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MONITOR
Monitor
INTRODUCTION
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Monitor at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
THE SCOOP
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7
ORGANIZATION
Business Units . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9
CEO's Profile . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .11
Offices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12
Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .13
VAULT NEWSWIRE
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17
GETTING HIRED
23
CAREER
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ON THE JOB
35
FINAL ANALYSIS
39
RECOMMENDED READING
41
Monitor
Introduction
Overview
Monitor Group, now celebrating its twentieth anniversary, has been nothing
short of a phenomenal success in the management consulting world. Founded
by a group of Bain consultants and Harvard Business School professors and
inspired by the work of strategy demigod Michael Porter, Monitor pulls in the
seventh highest revenue per consultant and plays eminence gris for some of
the worlds largest and most successful companies. Although it has a strong
domestic presence, Monitor considers itself a global leader recently, the
firm has worked in such regions as South Africa, Eastern Europe, Asia
Pacific, India, and South America.
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Monitor at a Glance
Employees: 800 consultants
Revenues: $320 million
(approximately)
Net income: (not disclosed)
Number of offices: 28
PRACTICE AREAS
Custom Model/Software Design
E-Commerce
Economic Development Consulting
Executive Education
Financial Assessment/Evaluation
Marketing Strategy
Non-profit Consulting
Operations & Logistics
Organizational Design
Private Equity
Private Equity Consulting
Scenario Planning
Strategic Transactions
Strategy
Venture Capital
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UPPERS
Flexible travel
Good office space
DOWNERS
Budget cuts
Poor communication with
management
THE BUZZ
WHAT EMPLOYEES AT OTHER FIRMS ARE SAYING
Big thinkers
Arrogant
Impressive track record
You can only cruise so far on HBS
Monitor
The Scoop
Monitoring the world
Monitor Group was founded in 1983 by a group of professors and consultants
who were eager to put ideas they had developed in the academic world into
practice by helping clients improve their business strategy. Though only a
medium-sized firm by industry standards, Monitor has developed a number
of practices and expanded its client list to include everything from Fortune
500 companies and international firms to government agencies and major
nonprofit organizations. Through its 30 offices in 23 countries, it offers
advisory services in areas including private equity and venture capital, ecommerce incubation, and mergers and acquisition-related transactions.
Breaking it down
Monitor divides its operations into three groups: The Action Group, which
focuses on consulting practices; Monitor Merchant Banking, which is
involved in capital investing and venture projects; and the Intelligent
Products Group, which designs customized data and software products. Each
group, in turn, comprises a number of companies. For example, the Action
Group includes such operations as the Global Business Network, an
organization of top firms in various industries, and Market2Customer, a
marketing consulting operation. Merchant Banking companies, such as
Monitor Clipper Partners and Monitor Ventures, have an equity stake in 20
firms and over their collective lifetime have invested over $1 billion.
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Monitor
The Scoop
Unified consulting
Monitor predicates its consulting philosophy on a unified theory approach.
Rather than applying a single strategy or set industry practices to every client,
the firm integrates its operations across industries, allowing its projects to use
resources culled from the firms various subsidiaries. Instead of relying on
generic practices or reinventing the wheel themselves, Monitor consulting
teams are able to draw on marketing, e-learning and software designers to
customize their solutions.
Its academic
Much of Monitors strength comes from its grounding in the academic world.
One of its founding principals, Harvard Business School professor Michael
Porter, is a legend among consultants and still remains an influence on much
of Monitors structure and practices. Other principals, such as Bernie
Jaworski, Mike Jensen and Tom Copeland, have strong ties to the Ivory
Tower and retain fellowships or adjunct professorships at some of the nations
leading business schools. In March 2001, MarketspaceU, Monitors research
and publishing unit, announced a partnership with McGraw-Hill to produce a
series of written materials on e-commerce for business professionals, students
and educators. The title that spawned the series, e-Commerce (co-authored
by Jaworski and Jeffrey Rayport, a former HBS prof), is an integrated print
and online textbook that has already been adopted by nearly 200 business
schools, 59 in the first three months - a record for business textbooks.
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Monitor
The Scoop
it cut across company and industry divisions. Almost immediately after the
book was released, Porter was besieged by offers for consulting work.
In 1982, Porters colleague, Mark Fuller, left Harvard to found a consulting
firm called Monitor with his brother Joe. Porter agreed to become a principal
of the new organization, and the contacts he brought with him helped to boost
the firms fortune. Within four years the company employed 175
professionals in five offices worldwide. Perhaps the most advantageous of
Porters connections were those to Harvard Business School, which provided
the firm an in with Harvard MBAs on the verge of graduation, as well as
academics interested in putting some of their work on campus into practice.
But the question remains: Will Porter ever turn his full attention to Monitor?
Probably not; the wealthy academic is reportedly happy to spend most of his
time teaching.
Marketing space
Monitor realized early on the value of consulting to the burgeoning Internet
economy, and in 1998 it founded Marketspace, an e-consultancy in the Action
Group family. Two years later it hired HBS professor Jeffrey Rayport as its
director. Rayport, who was voted outstanding professor at HBS in 1997,
1998 and 1999, is seen by many as the godfather of e-commerce, because so
many of his students went on to found prominent dot-com firms (his course
on e-commerce, which he began in 1995, was one of the first in the country
to approach the issue). In November 2000, Rayport and Bernie Jaworski
released a textbook, e-Commerce, that became one of the most quickly
adopted business textbooks in history.
Up-and-coming operations
In comparison with many other firms, Monitor has weathered the recent
economic storm very well, thanks in a large part to its wide variety of
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Monitor
The Scoop
operations and the ease with which it can move resources and staff between
them. Whereas Marketspace was a leading part of the Monitor Group a few
years ago, these days Market2Customer is a leader: On a stand-alone basis
it would be one of the biggest marketing strategy firms out there, one
Monitorite tells us. And the Action Company, always a key part of the
organization, is more central than ever; organizational strategy and human
assets/intellectual capital is something were currently working on.
Thinking differently
Among the industrys high-level strategy set, Monitors main competitors are
McKinsey, BCG and Bain considered by most insiders to be the top three
firms in the business. To stay competitive, the firm emphasizes its
differences: its academic roots and atmosphere, and its penchant for closeknit, unabrasive relationships with clients that produce superior results.
Monitor has a business casual dress code every day of the week, and has been
compared to a university in its relatively relaxed atmosphere. The firm has no
stringent up-or-out promotion policy, and in fact allows its employees, after a
certain period of employment, considerable flexibility in their schedules.
Many employees can choose particular types of client assignments. The firm
is also flexible in allowing its consultants to transfer between offices.
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Monitor
The Scoop
Compensation
Undergraduate hires: first year: $53,000-$58,000 per year salary; no
bonuses given in 2001
Graduate degree hires: first year: $105,000-$110,000 per year salary; no
bonuses given in 2001
Monitor makes no active attempts to recruit non-MBA degree holders. Those
consultants who do enter the company with a non-traditional background see
their compensation based on a combination of expertise, experience and
performance in the interview.
Perks
Flex-time and sabbaticals, given on a case-by-case basis
Health insurance plan
Dinners when working late
401(k) plan (only in United States)
Bonuses (drawn from firm profits)
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Has your job offer been delayed or rescinded? Are you trying
to get into the consulting job market or trying to move to
another firm? Then you know its tough and that you need
every advantage you can get.
We know the consulting industry. Weve got
experts and practicing consultants ready to
review your resume and give you the
competitive advantage you need.
Monitor
Organization
Business Units
Most Monitor companies are comprised of a core staff of senior people; this
core then draws junior consultants from the Action Company on a project-byproject basis though we hear that after a few years consultants tend to settle
down in one company or another. As one respondent tells Vault, Think about
Monitor companies as knowledge specialties. Two notable exceptions are
Market2Customer and Decision Architects, which hire their own staffs,
though they almost always work in concert with other Monitor companies.
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Monitor
Organization
Past clients have included cancer research organizations and the South
African Justice Department.
Marketspace is Monitors e-consultancy. Founded in 1998, it was soon taken
over by Jeffrey Rayport, a former HBS professor and the godfather of ecommerce, whose course on the business of the Internet (begun in 1995)
spawned a brace of early dot-com successes. Rayport is also the author of eCommerce, an extremely successful B-school textbook released through
MarketspaceU, the companys educational component.
The newest member of Monitor Group, Innovative Management Inc. came on
board in July 2002. Led by Ron Jonash, the company focuses on the
transforming effects of technology on business practices.
Monitor Corporate Finance advises clients on investment decisions such as
research and development programs, product development, phased
investments and acquisition programs. Directed by Tom Copeland, MCF has
served more than 250 companies in 34 countries.
Monitor University is Monitors client training program, providing classes in
strategic thinking, economics, marketing, assets (financial, physical, human
and knowledge), processes, productive reasoning and logic, negotiation,
leadership and judgment. Monitor University runs specially designed training
programs for corporate clients, and boasts that it also creates a critical mass
of executives who have a common language to answer business questions.
Activities, Processes and Systems (APS) is Monitors operations
management arm, which seeks to repair the breaks in client organizations
value chains. APS uses cutting-edge technologies such as target costing,
process webs, and decision rights mapping to help managers develop an
integrated point of view about the multi-dimensional, small-s systems
nature of challenges they face while attempting to repair the breaks in
organizational value chains. APS focuses attention on the cross-functional
points of integration in value chains for example, the place where sales and
marketing meet. APS works from the demand (or pull) side of business,
not the supply (or push).
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Monitor
Organization
CEOs Profile
Mark Fuller, a former assistant professor at Harvard Business School, cofounded Monitor in 1983 with his brother Joe (who now heads the Action
Group) and five other associates. Fuller, now CEO, taught courses in strategy
formulation and implementation as well as industry analysis, and he used
many of the same approaches he expounded in class to build his fledgling
consultancy. In 2001 Consulting magazine ranked him No. 8 in its list of Big
Thinkers in the Consulting Industry.
Offices
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Monitor
Organization
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Monitor
Organization
Asia Pacific
Beijing, China
Hong Kong, China
Manila, Philippines
Melbourne, Australia
Mumbai, India
Seoul, Republic of Korea
Singapore
Tokyo, Japan
Key Officers
CEO and Chairman: Mark Fuller
Director, Monitor Corporate Finance: Tom Copeland
CEO, Action Group: Joe Fuller
Director, Innovation Management, Inc.: Ron Jonash
Director, Marketspace: Jeffrey Rayport
Chairman, Global Business Network: Peter Schwartz
Head of Market2Customer: Bob Lurie
Head of Merchant Banking: Mark Thomas
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Monitor
Vault Newswire
July 2002: IMI joins Monitor
The newest member of the Monitor family is Innovative Management Inc.,
which specializes in change management and incorporating new technologies
into existing practices. It is directed by Ron Jonash, formerly a partner at
Arthur D. Little.
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Monitor
On the road
Monitorites report that they are very happy with the firm's approach to travel.
While it doesn't back off on the need to send consultants to where the action
is, employees are able to work with the firm's allocator to find optimal
assignments, and Monitor is very accommodating toward families: "I asked
to be kept off of travel-intensive cases for personal reasons and I ended up
being away for two days over the course of over a year."
When fully staffed, consultants usually work on two cases at a time, and
seemed resigned to the fact that the job can entail long hours. "Hours are
pretty standard for a strategy consulting firm," says a source. "50 to 60 hours
in a typical week, up to 90 in a bad one, which may occur once every few
months." Others put the upper end of a typical week closer to the 75-hour
range.
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Monitor
Our Survey Says
out how to navigate the system. Things tend to be more ad hoc here than
systematized. One consultant attributes this to the firms recent, rapid
growth: The firm has grown quickly, and upper management isnt used to
having a lot of people. It has a ways to go.
And while insiders tell us that Immediate supervisors tend to treat [us] with
a great deal of respect, they say that some problems result from the firms
Mr. Nice Guy image: Monitor doesnt always know how to deliver tough
messages. For example, the 2001 end-of-the-year compensation and bonus
messages were extremely vague, contradictory and confusing. I attribute this
to Monitors inexperience with delivering unpleasant messages to its
employees. And while senior staff may seem less than forthcoming at times,
junior staff have a check: an upward review system in which managers who
continuously receive poor evaluations from the junior members on the team
have to address their performance.
That said, most respondents praised the level of communication and cohesion
on the case teams. One consultant says, Communication on case teams is
great. You end up getting close with people, building a good camaraderie.
Monitor encourages its case teams to foster discussion and constructive
criticism, and it looks for applicants who are comfortable with the frank
sharing of ideas. One thing that makes us different, one respondent tells
Vault, is that we look at the character of the people and get a sense of a
required fit for the culture. Monitor is a place where straight-forward
feedback is encouraged. We look for people who are comfortable giving and
receiving that type of information.
Painful cuts
Like most firms, Monitor has been forced to cut back on expenses in recent
years, and the brunt of its cuts have been borne by compensation and training.
And while Monitor makes sure to pay new hires the industry average for top
firms, it has lagged in handing out raises and bonuses (typically the firm bases
compensation adjustments on performance). More than the money, many
consultants say they are frustrated with the way the firm has handled the pay
freezes: Last year the firm led employees to believe that bonuses would be
paid, right up until the week of Christmas, when they were cancelled.
Another put it into this perspective: The system tries its best to be fair and
meritocratic but just tends to confuse. Nevertheless, most are happy with the
salaries they take in, particularly at the first- and second-year levels. I think
for a recent college graduate with no experience, offers one newly minted
Monitorite, Im extremely well compensated.
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Monitor
Our Survey Says
Monitor consultants have plenty to say about the firms perks, and most of it
is negative. Many of the complaints surround the 401(k) plan, which does not
include matching contributions. That appears to be the only area in which the
grumbling is justified, however. For example, the London consultant who
says Monitor has always had a very light benefits package by any standards
enjoys long-term disability insurance, an employee referral bonus, a laptop
computer and an on-site gym, among several other perks. Additional
offerings include stock options, an employee assistance program, sports and
theater tickets, and free food and drinks.
Monitoring diversity
Many female sources report being very happy at the firm. One female
consultant says that as a woman, I feel that I have role models although not
as many as I would like at the group leader [partner] level. On the other
hand, she continues, The company does need to think more about alternative
career paths for women with children. But others say that the long hours and
travel required of Monitor employees are just the cost of being a consultant.
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Monitor
Our Survey Says
Its a great job when youre single or newly married, one female source
tells us, but once you want to start having a family, forget it.
As for minorities, most insiders believe that Monitor is a tolerant and
welcoming environment, but contend that the firm is still very white-bread.
One source attributes the paucity of non-whites to the lack of a diversity
infrastructure: Monitor does not have support programs, which limits the
number of minorities who see Monitor as an attractive place. The company
could choose to address this, but does not do so explicitly. In general,
Monitor is a fairly liberal environment but could do more in this domain.
The firm does, however, offer domestic-partner benefits, and homosexual
respondents report a strong gay and lesbian support network. There are at
least two long-term Monitorites I know of who have progressed well and
have been openly gay/lesbian, one source tells Vault. I have never heard of
any negative comments or bias in any way.
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Monitor
Our Survey Says
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Has your job offer been delayed or rescinded? Are you trying
to get into the consulting job market or trying to move to
another firm? Then you know its tough and that you need
every advantage you can get.
We know the consulting industry. Weve got
experts and practicing consultants ready to
review your resume and give you the
competitive advantage you need.
Monitor
Getting Hired
Addresses to Apply
Monitor Company
Two Canal Park
Cambridge, MA 02141
(617) 252-2000
Fax: (617) 252-2100
Resumes and cover letters may be e-mailed to the recruiting@monitor.com
address in ASCII format or submitted online. Undergraduates are required to
include a copy of their college transcripts. Those interested in international
positions should contact the appropriate office directly. The full contact
information of each Monitor office is listed below.
North America
Los Angeles
Monitor Company
100 Wilshire Boulevard
Suite 1100
Santa Monica, CA 90401
Tel: (310) 566-4400
New York
Monitor Company
650 Madison Avenue, 9th Floor
New York, NY 10022
Tel: (212) 940-6000
Palo Alto
Monitor Company
350 Cambridge Ave.
Suite 325
Palo Alto, CA, 94306
Tel: (650) 475-7300
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Monitor
Getting Hired
San Francisco
Monitor/GBN
5900-X Hollis Street
Emeryville, CA 94608
Tel: (510) 547-6822
Toronto
Monitor Company (Canada) Ltd.
The Monitor Building, 5th Floor
100 Simcoe Street
Toronto, Ontario M5H 3G2
Canada
Tel: (416) 408-4800
South America
Sao Paulo
Monitor MGDK
Av. das Nacoes Unidas, 11857
15 Andar
Brooklin Novo
Sao Paulo 04578-000
Brazil
Tel: 55-11-5501-2300-5369
Europe
Amsterdam
Monitor Company Europe
The World Trade Center
Strawinskylaan 535
1077-XX Amsterdam
The Netherlands
Tel: 31-20-5703-603
Frankfurt
Monitor Company
Borsenstrasse 7
Frankfurt
60313
Germany
Tel: 49-69-929-1010
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Monitor
Getting Hired
London
Monitor Company Europe
Michelin House
81 Fulham Road
London SW3 6RD
United Kingdom
Tel: 44-20-7838-6500
Madrid
Monitor Company
Maria de Molinas,Nos. 4
28006
Madrid
Spain
Tel: 34-91-782-8000
Milan
Monitor Company
Via della Guastalla, 2
20122
Milan
Italy
Tel: 39-02-773-981
Munich
Monitor Company
Maximilianstrase 14
Munich 80675
Germany
Tel: 49-89-25548-0
Paris
Monitor Company
10-12, Place Vendome
75001
Paris
France
Tel: 33-1-55-35-1313
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Monitor
Getting Hired
Stockholm
Monitor Company Nordic
Norrmalmstorg 16
Stockholm 111 46
Sweden
Tel: 46-8-52-22-66-00
Zurich
Monitor Company
Muhlebachstrasse 173
8034
Zurich
Switzerland
Tel: 41-1-389-7111
Africa
Johannesburg
Monitor Company
83 Central Street, Houghton
P.O. Box 784705
Johannesburg
South Africa
Tel: 27-11-712-7500
Mediterranean
Athens
Monitor Company
15 Lykeiou Street
4th Floor
Athens 106 74
Greece
Tel: 30-1-0-729-4734
Tel Aviv
Monitor Company
1 Azrieli Center
Tel Aviv
67021
Israel
Tel: 972-3-607-8750
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Monitor
Getting Hired
Asia Pacific
Beijing
Monitor Company
Suite 808, Millennium Tower
No. 38 Xiao Yun Road, Chaoyang District
Beijing 100027
P.R. China
Tel: 8610 8453 8800
Hong Kong
Monitor Company
Suite 1002-7A, Shui on Centre
6-8 Harbour Road
Hong Kong
Wanchai
China
Tel: 852-2284-8000
Manila
Monitor Company
16/F Tower One Ayala Trinagle
Ayala Avenue
Manilla
Makati City
Philippines
Tel: 63-(2)-752-2000
Melbourne
Monitor Company
14-18 Morrison Place
East Melbourne, Victoria
3002
Australia
Tel: 61 3 8660 4600
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Monitor
Getting Hired
Mumbai
Monitor Company
84, Free Press House
Free Press Journal Marg
Nariman Point
Mumbai 400 021 400 021
India
Tel: 91 022 288 2732/33/34
Seoul
Monitor Company
Ninth Floor, ccmm Building
12 Yoido-dong Youngdungppo-gu
150-010
Seoul
Korea
Tel: 82-2-6333-1700
Singapore
Monitor Company
10 Collier Quayn # 14-01
Ocean Building
Singapore
089615
Singapore
Tel: 65-325-6510
Tokyo
Monitor Company
Hibiya Dai Building, 11th Floor
1-2-2 Uchisaiwaicho, Chiyoda-ku
Tokyo 100-0011
Japan
Tel: 81-3-3506-7651
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Monitor
Getting Hired
Hiring Process
In keeping with the firms anti-hierarchy bent, new hires at Monitor go by the
title consultant whether they are straight out of undergrad or seasoned
MBAs (naturally, salaries and responsibilities vary). In a normal year the
firm will hire about 30 MBAs and even more undergrads, but the economy
has put the pinch on recruiting recently. Always difficult, getting in is now
pretty much impossible. Monitor recruits at top-tier universities and leading
liberal arts colleges, a network of 12 undergraduate institutions and seven
business schools; while the firm accepts applications from non-MBA
graduate-degree holders, it doesnt actively recruit them. Students should
submit their applications online.
To get in, candidates need more than good grades and a knack for business
Monitor goes the distance to make sure candidates fit the culture. As one
source says: It doesnt take much to get denied an offer. Monitorites who
attended your college or university are often consulted as to your character
even before you get an interview.
Monitors interview process typically consists of two rounds. The first round
is a short meeting (though outside the United States it can be two) and a
written case, which candidates have 15 minutes to analyze a divergence
from the normal oral case. In the resume briefing, candidates should expect
off-center questions such as I see on your resume that you like to play
soccer. What do you dislike about soccer? What Monitor is looking for,
were told, is a high degree of honesty and self-awareness. The ability to
learn from ones past mistakes is particularly important to the firm, which
advertises itself as a place where continual learning and personal growth are
paramount. People have be able to take criticism, proclaims one insider,
and even to look for it.
In the case portion, candidates are given a scenario, which is typically three
to five pages in length, full of graphs and tables (in order to exercise ones
analytical and numerical skills). The case is usually a barely-veiled take on
one of Monitors own clients. Most of the details are already provided, and
the candidates work will consist of distillation rather than detective work. (In
verbal case interviews, interviewees must ask their interviewers questions to
learn information.) The case contains all the information necessary to solve
the case. The interviewer will leave the room, and the candidate will have to
analyze the case and prepare recommendations. When the interviewer
returns, he or she will ask for the candidates recommendations and spend
approximately half an hour discussing the case.
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Monitor
Getting Hired
One insider reports that The first paragraph of the case will describe the
relevant business issues; the company, what it does, and how its changing;
and the industry where the company is situated. The following paragraphs
allegedly offer more details about what the case is about. There are often
two to four exhibits these are graphs and tables containing numerical data
and must be thoroughly evaluated, including presenting questions about the
data itself. The discussion portion is similar to that in an oral case interview,
though the data and its interpretation are very important. Monitor believes
this is closer to a traditional test of a candidates consulting capacity.
Both undergraduates and MBAs receive the same written cases, though of
course interviewers hold MBAs to a much higher bar than undergrads.
Because of the complicated and elaborate nature of these written cases,
Monitor is understandably quite guarded about them; the firm discourages the
transferring of case content from candidate to candidate. The case interview
sometimes throws people for a loop, one source tells us. It can be
intimidating if you dont process information quickly or if you dont manage
the time you have well.
The second round is a half-day affair, usually held at the nearest Monitor
office. Eschewing the industry-standard of high-level interviews and one-onone case problems, Monitor groups candidates into teams of three to six, who
work together on a case presentation with two or three Monitor consultants
who are trained to look for certain qualities in the participants. The group
cases are meant to test a variety of skills, though the most important, Monitor
asserts, is the ability to both lead and participate they dont want people
who follow the group like sheep, but they dont want overly aggressive alpha
types, either.
At the start of the case, the group receives a general problem, and each
member receives a specific, additional aspect of the case; the challenge is for
the group to work together on solving the central problem while integrating
each members additional information. The group has 30 minutes to develop
a solution, after which they present the case to the interviewers.
During the next phase of the second round, candidates are shown a videotape
of a hypothetical client/consultant interaction. (This year the videotape may
be replaced with a written scenario of a client/consultant interaction.) What
follows is a half-hour discussion in which the interviewer asks the candidate
about important aspects of the scenario, such as the consultants shortcomings
and strong points. Insiders warn that successful candidates need to pick up
applied concerns, what approaches future consultants should take, and the
clients perspective based upon this video. Since Monitor gives all of its
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Monitor
Getting Hired
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Monitor
Getting Hired
Questions to Expect
1. What attracts you to Monitor in particular?
Highlight the things Monitor itself is proud of (like its unstructured career
path, its lack of a forced up or out policy, and its casual dress code). Try to
align your own strengths with those of Monitor.
2. What do you do in your free time?
Monitor, moreso than most other consulting firms, will actually be interested
to hear about your minor passions like cooking Tuscan cuisine or butterfly
watching. But dont sound like too much of a loner. The firm wants team
players.
3. Tell me about a challenge you recently faced.
And, of course, how you overcame it. The classic consulting behavioral fit
query.
4. What are you most proud of on your resume?
Choose something the interviewer wouldnt necessarily pick up on. In
particular, since Monitor is an entrepreneurial firm, you should highlight any
successful business venture you might have had.
6. Written case: There is a wine distributor in Spain with extensive
distribution problems. What sort of alternative channels should the company
pursue?
As is the wont of this case, insiders report that interpretations and inferences
are crucial. All the key information is provided in the written case study,
says one. But you must look more closely for the details. Not everything is
so overt.
6. Your resume tells me that you enjoy a variety of activities. Tell me, what are
your dislikes?
Remember that Monitors fit interviews are built right into resume-related
questions and case studies. Here, Monitor is looking for self-awareness and
honesty in a candidate, but it is also looking for a calm, cool, and collected
response. A response that implies an aversion to group activities (an anti-team
player mentality) or a rebellious streak (an inability to deal with difficult
clients in a diplomatic fashion) will send the candidate right back to ResumeSending 101.
7. Written case: You are a large cola manufacturer that is considering
expanding its business into the beer industry. You need to find out whether
the market for soft drinks will be larger than the market for beer by the year
2004. How do you determine this?
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Getting Hired
First and foremost, the candidate needs to determine the lowdown on the
companys current situation. How large is this manufacturing company?
How many people does it reach? Is it losing business in the soft drink
industry, and therefore seeking a boost in sales by way of a new venture? The
answer to specific inquiries is, of course, secondary to a more general
question: is one industry truly more lucrative than the other? All those graphs
will tell you.
Questions to Ask
1. What makes Monitor stand out from other consulting firms?
Expect to hear a lot about pushing frontiers and customization.
2. What expansion plans does Monitor have in the near future?
Monitor has grown at light-speed pace in the last several years. Since the
firm is a lover of new office development, interviewers blush with delight at
the sound of this question.
3. To what extent does Monitor still apply Michael Porters concepts? Which
other academics do you see as major contributors now?
Youll likely hear that Monitor was built on Porters ideas, but is also
connected with academics including Michael Jensen, Barry Nalebuff, Chris
Argyris and Jeffrey Rayport.
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Getting Hired
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On the Job
Job Descriptions
Consultant (at college graduate level)
Most undergraduate hires at Monitor start off in the Action Company, the
largest of the Monitor Group firms. After a few months they begin to farm
themselves out to individual firms, where they perform such tasks as
interviewing client executives, gathering client-related information and
analyzing slices of data. As new consultants gain experience, they will begin
to supervise other consultants and perform more complicated analysis.
Consultants without advanced degrees do not necessarily remain at Monitor
for a fixed two-year period. Monitor, in fact, informs its interested
consultants: If you are developing professionally at a reasonable pace, we
would very much prefer that you stay longer than two years. That way, we
are better able to make available enriched opportunities for case team
management, as well as for international assignments of significant duration.
Summer consultant
Monitor courts not only MBA students but also PhD and other advanced
degree candidates for its summer consultant program, which is designed to
approximate the work experience of a full-time consultant as closely as
possible. Monitor provides training, feedback and mentoring and places
summer consultants on case teams. The summer internship lasts 10 weeks,
but may start at any time that is convenient for the summer consultant.
Monitor also has a handful of summer internship positions available for
Visit the Vault Consulting Career Channel at http://consulting.vault.com with
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Monitor
On the Job
Career Path
Monitor takes a somewhat unorthodox route by not distinguishing by title,
anyway between its college graduate and post-MBA hires. All are
designated consultants.
For undergraduates
Monitor has no fixed length of employment for college graduate hires.
Typically, they remain with Monitor for two to four years. Those who
continue for longer periods usually have the opportunity to take overseas
assignments. After their time at Monitor, most new consulting hires go on to
graduate school either MBA programs, law school or other advanced
degrees. Monitor modestly states that its undergraduate consultants have an
excellent track record of acceptances by the top business schools. As
opposed to most other consulting firms, however, an MBA is not required for
advancement at Monitor. The firm believes that employees who do not
follow up their Monitor experience with more schooling are pleased with the
training and opportunities for development they received. Accordingly, firm
alumni have an excellent background for taking on managerial
responsibilities in both consumer and industrial businesses, as well as for
starting up their own companies, working on cutting-edge business
publications, leading non-profit organizations and working for buyout funds.
For MBAs
Monitor places few restrictions on its consultants career development.
Bonuses are purely achievement-based, and there is no up-or-out policy. As
tenure increases, consultants can shape their schedules to fit their personal
needs more directly. (MBA graduates do start at a higher salary than college
grads, despite sharing the same title.) Case assignments are carefully chosen
to address individual development needs, as well as the specific wishes and
talents of each consultant.
Training
Monitor has two levels of training for new hires. The first is an orientation
period, usually regionally or locally based; its very general, about what is
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On the Job
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On the Job
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Final Analysis
Monitor Group occupies an interesting position in the industry. It is large and
definitely part of the consulting mainstream, yet its youth and academic
background give it an edge that many of its more established competitors
lack. At the same time, it is flexible enough not to be pigeon-holed; when ecommerce consulting began to sour in late 2000, the firm was able to quickly
and efficiently shift its resources elsewhere. Its no surprise that Monitor has
done consistently better each year in the Vault prestige polls; it rose from No.
8 in 2001 to No. 5 in 2002.
Monitors group model also may represent the future of consulting, especially
at the large-firm level. With the onset of globalization and the explosion of
practice areas, it behooves large firms to specialize in many different areas;
at the same time, the volatility of the world economy makes efficiency and
flexibility a crucial asset all of which are integral to the Monitor structure.
But as Monitor has shown, the core of the group model must consist of a
robust trove of intellectual capital not just smart people, but people who are
leading thinkers on both the practical and theoretical level, who can lead the
firm and its clients in adapting to the fast-changing marketplace. If this
remains the case, Monitor will be at the top of the consulting game for years
to come.
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Monitor
Recommended Reading
Dont even bother coming to the interview if youre unfamiliar with Monitor
savant Michael Porters oeuvre, starting with Competitive Strategy (1980).
Whats the story on this book? If you lack familiarity with corporate finance,
the chapter summaries of Brealey & Myers Principles of Corporate
Finance (1996) will be useful, and Lyn Frasers Understanding Financial
Statements (1997) provides an introduction to accounting.
You might also want to browse some of the following publications by
Monitor authors:
The Accounting Transparency Gap by Joseph Fuller, Harvard
Management Update, May 2002.
Strategy and the Internet by Michael Porter, Harvard Business Review,
March/April 2001.
Cutting Costs without Drawing Blood by Tom Copeland, Harvard
Business Review, September/October 2000.
The Truth About Internet Business Models by Jeffrey Rayport, Strategy
and Business, issue 16 (1999).
Empowerment: The Emperors New Clothes by Chris Argyris, Harvard
Business Review, U.S., May/June 1998.
Strategy: Dead or Alive? by Manoj Badale, Business Standard, 29 April
1997.
Strategic Planning in an Era of Total Competition by Mark Fuller,
Strategy and Leadership, May/June 1996.
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MONITOR
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