Book report - The McKinsey Way

I finished reading a really good book on management consulting, The McKinsey Way. Let me first say that McKinsey and Company is a Ferrari of management consulting, in the sense that they get the coolest engagements and charge probably the highest rates.

The book is written by Ethan Rasiel, who worked there for three years in the early 90's. Ethan covers several aspects of McKinsey and tries to explain why McKinsey is so good and sought after.

First, McKinsey is very thorough in its research and analysis. Facts are triple-checked, and analysis is thorough. The author even goes in depth on the proper way to hold a brainstorming sessions. He also has a few tips about how to perform a good analysis (use the 80/20 rule, don't boil the ocean, make sure your solution fits the client)

Second, the author talks how McKinsey does not "sell" its services, but markets instead. Meaning that McKinsey people and their work are seen and heard about, so when someone has a problem (and is willing to pay dearly to get it fixed), they come to McKinsey.

Third, they treat their employees "relatively" well for a consulting firm, so there is light at the end of the tunnel of sleepless nights and living away from home for months.

The book reminded me of a lot of experiences that I went through in my MBA. One of the requirements for the completion of my MBA was to do a Management Consulting engagement and solve a business problem. I did this at my work, but the project was something outside of my regular duties. All of the experiences of dealing with clients that were mentioned in this book were the things I had experienced myself on my management consulting engagement. In hindsight, I am glad to say that I made a lot of right decisions (sure, a few were wrong, but it was my first consulting experience!).

I would recommend this book for anybody who deals with clients, solves problems and wants to be more efficient in their life. There's something for everyone. It's a quick read, so if you don't want to buy it, just read the relevant chapters in the bookstore! :-)