Oliver Wyman - Pay and lifestyle?

Specifically their financial advisory and general management consulting divisions. How is the pay, lifestyle, travel?
Specifically, their financial advisory and general management consulting divisions. How is the pay, lifestyle, travel?

Oliver Wyman Salaries

Oliver Wyman offers one of the best compensation packages in management consulting. In the 2018 Consulting Company Reviews. The question in italics notes the question asked during the assessment.

Time off
Management support for needed time off?

  • Oliver Wyman ranked 8th out 95 firms.

Work Life Balance
Employer support in balancing between work life and personal life?

  • Oliver Wyman ranked 13th out of 95 firms.

Most Average Hours Worked
How many hours do you work on average?

  • Olver Wynman ranked 17th for most average hours worked at 63.6 hours.

Want to see how your firm stacks up against other top consulting firms? You can view more compensation data and company reviews by accessing the 2018 Consulting Industry report.



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At least according to the Vault Guide, the former MOW was paying ~65-70% of base salary as year end bonus. That would put the all in compensation right around 95-100K.

 
pezzonovante:
why do they pay so much more than m/b/b?

any other firms that pay that much?

Because they have a very focused practice: financial firms. Of course, they don't charge nearly as much as M/B/B. They don't have the same perks M/B/B consultants have and they don't pay for grad school. Plus, higher comp for junior people means lower comp for partners and the like.

 

It seems like pay all around at MOW was above average. I don't have the "gold access" or whatever for Vault.com but it looks like in the compensation survey Managing Partner salary was ~500K and one guy made 1.5MM in bonus. I'm not too familiar with the pay structure in consultancy but it seems like this firm pays a lot more than the M/B/B. Then again the exit ops are probably much more limited. Seems like a great firm for someone who wants to pursue being a partner and not be 2 years and done.

 
CatsLHP:
It seems like pay all around at MOW was above average. I don't have the "gold access" or whatever for Vault.com but it looks like in the compensation survey Managing Partner salary was ~500K and one guy made 1.5MM in bonus. I'm not too familiar with the pay structure in consultancy but it seems like this firm pays a lot more than the M/B/B. Then again the exit ops are probably much more limited. Seems like a great firm for someone who wants to pursue being a partner and not be 2 years and done.

Vault surveys are notoriously unreliable. Plus, I know for a fact that Oliver Wyman partners don't nearly make that much on average. I'd say that partner is the exception rather than the rule (if even that!).

Check the Vault boards for Oliver Wyman. They're very insecure over there and often send junior analysts and even PARTNERS and DIRECTORS! to troll for the firm on their boards - rather crass behaviour.

Plus, think about it, they don't charge as much as M/B/B and don't have that wide of a client base. They can't really pay more than they take in.

 

What kind of work does Oliver Wyman's financial service consulting practice do and what is the career progression like? How much do their directors typically bank and are there good exit opps, i.e. on par with M/B/B.

 
dfratz:
What kind of work does Oliver Wyman's financial service consulting practice do and what is the career progression like? How much do their directors typically bank and are there good exit opps, i.e. on par with M/B/B.

The FS practice generally deals with clients like insurance companies, retail banks etc. I'd say insurance companies are a huge part of their practice. Although financial consulting sounds sexy, Oliver Wyman isn't exactly consulting hedge funds and PE groups exclusively. In fact, McKinsey and Bain are much better if you want to go after the big PE clients.

The exit opps are pretty decent. Mostly into financial firms, not much breadth. Not at M/B/B level, but decent.

 

After the merger, how much did the firm change? Like in terms of pay, culture, etc. It seems like it's the same firm, just with the other two practices integrated under one name.

I heard that the OW FS consulting practice (from MOW) doesn't pay for the MBA but that the general management consulting practice (from Mercer MC) does. But isn't the FS consulting practice the same as the general MC practice, except the former just does the strategy/management consulting specifically for financial institutions? If what I heard about the tuition reimbursement is true, why is one practice paid while the other not, especially considering they're under one name now?

 

... the fs side of ow is specialized and doesn't really hire mbas - they let analysts get into project management pretty fast, often after 2-3 years. comp, similarly, is higher in the fs side (bonuses of 50-80% vs 20ish% at general strat). a lot of this culture is from the legacy mow (owc before that) business. on the other non-fs side, it's more like m/b/b (legacy mercer) - a lot of mba hiring... generalists across all industries... it's difficult to bring analysts to a management position in such a setting within 2-3 years. also, legacy mercer (non-mow) culture has the traditional mba hires coming in as associates and moving on to manage projects.

it's really a toss up which one you choose - if you're committed to fs, go for ow. if not, maybe keep your options open with mercer. culturally, they used to be different, although i'm not sure how much that's converged by now. the money, especially at the beginning, shouldn't be affecting your decision.

 

are you thinking about general management consulting (formerly known as mercer management consulting) or financial service consulting (formerly known as mercer Oliver Wyman)?

 

Does any one know about the exit opp of Oliver Wyman( Financial services)? What are the chance to switch to MBB or BB bank after working there for 2-3 years after an IVY undergraduate?

It's claimed on their postings that "95% of Oliver Wyman applicants gain admission to one of their top three choice business school programs." but I am really curious that what kind of B-school does ppl really get into? what's the percent of HBS, Warton,Stanford? Thanks a lot!

 

as a former OW consultant I can tell you that it is VERY difficult to get out of FS and transition into PE, hedge funds, Asset Management. I felt very lucky when I did it, but do keep in mind that very few people succeed in transitioning into the above-mentioned fields (maybe 3-4 ppl/year, and very few of these go to prestigious PE/hedge funds/asset management firms). OW FS has no reputation out there, either good or bad, since most PE firms or hedge funds haven't even heard of the name. So if you're worried about exit opportunities, OW FS is NOT the best career choice for you. Go for MBB or investment banking!!!

 
bdtoot:
as a former OW consultant I can tell you that it is VERY difficult to get out of FS and transition into PE, hedge funds, Asset Management. I felt very lucky when I did it, but do keep in mind that very few people succeed in transitioning into the above-mentioned fields (maybe 3-4 ppl/year, and very few of these go to prestigious PE/hedge funds/asset management firms). OW FS has no reputation out there, either good or bad, since most PE firms or hedge funds haven't even heard of the name. So if you're worried about exit opportunities, OW FS is NOT the best career choice for you. Go for MBB or investment banking!!!

Probably a fair assessment.

 

actually, i think going into pe is going to be much easier for OW consultants in coming years...while theyve gotten hit hard in a lot of divisions, their PE due diligence business has skyrocketed because there are so many distressed financial firms that pe funds are looking to buy, and ow has a natural pitch to be the diligence leaders (and has been winning major mandates).

and while there have been capacity issues, my understanding was that counsel outs were restricted to support staff, although who knows...

 
xenowang:
I can't think of any good reason why going to Antarctica for a case would be in any way appealing.

Penguins.

Igloo Investments.

Duh?

 
BradZ:
Hi guys,

I am considering a position at Oliver Wyman and I would like to know what kind of reputation this consulting firm have out there. Does any of you know people that work at OW? What are their thoughts on the work environment / organizational culture? Are the compensation packages competitive (above/below market)?

Any input would be much appreciated.

Thanks,

BradZ.

I went from OW to a middle market LBO fund. It was a piece of cake. I felt like I had instant credibility with most of the top recruits (except for SG Partners) and got interviews with funds straight out of the gate (including some 10B+ funds). OW is definitely behind M/B/B in terms of exit opportunities but not as far behind as many people still believe because the firm has grown so much in recent years. When I run a CapIQ search of OW alumni I find a lot of us at funds of all sizes.

Comp/work/benefits are on par with M/B/B. If you get M/B/B then you should take it - but if not then OW is your next best bet.

 

Stay away from OW Corporate Risk Domain. I believe they were spun off from FS. North American Managing Partner of CR is an unethical bully. Yells and screams like a child.

Old Mercer Mgmt Consulting peeps are more sane. Smart group. I even know of a few staff who were sent to Harvard, and their tuitions were paid by the firm.

FS generally do not encourage MBAs. Even heard that it's discouraged.

 

Since it's been a while this has been brought up - how are the exit opps and bschool placements of OW as of late? How is that going to change now that FS and GMC have merged into a generalist pool?

 

From what I've seen as a current employee they're pretty good. Tough to access that directly honestly, but I've seen people go to Top 5 and haven't really heard of anywhere else. Not to mention they're sponsored to go

 
Best Response

I interned with OW over the summer in and spent the summer on a long-haul project so might be able to shed a bit of light for you.

First thing to note is that traditionally OW had different travel policies for the FS and GMC sides of the business so that could be why you hear conflicting stories. Now they've merged the two sides they've taken aspects from both sides and consolidated it into a single policy.

That said, the policy seemed to be very generous and treated me well when I was there. Briefly it is: - Business class on long haul projects (flights over 6 hours) - On a short haul project (

 

Very thorough and I was curious as well about Oliver. Thanks!

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