馃攳
Are Big Consulting Firms Better? | Pros of Boutique Consulting vs. MBB/Big 4 - YouTube
Channel: kchoi
[4]
Hi, I'm kchoi. Welcome back to my
channel, or if this is your first time
[8]
here, welcome! I'm a change management consultant and I make videos about
[12]
career, education, a little bit of travel
mixed in...and today I'm going to talk
[18]
about the benefits of working at a
boutique consulting firm versus a larger
[22]
consulting firm. Before we jump in, if you
want to see more videos about consulting,
[26]
then please take a few seconds to hit
the subscribe button and also the
[30]
notification bell while you're there.
When I talk about large consulting firms,
[35]
I'm generally referring to the Top 3
as well as the Big 4 so the top three
[40]
consisting of McKinsey, BCG (or Boston
Consulting Group), and Bain. Together,
[45]
they're also known as MBB. Big 4 being
PwC, Deloitte, Ernst & Young, and KPMG.
[50]
There are some differences between those two groups of large firms.
[54]
The Top 3 focus a bit more on strategy, while the Big 4 focus a bit more on implementation,
[59]
and they also provide services like tax and assurance.
[64]
Size-wise, they both have a lot of employees, the Top 3 having more in the ten thousands range,
[67]
and the big four having more in the hundred thousands range.
[72]
In terms of boutique consultancies, there
isn't really a set definition of what
[76]
makes a consultancy boutique, but they
have way fewer people and are often a
[81]
bit more specialized in the solutions
and services they provide. Personally, I
[84]
work at a firm with less than 200 people,
and while we provide a wide range of
[89]
solutions, they're all focused on
engaging people in change. If you
[93]
want to know a bit more about what
change management is, I have a video all
[96]
about that, so I will link that in the
description box if you want to know more.
[99]
So while I've never worked at any of the
large consulting firms that I listed
[103]
earlier, I have a lot of friends who do
work there or have worked there in the
[107]
past, so I've learned and observed a lot
over the years
[110]
and now I am able to compare it to my
experience. I'm going to share six
[114]
benefits of working at a boutique
consulting firm, and of course there are
[118]
benefits of working at a large consulting firm, too, but that's a different video.
[122]
- Number one: More visibility in the company.
[126]
Wth a smaller consultancy there's way more of a chance that everybody from the CEO down and
[131]
back up again knows each other and knows each other well. This gives you a really
[134]
unique opportunity to establish a
personal brand that's really well known
[138]
throughout the entire business, not just
within your team or your geographic office.
[143]
Where I work, it's not weird or
intimidating at all to put time on the
[147]
CEOs calendar, or the VP's calendar, if
there's something that you want to
[151]
discuss with them. Being at a
smaller company allows you to actually
[154]
get to know everyone that you work with,
which just opens up more opportunities
[158]
for you in the future.
- Number two: More responsibilities as an entry-level consultant.
[162]
Smaller firms tend to have a flatter organizational structure, or at least
[168]
not quite so hierarchical. That means, regardless of your title, you
[172]
really have the opportunity to do as
much work as you're capable of doing.
[176]
It's not really about your title or how
long you've been at the company, but
[180]
really what your unique strengths and
abilities are, which gives you more
[184]
opportunities to stretch and challenge
yourself. I can draw from some of my
[188]
experience working at a large public
relations firm, where it was very
[192]
hierarchical. One person at the bottom
would create a report (or whatever it was), and
[197]
it would go to the next person for a
review, go back down for changes, go back up
[201]
to review, go to the next person to
review, and it was very, like - you gotta
[205]
go up the ladder. On the flip side, where
I work today, I'm on projects with people
[209]
of multiple levels, up and down in
leadership, but we really work together.
[213]
We're obviously still clearly defining what
our roles and responsibilities are on
[218]
the particular project, but it's much
less of a handoff up the ranks.
[223]
-Number three: Opportunity to build strong client relationships.
Because you can have more
[228]
responsibility earlier on in your career
at a smaller firm, and you're probably on
[233]
a smaller project team to begin with, you
get a lot more visibility with the client. This means that you have anadvantage to build a relationship with
[241]
that client and be able to add to your
network, and I actually have a video that
[245]
I just did about networking, so I will
link that in the description box as well.
[249]
Another benefit I've experienced related
to this is not just having that
[253]
visibility with the client, but also
having visibility with C-suite or
[257]
executive-level clients. I think it's
pretty rare for an entry-level
[261]
consultant to be in a meeting with the
CEO of a company,
[265]
and I've been able to experience that
because of working on a smaller team
[270]
and at a smaller company.
- Number four: Opportunity to grow the business
[274]
Building those client relationships that
I just mentioned gives you the chance to
[278]
grow your business with that client, as
in sell and do more work with them. It
[282]
can be really exciting to do a project
with the client and get to learn more
[287]
about things that they need, and how you
might be able to help them, and to then
[291]
contribute to your business's growth in
doing so. And having that opportunity to
[295]
delve into business development and
contribute to your company's growth is a
[300]
bit harder to come by at a larger
consulting firm.
[305]
- Number five: more ability to shape your specialty or focus
At a larger firm, you probably have a general
[309]
focus, whether that's tech implementation, mergers and acquisitions, or even social impact,
[314]
but that's usually because
there's already this established arm of
[319]
the business that you joined, or were
recruited into. At a smaller firm, because
[323]
you have more visibility within the
company, and can share your strengths and
[328]
interests, and because your role is not
strictly defined by your title and your
[333]
tenure, you have more of a chance to
shape your own path. There are people at
[337]
my company who know a lot about design thinking, or about engaging people
[340]
through positivity, and lots of other
topics, and because we're at a smaller
[344]
firm, we have the flexibility to
establish ourselves as experts in those
[349]
different niche areas.
- And number six is: Better work/life balance
[353]
As with everything else on this list, this of
course depends on the company and the
[357]
particular situation, but in general,
people at larger firms tend to travel a
[363]
lot more and have a little bit less of
that work-life balance. When you think of
[367]
a typical consultant at a large
consulting firm, they're usually staffed
[372]
on a several-month project and travel
every week to the client site, so they're
[377]
on the road Monday to Thursday going to
that client site, and then are home over
[382]
the weekend. I know that there are some
consultants at those firms who work on
[385]
local projects and don't travel as much,
but I'm just generalizing for now. Now, while
[389]
all of that travel can make it difficult
to have a good work-life balance, those
[393]
consultants often have a lot of perks:
lots of miles on their flights, they get
[397]
upgraded, they've got
good status, they have lots of points for
[401]
hotels - so you get a lot of perks out of
it. In my particular role, I also travel,
[406]
but it's just on a much lower scale. I
usually, on average, have a couple of days
[412]
of travel a week -- usually not up to four
days of travel, but it kind of averages
[417]
out because some weeks I may have more travel,
while other weeks I might not
[421]
have any travel. The reason for that is
the way we do our projects, we don't go
[426]
to the client site every single week and
work from there, but we just travel for
[430]
certain milestones in the project
timeline. Then, because I'm on multiple
[434]
projects at the same time rather than
one project for several months at a time,
[439]
I have travel going on for those
different projects. Sometimes they end up
[444]
having trips on the same week, sometimes
there are weeks with no trips at all.
[448]
Now, that makes it a little bit more
inconsistent and unpredictable for me,
[452]
which makes great work-life balance
still a little bit of a challenge to
[456]
achieve. On the whole, I have a lot less
travel, but I still have a significant
[460]
amount and still I'm able to take
advantage of the travel perks that come
[465]
along with it. I know that travel is not
the only element that impacts work-life
[469]
balance, but it is one of the bigger
topics that come up when talking about
[474]
consulting, so just wanted to share my
perspective on that front.
[478]
Again, there are obviously lots of benefits to
working at a large consulting firm, as
[482]
well as drawbacks to working at a
boutique or smaller consulting firm, but
[486]
I hope this video gave you a little bit
of insight into how they differ, and
[489]
maybe opened up your mind to different
opportunities if you're looking to get
[493]
into consulting. As I said at the
beginning of this video, I have a lot of
[496]
friends who worked at or have worked at
MBB or Big 4 consultancies, so give
[501]
this video a like and leave a comment if
you'd like to see them on my channel to
[505]
share about their experiences. Now if you
made it this far, thank you so much for
[508]
watching -- I really appreciate the support
and I will see you in the next one. Bye!
Most Recent Videos:
You can go back to the homepage right here: Homepage