Being CEO of Deloitte is, in some ways, like being president, in that both jobs come with a term limit. In Deloitte’s case, that limit is four years, after which time an election for a new leader takes place—a process that doesn’t preclude the incumbent from serving an additional term. The current occupant of the U.S. CEO seat is Barry Salzberg, who was elected to the post in July 2007, after 30 years of service to the organization. That same year, Sharon Allen—the fi rst female chair of a major professional services organization—was re-elected as chairman for a second four-year term.
Heading up Deloitte Consulting in the U.S. is Punit Renjen, a position he was elected to in November 2009. Renjen has been with the fi rm for over 23 years, and since 2007 served as the global and U.S. leader of Deloitte Consulting’s strategy and operations practice, which has maintained a double-digit share of the global market for strategy advisory work. In 2007, he was named one of Consulting magazine’s Top 25 Most Infl uential Consultants, most notably for his work in the M&A space.
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GETTING HIRED
In the words of one consultant, Deloitte Consulting is made up of “incredibly smart, analytical and strategic people.” Simply put, if you don’t meet these very basic standards, you shouldn’t (and probably wouldn’t) be applying to join the Deloitte team. In truth, the fi rm’s hiring process goes far deeper than this, with recruiters seeking “candidates that have demonstrated strong academic performance, leadership abilities, great analytical skills and excellent people skills,” among a myriad of other positive qualities. We’re told that to identify candidates who fi t among the fi rm’s personalities and culture, “Deloitte uses the ‘airport test’—where interviewers determine if they would like to be stuck in an airport for four hours with this person.”
Applicants will be relieved to know that Deloitte’s interviewing and selection processes are streamlined, and MBA new hires start together in a cohort in early fall with a comprehensive onboarding program. Even better, they get to forgo the mind-games; “we tend to emphasize logical thinking more than other fi rms, spending a lot of time focusing on our practitioners’ thought processes versus having them do math tricks.”
OUR SURVEY SAYS
Corporate Atmosphere
Vault’s Verdict: Make no mistake, Deloitte is a giant in the consulting industry. Despite its size, consultants feel strongly about their corporate culture, and offer generally positive feedback on their overall satisfaction.
Overall Satisfaction
• “Deloitte in 2010 is an unbelievable place to be. We are the future of consulting.” – California staffer
• “I started with Deloitte right out of undergrad, and I have been exposed to all sorts of business issues across a variety of industries and service lines. Fantastic experience!” – Midlevel strategy consultant
• “Nine out of 10 days I love my job. It’s challenging, dynamic and rewarding to help clients solve their most diffi cult problems.” – Finance consultant
• “The work that Deloitte engages in is incredibly interesting, and we have a unique breadth of expertise that allows me to bring many pieces together to create a holistic approach to solving problems for my clients. And the people I work with are second to none in their enthusiasm, intellect and integrity.” – Health care consultant
• “Recently, utilization has been extremely high and people are feeling the burn, however the fi rm is taking steps to relieve this, including ramping up hiring.” – New York consultant
Firm Culture
• “The culture is very fl at and organic. Grassroots efforts are very encouraged. For the most part, everyone is dead serious about client work, and downright playful when it is time to unwind.” – Business analyst
• “There is very little competition among peers, and I am always willing to help out my colleagues (as they would for me). Also, Deloitte is very open to change, and employees are empowered to affect this change.” – Strategy consultant
• “The people at Deloitte are of the highest caliber, with multiple dimensions, and are extremely down to earth. You could walk into the CEO’s offi ce anytime or send him an email and he will respond—whether you are a principal or business analyst.” – West Coast consultant
• “Teamwork is in Deloitte’s DNA. Staff share common goals of making a positive impact on clients, raising the bar on performance, and having fun doing it.” – Operations practitioner
Supervisor Relationships
• “There is a very collaborative culture here. I work hand-in-hand with my supervisors and clients. We all sit in a team room and actually have fun working together.” – HR consultant
• “Deloitte is a partnership; as such, we work in an apprenticeship model. In addition, the environment is very entrepreneurial. We don’t call people supervisors—we work in teams, with dedicated roles. While there is a hierarchy on the team, it is role-based.” – San Francisco senior consultant
• “If you get the right supervisors, they are amazing. I truly think Deloitte has some of the best partners in the world. Despite almost always knowing more than you do, they treat everyone as equals on the team.” – Business analyst
Interaction with Clients
• “I would have never anticipated that less than a year after graduating undergrad, I would be working with C-suite executives on a day-to-day Vault Guide to the Top 50 Management and Strategy Consulting Firms, 2011 Edition
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• “Relationships with clients are based on delivery of top work, an undying focus on creating value, and a focus on making our clients personally successful.” – Strategy practitioner
Hours & Pay
Vault’s Verdict: Deloitte fancies itself among the very top fi rms industry-wide, and the stringent hour and travel requirements it imposes on its consultants certainly refl ect that. Compensation, however, seems to have suffered with the recession.
Work Hours
• “I have been generally satisfi ed with our hours per week. At times, it can get a little more hectic during peak client times, or with our strong focus toward extra-curricular activities.” – Cincinnati practitioner
• “It is cyclical—most weeks it is manageable, but every once in a while you are working toward a deliverable, fi nal presentation, etc., which makes it longer. There is a ton of internal work as well, as part of the culture and fi rm building, which can take anywhere from three to 15 additional hours.” – Operations consultant
• “The risk-reward benefi t algorithm remains true at Deloitte. You will be as successful as you want depending on how much velocity you wish to drive your career. For global roles and engagements, this becomes more challenging, and yet equally more rewarding.” – Entry-level practitioner
Work/Life Balance
• “The fi rm isn’t going to stop asking for more—it’s up to each individual to set boundaries, and frankly, not many of us are good at that. I’ve given up more nights and weekends than I care to think about, but the opportunities that I’ve created through that commitment are signifi cant.”
– Health care consultant
• “Work/life balance involves a series of tradeoffs that each individual must make. Travel three to four days a week makes it diffi cult, but I manage with fl exible use of my non-travel days for personal errands and events, and compartmentalizing my workweek heavily into my time on the road.” – Midlevel consultant
• “[Work/life balance] only happens once you’ve earned your stripes. After you’ve established yourself as an asset, the fi rm always tries to meet your work/life needs.” – Minneapolis consultant
• “I love my work, so it doesn’t bother me much. But any claims of 45-hour workweeks are completely off base. Between travel, project work and fi rm activities, work/life balance comes in bursts and is fl eeting, at best.” – Junior-level consultant
Travel Requirements
• “I am at the client site four days a week, on average. There are opportunities to challenge this average on some sorts of projects, but much of our work occurs hand in hand with our clients, and travel is required.” – Experienced strategy consultant
• “We don’t try hard enough to challenge our need to be present with a client. The norm is to fl y out on Monday and return on Thursday.” – Senior source
• “We rarely staff people on local engagements because of timing. Focus has been developing national staffi ng capabilities within practices—put the right people on the right clients.” – Atlanta consultant
• “Deloitte serves the most prestigious companies in the U.S. and globally. Our practitioners need to travel to serve these clients.” – Operations practitioner
Compensation
• “Of course compensation could always be higher, but Deloitte does pay nice salaries and rewards top performers.” – Finance consultant
• “Our compensation packages are quite aggressive and competitive right out of MBA programs, but the annual bonus program is a nascent one that doesn’t yet appear to compare favorably to competitors’.” – Ohio staffer
• “Raises and bonuses were cut severely last year due to the economy, which I believe has had a negative effect on employee morale and corporate culture.” – Business associate
• “Analysts and consultants are not eligible for bonuses. 401(k) contribution is low.” –Consultant
Professional Development
Vault’s Verdict: One might think that Deloitte’s oft-referenced apprenticeship model might facilitate an utter lack of formal opportunities, but that couldn’t be further from the truth: Training programs, particularly for new hires, are of the highest class.
Formal Training
• “There is an exhaustive list of training courses available, online and in class, across industries and sectors, at beginner, intermediate and advanced levels.” – Senior consultant
• “We have two weeks of formal training when we start at the fi rm, an additional week of training with each promotion, and 40 hours of required formal learning via the fi rm.” – Cincinnati junior source
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ones.” – Entry-level consultant
• “While our formal training has improved dramatically over the past three to four years, most of our training is done on the job. After all, this is an apprenticeship.” – Minneapolis practitioner
Promotion Policies
• “We have an up-or-out policy, which I think is needed. Consulting isn’t for everyone, and as you progress, capabilities need to change.
Consultants do have the opportunity to advance very quickly.” – Experienced practitioner
• “It’s typically two to four years before receiving a promotion. Including business school, it’s a seven- to eight-year timeframe from post-college until becoming a manager.” – Houston consultant
• “There is clarity around the path to partner and expectations between levels. ‘Up or out’ is a bit too strong for our culture. If someone does not meet promotion expectations, there are conversations around what additional support is needed to move to the next level, and there are conversations evaluating whether it is even the right path.” – West Coast insider
• “ There’s too much lip service around meritocracy, not enough action. Direct hires leapfrog home grown consultants, even though, in many cases, they are risky.” – Senior consultant
Diversity
Vault’s Verdict: As far as the top consulting fi rms go, Deloitte outshines its competitors by grabbing the fi nest diverse talent—and supplementing it with a steadfast commitment to professional development.
Diversity Issues With Respect to Women, Minorities, and GLBTs
• “While we need to continue to focus on diversity from a hiring perspective, we have extensive programs to help diverse practitioners succeed, including formal mentoring programs that have been in place for many years.” – Strategy consultant
• “I have never been anywhere more diverse. For example, on my current team of 10, there are two Hindus, a Muslim and a conservative Jewish person. Dinner conversation is very lively sometimes.” – Seattle practitioner
• “Deloitte offers minority-targeted on-campus recruiting events.” – Entry-level consultant
• “The fi rm is very supportive of GLBT individuals. Minorities have tended to be brought in from minority-focused schools. Women are given equal opportunities.” – Atlanta consultant
Overall Business Outlook
Vault’s Verdict: Deloitte has designs of being the industry’s go-to fi rm, and current business prospects are in line with that goal. The only issue in these uncertain times? Too much work to handle. In short, if you are looking for a consulting opportunity, Deloitte is hiring.
Overall Business Outlook
• “We are extremely well positioned, having come through the downturn very well and now growing rapidly again.” – Senior source
• “Deloitte’s comprehensive strategy, people, process, technology, risk and tax offerings across the globe position us uniquely to be a preferred partner for the business transformation that is growingly needed to compete in this post-recession world.” – Strategy consultant
• “We are sold out. Our trajectory is like a hockey stick.” – San Francisco senior consultant
• “We are winning work over competitors; we are very busy and getting positive industry recognition. We are actively hiring and in a very strong position coming out of the economic downturn.” – Business consultant
• “We’re oversold now, and continue to win in the marketplace. Right now, the greatest threat is due to overutilization of our talent. We need to focus on retention and morale.” – West Coast staffer
Confi dence in Firm Leadership
• “Our leadership is outstanding. Our portfolio of businesses is really well run. We weathered the downturn better than our competitors and are coming out stronger.” – Senior consultant
• “Leadership is well balanced—conservative, but opportunistic.” – Texas senior consultant
• “Punit Renjen, though a new CEO, has already started to make his mark on our practice. Punit is widely recognized as one of the leading consulting minds, and will lead our practice to greater heights.” – Midlevel business analyst
• “Our new CEO is able to communicate vision, inspire others and build practices. I expect big things with his leadership. The partnership that surrounds him consistently demonstrates prudent fi nancial management, which has and will position the fi rm to make investments for the future.” – Cincinnati strategy consultant
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PRESTIGE RANKING
UPPERS
• “Ideas and creativity rule”
• “International travel opportunities”
• “Strong quantitative talent”
• “Very little pretentiousness”
DOWNERS
• “A little geeky”
• “High risk of attrition at mid and senior manager levels”
• “Public corporate owner”
• “The decentralized nature of training, learning and staffi ng”
EMPLOYMENT CONTACT
www.oliverwyman.com/careers