay
1166 Avenue of the Americas New York, NY 10036 Phone: (212) 561-4000 Fax: (212) 948-4226 www.zolfocooper.com
DOWNERS LOCATIONS
New York, NY (HQ) Los Angeles, CA Roseland, NJ Birmingham, UK British Virgin Islands Cayman Islands Glasgow Leeds London Manchester Constant travel Still transitioning from the management buyout
EMPLOYMENT CONTACT
www.zolfocooper.com/about/contact
PRACTICE AREAS
Corporate Finance Creditor Advisory Cross-Border Restructuring Interim & Crisis Management Performance Improvement Restructuring & Turnaround Consulting
Jennifer Clifford, Recruiting Manager Email: jclifford@zolfocooper.com
THE STATS
Employer Type: Private Company US Practice Head & Senior Managing Director: Jonathan A. (Joff) Mitchell 2009 Employees: 300 2008 Employees: 300

Good historic reputation Dependent on rainmakers Strong advisors No growth opportunities
THE BUZZ
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THE SCOOP
There in a crisis
The insolvency and restructuring experts at Zolfo Cooper work on both sides of the Atlantic, with three offices in the United States, five in the United Kingdom and two in the Caribbean. Its U.S. headquarters is in New York City, while U.K. operations are managed from the London office, and Caribbean operations from the Cayman and British Virgin Islands. Since its founding in 1985, the firm has worked on over 800 engagements, offering turnaround consulting, interim and crisis management, performance improvement and cross-border restructuring services to corporations, financial institutions and law firms. Restructuring is what put Zolfo Cooper on the map, and its directors are frequently called upon to fill clients executive suites on an interim management basis. But the firm also provides corporate finance, litigation and creditor advisory services. Its industry expertise runs the gamutclients past and present have hailed from the energy, airlines, automotive, entertainment, health care, food service, restaurant, retail, manufacturing and distribution, telecommunications, real estate, transportation and other service sectors.
Just Zolfo Cooper, thanks

Any references to Kroll Zolfo Cooper are outdatedtheyre left over from the firms six years under the umbrella of Kroll Inc., the New York-based risk consulting giant. Kroll acquired Zolfo Cooper in late 2002 for $153 million in cash and stock. The relationship ended in November 2008, however, when Zolfo Coopers leadership completed a management buyout. The deal was led, on Zolfo Coopers side, by a team consisting of Senior Managing Director John Boken, U.S. Practice Head and Senior Managing Director Joff Mitchell, and Senior Managing Director Scott Winn. Today, Zolfo Cooper is an independent, privately owned firm.
Remember Enron?
Though its relatively small in size, Zolfo Cooper has worked for a number of high-profile clients, including Polaroid, Sunbeam, Federated Department Stores, Laidlaw, Malden Mills, Morrison Knudson, Laker Airways and NRG. Of course, most people remember Zolfo Cooper for its involvement in the 2001-2002 collapse of Enron; in addition to working on the bankruptcy, firm co-founder and then-Chairman Stephen Cooper was tapped as interim CEO of the energy giant when CEO Kenneth Lay was forced to resign. The assignment was something of a coup, as Cooperwho began his career as an accountanthad little previous experience in the energy sector. He went on to yet another newsworthy gig in 2005, when he led the hot, delicious turnaround of North Carolinas Krispy Kreme Doughnuts in 2005.
THE LATEST ON ZOLFO COOPER

Bad times? A matter of opinion
February 2009 As the global recession spread throughout Britain, Zolfo Cooper announced it would step up its insolvency work in the U.K. In an interview with managementconsultancy.co.uk, Partner Simon Freakley said that he is seeking to increase the firms U.K. workforce of 200 by around 25 percent over the next 18 months.
Picking up the pieces

December 2008
Managing Director Alex Sorokin was named interim president of Baltimore-based direct marketing firm Vertis. Vertis, a $1.5 billion company, had recently emerged from a Chapter 11 reorganization that had included the completion of a merger with Tennessees American Color Graphics, begun in 2006. Sorokin is a managing director at Zolfo Cooper, and has more than 25 years of business experience.
Drop the Kroll

November 2008 Senior professionals from Kroll Zolfo Cooper completed a management buyout of the firm from its corporate parent, Kroll. Rebranded simply as Zolfo Cooper, the firm emerged as a privately owned and operated concern, something that national practice leader Joff Mitchell said will enhance our ability to provide clients with the full benefits of our world-class restructuring expertise. The timing couldnt be better, either, with Mitchell stressing that the
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skills and resources of our professionals are particularly relevant in the current market environment, where many companies are facing complex financial and operational challenges.
Can they do it?

October 2008 Its official: Zolfo Cooper client TOUSA had one of the largest and most complex bankruptcies South Florida has ever seen, with 38 debtor companies and $2.2 billion in liabilities. After nine months of restructuring work, TOUSA announced in October 2008 that it had a tentative plan to free itself from $1.6 billion in bond debt and other unsecured obligations. Managing Director John Boken had stepped in as interim CEO and president of the Florida-based home builder in May 2008, after Zolfo Cooper had already been working for five months to help the company restructure.
Encouraging signs
September 2008 Zolfo Coopers efforts to restructure Hawaiian Telcom got a boost in September 2008, as the firm was joined by financial advisers from Lazard Frres. The two companies will work together to review the telecoms options going forward. One encouraging sign: Hawaiian Telcom managed to reach tentative contract agreements with its employees union. Officially an advisor to Zolfo Cooper, former Chairman Stephen Cooper had been brought on to take over the troubled telephone company in February 2008.
GETTING HIRED
Fit: First and foremost
Zolfo Cooper insiders say that, as a small firm with a niche focus on restructuring distressed companies and organizations, hiring is very selective. We are a small, select group, says one executive-level source. We interview many and hire a few. And, while the firm offers few specifics on the stepby-step recruiting process, consultants indicate that it is not very structured, made up of two to three interviews and is very much focused on how candidates would fit into the general working environment, as one director explains. A very important aspect of hiring is figuring out if the person would fit into the culture. A colleague adds that interviews are based on behavioral questions and there are no case questions.
OUR SURVEY SAYS

Staying small
Following all the change associated with the 2008 management buyout by Zolfo Coopers senior management, staffers say the firms higher-ups prefer to keep the firm small and specialized. We are smaller than primary competitors, and leadership likes that, a director explains. Its a good thing, then, that the firms employees like the work and each other, and that staffers are hardworking but fun and not at all stuffy. For more junior members of the Zolfo Cooper team, it is important to note that such a tightly knit office culture means people are very approachable and thoughtful when answering questions, as one associate reports. They want to see junior people succeed if they show an interest. And, as another entry-level source notes, there are plenty of opportunities to get on-the-job experience with constant exposure to CEOs, CFOs and advisers.
A day in the life

Life as a Zolfo Cooper consultant can be hectic, insiders report, since to do debtor-side restructuring, one needs to be on the road all the time. One contact warns prospective applicants that 100 percent travel is not for everyone, but adds that concessions are made for road-weary staffers: Senior management will accommodate travel schedules based on your personal situation. In addition, to help blow off some work-induced steam, management organizes group events, where members of the company get to meet each other, an associate explains. These events occur sporadically throughout the year and build a sense of camaraderie. Events include golf outings, training sessions and meet-and-greets.
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Bad markets = good business

For now, Zolfo Cooper consultants say business is good, given the fact that the weak economy has introduced a slew of potential new clients in need of the firms services. We are a restructuring firm, a staffer reports, so the current economic crisis provides a plethora of business opportunities. So for now, Zolfo Cooper is enjoying good morale and little turnover, a director adds.
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PRESTIGE RANKING
43
MARS & CO
UPPER
Strongly meritocratic culture
124 Mason Street Greenwich, CT 06830 Phone: (203) 629-9292 Fax: (203) 629-9432 www.marsandco.com
DOWNER
Limited formal training
LOCATIONS
Greenwich, CT San Francisco, CA London Paris Shanghai Tokyo
EMPLOYMENT CONTACT
Office-by-office recruiting contacts available at www.marsandco.com/index_en.html
PRACTICE AREA
Strategy Consulting
THE STATS
Employer Type: Private Company Chairman: Dominique G. Mars 2009 Employees: 250 2008 Employees: 280

Small, exclusive Clannish Get their hands dirty Incognito
THE BUZZ
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THE SCOOP
Red planet sees green
Mars & Co is an international strategy consulting firm thats all about exclusivity. The firms raison dtre, it says, is to pour all of its resources into a limited number of clients and to serve them, worldwide, on an exclusive basis. Its founder and chairman, Dominique G. Mars, says this is the only way a consulting firm of any consequence can guarantee fidelity to its clients.
Many offices, one Mars

The stay-small-but-true firm employs approximately 250 consultants who work in six offices in Greenwich, Conn., San Francisco, Calif., London, Paris, Tokyo and Shanghai, although the firm operates under a one-office concept. That means a client in San Francisco has as much right to draw on the Paris offices resources as a French client does. Chairman Mars, who founded the firm in 1979 after leaving BCG, says he would ultimately like to employ 400 to 450 consultants with a portfolio of 30 to 40 clients.
Tough talk for tough times

Mars & Cos clients, likely shaken by recent market events, can rest assured that their Martians mean to fight. The firms language, when it talks business, is a reminder that Mars was the name of the Roman god of war, likening markets to battlefields and its analysis to ripping apart the economics and modus operandi of the industry. It also promises to dissect the enemys forces, as well as market forces. True to its stated intention of acting only in the best interests of its clients, Mars & Co keeps clients identities tightly guarded. Only very occasionally does one happen to slip into the public eyeas it did early in 2008, when it emerged that none other than French President Nicolas Sarkozy had hired the firm to help develop criteria for report cards to be issued to all of his ministers.
The eight levels of Mars

Teamwork is a big deal at Mars & Co, but everyone has his own role to play on that team. There are eight professional levels at the firm, which, in increasing order, are: associate consultant, senior associate consultant, consultant, senior consultant, project manager, vice president, senior vice president and executive vice president. Associate and senior associate consultants primarily do research and data management, and are hired for their strong research and analytical skills. Via Mars & Cos apprenticeship-style training program, new entrants can be promoted quickly to the next level and are always integrated as members of a project team. Consultant-level staffers are responsible for carrying out rigorous analytical tasks and for thinking out practical solutions to solve clients business problems. They work under senior consultants and project managers, who design and manage modules of projects so the projects are intellectually coherent and useful to clients. Project managers not only lead the project teams, but also are expected to train more junior staff while providing value-creating solutions for clients. Vice presidents also work closely with project teams, and have additional responsibilities in client relationship development and concept development. There is no predetermined promotion schedule at any of the eight levels. As such, the firm prides itself on being a meritocracypromotions come only when they are deserved.
GETTING HIRED
Not-so-general generalists
The firm explains that, since it does not specialize by function or industry, it is looking for candidates who, as generalists, can adapt to a variety of different client situations and make practical strategic recommendations from detailed analyses of clients competitors and market environments. As general as that might sound, Mars & Co says it is particularly interested in applicants who have extremely strong quantitative skills, such as graduates from bachelors or graduate programs in engineering, math, quantitative economics or the hard sciences (chemistry, physics, etc.). It is also interested in hearing from MBA grads with undergraduate degrees in those subjects. And in addition to seeking candidates with qualities such as energy, maturity, creativity and uncommon common sense, the firm says a sense of humor also helps.
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Mars & Co
Intense interviews
As a small firm, Mars & Co is committed to hiring the right candidates. Interviews are usually held with senior staff members at Mars offices, and may include case studies to test quantitative and reasoning skills. Candidates are assessed primarily on their ability to answer those cases, and on their potential for the leadership required to succeed at Mars & Co, the firm explains, adding that new recruits should, in turn, interview the firm to make sure it is a good fit by contacting junior staff directly for their views on life at Mars.
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PRESTIGE RANKING
44
THE ADVISORY BOARD COMPANY

UPPER
Big on formal training
2445 M Street, NW Washington, DC 20037 Phone: (202) 266-5600 Fax: (202) 266-5700 www.advisoryboardcompany.com
DOWNER
Compensation is generally below the industry average
LOCATIONS
Washington, DC (HQ) Mountainview, CA Portland, OR London
EMPLOYMENT CONTACT
www.advisoryboardcompany.com/content/careers
PRACTICE AREAS
Business Intelligence & Analytics Clinical Research Consulting Healthcare Industry & International Offerings Leadership Development Strategy & Operations Research Workforce Performance
THE STATS
Employer Type: Public Company Ticker Symbol: ABCO (Nasdaq) CEO: Robert W. Muslewhite 2009 Employees: 900+ 2008 Employees: 1,000 2009 Revenue: $230.4 million 2008 Revenue: $219 million

Wonderful place to work Young, inexperienced analysts Good CPE programs Reports, reports, reports
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Advisory Board Company
THE SCOOP
Members only
D.C.-based Advisory Board Company is a membership-based professional services firm that specializes in providing best practices research, analysis and consulting to clients in the health care and higher education industries. Members include more than 2,700 hospitals, health systems, pharmaceutical and biotech companies, health care insurers and medical device companies. In 2008, membership included the top-18 hospitals as ranked by U.S. News & World Report, and 95 of the countrys 100 largest health care delivery systems. Since late 2007, the firm has also expanded its operations to include academic institutions, working with university provosts, heads of student affairs and administration leaders. Most of the Advisory Boards membership is located in the United States, but since 2007, it has also picked up new members abroad, in the United Kingdom, Norway, India, Australia, New Zealand and the Middle East. For its members, the Advisory Boards research and services focus on business strategy, operations and general management issues. Recent research has looked at enhancing the quality of care through best-in-class physician engagement strategies and infection control efforts; looking at the impact of emerging clinical technologies on hospital economics and operations; and understanding how increased transparency in the health care sector affects consumer behavior and decision making.
From big picture to niche provider

Back in 1979, when the firm was founded as the Research Council of Washington, its five employees promised to answer any question for any company for any industry. Most likely recognizing the enormity of that call to action, in 1983 the firm narrowed its focus to research for the financial services industry, at which point it also changed its name to the Advisory Board Company. In 1986, the firm planted the seeds for what would ultimately become its primary focus: a strategic research division dedicated to the health care industry that was available to members under the name Health Care Advisory Board (HCAB). By 1997, the Advisory Board spun off its more corporate and financially focused membership group, the Corporate Executive Board, as an independent company, and went public four years later under the ticker symbol, ABCO. In 2007, the firm launched its first membership programs in higher education: the Student Affairs Program for student and academic affairs executives, and the University Provost Program for provosts.
Penny for your thoughts

The Advisory Board believes it can offer the same kind of high-quality services (if not better) that other consultancies offer, but at a lower price. By providing a standardized set of services via its membership model, the firm says it is able to spread its largely fixed program cost structure across the entire list of participating organizations. Members participate in the research and analysis of the programs, and though a few programs include direct billable expenses, the majority have a flat fee structure based on a members size and the total number of program memberships selected. Membership programs are broken down into six areas: strategy and operations research, clinical research, leadership development, business intelligence and analytics, workforce performance, and health care industry and international offerings. By early 2009, there were 40 programs in all to choose from, including the recently developed health care programs in hospital/physician alignment, infection control, supply quality and emergency department operations. Members also draw on the firms library of proprietary research and tools, which contains more than 34,000 strategic and operational tactics, 150 service line forecasts and 5,000 new technology profilesall of which are disseminated via reports and briefings, meetings and teleconferences, access to Advisory Board experts, implementation toolkits, and custom-designed tools and calculators. Much of the research is gleaned from member executives themselves. The model appears to be working: For eight years running, the member renewal rate has been near or at 90 percent. The firm attributes the high renewal rate to its ability to fulfill client needs. At the same time, deferred membership revenue and membership renewals make up 80 percent of the firms annual revenue, making it easier to forecast the firms financial health in difficult economic times. Thats good news for members and investors alike.
C*onsulting with H*Works

Separate from its membership programs is H*Works, the Advisory Boards more traditional consulting arm that works with hospitals to design and implement new strategies. Offerings include emergency department performance, workforce management, revenue management, technology strategy, inpatient and surgical management, nurse staffing, margin enhancement and growth in particular service lines.
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THE LATEST ON THE ADVISORY BOARD COMPANY

Advice needed (on what to do with all that cash)
June 2009 The firms annual report showed a 5 percent increase in revenuean impressive result at any time, but especially in light of the recession. Climbing from $219 to $230.4 million, the results continue a pattern of growth at the company in recent years. It wasnt all good news, however; despite the record revenue take, profits didnt hold up, dropping by around a third, from $32 million to $21 millionperhaps a reflection of the difficulties in the broader economy.
Friends in high places

April 2009 Faced with the task of naming the nations first chief technology officer, President Obama turned to a former managing director of The Advisory Board Company, Aneesh Chopra. Having served at the Advisory Board from 1997 to 2006, Chopra is an expert on health care technology, and most recently worked for the State of Virginia, where he won the Healthcare Information and Management Systems Societys (HIMSS) 2007 State Leadership Advocacy Award for fostering health care IT in Virginia. Given that improving the nations technological infrastructure and reforming the health care systemwith a particular focus on electronic record-keepingare high priorities for the Obama administration, Chopra is certain to find plenty of uses for his expertise in the new role.
One of the (best) little guys

October 2008 For five consecutive years, the Advisory Board has ranked as one of the 200 best small companies in the U.S., according to Forbes magazine. Although the firms standing on the list has slipped over the yearsfalling from 36th place in 2004 to 121st in 2008the ranking is still testament to the Advisory Boards strong financials. To be on the list, companies must have sales between $5 million and $750 million, and a stock price of $5 as of September 29, 2008. The ranking is also based on return on equity, sales growth and profit growth over the past year and also over five years.
Changing of the guard

September 2008 Robert W. Musslewhite, a former executive vice president and Advisory Board employee since 2003, was named chief executive officer of the firm, replacing Frank J. Williams, who had held the post since June 2001. But Williams isnt going farhaving opted to stay with the Advisory Board as executive chairman. Musslewhite, 38 years old, previously worked for McKinsey as an associate principal, primarily in the consumer products industry.
Paint the town crimson

April 2008 In its effort to provide newer, more easily accessible research and evaluation tools to members, the Advisory Board acquired Crimson, an Austin, Texasbased provider of data, analytics and business intelligence software to hospitals, health systems and physician clinics. The firms specialty: evaluating physicians performance related to quality and cost.
GETTING HIRED
A principled approach
Whether working with members or hiring new employees, the Advisory Board says it approaches every task with a set of core principles that govern how it does business. These principles are founded on the belief that the sectors the firm works inhealth care, education and governmenthave a charter above commerce and that working with these types of companies requires an unyielding insistence on improvement. An insider notes that a lot of attention is focused on the firms pillar values, so prospective candidates should keep the following principles in mind come interview day: generosity, or giving more than is expected; team engagement, or working to foster a collegial, nonhierarchical environment where everyone has a place at the table; growth; language, or taking care to communicate ideas effective with colleagues; and having a servants heart when approaching members and their problems.
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A source reports that the firm is keen on referrals: Youre guaranteed a phone interview if referred by someone within the company; otherwise, you need to have graduated from a top-50 school. Applicants are also encouraged to send their resumes to recruiting@advisory.com.
The tracks of ABC

Once in the door, there are five employment categories for consultants to choose from. First among them is research, in which consultants help develop the firms research in one of three research categories: original inquiry, internet news and/or strategic research. The second category is ABCs executive education arm, where employees participate in organizing and delivering one of its more than 2,000 research presentations to members, including hospital and health systems executives, board members and clinical leaders. The other three categories include working on H*Works, marketing and accounting management, and administration and operations.
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PRESTIGE RANKING
45
PUTNAM ASSOCIATES
RANKING RECAP
Quality of Life #4 Work/Life Balance #9 Travel Requirements #10 Hours in the Office #10 Relationships with Supervisors #14 Best Firms to Work For #18 Selectivity #19 Overall Satisfaction #20 Formal Training
25 Burlington Mall Road Burlington, MA 01803 Phone: (781) 273-5480 Fax: (781) 273-5484 www.putassoc.com
LOCATIONS
Burlington, MA (HQ) London
PRACTICE AREAS
Economic Analysis Organizational Strategy Portfolio Management Product Strategy
UPPERS
Open-door policy with upper management Recognition is given so one feels like a vital part of the firm Down-to-earth, friendly atmosphere High level of responsibility at the junior level
THE STATS
Employer Type: Private Company Managing Partner: Kevin Gorman 2009 Employees: 45 2008 Employees: 49
DOWNERS
The office is located outside of the city Face time required Minimal flexibility Lack of growth
EMPLOYMENT CONTACT
www.putassoc.com/careers

High-quality people Narrowly focused Small-firm culture Low profile
THE BUZZ
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THE SCOOP
Pharma fans
Since 1988, Putnam Associates has developed its niche as a specialized strategy consulting firm for clients in the pharmaceutical, biotechnology, diagnostics and medical device industries. The Burlington, Mass.-based firm works with clients to plan corporate growth, structure a company or business units for improved performance, position a product for competitive advantage and develop pricing strategies for revenue enhancement. In the past five years alone, the firms roughly 50 professionals have completed more than 150 industry-specific strategy projects within 30 therapeutic areas. Most of the firms clients have stuck with it for more than five years, while the rest, the firm notes with pride, have signed on because of firsthand experience or referrals.
Product placement
Given its singular focus on the health care industry, most of Putnams services focus on maximizing clients investment in new products. Thats good news for clients, who can spend more than 10 years coddling new products before they are launched, wading through discovery, tedious testing, regulatory reviews and market research. Putnams largest practice area, its product strategy unit, works with clients to develop product strategies based on data-driven analyses collected from Putnams network of physicians, patients, managed care, hospitals, pharmacies, wholesalers and government representatives. Services in this segment include market opportunity evaluations, pricing strategies, competitive landscape assessments, product positioning and marketing, launch and growth strategies, sales force effectiveness and product lifecycle planning. Putnam works with four of the top-five and nine of the top-20 pharmaceutical companies. The firm also advises three of the five most successful biotechnology companies, but is continually on the hunt for fresh young upstarts with high potential. Since new biotech companies are always scrambling for funds, they can sometimes make deals that leave them at a disadvantage. So Putnam helps them figure out, for example, whether to outlicense products to pharmaceutical companies, and how many rights they should give away in exchange for funding.
Making the tools to get the job done

Putnam helps makers of diagnostic instruments, consumables, arrays, reagents, molecular tests and similar products for the medical community and clinical researchers. For one diagnostics company developing an automated system for molecular identification and analysis, the firm had to figure out the best way to market it to laboratory researchers. Putnam segmented the customer base, created price ranges, then benchmarked those prices against other diagnostics companies. The client went on to become a leading supplier of molecular diagnostic tests. The firm believes that the medical device industry benefits from a great deal of grandfathering. That is, established technologies rule the market, and even new developments do best when in some way incorporating more mature products and technologies. For instance, one of Putnams clients was a well-established provider of blood monitoring systems with double-digit growth and a big chunk of the market. But numbers were starting to dip a little, and the company decided to reorganize its sales force. Putnam helped the client learn that its market was saturated, and that it not only needed to maintain its customer base, but actively grab customers from competitors.
THE LATEST ON PUTNAM ASSOCIATES

Out with the old, in with the new
November 2008
Putnams Managing Partner Kevin Gorman and Principal Domenick Bertelli were interviewed by Specialty Pharmacy News in its take on how the new Obama administration will change the pharmaceuticals landscape. The article predicts that, given the high costs for health care services and the poor economy, specialty drugs will likely be in the governments crosshairs. Still, with a lot of pharma companies in blue states it may be hard for Democrats to restrict and rein in the cost and availability of pharmaceuticals available through Medicare, Bertelli said.
Happy birthday Putnam

May 2008 Putnam celebrated its 20th anniversary. Looking forward we see the increasing need for all participants in the life science industries to more crisply and clearly define the value that their innovations bring to the market, said Gorman. Payers, physicians and patients clearly want innovation but are
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increasingly demanding justification of value. To us that means serious, in-depth commercial development strategy must begin long before a product approaches the marketplace.
Game-changing generics
February 2008 A Putnam study showed that the rapidly changing generic industry is challenging traditional pharmaceuticals lifecycle planning, with innovators feeling the constraints of the generic industry well before the expiration date of their products patent. Whats more, the report says, manufacturers of lowercost generic products are no longer finding technical challenges to making copies of complex drugs, which places even more pressure on innovators.
GETTING HIRED
A 5 percent chance
When it comes to the hiring process at Putnam, everyone in the firm is involved, from analysts to partners. According to one consultant, Lowerlevel rank people have a lot of say in the recruiting processthough ultimately the final decisions come from above. Were told that the number of interviews varies based on the position being applied for. One insider describes the process as extremely competitive and thorough. He adds that the firm probably only interviews 5 percent or less of all applications received, and yield is usually quite high on offers. Another staffer describes the process for junior-level recruits: Our hiring process is definitely very selective. There are resume reviews prior to extending on-campus interviews or first phone interviews. Occasionally, candidates go through a second phone interview before being invited in to the office for final rounds. If a candidate makes it to the office for an entry-level position, they are screened first by lower-level positions, and then taken to lunch. If you pass through those gatekeepers, you will meet a manager/consultant and then a partner. Postgraduate or experienced candidates can expect one to two phone interviews, followed by one to two office visits. Senior candidates are also asked to present their work in a formal fashion to the senior leadership of the firm, a contact adds. Many Putnam staffers say they were swayed in their decision to work at Putnam by what they encountered in the hiring process. I was drawn to the people. Everyone I met was so enthusiastic about Putnam and seemed like they would be extremely pleasant to work with, one consultant says. Another comments, The Putnam culture made the biggest different in my choice of employment. Even during my interviews, I had a strong feeling that this would be a great place to work.
OUR SURVEY SAYS

Positively Putnam
Staffers describe the culture at Putnam as open, collaborative and supportive. The positive culture is one of the firms greatest assets in that it consistently attracts employees who are not only talented but also good people. The firm pays a lot of attention to the professional development of its employees, and has a strong history of successful consulting staff rising through the ranks, a respondent reports. Contributing to the cooperative and open workplace are the consultants, who are reportedly easygoing and generally likeable, as well as very smart. One consultant new to the firm says, Everyone is genuinely interested in what goes on in their co-workers lives, and this creates a very tight-knit culture. We help each other reach success and never try to undercut someone elses achievements. There are a lot of opportunities for growth and mentorship here, a colleague chimes in. Outside of working hours, staffers enjoy firmwide events, such as wine and cheese on some Friday afternoons (for special occasions), a holiday party, golf outings and others. The office has a youthful vibe, and the analysts and associates bond outside of work through dinners in Boston, birthdays and other events like hot yoga and museum nights, an insider states. Were also told that the occasional set of Red Sox tickets is handed out, and consultants also get excited about complimentary Costco memberships.
Atypical consulting demands

Another great perk is the fact that Putnam understands that its consultants have a life outside of the office. Despite working 8 a.m. to 6 p.m. most days, staying late is rare and weekends are sacred, insiders say. The work/life balance is fantastic. Ive never worked on the weekends and theres minimal travel. While everyone works hard when theyre in the office, supervisors and managers are cognizant of the time they demand from us and wont ask us to stay late for unnecessary reasons, a source explains. On the rare occasion that they do have to work on the weekend, it usually does not require me to come into the office and is only a couple of hours.
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One consultant attests to the work/life balance in place, especially compared to other consulting firms. Hours are reasonable and you will most likely be forewarned if you have to stay late, which enables you to plan accordingly. Putnam encourages you to have a life outside of the office, and this helps foster a positive atmosphere within it.
Free for good deeds

With favorable hours like these, there is still time to be involved in organizations outside of the office. I am a community volunteer and play beer league sports, says one consultant. Additionally, there are a number of charities of the partners choosing that the firm will match any donations made by staff. There are also community service events, such as volunteering at homeless shelters and organizing a workshop for underprivileged kids.
Juniors love their own beds

Putnam consultants also dont have heavy travel demands to worry about (though they do tend to complain about the everyday travel to their suburban office in Burlington, Mass.). Beyond that, travel for client casework is limited to presentations, client stakeholder interviews and client-team brainstorming sessions. All analysis is done at the Putnam office. As a result, travel requirements are very reasonable. Additionally, most clients are easy day trips away, so overnight travel is even more limited. One recent grad tells us that first-year analysts do not travela fact that helps develop a close-knit culture because you see your co-workers every day instead of bouncing between cities, hotels and client sites. Instead, analysts and associates spend more time running analyses and developing slides than coordinating travel logistics, which gives them the added perk of coming home to [their] own bed and enjoying work-free weekends in Boston. Most of the travel legwork, they explain, falls to senior managers.
Development on a smaller scale

As a smaller firm, Putnam doesnt have the resources of a larger firm to provide as much formal training. The official training for incoming analysts and associates includes about 10 modules (including stats training, Excel, Access, PowerPoint, Healthcare 101, etc.). There is also a practice case that condenses many of the most common activities into a two-week period, a consultant explains. This training is typically given by mid- and seniorlevel management. However, training for consultants and above is more ad hoc and on the job. Also a function of its size, were told that Putnam does not have an up-or-out mentality when it comes to promotions. That said, if you arent cutting it, you will be coached out. Respondents explain that the promotion from analyst to associate is pretty much automatic after a year, after which advancement is based on merit. Every six months, staffers undergo a review process where they are considered for promotion. Typical progression would be for a strong analyst to make senior associate by his third year, and consultant by fourth or fifth, a consultant notes.
Lets hear it for the boys?

Diversity seems to be one area that needs improvement for Putnam. One consultant describes it best, saying, Putnam is not particularly diverse, but is not opposed to diversity. This seems to be particularly acute in the gender category. One female source states, Women are definitely underrepresented at Putnam, just like they are at other consulting firms. In our recruiting efforts, however, we are completely equal opportunity and have found many more women looking for work in consulting recently. Within the group of women at Putnam currently, we are definitely very collegial and supportive of each other. Another female compatriot agrees that Putnam actively attempts to recruit and retain women in a field where women are clearly underrepresented. But she adds that the firm has fallen short when it comes to granting flexibility to working mothersalthough the firm notes that in early 2009, it made new efforts to create flexibility and accommodations for working mothers. Regardless of the numbers, a newer consultant says, as a female, Ive never encountered any discrimination and Ive always felt comfortable here. The men are very respectful of women at our firm, and no one has been denied a promotion or an assignment based on gender. As for other minorities, a consultant states, We dont seem to attract a lot of minority candidates, which I believe is more reflective of the industry and geography than the firm. An analyst observes, however, that theres more diversity among the junior ranks than in senior management. And regarding GLBT staffers, while respondents dont claim to know of any within the firm, they agree that the culture is very accepting and would welcome anyone.
After a minor setback

Putnam has not gone unaffected by recent economic woes. Toward the end of 2008, it hit a minor blip on the radar or some speed bumps, as staffers put it, but they feel that it has recovered, for the most part. Our company was forced to lay off employees for the first time ever, but were told there wont be any more, a source reports. One entry-level consultant says, We are always pursuing new leads and looking to expand our client base. In the past few years, we have developed relationships with more and more Fortune 500 companies. While our caseload was certainly affected by the economic crisis, since the New Year we have really recovered and the office is bustling once again. A colleague adds, Putnam had been expanding rapidly prior to the economic hit, and was forced to downsize slightly. Were still larger than we were about a year ago. Already there seems to be more work than we can handle, so the future looks bright.
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46
FIRST MANHATTAN CONSULTING GROUP

RANKING RECAP
Practice Area #9 Financial Consulting Quality of Life #3 Compensation #14 Selectivity
90 Park Avenue New York, NY 10016 Phone: (212) 557-0500 Fax: (212) 338-9296 www.fmcg.com
LOCATIONS
New York, NY (HQ) Boston, MA Seattle, WA
UPPERS
FMCG is a true meritocracythose who do well are rewarded for it Small-firm atmosphere, no politics to worry about Great exposure to senior staff and senior clients from day one Self-management and lack of guidance forces steep learning curve
PRACTICE AREAS
Acquisition Support Advanced Marketing Segmentation Business, Product & Customer Profitability Corporate & Business Strategy Customer Experience & Sales Effectiveness Distribution Planning & Tactics Enterprise Risk Management Expense Management, Process Reengineering & Benchmarking Incentive Compensation Joint Ventures/Outsourcing Organic Revenue Growth Strategies, Value Propositions & Pricing Organizational Design Payments E-Commerce Strategy Performance Measurement Technology Strategy & Systems Architecture
DOWNERS
Lack of middle management No formal review process Your hours and weekend availability are completely dependent on which partner you end up working for Complete lack of social culture
THE STATS
Employer Type: Private Company President: James M. McCormick 2009 Employees: 75 2008 Employees: 75
EMPLOYMENT CONTACT
www.fmcg.com/Careers

Tops in retail banking, good boutique Little known Expensive but worth it No upward mobility
THE BUZZ
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THE SCOOP
A bite out of the Big Apple
Founded in 1980, First Manhattan Consulting Group is a strategy and risk management consulting firm serving financial institutions, vendors, investor groups and financial service providers. Since its founding, the New York-based firm has made its mark on the financial sector, completing over 3,000 assignments, including jobs for 80 percent of the 70 largest U.S. banks, major insurance carriers, banks and other financial institutions from 22 countries, and some of the countrys leading private equity firms.
On the fast track

When he isnt racing Porschesone of his favorite (and fastest) pastimesJim McCormick is busy running the show as FMCGs president. An expert in retail and commercial services, McCormick draws on over 30 years of financial services consulting experience as the face of FMCG. He has given testimony to the U.S. Senate Banking Committee and has appeared over 150 times as a speaker before various financial services industry groups, such as the American Bankers Association, Bank Marketing Association, Bank Administration Institute, Consumer Banking Association, New York State Bankers Association, Institute of International Bankers, Robert Morris Association and others. McCormick has also appeared on CNN, CNBC and other broadcast venues, and has been widely quoted in national publications like Institutional Investor, The Wall Street Journal, The Economist, The New York Times, BusinessWeek, Fortune, The American Banker and others.
Divide and conquer

FMCG boasts a number of skills and services it offers to clients, not least of which is its trademarked Financial Personality (FP) marketing system. Over the years, the firm says, it has realized the importance of segmentation in the banking and financial services industries. But, relying on overly simplistic breakdowns like straight demographics is not enough. Jointly launched in 2006 with information services company Experian Group, FP provides marketers of lending products the ability to improve customer and prospect targeting, to better align products and offers, and to tailor messaging to appeal to prospects. Using the FP system, consumers receive a score that is based on their needs and attitudes toward a specific financial productinformation gleaned from direct consumer market research. The scores provide information about a consumers product requirements (what needs they want fulfilled), beliefs (what emotions the product stimulates) and usage (how often the product is used). That information is combined with credit and demographic data and, after some number crunching, the reports are used to tweak media and marketing campaigns. Clients, FMCG boasts, routinely generate two times to three times improvement in marketing spending return on investment. The firm has developed FP structures for most major lines of business in consumer financial services, including home equity loans and lines, mortgages, deposits, credit cards, life insurance, secured lending and investments.
Preach what you practice

Never tight-lipped when it comes to advice for clients, FMCG also offers its expertise via its value-based management white paper series. These papers are made available to financial institutions, journalists, bank analysts and academics, and feature the firms insights on strategy, risk management, retail banking, marketing, technology and other topics relevant to the financial services industry. Recent issues have addressed stress testing, top-10 questions to ask during due diligence, small business deposit growth, payments strategy and breakthroughs in direct marketing. FMCG staffers also make themselves heard through presentations at national conferences and in their analysis of financial issues in the media. Its managing vice presidents and vice presidents also appear regularly on panels and as speakers at industry conferences around the country and abroad. The firm has been quoted over 500 times in numerous magazines, newspapers and industry publications, and the firms experts, not known to be camera shy, have appeared on CNN, Reuters, Bloomberg and network news programs.
THE LATEST ON FMCG

The big financial shake-up
February 2009 President Jim McCormick predicted that the financial sector will see a surge in mergers and acquisitions once the dust settles after the recent financial meltdown, initiated by exhausted bank boards ready to cash it in after two years of turmoil. At the same time, billions of dollars in governmentbacked capital are ready to funnel through financial industry pipelines. In the market for a financial institution of your own? Buyers could get some very attractive deals, McCormick said.
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Beware of empty promises

November 2008 Despite most peoples distrust of the financial services sector, given the recent upheaval in the markets, banks remain one of the most trusted of financial service providers, McCormick wrote in American Banker magazine. That is why they cannot mislead customers with their reward programs by overselling the ease with which rewards can be won. When banks are designing reward programs, McCormick advised, they need to make sure that they dont suffer from unintended consequences and leave customers feeling misled.
GETTING HIRED
Why FMCG?
FMCG is in the thick of the New York business world. The firm competes for talent against the absolutely highest-ranked consulting and Wall Street firms, a source points out. With that on its shoulders, the firm recruits from only a handful of top-tier schools, such as Harvard, Cornell, Princeton, Georgetown, Penn, MIT and othersboth for full-time positions and summer internships. The summer analyst position is very similar to the first-year analyst position. A great deal of responsibility is placed on the analyst, with the chance to travel to client sites in some cases. There is a lot of partner interaction, as well. Its a steep learning curve, but a great learning experience, one source notes. Were told that about 30 to 50 percent of summer interns return to the firm as full-time analysts. As for the particulars of the hiring process, insiders say that, for analysts, theres one on-campus first-round interview, followed by four second-round interviews at the FMCG office. Hiring is usually determined a few days after that, however there may be follow-ups needed. Case studies are expected, as well as general resume questions. One midlevel consultant delves a bit deeper: The firms hiring process is extremely competitive. This has always been true, but the process was even more competitive this year as FMCG continues to hire during the downturn as major competitors lay off staff. FMCG considers the current environment ripe for acquiring top-level talent and plans to continue to do so throughout 2009. The interview process, like the work environment, is intense. After passing the on-campus interview stage, candidates interview in the New York office with two to three officers, and three to five professional staff members during final-round Super Saturday interviews. Interviews tend to consist of a fit interview and a case question. In my opinion, the most important question a candidate should expect is, Why FMCG? I encourage candidates to spend a few moments really thinking about why they are a good fit for the firm and why the firm is a good fit for them. I look for an answer that seamlessly ties together past academic and work experience, no matter how esoteric.
OUR SURVEY SAYS

Get ready to work
What is life like at FMCG? Insiders say the firm is a place where employees are treated as the most important resource at the firm. One staffer explains that they do anything and everything to get it done at the highest level. That type of workaholic work life might not be ideal for everyone, though; one consultant feels that the atmosphere is too professional, and a number of colleagues dont hesitate to add that they work too long. Although partners are very approachable and fellow analysts are always willing to lend a helping hand, a respondent tells us that a lot of responsibility is placed early on, which could make it a bit stressful. Although the firm also has an intellectual, nerdy feel, that doesnt mean consultants dont know how to have funthat fun just may take place outside of the office, instead of inside of it. The firm has a legendary Christmas party complete with a Christmas bonus, officer-led trivia games for cash and, this year, a ridiculous magic show that resulted in fresh pineapple being splattered on the ceiling, one insider reveals. The firm continues to have monthly happy hours at the most chic bars in New York City and regular firm/practice outings.
Rack up those miles!

Insiders report working anywhere from 50 to 80 hours per week (with many saying they work 70 to 80) and admit that a lot of that time is spent traveling. As a source puts it, If travel is not something that you are interested in, then consulting might not be a good fit for youso at least their monstrous travel demands didnt come as a shock. The amount of travel varies from project to project, were told, with some projects requiring none at all, and others requiring three months of relocating to a foreign country. Most staffers seem to take these demands with a grain of salt: Significant client travel is an explicit part of the job and of serving our clients. We would not be able to deliver the same level of innovation and answers for our clients if we did all our work from an ivory tower, an insider remarks. Clients value having their consultants on site, and for younger consultants, the on-site exposure, working very closely with the client resources, etc., is an important factor in doing well at FMCG and continuing to advance, another adds.
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A delicate balance
But traveling this much does become a drag, and it is difficult to put your personal life on hold for the week and restart it every Friday, a consultant says. In all, it could have a pretty significant impact on the ability to balance work and life. FMCGers dont beat around the bush when it comes to demands on their time. They say it is a prerequisite to be operating on all eight cylinders all the time, and these folks are no strangers to weekend work. According to an analyst, The hours are demanding, so there are definitely things that I have to miss due to work. However, managers are usually understanding if I have something that is a high priority for me to attend. In the end, you just have to pick your battles. Vacations are encouraged and time off is respected. Put another way, You need to enjoy your work and the challenge of exceeding the expectations of clients. However, it does seem that some balance is achievable. More seasoned consultants learn to balance their work schedules and anticipated commitments with social lifethe key is to have a strong relationship with your manager and to lay out what are more key events for you. If managed proactively, one can make this work, a consultant explains. A partner agrees: I am able to find a good balance. I think that this is not because I am a partner, but rather because I do a good job of prioritizing what is more important, etc. The source, who admits to putting in a fair amount of weekend hours, seems to feel that these are justified, begging the question, what sort of priorities is he setting? The work on the weekend is often driven by client demands, too. Oftentimes, the weekends are the best time to catch up with clients and also sometimes with the different FMCG project teams because of travel and on-site client demands. The current environment in financial services has also made this more the case, given that many institutions are struggling, in some cases for survival.
Keep coming back

Speaking of the current state of the financial services industry, FMCG seems to be holding its own. The firm continues to be incredibly busyI believe almost all, if not all, professional staff members are fully billable. Our main competitor has laid off a considerable number of experienced staff members, and seems to be struggling to reinvent its business. This has been an opportunity for FMCG. We have yet to lay off an employee and we continue to hire into the downturn. The work pipeline is full and it looks like it will be a good bonus season. Revenue continues to be up and there appears to be no serious worries about future work, an insider reports. A more experienced staffer states, Our specialization and focused strategy serve us well in the current economic downturn. Clients hire us because we offer them real help, rather than just 500-page-long pretty PowerPoint decks. Coming from another top firm, I am impressed by how frequently clients come back to us for additional counseling or more projects.
Get involved
And if client interaction is what youre after, FMCG offers unparalleled access to C-level executives. One source shares, As a professional staff member going on my third year at the firm, I was given the responsibility of completely managing a major client engagement. This meant that I was the first point of contact for the client and engaged with top-level management on an almost daily basis. I think this experience is characteristic of FMCG. I am thankful for this experience, as I doubt I would have gotten it at another firm. Not only do these consultants get C-level access, but they get it from day one: Within the first two weeks on the job, I was on the clients site, sitting in meetings interacting with some of the highest executives in the company. You learn to swim very quickly, says one analyst, while another posits, My sense is that FMCG gives junior staff more access to senior client executives than does any other top-tier firm. FMCGers are also pleased with their high level exposure to senior execs within their own ranks. Teams are very lean at FMCG, so even analysts have significant exposure to partners. An engagement manager adds, It is definitely a small-firm feeling, meaning there is a high level of interaction with partners. In fact, many sources say that one of their favorite things about the firm is its flat organizational structure, which means that analysts have a high level of responsibility and get to interact with senior management on a day-to-day basis.
Learning through osmosis

These types of interactions provide the framework for the on-the-job learning that goes on at FMCG. But the firm does provide some official training for junior staff. There is a weeklong formal training session, with educational sessions once a week for a few weeks thereafter (e.g., Finance 101), which is very helpful for transitioning, a consultant reports. However, most training is informal mentoring and on-the-job training. Coming from another top-tier consulting firm, I think there could be more formal training on soft skills, but I think on-the-job training can be just as effective in the long term, a colleague notes. Respondents describe FMCG as a true meritocracy. The firm sets forth general guidelines that each consultant should strive to achieve, but there are no restrictions to advance faster if you are above the curve, were told. One consultant doesnt pull any punches, claiming, As long as they like you, youll have a job. As long as youre improving, youll advance. Advancement typically happens once per year, where the entire firm goes through an annual review process and anybody applicable moves up the chain. Just about everybody advances every year for your first three to four years. If you dont, you should look for another job.
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Where are the ladies?

Increasing its gender and minority representation seems to be an issue on FMCGs radar. While entry-level positions are quite diverse, there is very little female representation at the higher levels, one insider reports. And although gender balance in recent analyst classes has improved significantly, one consultant says the firm would like to have more women in its ranks. Overall, there is a sense that ones brains and ability to deliver quality work make a difference, not gender or ethnicity. Regarding the firms particular efforts in this area, a consultant comments, We have no special programs for minorities because were too small to have special programs for anybody. [Theres] no bias that Ive seen, and adds the caveat, but Im white. Regarding GLBT diversity, were told there are a few openly gay employees at the firm. A consultant says that although GLBTs are certainly not frowned upon, FMCG doesnt give off a particularly welcoming vibe, either.
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PRESTIGE RANKING
47
IMS HEALTH INCORPORATED

RANKING RECAP
Practice Area #4 Pharmaceutical & Health Care Consulting Quality of Life #19 Travel Requirements #19 Work/Life Balance Diversity #5 Diversity for GLBT #7 Diversity for Minorities #9 Best Firms for Diversity #17 (Tie) Diversity for Women
901 Main Avenue, Suite 612 Norwalk, CT 06851 Phone: (203) 845-5200 Fax: (203) 845-5299 www.imshealth.com
LOCATIONS
Norwalk, CT (HQ) Additional offices in more than 100 countries
PRACTICE AREAS
Consulting & Services Market Measurement Oncology Portfolio Planning Sales & Marketing Effectiveness Value-based Medicine
UPPERS
Ideas matter Project dinners at great New York restaurants Senior managers are not always on your back about hours or time spent at the office Opportunities to grow the practice
THE STATS
Employer Type: Public Company Ticker Symbol: RX (NYSE) Chairman & CEO: David R. Carlucci 2008 Employees: 7,500 2007 Employees: 7,950 2008 Revenue: $2.3 billion 2007 Revenue: $2.2 billion
DOWNERS
Feeling like you are on call 24/7 New York office is cramped and disorganized Poorly designed feedback/review system We are also tied to the data side of the IMS business
EMPLOYMENT CONTACT
www.imshealth.com/careers

Elite health care Database management Strong analytics Narrow focus
THE BUZZ
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THE SCOOP
Savvy specialists
IMS Health is one of the only global health sector-specific consultancies of its kind. With 100 offices in more than 100 countries, the Norwalk, Connecticut-based firm provides sales management and market research services in the pharmaceutical and health care industries for clients that include pharmaceutical and biotechnology companies, professional services firms, members of the financial community, government and regulatory agencies, advertising agencies, the media, researchers and educators. IMS Health (which stands for Intercontinental Marketing Services) is best known for its medical data, which tracks the sale of prescription and over-the-counter drugs and market-wide sales. It also offers market forecasts based on surveys of doctors and hospitals, and provides consulting and other professional services, including advising clients on brand management and sales force effectiveness. On the consulting front, the company has three main practice areas: product and portfolio strategy, commercial effectiveness, and pricing and market access. Those form around half of a dedicated consulting and services unit at the company, with the services component also consisting of three areascommercial implementation, managed markets and market research. Altogether, those units offer clients end-to-end services, from qualitative and quantitative analysis of market trends, and to strategies and tactics, development and implementation of software applications and data warehousingeach of which is fully customized for each client.
A healthy start
Right from its founding (in 1954 in Norwalk, Conn.), the firms raison dtre has been to help pharmaceutical companies gain knowledge of the markets they compete in, or are thinking of entering. One of the firms first research studies, published in 1957, audited pharmaceutical sales within the West German market, which prompted clients from all around the world to sign up for its services. Over the years, the company expanded across Europe, and also penetrated Japan, South Africa, Australia and New Zealand. Further expansion occurred at home and abroad and, by 1972, the firm was sizeable enough to go public. By 1981, IMS Health had offices in 57 countries and annual revenue of $170 million. A period of consolidation was followed by a $1.8 billion sale to Dun & Bradstreet Corporation, only for that firm to spin it off as a separate entityone that found itself afloat on the New York Stock Exchange with the appropriate ticker symbol RX.
Information is power
Few companies have the kind of data on hand that IMS Health has. The firm processes billions of health care transactions each year, covering every major world market. It receives data from more than 139,000 data suppliersincluding drug manufacturers, wholesalers, retail pharmacies, hospitals, long-term care facilities and health care professionalscovering 730,000 individual dispensing sites in more than 100 countries. It tracks more than 70 percent of global pharmaceutical salesthe only firm to do soincluding more than 90 percent of sales and 70 percent of dispensed prescriptions in the United States. As wide a net as the firm casts, its data is also precise, with details as minute as the names of the doctors and the prescriptions they write. IMS Health also captures information on more than 260 patients worldwide, including their diagnoses and treatments, although it promises that patients identities are protected and remain anonymous. With this data, IMS Health helps pharmaceutical companies identify such trends as physicians prescribing patterns and brand preferences, treatment patterns and consumer choices that help clients design promotional materials, gauge the effectiveness of their business operations and customer relationships, and develop appropriate business development strategies.
Prognosis: Good
Due to the amount of data and the scale of its operations, there are very few companies able to compete with IMS Health across the full range of its business. But while there may be no global competition, the firm does have some significant rivals in specific countries and individual markets. In the United States, for example, medical publisher Wolters Kluwer is its biggest competitor in the area of sales management services.
THE LATEST ON IMS HEALTH

Forbes favorite
April 2009 An article based on IMSs research appeared in Forbes, underlining the importance of the firms work, as well as the effects of the global economy on the health care market. The research cited in the piece was a revised estimate of the value of medicine sales through 2009something the firm
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projected to be $750 to $760 billion. According to IMS, thats a significant figure because, if it proves correct, it will represent the first shrinking of the global pharmaceutical market in 25 yearsdown from $773 billion in 2008.
Supreme challenge
March 2009 In a case that seems set to go all the way to the Supreme Court, IMS Healthin conjunction with health data rival Verispan (now owned by SDI)filed an appeal on a legal case it has been fighting since 2007 against the state of New Hampshire. At issue is a law passed in the state that criminalizes transferring prescription information for the purpose of increasing drug sales. Thats something that cuts to the heart of IMSs business, as the firm uses such information to market certain drugs to doctors based on their previous prescriptive patterns. According to a legal opinion letter written by the Washington Legal Foundation, meanwhile, the state of New Hampshire is attempting to use the legislation to keep the cost of health care down by preventing doctors from being exposed to targeted marketing of patented medication, while simultaneously trying to persuade those same doctors to prescribe less expensive medications. That, according to the letterand IMSis a violation of the First Amendments guarantees of free speech. Whether or not the Supreme Court agrees is another question, however; the U.S. Court of Appeals First Circuit has already overturned a U.S. District Court decision that the restrictions in the law violated the First Amendments protection of commercial speech.
IMSs healthy balance sheet

February 2009 The firms annual report for 2008 showed revenue of $2.33 billion, an increase of 6 percent on the previous year. Consulting and services revenue also roseup 10 percent to $542 millionand accounted for 23 percent of overall revenue for the year. According to the firm, approximately twothirds of the C&S revenue growth was attributable to acquisitions completed in 2008 and 2007. The acquisitions the firm referred to in 2008 were all relatively minor in naturethe five completed purchases came to an aggregate cost of just $42,000. The companies brought into the fold over the year were Australian firm Robinson and James Research Pty Limited, U.K.-based Fourth Hurdle Consulting, U.S. firm Health Benchmarks, Inc., Russian outfit RMBC Pharma Limited and the services practice group of Skura Corporation, Inc. Seven purchases had been completed in 2007, for an approximate total cost of $89,000.
Untapped potential?
August 2008 IMS Health acquired RMBC, a Russian pharmaceutical market intelligence and analytics firm, as part of its efforts to expand into Russia and the Commonwealth of Independent States. The region is one of the fastest growing health care markets in the world, with a potential market growth rate of 10 to 15 percent, worth $10 billion. RMBCs reach extends throughout Russia, the Ukraine, Belarus and Kazakhstan.
Making the grade

2008-2009 BusinessWeek listed IMS Health in 37th place on its top-50 list of S&P 500 companiesthe second year in a row the firm made the cut. Also in 2008, IMS was listed as one of Fortunes most admired companies in America, ranking second in the health care category, behind Medco Health Solutions.
GETTING HIRED
Like winning the lottery

Sources tell us that IMS is fairly selective in terms of recruitment of both undergrad and MBA candidates. Its recruitment process reportedly is very rigorous, and candidates must have interest in business and health care, must typically be from a top-tier (Ivy League) university and must have demonstrated leadership. Candidates typically hail from the likes Harvard, Wharton and Columbia, and for every 10 people recruited, one person from each of those, maybe, will be hired.
Jump through hoops

If you do get recruited by IMS, getting hired wont be easy. Recruits will undergo a first-round interview on campus, which typically consists of a short market-sizing problem, with some fit questions thrown in. Second-round interviews are held at IMS offices and will have a more involved case study
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that mimics our actual work, an insider explains. It will likely focus on a pharmaceutical client/product, and involve market-sizing and potential strategy recommendations. Candidates are provided with a pack of data and get about 30 or 45 minutes to sift through it and pull together a short slide presentation for the interviewer (simple mock-up slides done by hand on paper). But thats not all; a source notes that there are several other fit interviews during the day, and plenty of time for question and answer. This year, I believe we even had third-round interviews with the head of consulting. Experienced consultants must also undergo a rigorous process. Says one such source, I interviewed with staff in four different offices on both coasts. A couple of case questions were used at the outset, even though I have 10 years of consulting experience. I had several conversations with the global head of consulting, and found them very useful. Overall, I think I spoke to eight to 10 different people from analyst to general manager. Questions focused both on problem solving (strategy-focused case questions) and industry knowledge and expertise.
Worth the wait?

All that hard work and effort just might be worth it, respondents claim. A senior source says she chose IMS because of its global reach, entrepreneurial spirit (despite its size) and the opportunity to harness expertise in a larger organization. More junior colleagues say they like the academic environment and the fact that training and learning is often based on other colleagues experiences and their recognition of the importance of sharing them. More specifically, though, a New York consultant says that the people were what sold me. I have made great friends and I did not get good social vibes from the other two firms I interviewed with. Also, the lack of travel and health care focus were huge selling points. Another recent recruit based his decision on the fact that the opportunity and chance to learn more at IMS was greater than at other firms.
OUR SURVEY SAYS

Shiny, happy people
The culture at IMS is described as different from typical consulting firms. One consultant tells us that the New York offices culture is very laid-back and easygoing. I would describe the atmosphere as very collegial. Compared to many other consulting firms, I think our office is much more pleasant and interesting to work in, largely due to the people you work with. The culture is not at all stuffy or constrained. Others note that their colleagues are hard workers who are somewhat nerdy, but still manage to have fun. Everyone at the firm is exceptionally smart and witty. There is no need to put on a pretentious pseudo-professional attitude here. Other adjectives that come to mind are young and energetic, hands-on and quirky; in short, its extremely cerebral and encouraging of growth, but never pretentious or overly competitive. One entry-level source adds that the culture is very good for new employees straight out of college. On one hand, everyone is very well educated and very goal-oriented, while on the other hand, everyone is very fun and energetic.
Busy bees
While it does boast a fun-loving and relaxed atmosphere, one insider explains that among the consultants at IMS, there is an extremely strong dedication to high-quality work and commitment to client service. Were told that teams work together extremely collaboratively, both internally and with clients. Even though titles may be different, everyone from analyst to vice president works together in a nonhierarchical way, with input valued and considered from all team members. Its no wonder, then, that senior staff is described as very accessible, open and not at all intimidating. Junior people are in no way ignored or treated badlyon the contrary, the opinions and ideas of junior-level staff are highly respected and always listened to. For an inside look at IMSs working style, take this tidbit from a case team leader: Our star performers are people who are recognized as being extremely good at what they do and pull off their work with a laid-back style and self-deprecating sense of humor.
Its the little things

Company perks help keep IMS staffers happy. For example, employees can enjoy discounted monthly membership dues and no initiation fee at a couple of local gyms, and on Friday mornings, people coming into the office are treated to free bagels, muffins and fruit for breakfast. There is always a fridge full of soda and constant snacks. Employees have access to use of the BlackBerry and phone plan, and are frequently treated to project dinners at some of the nicest restaurants in New York at the end of projects. There are also plenty of company-paid social events and happy hours, such as a night at Chelsea Piers, where staffers get a table at a bar with plenty of beer and food, and also get to go out to the driving range right outside to hit some balls. Perks also help distract consultants from some gripes about compensation, which they deem to be lower than market rate. Many cite this as one of the low points of working for the firm. In terms of salary, the base salaries for a new analyst were comparable [to other firms I looked at], an insider states, but I was unaware that IMSs bonuses would be so bad. But this doesnt stop staffers from giving back to the community. The company hosts an annual community service day, which everyone attends. Specific projects can vary, but most recently employees cleaned up a park in Brooklyn. Also, our company pays the registration fees for a ZogSports indoor soccer team. Our company team gets together and plays in a well-organized league once a week. Winning teams get prize money for charity,
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and so far we have won some money for the American Cancer Society. In addition, donations to the United Way are pushed hard each Christmas, and IMS has also initiated a new program for nonprofit consulting.
Flexibility helps with balance

Insiders tell us that they can work anywhere from 40 to 70 hours a week. While the hours are fairly long overall, the significant experience I am getting as a junior staff member has been really great. I think it really puts me at an advantage for the future, one staffer comments. Another source agrees that the hours can be long, but colleagues are very supportive and respectful of personal commitments. Support and respect are great, but they dont always make for a fine balance between work and life. But IMS, were told, also does its best to help consultants maintain that balance. According to an analyst, While work can get very hectic and busy, often resulting in weekend work (once every two weeks, maybe), the office does try to be as flexible as possible to help us have a good work/life balance. We do not have any senior managers breathing down our back about what time we come into the office (if at all) and what time we leave. While work demands vary by project, on the whole, work/life balance at IMS is very manageable, claims an insider, who seems to have been assigned to some of the less demanding projects than his colleagues quoted above. People here work very efficiently, and most do not stick around past 7 p.m. most nights unless things are due immediately. I have very rarely felt that I am missing out on social life due to work, and my life is by far better than those of my friends who work in financealthough those same friends may not be so busy any more ...
Homebodies
This flexibility is further bolstered by the ability to work from hometypically about one day a week for junior staff, though its more variable for senior staff, the firm explains. When Im not at a client site, I can work at home, which allows me the flexibility of getting in a midday run or helping get the kids off to school. With mobile and broadband technology, I can work from the mountains during ski season, as well. We work hard, but there is the flexibility to do it from alternate locations and at different times to support a personal life. The ability to work from your own couch makes even weekend work more palatable. According to a senior source, I never come into the office on weekends, but I often review at least one client deliverable or proposal over the weekend. At the engagement manager level, my responsibilities are split between business development and project management, and sometimes it is difficult not to bring work home on the weekends, given these role expectations. The bottom line seems to be: It doesnt matter where you do it (home, etc.) or when you do it. As long as you meet the deadline and deliver high quality, you enjoy full flexibility for personal commitments, a consultant states.
Get away to LA
At IMS, travel is manageable compared to most consulting companies. Staffers typically only travel to the client site during milestone meetings (start, interim, final), resulting in day trips about once or twice a month. Its a cinch, respondents claim. The lack of overall travel and time spent on site is a big plus. A consultant based out of San Francisco agrees: I average about one day a week on the road, usually just down the coast to LA or San Diego. Longer trips are once every four to six weeks. The same goes for the New York office. Many of our clients are located in the New York/New Jersey/Pennsylvania/Delaware area, making day trips to meet with clients extremely manageable, a source explains. When travel does take IMS employees farther away, our travel locations are San Francisco, Asia, India and Germany, which are all great locations, so I wouldnt mind more travel. But for the most part, the majority of work is done from the New York office, and many client meetings are held by teleconference, so when we do travel, it always feels important and purposeful.
The UN of consulting
Respondents are generally satisfied with their firms levels of diversity. In fact, until just recently, there seemed to be more female than male consultants at our firmalthough that wasnt the case at the more senior levels. One female source says, We tend to attract a lot of women at the post-MBA level because we are not based at the client for the majority of our projects. IMS boasts a similarly high number of minorities. According to an insider, There are probably more minorities than others. We are the UN at our office. Without any awkward/stilted diversity initiatives, we have somehow managed to collect in our company an extremely diverse set of consultants. One might even argue that we are a predominantly minority firm. We have solid representation of people of all ethnicities, internationalities, religions, etc., a more senior source boasts. In addition, there are several openly gay people in the office, which is totally accepted. People are very open. Not convinced? Check out this testimonial: As a gay employee, I enjoy every minute of working here.
Put me in coach!
IMSs openness is also reflected in its advancement and training policies. Respondents tell us promotions are merit-based and not up-or-out. One source explains that analysts generally move up to consultant in about a year-and-a-half to two years, while consultants move up to senior consultant in about two years. The promotions are based strictly on merit and not years of service. So far, the office has been very fair in terms of promoting those who deserve it. Were also told that MBAs can get to principal in five yearsif they prove themselves, of course.
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To help them get from here to there, IMS has set up formalized training for its junior staffers. We have multiple forms of training in our company: a formal orientation to consulting and the health care industry for new hires, a series of advanced-level trainings for experienced consultants, an informal buddy (peer-level mentor) to show you the basic ropes around the office and a formal professional development coach who tracks your progress over all of your projects. Luckily for us, most of our trainings are conceptualized and developed by the junior staff, so they are often very relevant to our day-to-day jobs, and we continually add new modules to our portfolio, an insider details. Those beyond the junior level, however, are relegated to learning on the job. An analyst notes that beyond the introductory courses, most of the training is on the job as you work on projects. While the firm does offer other side training, it is not very useful and does not add much value as a consultant.
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PRESTIGE RANKING
48
BUCK CONSULTANTS
UPPER
Has the backing of a strong parent company
One Pennsylvania Plaza New York, NY 10119 Phone: (212) 330-1000 Fax: (212) 695-4184 www.buckconsultants.com
DOWNER
Frequent weekend work
LOCATIONS
New York, NY (HQ) 45 offices in 12 countries
EMPLOYMENT CONTACT
Visit the Join Our Team section on the firms website
PRACTICE AREAS
Communication Compensation Global HR Technology & Administration Health & Productivity Human Capital Management Retirement
THE STATS
Employer Type: Independent Subsidiary of Affiliated Computer Services, Inc. Ticker Symbol: ACS (NYSE) President & Executive Managing Director: Jan K. Grude 2009 Employees: 2,000 2008 Employees: 1,700+ 2008 Revenue: $430 million 2007 Revenue: $414 million

Great client list Regional High prestige in niche markets Losing market share
THE BUZZ
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THE SCOOP
Bucking the trend
Trips to a companys human resources department usually mean youre either looking for a job, sick, unhappy or, even worse, about to get fired. But Buck Consultants believes it doesnt have to be that way. The 93-year-old firm is a global employee benefits and HR consulting firm that helps clients manage their human resources, build an innovative workforce and unlock the full value of each organizations human capital. Bucks practice areas include consulting in communication, compensation, HR technology and administration, health and productivity, human capital management and retirement. The firm is an independent subsidiary of Affiliated Computer Services, Inc., a global Fortune 500 company with approximately 74,000 employees. With 45 offices in 12 countries, Buck Consultants is frequently listed as one of the largest HR consulting firms in the U.S. and globally.
Workers rights
Bucks beginnings can perhaps best be described as humblehardly surprising given that the firm got going in the early 20th century, a period not exactly known for its great working benefits and conditions. Indeed, when George B. Buck Sr. started his consulting business in 1916, the idea of human resourcesnot to mention the concept of consultingwas extremely new. The firm, which started with only two employees, played its part in bringing both into the mainstream, however, and is credited with having developed several revolutionary HR concepts. These include establishing the first global employee stock ownership plan, developing the first fully integrated health savings account and offering innovative severance solutions. George Bucks ideas were so revolutionary and so widely recognized that, in 1999, he was named one of the men of the century by Pensions & Investments. Specifically (if not exactly thrillingly), he was credited for pioneering the application of sound actuarial principles to retirement plans, and for being behind one of the first consulting firms to specialize in the valuation of pension plans.
Trouble in paradise
In 1997, Mellon Financial Corporation acquired Buck Consultants, giving it a parent company for the first time in its then 80-year history. That relationship lasted until 2005, when Affiliated Computer Services bought Buck from Mellon. That acquisition appeared to have gone smoothly, until 2007, when ACS fired and then sued Bucks former Chairman of the Board Howard Fine and Executive Managing Director Christopher Michalak, alleging that they tried to sell the firm without notifying the parent company. Since then, however, things seem to have settled down, and the firm has once again found itself able to concentrate on becoming a global leader in the HR consulting field.
Say it loud, say it proud

Buck Consultants produces several publications every year to further penetrate the HR consulting marketplace. The publications provide information that human resources professionals can turn to for guidance. Global View magazine, published twice a year, Insight Out and an archive of published articles all tackle complex HR issues that employers might have difficulty facing as the world of employment conditions grows increasingly complex. Some examples of the topics covered in these publications are salary compression issues, long-term incentive plans, background checks, pay-forperformance communication, health care costs, incentive plans and much more.
THE LATEST ON BUCK CONSULTANTS

Keeping up appearances
June 2009 For two years in a row, Buck Consultants stable of talent has been recognized in Consulting magazines annual Top 25 Consultants list. In June 2009, the publication selected Bruce Barge, managing director and market leader for Bucks operations in Los Angeles. Barge was singled out for developing a leadership system for Californias CalPERS pension fund.
The year prior, Bucks Jacquie Walker made the cut for her work in the firms Toronto office. Walker also had the distinction of being that years only Canada-based honoree.
Woman to watch
December 2008 Business Insurance magazine selected Buck Consultants national health care communication strategy leader, Ruth Hunt, as one of its 2008 Women to Watch. While the accolade may be new to Hunt, she isnt the first Buck consultant to have received it. In 2007, two other employees, Tammy Shelton and Kate Van Hulzen, received the same honor.
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Buck Consultants
Thats the spirit

July 2008 Continuing a relationship that stretches back 40 years, Buck Consultants signed a new five-year contract to provide Pernod-Ricard USA with a defined benefit pension plan, two supplement executive retirement plans and a post-retirement medical plan. Pernod is a premium spirits and wine company, and the largest subsidiary of France-based Pernod Ricard SA. It produces leading brands such as Jameson, Glenlivet, Chivas Regal, Wild Turkey and more.
Going Dutch
July 2008 The firm announced a further expansion of its global presence with the acquisition of Phenox Actuarissen. Phenox, which specializes in employee benefits consulting, actuarial and pension services, and outsourcing, will be rebranded under Bucks corporate identity. The firm has offices in the Netherlands, Amsterdam and Rotterdam, and also in the Caribbean in Curacao and Aruba.
GETTING HIRED
Finding Buck in the haystack
The good news: Buck Consultants is hiring. The not-so-good news: Opportunities with Buck may be tricky to find online. The firm says its consulting openings are listed along with all ACS and ACS member companies online. To find a Buck Consultants vacancy, interested applicants must head to ACS recruitment page and type Buck in the keyword field; for a location-specific search, the firm directs applicants to first choose their desired location, then fill in the keyword field. The persistent shall prevail!
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PRESTIGE RANKING
49
GIULIANI PARTNERS LLC

UPPER
The name goes a long way
5 Times Square New York, NY 10036 Phone: (212) 931-7300 Fax: (212) 931-7310 www.giulianipartners.com
DOWNER
Increasingly out of the spotlight
LOCATION
New York, NY (HQ)
EMPLOYMENT CONTACT
Email: info@giulianipartners.com
PRACTICE AREAS
Corporate Security Corporate Strategy Crisis Management Emergency Preparedness Financial Management Private Equity Public Safety Risk Assessment & Mitigation
THE STATS
Employer Type: Private Company Chairman & CEO: Peter J. Powers 2009 Employees: 50+ 2008 Employees: 50

Well-known name Shine has come off Connected Searching for an identity
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Giuliani Partners LLC
THE SCOOP
Mr. 9/11 becomes Mr. 411
Giuliani Partners was founded in 2002 by its namesake executive, former New York City Mayor Rudolph W. Giuliani, who capitalized on his reputation as a strong leader during crisis situations to start a management consulting services firm that doles out advice to businesses and governments. Its mission: helping leaders solve critical strategic issues, accelerate growth, and enhance the reputation and brand of their organizations in the context of strongly held values, which the firm lists as integrity, optimism, courage, preparedness, communication, and accountability. In addition to its management consulting services, Giuliani Partners includes two divisions that offer security advice in the United States (Giuliani Security & Safety) and abroad (Giuliani Security & Safety Asia).
Quiet about clients

Situated in the heart of New York Citys Times Square, Giuliani Partners is tight-lipped when it comes to its clients, what it does for them and how much its paid for its services. Adding to the secrecy: Clients must reportedly sign confidentiality agreements, promising not to divulge details about the consulting services performed. But, because of Giulianis almost-mythic status in American politics, many media reports have dug up a few names to fill the information gap. An unofficial list of Giuliani Partners clients includes Nextel, Delta Airlines, the National Thoroughbred Racing Association, Merrill Lynch, Bears Stearns, U.S. Airways, Mexico City and the Greater New York Hospital Association. From 2002 to 2007, the firm reportedly brought in more than $100 million.
Turning politics into profits

Rudy Giuliani founded Giuliani Partners after leaving office as New York Citys mayor in January 2002, bringing with him three members of his outgoing administration: Geoffrey N. Hess, a former senior adviser in City Hall, Dennis Young Jr., who served as Giulianis chief counsel, and Anthony V. Carbonetti, Giulianis chief of staff from 1999 to 2001. The firms most valuable asset, then and now, continues to be the reputation Giuliani earned for his leadership following the attacks on the World Trade Center on September 11, 2001. At its start, Giuliani Partners and its handful of consultants entered into a strategic alliance with accounting firm Ernst & Young, which had to recuse itself from existing government contracts to avoid any conflicts of interest. The pairing brought instant business and know-how to the fledgling firm and attracted some big names, including Thomas Van Essen, former commissioner of the New York City Fire Department; Richard Sheirer, former emergency management commissioner and director of New York City Homeland Security; Pasquale DAmuro, a highly regarded counterterrorism expert who had worked for the FBI for 26 years; and Joseph Volpe, the 16-year director of the Metropolitan Opera. In the first year of his first major foray into the business world, Giuliani earned the 2002 Consultant of the Year title from Consulting magazine.
Part-time partner?
In June 2007, Giuliani stepped down as chief executive to pursue hopes of becoming President Giuliani (we all know how that turned out). The following December, the firms spokeswoman confirmed that Giuliani had not had any day-to-day involvement in the firms business dealings since he kick-started his presidential campaign, though he kept his equity stake in the firm, which was reportedly worth some $4.1 million. Vice Chairman Peter Powers took over as the firms chief in the interim. Without its namesake, Giuliani Partners star power began to fade. During the presidential campaign, its client list and revenue decreased, as did its employee numbers. There was a certain amount of decline when I was running, Giuliani conceded to The New York Times in August 2008. There was the anticipation that I would not be around. I thought I was going to be the nominee. Since quitting the race to the White House in January 2008, Giuliani has returned to the firm, though he is not spending all his time in Times Square. For a while, he devoted much of his energy to supporting Republican presidential candidate John McCain in hopes of securing a post in his administration.
Since the 2008 presidential election was decided, Giuliani reportedly splits his time between the speakers circuit and the Houston-based law firm Bracewell & Giuliani, where he joined as partner in 2005. He continues to campaign for various political issues on behalf of the Republican Party.
In the spotlight and the hot seat

Having such a major figure as its public face, Giuliani Partners quickly won attention from the business worldand the media. Since its founding, the firm has been dogged by damaging media reports into some of its business dealings, which the firms consultants fear make potential new clients leery. One controversial former client that would have preferred to avoid headlines is Purdue Pharma, the maker of OxyContin, an extremely addictive and abused pain medication. Purdue was slapped with hundreds of millions in fines in May 2007 for misleading the public about the drugs risk of addiction. In December 2007, the firm was again thrown on the defensive for its relationship with the government of Qatar. Giuliani Partners raised eyebrows for providing security advice to the Persian Gulf state, which has been criticized for its conduct toward Al Qaeda.
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THE LATEST ON GIULIANI PARTNERS

A Post-mortem?
April 2009 Following Rudys failed bid for the Republican nomination in 2008s presidential election, the New York Post reported on Giulianis subdued return to his consulting firm. According to the article, many of the firms staff and partners have either left or been dismissed, salaries have been reduced and Rudys attendance is infrequenthe remains a popular speaker for the Republican party, and focuses on his role as a named partner at the law firm Bracewell & Giuliani. Representatives for Giuliani Partners denied much of the Posts claims, contending that the talk of pay reductions is not true, and that Giuliani spends many days at the office. The firms strategy, they assert, is to focus on a smaller roster of higher-demand clients; however, they would not name any specific clients or even how many it serves. The company did confirm, however, that its staff count is down to roughly half of what it was two years ago.
Expanding into real estate

July 2008 Giuliani Partners announced a plan to expand its business by opening an investment fund based on commercial and residential properties in New York and Washington. The reports also indicated that the fund would focus on enticing foreign investors to find good real estate deals due to the weak U.S. dollar.
GETTING HIRED
The inner circle
Although Rudy Giuliani is no longer chairman and CEO of his eponymous consulting firm, Giuliani Partners is still staffed by a small, elite group of his closest friends and advisers. Theres no career information on the firms website; thats because the firm has no entry-level or internship positions available. Only senior executives are allowed, and while the notoriously private firm provides few details about its employees, the majority of its consultants are former New York City administrators, officials and political insiders who worked with Giuliani during his years as mayor (and later, on his presidential campaign). Others have come to the firm from high positions in business or politics. In other words, if you want a career at Giuliani Partners, you should either be a friend of Rudyor someone Rudy wants to befriend.
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PRESTIGE RANKING
50
ARCHSTONE CONSULTING
THE STATS
Employer Type: Private Company CEO & President: Todd D. Lavieri 2008 Employees: 200+ 2007 Employees: 250+
Four Stamford Plaza 107 Elm Street, 6th Floor Stamford, CT 06902 Phone: (203) 940-8200 Fax: (203) 940-8201 www.archstoneconsulting.com
LOCATIONS
Stamford, CT (HQ) Chicago, IL New York, NY San Francisco, CA Amsterdam
UPPER
Gaining recent recognition in business process and IT outsourcing advisory
DOWNER
Broad name recognition still not on par with longestablished consultancies
PRACTICE AREAS
CFO Advisory Finance Information Architecture Finance Strategy Finance Transformation Financial Consolidation & Reporting Integrated Planning Management Reporting & Analytics Oracle Enterprise Performance Management Implementation Capabilities Process Transformation Shared Services Operations Cost Reduction Global Supply Chain IT Management IT Outsourcing Strategic Sourcing & Procurement Strategy & Change Business Process Outsourcing Advisory Corporate Strategy & Strategic Planning Organizations in Transition Pre & Post Merger Integration Product & Service Innovation
EMPLOYMENT CONTACT
www.archstoneconsulting.com/Careers

New but growing Hyper-niche Deloitte-lite Still too small to have an impact
THE BUZZ
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THE SCOOP
Its aces for Archstone
Founded in 2003 as a management consulting services concern, Archstone Consulting might be relatively new to the game, but its been playing its consulting cards right. The Stamford-based companys clients include more than 25 of the Fortune 100 companies and over 60 of the Fortune 500. A third of the firms clients are members of the Global Fortune 500, while roughly 75 percent generate annual revenue ranging from $3 billion to over $30 billion. The firms 200-plus consultants operate out of offices in the United States and Europe, and offer services in the areas of branding, strategic planning, finance and accounting, CFO advisory services, organizational effectiveness, and merger and acquisition integration. It also offers advice on improving operations, from supply chain to procurement to IT. In total, the firm has 10 targeted practice areas: strategy, operations, CFO advisory services, consumer products and retail, life sciences, manufacturing services, financial services, energy/utilities, and IT and BPO outsourcing advisory services.
Time for something different

Bigger is never better. At least not when it comes to consulting, according to the folks at Archstone. The vision for the firm came from CEO and cofounder Todd Lavieri, as a response to a consulting industry he saw as bloated with big fees, big bureaucracy and big payrolls. In response, Lavieri founded Archstone in 2003 as an independent strategy and operations management consulting firm. By staying small, the reasoning goes, the company is able to deliver its services faster and more accurately than its bigger competitors. Not that the firm is completely against the bigger consulting outfits, however; many of Archstones first hires came from Deloitte and A.T. Kearney.
Jacks and Jills of all trades

Part of the challengeor benefit, depending on your perspectiveof being part of a small firm is the need to be capable of doing many things well. As such, Archstone emphasizes flexibility among its pared-down roster of consultants; analysts, senior analysts and associates can expect a solid generalist experience, and the opportunity to work on various services offerings within several different industries. More senior analysts and consultants are able to specialize in one service or industry, but must remain available to work on engagements in any of the firms practice areas. For managers, directors and principals, however, Archstone only wants the best, and insists that these individuals come with a specific area or areas of specialization.
THE LATEST ON ARCHSTONE CONSULTING

Taking silver in The Black Book
June 2009 For the third year in a row, Archstone Consulting made it into the top-10 firms in several consulting categories for the 2009 edition of The Black Book of Outsourcing. In a survey administered by research firm Brown-Wilson Group, Archstone came in second place in the overall boutique outsourcing advisors category, seventh among IT outsourcing advisors and No. 1 for both client outcomes and improvements and marginal value adds.
Providing for PE
May 2009 Archstone launched a new advisory practice aimed at serving private equity firms. Services offered will help clients reduce costs, receive better pricing from outside vendors and achieve greater cash flow.
Breaking the news

April 2009 The ethical and economic benefits of environmental programs were explored in an article for Industry Week, authored by Archstone Consulting Manufacturing Practice Leader Eric Schlumpf. The piece analyzed the actions necessary to both achieve regulatory compliance and to maintain cost benefit. Major manufacturers such as IBM and Dow Chemical were cited as examples of energy initiatives that produced bottom-line savings, while Schlumpf recommends that every company take steps, such as aligning with Archstones active carbon management methodology and anticipating stronger carbon emission regulations, in order to stay ahead of competitors.
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Outsourcing accolade
February 2009 Archstone was named in The 2009 Global Outsourcing 100, an annual list of the top global outsourcing providers compiled by the International Association of Outsourcing Professionals. The firm was also selected by the IAOP as one of the top 20 in its Worlds Best Outsourcing Advisors ranking.
Contrarian consultants
January 2009 An example of the firms willingness to think outside the accepted orthodoxy arrived in the form of an article penned by Archstones John Ferreira and Len Propkopets in Supply Chain Management Review. Together, Ferreira and Propkopets debunk the notion that outsourcing always saves money. You may want to hit the hold button before moving more of your supply operations off-shore, the authors warn, pointing out that more and more manufacturing executives are realizing that problems with quality, longer supply chains, lack of visibility and piracy are cutting into the savings outsourcing was supposed to add to their bottom line. Additionally, significant increases in commodity costs, transportation charges for ocean freights and currency fluctuations have added to the overall cost of outsourcing in recent years. The solution, according to the authors, is for companies to take a second look at the concept of producing their products at home, or close to home.
Pharma forecasters
November 2008 Foreshadowing a wave of mergers in the pharmaceutical industry, Archstones Michael Eckstut and Nancy Bergsteinsson published an article in Pharmaceutical Executive, projecting that the pharmaceuticals industry is entering a new era, where blockbuster drugs will no longer have a place. According to the piece, Big Pharma corporations have had a harder time getting new drugs on the market due to regulatory and safety concerns, higher research costs, and an increased focus on the value of new therapies. At the same time, the patents on many of the biggest money-making drugs on the market are expiring, leaving Big Pharma open to increased competition from lower-cost generics. Any new business model, the article argues, will require significant operational rightsizing of costs and capacities.
Pro bono focus

October 2008 Archstone announced that it completed a consulting projectat no costwith Rare Conservation, a U.S.-based organization dedicated to conservation projects the world over. The firm worked with Rare to find a new approach for addressing and finding realistic alternatives to a variety of environmentally destructive practices. Archstones help meant that Rare was able to identify campaigns where it could begin to develop a more targeted set of core competencies that will improve the impact of its campaigns on the public and, more pressingly, on the environment.
Growing at a rate of knots

August 2008
Inc. magazine ranked Archstone as one of the 5,000 fastest-growing private companies in the country. Archstonewhich placed 1,971th on the list together with its Inc. list peers, reported aggregate revenue of $185 billion in 2007 and median three-year growth of 147 percent.
GETTING HIRED
Getting personal
Archstone says it aims to make recruiting a very personal process that reflects life at the firm, where consultants are encouraged to take on different roles and to work as a team. Its on-campus recruiting program targets universities nearest its office locations, including the University of California, Berkeley, the University of Chicago Graduate School of Business, Columbia Business School, Columbia University/Barnard College, the Haas School of Business at the University of California, Berkeley, Northwestern University, the Kellogg School of Management at Northwestern University, the University of Michigan and others. A full calendar of Archstones campus recruiting events is available on its careers site, which also states that interested candidates who do not attend one of Archstones target schools can email the firm at recruiter@archstoneconsulting.com. Graduates are typically considered for the firms entry-level positions as analysts or associates. For the former, candidates should ready themselves for two rounds of interviews. The first is held on campus and includes one 45-minute interview with a case study. The second round takes place at the office where the candidate is being considered for a position, and includes two more interviews and another case study. For associate applicants,
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there are also two rounds of interviewsthe first is on campus with two interviewers who will provide a case study to work on, and the second either on campus or in an Archstone office, and includes two more interviews and a second case study.
Tips for the tried and true

More experienced candidates will be assessed on their skills, past experience and overall match with the team, the firm explains. The hiring process for experienced professionals begins with a phone screen, followed by a series of in-person interviews. Candidates applying for manager or more experienced associate jobs will typically meet with four to five Archstone consultants, who will evaluate candidates based on their work experience and what they expect out of a move to Archstone. Principal- and director-level applicants should expect to undergo multiple interview days so the firm can understand your subject matter expertise, project management capabilities and breadth in the marketplace.
A preview
Business school students can get a taste of what life is like as an Archstone consultant by applying for the firms summer associate program, which is reserved for students between their first and second years of B-school. Summer associates typically work on one to two engagements and work as full-time associates on live engagements, planning, organizing and leading discrete portions of a project.
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BEST OF THE REST
ABT ASSOCIATES INC.

55 Wheeler Street Cambridge, MA 02138 Phone: (617) 492-7100 Fax: (617) 492-5219 www.abtassociates.com
UPPER
Consultants come from diverse backgrounds
DOWNER
Too many company decisions are made by managers and not enough by the senior consultants/researchers
LOCATIONS
Cambridge, MA (HQ) Atlanta, GA Bethesda, MD Durham, NC Lexington, MA (Abt Bio-Pharma Solutions Inc.) New York, NY (Abt SRBI Inc.) Over 40 offices around the world
EMPLOYMENT CONTACT
www.abtassociates.com/careers
PRACTICE AREAS
Behavioral Health Child & Family Commercial Alliances & Health Services Delivery Education Environment & Resources Health Policy Health Systems Strengthening, HIV/AIDS & Infectious Diseases Housing Public Health & Epidemiology Survey Research Workforce & Civic Renewal
THE STATS
Employer Type: Private Company President & CEO: Wendell J. Knox 2009 Employees: 1,300 2008 Employees: 1,251 2009 Revenue: $264 million 2008 Revenue: $225 million

Working for the good guys Way too academic Research-oriented Public policy only
THE BUZZ
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THE SCOOP
Socially savvy consulting
Since its founding in 1965, Abt Associates has grown into one of the worlds largest for-profit government and business research and consulting firms. The Cambridge, Mass.-based employee-owned firm, named after founder Clark Abt, employs more than 1,300 people in seven U.S. offices and throughout 40-plus project sites in 37 countries. For the past 40 years, the firm has made its buck the same way its founder did: by applying social sciences systems and analysis methods to governmental and industrial problems. At first, the firm focused on transferring technology and systems used in the defense industrysuch as systems analysis, computer modeling and simulation methodsto civilian application. Today, it works in a wide range of areas, including agriculture, behavioral health, biotechnology, child and family services, clinical trials, community initiatives, international economic development, international health, education, environment, emergency management, health policy, health systems strengthening, health services delivery, homeland security, homelessness, housing policy and programs, medical devices, national and community service, product development and pricing, public health and epidemiology, science and technology, substance abuse, survey research, welfare and workforce development. Clients include the U.S. federal government, U.S. state and local government, international organizations, foundations, nonprofit associations and institutions, and businesses in a number of industries, including automotive, biotech, consumer products and services, financial, health care, international energy and utility, media, telecommunications, technology, medical devices and diagnostics, and pharmaceuticals companies.
The ABCs of Abt Associates

Abt Associates offers five major areas of expertise for clients: research and evaluation services; strategy, planning and policy services; survey data collection, management and analysis services; consulting, implementation and technical assistance services; and finally, medical and life sciences consulting services. While the firm operates as a for-profit, it nonetheless has had a hand in the creation, evaluation or shaping of a number of public programs in the United States, including welfare reform, Medicaid, Head Start (an educational enhancement and readiness program), community service programs, crime and drug use prevention, statistical tracking of crime and low-income housing projects. It has also assisted governments worldwide in the implementation of programs and policy reforms during transition from command economies to market-oriented economies. In collaboration with the U.S. Agency for International Development, Abt Associates experts in agriculture, health, environment and trade have advised foreign governments on service delivery and sustainable market-based reforms. In a recent project for USAIDs flagship project Private Sector Partnerships-One, the firm developed a framework for helping donors and program implementers identify funding priorities and strategies for long-term sustainability.
Abtsolutely Abt Associates

They might have slightly different names, but Abt Associates two subsidiariesAbt Bio-Pharma Solutions Inc. and Abt SRBIare integral to the firms service offerings and success. Abt Bio-Pharma Solutions provides clinical, health economic and commercialization services to the pharmaceutical, biotechnology, medical device and diagnostics industries. The unit specializes in prospective studies and in retrospective data analyses, models, and quantitative and qualitative research. It also works with clients to develop their research agendas, conduct research programs and communicate the results to internal and external audiences. Service offerings include registries and other late-phase clinical studies, health economics and outcomes research, pricing and reimbursement, strategic commercialization services and biometrics. Abt SRBI was created in July 2007 with Abt Associates acquisition of strategy and research firm Schulman, Ronca & Bucuvalas, Inc. The unit specializes in public policy and opinion surveys, banking and finance, telecommunications, media, energy, transportation, insurance and health care consulting services.
THE LATEST ON ABT ASSOCIATES

Student mentoring in need of guidance
April 2009 Abt Associates evaluation of the U.S. Department of Educations student mentoring program found that the program did not lead to statistically significant impacts on students. Beginning in 2005, the firm conducted examinations of 32 different programs in three major areas: academic achievement and advancement, interpersonal relationships and personal responsibility, and high-risk or delinquent behavior. However, impact
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estimates calculated across five subgroups showed four outcomes to be statistically significant, including increases in self-reported scholastic efficacy with girls and academic ambitions in boys, and decreased truancy for those under the age of 12.
The government good guys

March 2009 The firm was awarded a five-year, $17.8 million contract from the USAID to lead a team of organizations in improving Mexicos private-sector competitiveness while protecting biodiversity. Under the terms of the deal, Abt Associates and its partners will promote more effective policy design and implementation areas of governance, including environmental management and small business promotion, while building on prior USAID efforts in Mexico to achieve sustainable reforms through transparency, civil participation and accountability.
Planes, trains and automobiles

December 2008 Abt SRBI was chosen by the Ohio Department of Transportation to conduct the nations first global positioning satellite system (GPS)-based household travel survey. The survey will estimate household member trips by highway, public transit and other modes of transportation in urban areas. Abt SRBI will then use this survey datagleaned from GPS units distributed to members of more than 4,000 households in the Cincinnati regionto develop models that will be used for roadway design, the development of public transit alternatives and air quality conformity analyses.
Just trust me
December 2008 In another major government contract, Abt Associates was awarded a contract with the U.S. Securities and Exchange Commission to develop a study to understand and track investor trust and belief in the beleaguered U.S. securities market. The investor trust research will not only provide insight into current levels of trust among investors, but also probe behaviors that result from industry practices and general strategies used by individual investors in response to todays volatile market. The project will also include a comprehensive set of interviews with individual U.S. securities market investors from foreign countries to ascertain international trust and confidence levels.
Making way for a smooth inauguration

November 2008 In the months leading up to and immediately following the historic inauguration of President Obama, the firm provided Homeland Security and FEMAs Office of National Capital Region Coordination with operational support and planning services in accordance with Homeland Security presidential directives. Working in close partnership with FEMA, Abt Associates coordinated response support services that successfully ensured the safety and security of the inauguration ceremony and related events.
A healthy proposition
October 2008 The U.K. Department for International Development asked Abt Associates to participate in the reform of Nigerias health care system, and also support the Federal Ministry of Health in the administration of health services. At $250 million, the Partnership for Transforming Health Systems2 (PATHS2) is Abt Associates largest-ever contract. PATHS2 represents a major development effort by the DFID in seeking to enhance the long-term impact of aid investment by requiring alignment among companies and projects, country ownership of development policies and strategies, and stronger accountability mechanisms. The design of PATHS2 attempts to address problems such as fragmented and poorly coordinated donor approaches that reduce the effectiveness of health support.
All for Atlanta

July 2008 The firm opened a new office in Atlanta, Ga., to facilitate collaboration, access and enhanced services to the U.S. Centers for Disease Control and Prevention (CDC), a substantial and longtime Abt Associates client. Recent and ongoing studies on which the firm has collaborated with the CDC include HIV prevention, chronic fatigue syndrome, flu vaccine safety, avian flu vaccine effectiveness and the results of early exposure to mercury from thimerosal-containing vaccines.
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Aces for Abt Associates research

June 2008 Every June, Marketing News, the American Marketing Associations monthly publication, puts out the Honomichl Report, a ranking of the top-50 U.S. research firms. In 2008, Abt Associates ranked 19th on the list, which was based on 2007 revenue in the market research category. For the firm, this totaled $55.1 million, mostly due to the market research activities carried out by subsidiary Abt SRBI.
GETTING HIRED
Big brains
Abt Associates prides itself on its collective brainpower. Of the 1,300-plus employees onboard, a quarter hold a PhD or MD degree, while 44 percent have completed a masters degree. Also of note, 35 percent of Abt Associates professionals hold degrees in the social sciences, while 31 percent completed studies in law, medicine or other professional fields. Thirteen percent studied economics and 10 percent have a degree in the natural sciences or engineering, while 7 percent studied management and 4 percent humanities.
Rank and file

Abt Associates careers website includes a detailed explanation of all the various levels of consultants, from research assistant up to the highest levels of principal associate. For recent graduates of undergraduate programs, the lowest-level entry point is research assistant, which requires little to no professional experience but a strong academic background and good quantitative, writing and researching skills. Those with a bachelors degree and at least one or two years work experience can be hired on as associate analysts, while more experienced consultants with a bachelors degree and a recent masters or MBA are qualified to apply for the analyst position, which requires more advanced technical and task management skills. Those with an advanced degree and significant experience may be eligible to apply for associate, senior associate and principal associate positions.
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BAINBRIDGE
4275 Executive Square Suite 850 La Jolla, CA 92037 Phone: (858) 320-0300 Fax: (858) 320-0313 www.bainbridge.com
UPPER
Young, dynamic firm
DOWNER
A bit under the radar
LOCATIONS
San Diego, CA (HQ) Boston, MA Carson City, NV New York, NY San Francisco, CA
EMPLOYMENT CONTACT
www.bainbridge.com/careers
PRACTICE AREAS
Acquisition Search Benchmarking Corporate Integration Corporate Strategy & Development Customer Strategy & Marketing Due Diligence Growth Strategy Market Feasibility Studies New Product Development Organizational Dynamics Performance & Operations
THE STATS
Employer Type: Private Company CEO: Carlos Arias 2009 Employees: 40 2008 Employees: 50
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THE SCOOP
Bainbridge brains
What began as a small, boutique firm set up to help a university professor research and publish his work has since become a national management consulting and capital advisory firm. Established in Illinois in 1975 by Boulton Bainbridge Miller, Bainbridge, now headquartered in sunny San Diego, provides management consulting services and advises on mergers and acquisitions for companies ranging from startups to Fortune 1000 multinationals all over the United States, Europe, the Middle East, Asia and Latin America. The firm is organized as two separate companies Bainbridge, Inc., the management consulting arm, and Bainbridge Capital, Inc., the advisory armboth operating under the same roof. As a combined entity, the firm focuses on helping organizations perform better and grow faster, and it also offers capital advisory services, which include introducing clients to new industries and markets, and implementing public and private transactions.
Calling your number

Bainbridge claims that its unique offering is the primary source research it conducts for each client. While the firms methodology is proprietary, its research generally involves direct interviews with market participants, including customers, clients of companies and industry insiders, in order to present the clients management with a perspective they usually dont see directly. Bainbridge says its proprietary research methods help clients assess market opportunities and competitive threats, uncover new market trends, identify customers unmet needs and ensure that clients are optimizing their position in the marketplace. One such research tool is Bainbridges trademarked customer account vulnerability assessment (CAVA), which is used by sales and marketing teams, or other individuals and groups who interact with or focus on customer-side business. Bainbridges in-house analysts perform one-on-one interviews with existing and potential customers, then assess and package those customers opinions, purchasing selection criteria, price and quality sensitivities, and requirements for switching vendors. The resulting reports are used to straighten out off-center strategies, win new accounts, and maximize sales and customer satisfaction. The firms other proprietary service, BenchMark, provides detailed metrics on operations, performance levels, strategies and expensesall from bestin-class businesses in other industries worthy of emulation.
Masters of M&A
Bainbridge takes a unique approach to M&A. Leveraging its strategy consulting expertise, its analysts help clients evaluate the best markets to enter, uncover hidden M&A opportunities before others do and eliminate the need to participate in auction environments. Services are rendered through every step of the M&A processfrom discovery to due diligence, through to the deals close.
THE LATEST ON BAINBRIDGE

Putting plastics on the line
January 2009 In an article for Plastics News, Bainbridge Managing Principal Nick Chini was quoted regarding his analysis of the plastics industrys M&A outlook for 2009. Citing the stunted growth of plastics companies following the global recession and credit crunch, Chini proposed, Those deals that were based on unrealistic multiples, those are not going to come back soon. But those deals that were sidelined due to credit availability, give those a couple of months, and assuming the fundamentals are there, theyll happen.
Getting active in private equity

November 2008 Managing Principal Nick Chini spoke at the fifth annual Buyouts West conference in Los Angeles, of which Bainbridge was also a gold sponsor. Chini moderated a special roundtable focusing on quality deal flow.
New face at the top

October 2008 Alison Gerlach was named to Bainbridges executive team as managing director of management consulting. A graduate of MITs Sloan School of Management, Gerlach worked as a management consultant at Booz Allen Hamilton, specializing in supply chain management, business process redesign and revenue-building strategies for Fortune 100 companies. She also has experience in overseas investment banking specializing in M&A
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and new product development, and frequently presents to both business and academic audiences on entrepreneurship, optimizing business building and growth strategies, conflict management and aligning incentives.
Sealing the deal in HVAC

September 2008 Bainbridge announced that it had been playing a role in helping a New York private equity firm, with more than $1 billion under management find M&A targets in the HVAC field. According to Bainbridge, its client closed the first of several pending deals in June 2008, creating a gateway for larger expansion opportunities for the portfolio company, through the merger of two leading HVAC companies.
Opening up to the media

April 2008 Bainbridge was featured in Oil and Gas Investor, highlighting a recent deal that saved its client almost $150 million. In March 2008, the firm consulted on Houston-based energy company Genesis Energy LPs $563 million acquisition of five energy-related businesses from the Davison family, which has owned and controlled energy-related transportation businesses in Ruston, La., since 1937. The deal included a refinery services business, terminal business, trucking business and a fuel-procurement businessall identified by Bainbridge as off-market acquisition opportunities. Nick Chini, Bainbridges managing principal, told Oil and Gas Investor that the deal at auction could have easily exceeded $800 million. Our process captured tremendous value for our client, he said, adding, The best deal, like this one, is the one the investment banks and brokers never see, one that is true proprietary deal flow.
Due diligence pays off in the world of sports

March 2008 Bainbridge launched a new unitprofessional athlete due diligenceto provide sports teams with the necessary information to make informed investments in players, such as offering long-term contracts or draft selections. The firms proprietary methodology looks into a players character and history to assess whether he or she would be a good fit with the franchise in question. Bainbridges full reference interviews offer a third party, unbiased perspective for assessing if a players values are consistent with those needed to compete and win, said a company spokesperson. To make more prudent and sound business decisions, teams must go beyond basic background research. Bainbridge will be offering its services to teams in the NFL, NBA, MLB, NHL and MLS. And its likely there will also be a number of diehard fantasy sports fanatics who would love to get in on the action.
GETTING HIRED
A bit about Bainbridge
Bainbridge prides itself on being a small and vibrant company. In addition to campus recruiting, it posts specific openings for consulting or internship positions on its careers page. Interested candidates are asked to upload their cover letter and resume and hope theyre vibrant enough to get a callback. Insiders say that, although it may be easy to get a job at Bainbridge, its hard to keep it, since underperformers are weeded out, an analyst in San Diego reports. For those who make the grade, however, staffers say the firm offers excellent learning opportunities, with a very flexible work schedule and plenty of opportunities to get promoted. One source says the culture is very academic, with lots of teamwork, and that the firm is very dynamic so that there is always something new to work on. Now under new management, the firm notes that it has made significant improvements to its people, processes and culture.
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BATES WHITE
1300 Eye Street, NW Suite 600 Washington, DC 20005 Phone: (202) 408-6110 Fax: (202) 408-7838 www.bateswhite.com
RANKING RECAP
Quality of Life #3 Travel Requirements #15 Formal Training #15 Selectivity #19 Compensation #19 Overall Business Outlook Diversity #11 Diversity for GLBT #17 Diversity for Minorities #19 Best Firms for Diversity
LOCATIONS
Washington, DC (HQ) San Diego, CA
PRACTICE AREAS
Antitrust Commercial Litigation Communications Energy Environmental & Product Liability European Competition Finance & Securities Health Care International Arbitration Labor & Employment
UPPERS
Intellectual vibe Having an office, which is standard at this firm Very flexible in terms of hours and letting consultants work from home Highest level of management really does have an interest in keeping all employees satisfied
DOWNERS
Very limited client interaction Lack of development efforts for PhD economists Geographic options are limited Slow pace of promotions after the first
THE STATS
Employer Type: Private Company President & Senior Partner: Charles E. Bates Managing Partner: David DeRamus 2009 Employees: 175+ 2008 Employees: 170
EMPLOYMENT CONTACT
www.bateswhite.com/careers/careers.htm

Rising star Nerdy Analytical, quant Unable to create staff depth
THE BUZZ
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THE SCOOP
The sum of diverse parts
Bates White is a small, two-office consultancy specializing in economics, finance and business strategy. The companys professional staffamong them economists, econometricians, financial analysts and IT specialistsprovide law firms, corporations and government entities with economic analysis to help address complex litigation and business challenges. The firm is uniquely focused on the cultivation of diversity within its ranks. In the first decade since its founding in 1999, it established a diversity/inclusion council that tests, implements and evaluates initiatives aimed at the heterogeneous widening of the staff and corporate culture, and ensures that all employees, regardless of their differences, have opportunities to learn, develop and contribute to the firms success. Employees come from an array of ethnicities and backgrounds, having been recruited from many different institutions and an alphabet soup of academic fields, including biology, business administration, economics, English, engineering, finance, mathematics, physics, political science and statistics. Their linguistic capabilities include Bengali, Croatian, Czech, French, German, Greek, Hindi, Hungarian, Italian, Korean, Mandarin, Nepali, Persian, Polish, Russian, Serbian, Spanish and Turkish.
Primo pedigree
Co-founders Charles Bates and Halbert White set the bar as high for excellence as they do for diversity. Bates, president of the firm and a senior partner, was formerly a vice president at A.T. Kearney, and prior to that he served as a partner at KPMG, overseeing the economic analysis group. He led the firms 1999 team working on behalf of class plaintiffs in the largest price fixing case in U.S. history, In re Vitamins Antitrust Litigation. Bates and his team proved that vitamin manufacturers conspired throughout the 1990s to inflate product prices. White, chief scientist of the company, carries an equally distinguished, though more rigorously academic, background. Also a professor of economics at the University of California at San Diego, his works of scholarship include more than 100 articles and books. Known for his expertise in econometrics, predictive modeling and artificial neural networks, White has merited inclusion in Whos Who in the World. He is, additionally, a fellow of the American Academy of Arts and Sciences, a Guggenheim Fellow and a fellow of the Econometric Society. As an economic theorist, White has achieved a level of notoriety that borders on ubiquity; based on a September 2006 citation analysis of peer-reviewed economics literature, a 1980 paper of Whites emerged in 4,318 citations, making it the most referenced work on economics from the last 35 years.
Experts at antitrust
The vitamin antitrust case was not just a feather in the firms capit was an early foray into what has become Bates Whites strongest practice area. The companys squad of antitrust professionals, of which there are more than 40 PhDs, advises clients on case development and strategy, evaluating economic arguments with regard to evidence and analyzing the likelihood of litigation or settlement. Despite having been in business less than 10 years, the firm has been involved in some of the highest-profile antitrust cases in history, tackling and, in some cases, helping to define issues of monopolization, cartel activity, pricing, damages and liability, class certification, mergers and acquisitions, and competition suppression.
Asbestos assessment
Another practice area where Bates White has secured a powerful reputation is environmental and product liability, largely due to its work on asbestos risk assessment. The company has estimated the degree of asbestos liability for clients in a surprising range of industries, including car parts manufacturers, banks and real estate companies. In 2005, the American Legislative Exchange Council, a nonprofit organization peopled mostly by conservative state legislators and policy advocates, called on the firm for an analysis of the potential cost of asbestos claims over the next 50 years. The contract was in reaction to the proposed Fairness in Asbestos Injury Resolution (FAIR) Act, which would have established a $140 billion trust fund for the compensation of asbestos victims. Bates Whites estimate of $300 to $695 billion in liability, indicating an enormous shortfall by the trust fund, contributed to a decision by Congress to reject the FAIR Act.
THE LATEST ON BATES WHITE

Helping to get a deal off the ground
December 2008 The firm announced its role in the successful $17.7 billion merger between Delta Air Lines and Northwest Airlines Corporation. Facing a Department of Justice investigation into the merger, Delta and Northwests attorneys called on Bates White to provide economic analysis and advice on aspects of the deal that were troubling the DOJ and raising noncompete concerns. The firms analysis and advice covered issues such as competitive effects of
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the merger, consumer benefits and cost savings, and supported the DOJs eventual ruling that the merger is not likely to substantially lessen competition.
Another expert in the fold

December 2008 Charles L. Miller Jr., JD, PhD, joined the firm as a partner in the antitrust and environmental and product liability practices. With more than 21 years of law experience under his belt, Miller was brought onboard for his expertise in proof of economic damages, cartels, litigation support, antitrust and asbestos-related arbitration, in addition to his ability to evaluate clients litigation exposure and to analyze insurance coverage and financing issues.
Not this time

November 2008 Google announced that it is ending an agreement on search advertising with Yahoo!a deal that had been the subject of a DOJ and European Commission investigation, and on which Bates White had advised. The announcement followed a statement by the DOJ signaling a willingness to file an antitrust suit to block the agreement. Bates Whites role in the affair was to conduct analysis for an interested third party who was concerned that the two companies accounted for more than 90 percent of U.S. search advertising sales. Bates Whites analysis of the competitive effects of the agreement concluded that the merger would lead to price increases in the industry.
A healthy taste for affiliates

November 2008 W. David Bradford, PhD, joined the firm as an academic affiliate. Bradfords day job is the Busbee Chair in Public Policy in the department of public administration and policy at the University of Georgia, but he will be working as an affiliate, contributing his knowledge of many aspects of the health care industry, including health economic policy, pharmaceutical markets, and behavioral and neural economics. Bradford has authored more than 40 peer-reviewed journals, articles and book chapters, and is co-editor of Health Economics Letters.
Antitrust analysis
October 2008 Bates White provides antitrust analysis in support of Reed Elseviers mooted $4.1 billion acquisition of ChoicePoint Inc. The merger, which appeared before the Federal Trade Commission, was eventually approved. Bates Whites role was to aid Reed Elseviers attorneysCrowell & Moring LLPin preparing a white paper for the FTC on competitive issues associated with the merger.
GETTING HIRED
One in 100
Bates Whites hiring process is not for the faint of heart. After passing through first-round, on-campus or phone interviews, candidates are invited for formal interviews in person. Most insiders say candidates who are called in for a second round of interviews can expect a full-day grilling by staffers at all levels, from consultants through partners. In one day, a candidate can expect to interview with as many as eight to 10 people, so they should be prepared for a long day that may involve multiple case studies and demonstrating skills acquired through independent research projects or previous work experience.
Bates White chooses to spend that kind of energy only on a select group of candidates. As an example, from one university in the past year, the firm received about 100 resumes and then granted one-hour, on-campus interviews to eight candidates. Of the eight we interviewed, we gave two flyback interviews to the office, and then extended an offer to one candidate.
Make the grade

Candidates are expected to have at least an undergraduate-level degree, usually in accounting, computer science, economics, engineering, finance, mathematics, physics or statistics. Those applying for senior consultant or manager positions should have strong academic backgrounds, and managers should also have some management experience. Principals, who manage larger projects and multiple client relationships, are also directly
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involved in client engagements, but also work with partners on business development. Partners run the show, with seven to 10 years of experience and at least four years of experience at the senior management level.
Getting a head start

Recruiting for Bates Whites summer consultant program is nearly as competitive as it is for full-time prospects. And for good reason: The internship program is where future employees are essentially groomed, says one source. Those who went through the program have only good things to say about it. According to one former intern, My experience as a summer consultant with Bates White was wonderful. I was given tons of responsibility and was able to interact with partners and principals on a regular basis. I learned a lot and was able to contribute to projects. In addition to work, they also provided a number of activities for us to see D.C. and the surrounding area.
OUR SURVEY SAYS

Up for a game of Ricardian pingpong?
Getting into Bates White might be tough, but those who have made the cut say the firm is a good fit. The culture has definitely encouraged me to remain with the firm, says one insider, while a manager adds, Everyone works together constructively and there is no competition for promotions, access to senior staff or for opportunities. Junior staffers also appreciate managements accessibility: I have encountered very few superiors who act superior, a source states. An associate says he is equally likely to have an in-depth conversation about the Red Sox as I am Ricardian Equivalence, and equally likely to have this conversation while working on data or playing pingpong in our lounge.
Why Bates White stands to gain

Despite the state of the economy, insiders say Bates White has continued to recruit new consultantsa sign that it is still in the black. The reason, one associate explains, is that the firm is generally relatively neutral to the business cycle. Our business is primarily concerned with litigation support, and litigation is generally a drawn-out process. Another consultant adds that, so long as litigation continues in some formbankruptcy, securities, antitrust, etc.we have opportunities. In fact, a colleague claims, the company is better off than our competitors.
A little give and take

Were told that the average Bates White consultants work schedule is cyclical, depending on the project. And overall, most staffers agree their schedules are manageable. There are, at times, long hours and requirements to forego nonwork activities, but those are rare and the firm does its best to let staff meet its other obligations, a manager says, adding that the vacation policy is very generous and we are able to work flexible hours or be out of the office in the middle of the day for appointments, etc. A colleague says he sometimes works weekends so that he can leave early on weekdays to spend time with my kids after school. Generally, the target working hours are 50 hours (billable plus non-billable) a week.
Show me the money

Putting in 50 hours a week works to most Bates Whites employees advantage, sources say, because of the firms compensation policy. The base salary is based on a 40-hour workweek, but our target hours are 50 hours a week, which is 25 percent more. We get paid hourly for each hour over 40 hours a week, so if I work 25 percent more over base, my salary proportionately increases 25 percent, one mathematically inclined associate explains. Respondents add that compensation for consultants is highly competitive, though not so much for the managers. Vacation time is also decent, according to a principal who says he has five weeks of vacation per year. Normally, the amount of vacation time you earn depends on the hours worked, explains a manager. A consultant who works 50 hours a week gets 19 business days of vacation. This is great! Insiders also check off Bates Whites 401(k) matching program, health benefits (including dental and vision), and short- and long-term disability insurance as noteworthy perks.
Other benefits include monthly birthday celebrations, new-hire meet-and-greets and subsidized vending machines, offering 25-cent snacks. In the San Diego office, reports one staffer, we have a fully stocked kitchenette, and consultants can expense dinners when working late. Those in the Washington office can blow off some steam playing pool and pingpong, and even have opportunities to play golf with the company chairman. Staffers also receive $40 per month for exercise or other health-related expenses, and in other sports-related perks, partners frequently give out extra baseball and basketball tickets from their season tickets, one fan notes.
Stepping stones
Respondents say the promotion track at Bates White is fairly transparentand also very fair, says a manager. People get promoted entirely based on their contribution. A partner explains that most new entries at the consultant I level move up to the consultant II level in their first year, while it
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takes one to three years to move from the consultant II level to the senior consultant level, and another two to five years to move up to manager. Manager to principal, and then partner, varies greatly by educational background, aptitude and skill set. Not everyone will move up the Bates White ranks at the same speed, and that is OK, insiders say. It is recognized that different individuals may have different preferences in terms of their career tracks. Bates White does a good job of giving new consultants the option to stay and grow within the firm, or leave after a couple of years to pursue different interests or educational opportunities. Another staffer adds, however, that the firm would prefer its consultants to stay with it for the long haul: Management seems to be getting worried that fewer and fewer consultants are staying for the long run. Managements stated intent is to foster an atmosphere where consultants can work their way up to management without going back for a graduate degree, but most consultants seem to leave after three to four years anyway.
Beyond books
Training at Bates White starts in the classroom, with a weeklong orientation training for new hires, and continues with official training for technical skills (programming, Excel, Stata, SAS, PowerPoint, etc.) and informal training for softer client skills, though most insiders agree that the most important training they receive comes from being on the job. That learning is supplemented by a peer coach and sponsor assigned to all new hires, who is responsible for guiding your professional development within the firm. There are also opportunities to enroll in paid-for training classes outside the office. I am in the corporate finance practice and have been told that the company will support me if I want to get my ASA, CPA or CFA, says an associate. Another adds that the firm has already paid for me to take two valuation courses off site (about $5K for both of them).
Having fun by doing good

The emphasis on community involvement is firmwide at Bates White. The firms Community Connection program promotes employee-sponsored initiatives that support employees favorite charities or community service organizations, a consultant explains. Staffers plan events and fund-raisers throughout the year, and the firm matches the money raised, insiders say. Examples of events include clothing drives, working at homeless shelters, AIDS fund-raising, mentoring and tutoring at-risk middle school-aged children, etc. There are also jeans days, where employees make a donation to wear jeans to the office. And, leading up to the holiday celebration every year, one source says, employees can earn raffle tickets through community service or charitable giving. Through these raffles, employees can win prizes described as substantial, such as $3,000 Amex or Best Buy gift certificates, and all-expenses-paid trips. This encourages employees to participate in community service during the year, and always proves to be great fun on the night of the holiday party.
Working on diversity
Bates White has a stated commitment to diversity. In 2005, the firm explains, it established a diversity and inclusion steering committee led by its managing partner, with the goal of coming up with a strategic plan to promote diversity at all levels. Every two years, as part of this initiative, the firm conducts employee surveys to keep the committees progress on track. In 2007, the diversity steering committee was transitioned into a diversity/inclusion council, made up of employees from across the board, to highlight diversity at the firm. The effort has not gone unnoticed: This is a great place to work for people of different nationalities and backgrounds, praises one respondent. There are people from all over the world, which makes the workplace interesting. Still, insiders say there is room for improvement, especially when it comes to gender equality. I can easily see that the consultant male-to-female ratio is near 50/50, and so are the candidates we interview, says one consultant. But, at upper management, the number of women drops off substantially. We dont have any women partners, and very few women principals. A female insider agrees, It is a pretty male-dominated firm, with few women in upper management. However, I think the company does a decently good job of trying to mentor and promote women on an equal level with men. A manager suggests one way Bates White could improve the number of women in upper management: Find a better way to support women with families in order to be successful recruiting women with work experience.
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BDO CONSULTING
135 West 50th Street New York, NY 10020 Phone: (212) 885-8001 Fax: (212) 515-2599 www.bdoconsulting.com
UPPER
Good partner-to-staff ratio
DOWNER
Can be overlooked by the accounting wing of BDO Seidman
LOCATIONS
New York, NY (HQ) Atlanta, GA Boston, MA Chicago, IL Dallas, TX Houston, TX Los Angeles, CA Miami, FL
EMPLOYMENT CONTACT
www.bdoconsulting.com/about/careers.aspx
PRACTICE AREAS
Business Restructuring Investigations & Compliance Litigation & Dispute Resolution Risk Advisory
THE STATS
Employer Type: Division of BDO Seidman, LLP Executive Director: Carl W. Pergola 2008 Employees: 3,020 2007 Employees: 2,785 2008 Revenue: $659 million 2007 Revenue: $589 million
* All employee and revenue figures are for BDO Seidman

Family-oriented Extremely mundane work Strong hiring of women Small time
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition BDO Consulting
THE SCOOP
BDO and friends
New York City-based BDO Consulting provides litigation, investigation, restructuring and risk advisory services to corporations, law firms, insurance companies, financial services companies and government organizations in a wide range of industries, including banking, insurance, subprime lending, hedge fund, broker dealer, retail, technology and software. BDO Consulting is a division of BDO Seidman, LLP, one of the United States largest providers of assurance, tax, financial advisory and consulting services. BDO Seidman is also the U.S. member firm of the larger BDO International, a global network of accounting and consulting firms that operates in more than 100 countries. Each BDO member firm is an independent legal entity. BDO Consulting prides itself on its access to the international BDO member firm network, as well as to the BDO Seidman network, which includes 37 offices and more than 400 independent alliance locations throughout the United States.
Service rules
Since July 2007, BDO Consulting has been led by Carl Pergola, who was previously the head of the firms litigation and fraud investigation practice. He has carried on the firms mantra of service rules, which in BDOs terms means focusing on long-term client relationships and top-notch service. Senior professionals at BDO Consulting are actively involved in each client engagement, from inception to conclusion. To avoid sticker shock, the firm says it communicates regularly with clients about the scope of each engagement and discusses fees up front to avoid surprises. Boasting a structure thats more nimble than the Big Four firms and claiming to have virtually no voluntary employee turnover, BDO Consulting has undertaken some highprofile engagements, including work for AOL Time Warner, Enron, American Express, Bayou Funds, Lipper Hedge Funds and Fannie Mae, to name a few.
BDOs MOs
The firms consulting services are broken down into four practice areas. The first (and largest)litigation and dispute resolutionprovides litigation support, dispute resolution and testifying services. In the past, client engagements have included providing testimony on damage claims, accounting practices, industry issues, bankruptcy-related matters, valuations, tax, and other litigation. The investigations and compliance practice area provides public, private-sector, and not-for-profit clients with a range of investigations and compliance services, including anticorruption compliance and investigations, anti-money laundering, computer forensics and e-discovery, corporate investigations and employee misconduct investigations, among other services. Consultants in this practice area have worked in federal law enforcement, corporate investigation departments, accounting and banking regulatory bodies and financial reporting departments in publicly traded companies. The third practice area, risk advisory, works to reduce risk, improve management, and design and implement internal control systems. Consultants in this area work in business process enhancement, compliance services, corporate governance, and enterprise risk management and internal audit services. The unit also provides fraud prevention and technology advisory services. And finally, the busy BDO business restructuring practice area advises clients in distress, providing financial advisory, business restructuring and transaction support services. Clients include corporations, lending institutions, private equity firms, hedge funds and law firms dealing with issues such as bankruptcy, out-of-court workouts, litigation, M&A due diligence and transactional support, profit improvement and turnaround services.
Get caught up
Outside the courtroom and the boardroom, BDO Consulting is in the classroom. The firm offers a number of e-learning programs in areas such as fraud prevention, computer forensics and e-discovery, and internal control reporting. The accredited classes can be taken as part of continuing professional education and continuing legal education programs, with credits varying by state and occupational requirements.
THE LATEST ON BDO CONSULTING

Risky business
February 2009 BDO Consulting released a new study on the value and effectiveness of corporate antifraud programs, which showed that fraud is widespread and that private equity investors are willing to pay a premium for companies that have implemented antifraud programs. Nearly 40 percent of top executives at the 100 U.S. private equity firms surveyed said they had been exposed to corporate fraud in one or more of their investments. Of these investors, 59 percent said the fraud cost them $1 million or more, so it wasnt surprising that one-third of the group said they would pay more for companies that seemed less risky. How much more? The median premium for companies with antifraud programs in place was 5 percent. In an interview with
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Treasury & Risk magazine, BDOs national director of risk advisory, Glenn Pomerantz, said the private equity investors views can serve as a very good gauge as to what the business community is thinking.
Happy honeymooners
October 2008 Kevin Hanley, a director in BDO Consultings post-acquisition dispute resolution practice, authored a piece in PEI Manager, titled Avoiding the honeymoon from hell. The article offers advice on how to steer clear of post-acquisition problems in tough economic times. The key? Have a dispute resolution procedure in place before the merger or acquisition goes through, and make sure there is a cash cushion to soften the blow of any unforeseeable challenges.
A new side of BDO

March 2008 Given the economic climate of late, BDO Consultings business restructuring practice area was so busy that parent company BDO Seidman decided to carve out a new group for addressing opportunities in the business restructuring arena. As such, BDO Consulting Corporate Advisors LLC was created as an indirect, wholly owned subsidiary of BDO Seidman, LLP. Led by Bill Lenhart, who headed BDO Consultings business restructuring service, the new group provides a number of services, including C-level interim management, change management, business plan validation, strategic repositioning, visibility assessment, profit and cash flow improvement, stakeholder negotiations, refinancing and equity capital procurement, board advisory and post-restructuring due diligence. At the launch of the new subsidiary, BDO Consulting said it would continue to offer its business restructuring services, in addition to the services offered by the new corporate advisory unit. The difference between the two, as they develop, will be that BDO Consulting Corporate Advisors will assist only distressed companies. Lenhart, in various interviews with the business media at the time, said the new groups initial focus will be on retail and manufacturing companies, as well as any real estate ventures.
GETTING HIRED
BDO Consulting claims its looking, first and foremost, for individuals with impactthe kind of people who will make a difference the moment they arrive, and who flourish under our core values of competence, honesty and integrity, professionalism, dedication, responsibility and accountability. While that description may not clarify whether youre the person for the job, the firm claims that its recruiting process is fairly transparent, as it allows new hires the time and opportunity to learn more about the firm, its employees and its culture. First, BDO makes an effort to introduce new recruits to the firm via open office tours, speaking engagements and other meet-the-firm events on campus. Once resumes are screened, candidates are asked to participate in on-campus, first-round interviews, which typically last 30 minutes and are held with BDO managers or partners. Second-round interviews are conducted in house, and include an interview with three BDO professionals, including a partner. The second round also includes a lunch or dinner with BDO associates. Successful candidates reportedly receive offers in a timely manner. BDO does not publish an on-campus recruitment schedule, but encourages students to check with their campus career centers to see if there is an upcoming BDO event. For those enrolled in programs not targeted by BDO recruiters, applications can be sent to collegerelations@bdo.com.
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THE BRATTLE GROUP

44 Brattle Street Cambridge, MA 02138 Phone: (617) 864-7900 Fax: (617) 864-1576 www.brattle.com
RANKING RECAP
Practice Area #10 Economic Consulting Quality of Life #5 Travel Requirements #6 (Tie) Overall Business Outlook #10 Compensation #14 Firm Culture #16 Best Firms to Work For #17 Formal Training #17 Green Initiatives #17 Overall Satisfaction Diversity #12 Diversity for Women #20 Diversity for Minorities
LOCATIONS
Cambridge, MA (HQ) San Francisco, CA Washington, DC Brussels London Madrid
PRACTICE AREAS
Functional Practice Areas Antitrust/Competition Commercial Damages Environmental Litigation & Regulation Forensic Economics Intellectual Property International Arbitration International Trade Product Liability Regulatory Finance & Accounting Risk Management Securities Tax Utility Regulatory Policy & Ratemaking Valuation Industry Practice Areas Electric Power Financial Institutions Natural Gas Petroleum Pharmaceuticals, Medical Devices & Biotechnology Telecommunications & Media Transportation
UPPERS
Academic environment Intellectual rigor Weekly themed happy hours
DOWNERS
Unpredictability of work hours Working in cubicles It is small, so the work can be lumpy
THE STATS
Employer Type: Private Company President: Matthew OLoughlin 2009 Employees: 200+ 2008 Employees: 178
EMPLOYMENT CONTACT
www.brattle.com/Careers

Rising star Overly academic Niche competitor Painfully dull work
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Brattle Group
THE SCOOP
From Harvard Square to Trafalgar Square
The Brattle Group provides consulting and expert testimony services on economic, financial, regulatory and strategic issues to corporations, law firms and public agencies worldwide. Founded in 1990 as a five-person outfit on Cambridge, Massachusetts Brattle Street, the firms 200-plus employees now working from six offices in the United States, Belgium, Spain and the United Kingdomserve a number of industries, including electric power, financial institutions, natural gas, petroleum, pharmaceuticals, telecommunications and media, and transportation.
Where its energy lies

Today, The Brattle Groups specialties lie in energy, finance and litigation throughout North America, the European Union and even Asia Pacific, despite having no physical presence there. In the energy sector, one of Brattles major practice areas, it services the electric, natural gas and petroleum industries. The firm assists electric utilities, deregulated power producers, customers, regulators and energy policy-makers with planning, regulation and litigation efforts. It provides gas clients, whether involved in production, marketing or transport, with expert testimony and advice in regulatory and legal disputes over pricing, prudence and cost recovery, access and contract performance. For the petroleum industry, it consults on asset valuation, contract performance, corporate strategy and risk assessments, financial modeling, market power reviews, reliability, and damages evaluations and royalty disputes. The firm also has growing practices in climate change policy and planning, and demand-side management. Elsewhere in the halls of commerce, financial institutions call on The Brattle Group when faced with litigation and regulatory matters concerning securities litigation, capital requirements, due diligence, structured finance, risk management, asset valuation, pricing of services, profitability and the cost of capital. Telecommunications and media outfits engaged in fixed-line and wireless communications, mobile satellite services, and cable and satellite television look to the firm for valuation of spectrum, assessment of damages in litigation, assistance with auctions, pricing of network access and interconnection, and other analyses. The Brattle Group also has in-depth knowledge and experience in intellectual property, product liability, transportation and general commercial litigation, as well as an emerging practice in international arbitration. Its antitrust/competition experts have worked on a number of the largest mergers, or attempted mergers, in over 50 industries.
Brattles brains
The Brattle Group refers to its consultants collectively as a team, and its chain of command is structured flatly to encourage input in a peer-like manner from individuals of any rank. Not only does the system foster a sense of collegiality, but it also exposes younger associates to some of the biggest brains in their fields. Brattles principals are longtime experts in their respective industries, with advanced degrees in economics, finance, management and engineering from top universities around the world. Its cadre of senior principals includes Daniel McFadden of the University of California, Berkeley, who was the co-winner of the 2000 Nobel Prize in Economics, and Stewart Myers of MITs Sloan School of Business, co-author of the leading graduatelevel textbook on corporate finance (Brealey & Myers). The firms experts also draw on a network of senior advisors that includes renowned academics and former government officials, such as the former chief economist for the U.S. Federal Communications Commission and the Securities and Exchange Commission, and deans and faculty at academic institutions, such as MIT, Duke University, the University of Chicago and London Business School.
Rolling out the page-turners

Brattle consultants have shared their insights in countless academic papers, books, articles and reports, which have appeared in magazines, newspapers and journals the world over. The firm also publishes a newsletter series that meditates on the state of economics, the environment, energy, finance and telecommunications. While the firms studies and research have won it recognition, The Brattle Group is also on the lookout for notable research outside its own firm. Every year, it sponsors prizes for the best papers in corporate finance to foster intellectual inquiry within the areas of finance and economics. As a bit of incentive, winners receive $10,000, and two runner-up papers receive $5,000.
THE LATEST ON THE BRATTLE GROUP

CO2 assessment
January 2009 A Brattle discussion paper looked at the potential impact of carbon dioxide price volatility on carbon-cutting investments. In CO2 Price Volatility: Consequences and Cures, economists Metin Celebi and Frank Graves examined current U.S. climate policy proposals that involve a cap-and-trade
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mechanism with increasingly tight caps on carbon emissions over time. They found that volatile carbon dioxide prices could deter investors from taking on capital-intensive, low carbon dioxide technologies and, ultimately, increase the cost of climate policy.
New administration, new ideas

December 2008 A paper authored by Brattle Principal Dorothy Robyn was chosen as one of the 2008 Fresh 50: Fifty New Policy Ideas for Senate Democrats by the Democratic Political Committee. The list included 50 new ideas for the new administration to consider, generated by academics, policy experts at think tanks, state and local government officials, thought leaders from business and labor, and bloggers. Robyns paper, Air Support: Creating a Safer and More Reliable Air Traffic Control System, written for the Hamilton Project at The Brookings Institution, argues that the nations air traffic control system has not kept up with the growth in air travel, and recommends a new air traffic control management model to improve the systems safety and efficiency.
Gunning for reliable energy

November 2008 According to a Brattle Group report, the U.S. utilities industry will have to invest between $1.5 and $2 trillion between 2010 and 2030 to maintain current levels of reliable energy service for customers throughout the country. The findings were detailed in Transforming Americas Power Industry: The Investment Challenge 2010-2030, presented by Peter Fox-Penner, a Brattle principal, at the Edison Electric Institutes 43rd Financial Conference. The report was sponsored by the Edison Foundation.
One for the little(r) guys

September 2008 The Teachers Retirement System of Louisiana reached a record settlement of $115 million from the American International Group, with assistance from Brattle economist and damages expert Benjamin Sacks. The settlement was reached just four days before the trial was set to begin, and is the largest settlement for a derivative lawsuit in the Delaware Court of Chancery. TRSL alleged that former AIG Chairman and CEO Maurice Greenberg and three other former AIG executives breached their fiduciary duties by directing insurance business worth hundreds of millions of dollars in commissions to a company they owned and controlled called C.V. Starr & Co. (Starr).
Advocating for the wireless industry

April 2008 At a congressional hearing on the Federal Communication Commissions 700 MHz spectrum auction, Coleman Bazelon, a principal in The Brattle Groups telecommunications practice, described how ill-configured spectrum license blocks and a poorly designed auction resulted in an unfortunate outcome for the wireless industry. The hearing before the Subcommittee on Telecommunications and the Internet was intended to assess the results of the auction and its impact on competition, consumer choice, diversity of ownership, introduction of new technologies and services, and public safety communications.
GETTING HIRED
If it aint broke
The Brattle Group recruits candidates from many institutions, especially those from which they have previously hired research analysts. Its schools of choice for undergraduate- and graduate-level candidates include, but are not limited to, the University of Chicago, MIT, Columbia, Northwestern, Duke, Stanford, Princeton, Wesleyan and Emory, and it also looks for candidates at several recruiting events, such as the Fall Recruiting Consortium.
Insiders tell us the firm is selective in its hiring process. At the research analyst level, candidates are screened by their resumes before getting the first interview. The firm generally looks for high GPA (3.5-plus) and a background in economics and math, though this can vary depending on the candidate. Those called back after the phone screening or initial face-to-face interview will come into the office for a full day of interviews, which will include a case exercise. For associates, the process is a bit different. There is an initial screening interview for PhD economists, which usually takes place at the annual American Economic Association meetings in early January. This is usually followed by a one-day in-office series of interviews, including a one-hour presentation of a research project. Associate candidates with an MBA background are not required to hold a presentation, although that is possible if the candidate feels that he has an interesting project to talk about, a consultant notes. MBA candidates are, however, asked to present a written sample of their work so their analytical skills can be assessed.
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Interview days can be long, but the firm says it likes to give both candidates and its employees the opportunity to assess each other. During that day, there are interviews with research analysts, associates and principals, a source explains, adding that there are no tests and no trick questions. Interviews are primarily discussions about interesting industry topics, current and former projects. The interviewee can direct the conversation equally with the interviewer, an insider says. As for specific questions asked, candidates can expect those along the lines of Tell me about a time you worked on a team, or similar questions. Insiders say that at the end of the day, all interviewers sit at a round-table and discuss the candidate.
OUR SURVEY SAYS

All work and no play? No way!
When asked to describe their culture, Brattle consutlants describe a positive, laid-back environment that fosters hard work and collaboration, but that doesnt forget about the fun factor. Although the firm works hard to foster a good corporate culture with weekly Friday parties as well as other outings, hard work is strongly valued. Brattle has a very collaborative environment, a contact tells us. It is not uncommon for research analysts to work directly with principals, and everyone is happy to help each other out. Overall, respondents feel that the culture is great and everyone is hardworking, but the mood and temperament is relaxed. This means that there is no strict arrival time in the morning, headphones are tolerated and the dress code is extremely casual. People at Brattle are extremely friendly, and you can really feel the open-door policy here, a source comments. The culture at Brattle fosters both learning and cooperation. Although the work is sometimes long and dry, the firm supports the staff very well and makes it a very comfortable place to work, a counterpart in D.C. agrees. In addition, The Brattle Group encourages community service and involvement from its employees, too: Brattle usually has a community involvement activity twice a year, which has included clothing drives, backto-school drives and Daffodil Days.
Tasty benefits
Within that environment, respondents report a range of work hours and demands. Research analysts say they work 45 to 55 hours per week, and associates about the same, although both groups occasionally work longer hours during crunch times. For those who head home after 8 p.m., you can expense dinner and a cab ride home, a consultant shares. Brattlers seem pretty food-focused, overall, probably as a result of all the free snacks the firm provides. During working hours, there are plenty of free drinks and snacks around the office. In the Cambridge office, for example, there is free juice, free milk, free soda of all kinds, morning snack at 10:30, afternoon snack at 3:30 and nine kinds of coffee every day. And the fun doesnt stop inside the office. A consultant in D.C. says, Our office has happy hours every Friday that are sponsored by the firm, which many employees attend. These allow for the building of a decent amount of camaraderie. The firm also provides public transit passes, purchased automatically every month for its employees who need them, in addition to a top-shelf medical and dental plan where employee premiums are 100 percent paid by the firm.
Travel near and far

Public transportation to work each day seems to make up a majority of the travel for Brattle consultants. Travel requirements seem to range from noneI have never had to travel, and would be excited if a business trip came alongto a littleI have had to travel only once to a meeting about 40 minutes away. Were told that at the research analyst level there is virtually no travel, while for more senior-level consultants, some travel happens, possibly at the start or near big deadlines on projects. But plenty of projects are done 100 percent over the phone, or clients are local.
So far so good
It seems that, despite the current economic turbulence, The Brattle Group has continued on in a largely business-as-usual manner. Insiders believe that because the firm is private, it has not had to accommodate Wall Street trends. The company is also small enough that it can be nimble during downturns, a source notes. One advantage of being a smaller firm is that we are agile enough to take on different projects and explore new opportunities. Most employees are happy to work here, and therefore their quality of work reflects this, reassures another. Additionally, the firm has continued to bring on new recruits, as one entry-level employee will attest: The firm continues to grow, adding staff in most offices and expanding our international presence. There are several principals on the brink of retirement, but plans have been made to transition the clients to others in the firm. But its hard to tell if things will stay as good as they have been. As one source puts it, Business depends on how much litigation is going on. Reports are that law firms are not doing well and companies are cutting back on legal budgets. So while the outlook still looks good now, I suspect by the end of the year business will be down.
Deadlines
With the stress of uncertain economic times on everyones mind, it is more important than ever to maintain a balance between work life and personal life. This doesnt seem to be too big of a problem for Brattle consultants. Occasionally, projects are very busy and require a large weekend and
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evening commitment. This will sometimes interfere with loose plans, one consultant states. However, he adds, If you have important plans, you can always make those as long as you articulate them to your supervisor in advance, if you think youre going to be busy. Brattle also encourages employees to balance their work and their lives outside of work, insiders say. Unfortunately, sometimes the business is such that it is difficult. People have been extremely understanding and encouraging about taking days off after deadlines, or at times when anyone is working lots of overtime hours. Principals are very conscious about preventing people from burning out, another remarks. For the most part, balance depends heavily on the particular project engagement and [the] project manager. On an average day, though, when there are few project demands, staffers say its no problem to leave early to attend a class, LSAT prep courses or other activities. That said, one source comments that its not clear whether working late and on weekends indicates whether you will do better at the firm. It is hard once the expectation exists to lower the expectation.
Hours? Maybe. Grad school? Yes.

While we dont know if putting in the hours will help you get to that next level, we do know that there are many promotions available for research analysts, and reviews are frequent and comprehensive. These promotions are mostly for internal purposes and show increased experience and amount of responsibility, but do not really change a persons role on a project team. We also know that going to graduate school is typically the requirement to move to the associate level. Without an advanced degree, there is [limited] possibility of advancing out of a research analyst role to an associate position. The RA role is for only a few years between college and graduate school, an insider reveals. A midlevel source notes that consultants are fairly promoted and that hard work is recognized. There is also a nonprincipal track for [a limited number of] consultants who have strong skill sets, but will not be moneymakers.
On-the-job is where its at

No matter what your level at the firm, all staff is exposed to a wide range of both formal and informal training opportunitiesalthough opinions vatry on their quality. There is formal training called New Consultant Training throughout the fall, but most sessions were oversimplified and did not teach many of the more complex things we do daily, says one consultant. Another notes that, although there are many official training sessions when first hired, most training is unofficial. However, the training that is official is sufficient to get one started in the company with a comfortable level of skill, he adds. Getting started is one thing, but the training wont get you where you need to go, according to another respondent. The real training has to be informal. Here, if you ask and force the questions, someone will answer. If you wait for someone to teach you, they wont. It may make it hard for people without work experience who dont know the right questions to ask to get the running start they need, a colleague admits. The firm also holds a comprehensive orientation program twice a year, as well as regular brown-bag training lunches that cover emerging topics within various industry areas. Additionally, the firm provides each employee with a mentor at a higher level and a buddy at the same level. The firm seems to encourage interaction and communication between staff of all levels. All my supervisors are extremely open and supportive, a consultant reports. There is an open-door policy. They want to challenge you and make sure you are learning. They are also making sure that you are thinking of longer-term goals, such as graduate school, and what they can do to help both in terms of advice and providing exposure to any particular interests or skills. When it comes to interacting with clients, however, the firm gets mixed reviews. There are plenty of opportunities to work with the principals in our firm, but less opportunity to speak to clients at all, especially their top management, a research analyst notes, while others note that client interaction is largely a function of ones manager. A case team leader explains that how much client contact youll get initially depends on the principal and practice area. In most cases, youll get at least some, if not a lot. And, its important to note that associates get more exposure to clients as they progress in their careers.
A diverse group
Respondents rated The Brattle Group highly for its commitment to diversity among minorities and women. From my experience, and from comparing it with other consulting firms, it is apparent that Brattle is at the top in this regard, an insider attests. I feel that women are viewed as exact equals, and there is no discrimination in any way. Additionally, the firm supports programs that are directly related to mentoring and promoting female consultants. In fact, one female consultant says, Brattle continues to hire more and more women, and has organized events and special training for female employees. Women are treated more fairly at Brattle than any other company I have worked at. This fairness extends to minorities, as well. In many ways, Brattle is like the UN with its diverse background of employees, were told. Regarding GLBT employees, one consultant notes, Although it is unclear if there are any specific programs that the firm has related to sexuality, I have not seen or experienced any notions of discrimination in this regard. This doesnt necessarily mean there arent any, but that it just doesnt come up. But on the whole, respondents claim their firm is a very accepting place, and an associate points out that gay couples have benefits covered to the same extent that straight couples do, with some additional paperwork required. So in the most tangible way, the company is supportive and, as far as I can tell, everyone is gay-friendly. That being said, there is not a thriving gay culture here.
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CELERANT CONSULTING
45 Hayden Avenue Lexington MA 02421 Phone: (781) 674-0400 Fax: (781) 674-0401 www.celerantconsulting.com
THE STATS
Employer Type: Private Company CEO: Ian Clarkson 2009 Employees: 600 2008 Employees: 600 2008 Revenue: 114.9 million 2007 Revenue: 111.6 million
LOCATIONS
Lexington, MA (US HQ) London (Global HQ) Abu Dhabi Amsterdam Brussels Copenhagen Dsseldorf Helsinki Oslo Paris Stockholm Toronto
UPPER
Culture of leadership
DOWNER
Constant, five-day-a-week travel
EMPLOYMENT CONTACT
www.celerantconsulting.com/Careers/Careers.aspx
PRACTICE AREAS
Asset Management Business Performance Management Innovation Integrated Supply Chain Organizational Effectiveness Process Excellence Rapid Cash Release Revenue Growth

Niche player Europe-focused Hands-on Ops geeks
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Celerant Consulting
THE SCOOP
A European and North American affair
Founded in 1987, Celerant Consulting is a global firm helping clients in 38 countries with asset management, business performance, supply chain and revenue growth, among other things. The U.K.-based firm has helped some of the worlds top companies, including BT, Fujitsu, BP, Texas Petrochemicals, ICI, Pace, Premier Oil and Saab. Although the United Kingdom is the firms largest market, it also has offices throughout Europe in the Benelux and Nordic regions, in addition to Germany, France, Canada and the United States.
The many faces of Celerant

Founded by Quentin Baer and Ian Clarkson, Celerants initial moniker was Peter Chadwicka combination of the two mens middle names. From the outset, the company did well, growing an average of 50 percent a year within its first five years. After just 10 years in business, the firm was already an established international player, boasting offices throughout Europe and North America. A merger in 1997 with Cambridge Technology Partners introduced the firm to the world of technology-based business solutions, and led it to change its name to Cambridge Management Consulting. This name lasted a mere four years, however, as the consultancy was acquired by software specialist Novell in July 2001 for $266 million, and changed its name to Celerant Consulting. Novells ownership lasted less than five years, as lagging sales led the firm to launch a cost-cutting drive, culminating in the decision to divest its consulting arm. As a sign of how badly things had gone in the tech world, the firm fetched just $77 million when it was sold in May 2006this time to a consortium consisting of its own management and British investment firm Caledonia Investments, which paid $30 million for a minority stake in the new company. Today, Celerant specializes in helping companies across a broad section of industries, including chemicals, CPG/FMCG, energy, financial services, government, life sciences, manufacturing, private equity, telecom and utilities.
Close relationships
Celerant really takes a hands-on approach when it comes to consulting, observing firsthand how a company and its employees work on a day-to-day basis. Once it has uncovered areas for improvement, the consultancy works jointly with the client and its employees to come up with a system of operational changesomething the firm says involves winning the hearts and minds of people who are often frustrated and disengaged in the process. Celerant calls this technique Closework, and claims the approach is successful with 94 percent of its clientswith 90 percent coming back for more.
THE LATEST ON CELERANT CONSULTING

Middle East expansion
April 2009 Celerant opened a new office in Abu Dhabi, expanding its global network to 12 locations. According to the firm, the decision to press ahead with the opening despite the ongoing recession was essential, as its partnership model necessitates having a presence close to clients. Given that the firm has several significant relationships with leading firms and organizations in the region, opening an office there was essential to being able to meet client needs.
Going high tech

December 2008
As part of a strategy to strengthen its telecom and high-tech practice, Celerant acquired Swedish-based Fidens Partners. With offices in both Malm and London, Fiden Partners is a small firm focusing on performance improvements and corporate transformation in high-tech and telecom companies, and brings with it three founding partners with strong track records in leading companies, including Ericsson and Sony Ericsson, among others.
Private equity worries

November 2008 Like all good consultancies, Celerant releases reports from time to time, which also guarantee it some form of free advertising in the press. In a recent piece, 220 senior private equity executives across Europe and the United States were surveyed on their opinions of the current economic climate. All in all, there was a fairly encouraging response, with 53 percent of execs believing things will be back to normal within 18 months. However, one thing the survey did reveal was the variation of response depending on where the respondent was based. British executives seemed to hold a more
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pessimistic view, with just 36 percent believing 18 months would do the trick. This is compared to 71 percent of optimistic French executives, whose economy seems to be weathering the economic fallout better than their old friends across the Channel.
GETTING HIRED
Now hiring (selectively)
Celerant says its expanding rapidly in the Americas and Europe, with client engagements all over the world. An insider adds that, given the increasing number of distressed companies turning to Celerant for help, the firm is doing well despite the economic downturn. In 2009, he reports, Celerant had the biggest backlog going into a new year we have ever had. Because of the firms competitive positioning in the marketplace, sources say it has the advantage of being more selective in the last years, purposefully and due to economic factors. Staffers also note that the firm typically doesnt recruit from schools, as recruitment is from [other] businesses, a vice president explains. Those interested in applying should head straight to the firms careers website, where theyll find information on life at Celerant, available opportunities (of which there were none listed at the time of writing) and the firms values, namely, optimism, results focus, humility, respect, collaboration and integrity.
OUR SURVEY SAYS

Front and center
New hires who do make it onto Celerants team are given the opportunity to meet with clients early on and take on responsibility, with the help of formal training programs, the firm says. Formal training, a respondent states, focuses more on fundamentals, whereas informal training focuses more on soft skills. This approach to welcoming new consultants quickly equips them with the necessary skills for client engagements, and it also improves their ability to take on other roles within Celerant or to return to a senior role in industry in the future, the firm explains. Celerant maintains a client-facing approach, which inevitably translates into lots of time on the road. A Boston insider remarks that travel is essentially Monday to Friday, but management is always flexible based on situational or individual needs.
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CROWE HORWATH LLP

One Mid America Plaza, Suite 700 Post Office Box 3697 Oak Brook, IL 60522 Phone: (630) 574-7878 Fax: (630) 574-1608 www.crowehorwath.com
UPPER
Challenging work
DOWNER
Accounting and IT are below par
LOCATIONS
Oak Brook, IL (HQ) 26 offices throughout the United States
EMPLOYMENT CONTACT
www.crowehorwath.com/Crowe/Careers
PRACTICE AREAS
Assurance Benefit Plan Services Financial Advisory Forensic Services Performance Services Risk Consulting Tax Consulting
THE STATS
Employer Type: Member, Crowe Horwath International CEO: Charles Allen 2009 Employees: 2,500+ 2008 Employees: 2,500+ 2009 Revenue: $507 million 2008 Revenue: $492 million
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THE SCOOP
Crowe knows
One of the top-10 public accounting and consulting firms in the United States, Crowe Horwath LLP calls itself a unique alternative to the Big Four accounting firms. It provides audit, tax, risk and consulting services to companies in construction, dealerships, educational institutions, financial institutions, food and agriculture businesses, health care providers, manufacturing and distribution companies, not-for-profits, private equity groups, and state and local governments. The firms 2,500-plus employees serve clients via 26 offices in California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, New Jersey, New York, Ohio, Tennessee and Texas.
Around the South Bend

The firm was founded in South Bend, Ind., in 1942 as Crowe Chizek by Fred P. Crowe, a public accountant and auditor, and Cletus F. Chizek, an accounting professor at the University of Notre Dame. The two-man outfit grew steadily through the years, expanding across the country. In 1991, Crowe Chizek joined Horwath International, a global network of 140 independent accounting and management consulting firms with offices in more than 400 cities around the globe. Most recently, in September 2008, Crowe Chizek changed its name to Crowe Horwath LLP, drawing attention to its membership in the Horwath International network. The firm felt that with this broader international recognition, it would be better able to service clients who have international needs. Following suit, in April 2009, Horwath International changed its name to Crowe Horwath International. The new network name combines the international awareness of the Horwath brand with that of Crowe Horwath, and unveils the new strategy to create a single global brand to build awareness as a highly integrated network of accounting and advisory services firms. Today, with 350 international clients in more than 40 countries, Crowe Horwath is the largest member firm within the Crowe Horwath International network. Crowe Horwath is also the holding company for a family of wholly, jointly, majority- and minority-owned entities, including Crowe Capital Markets, a boutique investment bank offering financial advice to businesses in the $10 to $500 million transaction range; Crowe Wealth Management, a fee-only advisory firm offering financial planning and investment advisory services; Horwath Castillo Miranda, an accounting and consulting firm in Mexico; and Creative Financial Staffing, the worlds largest privately owned provider of interim staffing, high-level project staffing and direct-hire placements of accounting and finance professionals.
Other peoples pain is Crowes gain

The 2002 Sarbanes-Oxley Act ushered in an era of painful reform for many companies thatcontinue to struggle to keep up with the laws financial and accounting reporting requirements. The regulation, which was signed into law in response to corporate and accounting scandals like Enron and WorldCom, gave financial service consulting firms like Crowe Horwath a boost as companies looked for outside help in tightening their internal controls. Most of Crowe Horwaths business units have an eye toward improving business performance in a more regulated business environment. The assurance practice area, for one, provides audits, reviews and compilations, and forensic services, and works with clients to bring their businesses into compliance with new Securities and Exchange Commission regulations. The risk consulting unit, meanwhile, offers corporate governance, enterprise risk management, internal audit and Sarbanes-Oxley compliance services. The firm also includes a financial advisory practice area, which offers finance, public finance and wealth management services, a performance management practice area and a tax advisory practice area.
Fishing for compliments

Crowe Horwath is big on client communication. For each client, the firm promises to identify its needs and set realistic goals, communicate these goals with the client, establish an ongoing communications process to talk problems through, resolve any problems quickly and professionally, ask for feedback at the end of an engagement, and provide ongoing research and advice on certain problems. But just in case there was any miscommunication during a client engagement, Crowe Horwath has set up a system to win as much feedback as possible from its clientspositive or negative. It is important for us to understand how our performance is being perceived by our clients and whether we are delivering value, the firm states. As such, the firm has developed a three-part feedback process for clients to weigh in on how it does business. First, there is a web-based performance evaluation survey. Second, there is Crowe Horwaths annual client relationship survey, established in 2002, which is sent out every year to a random sample of clients and provides detailed information on their overall level of satisfaction with Crowe. And finally, the firm has even created its own feedback manager, posting its phone number and email address on its website for clients to call at any point during an engagement.
Giving back
Crowes mantra of building value with values doesnt apply only to its business. Since 2006, the firm has expressed its altruistic side outside the boardroom with the establishment of the Crowe Foundation, which oversees the firms charitable contributions. The foundations primary focus is youth development, although it also considers and awards grants to other organizations in which Crowe staffers are involved. Under the firms volunteer investment program (VIP), all Crowe personnel who volunteer at least 30 hours with a not-for-profit organization in their local community can request
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donations on their organizations behalf. The VIP awards a $250 grant to qualified not-for-profit organizations, based on requests submitted by Crowe employees, and organizations can receive a maximum of four grants each year from the Crowe Foundation.
THE LATEST ON CROWE HORWATH

New York, New York!
June 2009 Crowe Horwath combined practices with New York-based Hays & Company, a certified public accounting and consulting firm, to establish Crowes first office in New York City. Through the transaction, Crowe welcomed approximately 50 Hays professionals into its family.
More than just a job

January-June 2009 Crowe Horwath was recognized by local best places to work programs in Florida, Illinois, Indiana, Kentucky, Ohio, Tennessee and West Michigan. The honors were awarded by the Indiana Chamber of Commerce, the Kentucky Chamber of Commerce, Ohio Chamber of Commerce, the Tampa Bay Business Journal, Business Tennessee magazine, the Michigan Business and Professional Association and National Association for Business Resources. The firm was heralded for its workplace culture and several of its people-friendly practices, including the road warrior and overnight travel rewards programs, Women Into Leadership program, flexible work arrangements and personnel assistance programs.
Do the due
January 2009 Mergers and Acquisitions Advisor named Crowe Horwath the 2008 Accounting Due Diligence Firm of the Year for the fifth time in six years. The award recognizes firms that provide significant long-term value in transactions. Crowe Horwath estimates that, each year, it provides due diligence and related services on more than 200 transactions.
California dreaming
December 2008 Crowe Horwath acquired certain assets of California-based Grobstein, Horwath & Company, a tax, auditing and consulting firm that has served Southern California for 40 years. With the transaction complete, the 120 Grobstein employees joined the Crowe team, and brought with them their clients throughout Southern California and China. Were thrilled to continue positioning Crowe as a national firm, recognized globally, said Crowe Horwath CEO Chuck Allen of the transaction.
The executives challenge

August 2008 Three Crowe surveys showed that the biggest challenge companies face today is enterprise risk management. The surveys included 780 chief financial officers, audit committee members and chief audit executives from public and private companies with revenue ranging from $100 million to more than $10 billion. The results show that more than 65 percent of CFOs and 70 percent of audit committee members are worried about enterprise risk management, while many of those surveyed said this posed an even bigger challenge than improving financial reporting and improving internal controls for CFOs.
You can take that to the bank

July 2008 The American Bankers Association endorsed Crowes governance, risk and compliance management consulting services after a thorough review and analysis by ABA and the Corporation for American Banking. The review looked at the firms consulting services functionality, regulatory compliance, management strength, financial soundness and customer service. The endorsed services include Crowes credit, corporate governance, internal audit, information technology risk, regulatory compliance and enterprise risk management consulting services.
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The next generation

February 2008 Crowe Horwath consultant Matthew Goebel was named one of Consulting magazines 30 Under Thirty. Goebel won the prestigious designation because of his involvement with Crowes onboarding programs, which are designed to assist new hires as they transition into the firm. Crowes Mindy Herman, who nominated Goebel for the honor, also commended Goebels interpersonal skills and technical knowledge when dealing with clients.
GETTING HIRED
Grow with Crowe
Crowe Horwath promises a family-like environment, where consultants have the opportunity to have an exciting and exceptional career, with challenging projects, continuous learning and leadership opportunities. For current students or recent graduates at the undergraduate or graduate level interested in applying to the Crowe family, the firm holds on-campus recruiting sessions every spring and fall for both full-time positions and for semester- and summer-long internships. To apply for an interview with on-campus recruiters, the firm suggests contacting universities campus job placement offices or by emailing campus_recruiting@crowehorwath.com. The firms recruiting schedule is available online and includes visits to DePaul University, Indiana University, Kent State University, Montclair University, Northern Illinois University, Ohio State University, Purdue University, Rutgers, University of Louisville and Notre Dame, among many others.
OUR SURVEY SAYS

Family first
When it comes to the working culture at Crowe Horwath, a director explains that the firm lives by the values of a small-family operation, yet is managed and organized as a growing corporation. Others appreciate that their colleagues are genuine and the work is challenging. And, in tough economic times, that sense of family is only reinforced by the fact that the communication from leadership continues to grow and improve, a Chicago-based insider reports. Crowe Horwaths family spirit extends to the communities in which it works. Crowe has won awards toward community involvement, from donating to various charities, [being] involved in races and Junior Achievement, and donating blood, a Chicago staffer says. A source New York adds that the firm is also very involved in pro bono consulting engagements.
Flexible but demanding

Consulting is not for the faint of heart, and an executive-level insider says Crowe Horwath is no exception: Hours and business development are demanding, he notes, adding, It is rare that I get home before 8 p.m. on weekdays. That said, staffers tell us management allows them to work from home, when necessary, in order to juggle work commitments with personal obligations. There is also flexibility in how to manage time for my day, a senior source comments. For example, if I need to take time to run to the bank or go to the doctor during business hours, I can easily make it up with early hours or late evening hours when working from home. When it comes to travel requirements, staffers say the time they spend on the road varies according to the business unit to which they are assigned. For Crowe Horwaths road warriors, one respondent admits that travel can be tiring.
No rules on promotions
Generally, the promotion policy at Crowe Horwath is not up-or-out, an associate notes, although we encourage employees to advance. Insiders also say that those who are happy where they are and are not interested in promotions are welcome to create a niche for themselvesnot all employees want to move up to partnership. But for those who are looking for more senior-level opportunities, advancement is based on performance, though it takes time to make it to the highest echelons of Crowe Horwath management. A director states, however, that in rare cases there have been employees who have been promoted to senior manager after only seven years of experience, and there have been a few to make it to partner within 10 to 11 years of experience.
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DEAN & COMPANY

8065 Leesburg Pike, 5th Floor Vienna, VA 22182 Phone: (703) 506-3900 Fax: (703) 506-3905 www.dean.com
RANKING RECAP
Quality of Life #13 Travel Requirements
UPPERS LOCATION
Vienna, VA (HQ) Significant responsibility given early on Bagels on Fridays Noncompetitive environment Most cases require no travel
PRACTICE AREAS
Consumer Products Energy Financial Services Life Sciences Media & Entertainment New Technology Private Equity/M&A Support Retail Management Telecommunications
DOWNERS
Quite critical environment Divided attention of very top execs across affiliate companies (energy trading company, hedge fund) Emphasis on face time Because it is a small firm, losing a couple of cases makes a large impact on the firms utilization
EMPLOYMENT CONTACT THE STATS

Employer Type: Private Company CEO: Dean L. Wilde II 2009 Employees: 50 2008 Employees: 70 www.dean.com/careers

Interesting, smart firm Crazy little number crunchers In demand Very limited work scope
THE BUZZ
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THE SCOOP
Value architects
Vienna, Virginia-based Dean & Company may be small, but the self-described value architects pack a big punch. Since its founding in 1993 by former Mercer Management Consulting colleagues Dean Wilde and James Smist, the management strategy consulting firm has realized over $20 billion in cumulative impact in added value for clients. The firms clients fall into two main groups: large corporations, typically Fortune 500s, and small but high-potential businesses. For larger businesses, Dean focuses on corporate strategy, business creation, growth, M&A and business redirection. For smaller companies, the firm helps prioritize goals and to develop and implement strategies. Clients in both camps come from a number of different industries, including financial services, life sciences, private equity, telecommunications, media and entertainment, consumer products, retail management, new technology and energy.
Top picks
Dean is selective about the clients it chooses to work with; the firm is the first to say it cannot solve every problem for every company. To solve problems for clients that fit the bill, Dean is also selective about the problem-solvers it hires. Instead of employing armies of consultants, the firms career page says, our professional staff is composed of a small number of highly talented analysts and associates who bring a rich combination of analytic and business skills and experience to the table. Staff members have degrees that run the gamut from economics to engineering to biology, and a number of staffers have spent their entire consulting career with the firm.
Bonding time
The firm helped to create the Delta Model, a management strategy philosophy developed by Dean CEO Dean Wilde and Arnoldo Hax of the MIT/Sloan School of Management, along with input from the CEOs of Saturn, Siemens, Unilever and other major companies. The model revolves around the concept of bonding, a mechanism for attracting and retaining the most profitable customers, and posits that traditional ways of competingon price, quality or featureswork, but not forever, ultimately leaving businesses prone to competitors who can imitate these product-based items of differentiation and can steal customers away. Instead, the Delta Model focuses on moving beyond product-based elements and focusing on locking in a customer and winning their allegiance. In 2001, Wilde, Hax and the other members of the Delta Project published The Delta Project: Discovering New Sources of Profitability in a Networked Economy, which outlined the Delta model.
Team player
Dean has always been one to build up its professional networks. Since 1998, the firms private equity team has worked with Lindsay Goldberg to evaluate investments in a $10 billion private equity fund that evaluates up-and-coming tech startups as investment targets. Since that time, the unit has reviewed more than 500 deals. Dean has said it will also work with other private equity and venture capital funds when there is no potential conflict with Lindsay Goldberg, and has worked with KKR, Madison Dearborn and Apollo. The firm has also reached out to others to boost its profile in other industries. In 2002, CEO Wilde founded DC Energy, which is located at the same Vienna, Va., office as Dean & Company. The group focuses on the energy markets, and invests using an analytical approach to applying differential expertise, instead of the more common practice of using highly leveraged transactions that amplify narrow spreads. In 2006, Dean developed an alliance with Corporate Value Associates, a London-based consulting firm that markets itself as a global strategy boutique. More recently, Dean has spun off Dean Ventures, an equity investment firm that uses a rigorous analytic approach to identify and transact on global investment opportunities.
GETTING HIRED
Looking for quants

To get in the door at Dean, were told that candidates will have to endure two to three rounds of interviews before an offer is made. Typically, interviewees are required to participate in three one-on-one case interviews, which last between 30 and 45 minutes, a respondent reports. During these interviews, there is an emphasis on linking problem solving, quantitative aptitude and business implications, he adds. In general, Dean & Company puts a higher emphasis on quantitative skills than most other strategy consulting firms, another agrees. The firm recruits from some top-notch institutions, like Harvard, Princeton, Yale, Duke, Wake Forest and MIT. But dont be discouraged by that topheavy list; one inclusive insider says student from all schools are encouraged to apply.
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OUR SURVEY SAYS

Environmental impacts
The culture at Dean gets middling marks, most likely because individual experiences tend to be dictated by case team. Some describe the culture as collegial, output-focused and quantitative-oriented, while others say it is quite a critical environment. As a small firm, everybody knows everybody else, and although some people describe the firm as hierarchical, most agree that everyone is pretty open to helping each other, and note that theres ample opportunity for capable people to take more responsibility. Overall, the environment is fun and friendly, but there are some concerns about growth at the firm due to economic conditions, a consultant says. And while were on the subject, the overall outlook for the firm is less than satisfactory for many respondents. The firm has survived downturns before, and we have ongoing business despite the environment. We believe it will survive this onebut at a high price, one consultant admits. Weve experienced layoffs just like other firms, and employee morale is low because there has been no equivocal statement from management that there wont be more. A midlevel consultant adds, The firm has a stable set of clients, which are still doing OK, but we are having trouble getting additional cases to stay fully utilized.
Nothing out of the ordinary

With work hours averaging about 50 to 60 hours per week, a healthy work/life balance seems to be well within the realm of possibility for Dean consultants. However, were told that work/life balance varies dramatically among case teams, and that this can make it very difficult to make plans on weekday nights, as hours are very unpredictable. A source says that although late weeknights do occur, these instances are more exceptions than rules. Another adds, Work/life balance is heavily dependent on the type of case and stage of case. Longer-term cases tend to have a better balance versus high-burn, short-term cases like deal evaluation. Overall, a respondent shares, I almost never work more than 10 hours a day, which gives me plenty of time to enjoy my own hobbies and go to firm social events. But for those who do find themselves stuck at the firm late-night, Dean provides staff with a $25 meal allowance. Other perks include a pretty good health plan and a good 401(k) match. Our firm has monthly social events that include going to local sports events, concerts and bars. It is a great way to socialize with co-workers at fun events, says a consultant. Another adds that the firms holiday party is still one of the best in town!
Where are all the women?

When out at the firms social events, you may notice that something is missing: women. The firm offers equal opportunities to both men and women; however, the percentage of women consultants is below average for the industry, and the firm has not undertaken any initiatives to understand why that is, a respondent states. A consultant claims the gender ratio has been inching closer to 50/50 but is actually closer to 33/66. The firm has been trying to do more in terms of recruitment, ensuring that a female perspective is represented at career fairs and firm presentations. But upon arrival, there is little to no noticeable difference in management treatmentovert or covertof men and women, the insider says. Although Dean is making efforts to recruit more women, a source points out that there are currently no concerted efforts to diversify or to celebrate diversity among races and ethnicities. He describes the firm as about 20 to 30 percent East or South Asian, but everyone else is Caucasian. As for GLBT representation, a source observes that openly GLBT employees are a small proportion of our workforce, and notes no known issues in terms of acceptance at the firm.
My own pillow
Travel demands seem to be no impediment to staffers maintaining that work/life balance, and respondents tell us theres very little travel required. Most cases require no travel. A small (less than 20 percent) proportion require travel up to four days per week, a consultant explains, and an entrylevel source notes that travel frequency varies on a client-by-client basis, but is generally very infrequent for analysts. This light travel load seems to do Dean consultants goodIts nice to sleep in my own bed at night, a consultant admitsbut those who find themselves making the distant client rounds dont seem to have a difficult time with it. According to one consultant, When you are on a travel case, management tries to ensure you do not have to work on the weekend so you still can have a work/life balance.
Not up-or-out, but maybe down-and-out

Moving up is an equally significant concern, but were told there are opportunities for advancement with Dean. Analysts undergo career review, at which point they are tracked based on their performance. The process is transparent, a source explains. Advance can vary, but it typically takes three to four years to make associate. No advanced degree is required for promotion, another adds. In addition, the promotion policy at Dean is not strictly up-or-out, but failure to progress at what management deems an adequate pace can lead to dismissal. Your status at the firm is also somewhat economy-dependent, insiders say.
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If thats the case, youd better pay attention during training sessions, especially those given on the job. Although staffers at the firm start out with two weeks of official training, most of the training comes from more experienced people on your case team. This on-the-job instruction is the most useful way to learn, a consultant says, because it gives you live examples. But how much you learn may vary widely, depending on your supervisors and clients. No single persons experience is representative of the firm, were told. Within a couple of months of joining the firm, I had access to VPs and the COO of a Fortune 500 client, a source shares, adding, Generally, I have had the same access to the clients top-level management that our management has. That said, a colleague reports having had limited client interaction on a lot of cases.
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DROEGE & COMP.

405 Lexington Avenue 35th Floor New York, NY 10174 Phone: (212) 557-7616 Fax: (212) 557-6788 www.droegeusa.com
UPPER
Strong evaluation system
DOWNER
Limited brand name in the US
LOCATIONS
Dsseldorf (HQ) New York, NY Bucharest Budapest Dubai Hamburg London Moscow Mumbai Munich Shanghai Singapore Vienna Warsaw
EMPLOYMENT CONTACT
Recruiting Coordinator: Ms. Terri Harris Droege & Comp. Attn: Recruiting 405 Lexington Avenue, 35th Floor New York, NY 10174 Phone: (212) 557-7616 Fax: (212) 557-6788
PRACTICE AREAS
Cash & Financing Cost Reduction Integration/PMI Organization & Management Restructuring & Growth Revenue Optimization
THE STATS
Employer Type: Private Company Chairman: Walter P.J. Droege 2008 Employees: 300 2007 Employees: 300 2008 Revenue: 135 million 2007 Revenue: 135 million

Turnaround specialists Unknown European boutique Inferiority complex
THE BUZZ
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THE SCOOP
Straight to the bottom (line)
Founded in 1988, Droege & Comp. is a global consulting firm headquartered in Dsseldorf, boasting operations in the United States, Europe, Middle East and Asia. A subsidiary of the Droege International Group, the firm is the second-largest German consulting firm. Created as a consultancy of entrepreneurs serving entrepreneurs, Droege prides itself on its skills in the area of restructuring and growth programs. Its approach is best summed up as practical, with a focus on achieving bottom-line results and tangible benefits for clients, such as cost savings, increased revenue and corporate growth. As such, services focus on revenue optimization, cost reduction, cash and financing, organization and management and integration/PMI. Clients represent a range of industries, including automotive, construction, chemicals, energy/renewable energy, health care and medical devices, manufacturing, retail and transportation. Consistent with that approach, the firm employs a results-based billing approacha fee structure that links payment to the completion of previously agreed-upon goals. Droeges client list is an indication that the approach works: More than two-thirds of its assignments routinely come from repeat (and presumably satisfied) customers.
Global reach
Droege has 14 offices worldwide, most of them in Western Europe, but enjoys a burgeoning presence in Central and Eastern Europe (through locations in Bucharest, Budapest, Moscow and Warsaw), the Middle East (Dubai) and Asia (Mumbai, Shanghai and Singapore). The firms only U.S. office is in New York City, where a group of 15 professionals serve an international array of clients, many of whom are subsidiaries of European companies. Droege generally focuses on midsized companies looking to enhance their international presence, either through expansion from Europe to the U.S. or the reverse. It is able to provide expertise and resources, plus raw manpower, well beyond what its clients could marshal internally. International expansion engagements involve an evaluation of growth strategies and potential acquisitions, coupled with operational improvements. For clients who need to accelerate or facilitate overseas expansion or sourcing, the firm can act as a general contractor of sorts, adding local knowledge to the project design and ensuring integrated business services.
Looking East
Droege also has a growing footprint in Asia. Its most recent expansion in the region came in 2007, when it opened an office in Mumbai, its first in India. Elsewhere in the area, the firm maintains a headquarters in Singapore, and covers a broad swath of the region, including Malaysia, Indonesia, Vietnam, China and India. In addition to providing a bridge between Europe and Asia, these offices also allow Droeges American clients to take advantage of on-the-ground expertise, for example in the area of low-cost country sourcing.
Tweaking portfolios
Droege also has a specialized M&A practice that serves global buyout firms, early-stage venture capitalists, midmarket private equity firms and hedge funds investing either in private equity or distressed debt. The company assists in raising funds from limited partners, performs due diligence and industry screenings, and advises on portfolio improvement. In addition, it consults on acquisitions and exit strategy when it comes time to sell.
THE LATEST ON DROEGE & COMP.

Holding steady
February 2009
As a privately held firm, Droege doesnt publish its financial results. It does, however, publish an annual report, the latest of which touted that fact that 2008 was the firms 20th anniversary. It also emphasized the fact that little has changed about the firms values since it was foundedwith the recent economic turmoil providing an opportunity to strengthen them. According to founder Walter Droege in the foreword to the report, the firms values mean that it is optimally positioned to meet any challenge in corporate restructuring and value enhancementeven more so in difficult times. Our global presence enables us to assist our clients in global assignments. Building on our extensive experience and expertise, we swiftly guide companies back to the road to success and keep them on track once they are there.
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Academic answers
January 2009 From time to time, Droege seeks out advice and expertise from the lofty heights of academia. To do this, it maintains close links with a number of academic institutions throughout Germany and, as such, believes it has a particular duty to support scientific research and teaching. This support stretched as far as paying part of a grant to save the stricken Witten/Hardecke University in January 2009. Droege also has a number of other associations with universities. It set up the Center for Organizational Excellence (CORE), along with the Universities of St. Gallen and Geneva, with the aim of uncovering ways that management and organizations can influence corporate growth and protect revenue. It also started the Herausforderung Mittelstand (Challenges for Medium-Sized Enterprises) initiative in conjunction with the Witten Institute for Family Enterprises. The goal of the project is to look at the position of German small- and midsized enterprises, and the challenges they face in a global economy.
GETTING HIRED
Consulting by another name
Droege prefers to call its consulting staff implementers, emphasizing the firms implementation-driven approach to serving clients. What does that mean, exactly? As the firm explains it, this refers to the ability to make quick, calculated changes for companies that look to Droege for help in restructuring their business or increasing the value of their business. And, since change isnt always easy, the firm looks for implementers who not only know their stuff, but who can also win acceptance for [their] initiatives and motivate people to take action. In order to succeed at Droege, the firm says consultants must have a winning presence, confidence and leadership skills, sensitivity in dealing with people and creativity.
Narrowing down the field

Merely having a winning presence, however, is not the only prerequisite to working at Droege. The firm also offers some specific requirements for potential candidates applying to be business analysts, consultants, senior consultants or principals. Those fresh out of a top-tier university, who have demonstrated both academic strength and consulting-relevant skills, will be considered for positions as business analysts. Analysts are not expected to be specialists in any one industry or consulting service, but rather work as generalists on a variety of projects. Those seeking positions at the consultant level or higher must have a postgraduate degreetypically either a doctorate or an MBAand prior experience as a management consultant. Consultant candidates must also have strong analytical and communication skills, and an expertise that allows them to work as specialists in one of the firms competence centers.
All about efficiency

Applications to work for Droege, the firm says, should include a cover letter and a full resume that lists all relevant certificates and references. These materials may be submitted by mail, email or online via the Droege International Groups careers page, which allows candidates to specify that their application is for the New York office. Applications are reviewed on a rolling basis throughout the year. Droege invites promising candidates into the office for a two-round interview process. The first typically consists of several case-based interviews, while the second round may include additional cases, a presentation by the candidate and behavioral interviews. When it comes to case studies, the firm adds, candidates are not judged by their book smarts but, rather, their ability to think analytically and to approach complex problems and develop solutions in a structured way. After each round of interviews, Droege says, interviewers meet to discuss the applicants suitability for the role, and promises to let the applicant know if hes still in the running within a few days of the interview.
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EASTON ASSOCIATES, LLC

114 West 41st Street, 19th Floor New York, NY 10036 Phone: (212) 901-0999 Fax: (212) 901-2999 www.eastonassociates.com
RANKING RECAP
Quality of Life #3 Hours in the Office #7 Work/Life Balance #11 Overall Business Outlook #20 Overall Satisfaction Diversity #4 (Tie) Diversity for Women #17 Best Firms for Diversity
LOCATIONS
New York, NY (HQ) London
PRACTICE AREAS
Business Development Due Diligence Opportunity Assessment Strategy
UPPERS
Sharp people with a passion for health care Health care is more insulated from economic fluctuations Laid-back, friendly work atmosphere
DOWNERS THE STATS

Employer Type: Private Company Managing Directors: Robert Friedman, Michelle Hasson, Kristine Lowe, Marie Cassese & Nicolas Touchot 2009 Employees: 46 2008 Employees: 45 Minimal training, no mentoring Pressure to move up the ladder Company politics involved in promotion decisions
EMPLOYMENT CONTACT
www.eastonassociates.com/car.php
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THE SCOOP
Size doesnt matter
Strength is not always in numbers. Easton Associates, a small health care consulting firm, has never let its size influence its reach and effect on the industry. The professionals at EA draw on a wide range of industry and business expertise. This includes in-house experts who hold advanced degrees in science, business or medicine. They also use resources, such as knowledge of past projects, professional and trade literature, community practitioners and opinion-leading physicians to formulate business and marketing strategies for their clients in the fields of pharmaceuticals, biotechnology, diagnostics and medical supplies and devices. The firm, which employs almost 50 people, conducts business for clients in the United States, Europe and Asia. Headquartered in New York, EA recently opened a London office to better serve its European clientele.
The (now) three musketeers

Easton Associates was founded by a team of health care consulting professionals who worked together at the Wilkerson Group, another health care consultancy. Robert J. Easton, together with three other professionals from Wilkerson, started the company in 2000. Several years later, in October 2006, Easton announced that he was leaving the company to pursue other interests in the industry. Three of the original Wilkerson Group founders remain at EA as managing directors. Robert Friedman has an MBA from Johnson School of Management at Cornell University, and also holds advanced degrees in biochemistry and biology. He combines these areas of expertise with nine years of consulting experience prior to joining EA, and a short stint working on Wall Street as a senior equities analyst. Michelle Hasson received her graduate degrees from Yale University School of Medicine. In addition to her five years with the Wilkerson Group, Hasson brings expertise on strategy, operational redesign, e-business, and provider and payer issues. Finally, Kristine Lowe, formerly a senior executive at the Wilkerson Group, is an expert in opportunity assessment, strategy development, due diligence and corporate development.
Rounding out the management team

Also part of that group is Managing Director Marie Cassese, a former Wilkerson Group client. Marie draws on her expertise as a senior executive in several multihospital systems in New Jersey and Pennsylvania. And in February 2008, Nicolas Touchot, another Wilkerson Group alumnus, who had been with the firm since 2001, was promoted to managing director. Touchot, backed by 20 years of experience in European markets, is an expert on pharmaceutical and biotechnology products, particularly medical devices. His education includes a PhD in molecular biology and an MBA.
THE LATEST ON EASTON ASSOCIATES

New premises
December 2008 The firm announced the opening of a new office in London, plus the relocation of its New York office. Both measures, according to the firm, were taken to enable further expansion. The London office increases the firms footprint and allows for cross-border work to benefit clients, while the new premises in New York is intended to house the firms growing staff. Managing Director Nicholas Touchot will head up the London office.
GETTING HIRED
Be prepared!
Want to get recruited by EA? Insiders say those with the best shot are situated at an Ivy League school, such as Wharton, Yale School of Management or Harvard Business School, and have an obvious dedication to health care. Entry-level research associates are typically interviewed on campus, and second-round interviews take place at the New York office. Candidates will have to endure five interviews in one day, including one case question. During the second round, a candidate will prepare a brief case report beforehand and present it to two midlevel consultants. One recent hire notes that this process allows prior preparation, which makes it easier than other case interviews, but requires less thinking on your feet. Interviewing was tough but very pleasant.
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OUR SURVEY SAYS

Sharp and to the point
Even in the recent economic downturn, EA seems to be holding its own, with not many consultants looking to jump ship, were told. A lot of this may be due to the familial, fun and forward-thinking company culture. One source says EA has a very warm and open culture. It makes you feel like part of a family. This view is shared by a more experienced colleague, who feels that the culture is relaxed, family-oriented and collegial, but intellectually sharp. We challenge each teammates work and insight on health care, but in a healthy, productive way. EAs culture is further described as collaborative and supportive, with high standards for performance excellence, and it is staffed with people who are all passionate about health care.
Good times
Life at EA is further enhanced by fun company activities, respondents note. One says, We very occasionally like to have Guitar Hero competitions in the main conference room, while another adds that EA has a fun summer picnic in August and a great holiday party in the Meatpacking District each December. One recent party even had a Harry Potter theme. In addition, consultants meet every other Monday to eat lunch together. The Monday lunches are a great way for us all to hang out, catch up on each others projects and learn something new, an insider comments. And on the days when they arent meeting up for lunch, the company kitchen is always well stocked with health drinks, fruit and snacks. Staffers also frequently gather after work for happy hour. The feeling of camaraderie is reflective of the firms attitude toward diversity, as well. The firm does not discriminate against race or sexuality, and operates with professionalism in all aspects, an insider reports. A colleague echoes the sentiment: EA doesnt really care (but in a good way). If you can do the job, then EA doesnt care if youre GLB or T!
Some work
Work hour and travel requirements at EA seem to be well within the industry standard, if not better. Respondents say they tend to work between 40 and 50 hours per week, and they generally feel that these are very manageable hours, and they offer flexibility with other commitments, vacations, etc. One source says, There are times when the hours can be challenging, but this is usually at the tail end of a project and doesnt happen too often. Most projects last two to three months, and consultants travel to the client site one to three times per engagement, typically. There is some additional travel for conferences, but on average, I would say I only spend a couple nights per month, at most, away from home, a consultant explains. A colleague agrees that the travel requirements are just right: The travel component is just enough to make things interesting but not enough to remove you from your life. Another insider notes that some people travel pretty extensively, but adds that the travel is rarely for more than three days at a time. It seems that travel requirements vary project to project, since some consultants never even have to travel beyond the tristate area for short client meetings.
and some play

Reasonable hours and travel expectations mean its fairly easy to maintain a balance of work and personal life. In fact, one insider tells us that work/life balance is at the heart of EAs philosophy, unlike most jobs in New York. A midlevel consultant agrees, saying, I find EAs work/life balance to be excellent in comparison to most consulting firms. Working late or on weekends happens rarely. Directors are definitely concerned with us maintaining our own living standards away from work. It also helps that EA is not a face time kind of company; as one source explains it, As long as the work is done well, it can be tailored to individual work styles, with a co-worker adding that no one is too concerned about your comings and goings. Need to go to the doctor? You go. Out late for a concert or something? Come in at 10.
Learning by doing
If there is any sour note staffers bring up, its about the training and promotion structure. Despite good reviews about supervisors being open to interaction with all levels of staff at the firm, respondents, overall, seem unsatisfied with promotion policies. Were told that the promotion process is generally up-or-out, although there is some flexibility with this. Most insiders say promotions usually take place every 18 to 24 months, with the first promotion coming two years after business school. But its not always so straightforward. One staffer remarks, Because EA is small, politics play more of a role in advancement than merit. A colleague adds that advancement is also based a lot on what sort of projects you have experience in, which can be unfair when you dont have the power to decide what you have worked on in the past. And while some claim that there is no official up-or-out policy in place, they do agree that consultants not performing at the level required to be promoted on the usual timetable generally meet with a partner to decide if continuing at EA is in his/her best interest. Respondents also tell us that there is no formal training in place. They explain that the minimal training that is done is primarily conducted by the recruitment officer who doesnt really participate in project work. All consultants at any level pick up skills through osmosis, purely. Another source doesnt hesitate to add that an increase in official training in certain aspects would be a big bonus. That said, EA does provide the opportunity to take outside courses that you believe are important for your own development.
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GREENWICH ASSOCIATES
6 High Ridge Park Stamford, CT 06905 Phone: (203) 629-1200 Fax: (203) 629-1229 www.greenwich.com
UPPERS
Blue-chip reputation and brand Calm workplace
DOWNERS LOCATIONS
Stamford, CT (HQ) London Singapore Tokyo Toronto Lacking green initiatives and programs Some of the managing directors are stuck in old ways of doing things and need to begin to change
EMPLOYMENT CONTACT
Lauren Seidman Phone: (203) 625-5122 Email: resumes@greenwich.com
PRACTICE AREAS
Commercial Banking Corporate Finance Equities Fixed Income Insurance Investment Management Strategic Consulting Group Treasury
THE STATS
Employer Type: Private Company Senior Managing Director: John H. (Woody) Canaday 2009 Employees: 170 2008 Employees: 185
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THE SCOOP
Purveyors of financial intelligence
Greenwich Associates is an institutional financial services consulting firm that earns its keep by sharing proprietary financial research with its clients. Its research programs, which rely on annual interviews with key industry executives in more than 70 countries, are the foundation of its consulting services, which include providing ranking and ratings information on service providers, benchmark information on best practices and market intelligence on overall trends in the financial markets.
Keeping it small sort of

Charley Ellis founded Greenwich Associates in 1972. The firms mission: to offer high-quality proprietary research and consulting advice to senior-level clients in major financial enterprises. The firms initial offerings were in personal trust services, large corporate pensions and large corporate bankingand only in the United States. Eventually, its business expanded to include a wide range of clients in the financial sector, including stockbrokerage, fixed income, foreign exchange, derivatives and investment banking markets around the globe. The range of services offered has also expanded over the years to include global programs, custom research, online tools and services, as well as specialized analytical services. Today, although Greenwich has tried to stay small and closeknit, it has expanded to include offices in the United Kingdom, Singapore, Japan and Canada, which service more than 250 clients around the world.
Thousands of sidekicks
Greenwich doesnt believe in outsourcing its research. In addition to its internal staff, the firm touts its thousands of research partners who are professionals at large corporations, plan sponsors and buy-side institutions. The firm interviews and tracks research partners in dozens of countries across the Americas, Europe, the Middle East, Asia and Africa. In return for their help, research partners receive the intelligence that the firm acquires and creates from its surveys and analyses. This intelligence is produced in the form of white papers and other research on institutional finance, covering areas such as ratings and rankings of financial services providers, market trends and best practices, and peer compensation information. Within corporate finance, the firm interviews 5,900 senior corporate finance professionals in 31 countries. In equities, it tracks 5,200 investors from 20 countries. For fixed income, it follows 4,000 investors in 37 nations. In the insurance field, Greenwich conducts 35,000 interviews with risk managers, CFOs, treasurers, legal counsel and other professionals working in insurance and risk management. Within investment management, nearly 3,000 U.S., Canadian and European pension funds, foundations, endowments and other institutional funds are tracked, in addition to 75 consultants in 18 countries. Middle-market and small business-market studies are run during alternate years, and cover interviews with nearly 25,000 U.S. companies (small business being defined as annual sales of $1 to $10 million, and middle market as annual sales of $10 to $500 million). The activities of 8,500 treasury professionals from 37 nations are tracked to provide the best treasury research.
Cutters are for cookies

Greenwich makes a point of emphasizing the customizable nature of its research. With custom research, the firm attempts to collect, monitor and act upon client data at close to a real-time basis. It claims that its custom research finds the answers to four fundamental questions. First, how are the clients customer needs changing? Second, how is the client doing relative to its competitors? Third, if the client is not performing up to expectations or potential, why not? And finally, what does the client have to do to reach its potential? Some areas in which the firm can perform custom research are strategy formulation, strategy measurement, market trends and customer behavior, and competitive position.
Thinking big picture

For bigger-scale research requests, Greenwich offers large-scale market research in both the consumer and institutional markets via its wholly owned subsidiary, CCL, based in Toronto. CCLs research is primarily focused on providing business-line and marketing professionals with insights into customer satisfaction, market benchmarks, customer behavior and awareness, and product and service trends. Interviewers conduct more than 600,000 interviews per year in English, Spanish, French and Chinese, via five call centers and from over 300 computer-assisted telephone interviewing stations. And, of course, each CCL report can be customized to meet a particular clients needs.
THE LATEST ON GREENWICH ASSOCIATES

Advice for the market-crash aftermath
February 2009 Greenwich released its 2008 U.S. Investment Management Study, which analyzes the most pressing issues facing corporate and public pension funds, endowments and foundations. The firm estimates that, in 2008, the typical institutional investment manager experienced a 31 percent drop in his
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portfolio asset values. Given this decline, the study makes a number of recommendations, including bucking up due diligence practices to mitigate investment risks and re-evaluating the value of liquid cash holdings, given the speed of the recent market collapse.
Money managers 101

February 2009 Greenwich released its rankings of the best brokers and insurance carriers in the United States, based on a survey of 669 companies. Overall, the leading corporate insurance brokers, in terms of overall client satisfaction, can be broken down into two groups: large global brokers and specialist or national firms. Marsh & McLennan and Aon represent the top global brokers competing in the United States, while the list of top specialists or national brokers includes Integro, Lockton, BB&T, Gallagher and Hays.
The new face of Wall Street

December 2008 Greenwich painted a picture of Wall Street as it existed at the end of the first half of 2008, and projected how failures, mergers and other shifts in the financial world will change the composition of the U.S. investment banking industry in 2009. The biggest change to date? The $50 billion emergency acquisition of Merrill Lynch by Bank of America in September 2008, the firm said. In a pro forma analysis that adds the two relationship bases together, Greenwich estimates that the merged entity could have top-five investment banking relationships with roughly 55 percent of large U.S. companies. It could also hold the title of lead investment bank to approximately 20 percent of companies.
Quality counts
December 2008 J.P. Morgan led the pack in Greenwichs Quality Leader Ratings. The Quality Leader designations were based on almost 3,500 interviews with senior executives at corporations and institutions in 2008. Companies are designated for their market leadership in 22 different business categories that fall into three main areas: investment/corporate banking, equities and fixed income. J.P. Morgan had the highest number of Quality Leader designations of any financial institution across a broad range of capital markets and corporate/investment banking functions.
Working the web

October 2008 According to Greenwich research, Citibank and HSBC provide U.S. corporations with the best electronic and internet banking platforms, while Citis platform performs best for companies doing business globally. The firms benchmarking study of electronic and internet platforms was designed for large corporations (more than $500 million) and middle-market companies ($10 million to $500 million). The study also found that these capabilities are becoming critical parts of banks relationships with companies of all sizes: Roughly one in three U.S. corporate clients cite internet and/or electronic banking as an important factor in their selection of a lead cash management provider.
GETTING HIRED
The best and brightest
Insiders at Greenwich tell us that to land a job there, youd better be attending Harvard, Yale, Princeton, Wharton, Colgate, Kellogg or other top-tier schools. The firm only takes the top graduates of the best schools, one staffer remarks. Also, the educational background of consultants reads like a whos who of business schools. However, says one source who also happens to have graduated from one of the schools on that choosy list, we are more interested in the individual and their talents as opposed to the school.
With a pedigree like that, candidates better come to interviews ready to work. One insider reports that there are numerous interviewsas many as 10 or moreback to back. Candidates have to undergo a cultural fit test, as well.
OUR SURVEY SAYS

Fun, fun, fun
Insiders give Greenwich high marks for its company culture. One consultant says the firm is truly caring and with good fundamental values. Other describe it as hardworking and focused, with very bright people. A source adds, There is a sense of humor that nearly everyone has that makes it
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fun. Were told that colleagues work together outside of work, as well: The involvement of the firm with the community and charities is extensive, a respondent points out.
A big piece of the pie

Greenwich consultants report hours varying from 40 to 70 hours per week, plus a fair amount of travel. One source says he does travel a lot, but less than my last role, adding, Travel surely does impact my work life, but the load is manageable. I enjoy client contact, so its not a problem. Another staffer agrees, saying, I travel regularly, but with good controlmaybe 40 percent of my time. [This is a] massive difference from past travel with leading strategy consultants. And while travel might get in the way of some personal plans for this source, the positive spin is that when its not constant and its with a relative amount of control, its very manageable. Plus, Greenwich lets its staff keep all miles from all credit cards and all travel. Indeed, most insiders say theyre able to maintain some semblance of work/life balance. Compared to my most recent two jobs, this one is much, much better, one consultant states. This is an issue that seems to be at the forefront of the firms consideration: During my review, my manager asked this very question [about work/life balance], and asked if he could do more to help me with the balance. Another contact explains that it is culturally acceptable to leave early if you want to. Of course, the work needs to get done, but theres an understanding that work is not everything. Overall, there seems to be a general ability to run your own schedule.
A place for everyone

But will leaving look good if youre hoping to move up at the company? Its unclear, but what we do know is that the promotion process is not up-orout. That said, there are some general guideposts, so consultants should be looking to prove themselves every step of the way. According to one insider, From entry as an associate consultant to managing director, a person should expect it to take eight to 10 years, although another notes that consultants with the right skill sets advance quite rapidly; it can be five to six years from associate to partner. However, a colleague says there are also career principals at the firm. To help consultants reach their goals, the supervisors provide very good monitoring and understanding of development, but most other training is on the job and informal.
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HEALTH ADVANCES, LLC

9 Riverside Road Weston, MA 02493 Phone: (781) 647-3435 Fax: (781) 392-1484 www.healthadvances.com
RANKING RECAP
Quality of Life #3 Formal Training #5 Best Firms to Work For #5 Firm Culture #6 Compensation #6 Overall Satisfaction #9 (Tie) Interaction with Clients #9 (Tie) Relationships with Supervisors #10 Travel Requirements #12 Overall Business Outlook #12 Work/Life Balance #13 Selectivity Diversity #1 Diversity for Women #4 Best Firms for Diversity #6 Diversity for GLBT #15 Diversity for Minorities
LOCATIONS
Weston, MA (HQ) San Francisco, CA
PRACTICE AREAS
Corporate Planning Market Assessment & Forecasting Mergers & Acquisitions New Product Planning Partnering & Licensing Portfolio Planning Pricing & Reimbursement Sales & Marketing Strategy Technology Commercialization Therapeutic Franchise Strategy Valuation Financial Analysis
UPPERS
No cookie-cutter approach Emphasis on professional development and growth Good turnover with cases so they dont get old Partners and upper management are consistently involved in projects
THE STATS
Employer Type: Private Company Partners: Mark Speers, Paula Ness Speers, Skip Irving & Marie Schiller 2009 Employees: 65 2008 Employees: 60
DOWNERS
We are slow to adopt change Internal politics, and many individuals want their voice heard Projects often go beyond scope of proposal to keep clients happy Having some growing pains at the moment

Solid niche player Only domestic Premed stopping point Low presence www.healthadvances.com/careers/index.html
THE BUZZ
EMPLOYMENT CONTACT
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THE SCOOP
Heres to your health
The professionals at Health Advances consult about one thing and one thing only: health care. Established in 1992 by husband and wife team Mark Speers and Paula Ness Speers, the firms core belief is that focusing on just one industry allows it to provide clients with greater resources and focused insight. This means that the professionals at HA are not mere consultants, with most having worked in the health care industry at some point in their career. Holding advanced degrees in medicine, molecular biology, biochemistry and many other related sciences, HA consultants are able to advise their Fortune 500 clients on areas such as development, clinical trial strategy, marketing, licensing and pricing. But HA also offers advice on corporatebased issues, like mergers, partnering and finances, to a broad range of clients in the biotechnology, diagnostics, medical device, nonprofit and pharmaceutical industries.
Seizing the opportunity for growth

The Speers started their firm after leaving international management consulting giant Bain & Company. At Bain, Mark Speers rose to the position of partner in the firms health care practice, while Paula led its R&D practice. That joint expertise and experience allows the couple to help clients develop marketing ideas for new products, advise on corporate mergers and acquisitions, international ventures and more. The Speers arent going it alone, however. A senior management team consisting of two additional partners, Skip Irving and Marie Schiller, a chief operating officer, and a solid group of VPs backs them up, and brings a variety of extra insight and experience to the table.
Offering something others cant

HA can offer all of its clients a three-pronged attack, with the ability to provide expertise in analytics, business and health care on every project team. However, where the firm really shines is its knowledge of the latter of these threehealth care. That knowledge includes in-depth information about diseases, expertise in the intricacies of working with the FDA, detailed insight into dealing with complex clinical trials and more. Most of all, HA thrives on its ability to predict or anticipate future trends and events in the health care industry over a 10- to 15-year span. Staying on top of all the information required to monitor and recommend improvements to the health care industry is no small task. To do so, the firm relies on a vast database of more than 5,000 clinicians, researchers and other industry contacts and experts, including PhDs, MDs and industry opinion leaders. In addition, the firm maintains a searchable library of treatment methods for diseases, company profiles and licensing deals, all collected from within the industry and maintained since the firm was started. HA also regularly funds internal research projects to stay on top of relevant issues, such as regulation, reimbursement, disease management, technology, business development and competitive trends.
No. 1 priority
Despite all HA has to offer its clients, the firm believes that its employees have even more to offer to the community. One visit to its website will make it obvious that community service ranks high on its list of priorities. The company devotes one day each quarter for the entire staff to give back in some way. Some of its favorite charities include the American Cancer Society, The Greater Boston Food Bank, the Juvenile Diabetes Research Foundation, the Pan Mass Challenge Kids Ride and the Waltham Fields Community Farm. Meanwhile, Partner and Managing Director Skip Irving serves on the board of the Michael J. Fox Foundation for Parkinsons Research, having previously served the foundation in an advisory capacity.
THE LATEST ON HEALTH ADVANCES

Branching out in the Bay Area
September 2008 HA opened a new office in San Francisco. After 16 years in operation, the move represents the firms first attempt to expand beyond its original location in the Greater Boston area. According to the firm, San Francisco is a good fit, as it is a focal point for innovative biotech, medical device and diagnostic companies.
Consultants, update thyselves

March 2008 The firm unveiled a new corporate image, featuring a new logo, a new format for corporate communications and an updated, more extensive website. According to HA, the new look emphasizes fresh, practical perspectives and new ideas, and reflects the values we strive to deliver to our clients.
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GETTING HIRED
Scoping out the campus
HA recruits from a pretty select list of schools: Harvard, Dartmouth, MIT and Brown. During on-campus interviews, a consultant will ask some basic background questions and do a fairly interesting case study. The second-round interview is held at HA offices. One recent grad tells us it was very evident right from the start that youre at a health care-specific company. All case questions are health care-related and based on actual cases that the interviewer has worked on, so you wont get the random How many paper bags are there in India-type question. Candidates for midlevel positions will encounter a similar procedure. For midlevel positions, the first step is typically a phone interview, which involves a high-level case. Next, there are two on-site interviews, in which you interview with three consultants for a total of six individual interviews. Of these individual interviews, several of them will be with the partners of the firm. All of the interviews will involve talking through a case. As with the entrylevel cases, the firm uses real cases to form the basis for case questions asked during interviews. An insider says, This approach allows the interviewee to get a sense of what types of cases we work on, as well as allowing us to see the thought process of the interviewee. Sources say recruiters at HA know exactly what they are looking for in terms of skill sets and general fit with company culture.
OUR SURVEY SAYS

Theres hope for health care
Its no secret that the business world has not been booming of latebut Health Advances may not succumb to the same fate. An insider states, We still have cases coming in and seem to be fairly well isolated from the current economic situations. Our cases have seemed to shift to include broader economic scope, and a lot of companies are interested in hospital purchasing decisions moving forward. Although growth and expansion may not be possible for a few years, clients in the health care industry are still hiring and Ive been plenty busy, a consultant notes. So what has helped HA stay afloat? At the end of the day, we are the best health care strategists in the business. Our work speaks for itself, and clients keep coming back and bringing others with them.
Best work by the best people

HA is able to attract top-quality candidates through its company culture, which one consultant simply says is a highlight of Health Advances. Were told that employees are all treated as equals, and opinions and insights are respected at all levels. A junior source comments, The environment is friendly and supportive, while promoting hard work and professionalism. The people are extremely intelligent, which makes brainstorming sessions fun and stimulating. While there are many different working and personality styles, team leaders make an effort to create an environment to foster and motivate the team as much as possible. Indeed, the team seems to be a strong focus at HA. A source in San Francisco reports, There is a great culture that exists in our firm. Its a growing company, yet we maintain that small-company feel through social aspects and team bonding experiences in and outside work. Some of that bonding takes the form of Friday Fiestas in the Boston office, where employees gather to socialize. Theres also an annual trivia night that gets very heated, since winners get trophies and major bragging rights. The social committee organizes other events that make it easy to meet people in the company that you may not work with on everyday cases, just because of the way staffing may work for you. These include bagel birthday breakfasts, snackinars, a holiday party, a bad holiday sweater party and more. A staffer in Boston says, In the summer (June to August) we only work until 3 p.m. if casework allows (and it is strongly encouraged to end by that time if possible), casual Fridays, and the week between Christmas and New Years is given off as a holidayand thats on top of 10 other paid holidays.
Healthy focus and policies

Insiders tell us that among their reasons for choosing the firm, their colleagues and the work itself rank high. I wanted to focus on health care, and Health Advances had expertise in a wide range of industries within health care, biotech, devices, pharmaceuticals and diagnostics. They also worked with a broad range of clients types, from startups to the biggest public companies. The emphasis at the firm is not on the quantity or the quality exclusively, but rather a combination of the two. Another standout aspect of the firm is its male-to-female ratio. The women actually outnumber the men at HA, and are hired and promoted at the same rate, a Boston-based staffer explains. There is definitely no feeling of sexism or favoring in any way, which makes the environment very comfortable to work in, another echoes. The reason for diversity among employees is simple: We seek to hire the best consultants, whether they are a minority, GLBT or any other protected class. Every type of person is welcome at Health Advances.
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Tracking time
On average, respondents tell us they work between 50 to 70 hours a week, and claim that maintaining work/life balance is no great feat. Health Advances is flexible on where and when you do work, outside of business hours, one insider tells us. A co-worker says, The work/life balance is pretty good at HA. Although I have had to put in a few hours on the occasional weekend to finish up some work for a client meeting in the coming week, it is not excessive and I can generally do that work from the comfort of my couch. There are some weeks where I leave a bit early nearly every day because I have a light workload, and there are some weeks where I might need to stay late a few hours to finish up a presentation. It balances out well, though, and the management team is fairly good at recognizing when you have a heavy caseload and when you should have a bit of a break or something new. Exceptions to the work/life balance dont seem to faze these consultants. Of course, as the nature of this business is, there will be weeks where presentations happen to fall together and work piles up, but generally if you are efficient, you can manage the 50-hour set workweeks. We fill out time sheets that are reviewed by management, not to keep tabs on us, but rather to make sure that we arent spending too much time on work for a project. If this is observed, they will plan accordingly and work with the employee to improve the situation or work on ways to increase efficiency, a respondent explains. Even when theyre holed up at the office, HA tries to keep consultants happy. The kitchen is kept stocked with breakfast and lunch items for days stuck in the office for lunch. It also has a steady supply of Diet Cokes and snacks for that afternoon pick-me-up. Sounds like a recipe for success.
Learn more by traveling less

Another thing that keeps these consultants happy is that travel is kept to a minimum to increase productiveness. Its great, a respondent says, adding, I think we really get a lot more done this way. And most tend to agree; a female consultant gushes, I love the fact that I dont have to travel often for my job. When I leave the office, I can spend time with my friends in town and in my apartment. I can plan events during the week and actually be around for them, which is great. I have only had to travel nonlocally a few times, though I have had plenty of opportunity to get out of the office for local meetings or conferences. It is nice to stay in town and not have to live out of a suitcase. Travel is generally reserved for presentations and working sessions, two to three times per caseand even then, analysts rarely travel somewhere that requires a plane ride. Many of our clients are local or within a reasonable driving distance, which is not only nice for convenience, but also allows lower-level employees the opportunity to attend important meetings and presentations where otherwise they might not be able to.
There is a season, learn, learn, learn

Teaching junior-level staffers seems to be a priority at HA. A newbie reports, Health Advances has a very solid training program, which involves topicspecific training sessions that cover areas from how to read scientific and clinical journal articles, to how to use pipeline databases, to tips and tricks for using Excel. New hires are also given a therapeutic area or health care topic to focus on for a training project. With the assistance of a training advisor, the new hire puts together a presentation on his/her topic for the office. Lastly, each new hire is assigned to shadow a case. This process allows the new hire to learn about the different stages of a case and how to perform certain tasks and analyses. After the first six months with the firm, though, the training transitions from structured to informal mentoring and on-the-job training. This type of learning is designed to support consultants development and progression through the HA ranks. Respondents tell us the firms promotion policy is not strictly up-or-out. The standard promotion schedule is one-and-a-half years, although some are promoted faster and some slower. The firm is also open to the notion that all paths do not point north; While we have always moved people up, we are looking at alternative career paths for those whose skills are not best leveraged in a manager or VP role, a source explains.
Must do, can do

Whatever their role, HA insiders are on the same footing when it comes to giving back to the community. The firm pays consultants four days each year to participate in community service or pro bono work. Health Advances strongly promotes pro bono and volunteer activities. Each employee is encouraged to spend one day per quarter on pro bono activities. Two of these days are spent participating in company-wide pro bono events, such as volunteering for the ACS Daffodil Days and the Greater Boston Food Bank. The other two days are up to the individual employee, a consultant explains. One senior analyst shares, I participate in the Power Lunch program in Waltham. In this program, I read to a second-grade student every other week and act as a mentor. By blocking out my schedule, I am able to leave the office on Fridays for one-and-a-half hours to do this. Another notes, I do pro bono consulting through community consulting teams and am using my paid days to manage a project team for Bikes Not Bombs.
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KAISER ASSOCIATES
1747 Pennsylvania Avenue, NW Suite 900 Washington, DC 20006 Phone: (202) 454-2000 Fax: (202) 454-2001 www.kaiserassociates.com
RANKING RECAP
Quality of Life #2 Interaction with Clients #4 Travel Requirements #8 Firm Culture #8 Hours in the Office #8 Work/Life Balance #16 Overall Satisfaction #18 (Tie) Relationships with Supervisors
LOCATIONS
Washington, DC (HQ) Cape Town Hong Kong London So Paulo Toronto
UPPERS
Great location right next to the White House Elite client base Opportunity to work in the industries of greatest interest to you Constant entrepreneurial vibe
PRACTICE AREAS
Benchmarking Innovation Marketing & Sales Mergers & Acquisitions Operations Capabilities Organization & Leadership Strategy Development & Execution
DOWNERS
Limited resources, lack of brand recognition On the low side for compensation in the industry A difficult place to launch from Can be very political internally
THE STATS
Employer Type: Private Company Managing Director, North America: Feroze Khan 2009 Employees: 120 2008 Employees: 130
EMPLOYMENT CONTACT
Corporate Strategy Practice www.kaiserassociates.com/cs/careers Economic Development Practice www.kaiseredp.com/new/n_4_1.htm
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Kaiser Associates
THE SCOOP
Little firm, big business
Kaiser Associates is a boutique management and business consulting services firm headquartered in Washington, D.C., with offices in London, So Paulo, Cape Town, Toronto and Hong Kong. Its business is divided into a corporate strategy practice in North America, Europe and South America, and an economic development practice in Africa, South America and Europe. Founded in 1981, the firms clients include five of Fortunes Ten Most Admired Corporations, six of the top 10 in BusinessWeeks Global 1000, six of the top-20 companies listed on BusinessWeeks Information Technology 1000 and four of the EuroSTOXX 50. The firms consultants offer services in a number of industries, including aerospace and defense, chemicals, communications and technology, consumer packaged goods, power and utilities, financial services, health care, industrial, media and entertainment, oil and gas, private equity and retail.
Kaiser means kingof benchmarking

Kaisers corporate strategy practice works with Fortune 500 and smaller companies to develop and execute business strategy. The practice is probably best known for its benchmarking practice, which it began in 1983. Kaiser also claims to have authored the first book on the subjectBeating the Competition: A Practical Guide to Benchmarking, published in 1985. The firm offers four different types of benchmarking services. The first, internal benchmarking, compares function and business process performance across geographies and/or business units within a company. Used as a performance improvement tool, internal benchmarking helps companies looking to improve their businesses to pinpoint and prioritize their problems. External benchmarking, on the other hand, looks at other companies in a clients industry, or out of industry best-in-class companies, to identify processes or changes that could be helpful for Kaisers clients. Kaisers consortia benchmarking offering involves creating networks of 10 to 20 different noncompeting companies that share data in a common area of interest. The firm facilitates the data-sharing process, synthesizes the results, and identifies trends and insights to help everyone in the network. The consortia benchmarking exercises can focus on anything from public relations and corporate communications functions, to branding and call center operations. The fourth benchmarking service Kaiser offers is teaching others how to benchmark themselves. To that end, its benchmarking experts provide courses at graduate business schools, in seminars, workshops and executive strategy sessions, at workshops for industry associations and at special events led by global conference companies.
Going public
In the late 1990s, Kaiser began using the knowledge it gleaned from the private sector to lend a helping handfor a price, of courseto the public sector. The firms economic development practice, which it opened in 1998, works with national, regional and local governments, multilateral agencies, donors and multi-stakeholder groups on issues related to sustainable economic development. The practice is mainly offered through the Cape Town office, which it opened in 1997, but Kaisers economic development consultants have also worked extensively in the Middle East, India and Europe. The practice offers a range of services, including offering advice on economic policy and strategy, industry development, regional and local economic development, transport and trade infrastructure development, trade and investment facilitation, and program development, management and evaluation. For example, Kaiser worked with the South African government to develop an integrated small business development strategy. The strategy defined the governments national approach to small and medium enterprise development and how it would support these businesses, covering issues such as targeting beneficiaries, accessing money, training employees, and a range of other services and support measures.
Covering all the bases

With only 120 consultants, Kaiser has a surprisingly global reach, and often boasts of its offices international makeup and the number of languages spoken in its six offices. Each office covers wide swaths of territory, with Washington, D.C., handling business in North and Central America, the Caribbean and Asia, and the London office serving businesses and governments in Europe and the Middle East. The Toronto office is mostly caught up in Canadian contracts with clients in the aerospace, financial services, consumer products, natural resources, communications and utilities sectors, while the So Paulo outpost concentrates on South American clients, with an emphasis on those in energy, communications, pharmaceuticals and consumer products and services. It also has a growing economic development practice.
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GETTING HIRED
Only the best of the best
Getting hired at Kaiser Associates is no laughing matter, although it may involve some wining and dining. The firm recruits from elite liberal arts colleges and business schools at leading institutions, such as Yale, Princeton, Dartmouth, Brown, Harvard, Duke and more. It also tends to pick from its summer intern class, were told. Summer interns have a higher likelihood of receiving an offerwe extended offers to three of our five interns this summer, an insider says. As a summer associate, individuals have the opportunity to be on the phone during phone-based client presentations and answer questions. One former intern states, I was treated like an entry-level consultant and got a lot of exposure to Kaisers engagement process and client interaction skills. Internships seem to be the way to go, as the hiring process is a highly selective one. An insider explains that in 2008, of the over 25 candidates interviewed in Super Days and many more in earlier rounds, only two were offered jobs. As for the process itself? Kaiser has two rounds of interviews. The first round lasts for 30 minutes and is behavioral and has a small case, a respondent tells us. The second round is a full day of interviews in our D.C. office and includes an analytical case, research case and writing sample. These full days are referred to as Super Days, which are described as very intense. But all this work is worth it if you get the offer, sources claim. I thought Kaiser provided an unparalleled opportunity to advance my career quickly and without limitation. I also wanted the big fish, small pond experience, which I have gotten at Kaiser. A colleague claims that the firm offers better experience and better opportunities than do other firms.
OUR SURVEY SAYS

Oh, the glories of foosball
The culture at Kaiser is described as young, fun and inviting. The culture is very collegial and supportive. Although all the consultants at Kaiser are extremely smart and driven, it does not feel cutthroat or competitive. Rather, the focus is on producing the best possible work for our clients, an insider states. Producing the best work frequently means teamwork. It is a congenial culture where people are willing to help each otherteamwork is key here, a source comments. Another adds that Kaiser is a place where you actually look forward to spending time with co-workers and you like the firm leadership. When I look at other firms in the area and industry, I cant think of a place where Id be happier. Kaiser consultants spend time together outside of work, as well. Some respondents mention frequent after-work happy hours and the infamous foosball table that consultants use during their free time. Additionally, Kaiser does have a kitchen with healthy snacks. We celebrate birthdays with either ice cream or cake, and when an individual is promoted to VP, we celebrate with champagne. All of these factors add up to make Kaiser a wonderful place to work, insiders claim. Consultants also collaborate on pro bono work, as well as various charity events and food drives throughout the year. The firm encourages staffers to participate in pro bono consulting with Compass DC, a strategic consulting group committed to aiding nonprofits. They also work together on green initiatives. Kaiser has made efforts to control paper waste, turn off heating/AC on weekends and stop use of disposable plates/napkins/silverware, etc., and it held a summer challenge to go green in our offices, a respondent explains.
Trimming the fat

Repercussions of the recent economic troubles have not bypassed the firm. One new consultant tells us the firm just went through two rounds of layoffs, and describes it as a bit of a morale killer. A co-worker spins the news a different way: The economic crisis brought a little rockiness to the firm at the end of CY08, but after some trimming of the fat and an uptick in the pipeline, I think were in pretty good shape. The climate has opened the door for new practices to grow, and three entirely new practice areas have developed in recent months to help bridge the gap in some of our core clients/practice areas. Moving forward, it looks like we have a steady stream of projects coming in the pipeline, but with the economic situation being so chaotic, its all up in the air, another notes.
Get a life
One thing thats not chaotic at the firm is work/life balance, which grants consultants plenty of personal time. Im married with two small kids, but the firm affords me the flexibility to get my work done when I can, a consultant tells us. [The] firm is very supportive of work/life balance, and peers help with workload to ensure no one has to shoulder too much of the weight of any given engagement, a colleague agrees. In cases where we do have to work late, its not uncommon to see an SVP or VP stay up late working alongside with uswhich is very motivating and supportive. Weekend work is rarely required; one source who claims to work regularly on weekends says thats his personal choice, as he tries to balance his work life during the week. Were told that there are a few managers who expect staffers to always be on, but that the leadership at the firm is cognizant of the fact that we all have lives outside work. An insider does add, though, that while the firm respects this balance, to truly excel, be prepared to put in the time on nights and weekends.
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Whether its on nights and weekends or during the work day, most respondents report working between 40 to 70 hours per week. And travel requirements are reported to be very minimal. In fact, one insider says that the limited travel was one of his primary reasons for joining the firm. We travel for client presentations and key meetings, but otherwise work at office headquarters, consultants explain. One associate reports that says that in seven months with the firm, he has yet to travel off site. However, when travel does come up, it is infrequent enough to feel like a nice break from the norm when I do it, a source remarks.
Speaking of proportionality
Perceptions of the male-to-female ratio at Kaiser seem to vary. One experienced consultant says there are a number of female leaders at the top of the organization (including the majority shareholder) and many others throughout the different levels of the organization. He adds that the firm has also established a Women in Business organization/initiative to promote the cause. However, a female cohort has a slightly different perspective: Im always surprised when I see the physical count of women versus men at Kaiser. Although it feels like a firm that has a lot of women, there really arent that many of us. We have three VP-level females (one SVP and two VPs), and no female senior managers here in the D.C. office, so the majority of females are at the consultant levels. But British rule may be to blame for D.C.s lack of Stateside women in charge: Two of that offices female senior managers relocated to the London office in 2008, where two of the four VPs are women. The firm is also reportedly light in terms of African-American representation, but has an impressive diversity of Latin Americans, Asians, Africans and Middle Easterners. Finally, there are no official groups/policies promoting GLBTs, but many are out of the closet and comfortable, respondents tell us.
The training never ends

Training is excellent for a firm of our sizeofficial training includes a robust onboarding program taught by current consultants, and new hires are given both peer and senior mentors, a consultant explains. Ongoing training and off-sites occur approximately every month. Unofficial training is continuous; development plans are addressed in every engagement with managers and officers to ensure that goals are set and met, and team members definitely go out of their way to help their colleagues learn new skills. Informal mentoring happens all the time. I count many of the officers that Ive worked for as informal mentors, and would feel comfortable going to any of them with a tough personal or professional challenge. The ability to approach higher-ups seems to be an accurate reflection of how respondents feel about supervisors. Our managers and VPs are incrediblethey take a personal interest in developing us, and I really feel that they genuinely care about us as people. Theyre committed to making us better consultants, and take time to help do so, an insider says. Overall, the firm promotes a small-firm feel in terms of relationships and support networks. As for client interaction, Kaiser is one of the only places Ive heard of where a first-year consultant will be able to attend and participate in meetings with VP- or C-level management of Fortune 500 companies. Its great! a senior consultant states. Kaisers small-firm status also means consultants will be expected to take on more responsibility sooner, which generally puts them on the path to promotion quickly. There is no up-or-out policy at the firm, were told, although it may be an unspoken rule. That said, the same source adds that Kaiser is a pure meritocracy, and a colleague goes so far as to say that you can stay forever at Kaiser if you want. If you do decide to stick around, top-performing consultants can advance in 12 months, but the average is closer to 15 to 16 months. You can even reach VP ranks from entry level in five years, an insider says. An associate adds the final word: Consultants usually are promoted quickly, although with the economy being like it is, I am not sure how things will be in the next year.
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THE LEWIN GROUP

3130 Fairview Park Drive Suite 800 Falls Church, VA 22042 Phone: (703) 269-5500 Fax: (703) 269-5501 www.lewin.com
UPPER
Specialized, boutique shop with big-parent backing
DOWNER
Must come with prior health care expertise
LOCATION
Falls Church, VA (HQ)
EMPLOYMENT CONTACT
www.lewin.com/Careers
PRACTICE AREAS
Comparative Effectiveness Research Modeling, Statistics & Actuarial Analysis Policy Research & Data Analysis Program Evaluation Strategic Planning Technical Assistance
THE STATS
Employer Type: Subsidiary of Ingenix, a Wholly Owned Subsidiary of UnitedHealth Group Senior Vice President: Lisa Chimento 2009 Employees: 140+ 2008 Employees: 100+

Great people, dedicated to health care Research-type work environment Intellectual and policy-focused United ownership compromises independence
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Lewin Group
THE SCOOP
Healthy help
For nearly 40 years, The Lewin Group has been in the business of helping clients keep their budgets, bottom lines and employees healthy. The Falls Church, Virginia-based health and human services research and consulting firm provides modeling, statistics, actuarial analysis, policy research and data analysis, program evaluation, strategic planning and technical assistance services to improve clients health care and human services. Associations, the federal government, foundations, hospitals, health systems, health providers, payers and insurers, pharmaceutical and biotech companies, as well as state and local governments all look to Lewin for help in improving their health-related polices and systems, setting up and evaluating their programs, keeping up with changes in health care practice and regulations, and improving the performance, quality and efficiency of their health care and services. The firms 140 consultants are experts who have worked as health care professionals, or with the government or in academia. As a result, they have firsthand knowledge and expertise in a number of issues related to children, youth and family policy; chronic disease and the costs of illness; community health needs assessment; emergency preparedness and response; employment, training and workforce development; comparative effectiveness research and evidence-based medicine; health professionals workforce; health reform; income security; long-term care; Medicaid and CHIP; Medicare; mental health and substance abuse; and program integrity. Each answers to Senior Vice President Lisa Chimento, who has been in the top seat since September 2007.
Grand associations
The Lewin Group was founded by Lawrence S. Lewin in 1970, and was acquired by ICF International in 1987. Value Health purchased Lewin-ICF in 1992, and in 1996 sold it to Quintiles Transnational Corp, a clinical research firm serving pharmaceutical and biotech companies. Nine years later, in June 2007, health care information and research firm Ingenix, Inc., acquired The Lewin Group from Quintiles. Ingenix is a wholly owned subsidiary of UnitedHealth Group, a diversified global health company that also owns one of the largest health insurance providers in the United States. The Lewin Group states that it operates with editorial independence and has firewalls in place to remain separate and independent from its parent company.
9001 percent certified

To be safe, The Lewin Group is bringing in the experts to prove its business is squeaky clean. It prides itself on its certified ISO 9001:2008 status, which is a standard set and monitored by the International Organization for Standardization. The certification indicates that a business has applied a set of formalized business processes across its organization. There are several things that companies must do to meet the ISO 9001 standards. These include having a set of procedures that cover all key processes in the business; monitoring business processes to make sure they are effective; keeping adequate records; checking output for defects; reviewing individual processes for effectiveness; and always working to improve these processes. While some businesses may advertise their ISO 9001:2008-compliant status as a marketing tool, Lewin says it is important for clients to know it is certified, since the groups services are highly specialized and technical in nature, meaning its control must therefore be rigorous.
THE LATEST ON THE LEWIN GROUP

Crunching the numbers
April 2009 Building on its October 2008 analysis of the two presidential candidates health reform proposals, The Lewin Group released a report that examined what cost and coverage impacts could occur if a public plan is included in upcoming health reforms. Six separate scenarios were examined, with variations in the number of individuals permitted to enroll in the plan and the reimbursement rate used (private rates, low medicare rates or somewhere in between). The report has subsequently been used to support arguments by those on both sides of the debate.
Words to live by
January 2009 Lewins 2008 hospital system rankings found that the quality of care and the level of patient satisfaction in hospitals vary widely across the country, despite national standards. For example, the rankings show that the percentages of patients who said they were happy with their care ranged from 44 percent in some hospital systems to 81 percent in others. This was the first organized ranking of groups of hospitals within systems.
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition The Lewin Group
Another report, released in January 2008, looked at the economic toll of diabetes. The Lewin study estimated that the national economic burden of diabetes in 2007 totaled $174 billion, up from $132 billion in 2002, the last time the study was conducted. The 2007 total includes $116 billion in additional health care expenditures and $58 billion in lost productivity from absenteeism, reduced productivity, permanent disability and premature mortality.
Weighing the candidates

October 2008 The Lewin Group released an analysis of the proposed health care reform plans of presidential candidates John McCain and Barack Obama. While making it clear that the report made no judgment as to which candidates plan was better, it nonetheless delved into the details. Chief among the findings were estimates of the number of uninsured people each candidates plan would help (21.1 million under McCains, 26.6 million under Obamas), as well as the costs ($2.05 trillion from 2010 to 2019 for McCains, while Obamas was estimated at $1.17 trillion over the same period). The analysis was presented to journalists at the National Press Club in Washington, D.C.
GETTING HIRED
Small and smart
As a smaller, specialized firm, The Lewin Group is looking for health care specialists who can make an impact on the firms health and human services consulting business. The firms 140 consultants are experts in their field, hailing from industry, government, academia and health professions. The firm notes that a number of its staffers are national authorities, whose client advice derives from personal experience working in the health care and human services field.
The bigger picture

The Lewin Group posts jobs on the Careers page of its website, as well as on that of its parent company. For undergraduates still completing their studies, internships are available on occasion, offering real-world, on-the-job training. Candidates should be one year away from graduating from relevant undergraduate or graduate programs, and must also demonstrate strong verbal and written communication and interpersonal skills. Full-time, entry-level job requirements for recent undergraduates are similar to those required for internships, and UnitedHealth Group recruits equally for both types of positions via career fairs, information sessions and on-campus interviews. For MBA grads, the requirements are a bit more demanding, according to the company, which asks for five to eight years post-undergraduate professional experience at a Fortune 500 company and/or consulting experience as an added asset. Applicants at this level should also be able to show that they have the ability to lead and manage people, skills to analyze complex issues, and have effective and persuasive communication skills and project management skills.
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MERCATOR PARTNERS LLC

30 Monument Square, Suite 155 Concord, MA 01742 Phone: (978) 287-7500 Fax: (978) 287-7600 www.mercatorpartners.com
THE STATS
Employer Type: Private Company CEO: Charles Gildehaus 2008 Employees: 25 2007 Employees: 25
LOCATIONS
Concord, MA (HQ) San Francisco, CA Washington, DC London
UPPER
Consultants of all levels can take on as much responsibility as they can handle
DOWNER PRACTICE AREAS

Solving Key Strategic Challenges New Opportunity Evaluation Partnership & Alliances Assessment & Development Product & Service Portfolio Design & Optimization Segmentation & Marketing Effectiveness Strategy Development Business Portfolio & Investment Strategy Business Unit Strategy Corporate Strategy M&A Evaluation & Value Creation Strategic Planning Processes Strategy Execution Business Development Support Campaign Mapping Operations & Process Improvement Organizational Design Little formal training
EMPLOYMENT CONTACT
www.mercatorpartners.com/careers.html
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Mercator Partners LLC
THE SCOOP
Tech-tastic tips
Boutique strategy consulting firm Mercator Partners uses all of its 25-person brain power to provide expert advice for clients in the information, communications and technology (ICT) sector. The Concord, Massachusetts-based firm works with clients to address issues such as portfolio strategy, merger and acquisition assessment, campaign mapping and process improvement. Clients include telecom and tech giants such as Verizon, Samsung, Sprint, Alltell, Motorola, Lucent Technologies, Bechtel and AT&T, as well as network operators, internet service providers, software developers and private equity firms that invest in companies in the ICT sector. In recent years, especially, the firm has worked with leading service providers, equipment makers and media players who hope to capitalize on the growing convergence between technologies across telecommunications, tradition, new media and the internet.
Mapping unmarked territory

In one of the worlds fastest changing markets, tech-focused companies need objective help in setting and meeting their goals. To meet that need, Mercators core services focus on strategy development, solving strategic challenges and assisting in strategy execution. Strategy development, according to Mercator, can mean anything from corporate to business strategy development and designing new investment strategies to assessing new opportunities. In one major client engagement, Mercators experts worked with a venture capital firm to fill a gap it saw in the U.S. telecommunications market for value-added directory services. The firm worked to develop a directory services provider business plan, recruited a management team, raised capital and signed corporate development deals. It even participated in the initial funding of the company, taking equity and gaining seats on the board. The result: a new telecom directory services provider that, today, runs successful businesses in the United States and Europe. Strategic challenges include any issues related to marketing and sales, product and service design, finding new partners and/or alliances, and improving a companys organizational design. And when it comes to strategy execution, Mercator offers business development support and program management assistance. For example, in another client engagement with a federal systems integrator, Mercator helped prepare for a bid on an $870 million government contract. The client ended up winning the contractthe largest it had ever won.
Number crunching
Ever since Mercator opened its doors in 1998, it has collected information on all its client engagements and data from market research. As a result, it has developed its own proprietary data sets with statistics and information on mobile devices, converged products and services, and customer needs and behaviors. This data is now used in all of the firms business dealings and is available to its clients.
Down to the core

Mercator co-founder and CEO Charles Gildehaus knows a thing or two about the ICT sector. Not only has he steered the Mercator ship since 1998, but he has also been part of multiple successful mobile business startups, continues to serve on the board of several of these enterprises, and continues to apply the knowledge and skills he picked up in his pre-Mercator days as an opportunity-hungry Wall Street investment banker and lawyer. Gildehaus is also the brains behind his firms fundamental core needs framework, a toolkit for using the customer as a starting point for strategic decision making, product development and market intelligence. The framework involves a needs-based approach to product innovation, latent demand analysis, market segmentation, and long-term product and service differentiation strategies, and is based on the fundamental idea that people buy products or services to fulfill needs. According to Gildehaus, there are eight core customer needs in the ICT universe: the need to sustain ones ability to communicate; the need to communicate thoughts and messages; the need to be entertained for amusement and leisure; the need to be informed, receiving and distributing facts and ideas; the need to be productive at work and achieve results; the need to be safe and prevent risk or injury; the need to be transported from one location to another; and the need to be recognized or accepted in a specific manner. Every dollar of consumer spending can be categorized across these eight needs, Gildehaus wrote in the Mercator briefing paper, How to Win in a Converged World? Put the Customer at the Center.
GETTING HIRED
Measuring up with Mercator
As a specialist firm focused on the mobile, broadband and convergence sectors, Mercator is looking for candidates who share the firms passion for understanding and solving complex business challenges for clients in those industries. More generally, the firm says the work it does requires a certain kind of personsomeone who is passionate about testing the limits of whats possible and focused on doing what it takes to deliver lasting results.
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For those individuals who meet Mercators ideal candidate profile, positions are available for college graduates, business school graduates and those with industry experience. In addition, summer internship positions are available for recent graduates.
Three choices
New hires typically join the firm in one of three roles: associate, consultant or manager, depending on their education and prior work experience. Associates are generally recent college graduates and/or have less than two years relevant work experience. Consultants, on the other hand, are either promoted from within from the associate role, or are hired externally with two to three years relevant experience. Those with an MBA usually join Mercator at the manager level, which is also reserved for consultants with significant relevant industry experience. Once in the door, the firm says promotions are purely merit-based. Because the firm is small, team members at all levels are given plenty of responsibility from the get-go, and can take on as much responsibility as they are able to handle. Those who do well in this kind of environment, the firm promises, progress rapidly.
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NORTH HIGHLAND
550 Pharr Road Atlanta, GA 30305 Phone: (404) 233-1015 Fax: (404) 233-4930 www.northhighland.com
THE STATS
Employer Type: Private Company President & CEO: Dan Reardon 2009 Employees: 750 2008 Employees: 600 2008 Revenue: $168 million 2007 Revenue: $140 million
LOCATIONS
Atlanta, GA (HQ) Charlotte, NC Dallas/Fort Worth, TX Denver, CO Houston, TX Los Angeles, CA Nashville, TN New York, NY Orlando, FL Philadelphia, PA Richmond, VA Sacramento, CA San Antonio, TX San Francisco, CA Tallahassee, FL Tampa, FL Trenton, NJ Washington, DC Shanghai
UPPERS
Strong respect for personal life Employee-owned
DOWNERS
Limited visibility in the industry No room for entry-levels
PRACTICE AREAS
Customer Interactions Execution Finance & Accounting Human Capital Information Technology Operations Strategy & Advisory
EMPLOYMENT CONTACT
www.northhighland.com/working_here

Where consultants go to have kids Limited Great small firm Overinflated self image
THE BUZZ
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THE SCOOP
Southern comfort
Founded in 1992, Atlanta-based North Highland believes that the best consultants are happy consultantsso much so that the firm is owned and managed by its employees. Perhaps thats why each of its 18 U.S. (and one in China) offices is staffed locally, an approach that minimizes consultants travel time while still providing clients with easy access to North Highlands best resource: its 750 employees. The firm offers business solutions to Fortune 1000 clients, nonprofit groups and government agencies in the United States, Asia, Europe and Australia, working with companies to define strategies, streamline operations, empower people, integrate suppliers, leverage technology and maximize customer interaction.
Forget the frequent flyer miles

According to North Highland lore, Dave Peterson woke up one morning, after weeks on the road as a consultant with a Big Five firm, happy to finally be home. When his two-year-old daughter saw him that morning, she asked her mother, Does Daddy still live here? That was 1991. The next year, Peterson founded North Highland as a new kind of consultancyone that focused on rewarding good consultants with a more balanced lifestyle that promised less travel and more time to work on the job at hand. Peterson envisioned a company that selectively hired the best consultants, staffed projects locally and guaranteed the quality of its work by giving each employee a stake in the firms success via an employee-owned stock ownership plan. Today, Petersons vision has taken shape in a firm where the average consultant has some 15 years of experience. As might be expected, North Highland also claims that its clients are happiera phenomenon it attributes to faster completion of projects by consultants who are focused, experienced and hold a stake in the firms success. Clients turn to North Highland for help with customer interactions, execution, finance and accounting, human capital, information technology, operations and strategy.
Global work, locally

North Highland may think and work locally, but it has global reach, via its international company, Highland Worldwide. Highland Worldwide is comprised of premier management consulting firms that draw on each others expertise to offer full-service consulting in management, technology and business services. In addition to North Highland, members include firms with offices in Australia, Austria, Belgium, France, Germany, Hungary, Italy, the Netherlands, Romania, Spain, Switzerland and the United Kingdom.
THE LATEST ON NORTH HIGHLAND

Asian expansion
July 2009 North Highland further expanded its footprint with the opening of an office in Shanghai, Chinaits first in Asia. According to the firm, the office will support the business needs of its U.S. clients operating in the region. Underlining both the short- and long-term advantages of the move, CEO Dan Reardon commented that, even in the current economy, business needs in Chinaand Shanghai in particularremain strong. Having a local presence will enable us to better deliver the guidance and range of services our clients need to succeed there.
In the big leagues

September 2008 Consulting magazine named North Highland third out of 205 firms on its list of the Best Firms to Work For in 2008. The firm was recognized for its ability to meet clients needs and for doing work that has a positive impact on clients, as well as in the areas of culture, career development, leadership, work/life balance, traveling the fewest days and morale. The firms high position was no flash in the pan success, either, having landed fourth on the list in 2007.
California, here we come

2008-2009 North Highland opened offices in Los Angeles, Sacramento and San Francisco. According to Vice President Bob Lamont, the moves are part of the firms ongoing effort to provide services to major markets from coast to coast with locally based consultants.
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition North Highland
GETTING HIRED
Destination North Highland
North Highland reserves its recruiting efforts only for experienced candidates at the top of their game. New hires typically have general consulting experience in business process and/or technology, and often have specialized knowledge. On average, the firm adds, consultants come in with 15 years of experience under their belt. Though not exactly resort-likeconsultants are expected to work for their moneyNorth Highland sees itself as a destination consulting firm. Working at North Highland, the firm explains, is hardworking consultants reward for all the talent and hard work that got them here.
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NOVANTAS LLC
485 Lexington Avenue New York, NY 10017 Phone: (212) 953-4444 Fax: (212) 972-4602 www.novantas.com
RANKING RECAP
Quality of Life #7 Interaction with Clients #7 Selectivity #9 (Tie) Relationships with Supervisors #11 Best Firms to Work For #12 Firm Culture #13 Overall Satisfaction #15 Hours in the Office #16 Compensation #16 Travel Requirements #20 Green Initiatives Diversity #18 Diversity for GLBT
LOCATIONS
New York, NY (HQ) Chicago, IL London Madrid Toronto
PRACTICE AREAS
Credit Management Customer Strategy Distribution Marketing/Sales Effectiveness Merger & Acquisition Support Operations & Systems Pricing Risk Management Segmentation
UPPERS
Very comfortable offices High level of interaction with firm directors and upper management at the client Opportunity to take a strong role in small teams Fast-paced and energetic environment
DOWNERS
Little diversity Culture of unstructured, seat-of-the-pants execution Model limits investment in deep thought leadership Narrow industry/project focus
THE STATS
Employer Type: Private Company Managing Partners: David G. Kaytes & Richard W. Spitler 2009 Employees: 125 2008 Employees: 125 2008 Revenue: $37 million 2007 Revenue: $35 million
EMPLOYMENT CONTACT
www.novantas.com/careers_who.shtml

Good, niche specialist Worrisome business prospects for 2009-2010 Buzz-worthy Pretentious
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Novantas LLC
THE SCOOP
Getting the financial house in order
As the worlds financial markets recover from the meltdown of 2008-2009, the financial industry has a friend (for a fee) in Novantas. The New Yorkbased firm offers management consulting and information services to clients mostly in the retail banking, corporate and institutional banking, wealth and brokerage, insurance and payments sectors. In recent years, however, customers in industries as varied as the utilities, gaming and online services markets have asked for Novantas help with customer strategy, distribution, marketing and sales, operations and systems, pricing, risk management and segmentation services. Most of Novantas clients are headquartered in North America and Europe, although the firm has increasingly served financial institutions in Eastern Europe, Southeast Asia, Latin America and the Middle East. Those clients include 20 of the top-30 banks in the United States and four of the top-10 banks in the world.
Theres no I in team
Novantas was founded in the mid-1990s by consultants and practice leaders from Booz Allen Hamilton, Bain and First Manhattan Consulting Group, who realized that their clients were looking for something different from the traditional group-think consulting model. Clients were tired of working with large consulting teams with generally inexperienced staff, who came up long on writing reports but short on delivering results. Some clients, the founders realized, were growing so tired of the traditional consulting model that they short-circuited the consulting process by picking off individuals from their consulting teams to do research in-house, often for lower costs. The firm that came about as a result of these observations seeks to break out of the old consulting mould. Novantas vows to deliver tangible changes not mere paperwork and studies. Generally, its consulting teams have a lower staff-to-partner ratio, and consultants are selected based on their industry expertisewhether it be retail banking, corporate banking, cards, payments, brokerage or insurance. Teams are typically comprised of three to five professionals, led by one or more managing directors, who bring a combination of industry insight and practical solutions.
The science of consulting

Novantas has turned its practical approach to consulting into a near-academic discipline. Customer science, according to the firm, is everything that goes into boosting revenue. Often a wishy-washy promise from some firms, Novantas customer science claims to boost revenue by defining, building, managing and measuring revenue-generating capabilities. These include branding, market mix management, segmentation, product design, pricing, distribution management, sales execution effectiveness and customer experienceall tools in Novantas consulting laboratory. At the heart of these analytical methods are the firms proprietary tools: MindSwift, the BranchScape database suite and PriceTek, to name a few. MindSwift, deployed as an application service provider, or ASP, systematically reviews a companys interactions with a customer, gauging the value and impact of the interactions and then designing possible improvements in technique, both conversational and online. These techniques can be instituted in existing customer relationship management applications or implemented through MindSwift on the clients desktop. Products in the BranchScape database suite are designed to help retail and business banks market and sell more effectively by tracking local performance metrics. PriceTek is another ASP service that analyzes how current and prospective customers respond to changes in a banks interest rates, relative to the competition. Based on these measurements, PriceTek creates predictive models of how balance acquisition, growth, diminishment and attrition could be affected by pricing. Traditionally, these services and products have been sold exclusively to the financial services industry, though, with new information-based products in the pipeline, Novantas has expanded Qualityxs offerings into the insurance and brokerage industries.
Comparing apples to apples

Novantas classifies tools like MindSwift and PriceTek as information servicesmeaning they help clients learn more about themselves and their customers. In business, however, some of the most valuable information lies in comparing activities and performance with the competition. For this sort of competitive context, the firm offers the services of Qualytix, its performance measurement division that provides an extensive suite of peer-based ratings biannually. The Qualityx Ratings service compiles a variety of anonymous customer information drawn from study participants, producing dashboard reports that allow consistent and uniform comparisons of peer organizations. Through this information, clients are able to precisely identify their relative strengths and weaknesses. Use of the service is widespread: Qualytix Ratings for retail banking are currently used by 30 of the top-50 U.S. retail banks, while the small business ratings are used by 25 of the top-40 small business banking organizations.
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THE LATEST ON NOVANTAS

Down but not out
February 2009 Novantas released its annual report, which stated that, while 2008 was a rough year for the financial services industry, the firm still enjoyed a steady, 10 percent increase in revenue and steady growth in all three of its business lines: consulting, information and research services. Over the course of the year, the report explained, the firm expanded its service portfolio dramatically in payments networks, consumer credit and risk, while also expanding into Europe and building out services to brokerage, insurance and wealth management firms. By the end of 2008, the report claimed, Novantas had solidified its market dominance in retail banking pricing, serving most of the top-20 U.S. banks in developing and installing pricing capabilities for deposit and loan products. Tough times do call for tough measures, however, and in 2008 the firm did divest its airlines consulting unit.
No to nationalization
January 2009 Managing Partner David Kaytes was interviewed on WOR NewsTalk Radio 710s Joan Hamburg Show on the possible nationalization of U.S. banks. His take: Nationalization is never a good idea for the U.S. banking system. Its now on everyones lips, but two months ago no one had dared mention nationalization Now this is a possibility and its uncharted territory. The fear factor is going to drive a lot of behavior. Kaytes added that the government is pretty good at running some things I like them running the military, but not the banks. When asked for his reasons, Kaytes argued that the government is not very good with money and is clearly inefficient and wasteful. Moreover, no one likes doing business with the government.
Fans in Florida
December 2008 BankAtlantic, one of the largest banks in Florida, signed on with Novantas for liability pricing services. The intent of this effort is to become more efficient in product pricing and improve the development of product and pricing strategies, said BankAtlantics President and Chief Executive Officer Jarett S. Levan.
Stuck in the middle

November 2008 Novantas released the results of its 2008 Middle Market Customer Acquisitions Survey, which included responses from a dozen banks, including four of the top-10 in the United States. The survey revealed four major challenges to improving sales of noncredit offeringsfreeing up relationship managers to spend more time on sales; updating sales coverage models; improving the analytical ability to identify and prioritize prospects; and incorporating customer acquisition goals in compensation models for relationship managers. The survey results were presented by Managing Director Michael Rice and Director Stephen Baird at the Middle Market Commercial Banking Symposium held in Chicago.
Assurance for insurance

January 2008 Novantas began offering specific IT and operational support services to the insurance industry via Novarica. A Novantas division, Novarica provides information and insights on markets, operations and technology to financial services and insurance executives and project teams through ongoing advisory services and published research, as well as project-based consulting. As of the end of 2008, Novarica served more than 60 major insurance companies and vendors.
GETTING HIRED
One of the lucky ones
Its likely that applicants have better odds of landing a job at Novantas than winning the lottery, but it may not feel like it. Insiders tell us the firm receives nearly 1,000 applications every year, interviewing only about 10 percent and ultimately only hiring a handful. So the competition is stiff not surprising, since the firm only recruits at top private universities and liberal arts schools like Yale, Harvard, Columbia, Cornell and Duke. Although the firm does offer summer internships, on-campus recruitment seems to be the way to go.
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The recruiting process takes the form of the following: We begin with on-campus recruiting. After at least two interviews, the finalists are invited to the office where they will have at least two more interviews with partners and a writing sample, a source reports. The on-campus portion of the interview will most likely be quantitatively focused, with questions that tend to focus on brainteasers/logic problems. The final-round interview that takes place in the office focuses more on cases. During office interviews, we ask case studies that have quantitative components to solving the case.
OUR SURVEY SAYS

Keeping things small
Were told that Novantas understands the importance of liking the people you work with, and respondents describe the company culture as very collegial and not at all cutthroat. This is apparently true at both the junior and senior levels. The partners have done a terrific job of maintaining a small-firm culture, even as weve expanded substantially, a consultant points out. In addition, there is an emphasis on work output, not face time, there is open communication between all levels of staff and everyone is helpful and team-oriented. People are quick to help each other at all levels of the firm, a source states. In addition to helping each other, staffers are all for helping people in need. The firm participates in community service activities such as the Winter Wishes Holiday Gift Drive and New York Cares. At the latter event, Novantas joins 5,000 New Yorkers to clean, paint and revitalize city public spaces, including parks, gardens, playgrounds, community centers, homeless shelters and schools. After the hard work is done, we celebrate our accomplishments together as a team, a staffer explains.
Traveling light
Travel expectations are light at Novantas, with one consultant estimating that there might be one big trip per month or two day trips per month. Instead, we tend to do most of our work in the office and travel to client sites for meetingsa model the firm is able to sustain mainly because of the analytical nature of our work. In most cases, travel varies depending on clients and locations. Moreover, the firm tries to rotate staff who have spent time away from home onto projects where they can be local for their next engagement, an insider says. Such accommodations mean that, for many, travel has had no real impact on work life.
Soak up the sun

In addition to a light travel load, Novantas offers a few more perksnot only above-average medical and 401(k) benefits and summer hours, but also creature comforts around the office, like very comfortable work spaces, monthly cupcakes and free soda. It also sponsors a company volleyball team that plays in the major NYC volleyball league. The firm pays for cell phone bills, and will even reimburse consultants for home internet bills for the time they spend working from the house. Finally, we have a staff development program that covers the first three years. Associates in the program have the potential to receive a significant bonus after graduation, a respondent tells us.
Demand is strong
Although the economic situation leaves much to be desired these days, Novantas consultants have a positive outlook on the firms status and longevity in the industry. Demand for our work remains strong in the U.S. and in Europe, one consultant says. I think that were well positioned against our competitionsmall enough to be nimble, large enough to have client respect. Our products/services are unique and valuable, a colleague agrees. This ability to fare better than the competition seems to be chalked up to the fact that firm leadership has been proactive, facing challenges head on to avoid harder decisions later. Plus, a diversified group of clients means that Novantas is not dependent on any one revenue stream. It also helps that the firm has terrific relationships with a core set of clients who are in need of advisory services to navigate this economic storm. Although budgets have been tight, weve made headway in continuing to sell work and keep our associates busy, an insider remarks. Aside from client work, many of us have been working on intellectual capital and business development initiatives, which help showcase our thought leadership in the financial services industry. Through these efforts, weve been successful in keeping our insights and recommendations relevant to issues at hand.
Rollercoaster hours
With work steadily rolling in, staffers are faced with the (fortunate) task of balancing their work and personal lives. As with all consulting companies, you need to work with the ebb and flow of business, a respondent says. Because work hours can range anywhere from 50 to 90 or more hours per week, this balance will typically depend on the project to which you are assigned. You can find yourself working all day everyday and still working on weekends, or you could find yourself only working 9 a.m. to 7 p.m. or so, an entry-level consultant adds. As long as you are proactive in organizing the two streams, you can find a satisfying balance between work and life, a respondent comments. And achieving that balance is reportedly
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encouraged: Work/life balance is encouraged by the firm, respondents say, putting little weight on face time requirements and encouraging staff to take vacations.
Striving for balance in other areas

Insiders suggest that Novantas is lacking a bit in the diversity department. Were told there is a reasonable number of minorities and women for the industry, but consultants say they would like to have more of a balance. Specifically, when it comes to the number of women in the ranks, one consultant comments, It is getting better, but still has a long way to go. Staffers seem to put little stock in the numbers, though, claiming there is no bias toward minorities and that there is acceptance at every level of the firm.
Ask your neighbor

On-the-job training seems to be the norm at this firm. Although it does offer both formal and informal training, most of the lessons you learn will be on the job, were told. A majority of the structured training is for those at the junior level, mainly to teach the basics. Beyond that point, though, most of the learning will come in the form of seeking assistance from colleagues or learning from those around you. As such, Novantas staffers consider themselves lucky that all of the directors at the firm are approachable and helpful. One consultant states, Our firm has one of the lowest, if not the lowest in the industry, partner-to-staff ratio of 1:2.5. This mix allows staff at all levels to interact with managing directors on a regular basis.
Three-year test drive

And that leads us to the subject of promotion. Associates move as a class for the first three years. Those who choose to stay on move to a meritbased promotion system, a respondent explains. We do not mandate up-or-out. We recognize that at the three-year mark associates often think of further education or a change of job. We work together to help make that decision, and have great relationships with our alumni and have assisted those who wish to move out of consulting to find jobs in the right places, he adds. But just because the firm recognizes that people move on doesnt mean thats what it wants. The firm looks explicitly at long-term potential when recruiting, and tries to attract people who will be equipped to stick around and move up, a consultant says. If someone stalls, then we figure out why, and either fix the issue or work out a placement at a client firm, another adds.
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OC&C STRATEGY CONSULTANTS

33 Arch Street, 22nd Floor Boston, MA 02110 Phone: (617) 896-9900 www.occstrategy.com
RANKING RECAP
Quality of Life #7 Best Firms to Work For #7 Overall Satisfaction #8 Interaction with Clients #8 Overall Business Outlook #9 Green Initiatives #10 (Tie) Work/Life Balance #11 Firm Culture #11 Selectivity #15 Travel Requirements #16 Formal Training #17 Hours in the Office #18 Compensation #20 Relationships with Supervisors Diversity #4 Diversity for Minorities
LOCATIONS
Boston, MA New York, NY San Francisco, CA Abu Dhabi Brussels Dubai Dsseldorf Hamburg Hong Kong London Mumbai New Delhi Paris Rotterdam Shanghai
PRACTICE AREAS
Business Unit Strategy Group Strategy M&A & Transaction Support Organization & Change Product/Market/Channel Strategy Strategy Realization
UPPERS
International exposure Small-firm culture Institutional respect for work/life balance
THE STATS
Employer Type: Private Company Worldwide Managing Partner: Michael Jary 2009 Employees: 460 2008 Employees: 450
DOWNERS
Lacking in name recognition in the United States Limited diversity in projects Internal resources still to be fully developed
EMPLOYMENT CONTACT
www.occstrategy.com/join

Fun bunch European Appropriate firm size for consultant development Arrogant
THE BUZZ
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THE SCOOP
The name says it all
While OC&C Strategy Consultants keeps coy about its client list, theres nothing secret about what the firm doesits right there in the title. Focusing on strategic analysis, the firm breaks the concept down into six organizational areas: group strategy, business unit/divisional strategy, product/market/channel strategy, transaction support, strategy realization, and organization and change. And, like any strategy master or tactician, the firms emphasis isnt always on speedit tries to pace itself during consulting contracts, finding all the possible solutions to a problem before jumping into operational issues. Thats a strategy, the firm says, that ensures clients benefit from truly custom-built solutions, rather than off-the-shelf methodologies that may not fit the clients needs. Although OC&C has stopped publicizing its client list, it does claim to work not only with major corporations, but also with smaller companies that need strategic help in rapidly changing industries, and says it wants to work with ambitious organizations that understand the importance of excellent strategy. Its industries include business services, consumer goods, financial services, industry and infrastructure, media, private equity, retail and distribution, technology, telecommunications, and travel, transport and logistics.
Expanding the footprint

Chris Outram founded OC&C in London in 1987 as part of a team that included the current head of the firm, Worldwide Managing Partner Michael Jary. After several years at other consulting firms, including BCG and Booz Allen Hamilton, Outram and a colleague had tired of the fact that their employers devoted so much time to operational issues while neglecting strategic analysis. So they decided it would be more fun and more challenging to start their own firm. While it may have been founded in Europe and still concentrates most of its services there, the firm has been trying to create a stronger presence in the United States. To gain greater access to the American market, OC&C merged with Boston-based Callidon Group in June 2007. Callidon was especially prized for its contacts and skills in media and publishing. Also in 2007, OC&C acquired Middle East Strategy Advisors, increasing its presence in that region through MESAs network.
Consumer specialists
One business area in which OC&C takes particular pride is its expertise in consumer goods. Within this area, it tries to provide solutions in three key sections: growth stakes, profitability issues and category management. In connection with consumer goods, retail and distribution have also long been an OC&C focus. The firm claims to have been one of the original advocates for the importance of emerging value offers, private label goods and battling category killers. In addition, OC&C has recently made heavy investigations into retail brand development, strategic implementation and internalization strategies. The firm has made a significant effort to advise media outlets since its founding. Some of the media-related services it offers are strategy reviews, advice to governments on broadband policy, transformational performance improvement, profitable use of the digital arena, and go-to-market strategies for new services and products. Several major media outlets have looked to OC&C for analysis of their own industry, concerning subjects ranging from the use of free newspaper copies to boost circulation, to the decline of magazine readership in the face of internet competition.
Strategizing a better world

OC&C enjoys highlighting its charitable efforts, and has a section dedicated to pro bono work on its website. The majority of the firms philanthropic work is in helping charities achieve a step-change in performance. For example, in partnership with the venture philanthropy group Impetus Trust, the firm has given strategy advice to charities such as St. Giles Trust (helping both current and former criminal prisoners) and Leap (helping youth resolve conflicts peacefully so that they dont end up needing help from St. Giles Trust). OC&C also aided the largest charity merger ever in the United Kingdom, when the Cancer Research Campaign joined with the Imperial Cancer Research Fund to become Cancer Research U.K.
THE LATEST ON OC&C STRATEGY CONSULTANTS

Keeping tabs
March 2008 OC&C publicized what it calls a unique methodology for measuring the development of new consumer goods. Instead of focusing on short-term gains or volume, the methodology seeks to track whether companies are successful with their new products over a two-year period, measuring areas such as continued availability and organic growth. Many media outlets wrote about OC&Cs annual Christmas Trading Index in 2008, which listed the best
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and worst performers over the holiday season. The firm has also published the Global Giants Index every May since 2002, which tracks and compares the performance of the worlds largest consumer goods companies.
GETTING HIRED
Small in size, big on opportunities
OC&C recruits from the top East Coast schools for MBA hires, including Harvard Business School, MIT and Tuck. At the pre-MBA level, we recruit at Williams, Harvard and Dartmouth, along with a few other schools. Our firm, however, is open to receiving applications from other schools, an insider tells us. Recruitment is also done at Oxford, Cambridge and other top schools throughout Europe and America. Sources say the hiring process consists of a round of interviews that analyze the candidates thinking capabilities plus his or her character and lifestyle. A respondent explains, It starts off with a numerical test, followed by a written case. If a candidate passes those, there are two rounds of interviews containing case and fit questions. The first round is with consultants or managers, and the second is with associate partners or partners. The cases are quite numerical, with many estimation problems. In all, the process is very selective. MBAs will go through two on-campus interviews and two additional interviews in the office. One consultant states, I found the interviewing process pretty much in line with that of other consulting firms.
OUR SURVEY SAYS

Teamwork
OC&C consultants tell us they chose this firm because the people there are intelligent, hardworking and enjoyable, and they give it high marks for its relaxed and friendly culture. Everyone knows each other, and a strong team spirit reigns, where people help and care for each other. The firms smaller size is ideal for cultivating relationships with senior managers and partners. People within our firm are very approachable at all levels, and are happy to help out with career advice, business school applications or other advice. This is a very valuable benefit to working at OC&C, a respondent reports. In addition, everyone at the office pulls his own weight, and there is plenty of support for bringing new people up to speed.
Pro bono plus

Giving back to the community is also a strong OC&C value. We do some type of community event about every other month, a Boston consultant reports. In the past, these have ranged from clothing drives (we worked with Sloans Women in Business to collect formal business clothing for aspiring female professionals who couldnt afford it on their own) to volunteering at the local homeless shelter. Other projects have included work for Habitat for Humanity, Special Olympics and the Boston Food Bank. A higher-up also notes that the firm does pro bono consulting for charity organizations. These events are a good way to help out in the community and meet your colleagues in a completely different environment, an insider comments. Speaking of the environment, OC&C is also making efforts to leave a greener footprint. The firm has a green manager whose job is to seek out opportunities to improve our firms impact on the environment. Its getting there slowly but surely, insiders say, by actively recycling, no more bottled water, no car services and by using public transportation and no heating or air conditioning after 8 p.m. or on the weekends.
Home and back

While some consultants say they do find themselves in the office at hours when the HVAC has already been shut off, they do appreciate the fact that they arent on the road as many of their peers at other firms. One consultant says he does work typical consulting hours, but spends a heck of a lot less time traveling then other consultants. That said, OC&C staffers have ample opportunities to travel abroad. An associate explains that travel cases are available, but not required. A source says that in the past two years hes have been to Paris, London and Malaysia, while a colleague says she has not been out of the office for an assignment yet, and it wouldnt surprise me if in the next two years I only have to leave the office once or twice. This small amount of travel allows for a good family life and dramatically improves overall work/life balance, were told. Work/life balance is an important issue when youre working 50 to 70 hours a week. Respondents report that their work/life balance is fine for a professional services firm, and that the partners and engagement managers make strong efforts to keep weekends free. This does mean, however, that most weeknights are not your own, consultants say. In addition, occasionally there are really terrible weeks when a project is coming up on a deadline. However, as we spend most of the time working in our home office, were able to juggle a lot more commitments outside of work, a senior source points out. For example, if youre passionate about a particular event in the early evening (for me, thats Tuesday night squash league), you can almost always figure out a way to make it happen and make up the work at another time.
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The most important meal of the day

Respondents also appreciate some of the firm-sponsored perks. Some OC&C offices hold Breakfast Fridays, where the company buys breakfast for all the employees, and U.S. employees get three weeks of paid vacation, in addition to 13 office holidays every year. After four years of service, vacation time is increased to four weeks. But insiders really rave about the yearly trip overseas for a company-wide meeting. Last year it was in Budapest. The year before was in Barcelona. There are a lot of local activities planned, room for socializing and training sessions, a source notes.
Diversity lacking
On the subject of diversity, were told that that at least one member of the firms executive committee is openly gay. Because of the firms small size, though, there are no dedicated programs for GLBT employees, but staffers say there has never been a need. They also point out that the firm is very open to hiring women. According to a contact in Boston, While the firm doesnt seem to have any problem with hiring or promoting women, there is an incredibly underwhelming representation of women, at least in my office. Only a quarter of the office is female, and there are no women above the consultant level. A colleague in the same office says, We could always benefit from more women, but half of our new consultants were women last year in Bostonwe deliberately sought out new recruiting grounds, including certain PhD programs at Harvard, where there was greater opportunity to recruit top-flight women than at the traditional MBA schools. Furthermore, the Boston office has a sizable number of international employees hailing from Europe, Asia and Latin America. We have a truly cosmopolitan office in this regard, an insider says.
Mentor me
One area where that OC&C may not need more diversification is training. There is a good balance between on-the-job and informal training, a consultant says. The entire global organization gets together for one week per year for training We also have a formal in-office training session about once a month. And, of course, every new case is a learning experience! A source reports that training is very structured on the junior levels and less so on the more senior positions, and a contact in Boston says the firm relies heavily on mentoring from higher-ups to help consultants move up the ladder, and has implemented a mentoring program for all new employees. Describing the promotion scheme, one respondent says that although consultant promotion has been advertised as rapid, it actually seems to be more in line with the industry. This means that the firm does not have a strict up-or-out policy. We realize that some individuals need a bit more time than others. As long as people continue to progress, we are happy to have them continue here. And, as a higher-up explains it, the promotion timetable varies somewhat by office, but its very much merit-based. We keep levels/titles to a minimum, and underperformers dont tend to stay forever.
Downsizing Christmas?
Looking to the future, OC&C consultants feel fairly comfortable with the direction of their firm. According to one source, While the overall U.S. economy is grim, my perspective is that our office is performing extremely well. We have an exceptionally talented team and we view this as an opportunity to take share in the consulting industry. Even in these hard times, OC&C has picked up a few major clients, and continues to recruit new business. Still, a number of insiders report some cutbacks due to the economic turbulence. For instance, in some locations, the firm was forced to eliminate or reduce the scale of winter holiday celebrations and to downsize the workforce, although some chalk that up to performance. We eliminated a handful of consultants who were ready to be counseled out of consulting for failing to continue to grow, one consultant tells us, adding, There is no risk to our strong players. A colleague notes that changes he sees happening in his office are fairly minor in nature, including reducing the number of onsite office perks, such as free coffee and meals. Overall, though, the outlook appears positive, with some reporting that the economic climate affected the number of projects we had in the Q4 2008, but work is flowing in 2009, and the project pipeline looks healthy for the next quarter.
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OPERA SOLUTIONS
17 State Street New York, NY 10004 Phone: (646) 437-2100 Fax: (646) 437-2101 www.operasolutions.com
UPPER
Creative, dynamic environment
DOWNER
Global team approach can make for difficult communication
LOCATIONS
New York, NY (HQ) Jersey City, NJ San Diego, CA London New Delhi Paris Shanghai
EMPLOYMENT CONTACT
www.operasolutions.com/people_and_careers.html Email: Recruiting@operasolutions.com
PRACTICE AREAS
Consulting Services & New Services Incubator Credit & Risk Services Marketing Services Supply Chain Services
THE STATS
Employer Type: Private Company CEO: Arnab Gupta 2009 Employees: 200 2008 Employees: 275

Niche specialist No work/life balance Informal Disorganized
THE BUZZ
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THE SCOOP
If its Baroque, fix it
Opera Solutions is a global management consulting firm that offers its clients results fast. Established in 2004, Opera has undergone rapid growth, and today has 200 consultants in offices in North America, Europe and Asia. Specializing in product innovation, growth analytics and investment governance advisory services, the firm serves blue-chip clients in a wide range of sectors, including financial services, fast-moving consumer goods, manufacturing, distribution and retail. What sets Opera Solutions apart from its competitors, though, is a concept almost unheard of in the consulting services world: a commitment to provide all of its clients with sustainable results in 12 months or less.
Zero to 60
How does one achieve significant, ideally lasting, change in a matter of months? For Opera, it starts with the belief that hypothesis-driven consulting is outdated. Instead, it uses an approach that it calls total data to total insights. According to the firm, that involves going beyond getting a mere sample of information about a client; rather, it gathers all the data about the client that it can find, then processes it to find appropriate solutions. When describing its approach and capabilities, the firm throws out terms like supercomputing and mega-data structuringreflections of the extent to which its data-heavy approach relies on technology and advanced computing to function. Simply put, Opera aims to provide deep data analysis to find the right solutions for each client, and aims to convert those solutions into realityand cashquickly.
Second times the charm

Although Opera has only been around for a few years, many of its members have worked together for a long time. Operas founders are former founding members of Mitchell Madison Group, begun in 1992. The firm is more than a simple retread of a tried and tested formula, howevermany of MMGs executives left the firm due to irreconcilable differences about its direction. Opera, therefore, was a chance for some of those individuals to prove that their instincts were correct.
It aint over
Opera has designed offerings and analytics specifically focused on creating value from its clients customer, purchasing, transaction and market data. These include Operas captive data cleaning and structuring facilities, insight cube technology for rapid dissection and analysis of huge datasets and next-generation predictive and segmentation modeling capabilities. (For instance, in a global competition to improve Netflixs movie recommender engine, Opera is in the top-10 out of 4,200 competitors.) In addition to those capabilities, the firm maintains dedicated analytic centers of excellence in San Diego, Shanghai and New Delhi, to ensure its continued advancement in data structuring, data visualization, pricing and revenue growth, customer loyalty and risk management. In addition to its proprietary frameworks, the firm emphasizes its end-to-end approach to engagementsand, in fact, will readily tie a portion of compensation to the profits it generates. Operas consultants are skilled in the areas of change management, process re-engineering, negotiation and the integration of analytics into a real-world operating environment.
The global language of Opera

Part of the key to Operas methodology lies in its global network of people and resources; the firm has properties in the United States (in New York, Jersey City and San Diego), Europe (London and Paris), New Delhi and Shanghai, giving it a global reach that encompasses some of the biggest business markets on the planet. That reach also allows the firm to operate a global staffing model, increasing the speed at which it can analyze all the data it collectsand therefore deliver client results faster, too. Opera consultants are every bit as eclectic as the firms scattering of locations would imply. While most were culled from the leading business and engineering schools in North America, Europe and Asia, there doesnt appear to be any such thing as a typical Opera employee: The current crop of around 200 consultants boasts a wide variety of degrees from computer science to history to economics and literature.
THE LATEST ON OPERA SOLUTIONS

Even consultants need expert help
December 2008 The firm announced that it had selected Maconomy, global provider of industry-specific business solutions for professional services companies, to help manage its global accounting challenges and improve its ability to use resources efficiently across its various locations.
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Opera Solutions
GETTING HIRED
A motley crew
Opera prides itself on the international diversity of both its operations and its staffers, who hail from more than 30 countries and include quant jocks and literature majors, line managers and academics, as well as avid skiers, authors, triathletes, skydivers, race car drivers and rabid baseball fans. Their educational backgrounds vary, too, as the firm recruits holders of bachelors, masters, MBA and doctorate degrees alike. The firm also bills itself as a meritocracy, in which an individuals work drives his career advancement. Opera has no set career trajectory, and does not require consultants to work for a fixed period of time at lower levels before advancing. To help them reach their goals, the firm offers consultants individual career path planning and mentoring, and provides support for the MBA application process.
On the lookout
Opera has an annual on-campus recruiting process for new hires at the undergraduate and graduate level. Undergraduate and non-MBA graduate programs targeted by the firm include Cornell University, Dartmouth College and Thayer School of Engineering, Harvard College, MIT and Caltech. MBA programs on Operas rotation include the Tuck School of Business, Ross School of Business, Sloan School of Management, Wharton School of Business, Chicago Booth School of Business and Columbia Business School. Experienced hires interested in more senior positions at Opera are recruited year-round and are invited to submit their applications to recruiting@operasolutions.com.
Think on your feet

The firm says its looking for individuals who are comfortable with ambiguity, flexible in the face of a fast-moving environment, and energized by solving complex analytic and business challenges. Given this description of the firms ideal consultant, it makes sense, then, that Operas interview process is geared toward discerning these qualities and capabilities in candidates. The purpose of the interview process, the firm says, is to test your ability to think analytically and creatively. Candidates are evaluated based on their quick, under-pressure problem-solving capabilities via case studies and behavioral-based questions to gauge how they would fit within the firms overall culture.
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PA CONSULTING GROUP
4601 North Fairfax Drive Suite 600 Arlington, VA 22203 Phone: (517) 227-9000 Fax: (571) 227-9001 www.paconsulting.com
RANKING RECAP
Quality of Life #13 Formal Training
THE STATS
Employer Type: Private Company CEO: Alan Middleton 2009 Employees: 2,600 2008 Employees: 2,700 2008 Revenue: 431 million 2007 Revenue: 403 million
LOCATIONS
Arlington, VA (North American HQ) London (Global HQ) Cambridge, MA Denver, CO Houston, TX Los Angeles, CA Madison, WI New York, NY Princeton, NJ Offices throughout Europe, North America, Latin America, Asia and Oceania
UPPERS
European culture Ability to work at home occasionally Performance-enhancing work Employee ownership
PRACTICE AREAS
Asset Management & Infrastructure Benchmarking & Market Analytics Business Process Effectiveness ERP Delivery Partner Services Geographic Information Systems HR Transformation Knowledge Management Product Development & Delivery Program Management Rapid Business Review Real Estate Strategy Risk Management & Governance ROI-driven Strategy Service Management Solution Builder Sourcing
DOWNERS
Lack of cooperation between practices Tendency to run activities by the book Base pay could be higher Lesser brand recognition
EMPLOYMENT CONTACT
Follow the Careers link at www.paconsulting.com

Underrated in the US Stuffy Solid Unless youve worked in utilities, youve never heard of them
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition PA Consulting Group
THE SCOOP
British-born
It might sound like it originated in the Keystone State, but PA Consulting Groups home base is actually in London, where it was founded in 1943. With offices in 14 countries, the firm has a presence in eight U.S. cities: Boston, Denver, Houston, Los Angeles, Madison, New York, Princeton and Arlington. It employs more than 300 professionals in the States, serving clients in a number of industries, with particular emphasis on communications, media and entertainment, defense and government, energy, financial services, health care and life sciences, and international development. Elsewhere in the world, PA Consulting has offices in Europe and Latin America, with around 2,600 employees reaching clients in approximately 35 countries. These employees are owners, too: The firm is independent and owned by its people. Its consulting expertise covers a wide range of services and solutions, including management strategy, information technology, human resources, complex program delivery, operations improvement, risk management, sourcing and more.
From war machines

PAs roots lie in war-torn Great Britain. With the country desperate to churn out weaponry and supplies at a faster-than-usual rate, but with so many workers on the frontlines, its remaining workforce was relatively unskilled. Entrepreneur Ernest Butten and two associates founded Personnel Administration Ltd. to advise the manufacturing sector on improving management and boosting productivity. Even in its earliest days, the firm was prepared to take bold stepsit solved two problems at one stroke by training women (then a very controversial act) to assemble bombers, thus maintaining productivity in factories while freeing up more men to head off to the front. The firm continued on a growth path through the postwar years, and by the 1970s it was ranked with Booz Allen Hamilton and McKinsey as one of the largest consultancies in the world, boasting offices across Europe, Australia and Asia. That proved to be the firms pinnacle, however, as several years of low revenue, coupled with an overall decline in the consulting industry left the firm with a fraction of its former headcount, and flirting with bankruptcy by the 1990s.
to computing machines
Under the leadership of Jon Moynihan, who took over in 1992 and remains at the firm today, PA became an early competitor in the technology consulting field, developing expertise in both tech selection and application. Accordingly, the firm has enjoyed a period of growth that has once again established it as a big player in the industryalthough not quite as big as it once was. Thats not to say that the company doesnt still consider itself a competitor to the biggest names in its industry, however; on its website, the firm claims its consultants skills span a wider range of capabilities than any major consulting firm. Within the United States, that wide range of skills translates into a wide variety of consulting services, all of which are geared toward transforming clients businesses. And while the list of specific consulting disciplines and solutions may be lengthy, theyre all aimed at producing the same core outcomes, as far as PAs clients are concerned: managing risk, mobilizing staff and integrating initiatives to deliver sustainable change quickly.
Insights
PA claims to work with companies from insight to implementationan approach that sees the company developing unique insights for clients, as well as delivering end-to-end solutions. Its insights dont stop coming once a job is done, however, nor are they forgotten when a contract is completed; PA dedicates sections of its website to insights on a dozen different business areasranging from capturing customer value to lean organization consulting to supply chain issues. In addition, the firm puts out a publication for senior executives called Viewpoint. Published on an occasional basis, the magazine examines major competitive issues facing organizations.
THE LATEST ON PA CONSULTING GROUP

Annual cheer
March 2009 Despite operating in a tough economy, PA turned in some impressive results for fiscal 2008. Total revenue came in at 431.2 million, up 6.8 percent from 2007s figures. Fee income from consulting operations contributed 393.5 million of that, up 8 percent from the previous year. The difference in the two figures is explained by project costs recharged. Geographically, the United Kingdom pulled in the majority of the firms revenue, with 54.3 percent, followed by the Americas (15.2 percent, down from 19 percent in 2007) and Scandinavia (up to 14.6 percent, from 12.6 percent).
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Catapulting ahead of the game

February 2009 The firm announced that it had developed leading-edge wireless broadband test equipment for Catapult Communications, a network test equipment provider. The test equipment builds on PAs expertise in the cellular market, providing a way to simulate and test the performance of the nextgeneration cellular base stations even as they are being developed. Specifically, they will test LTE (long-term evolution) capabilities as the cellular communications standard evolves from 3G to 4G.
Writing the book on economic crisis

February 2009 Mark Thomas, head of PAs strategy and marketing practice, released a concise book titled Surviving and Thriving in the Economic Crisis. Recommending strategies for CEOs to follow in navigating the recession, the book advises four key steps to emerging as a winner. Those are: maximizing liquidity, diverting capital away from poor businesses, improving performance and being bold enough to pick up bargains in the event of the demise of a competitor. Those likely to end up losers, according to the book, will display exactly the opposite traits to those four behaviors.
Profitable ventures
June 2008 PA staff shareholders agreed to a demerger of the firms ventures business (now known as Ipex). Executive Chairman Jon Moynihan welcomed the news, saying, The demerger is a very positive step for both PA and Ipex and will help us to operate more effectively. Ipex is independent from PA and has its own management team, led by Martin Stapleton. Its backed by funding of 60 million, and currently has a portfolio of ventures that includes AditOn, Aegate, Auto-txt and PlaqueTec.
GETTING HIRED
Testing, testing, 1-2-3
Generally, PA Consulting uses a three-stage interview process for recruiting new analysts. Candidates are interviewed and given verbal and numerical tests in the first stage. The verbal test is meant to assess candidates capability to comprehend written information and to understand and analyze the logic of written arguments, while the math test is used to measure candidates quant and computational skills in the workplace, and uses data presented in a variety of formats, including graphs, diagrams and statistical tables. If they make the grade in stage one, candidates move onto the second stage, which means visiting one of PAs assessment centers, where groups of PA hopefuls are interviewed, given case study exercises and asked to work out problems in group exercises. The third and final stage includes an interview with a member of PAs management group. PA insiders say that process varies slightly from office to office. For example, in Los Angeles, there is an assessment day [and] a minimum of three interviews. In Denver, candidates applying via the annual university recruitment effort are first called for a phone interview, then participate in an eight-hour interview process and, finally, have a follow-up phone interview, along with the verbal and math tests. One experienced consultant says the process is slightly different for senior positions: I interviewed with numerous people across the practice and the firm by phone and in person, probably five times. Questions were focused on case study scenarios and specifically to my experience. But in the end, he insists, the key to getting a job here has to do with personality.
OUR SURVEY SAYS

Serious about business

PAs U.S.-based consultants say the firm has a bit of the British stiff upper lip when it comes to work: Its hardworking, professional and focused on getting the job done. It is professional, but not arrogant, relates one staffer from Denver, and is somewhat relaxed for a management consulting firm, but generally hardworking. The horizontal organizational structure means that everyone works togetherand everyone is focused on the bottom line. That probably has much to do with the fact that were owned by our employees, so everyone has a vested interest in making things work and delivering the very best for our clients, says a New Yorker. That shoulder-to-shoulder mentality works for those who actively want to contribute: PA is merit-based, so if you are good, people will listen to you and seek your input, notes a Washington source. At times, however, the focus on figures can mean the firm is competitive rather than collaborative, argues one case team leader, though its still high-paced and engaging.
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The client comes first

Most PA consultants say they can maintain a work/life balance, but they have to work at it. Workweeks range from 40 to 60 hours and, at times, the travel can be very intrusive on nonwork life, since it can take up to as much as 40 percent of ones time, were told. Travel is frequent but usually only for a few days, notes one partner, adding, that travel is par for the course in the consulting business. Still, travel is not constant and there is a concerted focus on trying to get people to work as locally as possible to their home office, says a New York-based source. As with most consulting firms, there will be some late evenings, says one Boston insider, but theres not a major push for inordinate face time, so you can reasonably make up for [long hours] with a bit more work from home, relates another insider. Staffers also commend PA management for its sensitivity to employees family and personal lives, but they clearly see the line drawn in the sand: Management may be flexible, but clients needs come first.
Really, a team effort

Insiders say that working for an employee-owned firm is one of the biggest perks of their job, especially when business is good. The firms share model has paid off for employees every single period since 1992, even growing over 50 percent during 2008, when other firms saw their shares go down, notes one partner. Bonuses can also be taken in the form of company shares, which can be fairly substantial for top performers. Other PA pluses include a British-style vacation package, which includes four weeks of vacation plus holidays for entry-level consultants and, for those needing a little more time off, after two years with the firm, you can ask for an unpaid sabbatical of up to 12 months and retain your position, notes a respondent in Los Angeles. There are also very good health benefits, a 401(k) contribution [made by the firm] irrespective of personal contribution, and parental leave available for both new mothers and fathersup to six weeks. One insider adds that the firm even offers pet health insurancevery weird.
Vertically inclined
PA consultants are usually promoted every two to three years, although thats not always the case. A Washington insider notes, While some people may be at a level for only six months, others will be there for three to four years. And a partner adds, You can make partner at age 30 if you are very good. For those who arent looking for extra responsibility, however, there is no up-or-out policy at PA. You can stay at your current position if you carve out a niche for yourself where you make contributionsmaking a contribution being the key. Partners who dont make their numbers for several years in succession will be reduced in rank, says one manager, although they will be allowed to stay with the firm.
Working that brain muscle

Ongoing training is part of the PA routine, where there is a great deal of emphasis on staff development. For new hires fresh out of school, there is a mandatory three-week training course at PAs global headquarters in London, while everyone else must complete five official training days per year, with official courses taught by other consultants in house, were told. At each new rank, there are training requirements, and classes are recommended according to rank. Even the highest execs are expected to deliver and take trainings. As for the quality of PAs training courses, one staffer says it is equal to or better than any Ive experienced with several of the largest global consulting firms. PA also offers up to 50 percent tuition fee payment for further education and training at an external institution, adds a colleague.
Playing it safe
Being a very conservatively managed company has paid off for PA during the current economic crisis, sources tell us. Because the firm has managed to build up its staff and cash reserves, it is fundamentally sound, one insider notes, although the economy is taking a toll on the number of assignments available, so things are a bit slow at the moment. A colleague adds that there is still a steady stream of revenue, but some redundancies. Layoffs have been kept to a minimum, however, thanks to good management systems that caused us to pull back in hiring in early 2008, a partner explains. Looking ahead, an associate expects that PAs balance between private- and public-sector clients should help it weather the rest of the financial storm, though a midlevel consultant adds that, while PA is strong in our niche, it is small, and a more diverse set of offerings would be very helpful.
What glass ceiling?

While recruiting and retaining women in top-level management positions is an industry-wide concern, PA insiders say that, depending on the office, they are fairly satisfied with gender equity at their firmbut still, theres a significant drop-off in the percentage of women at the higher ranks. PA is working to shore up those figures, offering flexible working schedules for mothers, which many women in upper positions use, says one. Adds another: As a female consultant, I see no barriers to promotion or development based on gender. Unfortunately there is a low percentage of senior females in the firm, but I do not believe there are any barriers to this changing.
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On diversity, verdict is still out

While a number of PA insiders describe their firm as a meritocracy, opinions are split on the diversity of its consulting staff. When it comes to ethnic and racial diversity, one staffer from Washington reports that over half of my practice comes from minority backgrounds, while a partner adds that PA is very results-oriented, which means no old-boy network, so strong performers advance quickly, regardless of their background. Still, some at PA say there is room for improvement, such as one African-American respondent, who says, I think the firm is very receptive to hiring minorities, but overall there are not a good deal of minorities in senior positions. And, while theyre overall positive on PAs commitment to diversity with respect to GLBTs, there are a few detractors. One partner states that there are many senior open GLBT [consultants]this is a nonissue for us. Another source adds that, as an out lesbian at PA, Ive never felt being gay has been a problem. Its ignored in a good way. However, one midlevel insider notes that the GLBT presence is not strong, [although] we hire based strictly on qualifications. Having a stronger GLBT presence at the firm would benefit one staffer, who states, As a gay man, I feel like I am very much the minority, and there are times when I am uncomfortable at work because of my personal circumstances.
Encouraged to volunteer to a point

PA consultants say their firm allocates two to three days per year for working on charitable projects, such as helping out at homeless shelters, volunteering at local soup kitchens or going on charity walks. But do-gooders beware: Taking work time to volunteer will affect your utilization, warns a respondent. The firm does encourage participation, however, and facilitates matching consultants to organizations that have requested pro bono supportthough a principal notes that pro bono work is more often undertaken by the firms U.K. office than by those in the U.S.
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PEARL MEYER & PARTNERS, LLC

570 Lexington Avenue New York, NY 10022 Phone: (212) 644-2300 Fax: (212) 644-2320 www.pearlmeyer.com
RANKING RECAP
Quality of Life #1 Travel Requirements #11 Hours in the Office #13 Best Firms to Work For #14 Work/Life Balance Diversity #7 Diversity for GLBT #13 Best Firms for Diversity #13 Diversity for Women #16 Diversity for Minorities
LOCATIONS
New York, NY (HQ) Atlanta, GA Boston, MA Charlotte, NC Chicago, IL Houston, TX Los Angeles, CA
UPPERS
Summer hours Everyones opinion and hard work is appreciated and rewarded Great in-person and on-the-job training Flexible hours and casual workplace culture
PRACTICE AREAS
Compensation Surveys Director Compensation Employee Compensation Executive Compensation
DOWNERS
We can be a bit hierarchical when it comes to client-facing activities Everyone has to be friends No salary increase for 2009 Last-minute projects
THE STATS
Employer Type: Private Company President & CEO: David N. Swinford 2009 Employees: 100+ 2008 Employees: 100+
EMPLOYMENT CONTACT
www.pearlmeyer.com/firm/careers
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THE SCOOP
How much are you worth?
For two decades, New York City-based Pearl Meyers & Partners has provided compensation consulting services and compensation survey data to clients ranging from Fortune 500s to emerging, high-growth companies and not-for-profits. At a time when executive pay is under the regulatory microscope and shareholders are demanding more value for their money, PM&P promises a comprehensive approach to compensation planning. The firms 100-plus professionals work with boards and senior management to create reward strategies and broad-based compensation programs for employees and sales professionals. All of PM&Ps core practices deal with compensation, with services breaking down in a narrow, but precise spectrum. Among these services are salary programs, annual incentives, value creation and performance measurement, contracts, severance agreements, change-in-control arrangements, equity programs, competitive intelligence and compensation surveys. The firm also conducts extensive research, ensuring that it can serve as an up-to-date resource with trustworthy benchmarking.
Winding path to PM&P

PM&P was founded in 1989 and acquired in 2000 by Clark Consulting. Seven years later, in March 2007, AEGON N.V., a Dutch life insurance and pension group, bought out Clark Consulting. Under a special asset exchange agreement between Clark Consulting and AEGON, PM&P and other divisions that had been part of Clark Consulting were sold to Clark Wamberg, LLC, an investor group created to absorb the former Clark Consulting assets, made up of Clark Consulting executives Tom Wamberg, Jim Benson and Ken Kies. Once the M&A dust settled, in May 2007, David N. Swinford, then head of PM&Ps New York office, succeeded Joseph R. Rich as the firms CEO and president.
Lay of the land

Knowing what your competition is paying its executives and employees is important to keep the right people in the right jobs. The companys compensation surveys practice releases CHiPS compensation surveys and managed surveys, as well as custom surveys. The CHiPS family of surveys are broad studies that provide data on segments of the employee population, such as recent college grads, customer-focused positions and, of course, upper-level executives and managers. Managed surveys look at specialized job areas, such as scientists and engineers, or salaries within outsourcing environments. PM&Ps custom surveys are usually designed to tackle a single organizations unique employee population segments, which may have unique credentials or backgrounds that would make benchmarking difficult. A custom survey may be contracted by a company employing a large number of expatriates, or with positions requiring high skill and experience, but minimal outside demand. All surveys are available in print and online formats.
A recognized resource
A longtime niche provider of compensation information and services, industry professionals have come to rely on PM&P for its expertise and advice, which the firm offers via research reports, articles and white papers. The firm also puts out As We See It perspective pieces on industry trends and client alerts, which offer off-the-cuff advice on compensation developments in the disclosure, tax and accounting areas. PM&P consultants regularly participate in industry events and conferences, and are regularly quoted in industry publicationssuch as Compliance Week, Financial Week, Pension & Benefits Daily and CFOand in the mainstream media, such as Reuters, the New York Post, and The Washington Post.
THE LATEST ON PEARL MEYER & PARTNERS

Making their voices heard

February 2009 PM&P consultants were invited to participate in the February 2009 National Association of Corporate Directors webinar on compensation, making themselves heard on the issue of pay-for-performance theories and practices. Also that month, the firm was asked to address compensation issues at the American Bankers Association National Conference for Community Bankers.
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Time for some belt-tightening

January 2009 PM&P CEO David Swinford told Midwest CEO, in a one-on-one interview, that the economic downturn will affect compensation programs. He explained that most executives arent complaining about the lack of a bonus in 2008 because nobody wants to be the poster child for greed. There are a lot of executives out there who recognize that theyre in this for the long haul, and the last thing they want to do is damage relationships with the board or with shareholders when times are tough for everybody.
Bummer bonuses
November 2008 A PM&P survey shows that annual bonus and stock-based awards for executives are in decline in response to the troubled economy. More than 400 board members, executives and human resources professionals were included in the online Executive Pay in the New Economy survey. Nearly nine out of 10 respondents told PM&P that the market turmoil would affect their decisions about executive compensation during the next six months, with nearly one in five predicting that the impact will be significant.
Expensive advice
March 2008 PM&Ps 2007 Director Compensation Report, which surveys the top-200 U.S. industrial and service companies, showed that the median overall cost of board servicesincluding all fees paid to directors for board and committee servicerose 11 percent to more than $2 million. The median board compensation among the 200 companies totaled close to $206,000, while two-thirds of the companies surveyed paid board members between $150,000 and $250,000.
GETTING HIRED
By the book
To get a foot in the door at PM&P, get ready to go a couple rounds and do a little number crunching. Insiders report that a 30-minute Excel test is only one piece of the interview puzzle at the firm. The recruitment process is now an exact science, as one source puts it, because the firm has done an excellent job of identifying the appropriate job recruitment sites and higher education institutions that supply us with our top talent. These institutions include Northwestern, Purdue, University of Illinois, Notre Dame and other top-ranked area schools. Any new candidates, including recruits, will typically face three rounds of interviews: first with HR, then a couple phone screens with peers, then in person to meet your potential team. One consultant says, The type of interview varies by a candidates level of expertise. All employees within our regional office meet with a candidate. The interviews can be technical depending on an individuals background. In addition, candidates will meet their potential team members and walk through a case study. Overall, the interview process seems pretty formalizedthe firm has created a specific interview guide that was created to guide our employees through our interview process. Insiders most prevailing words of wisdom are for candidates to show their true colors. Put simply, a source says, Dont say youre an expert in statistics if you couldnt handle a stats question. Dont say you know Excel unless you know many of the advanced functions Be honest about your experience and ability to learn.
OUR SURVEY SAYS

Quality people start at recruitment

PM&P consultants are described as hardworking, very professional and somewhat competitive, but thats nothing new in the world of consulting. One newbie says the work atmosphere is great. Everyone is more than willing to help when needed, and senior consultants arent afraid to ask less experienced individuals for advice or help, either. Everyone works together to get the job done. A source in Boston describes the firm as a meritocracy, offering this insight: You are rewarded based on your personal abilities and willingness to learn. We are a collaborative, team-oriented environment. We believe in mentoring one another to be successful and leverage a solid career out of executive compensation consulting. We are very diligent in our recruitment process to identify not only a technical fit, but a personality fit that will impact the culture in a positive manner. Cohorts in other offices tend to agree. Our culture is team-based and collegial. Professionals have the opportunity to work with bright and motivated colleagues on several different subject matters. Effort and quality work is recognized and rewarded, a consultant out of L.A. states.
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Donating time and effort

Staffers are also known to turn their hardworking qualities toward more charitable pursuits, as well. Although the offices at PM&P may not be the greenest on the planet, respondents tell us theyre trying their best to change that. We have implemented our own recycling program within our offices. PM&P employees established a volunteer schedule to collect recyclables and dispose of them. We have also sponsored a few go green events to establish awareness and commitment to a greener working environment, a source points out. We have set up recycle bins at the workplace, and every week one person is dedicated to take home the trash from the recycle bins and make sure that it gets picked up by the correct authorities. In addition to giving back to the earth, Pearl Meyer also makes a few attempts at giving back to the community. One consultant out of Boston states, PM&P is a very charitable organization. We often coordinate local book drives, school supply drives and collect donations for various American Cancer Society events. Each office can utilize its own discretion toward charitable contributions, and we coordinate a few firmwide efforts a year. A colleague adds, PM&P participates in a number of worthy causes, including a Thanksgiving food drive, adopting families during the holiday season, and donating time and resources to Cradles to Crayons. PM&P also encourages charitable giving to such worthy causes as breast cancer research and the United Way. Plus, all of this charitable work is done during company time, an insider notes.
Everything in moderation
The firm also seems intent on giving its consultants plenty of personal time. Although work hours are said to range anywhere from 40 to 60 hours per week, were told staffers rarely work weekends and that PM&P prides itself on the ability to offer flexible work arrangements that alleviate any schedule concerns for employeesalthough the firm notes that schedules really depend on the department. A consultant based in L.A. divulges more: A consultants work schedule is variable. Some months are extremely busy and other months provide for a more traditional work schedule. Overall, our firm recognizes that its employees have obligations outside the office, and is flexible in working with those obligations. Its not uncommon for consultants to take a few hours off in the middle of the day to run an errand or go to the doctors, and its known that theres always the possibility of working from home for a day, if required. Adding to an already favorable work/life balance is the fact that travel doesnt play a prominent role in these staffers lives. Travel is minimal, with the exception of managing directors, who do have to travel to client meetings outside the office. However, most of their clients are within their office demographic, a Boston-based source explains. For the rest of the crew, PM&P does the majority of its client work via phone and email.
PM&P could rub off on you

Whether or not you travel frequently, everyone at Pearl Meyer is eligible for the firms perks, which vary from decent to off the charts. The kitchens at the PM&P offices are fully stocked with snacks, and employees are allowed to wear casual dress to work every day. A respondent states, We have a fitness and health club reimbursement benefit that provides employees with $300 for reimbursement of health club memberships and any fitness program that requires movement. We also offer pretax transit assistance programs and concierge service for discounted items such as movie tickets, retail establishments and entertainment establishments. In Los Angeles, parking is paid by the firm. And thats all on top of the not-to-be-taken-forgranted summer hours. Lunch and breakfast are provided in the office a couple times a month, there are tobacco-free incentives and, last but not least, a masseuse visits some offices once a month to loosen up tense muscles.
Getting you up to speed

Training at Pearl Meyer seems to be both formal and informal. As one source explains, Our onboarding training has been improved. We offer a quickstart training program for all entry-level new hires. We also offer specific targeted trainings for consultant levels within the organization. The majority of our formal training is technical training, where we hire outside vendors to train our staff. We also have our internal staff conduct webinars and brownbag lunch workshops to keep our staff current with the latest developments in our industry. A rookie consultant describes things from his perspective: A lot of the training was on-the-job, sometimes in a sink-or-swim manner (which I enjoy). We also had a network directory dedicated to training material available, and two weeks worth of teleconference/web presentations, followed by several days of training in New York City (all the new analysts from every office met in New York City).
Everyones opinion matters

On-the-job training seems to come easy at PM&P, as well, since management seems to be open to interaction with all levels. Management has an open-door policy and really keeps an open mind to all questions and concerns brought forth by all support and consulting staff, a respondent states. Another comments, When it comes to working with management and supervisors, there are no walls or ceilings. Everyone communicates with everyone else to get our clients projects completed. I work with VPs and the office director on a daily basis, and interact with other offices regularly. Moreover, they often seek the advice and guidance of less-experienced individualswe all know each others expertise and leverage that to provide our clients with the best possible solutions. This type of cooperation lends itself to a meritocratic environment. Some individuals advance quickly based on work quality and effort, an insider says, and the rungs on the career ladder are fairly close together, with most staffers averaging two years per position. Because we are a meritocracy,
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we have seen employees quickly advance all the way to managing director in a shorter time span. It is entirely up to the individual and how they absorb what we do and how we do it, a respondent points out. I have only been here eight months, but have been told I have been recommended for promotion. It hasnt happened yet, but I suspect it will soon. I know others who were promoted just as rapidly, an entry-level source reveals.
Conservative views
Diversity does not seem to be a major issue at PM&P. We have several women in our managing director and vice president roles. They are all highly regarded and respected as individuals and professionals. A colleague adds that the workforce is very diverse, but says that distribution is not as plentiful in higher roles. But women and minorities may have less of an adjustment than the sexually diverse crowd. According to one respondent, I dont know of any GLBT individuals in the firm, while a co-worker remarks, Ones sexuality has no place in a work environment.
What 2009 will bring

Despite its somewhat conservative views, insiders say PM&P is well positioned against competitors, but not necessarily immune from economic downturn. A consultant explains further: The firm is relatively recession-resistant. Its revenue typically grows when accounting, regulatory and tax rules are modified. In addition, our firm is an independent leader in the executive compensation consulting landscape. I anticipate the firm will be impacted somewhat in 2009 as publicly traded and privately held companies adjust their budgets and decide how their dollars will be spent using professional services organizations. A cohort based in Houston agrees, saying, Some offices are having a challenging time recruiting new clients especially those offices that had a lot of financial and banking clients. Our office, on the other hand, seems to be doing just fine. Were not breaking records, but were staying above water.
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POINT B
1420 Fifth Avenue Suite 2200 Seattle, WA 98101 Phone: (206) 517-5000 www.pointb.com
THE STATS
Employer Type: Private Company Co-founders: Tim Jenkins, Darran Littlefield & Jim Hodge 2009 Employees: 380+ 2008 Employees: 380+ 2008 Revenue: $90 million 2007 Revenue: $80 million
LOCATIONS
Chicago, IL Denver, CO Los Angeles, CA Phoenix, AZ Portland, OR San Francisco, CA Seattle, WA
UPPER
Big on employee choice and flexibility
DOWNER
Newly minted college grads should look elsewhere for work
PRACTICE AREAS
Application Integration Business Case Development Clinical Information Systems Customer Relations Management Enterprise Resource Planning Financial Systems Interim Management Major Business Change Merger/Acquisition Integration Offshore Partner Integration Process Improvement Project/Program Management Project Turnarounds Recruiting Regulatory Compliance Rollout Management Sarbanes/Oxley Software Selection Strategy/Organization Development Technology Operations/Security
EMPLOYMENT CONTACT
pointb.com/careers/index.html
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Point B
THE SCOOP
Making a Point
When companies want to get a job done without flying in consultants from across the country or signing multiyear contracts, they go to Point B. The management consulting firm specializes in project leadership and execution for companies that need immediate access to business professionals who can bring about real strategic change. Point B completes over 800 engagements each year. Clients range from startups to Fortune 100 companies, and have included Alaska Airlines, the Clorox Company, Microsoft, PetSmart, the Starbucks Coffee Company, the state of Washington and Xerox. Its work has spanned a number of industries, including banking and financial services, health care, biotechnology, government, telecommunications, software and technology, manufacturing, distribution, retail, insurance, and media and entertainment.
$200 went so much further in the 1990s

Point B was founded in early 1995 by Jim Hodge, Tim Jenkins and Darran Littlefield, three Seattle-area entrepreneurs and former Accenture managers. Beginning with an initial investment of $200 and one client at launch, their decision to establish the firm was built on the belief that most organizations were being underserved by traditional consulting firms. The biggest issues, as far as the founders saw it, were that traditional consulting firms often sent inexperienced work teams to clients, spent too much time drafting methodologies rather than effecting change, and were plagued by potential conflicts of interest and an inability to execute. Accordingly, Hodge, Jenkins and Littlefield started Point B with the aim of doing things differently. Among other things, the firm believes that different involves focusing specifically on execution and actually getting projects done, providing flexible access to leaders, eliminating big firm overhead and avoiding alliances, reseller agreements or other pairings-up that could compromise the companys objectivity. Today, the $200 initial investment has translated into revenue of over $90 million, and a firm that employs nearly 400 professionals.
Going local
From 1995 until 2000, Point B established itself by focusing exclusively on its local Seattle market, but has since expanded nationally. Despite its expansion into new markets, however, the firm believes in staying local; when a client calls for help, the firm appoints a consultant who lives in or near the clients town. That management philosophy reaps two major benefits: First, consultants enjoy easier lifestyles and, second, because Point B consultants hardly ever travel, clients save money by not working with out-of-market experts. Geographically, Point B currently serves clients in the Seattle, Phoenix, Portland, Denver, San Francisco, Chicago and Los Angeles markets.
Jack of all trades

Point Bs competitive advantage is not so much what it does, but how it reaches its end goals. Self-described experts in the practical art of getting things done, the firm works with clients on issues such as integration following a merger or acquisition, process improvement, getting new systems up and running (or maximizing the use of existing systems), decision-making, project launch or turnaround, getting quick wins, recruitment issues and more. It also works with clients in the areas of recruiting, business and technical analysis, and business case development. Generally, Point B serves in a consultative role, but it is also frequently asked to fill an interim leadership position and help hire a replacement. Its consultants are selectively hired based on their prior experience; new hires typically carry between seven and 15 years of experience in the business, and come from settings that include successful startups, large corporations and leading professional service firms.
Swimming with the big fish

While Point B claims to differentiate itself from the bigger consulting shops through its unique and exclusive focus on bringing experience and unbiased consulting to help clients achieve their strategy, that doesnt stop it from butting heads with some of the titans in the field. The likes of Accenture and Deloitte offer similar consulting services as part of their menu of offeringsa fact that occasionally leads them into competition with Point B for contracts. The firm also faces competition from local or specific industry-focused consultancies, but claims to have to compete on less than 10 percent of its opportunities.
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THE LATEST ON POINT B

Getting in on the action
February 2009 Point B announced an employee stock ownership plan that will see it shift from a privately held concern to an entity owned by its employees. While the move is expected to take several years to come to fruition, an initial stock ownership transaction was completed in late December 2008. Until that point, Point B had been funded entirely by its three founders and through cash from operations. In a press release co-CEO Tim Jenkins stated, Our business model was built upon asking every associate to think and act like an owner. Making our associates true owners is the natural step in our business maturity.
Points for Pongon

September 2008 Point Bs chief operating officer was recognized as one of Seattles 40 Under 40 young business leaders by the Puget Sound Business Journal. Mike Pongon, 34, leads Point Bs operations, including finance, administration, technology, people and service delivery functions.
One of the best

September 2008 The firm placed fourth on Consulting magazines list of the Best Firms to Work For. While that listing is accolade enough, the company also came in first in the publications leadership category, and second in the field of culture. Almost 13,000 consultants were polled for the 2008 surveythe seventh edition of the annual pollwhich ranked some 205 firms worldwide.
Flexing in Phoenix
June 2008 Point B won the 2008 Alfred P. Sloan Award for Business Excellence in Workplace Flexibility. The award recognizes employers in Phoenix and across the nation, and is given as part of the When Work Works project, an ongoing initiative of the Families and Work Institute, the Institute for a Competitive Workforce (ICW)an affiliate of the U.S. Chamber of Commerceand the Twiga Foundation.
GETTING HIRED
Point Bs promise
The same firm that describes itself as collegial, participative, supportive and fulfilling also promises prospective hires that they will find the clients, colleagues and support to do your best work, advance your career and have a life outside of it, too. Point Bs promise is a big one, which is why it reserves its recruiting process for experienced professionals with proven track records. Given that Point Bs recruitment efforts focus on the long-term potential of its candidates and not on fulfilling immediate staffing needs, the hiring process is a thorough one, and the emphasis is as much on fit as it is on candidates skills and work experience. Generally, the process takes a few weeks and involves a comprehensive set of interviews conducted by Point Bers who, while evaluating candidates, also provide insights into life at the firm.
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PROPHET
150 Spear Street, Suite 1500 San Francisco, CA 94105 Phone: (415) 677-0909 Fax: (415) 677-9020 www.prophet.com
UPPER
Great project experience from day one
DOWNER
Formal training can be lacking
LOCATIONS
San Francisco, CA (HQ) Chicago, IL Richmond, VA Hamburg London Madrid Zurich
EMPLOYMENT CONTACT
www.prophet.com/about/careers
PRACTICE AREAS
Brand Design Innovation Marketing
THE STATS
Employer Type: Private Company CEO & Chairman: Michael Dunn 2009 Employees: 130 2008 Employees: 125
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Prophet
THE SCOOP
Get on the brand-wagon
Want to know where to invest your money? Who your most profitable customers are? How you can change your image to enter into new, high-growth markets? Ask the brand and marketing experts at San Francisco-based Prophet. Founded in 1992, the firm specializes in helping clients grow and change by focusing on performance improvement in four key areas: branding, marketing, design and innovation. Within that focus is a deep understanding of who a clients customers are, and the state of the industry in which they operatean understanding that merges analytic techniques with creative approaches to finding or creating value for clients. The list of entities that have enlisted Prophets services includes staples of the Fortune 500, such as Cartier, GE, Harrahs Entertainment, Inc., Johnson & Johnson, Monsanto, NBC, Staples, UBS and United Airlines. While brand strategy is the companys main area of expertise, it offers services across three additional practice areas: marketing strategy and effectiveness, growth and innovation, and customer experience. Between those four, the firm covers all the angles related to how a company displays itself in the public eye and relates to its customer base.
More than just a logo

Prophets consulting strategy is anchored its belief in the power of the brand. Its brand strategy practice area works with clients to gauge how their brand impacts customer behavior in a given category, to manage and monitor its equity over time, identify opportunities to extend it into new markets and segments, and to establish the ideal roles and relationships among brands in a portfolio. Specific brand strategy services include brand identity and positioning, brand portfolio strategy, brand architecture and design, measurement systems and customer analytics services. What do clients get for hiring Prophet? For one companyCargill, which wanted to transform its brand image from a commodities supplier to a solutions providerProphets branding advice translated into five years of record sales. One of the largest private corporations in the United States, with 141,000 employees and operations in the agriculture and food business in nearly 60 countries, Cargill worked with Prophet to figure out current perceptions of its brand, and how to transition those to the companys desired perception. From there, Prophets consultants designed new brand strategies for positioning Cargill as a solutions provider, and helped develop new internal and external communications campaigns to reinforce the new brand positioning. Within a year of implementation of the Prophet strategy, Cargill broke the $1 billion annual earnings mark with $1.29 billion in profits, and went on to earn five straight years of record earnings growth.
Go-to gurus
CEO and Chairman Michael Dunn, Vice Chairman David Aaker and Senior Partner Scott M. Davis are the biggest branding brains behind Prophets service offerings. Dunn, at the helm, has overseen the development of the entire firms strategy. He also continues to serve as a strategic advisor on a number of Prophets client engagements, especially if they happen to be in the specialty retail, financial services, high technology and internet sectors. An acknowledged expert in his field, Dunn has published broadly, making up a list that includes the books Building the Brand-Driven Business (2002)co-authored with colleague Scott Davisand 2009s The Marketing Accountability Imperative. No less prolific is Vice Chairman David Aaker, who has more than 100 published articles and 14 books to his name. That list includes his latest title, Spanning Silos: The New CMO Imperative (2008), and others including Managing Brand Equity, Building Strong Brands, Developing Business Strategies, Brand Leadership, Strategic Market Management, From Fargo to the World of Brands and Brand Portfolio Strategy. Scott Davis, with 20 years of experience under his belt, has worked with many of Prophets biggest clients, including GE, ExxonMobil, The Carlson Companies, Johnson & Johnson, The Wrigley Company, Boeing, Payless ShoeSource and Allstate. His 2000 book, Brand Asset Management: Driving Profitable Growth Through Your Brands, was named one of the top-30 books of 2000 by Executive Book Summaries. His latest, The Shift, was published in spring 2009, and received positive critical acclaim.
THE LATEST ON PROPHET

Signing on Sinclair
June 2009 Prophet announced its acquisition of BrandMetrics, a brand valuation model developed by marketing academic Roger Sinclair. Sinclair, who pioneered this model during his doctoral research at the Witwatersrand University of South Africa, was himself named an academic partner and will offer his consulting services exclusively to Prophet clients. The new methodology adds to Prophets suite of brand strategy and marketing accountability services a sensitive measure of marketing activity and a reliable means of calculating the worth of clients intangible assets.
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Riding the marketing wave

May 2009 Prophet Senior Partner Scott Davis published his latest book, The Shift, in which he explores marketers role in todays business world, where they must necessarily work in tandem with those creating business strategy. Davis identifies the five shifts marketers must take to assume their new role and to help boost their companys bottom-line results. Those shifts include balancing short-term pressures to show results, driving innovation, evaluating media choices, operating in a complex global environment and winning over internal stakeholders while playing up to Wall Street analysts.
Dunn does it again

March 2009 Prophets Michael Dunn released his latest book, The Marketing Accountability Imperative: Driving Superior Returns on Marketing Investments. In the book, Dunn explains how to create and implement a marketing accountability program that helps companies achieve high levels of marketing performance.
Friends in high places

March 2009 Tlin Erdem, an academic partner with Prophet and the Leonard N. Stern Professor of Business Administration and Marketing at the Stern School of Business, was tapped as editor of the Journal of Marketing Research. Since July 2008, Erdem has consulted as an academic partner with Prophet and its clients on marketing effectiveness and analytic challenges. Erdem is the first female editor of JMR (she took her new seat in July 2009), which is published by the American Marketing Association.
Play time
January 2009 Prophet acquired Play, a creativity and innovation firm headquartered in Richmond, Va. Play works with clients to find ways to inspire and equip their employees to create sustainable innovation. Under the agreementthe terms of which were not releasedPlays head player, Andy Stefanovich, will become a senior partner of the Richmond operation, which will join the Prophet network of offices. Former Play clients include the likes of Heineken, Timberland, The Ritz-Carlton, LOreal and the United States Olympic Committee.
Ask Aaker
October 2008 Vice Chairman David Aaker released his latest book, Spanning Silos: The New CMO Imperative. Published by Harvard Business Press, the book is based on interviews Aaker conducted with executives from over 40 corporations. The ideas and perspectives gleaned are integrated with Aakers own experiences as a consultant and academic to form the books central idea: that todays chief marketing officer struggles with silo-driven organizational barriers. To overcome them successfully, according to Aaker, CMOs have to wear more than just one hat; among those possible hats are: facilitator, consultant, service provider, strategic partner and strategic captain. I believe the ability to span silos is the marketing challenge of our time, says Aaker. Its up to chief marketing officers to break down silo walls to foster cooperation and synergy.
In a new creative direction

August 2008 Peter Dixon joined Prophet as a senior partner and creative director after leaving his post at Lippincott, where he served in a similar capacity. Working from Prophets New York City office on global client engagements, Dixon will focus on his core capabilitytranslating brand positioning and business strategy into retail concepts, via store design, interior design and exhibitions. Dixons former clients include BMW, Citibank, Citizens Bank, Chrysler, IBM, Microsoft, McDonalds, Nissan, Sprint, Samsung and Wal-Mart.
Making the A-list

June 2008 Consulting magazine named CEO Michael Dunn one of the countrys top consultants in 2008. Dunn was selected from what the magazine said was the largest field of nominees to date, representing consulting firms of all sizes and in a wide variety of disciplines. Dunn found himself in good company; consultants on the list represented 23 different firms, ranging from IBM to Booz & Company to Ernst & Young. In his interview with the publication,
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Dunn said his growth plans for Prophet include continued expansion outside the U.S. and a number of strategic acquisitions of small firms specializing in marketing ROI and innovation.
GETTING HIRED
Always on the lookout
Prophet says that, as a high-growth firm, it is always looking for new consultants to be a part of its team. Although the firms careers page does not offer many details on just how the recruitment process works, it does instruct applicants to email their resume to the firms director of recruiting, Alix Hahn, at ahahn@prophet.com.
Standing out
In an in-house interview on what it takes to build a career in marketing consulting, Prophet Senior Partner Scott Davis said the firm is looking for operational experience. For example, what responsibilities did a candidate have in his or her previous role and what decisions were they in charge of making? I have to understand what they were accountable for, Davis said. Another standout factor is whether a candidate has both line experience and consulting experience. We dont always have the luxury of providing a six-month training program prior to a consultants first project, Davis explained, since oftentimes new consultants will be asked to jump into a project almost on day one. Davis also gave some useful advice for candidates who are called in for an interview. First, he said, candidates should definitely use their contacts to ingratiate themselves with the Prophet interviewer. Next, they should show that they have done their research on the firm and on the specific interviewer (no pressure). And finally, be prepared to review your resume and to explain how you made a difference in your previous job. Two to three good stories, well told, stick, as opposed to 15 different sound bites, Davis revealed.
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PROTIVITI INC.
2884 Sand Hill Road, Suite 200 Menlo Park, CA 94025 Phone: (650) 234-6000 Fax: (650) 234-6998 www.protiviti.com
RANKING RECAP
Quality of Life #14 Hours in the Office #16 Work/Life Balance Diversity #20 Diversity for Women
LOCATIONS
Menlo Park, CA (HQ) More than 60 offices in the Americas, Asia Pacific and Europe
UPPERS
A great place to start your career and grow professionally Variety of work experiences My firm cares about me, both as a professional resource and as a person, [and] I feel like part of a team Lots to learn, with the support of a formal mentoring program
PRACTICE AREAS
Cost & Working Capital Optimization Finance & Accounting Excellence Information Technology Effectiveness & Control Internal Audit & Financial Controls Litigation, Restructuring & Investigative Services Risk & Compliance
DOWNERS
Were still a young company and make rookie mistakes Spending as much time as possible at the client site You never feel job security, regardless of level Bonuses are lacking and become more difficult to obtain each year
THE STATS
Employer Type: Wholly Owned Subsidiary of Robert Half International Inc. Ticker Symbol: RHI (NYSE) President & CEO: Joseph A. Tarantino 2009 Employees: 3,000 2008 Employees: 3,300+ 2008 Revenue: $546.9 million 2007 Revenue: $552.3 million
EMPLOYMENT CONTACT
www.protiviti.com/careers

Startup Heavily reliant on SOX work and has problems now Good people Downsizing
THE BUZZ
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Protiviti Inc.
THE SCOOP
A rose by any other name
Protiviti, whose name is a combination of the words professionalism, proactivity, independence and integrity, provides independent internal auditing and risk consulting services to clients. Founded as a subsidiary of Robert Half International in 2002, in the days leading up to the passage of the Sarbanes-Oxley Act, the firm started out with 760 professionals from Arthur Andersens U.S. internal audit and business risk consulting practices. Today, with 3,000 professionals operating out of more than 60 offices in the Americas, Asia Pacific and Europe, the Menlo Park, Calif.-based firm serves clients in a broad swath of industries, including communications, consumer products, distribution, educational institutions, energy, financial services, government, health care, hospitality, life sciences, manufacturing, media, nonprofit, real estate, retail, services, technology, transportation and utilities. Clients include more than 35 percent of all Fortune 100 companies, more than 25 percent of all Fortune 500 companies, and more than 20 percent of companies listed on the Fortune 1000. Since its founding, the firm has expanded at a breakneck pace. Its experts, specializing in risk and advisory services, help clients by providing the necessary business process and technology skills to address challenges related to financial and operational risk management; technology risk management and effectiveness; governance, risk and compliance (GRC); and litigation, investigations, turnaround and restructuring. In addition, Protivitis internal audit expertise spans a variety of areas, including internal audit activities on a fully outsourced basis and working with existing internal audit functions to supplement teams lacking adequate staff or skills.
Go digital
Protiviti has created a software platform that further helps clients with their internal auditing and risk management. Designed, developed and delivered by its risk technology solutions team, which includes more than 75 professionals, the Governance Portal streamlines how and when changes related to GRC are implemented, and provides the visibility and insight needed to manage and mitigate critical risk and compliance issues. Leveraging the experience of Protivitis consultants, the Governance Portal integrates content, commonly accepted frameworks, real-world knowledge and leadingedge technology. The software also helps clients manage financial controls, compliance management, IT governance, internal audit and risk management. To date, hundreds of clients around the world have used the Governance Portal.
Second SOX thoughts

While Protivitis U.S. revenue surged after the 2002 enactment of the Sarbanes-Oxley Act, also known as SOX, U.S. revenue today is on the wane, as most companies have made progress in complying with its provisions. Not helping matters, in 2006 the U.S. Securities and Exchange Commission and the Public Company Accounting Oversight Board issued additional regulations and guidance, which some businesses interpreted in ways that prompted them to reduce their reliance on outside firms to help them with compliance. At the end of the 2008 fiscal year, in its quarterly financial report, Protivitis parent company, Robert Half International, commented on Protivitis future success, noting that it will depend on its ability to retain employees and attract clients. RHI added that there can be no assurance that there will be ongoing demand for Sarbanes-Oxley or other regulatory compliance servicesa change that could adversely affect Protivitis future financial results. Foreseeing this bump in the road, the firm has shifted to a broader solutions-based approach, focusing on a range of business consulting services for clients. This transition has also been supported by a series of acquisitions in 2006 to expand its service offerings beyond its staple regulatory compliance and internal audit services. That year, it purchased several firms to boost its capabilities in risk management, forensic investigation and litigation, not to mention the purchase of Enspier Technologies, Inc., whose technology and management consulting skills were then used in the establishment of a wholly owned subsidiary focused on public-sector operations: Protiviti Government Services, Inc. In April 2007, it acquired PENTA Advisory Services, LLC, a specialist in restructuring and insolvency services, litigation services, and bankruptcy-related tax, accounting and administrative services. Most recently, in early 2009, the principals of Houston-based Gordius Consulting joined Protivitis litigation, restructuring and investigative services group, contributing their skills in international arbitrage to Protivitis mix of solutions.
Spread the Protiviti word

As one of the worlds largest independent internal audit and risk management firms, Protiviti has a thing or two to say about its areas of expertise. The firm regularly participates in and sponsors a variety of industry conferences and tradeshows to share risk management strategies. For example, Protiviti participated in the October 2008 Institute of Internal Auditors All Star Conference that included seminars and meetings on issues such as internal controls, information technology, ethics and compliance, professional development, fraud and industry best practices. The firm also hosts webinars and local events to provide insight into evaluating a variety of internal audit and risk management issues. For the bookworms, Protivitis online library provides complimentary access to its survey reports, white papers, regulatory updates and newsletters. Protivitis KnowledgeLeader, a subscription-based website, offers additional tools, templates and resources, such as best practices, white papers and methodologies.
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THE LATEST ON PROTIVITI

Protiviti unplugged
May 2009 Protiviti conducted a series of informative webinars on such topics as the second year of J-SOX compliance, Sarbanes-Oxley compliance for smaller public companies and the Foreign Corrupt Practices Act, among others.
Protiviti outlines challenges for internal auditors

April 2009 Gaining a better understanding of IT risk, International Financial Reporting Standards (IFRS) and extensible business reporting language (XBRL) top the to-do list for internal audit executives this year, according to Protivitis 2009 Internal Audit Capabilities and Needs Survey. This was the third year the firm has undertaken this survey. Survey respondents, numbering over 700 chief audit executives, internal audit directors, and managers from publicly traded, private, government, educational and nonprofit organizations, hailed from virtually every major business sector. Participants were asked to answer 100 questions in three categories covering general technical knowledge, audit process knowledge, and personal skills and capabilities.
Have internal audit questions? Protiviti has answers

March 2009 Protiviti launched the second edition of its Guide to Internal Audit: Frequently Asked Questions about Developing and Maintaining an Effective Internal Audit Function. The 80-page resource guide addresses the SECs interpretive guidance on Section 404 of the Sarbanes-Oxley Act and the Public Company Accounting Oversight Boards Auditing Standard No. 5 (AS5), among other vital topics. The guide, which was first published in 2004, provides answers to 90 frequently asked questions, with topics ranging from building an internal audit function to managing and improving that function as an organization grows.
Earning accolades for diversity

February 2009 Protiviti was recognized by The Black Collegian as one of the Top 100 Employers for the Class of 2009. The listing is made up of employers who, despite the current economic conditions, are still hiring for full-time and internship opportunities (albeit with lowered hiring projections from previous years).
Advice in times of crisis

January 2009 Protiviti published an updated version of The Current Financial Crisis: Frequently Asked Questions, answering more than 90 questions about such emerging issues as mortgage loan modifications, the auto industry bailout and the potential impact of the new administration on the current economic situation. The guide, which is provided online for free to cash-strapped managers, provides details businesses need to know about the financial crisis, from its root causes to the legislative and regulatory actions taken to date.
Airing out the dirty laundry

October 2008
Amid the turmoil in todays financial markets, money laundering remains a serious global issue that adversely impacts financial institutions and a multitude of other companies. To assist organizations in navigating the complex regulatory guidelines designed to curtail money laundering, Protiviti updated and issued the third edition of its acclaimed Guide to U.S. Anti-Money Laundering Requirements: Frequently Asked Questions.
Changing the rules of the game

October 2008 To find some kind of worldwide standard for financial reporting, the SEC has hopes for all large U.S. corporations to switch to international accounting standards by 2014. The possible transition would be from the current Generally Accepted Accounting Principles (U.S. GAAP) to International Financial Reporting Standards (IFRS). According to a survey by Protiviti released in October 2008, many U.S. companies have not begun preparing for this transition, which could bring with it expensive IT upgrades and could mean having to aggressively recruit new talent to deal with the changes. Of the
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firms surveyed, 48 percent said they had made no preparations to adopt IFRS, though more than 40 percent said that if the SEC allows a choice between using U.S. GAAP and IFRS, their organizations would choose to make the switch.
A head start
September 2008 BusinessWeek ranked Protiviti as one of the Best Places to Launch a Career, for the third year in a row. The magazine lauded the firms 80 hours of online, classroom and business-specific training for new recruits.
Lightening the regulatory load

June 2008 A Protiviti survey showed that companies are having an easier time complying with Sarbanes-Oxley of late. According to the study, approximately four in 10 internal audit departments have been able to decrease the amount of time devoted to Sarbanes-Oxley compliance activities since the new guidance and standards were announced. As a result, these departments are increasing their efforts to rebalance toward both more traditional internal audit responsibilities that include regulatory compliance, as well as acting as strategic business advisors to senior management and the boards audit committee.
SOX off in Tokyo

March 2008 Since 2006, Protiviti also has applied its regulatory compliance expertise in Japan, which established a framework of laws similar to Sarbanes-Oxley. These laws became informally known as J-SOX. With its unique skills in this area, Protiviti has made a strong push to help companies in Japan meet the new requirements. In August 2007, it held a major webinar, followed by another in March 2008 that focused on year one of J-SOX implementation. Protiviti also has hosted several J-SOX seminars in Tokyo.
New terrain
March 2008 Protiviti opened a new office in Charlotte, N.C. At the offices helm is Managing Director Karen Furstenberg, who has more than 18 years of experience in accounting, audit and professional services.
GETTING HIRED
Protivitis hiring process seems to be fairly consistent, with an average of three rounds of interviews, the final of which is held on site. An associate notes that for college hires, the on-campus interview is probably the most intensive, adding, Once you are invited to the office, it is more about selling the company to you, rather than the other way around. Were told there are no special tests and theres a focus on mostly behavioral interview questions, although there also may be a case study. An engagement manager insists that the most important factor is how well the individual fits into our corporate culture. A colleague agrees: We start with smart students (we have a GPA requirement) and then screen for personality types that will fit into our corporate culturesmart, outgoing, friendly, easygoing, with a good sense of humor. The thing to remember is, not only do we want smart, competent people, we want people with great personalities that we want to work with, since we may be traveling or working long hours with you at some point, an associate states. He adds, Each interviewer has a different styleexpect the focus to be different in each interview. Some will grill you on your credentials and knowledge, and others will assess your personality. A recent hire shares that a typical question might be, Tell us about a situation in which you [assumed] a leadership role and you were in a difficult position. How did you solve the problem? And another advises that interviewees are expected to ask questions to show their interest in the firm.
Super summers
Former summer interns report that Protiviti has a fantastic internship program, and that many interns accept full-time positions. Were told that all interns attend a one-week training course when they start, where they prepare case studies and get to know other interns from around the country. But for the most part, interns are treated like full-time employees. One recalls, They actually had me doing consultant work, rather than just administrative duties, which helped me get a good feel for what full-time employment with the company would be like. A colleague agrees, Interns
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are paid well and learn through on-the-job training what they will really be doing if they choose to work here full time. Travel trips also are incorporated into the work program for each intern. It is extremely practical and a great learning experience overall.
OUR SURVEY SAYS

Not just a number
Insiders at Protiviti rave about the firms collaborative, fun, passionate and entrepreneurial atmosphere. Were told the environment is peopleoriented but competitive, and goal-driven but vibrant. As a midlevel associate puts it, the culture has sufficient structure to be successful, but [its] laid-back enough to be enjoyable. These factors also make Protiviti good for someone right out of school. One staffer shares, Lots of young people around make work very fun, adding, There is good camaraderie between management and staff. A colleague reports, We frequently get together for events and happy hours. I have made many friends here. But thats not to say the environment isnt also professional. An engagement manager states, Its a young company, so the founding members are very present and very passionate about the success of the company. Its a relatively small company, so there is a real team spiriteveryone feels they have a part in making the company succeed. A director agrees: We have high standards for our people and high expectations, but we also take pride in the high quality of work we deliver. Top performers are recognized and there is a strong sense of teamwork and camaraderie. Another contact notes that there is a family-like culture that strives for high-quality work, building relationships and empowering individuals. A newcomer says, At Protiviti you are a name and a face, as compared to at the Big Four, where you are a number.
Full of flexibility for many

Most respondents also insist that the firm is a strong proponent of balancing work and life, and even that working long hours is frowned upon. In my experience, shares an engagement manager, our firms management is flexible to our personnels needs and works to ensure that work and life are appropriately balanced. A cohort reports, If you have events/activities planned, our company is very flexible. We are encouraged to take all of our vacation (at least four weeks a year) and spend time with our family and friends, another consultant chimes in. Attesting to their favorable schedules, a staffer claims, Ive never worked on a weekend. The latest Ive ever worked is 6 p.m., and that is very rare, and I always get off at 4 p.m. on Fridays. I love the work/life balance and the flex hours my firm offers. To help consultants strive for that balance, Protiviti takes a flexible approach. I can work flexible hours on a given day if needed to accommodate personal appointments. I can work late in the evening, if needed, to catch up, a source comments. A colleague agrees, noting, The company is flexible if I need to move to nontraditional hours for a family commitment or personal hobby activity. And although it doesnt have a formal telecommuting policy, the firm notes that it does evaluate requests for flexible working arrangements on a case-by-case basis to determine a mutually beneficial arrangement, which may include working from home or an altered work schedule.
but not for all

Despite this general enthusiasm, some sources say their ability to strike a healthy work/life balance depends on the office and is really hit or miss. A Tampa-based associate, for example, complains, It is difficult to achieve a good work/life balance. I often work long days, nights and weekends when there is a need. A director in Philadelphia agrees: It is frowned upon to put family before efforts at work. Staffers on the road agree that balance is not always feasible. A source states, Work/life balance becomes very difficult when youre on an out-oftown engagement and youre traveling Sunday through Friday, while a co-worker concurs that, because of an inconsistent travel schedule, weekday commitments arent possible.
Travel makes for teamwork

As it often goes in the consulting game, work and travel schedules boil down to client preference. One source shares, You can request whether you want to travel, but it ultimately comes down to whether the demand is present. If the engagement on which youre staffed requires travel, youll have to travel. That said, he continues, management is understanding of excessive travelers who want to take a break. Management normally attempts to staff those individuals on in-town engagements. But there are upsides to the travel. Notes a manager, Generally, our personnel are traveling with other Protiviti resources, which tends to reduce the stress of being out of town. It also helps to build strong bonds between the team members. And, Protiviti makes travel more enjoyable by allowing employees to choose airlines/hotels and retain the miles/points for personal use, allowing four-day workweeks, ensuring employees come home each weekend, etc. But travel, too, varies widely from office to office and between engagementssome staffers are consistently based at the client site, while others are on the road Monday through Friday. An associate adds that sometimes you have to travel on Sundays, which does eat up personal time (and doesnt count toward working hours at all), but he continues, Its not too bad though, and you do get per diem for travel days. According to an insider tip,
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were told that the New York office is the place to be for limited road trips, as they staff most of their people in Manhattan or the surrounding New York metropolitan area.
A slump in salaries
Regarding compensation, one happy staffer remarks, No amount of money could beat the joy of getting home at 5:30 every day, adding, So if making more money would mean working more hours, I am happy at the compensation level that I am at right now. But most arent so content, and complain that comp could be significantly better. Salaries are not competitive for the market, and were told that no pay raises or bonuses will be paid in 2009, except for promotion-related raises. Generally, though, another source shares, as a senior consultant, my bonuses can be as high as 10 percent of my salary, noting that the largest component of the bonus structure is chargeability (number of hours billed to a client).
Wait for a watch

Some say that benefits arent too exciting, either. We have OK benefits, but I wouldnt say theyre exceptional or even above average when compared to other firms, a source remarks. But in one definite perk, all employees start with 20 days of choice time off, earning an additional three days every three years, and full-time consultants and senior consultants have the ability to earn an extra two to four days during Q3 and Q4 if they sustain a certain level of chargeability. Protiviti also will pay for graduate school after two years and if it applies to your line of workup to $5,000 per year. Other perks include discounts for NYC events and tickets to local sports teams, and longtimers are pleased to receive a watch given on [their] five-year anniversary.
Committed to the community

Protiviti is more generous when it comes to supporting the community. A consultant reports that the firm has a committee focused on finding service projects we can do to give back to our community, and a colleague adds, We receive emails frequently about new events, and usually have a good turnout. We have a matching gifts program and time matching program where, if you spend a certain number of hours working with a nonprofit, the company will donate money, an associate explains. In all, says a higher-up, I am very impressed by the commitment of the top management and the entire staff to community matters. I was with a very large firm previously and they completely ignored this area. I am pleased to see Protiviti make this such a priority. In particular, Protiviti sponsors various community service efforts, including several food drives, clothing drives, tutoring and multiple charity events. Among the recipients are Junior Achievement, American Cancer Society, Race for the Cure, Ronald McDonald House and Big Brothers Big Sisters. Plus, notes a Chicago-based associate, the firm has an Umoja Community Scholarship program, in which eight inner-city students receive $5,000 a year. He adds that this program is supported through donations from Chicago office employees.
Not quite green enough

On a related note, a consultant tells us, we have recently put together a green task force within our office. My firm cares about the environment and is making more and more green decisions every day, agrees a colleague. Others add that offices have active recycling and automatic lighting, and there is a monthly newsletter that is sent on tips for going green. Others are skeptical. As one insider declares, Every firm tries to be perceived as green, but very few, including mine, are actually doing much more then telling people they are committed.
More room for improvement

Some respondents are also doubtful about Protivitis commitment to diversity. I am concerned about lack of females in senior management. There are not enough programs to help mothers, complains a female consultant. Others agree that the company has too many white malesand this is coming from a white male, and top management is not very diverse. There is still a boys club feel. Moreover, a source points out that there are a lot of junior-level women, but only a few senior managers at the regional level. Similarly, some say that the firm is good about hiring minorities but not many make it to the executive levels. And one associate is disappointed that, to my knowledge, I am the sole GLBT employee in my firm, though the firm notes that it does offer spousal benefits to same-sex couples. Still, others insist that there are equal opportunities for all groups and everyone is very accepting. A female consultant reports, I have not seen any difference to the way women and men are treated, and a colleague echoes, The firm is very diverse, especially concerning women. I have seen no evidence of any sort of discrimination within the firm. And an executive notes, I do not believe we have a formalized program [to promote diversity], but we have a very diverse workforce.
Tip-top training
Theres a mix of formal and informal options in the realm of training at Protiviti. Were told there are weeklong trainings for every level within the firm, and one associate boasts that Protiviti really emphasizes the importance of training, both company-oriented and using outside
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resources/programs. The company has invested time and money into each employee, improving our professional skills and expanding our knowledge base to better serve our clients and enhance our own careers. Others also praise the awesome, comprehensive formal training that instructs on internal methodologies, tools and project simulations. An engagement manager adds that Protiviti has a rather extensive online training library that you only need to have initiative to benefit from. Great formal training outlets notwithstanding, many staffers agree that the best training is through informal mentoring and on-the-job training.
Payment for studies

A midlevel consultant adds that Protiviti strongly urges you to pursue professional certifications (CPA, CIA, etc.). They will assist in paying for your study materials, will reimburse you for exam fees and will provide some study time in order to prepare for the exam. In fact, notes a colleague, we require certifications for promotion. By and large, were told that consultants move to senior positions in about two years, and seniors move to manager positions in about three years. Some staffers warn that as the market constricts, we are quickly moving to the up-or-out culture, but others agree with an engagement manager who insists, You advance when youre readythe firm recognizes peoples strengths and achievements! One source notes that, either way, most individuals who do not wish to be promoted higher tend to weed themselves out.
Doors that really are open

Those already at the top of the ladder get high marks from the majority of staffers. By and large, were told, management says they have an opendoor policy, and they mean it, and feedback is welcome and participation is encouraged in management-level discussions. In addition, managers are always very willing to interact and hear new ideas from their staff, and they make every effort to promote a friendly and open atmosphere. They genuinely care about employees and it shows, remarks a recent hire. Another newbie shares, Top-level management is extremely easy to talk to. They go out of their way to be available and they are very willing to sit down and discuss personal and professional issues with all levels of the staff. Communication is an important value here. A Boston-based consultant shares, In this office, we have open communication with the managing director and eat lunch with him frequently. He leaves his office door open and welcomes open communication with all levels and encourages social interaction, as well. In all, reports a source, we have a lot of very talented people who want to see you succeed in your job. That is our key differentiator in the market. But one associate does warn that if you join a project that has already been underway for a few months, you seem to get lost in the shuffle. Visibility at that point is at a minimum. But he also states that if you join a project at the beginning, then you have multiple opportunities to be viewed by the senior management at the client. A colleague feels that client interaction really depends on the particular client. The source explains that his current client has a very flat management structure, which allows even a newly hired consultant to be in a meeting with the CFO or the CEO.
Hope for the future

All that said, some insiders warn of a gloomy future. In this economy, notes a director, it is very difficult to say anything about the business outlook being anything other than bleak. Others add that there is a lot of uncertainty around our long-term viability, and say there is a lack of management communication and details about our response to the economic crisis. Still, one staffer is confident that we will certainly survive the current crisis, noting, We generally do excellent work for our clients, and they recognize this, so I think we will do well in the long term. Other positive indicators are that the leadership is proactively and creatively coming up with new solutions for our business, and there is still a lot of energyand that says a lot in the midst of a recession. Plus, notes a senior consultant, the firm has uniquely positioned and associated [itself] with regulatory and compliance work, which, again due to the nature of the economic environment, is not going away. I believe Protiviti will have a rough six months, but will prosper in the wake of new regulation from Washington that our clients will need help with.
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QUINTILES CONSULTING
P.O. Box 13979 Research Triangle Park, NC 27709 Phone: (919) 998-2000 Fax: (919) 998-2094 www.quintiles.com/consulting
RANKING RECAP
Quality of Life #9 Work/Life Balance #14 Interaction with Clients #20 Best Firms to Work For #20 Selectivity Diversity #14 (Tie) Diversity for Minorities #15 Best Firms for Diversity #17 (Tie) Diversity for Women
LOCATIONS
Research Triangle Park, NC (HQ) Boston, MA New York, NY Rockville, MD Amsterdam London Parent company Quintiles Transnational Corp. has offices in more than 50 countries
UPPERS
Premier reputation among pharmaceutical companies My manager doesnt micromanage Competitive compensation Flexibility in schedule
PRACTICE AREAS
Decision Analytics & Market Research Market Access Product Development & Commercialization Regulatory & Quality
DOWNERS
Keeping track of billable hours and all the tracking systems each manager uses Its somewhat difficult to build culture when all the professionals are home-based Lack of guidance and support for training opportunities Skimpy time-off policy
THE STATS
Employer Type: Division of Quintiles Transnational Corp. Chairman & CEO: Dennis Gillings Division President: Jay Norman 2009 Employees: 22,000+ 2008 Employees: 20,000
* Employee figures include Quintiles Transnational
EMPLOYMENT CONTACT
www.quintiles.com/careers
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Quintiles Consulting
THE SCOOP
Quintiles quest
A division of global pharmaceutical services company Quintiles Transnational, Quintiles Consulting works with life sciences companies to maximize potential and minimize risk through expert strategic, operational and technical advice. It leverages knowledge of clinical development and regulatory and commercialization processes to swiftly transition products from discovery to development to market. These capabilities are clearly reflected in the firms practice areas, which include product development and commercialization, regulatory and quality, market intelligence and market access. Since October 2007, the division has been led by President Jay Norman, former chief operating officer and president of Diamond Management & Technology Consultants and one of Consulting magazines top-25 consultants in 2006.
Good genes
Quintiles Transnational was founded in 1982 by then-University of North Carolina biostatistics professor Dennis Gillings, who got his idea for the firm in 1974 when he helped a European multinational pharmaceutical company with product analysis. His brainchild was eventually incorporated in North Carolina as Quintiles Transnational, whose name comes from an abbreviation of quantitative information in the life and environmental sciences. Quintiles Consulting came about in 1998. Its aim of being an advice-giver to the worlds biggest pharmaceutical, biotech and medical device companies is helped in no small way by its association with Quintiles Transnational, which has assisted in developing or marketing of all of the worlds 30 best-selling drugs. The consulting division sells itself by promoting its access to the insights and expertise of its parent company, as well as to Innovex, Quintiles commercial group that provides primary care, specialty and secondary care sales and marketing strategies, sales representatives recruitment and training, and to NovaQuest, Quintiles division specializing in developing managed, peer-to-peer partnerships for pharmaceutical and biotech companies.
Batter up
Companies in need of a home run look to Quintiles roster of former FDA and EU regulatory officials and industry veterans for consulting advice. Since its founding, Quintiles Consulting has expanded from a traditional regulatory practice to a strategic management consulting firm. Its product development and commercialization practice area offers process optimization, portfolio strategy, and due diligence and partnering services, while its market access practice area provides insight into pharmaceutical markets worldwide, helping clients determine early on which products or services work best with which customers in which markets, using market research data. With the May 2008 acquisition of Eidetics, the firms market intelligence practice offers services such as product positioning analysis, market landscape assessments, clinical trial readiness analysis and portfolio management (segmentation) analysis. Quintiles Consulting has also continued to offer first-rate regulatory and quality management services to clients, including preclinical and product development strategy, documentation, submissions, quality systems, supplier qualifications and postmarketing surveillance services.
THE LATEST ON QUINTILES CONSULTING

Seeing data in a whole new way
October 2008 Quintiles Consulting announced the commercial launch of Provenance, its proprietary data visualization service. The new tool, developed by Eidetics, a recent acquisition (see more below), makes data crunching easier for product development and marketing decision makers. The program allows them to more easily visualize important data relationships, answer complex product positioning and market size questions, and conduct real-time scenario modeling for senior management.
New kids on the block

May 2008 As part of Quintiles Transnationals efforts to bulk up its consulting division, it acquired Eidetics, a Boston-based decision analytics and market research consulting firm. With the purchase, Quintiles Consulting opened up a new practice areadecision analytics and market research serviceswhich promises to help clients better understand physicians decision-making processes, position products and forecast product potential. Some of the groups research techniques are so cutting edge, Eidetics says, that they even have patents pending. Before its acquisition, Eidetics worked with 20 of the top-25 pharma and biotech companies worldwide.
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GETTING HIRED
Experience counts
Insiders report varied takes on the hiring process at Quintiles, but perhaps the differences are due to recent changes. So while a few staffers recall having had two interviews, a director explains that the firm recently implemented a much more stringent process requiring about three levels of interviews with executive management prior to hiring. A principal notes that interviewers are frequently looking for a combination of industry and government experience in the same candidate, and a senior director adds that there are no tests, but an interviewee does get asked a lot of questions about his experience and why he would like to work for Quintiles. You may be asked a scenario and how you might respond. A recent hire says his interviewers clarified the firms expectations, researched and asked about my experiences and goals, and discussed compensation and benefits, as well as flexibility with work hours and locations.
OUR SURVEY SAYS

Loyal longtimers
Most consultants at Quintiles say the firms culture is professional, caring and fair-minded, agreeing with a principal who says its clear that the employee is very important. A senior source praises, Ive been with the company nearly 12 years, and have always been satisfied with my work and my management. And a newbie agrees, Its a very enjoyable work environment, and I am proud to be a part of this firm, adding that employees are very dedicated, competent and have admirable work ethics. In all, sums up a principal whos been at Quintiles for more than a decade, The company is just a great place to work. Quintiles is also a gender diverse group: A principal estimates that about half of our senior management are women. He adds that there are not many minority members in our group, and notes that there is also no readily apparent affirmative action program to get greater diversity, but insists there are no impediments to it, either.
Morale needs some uppers

Still, not everyone is quite so content. One disgruntled associate complains that the firm is more focused on product delivery than management of people, and a director gripes that while the firm is supportive and trusting when business is doing well, it is the opposite when business is not doing well. In general, respondents feel that being home-based [as many staffers are] makes interaction with supervisors more challenging. A consultant comments that, especially in the current economic climate, better communication, reward for going above and beyond and shared, communicated values would improve morale. An executive explains that the economic crisis has led to a dramatic decrease in proactive-type business, as companies are choosing internal resources over consultants. As a result, she continues, employee utilization is lower than it has been in years. But while another higher-up agrees that the downturn has had its impact on our clients and our business, the firm is still highly competitive in our niche. Others emphasize that because of its outstanding people who make positive things happen and its drive to build business globally, Quintiles is well placed to ride out the economic downturn. We continue to meet/exceed our targets every month. We are well positioned for success and growth, insists an optimistic recent hire.
Balance when business is slow

Meanwhile, a director says that a slowdown is sometimes welcome: Billable work takes precedence over work/life balance, so the balance is good when business is slow and difficult when business is good. The two tend to balance each other out. Others say their schedules are consistently stressful. An associate states, I work on deadline-driven work and often do not set the deadline. Timelines can be challenging, and I also cannot control receipt of info from other groups. It is difficult balancing work and life when multiple clients need our service simultaneously in order to meet their corporate needs or regulatory requirements, a recent hire warns.
But many staffers report more manageable workweeks of 40 to 50 hours. A longtimer explains, I do my best to support organizational deadlines and targets, but try to work no more than 45 to 50 hours per week. A vice president says the firm is very amenable to taking time off whenever I request it, and a colleague notes that it is relatively easy to balance work and life from a home office (a common setup for Quintiles employees). Adds a principal, I have been able to get time off when I need it. Working weekends is my choice, not a requirement.
Time off for travel

That same source adds that the nature of the work I do requires me to be on site at the client, and means a lot of time away from home. Along those lines, were told that consultants may spend 50 percent or more of their year traveling. A director explains, Travel is essential in the consulting industry. We do our important work where our clients are. My firm has a flexible travel policy, but it must meet the business requirements and
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expectations of our clients. And although a handful of staffers do get away with minimal time on the road, that seems to be the exception, rather than the norm. A principal complains, Excessive travel is the worst part of my job. That said, it does help that on the occasional times when I travel on weekends, the firm permits me to take compensatory time off during the week if I want.
A generous group
Quintiles is also generous with its compensation packages, although were told that currently, due to the economic climate, the company is holding off on bonus. The firm offers health and dental insurance, tuition reimbursement, a great matching 401(k) and has even just added veterinary pet insurance. Theres also a micro-purchase plan ($1,200 every three years to purchase business-related software and hardware for home use) and health club membership reimbursement up to $35 per month. Plus, adds a recent hire, Quintiles provides a service to assist employees with personal matters to save employees time, e.g., best ways to ship specific items, how to remove a certain kind of stain, comparative shopping, nutrition information, etc. When it comes to giving back to the community, Quintiles will contribute to a qualified charity if an employee contributes at a specified minimum level. Other philanthropic efforts occur mainly at the local level, but include participation in the Heart Walk in Washington and involvement with some other health-related charities. Some say the firms efforts in this arena are minimal, but a principal insists that the company always urges its employees to get involved in the community.
A top-heavy team
Were told that training at Quintiles is not extensive. One associate reports that the training budget has been eliminated due to poor revenue in 2008, and a colleague notes that there is simply minimal training of any kind. There does seem to be a lot of e-training, and while external training opportunities are more limited, the internal online training is very good. A principal explains that training opportunities may be limited because most of our consultants are at or near the top of the ladder, with very little remaining room for growth. Another higher-up notes that consultants advance with experience and proof of being able to successfully consult with clients. A director adds that career ladders for the various positions were recently established, but says the promotion policy is at the discretion of the supervisor and must be approved by executive management.
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SCOTTMADDEN, INC.
2626 Glenwood Avenue Suite 480 Raleigh, NC 27608 Phone: (919) 781-4191 www.scottmadden.com
UPPER
Small consulting teams means lots of mentoring and exposure to upper management
DOWNER LOCATIONS
Raleigh, NC (HQ) Atlanta, GA Mainly a local name
EMPLOYMENT CONTACT
www.scottmadden.com/careers
PRACTICE AREAS
Energy Industry General Management Outsourcing Shared Services Sustainability
THE STATS
Employer Type: Private Company President & CEO: Brad Kitchens 2009 Employees: 80 2008 Employees: 90
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THE SCOOP
Get energized
Raleigh, North Carolina-based ScottMadden, Inc., built its reputation providing management consulting services primarily to the energy industry, but has since branched out far beyond that core capability. Those beating a path to the firms door include large corporations in industries as diverse as entertainment, pharmaceuticals/health care, manufacturing and high tech/communications, as well as the federal government. Founded in 1983 as the Scott Consulting Group, the companys services include strategic assessments, solutions development and performance monitoring.
Slow and steady wins the race

ScottMadden prides itself on sticking to fundamentals that workso much so that President and CEO Brad Kitchens described the firm as kind of the tortoise versus the hare, in an August 2008 interview, adding, Weve never laid off a consultant due to slow business, and weve grown modestly. Modest or not, the firm has enjoyed prolonged growth for over quarter of a centurya journey that began with Scott Consultings focus on the utilities industry. It continued when Tom Madden, former CEO of business management consultancy Theodore Barry & Associates, joined the firm in 1990. Renamed Scott Madden & Associates, the firm expanded its service offerings to include general management consulting in the early 1990s, but still only for the utilities market. In 1994, Scott Madden & Associates established its shared services practice, while the acquisition of SMG North America in 1998 enabled the firm to develop a proprietary online survey methodology. In 2005, both founder Peter Scott and Tom Madden left the firman occasion that saw the firm emerge with its current branding: ScottMadden, Inc. By 2007, the firm had completed more than 2,500 energy-related projects and had extended its reach globally via strategic alliances with management consulting firms in Latin America, Europe and Asia Pacific. Today, almost 10 percent of the firms current business is overseas, often from North American clients with international operations.
Keep it simple
Having built its reputation in the field, its not surprising that ScottMaddens largest practice area is its energy industry practice. Working with companies of all sizes, the practice helps clients develop and implement their strategies, plan their business, improve their processes, restructure their organization and increase value. The firms second-largest functional area is its shared services practicea unit that can perhaps best be described as the antithesis of outsourcing. The reason? It works with companies to centralize specific functions across their business units or global operations, such as human resources, IT supply chain, finance and accounting, and real estate and facilities management. Shared services consultants help clients build a business within the business, helping to develop a business plan, a scorecard and incentives for performance, and consequences for nonperformance.
Pundits that publish

ScottMaddens consultants are experts in the energy industry, and theyd like everyone to know it. The firm regularly provides expert industry insights via presentations at conferences or in media interviews on the energy industry, shared services, outsourcing or and general management areas. It also publishes the twice-yearly Energy Industry Update, which compiles breaking news, emerging issues and recent developments in the industry. The Perspectives newsletter, published every spring and autumn, focuses more specifically on major industry trends.
THE LATEST ON SCOTTMADDEN

CEO Q&A
March 2009
Extending ScottMaddens expertise in energy industry strategy, CEO Brad Kitchens served as chairman and a speaker at the inaugural Global New Energy Summit in New Mexico. Kitchens was a moderator for the Utility Industry Leaders panel during the conference, leading a discussion among executives from a number of utility suppliers, such as Xcel Energy and Rocky Mountain Power PacifiCorp.
Service with a smile

January 2009 The firm doubled its core service offerings, adding practices devoted to the federal government and sustainability. Building off of the companys previous focus areas of energy and sustainability services/outsourcing, the new units bring the total number of ScottMadden practices to four.
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Outdoing the outsourcing competition

July 2008 For the second consecutive year, ScottMadden was named one of the top-10 boutique outsourcing advisory firms in The Black Book of Outsourcings State of the Outsourcing Industry report. Compiled by the Brown-Wilson Group, the list evaluates global service outsourcing providers across 26 management criteria and 18 operational performance indicators from the client perspective. Over 300,000 decision-makers were invited to participate in the survey.
GETTING HIRED
No idle (or inexperienced) hands
ScottMaddens emphasis on staying small means it is very selective about whom it hires. According to the firm, most of its new hires already possess an MBA and substantial work experience before joining up. The smaller size also means that everyone is kept busy: Even the firms highest-level partners actively participate in client engagements and devote more than 50 percent of their time to direct participation in consulting work.
Business school hopefuls

ScottMadden actively recruits at a number of MBA programs throughout the United States, including Duke, Emory, Georgia Tech and Vanderbilt. Applicants from these schools should expect two rounds of interviews, the first of which is held on campus. During the initial meet-and-greet, the recruitment process begins with one 45-minute behavioral interview that is coordinated through schools career services office. Final-round interviews are held at either the firms Atlanta or Raleigh offices. This round usually lasts half a day and includes additional behavioral interviews and a presentationusually focused on candidates past work or internship experienceswith lunch. Throughout the process, the firm says it does not use case studies, but instead focuses on fit.
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THE SEGAL COMPANY

One Park Avenue 8th Floor New York, NY 10016 Phone: (212) 251-5000 Fax: (212) 251-5490 www.segalco.com www.segaladvisors.com www.sibson.com www.segalco.ca
THE STATS
Employer Type: Private Company President & CEO: Joseph A. LoCicero 2009 Employees: 900+ 2008 Employees: 900+ 2008 Revenue: $194.2 million 2007 Revenue: $184 million
UPPER LOCATIONS
New York, NY (HQ) 21 locations around the United States and Canada Get to work directly with clients from day one
DOWNER
Unclear promotion path
PRACTICE AREAS
Benefits, Compensation & HR Consulting Communications Consulting Investment Consulting Strategic HR Consulting
EMPLOYMENT CONTACT
www.segalco.com/careers/index.html

Public-sector specialists Technical expertise varies widely Union-friendly Not much support for training
THE BUZZ
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THE SCOOP
Flock of Segals
Founded in 1939, The Segal Company focuses on benefits and HR consulting and actuarial services for a wide variety of employers and plan sponsors. Owned by its employees, the firm is a union of practices, all falling under the umbrella of The Segal Group, Inc. Those practices offer services in three major markets: corporate and nonprofit, government (local, state and federal) and multiemployer plans. It also works with professional services firms and has a significant presence in the higher education field. Having been one of the original players in employee benefits consulting, the firm claims to be behind many practices now considered standard in the field, such as supplemental benefits programs and preferred provider organizations. All told, the benefits programs the firm advises on cover more than eight million workers in the United States and Canada, for firms that range in size from hundreds of employees to hundreds of thousands. Segal is committed to providing a distinctive, quality service for its clients. To that end, the firm emphasizes that it is not interested in providing services that clients already perform for themselves, but rather in finding new ways for clients to increase their insight into the options available for provision of employee benefits. Segal also publishes a number of newsletters and reports, many of which are geared toward specific locations and markets.
Trusted advisors
Segal claims to be the only firm with a national commitment to the multiemployer environment, a fact the firm believes means it understands the market better than anyone else. With that being the case, perhaps a little explanation is in order. The firm defines multiemployer plans as being essentially benefit programs sponsored and administered by boards of trustees made up of both labor and management, representing participants from many organizations. The chief advantage of such funds is that they can provide benefitseverything from retirement and health care to disability and other welfare benefitsto people who might otherwise not have access. That group includes union members who change employers frequently or those who work for small companies that would be unable to offer a benefits plan independently. Given the proportion of the workforce under that description, being the industry leader in the field is no small featand Segal claims to work with more multiemployer funds than its top-three competitors combined, in a list of almost 20 industries stretching from air and transportation through construction, food, maritime, motion picture, professional sports, radio and television, and trucking. Serving the multiemployer market means that Segals consultants must be able to find the middle ground between different interest groups that can include trade union members and leaders, employers, trustees, advisors and board members.
Serving the public sector

Another significant portion of Segals main service offerings are aimed at the public sector. Indeed, the list of services for public-sector clients and multiemployer clients is virtually identical. Both contain the following elements: retirement benefits, health and welfare benefits, compliance, communications (for multiemployer its participant, while for public sector its employee communications), administration and technology, fiduciary liability insurance and fidelity bond brokerage, and investment consulting.
Practices make perfect

Corporate and nonprofit consulting services are actually handled by Sibson Consulting, Segals HR consulting division, which helps organizations get the highest possible returns on their investments in human capital. It focuses on employee benefits, organization and talent, performance and rewards, sales force effectiveness and technology, and has provided services to over half of the Fortune 500, as well as providing HR and benefits consulting for institutions of higher education. The investment consulting services mentioned above are handled by Segal Advisors, Inc., an SEC-registered affiliate of Segal established in 1969. Providing services for over 230 clients, with more than $81 billion in assets, the unit provides investment advice that complements the HR and benefits work done by Segal.
THE LATEST ON THE SEGAL COMPANY

Out of the green
December 2008 A Segal report on the state of the pension plan marketplace revealed a significant decline in the percentage of plans in the green zone of financial status, with many sliding into the firms orange and red categories for financial viability. Placing the blame squarely on the troubled economy, the report recommended that trustees in charge of the plans evaluate their current and projected financial positions, review their current investment guidelines and objectives, and reassess the plans ability to fund its benefits.
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A beneficial arrangement
June 2008 Segal announced an agreement with Benefits Informatics to expand electronic claims audit capabilities for clients. Benefit Informatics is a health care technology company that provides application services to organizations administering and servicing employee benefits plans.
New office up North, eh?

June 2008 Sibson Consulting, a division of Segal, opened an office in Montreal, which reflects the firms growing HR and benefits consulting business in Canada. The new office, led by Genevieve Lussier, will be known as Conseillers Sibson.
Now thats service

May 2008 Sibson Consulting struck up a strategic alliance with Morneau Sobeco, the largest Canadian-owned pension and benefits consulting and outsourcing firm. The two will offer benefits administration outsourcing services to Sibson clients, and employee benefits and HR consulting services to Morneaus U.S.-based clients. The companies emphasize that this alliance will allow them to offer a bundled solution to clients looking for a one-stop-shop for benefits consulting and administration outsourcing services.
GETTING HIRED
The ideal profile
While Segal does not publish the specifics of its recruiting process on its career page, it does offer some insight into the type of applicants its looking for. For actuarial consulting, for example, the firm says having a quantitative-oriented degree, such as in actuarial sciences or mathematics, is a definite plus, while for the human capital consulting practice, a degree in human resources, organizational development or organization/human behavior is the most relevant. While having a background in quantitative skills is a plus, the firm notes that its consultants come from a wide array of backgrounds, ranging from humanities to technical degrees. What is critical, its says, is a commitment to client service, a track record of achievement, and strong communication, problem-solving and analytical skills.
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SIMON-KUCHER & PARTNERS

One Canal Park Cambridge, MA 02141 Phone: (617) 231-4500 Fax: (617) 231-2751 www.simon-kucher.com
RANKING RECAP
Quality of Life #14 Travel Requirements Diversity #13 Diversity for GLBT
LOCATIONS
Boston, MA (US HQ) Bonn (World HQ) New York, NY San Francisco, CA Amsterdam Cologne Frankfurt London Luxembourg Madrid Milan Moscow Munich Paris Tokyo Vienna Warsaw Zurich
UPPERS
Nonhierarchical structure International opportunities Fast advancement Very team-oriented
PRACTICE AREAS
Marketing Leadership Sales Execution Setting & Managing Prices Strategic Development
DOWNERS
Below-average pay Work/life balance promise versus actuality Still run like a much smaller business than it is Need more diverse capabilities within the consultant group
THE STATS
Employer Type: Private Company Co-CEOs: Dr. Georg Tacke & Dr. Klaus Hilleke 2009 Employees: 450 2008 Employees: 405 2008 Revenue: $129 million 2007 Revenue: $105 million
EMPLOYMENT CONTACT
Email: recruit-usa@simon-kucher.com For employment opportunities outside the US, please visit the careers section of www.simon-kucher.com

Experts in pricing German quant jocks Small Too focused
THE BUZZ
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THE SCOOP
What does it cost? Ask SKP
Simon-Kucher & Partners is a worldwide leader in pricing consulting, helping clients maximize profits by giving them the tools and recommendations to correctly set prices for their products. Its something the firm has done for six of the 10 best-selling drugs in the world, and more than 100 companies on the Fortune Global 500 list. In addition to pricing, SKP works to streamline marketing and sales for clients, and assists them in developing corporate strategies. SKP has brought rich reward, too, having grown into an 18-office boutique firm spanning 13 countries on three continents, employing almost 500 consultants. It has carried out work in over 55 countries for clients including AstraZeneca, BMW, Goldman Sachs, Intel, Johnson & Johnson, Microsoft, PepsiCo, Porsche, T-Mobile and many more.
Name your price

The firm was started in Germany in 1985 by business administration and marketing expert Professor Hermann Simon (who is chairman of the firm today, having served as CEO from 1995 to 2009) and two of his PhD students. Believing that price is the primary driver of a companys profits, but that many manage it inefficiently, the consultancy began picking up business from companies eager to maximize their profit margins. SKPs approach to pricing involves extensive quantitative and qualitative analysis of market factors that boils down to one key element: identifying what the market will bear. Theres more to pricing than simply setting a level and charging it indefinitely, however, and it is here that SKPs expertise in pricing strategy comes into play. The firm has a holistic approach to pricing that encompasses everything from competitive strategy, product positioning to sales force execution. Offering strategies and solutions for a range of possibilities over a products lifetime, the firm encourages clients to adopt a consistent, targeted approach that anticipates the market, rather than reacts to it. For example, SKP research has shown that marking down an item aimed at luxury consumerseven in tough economic conditionscan actually turn those consumers off the brand.
Growth by numbers
The firm attempts to practice what it preaches, and applies much the same philosophy to its own business as it recommends to clients. The company explicitly states that it is not a general strategy shop, and does not take on projects, such as cost cutting or restructuring, that require skills outside of its specialized purview. It remains committed to growth in its own niche, however, and has been working hard to build on its existing client relationships, attract new clients, expand into new industries and open offices in emerging and developed markets, all the while focusing on what it does best: marketing, sales, strategy and pricing consulting. Its stated goal is to double its revenue every five years.
You First
It should come as little surprise that a company founded by a professor of business, and with several PhDs on its staff, should commit to lifelong learning and staff development. Nor should it be shocking that said company is supported in its endeavors by an international advisory board made up of academics at some of the most venerable higher education institutions around the globe, including both the London and Harvard Business Schools, Stanford University, HEC, Paris, IESE, Barcelona and several institutions throughout Asia. The firms commitment to its staff, formalized in a program known as You First, begins with mentoring from partners and international orientation, as well as a company training programSTEPSto familiarize all new hires with how SKP operates. Additional education is actively encouraged, and the firm arranges lectures by internal and external speakers for its consultants. Employees are also offered the opportunity to publish the results of their work and experience in industry journals, and to present at conferences and seminars. As for a role model, consultants can look all the way to the firms founder: Professor Simon is a renowned expert in his field, and has presented and published widely, including more than 30 books in 15 languages. Those books include the best seller, Hidden Champions: Lessons from 500 of the Worlds Best Unknown Companies, published in 1996. His most recent publications are 2009s Beat the Crisis and Hidden Champions of the 21st Century, the latter of which updates the ideas first presented over a decade earlier. The book celebrates smaller companies that focus on a niche market, are willing to venture into global markets and are often owned privatelyall factors that allow those companies to maximize profits ahead of market share. Those ideas were also evident in an earlier book from SKPManage for Profit, Not for Market Share, which exhorts managers to well go after profits, rather than focus on volume of sales or market share.
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THE LATEST ON SIMON-KUCHER & PARTNERS

Simon says
June-September 2009 Chairman Hermann Simon published his latest book, Beat the Crisis: 33 Quick Solutions for Your Company. The book is billed as an antidote to the current financial crisis and the chorus of doom and gloom, offering 33 practical actions that any company can employ immediately to better its position in the market. And in June, Simon released Hidden Champions of the 21st Century: The Success Strategies of Unknown World Market Leaders. An update of the ideas presented in his seminal 1996 study Hidden Champions: Lessons from 500 of the Worlds Best Unknown Companies, the book revisits the champions and finds that their developments in the last decade have been sensational: their revenue has more than doubled, their world market shares have shot up, returns have increased, the competition surpassed.
Dual leaders
May 2009 The company found itself under new leadership for the first time since 1995. Professor Simon, who led the firm as chairman for 14 years, was succeeded by two longtime colleagues who will serve as co-CEOs. Both Dr. Georg Tacke and Dr. Klaus Hilleke joined the firm in 1988and the similarities dont end there. Tacke and Hilleke are the same age, and both graduated and received their doctorates from the University of Bielefeld, Germany. Both have also served as visiting scholars at American universities: Tacke at Stanford, and Hilleke at the University of California, Los Angeles. Despite the similarities in background, their roles at the firm have been significantly different from one another; Hilleke was responsible for establishing Simon-Kuchers presence in the United States, and heads the companys life sciences division, while Tacke leads the services, technology and automotive division.
A capitalist manifesto
February 2009 An article by a team of SKP experts was published in Corporate Finance Review. In Pricing in an Economic Downturn: A Pricing Manifesto for CFOs, Hermann Simon, Frank Bilstein, Frank Luby and Drew Conrad draw on a variety of expertise and knowledge of pricing to offer the opinion that now is not the time for companies to engage in price wars. Instead, faced with a recession, the firm urged CFOs to sign on to a pricing manifesto that pledges such ideas as not pricing to destroy competitors, and to focus on profit rather than sales. Mimicking the language from the Declaration of Independence, the manifesto also ends with the following Biblically inspired quote: Though we walk through the shadow of the valley of debt, we fear not fair prices. CFOs of the world unite! You have nothing to lose. You have a world to save.
So far, so good
January 2009 Simon Kuchers annual report can be summed up in one phrase: So far, so good, considering the global economic environment. Having opened three new offices throughout 2008in Madrid, Luxembourg and Moscowthe firm saw revenue increase by more than 20 percent, from $105 million in 2007 to $129 million in 2008. SKP also increased the number of consultants on its roster from 405 in 2007 to 450 in 2008, and attributed its growth mainly to work done in the life sciences, services, consumer goods and technology sectors.
The price is right

October 2008
The firm published Price Management in Financial Services: Smart Strategies for Growth, which was co-authored by four SKP pricing experts and explains how to incorporate value-based pricing into both product design and pricing strategy.
GETTING HIRED
Brush up on those math skills
As part of its very competitive, multi-round interviewing process (less than 1 percent of applicants receive an offer), SKP also asks all candidates to complete an SAT-type math testso have those pencils sharpened. The firm typically recruits from top-tier schools, such as Stanford, Yale, MIT,
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Tufts, Harvard and Brown, though it also accepts online applications. Candidates must have strong quantitative skills in addition to a strong academic background to make it to the first round of interviews, which is generally a 20- to 30-minute fit interview with one 20- to 30-minute case study. If youve earned a 4.0 by taking Rocks for Jocks-type courses, youre not going to be a top pick, a staffer warns. Candidates who make it to the second round are invited to an SKP office for a super day of intensive interviewing (as many as six interviews), as many as three case studies and the math test. Obviously, SKP is a specialist firm, so expect cases on revenue management and pricing, a staffer tips.
OUR SURVEY SAYS

Selling SKP
New recruits are drawn to SKP for its office culture, which insiders say, is very open and very flat. The culture is the reason I chose to work here, says one new associate. It is very horizontal, in the sense that anyone can approach any person at the firm with an idea or comment. The atmosphere is very entrepreneurial and merit-based. The firm even structures its client engagement teams to reinforce the sense of openness at all levels of management. Project teams are comprised of a few consultants, a project manager and a partner, giving new employees direct access to all levels of the corporate hierarchy. This is especially unique at SKP, where all partners have a direct stake in the company, a Boston-based staffer points out.
Forget the face time

Making sure consultants lead full lives outside the office is a priority, insiders say. It is not the culture to be here around the clock. Efficiency is definitely valued over face time. Respondents say that in generaland despite its emphasis on consultants ability to maintain a work/life balance hours are long but average for the industry. While I do not work as much as my friends at other firms, I wouldnt say that I have a significantly better work/life balance, one staffer admits. Also typical for the industry, work hours come in waves. Sometimes you work 50 hours a week, sometimes 70. When the hours get long, many project managers try to maintain some flexibility as to whether you need to work late during the week versus the weekend. A number of respondents also note that work pressures have recently increased, given the current economic climate, which they feel is understandable. Were willing to sell harder and longer projects with fewer people than we ordinarily wouldand I dont think thats unique to SKP, a consultant suggests. For the time being, however, insiders say the firms emphasis on staffing projects from its home offices eases the burden of frequent travel. We dont travel muchonly as much as necessary to facilitate project work. Were also told that junior staff travel less than partners and directors, who can travel up to 10 days a month, but this is adapted to the individuals personal situation, and the average tends to be less than 10 days.
Bonn-voyage
One of the biggest perks to working at SKP, insiders agree, is the annual World Meeting, which is held during the holidays every year in Bonn, Germany. The firm flies in all of its employeesand their significant othersfor the event, which encompasses a companywide meeting and formal ball. In addition, the firm offers a rotation program, in which U.S. consultants can rotate to one of the offices in Europe or Asia for a three- to six-month period, or they can apply for a two- to three-year transfer. Other perks include a 3 percent 401(k) matching program, medical and dental insurance, 15 days of vacation, public transportation passes and parking passes. Unpaid leave is also available, as is flex-time for employees who need it, as long as project work is done. New parents can avail themselves of the firms paid maternity and paternity leave, as well as the flexibility to work part time.
STEP by step
New hires are involved in a mandatory orientation training, known as STEPS, or strategic training for employee professional success. In his or her first few months, every employee goes through STEPS training, explains an associate, adding that the program provides basic information about all SKP divisions, consulting FAQs and software instruction. The program is held either in Germany or Boston a few times a year. The firm notes that STEPS participants work in small groups on simulated consulting projects that are relevant to their everyday consulting reality, and attend short lectures on SKPs internal processes. The firm also provides consultants with ongoing SKP University sessions, where specific projects are discussed to disseminate important on-the-job learning to other project teams, a consultant reports, with an increasing number of seminars under development as part of the companys decision to put more emphasis on job skills training. That effort includes the development of internal knowledge databases, available via SKPs intranet database system, which include publications and insights drawn from recently completed project work. External speakers are also invited to lecture on current topics in marketing and strategy. These lectures, the firm notes, are targeted at both new consultants and those with degrees in nonbusiness-related fields. An associate feels that these are excellent supplements to actually getting on the ground with a project.
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On the fast track

A major plus to life at SKP, staffers say, is how quickly consultants can rise up in the ranks. Usually, lower-level consultants can expect one promotion per year. However, with review sessions every six months, says one insider, individuals who are ready for the next step can move quicker, and its not unheard of to get promoted twice in one year. However, that promotion cycle slows the higher one climbs. Says one director, There is no defined period of time that a consultant needs to spend at a given position before advancing. We have consultants three years out of school running projects. In the current recession, staffers say the rate of promotions has slowed somewhat.
Playing second fiddle

While most associates praise their supervisors for being so open and accessible, it is upper management that gets the most client exposure, were told. Usually, entry-level consultants dont interact with clients on most projects, an associate explains, with a co-worker adding that project managers and partners take the lead on client interaction.
A mini UN
For the most part, insiders pride themselves on the overall diversity of their firm, which one partner says is sometimes referred to as a mini UN. There are minorities in the partner position and one partner in the U.S. who is openly gay, were told. When it comes to gender equity, SKP also receives strong marks, with women making up around half of the firms employee base. Staffers note, however, that there is a noticeable decline in the number of women in upper management. This may be changing, however, as the firm is now positioning women for leadership roles, a respondent notes. In fact, five out of the 11 of U.S. directors are female, versus none five years ago, a partner points out.
Notable efforts
SKPs community services programs may be smaller than some other firms, but they are still notable, staffers say. The U.S. offices usually have one community service day a year, during which activity committees organize charitable events for employees to participate in. However, it is not mandatory and, often, project work interferes, a respondent states. There are some additional initiatives in which the firm takes part. For instance, all of SKPs U.S. offices participate annually in the JP Morgan Corporate Challenge, while employees across the firm also informally group together to participate in a run, organize a toy drive, etc. Generally, though, its often on individual consultants to organize these events. Fortunately, many people take the initiative to put these drives together, an associate reports.
When its good to be small

Insiders tell us the recession has definitely taken its toll on SKP. U.S. hours are increasing, one notes, while another reports that cost-cutting has taken place, which definitely hurt employee morale. Staffers explain that the crisis is affecting different parts of the firm in different ways. We have a diversified company with a presence in numerous industries, one source states. This creates a balanced outlook on the business, with some of our industry divisions [experiencing] more pain than others. Some industry practices are doing extremely well, i.e., life sciences, where others are hit harder by the economy, i.e., automotive. Our life sciences division is actually forecasting to grow [in the long term], a consultant reports, adding that overall, the company still has aggressive growth targetseven in this economy. The key to meeting such high expectations? According to respondents, the answer lies in remaining a small, specialized firm in an increasingly popular fieldpricing. As one midlevel insider explains, SKP is in a position to emerge from this economic crisis even stronger than it already is. We help companies grow their revenue, and this is a service of the utmost importance and value right now. A partner agrees: As a specialized firm with a clear profit-improvement proposition, we see great opportunities ahead.
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STERN STEWART & CO.

75 Broad Street, Suite 2910 New York, NY 10004 Phone: (212) 261-0600 Fax: (212) 581-6420 www.sternstewart.com
UPPER
Client contact at the entry level
DOWNER
Lots of recruitment and marketing work on top of consulting projects
LOCATIONS
New York, NY (HQ) Jakarta Johannesburg London Melbourne Mumbai So Paulo
EMPLOYMENT CONTACT
Email: careers@sternstewart.com
PRACTICE AREAS
Corporate Finance Advisory Value Based Management
THE STATS
Employer Type: Private Company Chairman & CEO: Joel Stern

Very deep and practical financial incentive pay expertise Fortunes tied to EVA Gurus at valuation Narrow
THE BUZZ
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THE SCOOP
The virtue of value
The advice that Stern Stewart & Co. gives to clients is almost entirely built around one theme: EVA (economic value added). EVA is a term that gets thrown around by a lot of people these days, but it all began at Stern Stewart. Lets be very clearif you dont believe in EVA, then this is not the firm for you. But if you do, you wont be alone. Hundreds of companies have adopted Stern Stewarts EVA methods, including Best Buy, Briggs & Stratton, Coca-Cola, Goldman Sachs, Herman Miller, SPX, Siemens, the U.S. Postal Service and the Williams Companies. The firm likes to stick with these clients for the long haul, too, believing that six months to three years might be necessary to fully internalize its methods.
Chicago-style, deep-dish EVA

CEO Joel Stern claims that the origins of EVA came from his time at the University of Chicago, when he began to feel that the reigning model of EPS (earnings per share) was inadequate for determining the true value of companies. After graduating, Stern spent 18 years at Chase Manhattan Bank, where he helped create the concept of free cash flow, and continued working on the ideas that would become EVA. In 1982, he decided that the time was right and teamed up with G. Bennett Stewart, who was also an EVA believer and alumnus of the University of Chicago, to form Stern Stewart. The two men spent the next decade refining and promoting the ideas of EVA, which culminated in Stewarts groundbreaking 1991 book on the subject, The Quest for Value: The EVA Management Guide. Although Stewarts book remains the core EVA text, it can be a pretty dense read, so the firm has also published a variety of other books that simplify or modify the method, such as 1998s EVA: The Real Key to Creating Wealth, by consultant Al Ehrbar.
So how does it work?

The firms EVA method seeks to determine the real profit of a company as seen from the perspective of shareholders. Basically, its the net operating after-taxes profit minus any opportunity costs for invested capital. This number is then compared to the minimum rate of return required by investors, known as the weighted average cost of capital. The amount that the company is above or below that rate is then used to judge the companys health. EVA believers feel that this method is superior to others because it can be calculated at the divisional level, it better tracks performance over time and it recognizes that companies must eventually account for both operating and capital costs. EVA-ites say that EPS, by comparison, fails to show how many resources went into creating growth. Plus, EVA simplifies a companys finances by coordinating the three basic financial statements (income statement, balance sheet and cash flow statement) into a single method for calculating value. Another major benefit of EVA, according to the firm, is that it keeps shareholders happy, which makes companies safe from hostile takeovers. Stern also says that EVA creates greater transparency, because its too hard for sections of a company to hide from its glaring spotlight.
Early adopter
One of the most famous companies to come onboard with the idea of EVA was soft drink manufacturer Coca-Cola. Coca-Cola likes to describe how EVA inspired it to switch to cardboard containers for shipping cola concentrate. Although the stainless steel containers that the company had been shipping were reusable, the lower initial cost of cardboard containers freed up assets that could be used right away for other purposes. The value of those freed assets more than made up for the money saved through the reusability of the steel containers.
Some rain on the parade

EVA does have its detractors, however. Much of this skepticism comes from the belief that EVA-ites rely too heavily on just one metric. Business guru Gary Hamel has said, No one measure can capture all the dynamics of corporate performance. Some people worry that companies that depend too much on EVA will start to ignore other important areas, such as product quality and customer satisfaction. Many high-tech firms feel that EVA doesnt adequately measure the value of innovation and knowledge capital. In addition, even some believers acknowledge that although EVA is excellent for determining financial statement issues like the value of an acquisition, it doesnt give much insight into how to run companies on a day-to-day basis.
But thats not EVA-rything

But the Stern Stewart process is more than just calculating EVA. The firm tries to figure out how customers can not only be given value, but also generate it. Among its array of methods are benchmarking to determine the clients value against current and future estimates for both the market and competitors; coordinated allocation of investment funds based on greatest potential value; and customized pricing strategies. In addition, the firm selects strategies for each unit of a business based on growth, efficiency or consolidation. It may establish a pay-for-performance culture to increase results and, in periods of transition, analyze and streamline mergers and acquisitions. The firm also helps clients get in shape for IPOs.
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THE LATEST ON STERN STEWART & CO.

EVA advice from the EVA guru
April 2009 Managers in Chicago got the opportunity to learn firsthand from the EVA master himself, CEO Joel Stern, at the Stern Stewart-sponsored executive forum on value-based management. Joining Stern as speakers were John Shiely, chairman and CEO of Briggs & Stratton Corporation, and Leonard Gryn, CFO of Weber-Stephen Products Co., as well as Judge Mervyn King, a leading expert on corporate governance. An identical event is planned for New York in October 2009.
Analyze this
December 2008 Chartered financial analysts met online via the CFA Institutes webcast, titled The EVA Framework and the Current Economy. In it, Joel Stern explained the origins and applications of the economic value added framework in the midst of the current economic crisis.
GETTING HIRED
Do you? Do you?
Stern Stewart wants to know: Do you enjoy challenges? Do you like to develop unconventional solutions? Do you think like an entrepreneur? If the answer is yes, then the firm says its time to consider applying to be part of its consulting team. Typically, entry-level applicants are graduate students and young professionals who, alongside senior members of the Stern Stewart team, are expected to contribute and actively participate in engagements.
Application necessities
To qualify for a position, the firm says candidates should have a background in business administration, economics or economic engineering. Recent graduates should also have strong grades and analytical skills. Being able to speak a foreign language is an added plus, as are internships in a related industry or with other consulting firms. The firm also says it looks for applicants who can show self-initiative, the ability to be a team player, enthusiasm, good communication skills and who have an entrepreneurial outlook. Individuals who meet those requirements should send their applications via email to careers@sternstewart.com.
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STRATEGIC DECISIONS GROUP

745 Emerson Street Palo Alto, CA 94301 Phone: (650) 475-4400 Fax: (650) 475-4401 www.sdg.com
RANKING RECAP
Quality of Life #2 Formal Training #5 Interaction with Clients #5 Overall Satisfaction #6 Selectivity #8 Best Firms to Work For #8 Relationships with Supervisors #10 Firm Culture #10 (Tie) Work/Life Balance #12 Hours in the Office #18 Green Initiatives #20 Overall Business Outlook Diversity #1 Best Firms for Diversity #1 Diversity for GLBT #1 Diversity for Minorities #6 Diversity for Women
LOCATIONS
Palo Alto, CA (HQ) Bangalore Beirut Chennai Gurgaon London Mumbai Singapore
PRACTICE AREAS
Business Strategy Education & Training Partnering & Outsourcing Portfolio Strategy Risk Management
UPPERS
Global reach Great training Access to partners and clients
THE STATS
Employer Type: Private Company Chairman & CEO: Carl Spetzler 2009 Employees: 90 2008 Employees: 90
DOWNERS
Expected to work seven days a week Low visibility in the marketplace Much of the travel is cross-continental
EMPLOYMENT CONTACT
www.sdg.com/careers

Pretty interesting specialist shop Nerds Underrated Tiny
THE BUZZ
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THE SCOOP
Make a decision
Headquartered just down the road from Stanford University, Strategic Decisions Group specializes in providing high-level decision making, risk management and value-based leadership advice to its clients. Formed in 1981, the firm partners with boards of directors, heads of business units and senior managers in a variety of mostly capital-intensive industries via offices in the United States, Europe, the Middle East and Asia. SDG consultants serve many of the worlds largest research and development-intensive companies, energy companies, technology and communication companies, diversified chemicals producers and companies in transportation, infrastructure development, mining, private equity, agriculture and forest products, and commodities.
Divide and conquer

SDG co-founder Ronald Howard first developed the concept of decision analysis while teaching at Stanford University in the 1960s. Decision analysis is a way of dissecting business decisions in a formal manner, often using tools such as diagrams and decision trees. Uncertainties are transformed into probabilities and probability distributions. Decisions are made based on which options have the highest utility. Decision analysis is still at the center of the firms methods, although it has been modified as new ideas and technology have come into play over the years. The method certainly has its critics, though, with the foremost attack probably being that humans dont actually think this way. But proponents argue that the method is simply a way of seeing options more clearly. The firm has also gradually offered services beyond strategic decision analysis as time has gone by, and it now tries to create, deliver and protect value for shareholders in any way possible. SDG helps clients identify growth opportunities, create strategies, and analyze and test those strategies. It also tries to help clients deal with the unknown in creative ways. Perhaps to diffuse the impression of its methods being cold and mechanical, the firm emphasizes that strategic consulting is as much art as science, and its literature states that amongst the most important goals of its foundation was creating a fun company to work for.
Industrial evolution
SDGs specialty is serving industries that are on the cusp ofor often faced withmajor game-changing market shifts that require managers to make big bets ahead of the curve. The firms 12 practice areas hone in on a number of these industries, including chemicals, consumer goods, energy and environment, financial services, infrastructure, manufacturing, metals and mining, real estate, special economic zones, technology and communications, and transportation. The firms largest industry practice area, however, is its energy and environment segment, which works with electric and gas utilities, nuclear power, oil and gas, petrochemicals and renewable energy companies. Recent energy market volatility has given SDGs experts a lot of business, especially in 2008, when the price of oil made a round trip from $85 per barrel to $145, and back again to below $50. The firm says it developed strategy for and trained more than 1,000 energy executives in corporate strategy development and implementation, enterprise risk management, nuclear strategy and risk management, portfolio and asset management, and environmental strategy.
The bookworms next door

Considering its origins at Stanford University, its not surprising that SDG emphasizes its connections to the academic world, even claiming to have more PhDs on staff than most university graduate programs. Since 2006, the firm has collaborated with the Stanford Center for Professional Development to offer a Stanford certificate program in strategic decision and risk management (SDRM). The program now has participants from over 25 countries and, as of April 2008, can be completed online. The program is designed to help organizations make better strategic decisions while managing risk. Outside of the certificate program, the firm also offers public courses and workshops designed to build individual capabilities in decision analysis and in SDGs decision-making methodology. And if course work isnt your thing, SDG also offers Executive eBriefings, which are free, one-hour online web conferences designed to help senior executives maneuver in todays business environment. Since 2000, SDG has presented more than 45 eBriefings to thousands of executives around the world. Topics covered have included making strategic decisions in difficult economic times, designing and managing enterprise risk management programs, and best-practice tips for senior management decision making.
Eye on India
SDGs push into India began in 1995 through a joint venture with ECS Limited, an Indian management consulting firm. In 2007, the firm acquired ECS strategy practice, and over the next six months, opened offices in Bangalore, Gurgaon and Mumbai. To serve its burgeoning clientele in the Middle East and North Africa, SDG opened an office in Beirut in May 2008.
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THE LATEST ON STRATEGIC DECISIONS GROUP

Savvy Spetzler
June 2008 SDG Chairman and CEO Carl Spetzler was named to Treasury & Risks list of the 100 most influential people in finance in the risk management category. According to the magazine, Spetzler helps leaders cope with the lack of explicit strategic alternatives and the complexities of uncertainty and risk. The 100 honorees profiled included corporate executives, treasurers, bankers, dealmakers and politicians, among others.
GETTING HIRED
Where do you fit in?
For aspiring SDG consultants, there are four types of jobs to choose from. First, there are the business analysts, which are recruited from top bachelors programs worldwide, such as Stanford, Dartmouth, Oxford, the Indian Institute for Technology and the American University of Beirut. Outsiders will have a hard time landing a job at the associate consultant level, since SDG does not recruit on campus, choosing instead to recruit from its business analyst and internship pools. At the consultant level, SDG recruits on campus for MBAs and masters degree graduates from national and international programs, such as Stanford, Harvard, Dartmouths Tuck School of Business, INSEAD, the Indian Institute of Management and AUB. Senior consultants and more experienced hires are recruited on an opportunistic basis, the firm says, depending on the needs of various practices. No matter what level candidates are applying for, the interview process is designed to single out applicants who have exceptional consulting/interpersonal/relationship skills, intellectual horsepower, analytic aptitude, business savvy, strong leadership potential, character and a great match with our values, a partner reports.
Future partners unite

The hiring process at SDG is extremely selective, explains a source, since the firm is looking for future partners in every new hire. Typically, there are three rounds of interviews for lower-level positions, with rigorous cases covering both business dimensions and advanced analytical skills, [as well as a] values-focused interview to check fit. In all three rounds of interviews, a higher-up adds, a successful candidate would normally interview with six SDGers, with case questions typically constituting the bulk of the second round of interviews.
Summers at SDG
Graduate-level students qualify for SDGs summer consultant program, which insiders say provides a very fast-paced experience with good exposure to various aspects of the firms practice. One former summer consultant says he had the opportunity to work on a strategy project for an auto manufacturer from the beginning of the engagement. Another veteran notes, I had a wonderful experience as a summer intern here. I worked on four assignments from beginning to end in the space of four months, and was pleasantly surprised by how much senior SDGers trust junior team members.
OUR SURVEY SAYS

Walk the talk
While some firms just talk about promoting a positive office culture, insiders at SDG says their firm actually walks the talk. Consultants say their firm has almost no hierarchy, [and] the management team is completely accessible to all staff. New hires are often amazed at how accessible the partners are, and how willing they are to teach and mentor, a source adds. At all levels of the firm, there is a strong emphasis on individual freedom and responsibility, but everyone has a vested interested in helping you to succeed, respondents say. Helping to cement that sense of teamwork, a consultant explains that there is efficient communication across the team and with headquarters management.
Performance counts
Despite the occasional overworked and grumpy staffer, most respondents say they are able to balance work with their personal lives, thanks to managements flexible approach to working hours and locations. Notes a director, I do not feel pressure or obligation to sacrifice the good balance between work and life. Working strange hours is mainly driven by my personal motivation to achieve the goal. A manager adds that the firm generally
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values performance rather than hours at the desk, and an associate assure us that there is never someone looking over your shoulder to make sure you are at work from 8 a.m. to 5 p.m. every day. I like to adjust my work hours to my personal needs, and no one has ever had an issue with it.
Travel is expected
Were told that travel can be heavy, with some consultants traveling almost every week, since it is a necessity to work with the clients who are all over the country. Travel is also determined by client needs, rather than our firms policies, so sometimes it is heavy, sometimes it is light. There arent many complaints about it, though, with insiders generally agreeing that travel is about average for the industry, and noting that the firm uses technology, workshop formats and other means to avoid excessive traveling. And, SDGers say, the firm allows for some flexibility in between travel engagements to make up for lost time sitting in airport lounges.
Face to face
Given the firms focus on business strategy and risk management, staffers say their type of consulting provides significant interaction for consultants across the engagement team at the C level and board of directors level at our clients. That access is firmwide, a partner explains, and folks are usually very pleased with their access to senior management at our clients. We are highly trusted advisors operating at the C level.
Very nice benefits

Besides being well paid for their services, respondents say they also appreciate the firms solid life insurance and health care benefits, as well as having half their health club memberships paid for. New moms and dads are given paid time off and the ability to take additional time off, if needed. Many women in the firm choose to take six months to a year off after the birth of a child and, if a man wanted to do the same, we would support him doing that, too, an insider states. One of the biggest hits in the perks department, however, is the firms allocation of professional development accounts that are doled out to each consultant at the beginning of the fiscal year and replenished each year. These accounts can be used at the staffs discretion for any IRS-compliant business expense that would contribute to an individuals productivity, education, training, knowledge, self-improvement and skill-building as it relates to the firm.
Weeding out weak ones

SDGs promotion process is fairly straightforward: There is no set [promotion] quota, as such. If you are an achiever/contributor, then there is no reason that prevents you from moving up the ladder, an associate explains. Insiders say that since the firm invests heavily in the up front recruiting process, there is little need for counseling underperformers out. There is no strict up-or-out policy, but we do have a grow-or-go policy, a partner remarks. Achievers and contributors can expect to spend about two to three years at each level before moving up, insiders estimate.
World class training

Respondents claim that one of the firms real strengths is its formal training program, which is designed to help consultants develop deep analytical and interpersonal skill sets. This training takes the form of a rigorous formal onboarding program, followed by periodic trainings and on-the-job training. Across the board, SDG places a huge emphasis on the training and development of its employees, and trainings are very useful, interesting and reflect real-life situations, associates say. For new hires at the undergraduate and graduate level, there is a three-week, obligatory orientation and training, which includes the two-week Decision Consulting Workshop. The workshop takes them through a simulated client engagement from start to finish, including final presentations to a mock review board, explains a director, who adds that, in recent years, the firm has opened this to clients and we now have as many clients in the program as staff, which also offers an early opportunity to meet and interact with clients. More seasoned staffers are offered biweekly knowledge management/sharing sessions worldwide, where staff at all levels and functions can learn about our latest work and innovations, or hear an outside expert speak.
Consultants are also encouraged to participate in the aforementioned Stanford SDRM program, which also includes clients among its participants. Through SDRM, there are 12 courses available to staff, industry executives and clients. These are offered in three formats: on campus, online or at work. The online version of the course can be taken any time of the day or night, anywhere in the world, and all you need is a high-speed internet connection, a partner reports. The official training workshops are all commended by new hires as well as clients as being world class, an associate boasts.
Good marks on diversity

Whether it comes to supporting women, minorities or GLBT employees, sources give their firm strong marks for diversity. When it comes to equal opportunities for men and women, an associate explains that many women work for the company, and many of them occupy key positions. And,
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even though many women leave before they reach more senior ranks, insiders say SDG has made a concerted effort to recruit more women, who now make up 20 percent of the firms partners. Speaking as a woman at the firm, an insider states, our numbers reflect the demographics of the MBA and PhD campuses we recruit at. There are more men in the programs, and more men apply, but when it comes to hiring and success, the women are fairly represented, given the number who apply and come in to interview. Respondents also observe that the firms partnership and staff are ethnically diverse, with a mix of eclectic backgrounds. They also describe it as a GLBT-friendly firm; SDG has long had a reputation as being among the best consulting firms in terms of GLBT diversity, says one openly gay consultant. Gay staff members are completely open about their orientation, and over 10 percent of our partners are gay.
DEFinitely into volunteering

SDG is heavily involved in volunteer and charity work, conducting a number of pro bono consulting engagements, which are often sponsored by a member of the firm at any level who brings passion and energy to his or her cause. One of the firms most notable philanthropic efforts, however, is its founding and support of the Decision Education Foundation, or DEF, which is devoted to improving the decision-making skills of youths. Carl Spetzler stands as DEFs chairman, and many SDGers and SDG alumni volunteer for the organization, insiders say. In addition, a number of staffers serve on the boards of not-for-profits and schools, and several partners travel to developing countries each year to help build homes. Were told that SDGs biggest contribution to the global environmental cause is the advice we give energy clients on CO2 emission strategies. That doesnt say much about the firms internal efforts, but were told that its slowly but surely implementing its own measures to go green. For example, just this year, we went totally electronic for payroll systems (no pay stubs!), and our accounting office last year converted to all electronic record keeping. SDG also recycles where possible, and has installed motion sensor lights. A source adds that a recent partner retreat, executives organized carpools to ensure that we minimized the number of cars driving to the Napa Valley retreat. Small steps, respondents admit, but we can and will do more.
A recession veteran
This is not an easy time, especially for a small- to medium-size firm like us, an insider admits when asked about SDGs business outlook. The economic crisis is causing some of our clients to delay engagements, and we have cut back on recruiting as a result, contacts report. Despite the slowdown, however, the firm remains optimistic and employee morale is quite high, despite the gloomy environment around us, says a respondent, adding that staffers are comforted by the fact that SDG has historically done quite well during recessions. If history is any indicator, the firm says it can rely on the fact that, in uncertain times, companies need help making decisions. SDGs core competency, then, is very applicable and relevant to the current economic downturn, a partner states. Plus, its typical client engagement involves making large capital investment decisions over long time horizons, and [clients] are used to making decisions in the face of uncertainty. They are not willing to wait for clarity on the economy or the government stimulus package before moving forward. And they know there are opportunities in the down cycle that they can seize if they move quickly, a consultant explains. Also working in the firms favor is its global reach. Says one contact, The highly developed consulting markets in Europe and North America are likely to be hit hardest, but SDG is globally diversified with a large presence in India, Asia and the Middle East.
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STRATEGOS
820 West Jackson Boulevard Suite 525 Chicago, IL 60607 Phone: (312) 655-0826 Fax: (312) 655-8334 www.strategos.com
RANKING RECAP
Quality of Life #2 Work/Life Balance #4 Hours in the Office #4 Overall Satisfaction #6 Firm Culture #6 Interaction with Clients #12 Best Firms to Work For #12 Compensation #13 Relationships with Supervisors
LOCATIONS
Chicago, IL (HQ) Lisbon London
UPPERS PRACTICE AREAS

Enterprise Innovation Capability Growth Strategy Leadership & Organization Management & Open Innovation New Market & Product Development Were small, so we dont have bureaucracy No industry specialization required Collaborative and supportive environment Ability to make an impact
DOWNERS
Small-firm issues Nontransparent management decisions Promotions are not automatic Perhaps more exposed in a downward economy
THE STATS
Employer Type: Division of UTEK Corporation Ticker Symbol: UTK (NYSE, Alternext) CEO: Peter Skarzynski 2008 Employees: 35 2007 Employees: 31 2008 Revenue: $13.2 million 2007 Revenue: $10.8 million
EMPLOYMENT CONTACT
Email recruiting@strategos.com, or visit the Join Us section of the firms website
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THE SCOOP
Innovation is the name of the game
At Strategos, innovation is king. And queen. And prince, and duke and the whole royal family. The Chicago-based boutique strategy consultancy knows that innovation must be worked at and managed, helping clients develop the systems, processes and capabilities they need to reduce the risks associated with new products, services and business ventures. For a small firm, Strategos works on big issues. With around 35 professionals in three offices, it works with mostly corporate clients to identify and develop new segments and markets; create and act on game-changing new strategies; build an enterprise-wide capability for creating new ideas; improve processes for new product development; and assess a clients innovation capability. The promised results? Big, new ideas, with faster results, a healthy pipeline of new products, enterprising and productive employees, and new-and-improved strategies. Strategos seems to make good on its promises, having performed services for 25 out of the 30 companies in the Dow Jones Industrial Average, in addition to other members of the Fortune Global 500.
More room to grow

While Strategos suffered a net $375,000 loss on net assets of $840,000 in 2007, it was still a hot buy for the UTEK Corporation, a major player in technology transfers and open innovation. In April 2008, UTEK, which reported revenue of $20.2 million in 2008, closed the Strategos acquisition deal. Strategos shareholders received 1.25 million shares of UTEK stock when the transaction closed in April 2008. As a division of UTEK, Strategos retains its brand and operates as the strategic advisory services arm of the business.
Guru know-how
Strategos is the brainchild of Gary Hamel, the innovation mastermind who founded the firm in 1995. Hamel has been called the worlds most influential business thinker by The Wall Street Journal, and his October 2007 book, The Future of Management, was selected by Amazon.com as the best business book of the year. At the firms post-takeover helm is CEO Peter Skarzynski, whose latest book, Innovation to the Core, published in March 2008, is recognized as the first to describe how large organizations can build and sustain a companywide innovation capability.
A whirl of difference
Strategos marquee clients span the business spectrum, including names such as Applied Materials, Whirlpool Corporation, Nokia, Roche Diagnostics and Royal Dutch/Shell. The firms website prominently features glowing client testimonials. One client, Whirlpool, approached Strategos for help when it realized it could not remain a household brand name by simply coming up with better appliances. It needed to find more fundamental advantages, says Strategos, which helped Whirlpool executives think outside the box. Within two years of hiring the firm to help develop new ideas, Whirlpool had created several new product lines, such as a new line of appliances for younger lifestyles, a system of high-quality, attractive appliances and organizers for garages, and started the Inspired Chef cooking schools that showcase Whirlpool products. Within two years, Whirlpools innovation pipeline was flowing with ideas, with 100 business deals in the conceptual stage, 40 concepts in the experimentation stage and 25 new productsand businessesbeing prototyped.
THE LATEST ON STRATEGOS

Debunk those doubts
May 2009
Strategos Founding Director Pierre Loewe presented at the American Business Medias annual conference in Florida. Now is not the time to cut back on innovation, he told ABM conference attendees in his seminar titled Debunking the Deadly Orthodoxies of RecessionsInnovation is Too Costly or Risky for Tough Times.
You can build it

March 2009 Strategos Directors David Crosswhite and Jorge Rufat-Latre published their co-authored article, Systematically Innovate! What Sounds Like an Oxymoron Is Actually a Recipe for Dependable Results, in Business Strategy Series. In the article, the authors argue that innovation capability can be built, systematically and systemically, much like organizations have built enterprise-wide capability for quality in the past. They also claim that levers can be pulled to bring about innovation, without having to reorganize the entire company.
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Sign on for innovation

February 2009 Gary Hamel led the first in a new series of webinars on corporate innovation organized by parent company UTEK Corporation. His inaugural webinar was called Innovation in Tough Times.
GETTING HIRED
A seat at the table
People who have carved out a place for themselves at Strategos tell us they chose this firm because it doesnt feel like a consulting firm. In addition, recruits were attracted to Strategos for the opportunity to interact with some of the leading voices in innovation strategy. So how did they get to their seat at the table? Were told that recruiting is conducted mostly from the postgraduate marketplace, rather than directly out of grad school. For those who get to the interview rounds, be prepared for a long process that requires a lot of patience. Were told that candidates typically have to endure three to six rounds of interviews with members of the firm at different levels. These interviews can include cases, role play and normal interviews. The powers that be are looking for analytical skills and client-facing/facilitative skills, and a consultant notes that candidates should expect on your feet thinking case-type questions.
OUR SURVEY SAYS

Every walk of life
Life at Strategos can be compared to a big world in a small package. We have individuals from Pakistan, Spain, France, India, South Africa, Taiwan and other countries, an insider reports, and women are represented at all levels of the firm. Not only is the firm well diversified, but its people are friendly and good-natured, as well. To put it simply, or not so simply, Strategos is an intellectually challenging group of individuals who constantly ask questions, challenge norms and genuinely respect the opinions of others. Consultants, were told, are not afraid to roll up their sleeves and get down and dirty to get the job done.
Get out what you put in

That results-oriented mentality means that people work extremely hard and put in the time when its neededwhich usually amounts to 40 to 60 hours per week. However, flexibility is the keyhours in the office dont count, only results and delivering on commitments do, an insider says. With little focus on face time, a colleague confidently states, there is freedom to take care of necessary personal business during the day. There are no hard boundaries between work time and personal timeyou do what needs to be done in both arenas. And like most consulting firms, life during the week is predicated on client obligations, a newbie notes. However, from what Ive seen thus far at Strategos, there is a desire to help maintain an appropriate balance between work and lifestyle, meaning that consultants are given the flexibility to work as they feel fits their needs best, so long as client obligations and expectations are met/exceeded. In other words, you get out what you put in.
Work here and there

Putting in time at Strategos does mean the occasional client trip. While respondents say they need to stay flexible in terms of availability for travel, they rarely travel more than three days a week. They also say there is no requirement to travel just for face time with clients, which puts Strategos in a separate category from firms who send consultants to the client sites four days each week. As such, Strategos staffers feel that, relative to the industry, travel requirements are fair. The bottom line? Strategos gives its consultants the ability to work from anywhere, anytime, as long as quality, on-time work gets done.
But when theyre not on the road, it seems a friendly atmosphere prevails in the office. People hang out and eat lunch together, a consultant notes, adding that they also enjoy free soda and snacks in the office. Other perks include a significant 401(k) match, health care coverage, sabbaticals and, not to be outshone by the free soda, flexible work schedules and the ability to work from home.
Everybody is equal
The training structure at Strategos seems pretty straightforward. As one source explains, Nearly all training is unofficial. Efforts are being made to [formalize] things a bit more, but our culture is much more around on-the-job learning. A key reason for this is that the firm believes one cannot master the skills from classroom training, explains one source.
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Interaction with top brass seems to be one of Strategos strong points. As a higher-up puts it, Due to small consulting teams, all members have ample opportunity to interact and build relationships with client management. This is one of the most attractive aspects of the work at Strategos versus other consulting firms, where few, if any, consultants below the partner level get to interact with client executives.
Be happy where you are

Because of the firms reasonably flat corporate structure, promotions are unusual but not unheard of, and are based on merit, not an up-or-out mentality. One source says, Criteria for advancement are defined but somewhat loose in interpretation. There is no set/average advancement schedule. However, if you can deliver something nobody else in the firm can deliver that is of value, youre ineven if not promotable. Another insider adds that the rate of progression (or opportunities to do so) correlates directly with rates of growth for the firm.
Ups and downs

Strategos is not immune to the tough economic times. As one consultant speculates, Were all on a roller coaster with no bottom. If the firms clients are hurting, then the firm itself hurts. In other words, our business outlook is dependent upon the demand and attention on innovation and product development. In the current economic times, clients are cutting back on innovation development, which makes the current environment difficult for a firm like ours. But there is a light at the end of the tunnel: Services like ours are vital to success as we come out of this time period, and the overall business outlook should be favorable when conditions turn around, a consultant states. In the meantime, the firms strategy has turned to working with clients on the innovation and commercialization techniques that they hope will help them stay afloat during the recession.
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TRIAGE CONSULTING GROUP

221 Main Street, Suite 1100 San Francisco, CA 94105 Phone: (415) 512-9400 Fax: (415) 512-9404 www.triageconsulting.com
RANKING RECAP
Quality of Life #1 Green Initiatives #1 Work/Life Balance #2 Hours in the Office #3 Overall Business Outlook #4 Best Firms to Work For #4 Firm Culture #4 Formal Training #7 Relationships with Supervisors #8 Overall Satisfaction #15 Compensation #20 Interaction with Clients Diversity #3 Diversity for Women
LOCATIONS
San Francisco, CA (HQ) Atlanta, GA
PRACTICE AREAS
Capitation Risk Pool Audits Clinical Denials Continuing Education Contract Analyses & Negotiations Hospital Reimbursement Review Services (Primary) Litigation Support Medicare Review Revenue Cycle Consulting Silent PPO Review Workers Compensation Review
UPPERS
Salary as a new graduate Working in team settings is a win/win solution for everyone Being in a recession-proof industry Everyone is young, fun, outgoing, smart and intelligent
THE STATS
Employer Type: Private Company Founders: Richard Griffith, Jim Hebert & Patricia LeeHoffmann 2009 Employees: 310 2008 Employees: 268 2009 Revenue: $60 million 2008 Revenue: $55 million
DOWNERS
Travel can be excessive The population is not very diverse Theres no pay for performance Sometimes the work gets a little monotonous
EMPLOYMENT CONTACT
www.triageconsulting.com/careers

Great place to work Very fratty Humanitarian Average presence in niche
THE BUZZ
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THE SCOOP
Follow the money
San Francisco-based Triage Consulting Group works with hospitals to uncover lost cash. Founded in 1994 by financial and health care consultants Richard Griffith, Jim Hebert and Patricia Lee-Hoffmannall of whom stand as board members to this daythe firm provides reimbursement review services to hospitals, focusing on payment accuracy and billing/collection process improvement for commercial, Medicare, Medicaid, workers compensation and TRICARE claim volume. Triage also offers managed care contract analyses and negotiations, litigation support, clinical denial reviews, revenue cycle consulting, silent PPO review and capitation risk pool audits. Since it was established, Triage has identified and recovered over $1.2 billion for more than 400 hospitals. Today, it serves hospital networks and health care providers in 36 states via its two offices in San Francisco and Atlanta. The company takes its name from the term triage, which the firm defines on its website as a systematic process for determining priorities in an environment of scarce or insufficient resources. Of course, Triage Consulting doesnt delay work for hospitals showing only minor financial scrapes, but considering the companys claim that, since inception, it has recovered over $1.2 billion in cash for over 400 clients, quick attention must have been given to organizations seen hemorrhaging money.
Dont mind us, were just looking for your money

In providing reimbursement review services, the firms mantra-like promise to clients is Maximum Reimbursement. Minimum Disruption. Zero Investment. A project starts with seeking out underpayments to the most distant decimal point, reviewing patient accounts for payment accuracy and then recovering interest, penalties and any underpaid charges from health plans. The firm works directly with insurers, PPOs, employer groups, thirdparty payers and/or government agencies to collect, sending cash directly to the hospital upon resolution. For these matters, Triage taps into its own resources only, dedicating itself to progress that is independent from and invisible to its clients. Fees are contingent upon the sum of underpayments collected. The fees also reflect time spent shepherding the client to self-sufficiency by training employees to catch underpayments themselves. Having identified the mistakes that led to payment errors, the firm can recommend specific policies and procedures to prevent the re-emergence of those errors. In this way, it safeguards against future such incidents, and helps upgrade hospital contracts to industry best practices. Client satisfaction is high: For the last several years, more than half of the companys assignments have come from repeat business, and Triage claims that most new business comes from client referrals.
Join the squad

Safeguarding against future problems can extend well beyond hospital bills. Through the Sustainability Squad, created the same year the firm was founded, the group is made up of employees interested in social betterment and community development. In 2008, for example, the Social Responsibility Squad marked its 10th year working with inner-city students at San Franciscos Redding Elementary School, helping them to read at grade level. The squad also submitted an award-winning nomination that granted the school $1,000 for badly needed school supplies and educational resources. Squad members work with students as their mentors and career counselors. Other community partners in the San Francisco and Atlanta areas include Family House, MedShare International and Golden Gate National Parks Conservancy. In 2008, the firm had a 100 percent employee participation rate in one or more of its volunteer projects.
THE LATEST ON TRIAGE CONSULTING GROUP

Its not easy being green
December 2008
Triage was certified as a green business by the city and county of San Francisco. Getting on the list took some work: To qualify for consideration as a green business, a company must comply with a checklist of practices that conserve energy, recycle and reduce waste, conserve water and prevent pollution. In addition, companies must demonstrate that green practices are integrated into its everyday business.
The importance of good leadership

November 2008 Leadership Excellence magazine recognized Triage as having the best leadership development program in the country for small to midsized corporations. Triage was chosen from a pool of over 1,000 organizations, based on seven criteria: vision and mission; involvement and participation; measurement and accountability; design, content and curriculum; presenters, presentations and delivery; take-home value; and outreach.
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One of the best

June 2008 Human Resources magazine, published by the Society for Human Resources Management, ranked Triage 15th on its list of the 50 best small and medium companies to work for in America, which takes into account companies with 50 to 999 workers. Triage was selected based on its use of smart people-management strategies to develop highly productive and satisfied workforces, according to the organization. This was the fifth consecutive year the firm has appeared on the list. Vanna Shir, Triages HR director, stated, We take (employee feedback) very seriously and create task forces assigned to improving work/life issues, policies, training [and] career development.
GETTING HIRED
Coming soon to a job fair near you
At a firm where the average age of associates is 24, its of little surprise that the majority of Triages recruiting efforts take place at campus recruiting days. The firm regularly visits its partner universities during the school year, setting up meet-and-greets at the University of California schools including UC Davis, UC Berkeley, UCLA and UC San Diegoas well as Stanford, the University of Southern California, California Polytechnic State University, Duke, University of North Carolina, Georgia Tech, the University of Georgia, Emory University and the University of Washington. Due to our culture being very young and fun, we are extremely desired by recent graduates, says one recent recruit. We always have a huge line of students attempting to talk to us at career fairs, and all my friends want to work here. Insiders say the firm focuses on three things throughout the interview process: analytical skills, leadership potential and overall fit. Those qualities are tested during a recruitment process that begins with a 30-minute, on-campus interview, followed by a daylong visit to the San Francisco or Atlanta office, where candidates are interviewed by principals and managers, presented with a case study, invited to a business lunch with an associate and a senior associate, and concluding with a closing interview with a principal or manager. Sources say applicants should expect case studies, as they are typical of the kind of day-to-day work they are assigned, in addition to questions like these: Why consulting? and Why health care? A principal adds that interested candidates must have a 3.0 minimum GPA, and that Triage prospects will be asked about their transcripts if they have any low grades in math or business-related classes. In recent months, respondents explain, the recruitment process has grown increasingly competitive, given the economy, as Triage is hiring when many firms are laying people off.
OUR SURVEY SAYS

A point of pride
Staffers of all levels say Triage takes its company culture seriously. According to a case team leader, Triage has made its company culture one of the top things to focus on. The company puts continual resources and energy into innovating new events that promote companywide participation and our companys guiding principles: client service, relationships, knowledge, balance and fun. One example: a music group of San Francisco staffers called Trakker Notes, which sings songs about Triage at the annual year-end companywide meeting. The result of these efforts, says a West Coast insider (and possible Trakker Notes fan), is a culture that is of a company much smaller than Triage actually is. Upper management makes an effort to get to know all new employees, and life events are celebrated on a personal and special level. Such a management-led culture of collegiality, as well as the average young age of most consultants, also means that the firm is a great first-job transition out of college and into the working world, notes one staffer.
Zen-like balance
Nearly all respondents say they feel their firm leads the industry in terms of allowing consultants to have a life outside work. The hours are great and the management is always flexible whenever personal time is needed, says one Atlanta source. The 45-hours-per-week guideline, adds a colleague, is very generous relative to other consulting firms. An associate says the latest he has ever had to work was 7:30 p.m., and that was only one time. And, according to a principal, weekends are almost sacred for junior employees: It is very rare (close to never) that an associate is required to work on a weekend, whereas it is more likely but still infrequent that a manager or principal would. The reason Triage can manage such a low-stress work schedule, were told, is that consultants day-to-day work has no definitive deadlines We only periodically have deadlines for deliverables, and then we try to be flexible with starting on them earlier in order to allow enough time to avoid high stress in the days leading up to the deadline. Most client engagement projects are worked on in teams, staffers add, and the teams make sure to include balance as part of an everyday objective.
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The upside to the downside

One of the bigger challenges to life as a Triage consultant is time away from home. Respondents say most consultants can expect to spend about half their time traveling, which is a required aspect of the job. This can be excessive, yet comfortable relative to other consulting firms, says one longtimer. The firm does make an effort to make travel less of a hassle, however, such as limiting travel schedules to Monday through Thursday, and recently instituting a policy requiring consultants to spend at least one week per month at their home office. The firm also offers a number of perks to its itinerant consultants, who are always given the option to return to San Francisco for weekends or take advantage of traveling to other places using their flight allowances, a source explains. Consultants can also utilize a flight credit to bring a family member or friend to the city in which you are staffed. While travel is still a significant part of the job, insiders say the travel burden has significantly decreased in recent years, with partners paying more attention to employees concerns about too much travel and clients concerns about travel costs. More and more, insiders say, clients are opting to use technology to work with consulting teams.
A penny (or two) for your thoughts

Triage employees are generally satisfied with their compensation. For the lifestyle, the hours and the flexibility, Triage pays very well, says one manager. If you compute your salary on an hourly basis, you beat out other companies by a large margin. Also thrown into the pot: signing bonuses, year-end profit sharing and full health care coverage. And for those who have been with the firm for at least four years, there is the option of taking a sabbatical, which is accrued depending on how much youve worked out of town. It usually comes out to around three weeks, an insider states. In family-related perks, new mothers are eligible for extensive time off and job protection, and more senior employees are able to carry over higher levels of paid time off from one year to the next in anticipation of the birth of a child, says one principal. Other perks of the Triage trade include credit card annual fee reimbursement, access to As, Giants and Braves tickets, and AAA membership. Those promoted to senior associate are also awarded a senior benefit of $450 annually that can be used for a gym membership, wireless internet in your home or airline club membership. Another plus: culture days that celebrate our guiding principles, says one San Francisco consultant. The firm dedicates one day for each of the principles. For example, for Knowledge Day, we always get a new book, and for Balance/Fun Day, we took our own private Duck Tours around San Francisco and got a free balanced breakfast with delicious, healthy breakfast options, an insider explains.
On track or out the door

Respondents say Triage sticks pretty closely to an up-or-out policy, although this is changing as the firm becomes bigger and there are more opportunities for people to move into nonconsultant roles to support our employees, a principal states. Generally, most associates are promoted to senior associate in 18 to 21 months. Then, it takes another three to four years to become a manager, and finally principal after 10 years with the firm. If you arent prepared to move to the next level, management will either ask you to re-evaluate your position in the company or keep you at the lower position till you can move up-or-out, an associate notes. Over the years, were told, the firm has made efforts to make its promotion policies more transparent so there are no surprises along the way. Triage is constructive about letting its employees know if they are on track for promotion, says one case team leader. Triage has made great strides to change the evaluation tools and rubrics used to generate evaluations that are reviewed for promotion from subjective to objective. As the firm continues to grow, it has realized the need for more standardization in employee review.
Triage-ing training
Like an emergency room treating those most in need first, Triages newest employees are at the receiving end of most training efforts in order to prepare them for the years ahead. Staffers say formal training is key and useful during the first two years at Triage to get acclimated to the business of health care. Approximately 16 modulesabout one every six weeksare offered for the first 21 months. New associates who have been with the firm less than one year are also assigned a senior associate mentor, who is there for you in case you have questions you dont want to ask your project senior associate, says a source. They provide objective feedback and you dont have to censor yourself for fear of being poorly evaluated.
In 2008, Triage also implemented a new leadership and management training program for employees with more than three years of experience. These trainings include all seniors, and not just experienced seniors with four or more years of experience. [The firm] also spread these trainings out over a year, which greatly helps reduce the seniors extra workload or homework.
Come on in, the doors open

Also to help juniors get acclimated to the industry is easy access to managementboth that of Triage and its clients. Says one associate, Triage exemplifies the concept of an open-door theory. I dont feel like any of the management is unapproachable, even all the way at the top. A colleague agrees: I have had a great experience with every manager and principal I have worked with at Triage. All are very responsive to questions and willing to help with staff, client and project issues. Another associate offers a rationale for this easy-breezy openness: Our direct supervisors are within five years of our age, which makes it extremely easy to relate to them. As all promotions are internal, the closeness in age also allows for supervisors to
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have been in our shoes only a short time ago, aiding in relativeness. Overall, our company is very young and unique in this way, and it works extremely well, especially to promote camaraderie and trust within teams and across levels. Another great thing about Triage is that because were a smaller consulting firm, there is immediate client exposure, a source praises. A co-worker cites a similar experience: Interaction with our clients top-level management is ample. During my first two months with the firm, I presented in a meeting with a CFO and several managers. But dont get your panties in a twist if youre not meeting with client leadership on day one. Another contact explains that while client interaction does come early, it may not come until youve been with the firm for a year or more.
Time off for quality time

Both the Atlanta and San Francisco offices are involved in their local communities, allotting each employee 16 hours of paid volunteer time off per calendar year. Triagers can use that time working on a number of local charitable organizations with which the firm has affiliations, including some schools and some health care-related organizations. In San Francisco, for example, the office is affiliated with the Family House, which is similar to the Ronald McDonald Housesponsored living for families with children receiving treatment at UCSF Medical Center, and MedShare, an organization that recovers unused medical supplies from hospitals in the Atlanta and San Francisco area, and then redistributes the supplies to thirdworld countries free of charge. In addition, every year on the companys founding anniversary, a principal adds, we celebrate our anniversary by shutting the entire company down for the day and organizing eight to 10 [charitable] projects for our employees to participate in. The firm is also big on green initiatives, having recently been named a certified green business in San Francisco. Were told it has a dedicated green squad that has worked endlessly to ensure were doing our best to minimize our footprint. Recognizing that sending consultants across the country on airplanes every week dumps a lot of CO2 into the air, Triage makes a strong effort to mitigate that elsewhere. For instance, we have switched to all recycled paper products, we compost in addition to recycling, we have no disposable plates, napkins, flatware or cups, we use water filters rather than coolers, as well as adjusted temperature settings and fluorescent lighting. We are also encouraged to select airlines and rental cars with lower carbon emissions and higher fuel efficiency. And thats all in addition to a $1,000 stipend to employees who purchase select hybrid vehicles. Truthfully, its gotten out of hand, an engagement manager pipes in.
Judging by whos in the boardroom

When it comes to equal opportunities, says one female source, gender, ethnic background or sexual orientation does not factor into recruiting decisions. It is clear that the extraordinary number of women and racial minorities who apply to the company are attracted by whos in the boardroom. The firm also has an extraordinary number of women and minority clients. Most staffers agree, at least in terms of minority hires, that the percentage of minorities working at Triage is in line with percentages at the universities from which we recruit, and that minorities are a very large percentage of the company. They also report that the firm is approximately 60 percent women and there are women in management positions. One source adds that two out of four owners are women, and one of the women owners is a woman of color. At the highest levels of management, however, some respondents note that men start to outnumber women. As far as sexual orientation goes, Triage is not concerned withand does not pry intoan employees sexual orientation, and is open to employees of all orientations.
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TRINITY PARTNERS, LLC

230 Third Avenue Waltham, MA 02451 Phone; (781) 487-7300 Fax: (781) 487-7301 www.trinitypartners.com www.trinitypharmasolutions.com www.akutacorp.com
RANKING RECAP
Quality of Life #1 Overall Business Outlook #2 Best Firms to Work For #2 Relationships with Supervisors #3 Firm Culture #3 Overall Satisfaction #4 Interaction with Clients #5 Compensation #5 Work/Life Balance #6 Formal Training #6 Hours in the Office #7 Travel Requirements #13 Green Initiatives Diversity #2 Diversity for Minorities #3 Best Firms for Diversity #4 Diversity for GLBT #4 (Tie) Diversity for Women
LOCATIONS
Waltham, MA (HQ) New York, NY
PRACTICE AREAS
Consulting Group Advanced Analytics Brand Planning Corporate Strategy Forecasting Licensing & Acquisition Market Analytics Pipeline & Portfolio Optimization Primary Market Research Promotional Effectiveness Data Group Dashboards & Analytics Field Sales Data Reporting Solutions Incentive Compensation Systems Sales Force Deployment
UPPERS
Collaborative working environment Diverse projects Ease of access to upper management The firm encourages independent and creative thinking
THE STATS
Employer Type: Private Company President: John E. Corcoran Managing Partner: David B. Fitzhenry 2009 Employees: 95+ 2008 Employees: 85
DOWNERS
Working on multiple projects at once can make juggling timelines difficult Cyclical nature of the work Communication about internal initiatives or firm direction is not always clear The suburban location of the Waltham office
EMPLOYMENT CONTACT
Customized for: Max (mgumport11@amherst.edu) www.trinitypartners.com/careers.shtml Email: careers@trinitypartners.com
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Trinity Partners, LLC
THE SCOOP
Health care pros
Since its founding in 1996, Trinity Partners has maintained a singular industry focus: advising life sciences companies on market strategy, brand tactics, forecasting, licensing and data analysis. Its clients include pharmaceutical, biotech, diagnostics and medical device providers, ranging from small companies to members of the Fortune 100. The firms expertise spans all therapeutic areas, including oncology, autoimmune disease, central nervous system disorders, infectious diseases, cardiovascular health, metabolics, urology and gastrointestinal conditions. And, like a doctor with a patient, the firm prides itself on not stopping at a mere diagnosis of whatever happens to be ailing a clientit is committed to finding and implementing solutions as well. Because health care is such a data-intensive industry, Trinitys business is split into a consulting group and a data group, and as the firm likes to say, Were comfortable in both domains. Trinitys business and strategy consulting prowess is backed by the data groups services, which include sales reporting tools, contracting programs, incentive compensation design and support, and sales force sizing and deployment. The consulting groups assignments are data-intensive, too, as Trinity professionals offer statistical analysis, modeling, market segmentation and other specialized quantitative services. Trinitys focus on data comes from the realization that its clients see so much of it, yet struggle to wrestle it into a relevant, workable form. According to the firm, doing so requires multidisciplinary skills to process and coordinate data, as well as an understanding of the methodology involved in data collectionnot something that all companies connected to the field of health care provision have the time or skills to do for themselves. To compete in such a growing field, however, companies need the metrics for determining who their top customers are, how their competitors are doing and how their own sales force is performing. Thats where Trinity comes in, providing core capabilities in consulting, primary market research and data analysis for clients that might otherwise lack the necessary skills to do so for themselves.
Founding fathers
Managing Partner John E. Corcoran founded Trinity Partners and has over 20 years of experience as a consultant to the pharmaceutical and biotechnology industries. Hes also a co-founder and member of the board of Soteira Inc., a Massachusetts medical device company that is developing a pioneering new stent technology for spinal surgeries. A graduate of Harvard College, Northeastern University and the John F. Kennedy School of Government at Harvard, Corcorans specialties are data management, commercialization strategy and analytics. Trinity is one of the fastest growing consulting firms in the health care industry, but with just two offices and under 100 employees, it has managed to keep its boutique feel. The Massachusetts-based firm has one other outpost, in New York City, which is headed by Ryan Million, PhD. In other leadership posts, the firm recently named David B. Fitzhenry, a 12-year Trinity veteran and Harvard graduate, as managing partner to oversee its consulting operation.
See also: Subsidiaries

Trinitys business goes beyond strategy, thanks to its subsidiaries. In 2004, the firm created Trinity Pharma Solutions, which provides technology-based solutionsincluding data management and sales supportto biotech and pharmaceutical operations. Trinity Pharma offers data integration and warehousing, business intelligence and profiling applications, specialized data management solutions, IT design and support, program management, national account contracting and sales operations services. Akuta Corporation, which Trinity established in 2006, was the firms answer to a lack of available software aimed at medical science liaison (MSL) teams. Today, Akutawhose name derives from the Sanskrit word for purpose or intentionprovides cutting-edge web communication and reporting tools to the pharmaceutical, biotech and medical device industries. Its proprietary software system, mslConnect, serves as a communications, management, reporting and resource hub for medical teams. According to Akuta, the software is designed to be as simple as an email application.
A new legacy
A separate but related organization called the Sports Legacy Institute operates within Trinity Partners. SLI was founded by Trinity consultant and former pro wrestler Chris Nowinski, with a mission to study the effects of concussions and other brain injuries on athletes. The group gained national attention when it led an investigation into the brain injuries of Chris Benoit, the professional wrestler who murdered his wife and child before killing himself in June 2007. Research and testing by SLI experts proved that Benoit had developed brain damage called chronic traumatic encephalopathy from his time in the ring. Nowinski, who had to abandon his wrestling career after concussion injuries, has written a book called Head Games about the rise of brain injuries in sports. He has also credited his colleagues at Trinity for sponsoring and otherwise supporting SLI; firm founder Corcoran currently sits on the institutes board of directors.
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GETTING HIRED
Welcome to the post-Ivy League
According to Trinity insiders, the firm has historically recruited from a trifecta of Ivy League schools: Harvard, Princeton and Dartmouth. But no matter where your diploma comes from, Trinitys undergraduate recruiting process is very competitive. According to a partner, less than a third of resumes received end up in a first-round interview, and only 5 percent typically make it to the third round, with the odds of final-round interviewees getting an offer as slightly better than 50 percent. Making the cut also means having a GPA of at least 3.5, being good with numbersi.e., they can do calculus in their headand having a real interest in health care.
In the hot seat

Interviews typically include case studies, which are meant to demonstrate a candidates quantitative and analytical abilities, says one consultant. Cases are exclusively health care-based and often include market sizing. For example: A new drug is launching in the acute migraine area. Estimate the peak sales that this drug could generate. If candidates make the grade, they are asked back for an on-site, full day of interviews in the Waltham office, with as many as five interviews with Trinity employees from various levels.
OUR SURVEY SAYS

A firm that plays together
Respondents say their firm definitely has a work-hard, play-hard culture, but in a laid-back workplace. Trinity is young and energeticmany staffers spend their free time training for triathlonswith an extremely flat hierarchy. I can walk into the partners office any day and discuss my project or just the newest bike loop, says a consultant. To reinforce its team-like environment, Trinity recently launched a grassroots program affectionately known as iTPIinternal Trinity Partners Initiatives, explains one insider. Through this forum, employees can pitch projects that will serve the greater good, either work-related (training enhancements, internship program curriculum, new PowerPoint templates, etc.) or other (greening initiatives, etc.). This is a really neat program because the ideas are not only generated from the employees, but employees are, in turn, sanctioned to design their work plans and carry the project out.
Working late to save the weekend

Typically, insiders say their workweek spans 40 to 60 hours, with client projects lasting anywhere from three to 12 weeks. Even with that quick project turnaround, most say they can manage to balance their work and home lives. Often, that means working later nights so that weekends are spared. Staffers mention the fact that upper management appreciates the fact that we need time outside the office and work diligently to fairly assign staffing so that no team member is consistently overwhelmed. One consultant, in particular, says Trinity agreed to let me move to Idaho and work remotely from my house in Boise. The partner I approached to ask for this said, You must live your life first and hope work fits in. That response, the contact states, is testament to the fact that Trinity just wants great-quality work. On the whole, many agree that the work/life balance is a huge perk at Trinity Partners. Still, others say that focus on balance may be hard to manage in the longer term, since the firm is growing. The amount of business we are receiving is great, but it does require a more serious commitment to work with regard to time and focus.
Homeward bound
Insiders also point out that limited travel adds to their ability to manage work and still have a full life outside the office. There is just enough travel to enjoy it when you do it, says one associate, while a case team leader adds, Trinity encourages work to be done at our home offices whenever possible. One midlevel source notes, I have a busy travel schedule for Trinity, and I travel two to three days per month. Since Trinity is not an onsite consulting firm, insiders say, mainly senior management travelsand when they do, it is usually for day trips and it is reserved for interim or final meetings at client sites.
Perk provisions
Although sources say Trinity is not a perk kind of firm, there are a few pluses on offer that make life that much sweeter. For one, the firm covers 50 percent of health insurance costs, which includes reimbursement for bike helmets and gym membership. Employees also receive free-of-charge group dental insurance and a 401(k) match of up to 3 percent of employee contribution. For those hitting the books instead of the gym, the firm does support advanced education opportunities in the form of an MBA, masters or just outside classes in fields pertaining to our work.
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Outside the office, Trinity enjoys its fair share of perk-like company outings, including an annual day on the golf course and a black-tie, extravagant annual holiday party, with venues that have ranged from the Ritz Carlton to the Institute of Contemporary Art. Trinity actively contributes to charitable organizations in the Boston area, were told. Activities include the recently instituted community service day, where the firm sets up a community service activity (i.e., building a playground), and the entire firm participates. The firm also has a tradition of participating in annual triathlons, which in 2008 raised over $10,000 for the Doug Flutie Jr. Foundation for Autism Research. In addition, Trinity has recently enacted a new greening initiative with a dedicated committee focusing on ways that the company can be environmentally conscious. This involves a lot of energy-reducing applications and using less disposable products in the kitchen, as well as making the switch to paperless paychecks and raising employee awareness of electricity consumption.
Moving on up
The promotion policy at Trinity is entirely merit-based, which means that there is not a set schedule for promotion. That said, insiders say there is a general timeframe: Promotions at the lower levels (associate and consultant) happen regularly and quickly; promotions to senior positions, as would be expected, are more carefully thought through, an associate explains.
Learning the tools of the Trinity trade

Were told that all new hires begin with two weeks of training. During these two weeks, they are taught consulting basics such as Excel, PowerPoint and Forecasting, a source reports. The second week is spent working on a team project with the other new hires. At the end of the week, the new hires present their findings to the company in a mock client presentation. The two-week orientation training is also meant to incorporate new hires into the Trinity office, says a midlevel manager. Training weeks include multiple group outings, which in the past have included events such as pro soccer games, Duck Tours and Blue Man Group. During their first six months on the job, associates are also enrolled in an official mentoring/buddy program. Your buddy is always someone on another case team so that any questions get asked or answered by someone not in charge of reviewing you, an insider explains. Undergrad hires are also assigned a project mentor, who is different from their mentor or buddy, who leads associates cases for the first few months. According to respondents, for the first few months, associates are always staffed in parallel with that project mentor so that they can learn through informal training with them. Training opportunities for more senior Trinity staff, however, could improve, although one partner says the firm is currently going through a process to formalize and increase the training focused on all employees, from associates up to the partners.
Trial by boardroom fire

The best training, as most consultants will say, comes on the job, and Trinity associates learn that fairly quickly. New hires are quickly thrown into the fire, with immediate opportunities to interact with clientsan opportunity that allows them to quickly develop skills for their position. Says one insider, Associates will quickly find themselves presenting to client management teams and fielding client questions via phone or email, and another adds that even young associates are given the opportunity to travel and interact with clients, and more importantly are called upon to offer their valued opinions on projects. For one midlevel consultant, this experience has been integral: Trinity Partners has allowed me to have direct client interaction and responsibilities from day one. It has been intimidating at times, but I feel like my early, direct experience collaborating with clients has been an absolutely unique experience and has advanced my career and skill set exponentially compared to other consulting firms. Exposure seems to be equally high within Trinitys own ranks. One consultant feels that there is no better firm for a new associate to start at, adding that Trinity truly values its employees and this is represented in the overwhelmingly positive relationships that are seen with young employees and their managers. The term flat truly does pertain to our firmone in which it is not uncommon for employees to consider their manager as one of their good friends. An associate couldnt agree more: My supervisors work extremely hard to ensure that my workload is reasonable, but also to ensure that I learn with each project. Indeed, the strong bond between employees reaches far beyond project work, whether to the basketball court, triathlon course or happy hour. Management stays very active in the Trinity culture and there truly is an open-door policy. In such a flat working environment, an associates voice is as important as a partners voice, and the automatic standard is respect.
Top grades for diversity

Nearly all respondents agree that their firm supports diversity, in terms of gender equity, representation of minority groups and respect for GLBT employees lifestyles. A partner reports that Trinity actively recruits and reaches out to persons of a diverse group of backgrounds. Our last two recruiting classes included more than 50 percent women, and about half were of nonwhite backgrounds. In addition, the firms organizational structure has recently changed to include the addition of a woman partner, Trinitys first. And, while there are no active diversity initiatives at the firm, the incoming new hires span a variety of demographic groups, says one consultant. Additionally, some of the firms most respected and talented employees are GLBT, insiders say.
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VIVALDI PARTNERS
125 Park Avenue, Suite 1500 New York, NY 10017 Phone: (212) 965-0900 Fax: (212) 965-0992 www.vivaldipartners.com
UPPERS
Access to Vivaldis upper management Client contact
DOWNERS LOCATIONS
New York, NY (HQ) Buenos Aires Dsseldorf Hamburg London Munich Zurich Lack of career path clarity Smaller size leads to less structure
EMPLOYMENT CONTACT
Email: recruiting-usa@vivaldipartners.com
PRACTICE AREAS
Analytics Innovation Marketing Strategy
THE STATS
Employer Type: Private Company Founder & CEO: Erich Joachimsthaler 2009 Employees: 80 2008 Employees: 85
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Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2010 Edition Vivaldi Partners
THE SCOOP
Build me a brand
For New York-based Vivaldi Partners, building a good brand is like composing a masterpiece. The firms brand strategy and marketing specialists liken themselves to architects who develop and implement all the activities to build a house, or brand, formulating strategies, developing new product concepts, designing business models, creating stronger brands, and activating marketing or brand-building programs. Some of the firms highestprofile clients have included American Express, PepsiCo, Campbells, DIRECTV, Telefonica, Procter & Gamble, Siemens and Volkswagen. Industries served include the automotive and manufacturing, consumer products, energy, oil and gas, financial services, food and beverage, media and entertainment, not-for-profit, pharmaceuticals and health care, professional services, retail, technology and telecommunications, travel and leisure, and business-to-business sectors.
Can you DIG it?

All of Vivaldis work is driven by its DIG ideologyDemand first Innovation and Growth. DIG drives plans and strategies to reflect comprehensively the outside demand from customers. That is, rather than searching out groups and demographics that may be interested in an existing product or service, the firm instead designs or changes products and services to accommodate what really matters to customers or consumers. To achieve this, Vivaldi undertakes a broad assessment of behaviors, needs and wants in the social-situational context of work or life to determine demand. The assessment can make use of as few as 15 consumers through journals, in-field observation and discussions, or it can be conducted through a proprietary digital platform that provides access to a pool of more than 10 million consumers. In addition to communication and data collection, the platform allows for Vivaldi and its strategic partners to gather location-aware marketing insights in over 20 countries and across geographic and industry boundaries (both business to consumer and business to business). The methodology behind these immersive studies is based on the everyday actions of three categories of consumers, as defined by Vivaldi: the fringe, those with unusual or extreme patterns of consumption; the edge, those armed with high awareness of products, including availability, quality and lasting power; and the core, those in the middle of the bell curve who exhibit average consumption patterns. Additional methodologies are followed, but the company continually returns to an analysis of basic consumption habits. Vivaldi sums up the approach with its mantra, The best predictor of behavior is behavior.
Making the brand

The firm is particularly known for its brand management expertise. Over the years, it has completed more than 500 branding assignments on five continents. Clients are guided through a complete cycle: creation of a product concept, design of a business plan, and ultimately launch and development of the brand. Vivaldis creative teams are experienced in all aspects of design, including corporate, industrial, environmental, packaging and naming. If this proves insufficient, or inappropriate to the best direction of the brand, independent entities can be brought in to supply new design ingredients. Vivaldi also applies this knowledge to brand valuation. It can advise clients on the drivers of a given brands value, and it can help identify and tap new markets. The firm has access to over 75 studies on the effectiveness and penetration of brands in over 20 industries.
Speak your mind

The big brand brains at Vivaldi regularly publish their thoughts on the branding and marketing industries, penning books and articles on consumer insight, brand strategy and marketing. One of the firms most prolific writers is founder and CEO Erich Joachimsthaler, who has published nearly 60 articles in publications like the Journal of Marketing Research, Journal of Marketing, the Sloan Management Review and the Harvard Business Review. In 2007, Joachimsthaler wrote Hidden in Plain Sight: How to Find and Execute Your Companys Next Big Growth Strategy, published by Harvard Business School Press. As a follow-up to his award-winning marketing tome, he has also started a blog, Hidden in Plain Sight, which builds on the lessons he included in his book.
THE LATEST ON VIVALDI PARTNERS

Best in show
February-March 2009 The first few months of the year found Vivaldis higher-ups receiving accolades for their literary talents. First came the American Marketing Associations award for CEO Erich Joachimsthalers book, Hidden in Plain Sight, as the Berry-AMA Book Prize for best marketing book of the year. The annual award recognizes books whose innovative ideas have had significant impact on marketing and related fields. Following that, the Harvard Business Review
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awarded Vivaldi advisory board members David Collis and Michael Rukstad with the Best Article of the Year Award for their piece entitled Can You Say What Your Strategy is?, originally published in the April 2008 edition of HBR.
Bone up on brands
January 2009 A Vivaldi Partners study found that stores are losing out on the opportunity to educate consumers on their brands. The study, which included 1,500 consumer interviews, revealed that in-store brand presentations are usually poor in quality and, in some cases, confuse customers. The firm recommended that retailers try harder to educate consumers on their brand at the point of sale. If they dont, they could face sales losses of up to 40 percent.
GETTING HIRED
Brand thyself
Candidates trying to sell themselves to Vivaldi Partners are typically subject to a multi-round interview process that includes a resume review, a phone screen and then two more rounds of in-person interviews. Throughout these stages, candidates should expect to be interviewed by approximately three different individuals of different management levels, and to answer consulting and case questions based on past Vivaldi projects. More junior applicants should demonstrate outstanding potential and relevant educational andif possiblework history, Vivaldi says, while for more senior applicants, some unique skill must be evident. Whatever your level, the firm expects applicants to be ready to answer case questions onwhat else?marketing, branding and strategy.
OUR SURVEY SAYS

Viva Vivaldi
Because the firms smaller size, staffers say, there is tremendous opportunity to get to know co-workers very well and we are, therefore, a fairly tightknit unit overall. Most insiders describe their firm as informal, casual and openas evidenced by the Friday booze, office picnics during the summer, Thanksgiving potluck dinners and Monday morning breakfasts. But they are also very driven, since there are fewer hands on deck than at larger firms. Consultants are consistently working with a sense of urgency in order to meet deadlines, explains a source. However, the environment generally is not extremely tense or stressed, as reflected in the casual dress code.
Priority No. 1: Get the job done

Insiders say that striking a work/life balance with a 50- to 60-hour workweek is perfectly possible, just as long as the work gets done. The company seeks to provide employees a balance by allowing for schedule flexibility, as long as deadlines are met, says an associate. Furthermore, employees are recognized for hard work and are given latitude to accommodate for this, i.e., comp days or shortened workdays. Its not surprising, though, that consultants schedules depend entirely on the work at hand. Occasionally, late nights do pop up, but staffers say weekends are usually left untouched. Another bonus to life at Vivaldi is limited travel requirements. Other than data gathering and senior executive work sessions, a good portion of a teams daily work is done at the home office, a director explains. And when travel is necessary, respondents say trips are only one or two days, with only the occasional four- or five-day trip. And, adds another insider, we virtually never travel over the weekend.
Thrown into the deep end

Training at Vivaldi is almost exclusively on the job, were told. It is a small company in which we hire only a few people at a time, so an intensive training is not the most practical, an associate notes, although there are a few formal training seminars. With this learn-as-you-go model, new hires learn quickly, as theyre given heavy responsibilities and unparalleled access to clients upper management, even at junior levels. My third week on the job, I was flown down to the clients corporate headquarters and presented to the CEO of the company, one new associate recalls. A colleague shares a similar experience: I was immediately handed responsibilities, and management trusted in my ability to perform. They both push and encourage me to achieve my potential on a daily basis.
Just desserts
For staffers who live up to managements expectations, there is a clear structure for promotion, although there are exceptions depending on skills and experience. On average, consultants advance approximately every 12 to 16 months, one associate explains. But those who are not in line with
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Vivaldis promotion schedule need not worry too much, as the firm is not up-or-out, and staffers can remain at any particular level for as long as they desire.
Tough going, but still going

When the economy isnt doing so hot, its no secret that some of the first budgets to get the axe are branding and marketing. As such, being a specialist in marketing, innovation and branding makes it tough in this economic climate, explains a manager. Still, for a small organization, weve weathered the storm pretty well. A director states, Weve diversified our client base, which was tricky at first, but has proved to be very enriching for our work. So for the time being, insiders say, Vivaldi remains in the black. The firms senior partners have powerful networks and credentials, including award-winning books, which draw continuing client interest and sales, even in this economically troubled year, a higher-up adds.
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WEST MONROE PARTNERS

175 West Jackson Boulevard Suite 2200 Chicago, IL 60604 Phone: (312) 602-4000 Fax: (312) 602-4010 www.westmonroepartners.com
THE STATS
Employer Type: Private Company President: Dean Fischer 2009 Employees: 218 2008 Employees: 238
LOCATIONS
Chicago, IL (HQ) Columbus, OH Dallas, TX New York, NY Seattle, WA Montreal Toronto
UPPER
Employee-centric, fun culture
DOWNER
Hasnt yet achieved broad visibility
EMPLOYMENT CONTACT PRACTICE AREAS

Customer Solutions Enterprise Solutions Labor Management Solutions Outsourced Solutions Supply Chain Solutions Technology Solutions Follow the Careers link on the firms website

Up-and-comer IT-focused Right mix of resources Overhires
THE BUZZ
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THE SCOOP
Chicagos own
West Monroe Partners doesnt take its name from the firms headquarters locationif that were the case, it would be called West Jackson Partners. The moniker is actually a nod to the address of Arthur Andersens former world headquarters at 33 West Monroe Street in Chicago. A group of former Arthur Andersen consultants founded West Monroe in 2002, starting out with just six employees and a single office in Chicago. The firm has since grown to include more than 200 professionals, with additional locations in New York, Dallas, Seattle, Columbus, Montreal and Toronto. A full-service technology and business strategy consulting firm, West Monroe targets middle-market clients in the United States and Canada, especially those that cant afford the steep fees charged by bigger firms like Accenture, Bain and IBM. West Monroe describes its approach as an end-to-end perspective on clients needs, combining analysis, strategy, project-based solutions and outsourced solutions.
No MBA, no problem
Business at West Monroe Partners is divided into six service lines: customer solutions, enterprise solutions, technology solutions, supply chain solutions, outsourced solutions and labor management solutions. The firm works with a select group of industries, including health services, capital markets and trading, financial services and retail. Clients may also make use of West Monroes technology product offerings, some of which are proprietary and some of which have been developed in conjunction with partners. These include West Monroe Project, a trademarked project management system; the FLEXdls warehouse management system; and a mobile usability testing lab that supports usability testing and online services solutions. Given West Monroes tech savvy, its no wonder that nearly half of its employees have degrees or backgrounds in technology. President Dean Fischer has championed efforts to invest in the firms technology resources, and encourages his staff to hone their skills on the job, even if they hail from more traditional consulting or business fields. (In fact, Fischer has been quoted in Consulting magazine as saying that its a waste of time to get an MBA right after finishing college, because he believes learning in the field is the best education for new hires.)
People first
When West Monroe celebrated its fifth anniversary in 2007, Fischer noted that in five short years, the firm had wrapped up over 400 projects for some 300 clients, thanks in large part to its unusual focus on human resources. As he explained to Consulting magazine, West Monroes guiding principle is: He who gets the best people wins. Were a people-first organization, Fischer said. Thats what West Monroe is all about. Its almost blasphemy to not say that the client comes first, but I really believe that if you put your people first and you treat them right and you grow them and you train them and you do all the things that are necessary to care and nurture them, the outcome of that is going to be great client service. Still, the global recession took its toll on West Monroes headcountthe firm laid off about 20 employees at the very end of 2008, and announced it would look at ways to reduce travel spending. Workplace programs and training, however, will escape the axe. President Fischer said employee development initiatives would be the absolute last area were going to cut.
Busy giving back

Each West Monroe office maintains a community service committee that works in partnership with the firmwide charity/community involvement committee. And since over half of West Monroes employees are based at the Chicago headquarters, the firms philanthropy is primarily focused on Chicagoland causes. West Monroe supports charities like i.c. stars, a Chicago organization that teaches IT and career skills to inner-city youth, the Chicago Childrens Memorial Hospital and the Springboard Foundation, which assists grassroots groups in Chicagos poorest neighborhoods. The firm also has a longstanding affiliation with the Student Conservation Association, a national conservation group aimed at high school and college students. A number of West Monroes employees are active in SCAs work, and Fischer sits on the groups board of directors.
THE LATEST ON WEST MONROE PARTNERS

One of the best
March 2009 West Monroe ranked No. 18 on Crains Chicago Business list of the citys best places to work, earning kudos for its youthful, work hard, play hard spirit (the majority of its employees in Chicago are under 40).
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TARP time
October 2008 As the federal government unrolled plans to shore up the nations financial system, West Monroe announced that it had created a dedicated team to help financial institutions respond to the troubled asset relief program (TARP). The team helps institutions prepare for participation in the TARP (longhand for get a bailout) by working with them in several ways. First, and most importantly, the firm helps institutions decide whether or not they qualify. Additionally, it assesses, identifies gaps or risks, and coordinates and provides oversight for existing loan documentation and processes related to securing, tracking and releasing collateral.
On the 5,000
August 2008 Coming in at No. 952, its West Monroe on Inc.s list of the countrys 5,000 fastest growing private companies. How fast? Think 385 percent growth earnings rose from about $5.5 million in 2004 to over $26 million in 2007. West Monroe also ranked No. 42 on Inc.s Illinois/Indiana/Wisconsin regional ranking, and with 2008 earnings coming in at over $30 million, it looks like that growth is continuing.
High energy
August 2008 The firm launched a dedicated energy and utilities group, led by industry veterans Tom Hulsebosch and Dan Belmont, who serve as managing director and principal of the group, respectively. Based out of Chicago, the unit will initially focus on assisting electric utilities providers with the adoption of smart grid and advanced metering infrastructure technologiesboth of which will become ever more necessary as a switch toward electric and hybrid cars places an increased strain on existing power infrastructure. Both Hulsebosch and Belmont have experience in the field, and are also experts in wireless technology. Hulsebosch joined the firm from Strategy 2 Solution, LLC, a wireless consulting firm he both founded and served as president of. His experience also includes a stint as vice president of municipal network sales for Earthlink and 19 years with Motorola. Bennett, meanwhile, was vice president, general manager and founder of internet service provider db3 Broadband, prior to joining West Monroe.
Go for three
August 2008 For the third consecutive year, West Monroe was named one of Chicagos 101 Best and Brightest Companies to Work For by the National Association for Business Resources. The award was given in recognition of the firms commitment to putting people first, even as it grew from a startup to an employer of some 250 consultants. West Monroe gained particular plaudits for its innovative people practicesincluding an ownership program, travel policies and staff-led local community initiatives.
To the futures
July 2008 West Monroe was granted associate membership in the Futures Industry Association, becoming one of a select group of consulting firms to do so. The FIA influences the development of industry rules and practices in futures options markets, and includes organizations from around the world. The firm is something of a specialist in the field, having worked with leaders in the industry on a variety of projects, including system availability improvements, enhancing decision support capabilities and even developing custom trading and processing applications.
GETTING HIRED
The 411 on West Monroe
Undergrads or candidates completing their graduate studies who are interested in West Monroe Partners should consult the firms careers website, which includes its on-campus recruitment schedule at the University of Illinois, Purdue University, Indiana University, Bradley University, DePauw University, DePaul University and Northwestern University. There is also an online form for submitting general applications.
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APPENDIX
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ALPHABETICAL LIST OF FIRMS

A.T. Kearney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133 Abt Associates Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .304
Health Advances, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .345 Hewitt Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187 Huron Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .183 IBM Global Business Services . . . . . . . . . . . . . . . . . . . . . . . . . . . .111
Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 IMS Health Incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .287 Advisory Board Company, The . . . . . . . . . . . . . . . . . . . . . . . . . . .274 Kaiser Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .349 AlixPartners, LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .126 KPMG LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117 Alvarez & Marsal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .159 Kurt Salmon Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .217 Analysis Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256 L.E.K. Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147 Aon Consulting Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232 LECG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222 Archstone Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .299 Lewin Group, The Arthur D. Little . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209 Mars & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .271 Bain & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55 McKinsey & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 Bainbridge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .308 Mercator Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .356 Bates White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .311 Mercer LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86 BDO Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .316 Milliman, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .261 Booz & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61 Monitor Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74 Boston Consulting Group, Inc., The . . . . . . . . . . . . . . . . . . . . . . . . .48 Navigant Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178 Brattle Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .319 NERA Economic Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .166 Buck Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .293 North Highland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .359 Capgemini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172 Novantas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .362 Celerant Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .324 OC&C Strategy Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .367 Cornerstone Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243 Oliver Wyman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 Corporate Executive Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248 Opera Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .371 CRA International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204 PA Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .374 Crowe Horwath LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .327 Parthenon Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140 Dean & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .331 Pearl Meyer & Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . .379 Deloitte Consulting LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66 Point B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .384 Diamond Management & Technology Consultants, Inc. . . . . . . . .237 PricewaterhouseCoopers LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80 Droege & Comp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .335 Prophet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .387 Easton Associates, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .338 Protiviti Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .391
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .353
Ernst & Young LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 PRTM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212 First Manhattan Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . .282 Putnam Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .278 FTI Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 Quintiles Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .398 Gallup Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226 Roland Berger Strategy Consultants . . . . . . . . . . . . . . . . . . . . . . .194 Giuliani Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .296 ScottMadden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .402 Greenwich Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341 Segal Company, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .405 Hay Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .252 Simon-Kucher & Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .408
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Stern Stewart & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .413 Strategic Decisions Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .416
PUBLIC FIRMS
Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 Advisory Board Company, The . . . . . . . . . . . . . . . . . . . . . . . . . . .274
Strategos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .421 Towers Perrin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 Capgemini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172 Triage Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .425 Corporate Executive Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .248 Trinity Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .430 CRA International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204 Vivaldi Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .434 Diamond Management & Technology Consultants, Inc. . . . . . . . .237 Watson Wyatt Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143 FTI Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 West Monroe Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .438 Hewitt Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187 Zolfo Cooper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .267 Huron Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .183 ZS Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .198 IMS Health Incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .287
FIRMS THAT ARE SUBSIDIARIES OF LARGER COMPANIES

Aon Consulting Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232 Arthur D. Little . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209 BDO Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .316 Buck Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .293 Crowe Horwath LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .327
LECG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222 Navigant Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .178 Watson Wyatt Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143
FIRMS WITH NON-U.S. HEADQUARTERS

Arthur D. Little . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .209 Capgemini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172
Deloitte Consulting LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66 Gallup Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .226 Celerant Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .324 IBM Global Business Services . . . . . . . . . . . . . . . . . . . . . . . . . . . .111 Droege & Comp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .335 KPMG LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117 Ernst & Young LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 Kurt Salmon Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .217 L.E.K. Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147 Lewin Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .353 PA Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .374 Mercer LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86 Roland Berger Strategy Consultants . . . . . . . . . . . . . . . . . . . . . . .194 NERA Economic Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .166 Simon-Kucher & Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .408 Oliver Wyman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 Protiviti Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .391 Quintiles Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .398 Strategos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .421
FIRMS WITH 10,000+ EMPLOYEES

Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 Capgemini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172 Deloitte Consulting LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66 Ernst & Young LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 Hewitt Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187 IBM Global Business Services . . . . . . . . . . . . . . . . . . . . . . . . . . . .111 KPMG LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117
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McKinsey & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 Mercer LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86 PricewaterhouseCoopers LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
Pearl Meyer & Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . .379 Point B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .384 Prophet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .387 PRTM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .212 Putnam Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .278
FIRMS WITH FEWER THAN 1,000 EMPLOYEES

Advisory Board Company, The . . . . . . . . . . . . . . . . . . . . . . . . . . .274 AlixPartners, LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .126 Analysis Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256 Archstone Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .299 Bainbridge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .308 Bates White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .311 Brattle Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .319 Celerant Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .324 Cornerstone Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .243 CRA International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204 Dean & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .331 Diamond Management & Technology Consultants, Inc. . . . . . . . .237 Droege & Comp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .335 Easton Associates, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .338 First Manhattan Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . .282 Giuliani Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .296 Greenwich Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341 Health Advances, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .345 Kaiser Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .349 Kurt Salmon Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .217 L.E.K. Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .147 LECG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .222 Lewin Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .353 Mars & Co . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .271
ScottMadden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .402 Segal Company, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .405 Simon-Kucher & Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .408 Strategic Decisions Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .416 Strategos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .421 Triage Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .425 Trinity Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .430 Vivaldi Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .434 West Monroe Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .438 Zolfo Cooper . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .267
FIRMS WITH 50+ OFFICES

A.T. Kearney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .133 Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .104 Aon Consulting Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .232 Booz & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .61 Boston Consulting Group, Inc., The . . . . . . . . . . . . . . . . . . . . . . . .48
Capgemini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .172 Deloitte Consulting LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .66 Ernst & Young LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .91 FTI Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .153 Hay Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .252 Hewitt Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .187 IBM Global Business Services . . . . . . . . . . . . . . . . . . . . . . . . . . . .111 IMS Health Incorporated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .287 KPMG LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .117 McKinsey & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .44 Mercer LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .86 Milliman, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .261 Oliver Wyman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .96 PA Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .374 PricewaterhouseCoopers LLP . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
Mercator Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .356 NERA Economic Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .166 North Highland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .359 Novantas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .362 OC&C Strategy Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .367 Opera Solutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .371 Parthenon Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140
445
Protiviti Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .391 Towers Perrin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .121 Watson Wyatt Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .143
Giuliani Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .296 Greenwich Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .341 Health Advances, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .345 Lewin Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .353
Mercator Partners LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .356
FIRMS WITH FEWER THAN 5 OFFICES

Advisory Board Company, The . . . . . . . . . . . . . . . . . . . . . . . . . . .274 Archstone Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .299 Bainbridge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .308 Bates White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .311 Dean & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .331 Easton Associates, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .338 First Manhattan Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . .282
Novantas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .362 Parthenon Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .140 Putnam Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .278 ScottMadden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .402 Strategos . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .421 Triage Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .425 Trinity Partners, LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .430
446
2009 Vault.com Inc.
About the Editor

Naomi Newman is the Global Consulting Editor at Vault. Covering the top consulting firms in North America, Europe and Asia Pacific, she also writes Vaults Consult THIS blog. Naomi graduated with a BA in American Studies from Barnard College, with a concentration in economics.
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VAULT GUIDE TO THE 50

MANAGEMENT AND STRATEGY CONSULTING

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