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Not sure how it works elsewhere but we typically charge a set % of overall fee as expenses, and that amount is usually a black box to clients that they don't have visibility to. I've never been on a client facing project that's come close to the expense cap
Most of what BCG said is true for Bain as well. Utilization doesn't exist, expenses are just an extra 15% tacked onto the project fee. One other thing that a teammate (she used to work at Deloitte Tax before her MBA) noted is that there is way more thought put into tying workstreams to development opportunities for junior staff.
(Not that I would ever advocate for being dishonest, just that some stuff is harder to justify direct to client for optics reasons, e.g., v nice wine, etc.)
I recommend you type "foia mckinsey rfp response" into google to see what mckinsey charges. 15% of 300 dollars per hour for expenses is cool. 15% of an avg hourly rate of over 1000 is better.
As a note the rfp response is a few years old but its interesting
Big 4s are obsessed with utilization, when sometimes it isn't the practitioner fault
@Bain 1 that sounds amazing! I'm very jealous :) Uhh haha work life at Deloitte is...let's just say not the biggest priority
Non Big 4s are also obsessed with utilization. What's an MBB?
What's an MBB? 3rd times a charm
@bcg1 you don't care about budget but does your client?
And those cases suck Bc they scrutinize expenses much more closely :(
I've been at PwC for 10 years and only worked on fixed fee engagements with 15% fees, on about 80% of the engagements reported to CIO
My group has 15% fees too and expenses are not a problem. Nice dinners and team events are normal. We work with C level executives (small and mid cap companies) but mostly the next level down at bigger companies.
This thread makes me happy. We have a similar setup (expenses, utilization, quality of life focus) with a culture that really fits my personality. Love my job :)
How is the work life balance at Bain?
Are hours bad?
Gotcha D2. Is that mostly creating internal IP?
@OP that first to leave thing is pure PwC, have worked at both P and D, but no such pressures at D - we are more people centric here
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Mbb = McKinsey- bain- Boston consulting group
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Im with you...oh shit I work at slalom. Never mind
Yeah definitely not for everyone! Better than my friend at Deloitte S&O averaging 83 though :)
I'm working 35 hours a week lol. Gotta love energy clients