Business overview of Deloitte Consulting

Business overview of Deloitte Consulting Deloitte Consulting is one of the worlds largest consulting firms, with 12,000 consultants serving more than one-third of the Fortune Global 500 in more than 30 countries. Its a powerful firm that incorporates all types of services in its business from research through implementation. More importantly through the eyes of its employees it is seen as a humane, balanced, and enjoyable place to work, where talent can rise quickly. The firm which started out as Deloitte Touche Tohmatsu (DTT) was initially an international accounting firm, founded in 1845 by former bankruptcy clerk William Welch Deloitte. As the firm began to grow there was increased pressure on the business to separate from their parent accounting firms, and a new strategy had to be put in motion. In March of 2003, the firm announced it had ended discussions to separate its consulting practice from the parent accounting firm, reasons included a tight credit market and poor economic conditions. Deloitte Consulting, is now fully merged back into its parent company, which is now known simply as Deloitte. The company today competes with other large and mid-size consulting firms for the business of companies that do more than $500 million in sales. Its known primarily for its one stop shop designs that deliver executable strategies that it will help implement for clients of all sizes. Some of these clients include Boeing, GM, Chevron Texaco, and ret ailer The Gap amongst other. One of the ways Deloitte stands out form its competitors is by providing clients with a more personalized contract which takes into mind their short and long term goals as well as other factors. By have well trained consultants and project staff the firm is able to initiate strong conversation and detailed research. They are able to collaborate better and are more responsive to their needs. Deloitte has services in five service areas. The firm integrates process capabilities and service lines into each service area. Deloitte consultants work with eight industry groups in three geographic regions. When new people are hired into one of the regional offices they generally work in a particular geographic region. When starting your career with Deloitte, as you become more familiar with the processes ways of doing things youll gradually specialize in a service line and industry group. However as with any small or large organization you will initially work within different areas and on different project types. The four key business areas the company operates in include : Audit Financial advisory, Tax Consulting Market Position Deloitte Consulting is seen as one of the leaders in the industry competing with other large and midsize consulting firms. Since its had a reputation of quality service and commitment to its clients they have been able to provide a wide range of general management and information technology consulting services all around the world. One of the main strengths the firm has is in operations consulting, as well as strategic planning, financial management, and productivity. Deloitte Consulting is in the top 3 consulting firms in the world with other firms such as, IBM and Accenture. based on Consultants News estimates, which include revenue from both Deloitte Consulting and DTT. On the other hand, some research firms have listed Deloitte Consultings revenue the highest amongst its competitors; this would rank Deloitte Consulting (independent of DTT) at number six on the following list. In 2009 Deloitte as the worldwide leader in the consulting marketplace based on aggregate revenue, growth and market share for 2009. http://www.deloitte.com/assets/Dcom-global/Local%20Assets/Documents/Press/deloitte_vol2_article3.pdf *This picture indicates the revenue growth for the top 10 consulting firms* In a recent report Deloitte has been able to be the leader in the industry for the following reasons. These are seen as attributes of successful firms who compete in the industry. Ability to scale their business and IT consulting services to various providers who span across several geographical regions and domains. There is a chance for buyers on a global scale to have the ability to offer a broad array of consulting services addressing these initiatives which is broad in scope but tailored to their clients needs which is often seen as critically important. Having the right type of consultants with the right mix of skills, incorporating such qualities as multicultural and multi domain change management, while at the same time offering a deep business process understanding for a large number of industries. There is the concept of stability. The company year after year has had a solid balance sheet and financial growth within the business and IT consulting service provider are critical because buying organizations must mitigate the risk of failing to complete a project or initiative. Lastly is Strategy. Consulting service providers continually evolve their business strategy through reorganizing, reskilling of their resources and redefining service outcome. This is the differentiating proposition fort Deloitte. Deloittes consulting practices have outpaced growth of the consulting market for the past five years, and we believe this recognition is a testament to Deloittes successful execution of a broad services strategy delivered through a focused, collaborative approach. Client executives have faced exceptional challenges in the past two-plus years, and we are proud of the way Deloitte teams have worked with them in innovative ways to help meet those challenges. As the recovery takes hold, that same commitment to responsible innovation will support Deloitte clients in capitalizing on new opportunities. http://www.deloitte.com/view/en_UA/ua/press/ua-pressreleases-en/42ea841c3adf8210VgnVCM100000ba42f00aRCRD.htm ACG service offering http://www.deloitte.com/view/en_LU/lu/industries/ims/invest-hedge-funds/im-service-offering/advisory-consulting/index.htm Consulting Services Deloitte operates a wide range of consulting services allowing each client to be fully taken care of. They operate in three regions,(east. central, west). Deloitte is headquartered in New York, but is divided into three regions with individual offices in each. In addition they are organized into eight industry groups. The company has expertise in a wide array of functional areas and serves most big-ticket industries: à ¢Ã¢â€š ¬Ã‚ ¢ Energy, à ¢Ã¢â€š ¬Ã‚ ¢ Financial services à ¢Ã¢â€š ¬Ã‚ ¢ Health care à ¢Ã¢â€š ¬Ã‚ ¢ Manufacturing à ¢Ã¢â€š ¬Ã‚ ¢ Public sector à ¢Ã¢â€š ¬Ã‚ ¢ Communications and media, à ¢Ã¢â€š ¬Ã‚ ¢ Consumer business à ¢Ã¢â€š ¬Ã‚ ¢ Real estate Five Service Areas To service the above, Deloitte is broken into five service areas, each of which integrates process capabilities. They include: à ¢Ã¢â€š ¬Ã‚ ¢ Enterprise applications à ¢Ã¢â€š ¬Ã‚ ¢ Human capital, à ¢Ã¢â€š ¬Ã‚ ¢ Outsourcing à ¢Ã¢â€š ¬Ã‚ ¢ Strategy and operations à ¢Ã¢â€š ¬Ã‚ ¢ Technology which has many service lines Each area of the consulting services has associated service and sub service lines, which are numerous and constantly changing based on client demand. Some of them, such as financial management or change leadership, may even cut across several industries, complicating the organization. à ¢Ã¢â€š ¬Ã‚ ¢ Enterprise applications: PeopleSoft, Oracle, SAP. à ¢Ã¢â€š ¬Ã‚ ¢ Information technology services: CRM, SAP à ¢Ã¢â€š ¬Ã‚ ¢ Infrastructure: information strategies, systems integration à ¢Ã¢â€š ¬Ã‚ ¢ Outsourcing: information technology outsourcing, business process outsourcing à ¢Ã¢â€š ¬Ã‚ ¢ People: change leadership, educational services à ¢Ã¢â€š ¬Ã‚ ¢ Process: mergers and acquisitions, program leadership, reengineering, shared services, supply chain results à ¢Ã¢â€š ¬Ã‚ ¢ Strategy and financial management: strategy, strategy enterprise management, reorganization services à ¢Ã¢â€š ¬Ã‚ ¢ Cross-service-line initiatives: BRPR initiative, ERPs second wave, e-business, Career Progression Working at Deloitte can be a great place to work. If your ambition is to have a long term career in consulting and provide the highest value to clients at the end of the day this is the place to work. Compensation, Vacation, and Perks Since the economy hit a standstill a few years ago the salaries while still competitive offered by Deloitte have taken a hit. Although insiders say things are looking up. New analyst salaries are in the $55,000 to $70,000 range. MBA starting salaries will be $95,000 to $120,000. Because Deloitte recruits at more business schools than many of its competitors, salaries may vary. New Deloitte employees get 23 days of personal time off (PTO) each year.PTO includes vacation, sick, and personal time. Taking 1 or 2 weeks off in a row is usually allowed, but taking all 4 weeks in one shot will depend on your team and office. Assuming its scheduled in advance, vacation is generally considered sacred, even if your client suffers an unforeseen matter-antimatter reaction. New employees can take advantage of the 401(k) plan; Uncle Deloitte will benevolently match a portion of your contributions-up to 25 percent of the first 6 percent you put in. On a less fiscal note, a program called third Friday fly back encourages consultants to get back to the ranch for the third Friday of every month for schmoozing and continuing education of general or special interest. The company has a philosophy which states its its your career, where do you want to take it? They stress the fact of extensive and continued training. Career progression is based on ability. On average people are promoted every two to four years as they develop their skills and capabilities, and have worked on different projects.. On the job skills or required skills To be successful at Deloitte Consulting, a person must demonstrate the competencies and attributes that they look for in a future candidate. These include: à ¢Ã¢â€š ¬Ã‚ ¢ The ability to think clearly, logically, and with insight à ¢Ã¢â€š ¬Ã‚ ¢ A quick mind and a high level of energy à ¢Ã¢â€š ¬Ã‚ ¢ Common sense and judgment à ¢Ã¢â€š ¬Ã‚ ¢ Skill and sensitivity in dealing with people à ¢Ã¢â€š ¬Ã‚ ¢ The ability to secure the cooperation of others and persuade them to act à ¢Ã¢â€š ¬Ã‚ ¢ Flexibility and a sense of humor à ¢Ã¢â€š ¬Ã‚ ¢ The desire to broaden ones career focus beyond a specific technical or functional skill à ¢Ã¢â€š ¬Ã‚ ¢ The self-confidence to work effectively with people at all management levels à ¢Ã¢â€š ¬Ã‚ ¢ Initiative, drive, and persistence The company sees unfulfilled potential as a waste of time and tries to keep it to a minimum. Because of this a tailored program of continuous personal and career development features strongly within everyones individual Deloitte experience, irrespective of their seniority. We provide a fantastic array of formal, informal and web-based learning options. Generally speaking, you can expect, as an experienced professional, to have between six and ten days of allocated training every year, typically including technical training, skills development, industry knowledge building and computer-based training. As a result youll acquire and develop a significant array of professional and personal skills thatll equip you to meet the many and varied challenges However, development isnt just about attending courses. Youll learn most by working on challenging projects with outstanding people. Weve invested in building the coaching capability of our staff so these real-time learning opportunities can be fully realized. So, rest assured, we make sure every ounce of your potential is recognized and exploited to everyones advantage, especially yours. The Recruiting Process The recruiting process is very structured and competitive. Deloitte recruits at many of the top undergraduate and B-schools to acquire the best and brightest to tackle their most complex business problems. To be considered for an initial interview, candidates must post their resumes on Deloittes website through their schools career center. It is a detailed application process which tells Deloitte about your background, skills and if you are a suitable candidate. If a undergraduate school isnt on the Deloitte site, it is a good idea to locate a recruiter at another institution. Expect the selection process to take one to two rounds, with one to three interviews in each round. Reportedly, candidates from prestigious schools often have their pick of regional offices. Not from Harvard? If you want to work in a different region, seek advice on doing so from your campus recruiter. Transferring an offer to another office is not easy or swift, although insiders say the firm has tried to accommodate new hires or their spouses. Undergraduates Students looking to apply should keep in mind that A strong GPA is important to Deloitte, although not as important as intelligence, poise, business savvy, relevant experience, and internships. Recruiters like well-rounded, self-motivated types with communication and leadership skills. All majors, from economics and business to liberal arts, have a shot at business analyst positions. For systems analyst positions, engineering, mathematics, and computer-science majors have an advantage over techy novices, who are often viewed as requiring a great deal of catch-up. For project analyst positions, economics or business majors with budgeting experience are preferred.36 Getting Hired MBAs MBA recruiting is conducted centrally. Recruits from Harvard, Wharton, Kellogg, University of Chicago, UCLA, and some regional schools feed all U.S. Deloitte offices. While the on-campus recruiting process is the best way to get on the interview list, company recruiters say theyre willing to interview any motivated, qualified applicant. Unlike other big firms that base interviews on resume screening, Deloitte is more interested in what you exhibit in person. Team-as in team player-is the magic word. Professionalism, flexibility, and humor go a long way. Expect a mix of behavior and case questions thatll probe your analytical strengths and work accomplishments and determine your ability to fit in. Experienced Candidates- Deloitte is always looking for people with experience outside of consulting. They arent above occasionally luring staff away from competitors, either. Although MBA programs are the primary source of general management consultants, many health-care practitioners come from industry. Experienced hire recruiting is done first on a regional basis, then on a more detailed industry level. Experienced hires must have very well-defined experience in our service line, says one recruiter. The challenging work and long hours are paired with what Deloitte believes is a unique consulting industry characteristic: a workable lifestyle. Its consultants spend fewer hours away from home than its rivals (a 3-4-5 standard-a maximum of 3 nights in a hotel and 4 days at the client in a 5-day week. The firm also promotes a down-to-earth company culture that includes title-less business cards, mandatory use of first names from the CEO on down, and a strong emphasis on fitting in. The latter refers to having a Deloitte personality, which apparently trumps both GPA and raw intellectual horsepower early in the university recruiting process. Ideally, arrogant types are expunged in the first interview; hopefully only nice guys and gals get in. Training Every new hire goes through what many current employees call consulting boot camp. Both undergrads and MBAs attend similar intensive, 2-week training programs. For undergrads, the first week is devoted mostly to developing fundamental consulting skills and includes local office procedures and logistical information. The second week focuses more on a specific area. At that time, managers themselves may lead the training for some industries. The same progression of general to specific is true with MBA training; the technical services are separated from the business services. Although training is intensive, much bonding goes on during the downtime. In the meantime, you are also working like a lunatic to prepare to take on the job. In addition, new systems analysts may participate in an additional 3 to 8 weeks of training, depending on their service line assignment. Insiders say that all training programs are much more relevant than they were a few years ago. One of the important points about Deloittes career path is that they offer a reasonably clear career path all the way up to the title of partner. There is a notion of up or out isnt unheard of, and its a rarity that people stay frozen at one level. Undergrads hired as business analysts or systems analysts receive significant continuing education and typically stay for 2 or 3 years. Next they often attend B-school and return wiser and richer-once theyre back on salary (and their loan has been forgiven if theyre a business analyst). Business analysts chosen to stay on for the third year are promoted to consultant. Systems analysts typically work 2 years until promotion to consultant. Those who stay 2 to 3 years could earn a promotion to senior consultant. Deloitte reimburses you for any further education you may wish to do including graduate school. Undergrads can also be hired into a project controllers program. Starting as project analysts, they are slowly promoted to project controller, senior project controller, and finally project controller manager. Project controllers may leave the program to join the consulting side, and they may be promoted as a systems analyst or consultant. First-year MBAs from top business schools who get hired as summer interns are usually offered full-time positions as senior consultants, often including tuition reimbursement for their last school year. Senior consultants are promoted to manager in 2 or 3 years. Some hard-working managers are rewarded with a 18-month tour of duty in another country-from Argentina to Hong Kong to New Zealand-through the Global Careers Development Program. This program, which includes language training, is considered more important as the company integrates international affiliates. After 3 years, managers have typically gained an industry specialization and move up to senior manager. After 4 years, MBAs can choose from two tracks: partner or director the director position was designed to retain bright individuals who seek to focus on a technological career without the responsibilities of leading major projects or bringing in new business. New industry hires come in at every level, from consultant to partner, commensurate with previous experience. Alas, a few misguided souls do leave the firm (turnover is between 12 and 16 percent). Insiders report that alumni generally do not seek greener pastures at other consulting firms, suggesting that leaving Deloitte is more a rejection of the lifestyle than of the firm. Many go to work for clients, and others find opportunities in small start-up businesses. On the Job Roles Analyst The responsibilities of analysts dont differ fundamentally from those of senior consultants or even more senior people. At first you might be asked to do some backstage work, with little chance of harming a multimillion-dollar relationship, but the goal is to get you out in front of the client early on, where youll be adding value left and right. Often, analysts produce deliverables (the real-world analog of homework assignments), which managers and partners review and revise. Insiders say this is where you can prove yourself: This method allows superlative performers to really shine, since their first drafts may actually become final or close-to-final drafts for clients. Once you excel at these assignments, the scope of your responsibilities increases. Analysts have been known to run sizable chunks of a project and even entire small projects, with responsibility for five or more team members. In my experience, the degree of independence given to an analyst is directly proportional to your ability to handle the workload, says one insider. Here are some typical duties: à ¢Ã¢â€š ¬Ã‚ ¢ Gather data through client interviews, research, and observation à ¢Ã¢â€š ¬Ã‚ ¢ Conduct operational and financial analysis of data à ¢Ã¢â€š ¬Ã‚ ¢ Present findings to team members à ¢Ã¢â€š ¬Ã‚ ¢ Persuade managers to adopt your recommendations à ¢Ã¢â€š ¬Ã‚ ¢ Research and prepare sales proposals à ¢Ã¢â€š ¬Ã‚ ¢ Recruit more analysts à ¢Ã¢â€š ¬Ã‚ ¢ Systems analysts: design and test program modules Project Controller The project controller program-which contributes to the consulting program but is distinct from it-was started in 1995 in Orange County and subsequently went national. Project controllers work with project teams to measure progress and maintain budgets. They also coordinate with clients to ensure efficient use of the project teams resources. Heres a general overview of a project controllers tasks: à ¢Ã¢â€š ¬Ã‚ ¢ Manage finances for the project, including budget à ¢Ã¢â€š ¬Ã‚ ¢ Develop and maintain a work plan à ¢Ã¢â€š ¬Ã‚ ¢ Analyze profitability and time utilization, ensuring optimal resource usage à ¢Ã¢â€š ¬Ã‚ ¢ Document and organize project progress à ¢Ã¢â€š ¬Ã‚ ¢ Report project status à ¢Ã¢â€š ¬Ã‚ ¢ Ensure that the team is communicating properly and maintain team morale à ¢Ã¢â€š ¬Ã‚ ¢ Work on human resource management-for example, develop project support processes and human resource orientation processes à ¢Ã¢â€š ¬Ã‚ ¢ Prepare client presentation materials 18 Senior Consultant Senior consultants are expected to exercise their management skills and use a lot of other gadgets from that MBA toolbox. You will often have primary responsibility for a small project team or a small part of a larger team that includes clients and analysts. One senior consultant estimates that over the course of a day you will spend 20 percent of your time with Deloitte teammates, 30 percent working independently, and 50 percent with clients. Specifically, you will à ¢Ã¢â€š ¬Ã‚ ¢ Determine and evaluate the appropriate analysis to be done. à ¢Ã¢â€š ¬Ã‚ ¢ Manage and guide analysis in progress. à ¢Ã¢â€š ¬Ã‚ ¢ Interpret the results of the teams analysis. à ¢Ã¢â€š ¬Ã‚ ¢ Prepare and deliver presentations to Deloitte Consulting and client management. à ¢Ã¢â€š ¬Ã‚ ¢ Lead visioning and brainstorming sessions. à ¢Ã¢â€š ¬Ã‚ ¢ Woo MBA candidates during recruiting season. à ¢Ã¢â€š ¬Ã‚ ¢ Participate in office initiatives such as the development of new divisions. à ¢Ã¢â€š ¬Ã‚ ¢ IT practitioners: manage systems development through design, programming, testing, and implementation. Partner A partner is actually an owner of the business. Our partners are the primary shareholders of Deloitte. Part of their commitment is to grow the business and sell our services to clients. To become a partner within our firm, it takes experience, leadership, a strong work ethic, and a passion for quality and client service Conclusion Deloitte Consulting is one of the worlds largest consulting firms, with 12,000 consultants serving more than one-third of the Fortune Global 500 in more than 30 countries. Its a powerful firm that incorporates all types of services in its business from research through implementation. More importantly through the eyes of its employees it is seen as a humane, balanced, and enjoyable place to work, where talent can rise quickly. The firm which started out as Deloitte Touche Tohmatsu (DTT) was initially an international accounting firm, founded in 1845 by former bankruptcy clerk William Welch Deloitte. As the firm began to grow there was increased pressure on the business to separate from their parent accounting firms, and a new strategy had to be put in motion. In March of 2003, the firm announced it had ended discussions to separate its consulting practice from the parent accounting firm, reasons included a tight credit market and poor economic conditions. Deloitte Consulting, is now fully merged back into its parent company, which is now known simply as Deloitte. The company today competes with other large and mid-size consulting firms for the business of companies that do more than $500 million in sales. Its known primarily for its one stop shop designs that deliver executable strategies that it will help implement for clients of all sizes. Some of these clients include Boeing, GM, Chevron Texaco, and ret ailer The Gap amongst other. One of the ways Deloitte stands out form its competitors is by providing clients with a more personalized contract which takes into mind their short and long term goals as well as other factors. By have well trained consultants and project staff the firm is able to initiate strong conversation and detailed research. They are able to collaborate better and are more responsive to their needs. Deloitte has services in five service areas. The firm integrates process capabilities and service lines into each service area. Deloitte consultants work with eight industry groups in three geographic regions. When new people are hired into one of the regional offices they generally work in a particular geographic region. When starting your career with Deloitte, as you become more familiar with the processes ways of doing things youll gradually specialize in a service line and industry group. However as with any small or large organization you will initially work within different areas and on different project types. Bibliography PUT IN APA FORMAT http://www.wellesley.edu/Activities/homepage/consultingclub/wetfeet%20-%20deloitte_consulting.pdf http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/us_consulting_2010annual401kbenchmarkingsurvey_121510.pdf https://community.bus.emory.edu/club/GCA/Shared%20Documents/deloitte.pdf https://www.deloitte.com/assets/Dcom-Cyprus/Local%20Assets/Documents/Recruitment%20Services.pdf The Almanac of American Employers 2007 By Jack W. Plunkett Write up the corporate ladder: successful writers reveal the techniques that By Kevin Ryan Likely Contents: Personal Positioning Statement (for guidance, take a look at http://www.csom.umn.edu/page2343.aspx )