The Boston Consulting Group was an American global management consultancy firm founded in 1963. Its headquarters are in Boston, Massachusetts. It is one of the "Big Three" consulting firms, along with Bain & Company and McKinsey & Company. This article will focus on the history of BCG and its well-respected consulting skills. It also discusses some of the benefits of working for BCG. Consider BCG's benefits and salary structure if you are interested in joining a highly-rated company.
Bain rose through the ranks at BCG
Bruce Doolin Henderson joined BCG as an ambitious young engineer in 1967. He had little business experience. He rose quickly through the ranks, and was well-respected for his meticulousness and fitness. Bain eventually rose up to the position of vice-president where he was in charge of one of four divisions that contributed a large amount of the company's revenues. Bain had no business background but quickly rose to prominence at BCG. He was also considered the heir apparent of Bill Henderson, the founder of BCG.
Bain graduated from Vanderbilt University, 1959. He worked in a steel-fabricating business. Bain & Co. were established in 1973. Bain Capital was established in 1984 by Bain. It is difficult to imagine how Bain rose through the ranks of Boston Consulting Group without his contributions. This article is not meant to replace Bruce Henderson's advice or work.
Founder Bruce Henderson's insights
Bruce Henderson, the founder of Boston Consulting Group will bring his knowledge and experience to the creation of a new Institute. The Institute will aid organizations to develop new ideas, approaches, and solve business problems. It will bear Henderson's name. It will be global and focus on the implications of key trends. It will concentrate on the intersections of strategy and innovating. For example, the Institute will study the impact of globalization on traditional industries, such as healthcare.
Bruce Doolin Henderson was a long-standing consultant who worked for Arthur D. Little, one the oldest management consulting firms. His frustrations led him to approach the CEO Boston Safe Deposit and Trust, which was one of his clients. Henderson was appointed to lead a new consulting unit within the bank. He was able to develop his ideas, which resulted in the founding of the Boston Consulting Group.
Travel schedule
BCG travel is typically four days a week from Monday through Friday. The firm's Friday office hours are when consultants connect with managers and discuss ways to make the most of their weekends. After work, they may hit up happy hours with their fellow BCGers. BCG consultants are expected to have a rigorous travel schedule. However, the company offers perks such as a Platinum membership at Marriott Hotels. This may sound excessive, but the company is committed to training and development.
The Boston Consulting Group is a global management consulting firm with more than 12,000 team members throughout the world. It has been awarded multiple times for employee satisfaction. Fortune magazine recently named it one the 100 Best Companies to work for in 2016. The firm is seeking candidates with the right combination of drive, curiosity and collaboration. They have also hired candidates for remote jobs and flexible work hours in the past.
BCG is a great place to work
BCG prides itself on its diversity. This is one of many advantages of working here. Innovative solutions are possible because of the contributions of employees from different backgrounds. But in order to achieve this diversity, individuals must feel included and free to express their ideas. As a result, BCG offers various programs to encourage employees to express their opinions and build a sense of community. These are just a few examples of such programs.
It pays for employee health insurance premiums and compensates consultants who do non-profit work. The company also covers a significant portion of the travel expenses of their consultants. The employees might have to travel to clients or may spend substantial amounts of their time in meetings. The work schedule of BCG consultants is varied but requires dedication, creativity, hard work and determination. BCG employees appreciate the flexibility in their work schedule.
FAQ
What is the difference?
An advisor is someone who provides information about a subject. Consultants offer solutions to problems.
Consultants work directly for clients to help achieve their goals. Advisors advise clients indirectly via books, magazines, lectures and seminars, etc.
What happens when the consultant finishes his job?
After the consultant finishes the work, s/he will send a final report outlining the results. This report details the project timeline, deliverables, as well any other pertinent information.
The report will be reviewed and you can decide if the consultant met all your expectations. If not, you can either request changes or terminate the contract.
What qualifications does a consultant need?
It is not enough to have an MBA degree. You must also have experience as a consultant. You should have at least two years of experience in consulting and/or training for a major company.
You should have had experience working with senior management to create strategy. You will need to feel comfortable communicating ideas to clients and getting their support.
You'll also need to pass a professional qualification exam such as the Chartered Management Institute's Certified Management Consultant (CMC) certification.
Statistics
- According to IBISWorld, revenues in the consulting industry will exceed $261 billion in 2020. (nerdwallet.com)
- WHY choose me: Why your ideal client should choose you (ex: 10 years of experience and 6-week program has helped over 20 clients boost their sales by an average of 33% in 6 months). (consultingsuccess.com)
- 67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
- According to statistics from the ONS, the UK has around 300,000 consultants, of which around 63,000 professionals work as management consultants. (consultancy.uk)
- Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
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How To
What's a typical day like for a Consultant?
Depending on what type of work you do, your typical day may vary. However, the majority of your day will consist of research and planning, meeting clients and preparing reports.
Clients will often meet with you to discuss their problems. These meetings can take place over the phone, via email, online, or face to face.
Also, proposals are documents that outline your ideas or plans for clients. You will need to discuss these proposals with a mentor or colleague before you present them to clients.
After all the preparation and planning, it's time to actually create some content. You might be creating articles, videos, editing photos, writing interviews, or designing websites.
Based on the scope and complexity of the project you may need research to obtain relevant statistics. This could include finding out how many customers your company has and whether they purchase more than one product.
Once you have all the information needed, it is time for clients to see your findings. Your findings can be presented orally or written.
After your initial consultation with clients, you need to keep in touch. For example, you might call them periodically to see how things are going or send emails asking them to confirm that they received your proposal.
This process takes time, but it's important to ensure that you stay focused and maintain good relationships with clients.