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Management Consulting Guide 2023: McKinsey, BCG or PwC!? :-)

Name: Management Consulting Guide 2023: McKinsey, BCG or PwC!? :-)
Rating: 4.3 (59 reviews)

Do you REALLY want to become a consultant? Test your dreams & understand what consulting truly is about (by ex-McKinsey)

Created byDr "Jack" Jörg Leib (Ex-McKinsey)

Last updated 1/2023

English

What you'll learn

Read these learning objectives from the left...
...to the right :-) :
Decide / validate if you (really) want to become a consultant by taking the interactive YOUinConsulting job test and deriving an individual test result for you
Find out how well your personal dreams and expectations about a consulting career meet the reality of consulting life
Discover which consulting myths are true and which are not
Benefit from deep consulting industry insights for the rest of your consulting career!
Learn what consultants actually do, what services consulting firms offer and how they organize their expertise
Explore the consulting industry landscape with a) its key players (tier one and tier two consulting firms)...
…and b) its challengers (such as boutique consulting firms, inhouse consulting firms and smaller and medium-sized companies)
Learn about attractive employers beyond McKinsey, BCG and Bain (“MBB”)
Understand the differences between the MBB consulting firms and the Big Four companies (Deloitte, PwC, EY and KPMG) to decide for yourself: Who is the leader?
Familiarize yourself with three key megatrends that are shaking up the industry and that you need to be aware of early in your career!
Understand your individual consulting career path and the roles you may adopt as a consultant...
...from Junior/Senior Consultant to Project Manager/Junior Partner to (Senior) Partner of a consulting firm as well as the many support roles
Experience how consulting life will feel for yourself through “consulting meditations”...
...where you are guided through a series of truthful consulting project reports that showcase both the light and shadow of consulting life for you
Gain truthful and authentic first-class insights to your consulting career & life from a former McKinsey consultant who is there to both help AND entertain you!
Enjoy 3 ½ hours of top quality content and that each lecture is different – first-class advice, but delivered to you in various and highly entertaining manners!

Course content

13 sections • 56 lectures • 3h 43m total length

What to Expect: Course Preview Video Trailer4:32
Decide if you want to become a consultant by weighing motivations, myths, and the realities of consulting life, including career paths and megatrends.
Learning Objectives & Your Presenter4:30
Decide if consulting suits you through the YOUinConsulting job test, explore the consulting industry and megatrends, and review roles and responsibilities with host Dr. Jack Leib.

Management consulting - wish and reality: Why you need to take this test2:54
Discover the truth about management consulting with the YOUinConsulting job test, exploring motivations, hype, and the realities of consulting life to help you decide.
Test instructions: How to take the YOUinConsulting job test4:22
Explore 24 common beliefs about consulting, weigh your personal motivation factors, and learn how to map your expectations to the realities of a consulting career.

Myth #1: An excellent academic performance safely lands you a top consulting job6:52
The myth that stellar academics safely land top consulting jobs is debunked by market sizing, showing only a small share succeed; real winners bring work experience and extracurricular activities.
Myth #2: Your learning curve is extremely steep3:22
Challenge the myth of an ultra steep learning curve by outlining rapid consulting career progression, from junior consultant to partner, with data analysis, client interviews, travel, and leading projects.
Myth #3: Your career progress is determined by strictly meritocratic rules3:13
The lecture argues that consulting careers rely on performance, but human factors like networking, client feedback, leadership changes, economic climate, luck, and path dependency also shape progress.
Myth #4: After x years, you will become partner (consulting firm shareholder)2:23
Explore the myth that years alone guarantee partnership in consulting firms, and learn how the consulting pyramid and career ladder from junior consultant to partner shape real opportunities.
Myth #5: Career springboard management consulting: "Headhunter will chase you!"1:55
Headhunters chase you; consulting experience serves as a career springboard, with top consultants' LinkedIn activity and exit options from tier 2/3 firms, though instant ceo roles remain unlikely.
Myth #6: Forever famous - the aura of an ex-consultant stays with you for life2:54
Explore how the aura of an ex-consultant persists and how McKinsey's brand shapes perceptions, from respect to career myths.

Myth #7: You contribute to the most meaningful ventures in history2:02
Consulting work can be highly impactful through board-level budgets and projects like purchasing optimization, supply chain improvements, and IT process enhancements, though not every effort becomes monumental history.
Myth #8: Your work leads to change ("Impact!")2:23
Turn analysis into action to drive rapid change and measurable impact, from pricing moves to cost reductions and new sales strategies, powered by the power of now.
Myth #9: You work at eye level with corporate boards1:57
Explore why eye-level work with corporate boards unfolds over years, from junior analysts shaping analyses for senior partners negotiating with CEOs on budgets, targets, and scope, to eventual c-level exposure.
Myth #10: You get to explore many different industries and business challenges5:21
Top firms offer a broad project mix across industries and functions, but early exploration gives way to specialization as client needs and track records demand focus.
Myth #11: Your day-to-day work is extremly varied2:30
Experience how the day-to-day work life is extremely varied, with data analyses, client interviews, and presentations, while projects change every few months and long hours affect private life.
Myth #12: Your work makes the world a better place4:43
Assess how consulting work balances societal impact with client demands, from sustainability and pro bono projects to cost reductions, highlighting recruitment workshops as branding for the field.

Myth #13: "Join a firm with the best in class" — You work with top performers2:26
Explore the myth that consulting firms hire only top performers, drawing on Bloomberg data on MBA graduates and the 'best in class' slogan to show you work beside top talent.
Myth #14: The academic backgrounds of your colleagues are incredibly diverse1:56
Debunk the myth that consulting firms offer universal academic diversity; firms hire across fields but mostly stem, pairing you with scientists, engineers, and economists.
Myth #15: All your colleagues bring extraordinary experiences1:57
Question the belief that all colleagues bring extraordinary experiences; time constraints in consulting curb pursuing pre-firm passions, and a three out of five stars rating frames the discussion.
Myth #16: Teamwork is key!1:18
In management consulting, teamwork drives success as you collaborate with project managers, partners, IT, and client teams. Ego and elitist behavior hinder progress; aligned teams ensure effective work and careers.
Myth #17: Consultants have access to a brillant network2:49
Assess the reality of a consultant's network: board access, alumni and career services, and the path to C-level roles, while noting long hours limit external networking.
Myth #18: In the consulting industry, hierarchies are flat2:37
Explore the myth that consulting hierarchies are flat by examining team dynamics and informal communication in Germany. Learn how juniors can contribute data-driven insights while recognizing limits set by partners.

Myth #19: You earn an above-average salary6:46
Explore how starting salaries for engineers and consultants in Germany—€50k vs €100k gross—translate to different net pay and hourly value after taxes and social insurance.
Myth #20: An international career - you get to travel around the globe2:45
Explore how top consulting firms offer international project work across global offices, enabling travel around the globe amid globalization and roles shaped by firm type, sector, and profile.
Myth #21: Glamor & luxury - you fly business class and stay in exclusive hotels6:38
Explore the glamor and realities of consulting life, from business class travel and luxury hotels to cost-cutting impacts, air miles, lounges, and the balance with time on the ground.
Myth #22: Consultants work hard during the week, but the weekend is sacred2:48
Discover how a consultant's lifestyle balances workload and free time, shaped by attitude, teams, and project choices. Weekends are typically free, with rare exceptions and occasional weekend emails.
Myth #23: Working as a consultant is perfectly compatible with having a family5:27
Unpack why consulting and family life clash, with 14–16 hour days and remote client work. Learn options like internal roles or unpaid leave, and note the truth score of 1/5.
Myth #24: Consultants are (and remain?) fit, resilient and healthy3:41
Debunking the myth that consultants stay fit and healthy, this lecture highlights long hours, sleep loss, travel, reduced exercise, and social life strain, rating it three out of five stars.

How to derive your YOUinConsulting job test result2:25
Derive your YOUinConsulting job test result by entering weights for 24 myths in the MS Excel tool, OpenOffice, or PDF to auto-calculate scores and reveal 0–14, 15–28, or 29–42 range.
Score 0-143:15
Evaluate your consulting career expectations against reality after a low score, reflect on motivation factors, and explore recruitment insights, internships, and long term fit before committing.
Score 15-282:57
Reflect on your mid-range score and weigh the light and shadow of a consulting career by revisiting top myths, long-term motivation, and your personal selection criteria.
Score 29-422:42
Score 29-42 places you in the upper range of YOUinConsulting test results and strengthens motivation for a consulting career. Explore internships, discuss with consultants, and consider alternatives to confirm fit.
Further remarks on the test - differences among consulting firms3:06
Evaluate your consulting career choices with a candid view of truth scores, firm size effects, and salary trade-offs, helping you compare top firms, mid-sized firms, and industry prospects.

Overview0:37
Explore the management consulting landscape by learning what consultants are hired for, how firms structure expertise, key players, and three megatrends reshaping the industry.
Consulting made simple: The top three reasons that consultants get hired for5:59
Consultants act as outside experts to solve unique challenges and improve process efficiency, serving as temporary specialists for a limited period of time.
The three main consulting service segments2:20
Explore the three main consulting service segments—hr consulting, it consulting, and strategy consulting—and learn how they shape client work, from headhunting and performance systems to IT integration and process efficiency.
Strategy consulting: What expertise is offered & how is it organized?2:54
Explore how strategy consulting firms categorize services along business sectors and functions in a consulting service matrix, and how knowledge is organized virtually and by geography to form expertise.

The consulting market landscape: surprising data and facts5:26
Explore the global size and regional shares of the consulting market, including North America's dominance and the drivers of strategy, IT, and HR segments.
The strategy consulting jungle: key players and their challengers11:26
Navigate the strategy consulting jungle by understanding tier one MBB firms, tier two players, boutiques, and inhouse consultancies, and how regional differences shape choice.
McKinsey versus the "Big Four" (Deloitte, PwC, EY, KPMG): Who is the number one?5:15
Explore how McKinsey compares to the Big Four in revenue and staffing, while the Big Four emphasize auditing, tax optimization, and due diligence in strategy consulting services.

Introduction0:20
Explore three megatrends reshaping the consulting industry, including industry consolidation, digitalization, and a shift from generalist to specialist expertise to impact your career.
Megatrend #1: Increasing integration7:39
Examine the megatrend of increasing integration driving Big Four acquisitions into strategy consulting. Assess risks like brand dilution and culture clashes, and note implications for careers and pricing.
Megatrend #2: Digitalization5:13
Explore how digitalization reshapes management consulting with digital brands, analytics, and data-driven services like predictive maintenance and quality tracking, plus digital transformations and startup funding.
Megatrend #3: From the generalist to the specialist9:59
Explore the megatrend from generalist to specialist in management consulting, and identify five challenges in staffing, client expectations, and the rise of expert tracks.

Requirements

Apart from curiosity about consulting, no previous knowledge is assumed or required.

Description

Welcome to YOUnConsulting!

1. Whom is this course for?

This course is a must-watch course for YOU if you are

An undergraduate or postgraduate student who wants to explore or firmly pursues a management consulting career as your primary career option
A young professional (i.e., with some initial work experience) who considers switching to a management consulting career
A knowledge multiplier or intermediary who serves or frequently deals with consultants for professional reasons and benefits from gaining a deeper understanding of a consultant’s life and challenges
Eager to obtain top-quality career advice from an ex-McKinsey consultant and consulting expert

2. Who is your instructor?

My name is Dr “Jack” Jörg Leib. I am a consulting enthusiast, who spent five years as a consultant and project manager with the world’s leading management consulting firm, McKinsey & Company, and since then has been serving as an independent management adviser.

Prior to joining McKinsey, I interned with several reputable consulting firms such as Roland Berger and EY. I have attended recruiting events of all the major tier 1 and tier 2 consulting firms and interviewed with all of them. And to this date, I am very passionate about my industry, doing a lot of research about it and build on a strong network of fellow consultants at these leading consulting firms – to bring the best insights to YOU.

As part of the YOUinConsulting project, I regularly educate, inspire and coach young candidates and experienced professionals about their successful entry, rise and exit as a consultant. Besides offering first-class content as you would expect it from a former McKinsey consultant, I place great value on well-structured didactics as well as a highly entertaining and creative delivery style. Let us be professional AND have fun!

3. What’s in it for you?

Summary

By completion of this course, you will know whether or not a consulting career REALLY is the right fit for YOU, taking into account both your professional career aspirations as well as the impact on your private life. Furthermore, you will learn what consulting truly is about (beyond the hype, and behind the scenes!), explore the consulting industry landscape and its key players even beyond McKinsey, BCG and Bain, and understand how everyday consulting life may feel for YOU. Put in a nutshell, you will understand consulting and surely benefit from my insider insights for the rest of your consulting career.

At the same time, you can be sure to receive authentic and truthful insights to the consulting industry, benefiting from my insider knowledge as a former McKinsey consultant, current independent management adviser and consulting industry expert. Last but not least, I have put my heart and soul into this course to make sure you do not only take the right decisions for yourself, but also feel entertained and have fun throughout this course... See for yourself! ;-)

This course is organized in three parts:

PART A: Decide if you REALLY want to become a consultant

Chances are high that you are taking this course because you consider becoming a consultant and/or want to validate whether management consulting is the perfect career choice for you.

This is great! However, I am also aware that there is a lot of hype and brainwash around my industry. Therefore, I first want to help you ensure that you pursue a consulting career for the right reasons!

For this purpose, I have designed the interactive YOUinConsulting job test. At the beginning of this test, I I will ask you to rank your personal motivation factors to become a consultant. For each of these consulting myths, I will then reveal for you if they are true or false, and ultimately you receive an individual test result telling you how well your dreams and expectations about a consulting career meet the reality of consulting life.

While I want to pick you up from where you currently stand – an emotional idea about consulting that attracts you to become a consultant – I make sure that even while taking this test, you already gain lots of surprising insider insights about our industry that I promise will benefit you for the rest of your consulting career!

For the specific topics that I am going to cover as part of the YOUinConsulting job test, please refer to the course curriculum.

PART B: Understand what consulting truly is about

After these emotional highlights featuring your personal consulting career and life, in this second part I offer you a throrough introduction to the consulting industry. I will start by laying out for you in simple terms what consultants actually get hired for, what services consulting firms offer and how they organize it.

Since I reckon that you will probably love to work for McKinsey, BCG or Bain, I then deep-dive into the strategy consulting market. After presenting to you some surprising facts & figures, I will share my opinion on key players (tier one and tier two companies) as well as challengers (boutique consulting firms, inhouse consulting firms and smaller and medium-sized consulting firms), and will also devote special dedication to the Big Four companies (Deloitte, PwC, EY and KPMG). You will be able to understand commonalities and differences across these players and get further ideas on attractive employers even beyond McKinsey, BCG and Bain.

Furthermore, I reveal three megatrends to you that are currently shaking up the consulting industry and that I know you must be aware of – the earlier, the better. For each of these megatrends, I elaborate the implications for your consulting career and decisions.

PART C: Gain transparency on your individual consulting career path and life

In the third part of this course, I turn back to the personal and individual aspects of your consulting career.

First, I will help you explore the steps on the consulting career ladder you may take and help you understand the many roles you may adopt during your consulting career.

Second, I will invite you to take part in an exciting experiment – “consulting meditations”, through which I want to enable you experience truthful consulting project reports and thereby the light and shadow of consulting life yourself.

And there is so much more... I am excited to welcome you on the inside of this course :-)

Your Dr “Jack” Jörg Leib

YOUinConsulting

Who this course is for:

Students who want to explore or firmly pursue a management consulting career
Young professionals (i.e., with some initial work experience) who consider a career change into management consulting
Intermediates who frequently work with consultants (e.g., coaches, headhunters, etc.) who benefit from gaining a much deeper understanding of their clients' daily consulting life and challenges
Knowledge multipliers with a strong interest in consulting (e.g., journalists, educators) who want to gain first-hand insights to the consulting industry from a former ex-McKinsey consultant

Management Consulting Guide 2023: McKinsey, BCG or PwC!? :-)

What you'll learn

Explore related topics

Course content

Getting started2 lectures • 9min

The YOUinConsulting job test: Do you REALLY want to become a consultant?2 lectures • 7min

Consulting career check (1): Rapid career progress - true or false?6 lectures • 21min

Consulting career check (2): Fantastic job - true or false?6 lectures • 19min

Consulting career check (3): Unique colleagues - true or false?6 lectures • 13min

Consulting career check (4): Dazzling lifestyle - true or false?6 lectures • 28min

Your individual test result: Should YOU really become a management consultant?5 lectures • 14min

Understand what management consulting truly is about4 lectures • 12min

The who's who of the consulting industry: more than McKinsey, BCG and Bain?3 lectures • 22min

Megatrends in the consulting industry and their implications for YOU4 lectures • 23min

Requirements

Description

Who this course is for: