Q&A: MBB project manager in Europe
Hey, Have been a longtime lurker, but wanted to give back to the WSO community - especially because there's a bit too much BS around here sometimes. Currently waiting for a project to kick off, so I have some time off. I am a project manager in a European office - started roughly 3 years ago straight from uni, got fast-tracked (i.e., no MBA requirement). Also worked in a few different geographies across Europe and a couple of projects in NYC.
Can you give a brief synopsis of your case experiences and how they led you to your specific industry? (ie: 6 month mkt entry for industry A --> 3 month tech integration in industry B --> decided you liked ____ function/industry and focused in)
Sure, can't be too specific though.
Started out with a strategic review for a major European bank. Also did a strategic review for a utility company, followed up by a turnaround for a telco business. Throw in a couple of DD's (telco, and software), and quite a lot of banking work (strategic reviews, consumer finance, risk management).
In a nutshell, very corporate finance and strategy oriented with a strong focus on financial services.
What are your thoughts on implementation/ PMO/ turnarounds?
Really depends on when you're entering the project.
Phase 1, i.e., the setup, is a killer. You're going to spend really long nights figuring out what's wrong (diagnosis), and proposing potential solutions, including measuring their impact. This is always the worst phase, but you will learn quite a lot. The problem is that there is a lot of stress, because MBB is increasingly moving to a results-based fee model, meaning that the impact you're proposing will be a big driver for your partner's performance.
Phase 2, i.e., the PMO, is really boring. You're just sitting there making sure that people comply with the agreed timetables. It gets really repetitive, and there is a LOT of ego management.
Thanks for doing this! What are the biggest differences in skillset needed to succeed as a manager vs. an analyst (straight out of undergrad position) in MBB?
People management. A project manager has to manage the client, the partner and assign analysts/ associates adequately, whilst making sure that we are delivering as promised and creating impact. All of this requires you to keep tabs on everyone who's involved in the project, so you have to understand what makes people tick, what they're expecting, and how can they help.
Thanks for AMA!
Have you seen people go from BIG4 Advisory / Consulting / TAS (Corp.finance) to MBB? Or is it more common the other way around? In the European office. If so, do MBB like to hire people with this kind of experience?
There are definitely a few guys with that background. Although it's a bit of a slim slice of MBB demographics.
What has been your experiences with MBAs vs. PhDs? At MBB, they come in at the same level, but after onboarding and training I have heard they are held to the same standard. Specifically:
On 1) I definitely have to treat them differently and expect different outputs, because their experiences are quite different. I had to manage a PhD once - brilliant guy, but I had to give him some time for him to understand the business dynamics of a bank. Conversely, if you're an MBA and I'm foisting a big data analysis on you, I'm not expecting this to be done ASAP. If you're a PhD in a quantitative field though, that should be a walk in the park.
2) Definitely, consulting will require increasingly bespoke solutions in niche fields. PhD's will play a big role, although the core of MBB will still be undergrad+MBA for the next 5-10 years.
Which country are you working in?
Do you think it is true that European mainland profiles are much weaker compared to London / US offices, where 75%+ went to a target Uni like Oxbridge, an Ivey or Stanford / Berkeley etc.?
Can't say the country without being identified, sorry...
I think that's rubbish. I would say that 99% of Western European undergraduate students study in their home country. This means that each office has its own set of target schools, and rightly so.
If you're graduating at the top of your class in one of those target schools, you're as capable as anyone in one of the US/UK target schools. Graduate school is a whole different story though.
Thank you for the AMA! According to your experience, is it possible to start working in London after a MSc degree, even as an Italian/French/German national? My point is, do you have to start in a regional office? I'm interested in MBB consulting but I don't want to bind my career to Italy...
Definitely! London offices are usually the most diverse in MBB. Still, every MBB would allow you to do your analyst years in Italy and then move on to another office. Office transfers are relatively common.
Thanks for your reply! What is your take on the UAE (Dubai) offices of MBB? Is it possible to recruit there from an European uni and become an associate there according to your experience?
Are there any language requirements for MBB in Europe or is it just seen as a bonus if you know another language? For example, would you need to speak native Italian to work at their office in Italy?
Thanks for doing the AMA!
Being fluent is a requirement to be based in an office, but not to work on a project there. So, if you'd want to be based in Italy, you would have to be fluent in Italian. However, if you'd just like to do a project there, there are some cases in which you do not need fluency to work with a local client.
Got it, makes sense. Thanks!
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