@Asset, I think I nailed it this time, CFA = Homeless
I am the original. Hello all. Re Mckinsey opportunity, jokers who have doubted it are…well…jJokerz. Circa 1999, grad school, was made an offer by Mckinsey NYC office. I was already a credentialed actuary. They wanted someone with good analytical skillz like me. I asked about the nature of the job and they didn’t have a good answer. I had not heard of McKinsey prior to that interaction. So my arrogant young self thought it was some mummy daddy shop. I admit I didn’t do my research. I was already an actuary and getting great offers from several consulting shops. Partly in arrogance, and partly in ignorance, I passed on that offer. In retrospect I’m glad I did. I eventually phased out of actuarial and now working for a private bank. That’s how I roll.
90% sure the opportunities out of McKinsey are 10x what most people could ever transition out of actuarial positions into given equal time. So carrying that assumption forward, I’m not sure you should be bragging up your stupidity in not even knowing who they were.
Black Swan Wrote: ------------------------------------------------------- > 90% sure the opportunities out of McKinsey are 10x > what most people could ever transition out of > actuarial positions into given equal time. probably, with 10x workload.
Geez, the point was consulting is a scam especially management consulting. Being a management consultant is like teaching bond trading. ‘Well genius if you know so much why dont you do it yourself?’
and when i asked the nature of the job they said, we will solve problems or something like that. as a young student i smelled rat. so i bailed. i am very well positioned now and will not brag further. i finished CQF last year as well.
Did you ever get into the U.Chicago program you were talking about 2 years ago ?
Eh, whatever. It’s in the past, man. Anyway, what I’ve always wondered is… are there FO/MO/BO type jobs at consulting firms? I mean, there must be different tiers of positions, right? Or is everyone just a “consultant” and they shove all the menial work to the younger people?
mo34 Wrote: ------------------------------------------------------- > Did you ever get into the U.Chicago program you > were talking about 2 years ago ? They asked me to take more algebra, calculus etc. which I thought was not fair given my background so I opted not to do that.
I think the question on everyones mind is since you got the CQF, how many ‘goddesses’ you rolling with now?
@ohai, I work at a consulting firm. They have FO, BO types jobs in a sense. It’s essentially based on whether you are “client facing” or “internal”. Compensation for client facing is higher and the job is more prestigious (travel, etc). But the difference at a consulting firm is that, essentially, anyone can make Principal, one step below partner level, (Principal = secretary, car service, special dinners, etc). I wouldn’t dare say that anyone can make Partner (Not as many internal staff go on to become Partners of the firm).
Duplicate
…okay well not anyone, I’m just saying there is the potential to move up in a consulting firm.
needhelp Wrote: ------------------------------------------------------- > Geez, the point was consulting is a scam > especially management consulting. > > Being a management consultant is like teaching > bond trading. ‘Well genius if you know so much why > dont you do it yourself?’ Because some people just don’t want to do it. I had a derivatives prof in college that had an open offer from GS to work on their quant derivatives team but he turned them down. I asked him why he turned down a likely high 6 figure job and he pointed out the window to the beach… Some people just don’t want that lifestyle.
ASSet_MANagement Wrote: ------------------------------------------------------- > needhelp Wrote: > -------------------------------------------------- > ----- > > Geez, the point was consulting is a scam > > especially management consulting. > > > > Being a management consultant is like teaching > > bond trading. ‘Well genius if you know so much > why > > dont you do it yourself?’ > > > > Because some people just don’t want to do it. I > had a derivatives prof in college that had an open > offer from GS to work on their quant derivatives > team but he turned them down. > > I asked him why he turned down a likely high 6 > figure job and he pointed out the window to the > beach… Some people just don’t want that > lifestyle. Agree with Ass man. One day my boss stops by my office and sees me reading a book, then goes like : “If the writer had anything of value he would have made money with it, the reason why he wrote it in a book is because it’s BS” (that was a serious book about time series and wavelet transforms, which I believe is not BS) So twisted, it’s not even worth arguing about.
Zesty Wrote: ------------------------------------------------------- > I see. Thanks.
Consulting in theory is like high end temp work. A company hires consultants to do a specialized project that would be too costly/slow to train internally. Consulting in reality has become: 1. Management’s attempt to cut through the internal politics and get some outside people to back them up. This also applies to mid level management across departments in a power/budget struggle 2. Management seeing that the ship is sinking and hires consultants to take the fall later 3. Management hiring consultants when they SHOULD do it internally and the consulting firms never saying no to new business In the end, there’s demand for both the real and theoretical version. That being said, calling BS on your McKinsey offer. They have a really nice office in NYC and a very tough hiring process. You would have to be blind, deaf, and dumb to think they were a small shop.
needhelp Wrote: ------------------------------------------------------- > Anyone else surprised that some Mckinsey > executives are named in the Rajaratnam fallout? > I’m not. Willing to bet these ‘elite’ firms bring > zilch to the table and add zero value to the > economy. I’d go head to head with them on any > management discussion and beat them. > > WINNING! Welcome back, I thought you were dead buddy.
Thanks JOE. I should have picked a less controversial topic (e.g. federal funding for PBS/NPR) as a come back post, instead of this. Not sure I’m back like that but checking in now and then. Man, back in the day when the markets went bonkers crica 2008/9, this forum was the place to hang out. And we all used to be so smart too. We all knew what was happening. And most of the time we were…well it dont matter no more. Long live the dream!
Wonder if Joey still posts?