It’s not enough for Oliver Wyman’s consultants to know their industries—they have to know them well enough to be able to publish frequent reports on the state of those industries. For example, the fi rm has been putting out a “State of Financial Services Industry” report every year since 1997, and in 2007 it began publishing a “State of the Communications, Media & Technology Industry” report. Additionally, Oliver Wyman conducts research each year with the World Economic Forum and parent company MMC on global risks. The results are published in MMC’s “Annual Global Risk Report,”
which identifi es all the major global risks, assesses their economic impact and recommends mitigation solutions.
The fi rm’s partners are also regularly quoted in fi nancial and business publications, and leading industry trade publications. In fact, between 2007 and 2009, Oliver Wyman has consistently been one of the most cited consulting fi rms in The Economist, The Financial Times, the New York Times, and the Wall Street Journal.
GETTING HIRED
According to one insider, “It’s easier to get into an Ivy League school than land a spot with Oliver Wyman.” We can’t corroborate this report with complete confi dence, but we can continue to quote from the fl ood of similar responses offered to us: “The resume screenings are ridiculously tough,”
a consultant notes, underscoring the diffi culty of landing even an initial interview. Those who make it past the initial stages will be excellent all-around Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
Oliver Wyman
recruits primarily from Ivy League schools and other top-ranked universities, but others are welcome to apply via the fi rm’s website—and they are defi nitely not out of the running. The fi rm’s on-campus schedules can be found on the careers section of its site.
OUR SURVEY SAYS
Corporate Atmosphere
Vault’s Verdict: Make no mistake—with its extensive travel requirements and challenging, high-profi le projects, life at Oliver Wyman can be intense. It must be the culture then, and above all the people within it, that make it so equally satisfying.
Overall Satisfaction
• “In no other line of work can I work with this many talented people, interact with so many different types of clients, and experience such a multitude of challenges and rewarding successes. Though my job energizes, frustrates, motivates, irritates, inspires and aggravates me, every day I love it.” – Senior source
• “I am thrilled to be working at such an innovative fi rm.” – Consultant
• “During the fi nancial crisis, I was given the opportunity to literally work in the ‘eye of the storm,’ advising both banks and regulators on strategy and risk management. Though the work is stressful at times, its relevance and high-profi le status make it extremely fulfi lling.” – New York staffer
• “At Oliver Wyman, you have extremely talented colleagues, interesting work, good locations and above-market compensation. It’s travel-intensive, but that’s not bad if you’re young.” – Experienced employee
Firm Culture
• “The fi rm has always been distinct in its youthful and collegial nature, and its emphasis on a fl at hierarchy.” – Senior consultant
• “Open, vibrant, geeky, fun, driven, entrepreneurial, fair.” – Partner
• “There is a strong culture of eating, traveling and socializing together outside of working hours, and a tradition of extremely strong friendships developing over the course of work here.” – Consultant
• “We only see our offi cemates once a week on Fridays, and everyone is so warm and welcoming. There are tons of extracurricular activities (ski day, Friday drinks, etc.), and a real sense of belonging.” – First-year
Supervisor Relationships
• “Relationships with supervisors are extremely positive, as they are very willing to provide feedback and focus work modules around individual needs and desires.” – Experienced consultant
• “Oliver Wyman operates with an incredibly fl at structure. There are few egos and people trying to prove their rank. I’ve been on cases with people many levels above me, and we’ve adopted a divide-and-conquer approach to casework.” – Boston insider
• “There is a mixture of peer relationships and hierarchy, depending on case or project. This creates a more collaborative environment.” – Entry-level respondent
Interaction with Clients
• “Oliver Wyman exposes you to clients right away, which is both challenging and exciting. Now that I have a few years of experience, I am thrilled that I’ve had the opportunity to lead a CEO presentation!” – Consultant
• “I have only had one project experience were the client was not absolutely thrilled with the work we performed. Most of the client teams I’ve worked with have insisted on staying in touch, and still reach out to me to give updates or solicit advice.” – East Coast staffer
• “We’ve shown over the last two years of work that our clients appreciate our effectiveness, insight and experience, as well as humility in these tough circumstances. We are partners in our clients and each others’ success or failure, and we take that seriously.” – Partner
Hours & pay
Vault’s Verdict: Insiders report working, on average, 55 to 65 hours per week. Understanding that hours in consulting can vary greatly from week to week and project to project, these consultants seem to take their work demands in stride.
Work Hours
• “Work hours are much better than my fellow grads at other consulting fi rms, and I blow my I-banking friends out of the water.” – Experienced source
• “Nobody should be unhappy with the number of hours they have to work. They always have the chance to say no. For what we get paid, 50 to 60 hours per week, including travel, is a pretty good deal.” – Consultant
• “Gould would describe it as ‘punctuated equilibrium.’ Consistently reasonable, but there will always be a few late nights mixed in.” – Partner
• “The hours at OW have been consistently increasing over the past few years … This is in part due to increasing business levels, as well as an Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
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infl ux of new partners that have come from different areas of industry.” – Consultant
Work/Life Balance
• “We have a no-face-time culture, so if you need to be at your kid’s school play, you can usually work it out.” – Partner
• “The work is tough, but we have a fl ex program that allows us to take leaves of absence and take a break. I went on safari in Kenya for three weeks and traveled across Asia for another two weeks. A friend of mine went to Rwanda to help in a medical clinic founded by Bill Wyman, one of the founders of the fi rm.” – New York insider
• “I have three young children and am consistently the only dad at most of their events. I do this by working around their events.” – Partner
• “Long term, the fi rm pays close attention to not burning out consultants at all levels. Partners that burn out consultants with understaffed projects are fi nancially penalized, since they ruin morale for everybody.” – Consultant
Travel Requirements
• “Travel is a love-it-or-hate-it sort of thing. We travel a lot and there’s no denying that.” – New York staffer
• “If you’re on a client, you’re [usually] at their site.” – Entry-level consultant
• “The typical model is to work in the client’s offi ces Monday through Thursday every week, back in Oliver Wyman’s offi ce on Friday. For international assignments (I was recently in Australia, Africa and throughout Europe), consultants normally are away for a month at a time.” – Partner
• “If you’re in the New York offi ce, travel could be limited since there are many clients in the city.” – Consultant
Compensation
• “Pay is excellent for a consulting fi rm, and higher than my peers at Bain and McKinsey. Year-end bonuses can be in the 60 to 70 percent of base salary range. It was a bit lower last two years, a bit higher the two before.” – Consultant
• “Compensation is generous. When the business is performing especially well, it is possible for the bonuses of every member of the staff to rise meaningfully higher than the already solid levels.” – Boston Partner
• “Base pay is above average, and we have a host of long-haul salary increases for cases abroad.” – Canadian fi rst-year consultant
• “Compensation would be great if the workweek were 10 hours shorter.” – Consultant
Professional Development
Vault’s Verdict: Oliver Wyman is banking on the fact that its high-caliber recruits won’t need any handholding when it comes to fi nding their way.
As such, the fi rm allocates few resources to train its consultants.
Formal Training
• “Ninety percent of what you learn comes from on the job experience, not formal training sessions.” – Chicago associate
• “Formal training is offered on an attend-if-you-can basis (if you aren’t swamped with work).” – First-year source
• “Training is improving at the company, particularly with our junior entry-level hires. They have also made a commitment in recent years to increase senior management and partner training (rainmaker sessions, etc).” – Experienced consultant
• “I’ve never felt myself wanting for more formal training.” –New York partner
Promotion Policies
• “It’s a very fast promotion process; faster than most fi rms. Some people leave if they don’t get promoted as quickly as their friends, [but] if you are good, you’ll get promoted as quickly as you are ready.” - Consultant
• “I’ve seen people transition to internal roles (like chief of staff or marketing roles), which seems to work out well for them.” – Consultant
• “It’s not up or out at all. The review process is very transparent and fair, and it is understood that people will progress at different rates through different levels. I think the feedback and development practices at Oliver Wyman are light-years ahead of what I’ve seen at other fi rms.” – East Coast insider
• “It’s a very defi ned process … It’s all based on performance, with 360-degree feedback.” – Partner
Diversity
Vault’s Verdict: Networking groups for LGBT employees and women have gained serious traction of late, a positive sign that the fi rm is mobilizing to accommodate its increasingly diverse community.
Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition Oliver Wyman
groups have been well received and supported.” – Consultant
• “We have diffi culty retaining female consultants.”” – Consultant
• “The lack of women and minority partners is very [apparent]. We do a poor job being fl exible and working to bring people back into the fi rm in line roles.” – Senior source
Overall Business Outlook
Vault’s Verdict: The fi rm is “expanding very aggressively” out of the recessionary blocks. It’ll be successful in this pursuit as long as consultants on the ground can avoid burnout.
Overall Business Outlook
• “We are running extremely hot, with near-record utilization rates.” – Consultant
• “Despite the economic situation, in many parts of the fi rm and across several geographies, things have never looked better. In places, the backlog of sold work is such that we have to defer projects.” – Consultant
• “There are a lot of off-cycle hires right now to keep up with demand.” – New York insider
• “There’s way too much work being sold. We’re expanding very aggressively.” – First-year
Confi dence in Firm Leadership
• “Our leaders are all great people, homegrown. Excellent consultants, learning how to be great managers.” – Experienced consultant
• “We have made a couple of HR mistakes in the last two to three years—fi rst hiring too many people without anticipating the economic crisis, and then reducing the staffi ng pool too much, such that we are having trouble dealing with demand. However, I think we are getting back on track.” – Consultant
• “Many of our leaders started as analysts, which gives them a unique perspective for taking care of all parts of the pyramid.” – Senior source
• “John Drzik has done a great job. He’s a real class act.” – Consultant
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222 West Adams Street Chicago, Illinois 60606 Phone: (312) 646-0111 Fax: (312) 223-6200 www.atkearney.com
LOCATIONS
Chicago, IL (HQ) Offi ces in 37 countries
PRACTICE AREAS
Industries
Aerospace & Defense • Automotive • Communications
& High Tech • Consumer Products & Retail • Energy &
Process Industries • Financial Institutions • Pharmaceutical &
Healthcare • Public Sector • Transportation • Utilities
Services
Complexity Management • Innovation • Manufacturing • Marketing & Sales • Mergers & Acquisitions • Organization &
Transformation • Procurement & Analytic Solutions • Strategic IT • Strategy • Supply Chain Management • Sustainability
THE STATS
Employer Type: Private Company
Managing Offi cer & Chairman: Paul A. Laudicina 2010 Employees: 2,700
2009 Employees: 2,700 2009 Revenue: $786 million 2008 Revenue: $910 million
• “Supply chain specialists”
• “Lost in the woods”
• “Good culture”
• “Old school”
A.T. KEARNEY
8
PRESTIGE RANKING
UPPERS
• “Nonhierarchical, entrepreneurial environment”
• “The ‘new fi rm’ culture post-management buyout”
• “High IQ environment without A-Type personalities”
• “International transfers are very easy”
DOWNERS
• “Branding—we do not believe in marketing ourselves”
• “Overemphasis on operations”
• “Can sometimes be pigeonholed into a type of work or work area”
• “Relatively small size compared to competition”
EMPLOYMENT CONTACT
atkearney.com/index.php/Careers/careers.html
THE BUZZ
what other consultants are saying