VEP: Bain & Company 2003 (Vault Employer Profile)

Vault Employer Profile: Bain & Company

Staff of Vault

Vault

EMPLOY PROFILE VAULT EMPLOYER PROFILE:

BAIN & COMPANY

BY THE STAFF OF VAULT

© 2002 Vault Inc.

Copyright © 2002 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault Inc. Vault, the Vault logo, and “the insider career networkTM” are trademarks of Vault Inc. For information about permission to reproduce selections from this book, contact Vault Inc., 150 W22nd Street, New York, New York 10011, (212) 366–4212. Library of Congress CIP Data is available. ISBN 1–58131–191–5 Printed in the United States of America

Bain & Company

INTRODUCTION

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Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1 Bain & Company at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2

THE SCOOP

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History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

ORGANIZATION

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Chairman's Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7 Business Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8 Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12 Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14 Competitors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14

VAULT NEWSWIRE

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OUR SURVEY SAYS

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GETTING HIRED

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The Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 Sample Interview Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33 Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .35

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ON THE JOB

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Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37 A Day in the Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .39 Career Path . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41

FINAL ANALYSIS

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RECOMMENDED READING

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Bain & Company

Introduction Overview Bain and Company’s history reads like a great epic, complete with riches and loyalty, blackmail and bankruptcy. In 1973, with big dreams and only one phone line, Bill Bain and three others set up office in Bill’s Beacon Hill apartment. The company soon outgrew its space and moved to Lewis Wharf, an old dock warehouse. The firm continued to expand and quickly created branches in Boston, Palo Alto, London, Munich, Paris, and Milan. Bain seemed destined for greatness, or at least for bundles of money, until the 1990s, when bad luck and poor decision–making sent the company tumbling. Bain landed on its feet, but fell into hard times again after adopting an employee stock ownership plan. The firm overvalued itself to such an extent that it soon owed $25 million in annual interest payments. Up to its neck in debt, Bain laid off 20 percent of its workforce, reworked its strategy and restructured –– and beat what seemed like insurmountable odds. Today, Bain is widely considered to be among the world’s most prestigious strategy consulting firms (along with McKinsey and the Boston Consulting Group), serving clients through an impressive network of 26 offices across 19 countries. With plans for expansion percolating, a vibrant chairperson at the reins and increasingly strong client ties, Bain is at the cusp of a promising new chapter.

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Bain & Company at a Glance Headquarters Two Copley Place Boston, MA 02116 Phone: (617) 572–2000 Fax: (617) 572–2427 www.bain.com

THE STATS Employer Type: Private Company Chairman: Orit Gadiesh No. of offices: 26 2000 Revenues: $800 million* 1999 Revenues: $699 million* 2000 Net Income: $90 million* 1999 Net Income: $85 million* 2001 Employees: 2,800 2000 Employees: 2,800 *estimated by Forbes

PRACTICE AREAS Customers E–Commerce Strategy Growth Mergers & Acquisitions Operations Excellence Organizational & Change Management Private Equity Strategy Supply Chain Management

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KEY COMPETITORS • Boston Consulting Group • McKinsey & Company

EMPLOYMENT CONTACT http://www.bain.com/bainweb/join/o verview.asp e–mail: [email protected]

UPPERS • “Unparalleled” training • No face time required • Relatively little travel

DOWNERS • High–pressure environment • Morale affected by the economy • Little diversity in upper ranks

THE BUZZ

WHAT EMPLOYEES AT OTHER FIRMS ARE SAYING

• “Well–rounded; good people, good practice” • “Frat boys and sorority girls” • “Overcoming cult image” • “Non–Harvard MBAs need not apply” • “Revered, but fading” • “One of the grandfathers of strategy” • “Arrogant, but good” • “Investment banking lifestyle”

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Bain & Company

The Scoop History The existence of your Bain The story of Bain begins with Boston Consulting Group in 1967. Bill Bain, employed as a fundraiser for Vanderbilt University, asked BCG founder Bruce Henderson for advice on setting up a business school at Vanderbilt. Bain and Henderson hit it off, and Henderson hired the younger Bain in 1967, even though Bain had little business experience. Within two years, Bill Bain was making a six–figure salary and was touted around BCG as Henderson’s likely successor. But Bain was impatient and began to pressure Henderson into making him CEO in 1972, long before Henderson was ready to retire. Bain was also frustrated with BCG’s approach; he thought the firm focused too much on reports, not enough on results. In 1973, Bain gathered up a few BCG consultants and set up his own firm out of his apartment. Bain was an immediate success. Business grew by 40 to 50 percent annually between the year of its founding and the mid–1980s. Bain soon acquired a distinctive reputation in the consulting industry. Bain employees tended to resemble Bill Bain himself – trim, neat, athletic – and were held to the highest standard of firm loyalty. This army of close–mouthed consultants didn’t behave like other consultants, either. Instead of observing client companies from the outside, making recommendations and then leaving, Bain employees moved into the very marrow of a company, working side by side to make sure their recommendations stuck. To assuage client fears that sensitive information so obtained could fall into the hands of competitors, Bill Bain made a unique vow – Bain & Co. would work for only one company in any given industry. In return, the select company would enter into a long–term relationship with Bain. This approach was called “relationship consulting,” and promised to deliver tangible results in the form of cost savings. (Today, however, Bain is more practical in its client policy. The firm no longer restrains itself to working for one company in an industry; the rule has been modified so that Bain works for a company as long as its success doesn’t mean failure for another client.)

Too much Guinness nearly sends Bain tumbling Bain consultants soon chalked up many notable assignments. Consultants slashed National Steel’s flat–rolled steel costs, moving the company from the Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Bain & Company The Scoop

highest–cost steel producer in 1981 to the lowest–cost in 1984. Bain also helped Chrysler by paring more than $1,400 dollars off the cost of the Omni. But Bain’s close–knit relationships with clients backfired in the infamous Guinness case, as Guinness’ actions in its bitter battle to acquire the Distillers alcoholic beverage company resulted in a jail sentence for its chairman, Ernest Saunders. While Bain ultimately got off lightly in the Guinness fiasco, karmic justice was about to rain upon the consultancy. As Bain was hauling in the big bucks from Guinness (over $20 million a year), it decided to put a little more cash in its pocket by floating an employee stock ownership plan, which overvalued the firm considerably. This complex ESOP ended up loading down Bain with $25 million in annual interest payments – manageable if the firm kept growing. While no company specifically cited Bain’s outrageous behavior with Guinness, many of Bain’s valued clients began to cut back or entirely sever their relationships with the consulting firm. The torpid economy didn’t help matters, either. By 1988, Bain was forced to cut its workforce by 10 percent, then another 17 percent in 1990. Secretive Bain attracted a lot of unwelcome – and negative – publicity, and struggled to make its interest payments, nearly going bankrupt in 1991. That year, William Bain resigned (and later founded Bain Capital, a venture capital company housed in Bain’s headquarters building).

Queen of Bain Mitt Romney, a financial mastermind, took over the struggling firm after Bill Bain’s departure. Romney renegotiated the firm’s debt and allowed Bain’s management to buy the firm from its founders. The firm was on the mend by 1993, when Bain appointed a new chairman, actually a chairwoman –– the vivid, talented Orit Gadiesh, the first woman to sit atop a major consultancy. Since Gadiesh’s ascendancy, Bain has once again enjoyed high prestige and strong growth. (Romney is today running for governor of Massachusetts as of September 2002.)

Club Med: more hell than paradise for Bain In 1997, the former chairman of Club Mediterranee sued Bain, claiming the consulting firm conspired with Club Med shareholders to push him out of office. After Club Med incurred a $130 million loss in 1996, chairman Serge Trigano resigned. Soon after, he alleged the Club Med board forced him out after Bain’s Paris office sent some Club Med directors a report referring to “organizational dysfunction” but lacked supporting evidence. (Club Med had 4

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Bain & Company The Scoop

retained Bain’s Paris office to advise the vacation company on organizational changes.) A U.S. District Court judge dismissed Trigano’s case in New York, ruling that France or Massachusetts were more appropriate trial locales. One year after the 1998 dismissal, Trigano filed suit again, this time in Boston. The trial has yet to take place. According to the Boston Herald, the trial’s due date is September 13, 2002 and, aside from going to trial, “the only other option Bain may have for keeping Trigano and his roster of witnesses off the stand is a settlement –– a figure somewhere between zero and $70 million.” A Bain spokeswoman said the consulting company believes the case is “completely meritless.”

The reign continues In February 2000, Bain’s global partner group elected Gadiesh chair of the board for the third consecutive term, while Tom Tierney, after two terms as worldwide managing director, was replaced by John Donahoe in a planned succession. Donahoe had been head of Bain’s West Coast operations since 1992 and had spearheaded the development of bainlab, Bain’s e–commerce incubator. Although Gadiesh continues to be the official leader and public spokesperson for Bain, worldwide managing director Donahoe runs most of Bain’s day–to–day operations.

A new client While you rarely hear about Bain’s clients (remember, the firm isn’t one to name names), here’s an exception: Bain was hired by Circuit City in early 2001 to reevaluate its inventory management and work on its somewhat antiquated cash registers. A Circuit City spokeswoman noted to the Richmond Times–Dispatch (the chain is based in Richmond, VA) that Bain had been selected for specialized skills in point–of–sale terminals and inventory management. Other Bain clients include diamond seller DeBeers, computer maker Dell and cranberry king Ocean Spray.

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Bain & Company The Scoop

Compensation Bain adjusts salaries and gives bonuses at the end of every calendar year. Bain will reportedly implement a new pay structure in December 2002. While the mechanics of the new structure are unknown, our sources do not expect it to impact salaries negatively; however, they do expect it to retard, if not stop, salary growth in 2003.

Pay Undergraduates Associate Consultant (1st year) Base salary: $52,000 – $57,000 Signing bonus: $3,000 – $6,000 Performance bonus: $3,000* MBAs Consultant (1st year) Base salary: $105,000 Signing bonus: $10,000 – $15,000 Performance bonus: $5,000 – $15,000* *Due to the economic downturn, Bain, rather than rescinding offers, froze salaries and reduced bonuses by approximately 50 percent in 2002.

Perks • Subsidized day care • Paid maternity, paternity, and adoption leave • Off–site training programs • Paid MBA tuition (not guaranteed) • Health insurance plan • 401(k) plan • Palm Pilots/PDAs • Laptop computers • On–site gym/gym membership discounts • Sports/theater tickets • Free food/drinks • Employee assistance program • Employee lounge area • Accidental death/dismemberment insurance 6

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Bain & Company

Organization Chairman’s Bio The woman of steel Orit Gadiesh (pronounced o–REET GUH–deesh) isn’t your stereotypical corporate leader. She’s not a man and she’s not particularly conservative. But short black skirts, glitzy costume jewelry and a penchant for colorful dye–jobs (she once dyed her hair purple) aren’t the only things that set the Israel–born Gadiesh apart from other consulting firm executives: her background is also exceptional. The daughter of an Israeli general, Gadiesh served in the intelligence wing of the Israeli army before teaching psychology at Hebrew University in Jerusalem, where she received a BA in Psychology with high honors. After dating a Harvard Business School student during a leave of absence, she decided to apply to the program herself. Gadiesh wrote her admission essay in Hebrew, and despite her then–limited skills in English, painstakingly translated it. She was accepted at Harvard and proceeded to distinguish herself, becoming a Baker Scholar (an honor reserved for the top 5 percent of the class) and winning the Brown prize for most outstanding marketing student. Her nickname became “Machine Gun Orit,” for her rapid speech and no–nonsense stance; it was rumored she’d driven a tank in Israel. Gadiesh intended to head for New York or London after her graduation in 1977, but a conversation with William Bain himself during her interview at the firm persuaded her to sign on. She was taken by Bain’s proactive stance toward implementation, which was very unusual for consulting firms at that time. Gadiesh made her reputation as a top consultant in a venue not typically associated with females: the steel industry. “I fell in love with steel,” she once exclaimed. “I still have my steel shoes and my hard hat.” Soon after, when Bain was rocked by falling revenues, scandal and wrenching change in the late 1980s and early 1990s (including the decision of founding father William Bain to leave his own brainchild), the firm needed a fresh start. In 1993, it turned to the marketing genius with blood–red talons: Gadiesh. Under her leadership, Bain has turned around and now enjoys growth of approximately 15 percent annually. While Gadiesh’s ideal vacation spots are “Israel and the south of France,” it comes as no surprise that she spends the vast majority of her time doing Bain’s business. She works nearly 100 hours a week and still spends 70 percent of her time on client work. Another 20 percent is spent jetting to conferences around the world, where Gadiesh gets Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Bain & Company Organization

the good word out about Bain and its services. Married to Grenville Byford, an Oxford graduate and self–proclaimed adventurer, Gadiesh also enjoys hiking, reading and the theater. In high school, she played Eliza Doolittle in a Hebrew version of “My Fair Lady,” when she wasn’t training on a national level for the high jump and 100–meter dash. While Gadiesh refuses to reveal her age (likely mid– to late 40s), most would agree that any woman who dabbles in steel and military weaponry can darn well do what she pleases.

Business Description The little big guy Bain is the smallest of the “big three” strategy consulting firms and prides itself on its strong, close–knit culture. Unlike competitors McKinsey and the Boston Consulting Group, Bain is rather understated; the consultancy used to be called “the KGB of consulting,” because it painstakingly concealed the identity of clients and never spoke to the press. (Bain has, in the past few years, become more forthcoming.) The firm also deliberately limits the number of offices it opens. Bain put off opening up shop in the world’s most popular consulting venue – New York City – for over 25 years, but finally opened its first New York office in July 2000. Although Bain had no difficulty serving its New York clientele from Boston, many potential recruits had expressed a desire to live and work in the Big Apple.

They want results Within the offices are found “lots of self–starters” who maintain a constant focus on “the results–oriented goals of the firm.” “What are you going to do Monday morning at 8 a.m.?” is a catch-phrase at the consultancy, which concentrates on producing immediately executable and valuable results for its clients. Orit Gadiesh (or “OG”), the brilliant and flamboyant chairman of Bain insists that an 80 percent solution ready to be put into practice is better than a 100 percent solution that is purely theoretical. One insider elaborates: “Unlike other firms that have an academic reputation, Bain is extremely into quantifying each point and conclusion.” (The firm is quick to point out, however, that this does not come at the expense of producing real, tangible results.)

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Bain & Company Organization

Equity for hire Bain is so confident of its advice that it will sometimes take an ownership stake in a client in lieu of its normal fees. For example, Bain took an ownership stake in Del Monte, the fruit processor, while trying to revamp the company’s strategy. Today, Bain gets about 10 percent of its revenues from private equity investments in client firms. While other consulting firms argue that taking an ownership stake in a client is bound to cloud objectivity, some have praised the healthy gains that can result.

Entering the online world Like many strategy firms, Bain has initiated several projects designed to bolster its position in the e–economy. First and foremost is bainlab, an e–commerce incubator that works globally with entrepreneurs and corporations’ dot–com branches, providing management expertise. Bainlab’s first initiative was ideaforest.com, an arts and crafts online venture that launched in January 2000. In June 2000, the firm formed BainNet to provide technological expertise and talent worldwide. Bain has allied itself with software developer ArsDigita Corporation; Cysive Inc., an e–business architect; i2 Technologies, which will share its experience in supply chain management; Asian e–business Service Provider (eSP) NetCel 360; and ASP XUMA.

Talking ‘bout eVolution Bain combined its burgeoning interests in e–commerce and the Internet with its need for steady clients and paychecks and came up with eVolution Global Partners. The company, headquartered in London, works with large companies to develop their e–interests and spin off new companies. Joining Bain in the eVolution enterprise will be venture capital firm Kleiner, Perkins, Caufield & Byers and private equity partners from the Texas Pacific Group. The first investment made by eVolution was in an online ocean freight exchange soothingly named LevelSeas, in which eVolution took about a 30 percent equity stake.

A launching pad Many Bain consultants stay at the firm for a few years and then begin entrepreneurial ventures of their own. Insiders testify that the firm is not only aware of this pioneer spirit among its staff, it even encourages it. (Take the case of Intuit Inc., a California software firm started by Scott D. Cook, a Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Bain & Company Organization

former Bain employee, or of eBay, which ex–Bain consultant Meg Whitman helped found.) Where else do former Bain consultants wind up? According to the firm, approximately 55 percent of those who have left in the past five years have joined small companies or private equity firms. Another 20 percent have joined medium–sized firms, while most of the rest have landed positions in Fortune 500 firms.

Capital–izing on opportunities In 1984, Bill Bain founded Bain Capital, a private equity investment firm. Today, Bain and Bain Capital have no official connection; Bain Capital, however, does exhibit a “preference” for Bain when it needs to hire a consultancy for its due diligence work, and the two firms are said to use a similar “results–based” operative framework. Bain consultants routinely make the (short) move to Bain Capital, and the consulting firm even circulates “help wanted” e–mails for its VC cousin.

Keeping its customers’ customers Bain prides itself on being an innovator in the field of customer loyalty. Longtime customers, Bain has found, buy more, take up less customer service time, are less price–sensitive and recruit other customers. In fact, Bain has asserted, reducing customer attrition by a mere 5 percentage points a year can double profits in the long run. Recent research by the firm showed that such a 5 percent improvement in customer retention led to a 125 percent increase in profit for a credit card company. Bain’s focus on customer loyalty may help explain why clients such as Continental Airlines, Dell and De Beers have stayed loyal in return.

Bridge–ing the gap The Bridgespan Group, a legally separate nonprofit organization, is a January 2000 Bain innovation intended to provide strategic consulting to other nonprofit organizations for a reduced fee. The best and brightest consultants from Bain can volunteer for up to six months at Bridgespan – and take a large pay cut at the same time. The Boston– and San Francisco–based staff of 40 hopes to serve 10 clients per year and is continuing to build its roster. Bain takes on a host of other pro bono projects and heavily supports many charitable organizations, including the United Way, Habitat for Humanity and Junior Achievement. Additionally, Bain sponsors a “Community Impact Day,” on which entire Bain offices will close for one day so employees can participate in local community service projects. 10

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Bain & Company Organization

Growing before our very eyes Identifying profitable growth remains a main area of focus for Bain. The February 2001 book, “Profits from the Core” (by Bain director and head of the firm’s Worldwide Strategy practice Chris Zook) describes a Bain approach to helping companies identify new sources for profitable growth. The book, based on a 10–year study of more than 2,000 technology, service and product companies, identifies three factors that differentiate successful growth strategies: reaching full potential in the core business, expanding into logical business around that core and redefining the core business in response to market actions.

The day after Following the September 2001 terrorist attacks, Vince Tobkin, Bain’s San Francisco–based telecommunications and technology practice head, said he began receiving questions from several leaders of major corporations. Tobkin told The Boston Globe, “The primary one was, ‘If something like that happened here, would our company still be in business?’” Indeed, a company’s ability to respond to unforeseen disasters, including terrorist attacks and earthquakes (which are rather prevalent in San Francisco, where Tobkin is based) could make or break its entire fiscal year, or even destroy it. So Tobkin called together 20 of Bain’s San Francisco partners to discuss how companies could prepare themselves for disasters. The partners agreed that web site and phone network integrity issues were predominantly important, as were improved virus protection solutions. Also, Tobkin observed that videoconferencing likely would play a more integral role in the way companies communicate over long distances, as travel seemed a less attractive means of conducting business.

Practice Areas Bain breaks down its services into the following segments: • Customers • E–Commerce Strategy • Growth • Mergers & Acquisitions • Operations Excellence • Organizational & Change Management • Private Equity Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Bain & Company Organization

• Strategy • Supply Chain Management

Industries Bain provides its consulting services to a wide variety of companies across the following industries: • Conglomerates • Consumer Products • Financial Services • Health & Medical • Industrial Products • Media & Entertainment • Natural Resources • Non-Profit & Government • Personal & Business Services

Retail • Technology & Telecom • Transportation, Aerospace & Defense • Utilities & Environmental Services The firm’s web site, www.bain.com, contains detailed descriptions of Bain’s practice areas and industry segments.

Locations U.S. • Atlanta, GA • Boston, MA (HQ) • Chicago, IL • Dallas, TX • Los Angeles, CA

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• New York, NY • San Francisco, CA

International • Amsterdam, Netherlands • Beijing, China • Brussels, Belgium • Hong Kong, China • Johannesburg, South Africa • London, England • Madrid, Spain • Melbourne, Australia • Mexico City, Mexico • Milan, Italy • Moscow, Russia • Munich, Germany • Paris, France • Rome, Italy • Sao Paulo, Brazil • Seoul, Korea • Sidney, Australia • Singapore • Stockholm, Sweden • Sydney, Australia • Tokyo, Japan • Toronto, Canada • Venice, Italy • Zurich, Switzerland

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Bain & Company Organization

Key Officers Chairman of the board: Orit Gadiesh Worldwide managing director: John Donahoe

Ownership Bain is a private business owned by its partners.

Competitors Bain’s main competitors are the other two of the “big three” strategy consulting firms, McKinsey and the Boston Consulting Group (BCG). Other up–and–coming consulting firms, including the Monitor Group, Mercer Management Consulting, and L.E.K. Consulting, also compete with Bain. Firms such as Accenture, EDS, IBM Global Services, and Arthur D. Little vie with Bain for industry–specific cases.

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Bain & Company

Vault Newswire June 2002: Bain has two consultants on most influential list Consulting magazine named Bain worldwide managing director and Bain consultant David Shpilberg among its annual list of the 25 most influential consultants.

March 2002: Former Bainie running for office – again Former Bain superstar consultant and Bain Capital co–founder Mitt Romney announced he would run for governor of Massachusetts. This marked Romney’s second try for public office in Massachusetts. In 1994 Romney lost a bid to unseat U.S. Senator Ted Kennedy. Most recently, Romney was the CEO of the 2002 Winter Olympics in Salt Lake City.

June 2001: Bain has influence Consulting magazine ranked two Bainies on its annual list of the 25 Most Influential Consultants. Worldwide managaing director John Donohoe was ranked seventh; chairman Orit Ghadiesh was ranked twentieth.

February 2001: Circuit City hires Bain for two projects Circuit City hired Bain to analyze its cash registry processes and assess its inventory management systems. Ann Collier, spokeswoman for the Richmond–based chain, said that Bain had point–of–sale skills and a track record with inventory management.

August 2000: Bain Capital restructures Bain Capital announced a $50 million investment in Interpath Communications Inc., a high–tech spinoff of Carolina Power & Light Co. Following this announcement, Bain’s venture capital cousin eliminated 80 of its own positions – representing a 24 percent staff reduction – and inserted a new CEO.

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Bain & Company Vault Newswire

August 2001: Romney considers public office Ex–managing partner and chief executive officer of Bain, Mitt Romney, announced that he may seek public office after completing his tenure as chief executive officer of the Salt Lake City Organizing Committee. The 2002 Olympic Winter Games will mark the end of his tenure with the Committee. Romney took a leave of absence from Bain to hold the post, and during his time away, the firm’s 26 managing directors have run the company.

April 2001: Bain ranked fifth on MBAs most wanted list After surveying over 2,000 MBA students at 35 schools, consulting firm Universum ranks Bain fifth on its list of 50 Most Coveted Employers. Bain’s top competitors, McKinsey and BCG, ranked ahead of Bain at first and second, respectively.

March 2001: Former Bain Capital partner launches fund Former Bain Capital partner David Dominik launched a $700 million buyout fund in San Francisco. The new firm, Golden Gate Capital, drew investments from Bain Capital itself as well as large endowments such as Harvard and Yale Universities.

July 2000: Start spreading the news: Bain in NYC After 25 years in existence, Bain opened its first New York office. Although Bain had no difficulty serving its New York clientele from Boston, many potential Bainies had expressed a desire to live and work in the Big Apple.

July 2000: Sailing the LevelSeas Bain’s latest online venture, eVolution, has made its first investment: a $25 million stake in LevelSeas, an online ocean freight marketplace. LevelSeas is backed by three of the leading freight users: BP Amoco, Royal Dutch/Shell, and Cargill.

June 2000: BainNet is born Bain announced the formation of BainNet, an alliance of companies dedicated to providing technology–based strategies worldwide. Partners in 16

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the new venture include an open–source software developer, an application service provider (ASP), and an e–business service provider (ESP). Bain plans to announce several more alliances in the coming months.

March 2000: eVolving Bain has formed eVolution Global Partners, which will work with large companies to develop their e–interests, as well as spin off new companies. Developed in conjunction with venture capital firm Kleiner, Perkins, Caulfield & Byers and private equity partners from the Texas Pacific Group, eVolution is headquartered in London.

February 2000: Third time’s the charm Bain’s global partner group has elected Orit Gadiesh chair of the board for the third consecutive term. Worldwide management partner Tom Tierney has been replaced by John Donahoe, in a planned succession after two terms. Donahoe was previously head of the firm’s West Coast operations.

February 2000: Bain announces a great Idea Bain’s e–commerce incubator arm, bainlab, announced the first company in what it hopes will be a series of “Weblets” – offshoots of bainlab conceived and funded by Bain. Called Ideaforest, the site will sell arts and crafts materials, kits and finished products. The crafts business represents $20 billion in annual sales, representing over 100,000 different items. Bain hopes that Ideaforest will help centralize these products and bring crafts lovers together in an online community.

January 2000: Bridge–ing the gap The Bridge Group, a legally separate nonprofit organization, is a Bain innovation intended to provide strategic consulting to other nonprofits for a reduced fee. The best and brightest consultants from Bain can volunteer for up to six months at the Bridge Group. The Boston– and San Francisco–based staff of 12 hopes to serve 10 clients per year, and eventually build up to a roster of 40.

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Bain & Company

Our Survey Says Close, but no cult The people at Bain are routinely described with adjectives such as “young,” “friendly,” “energetic” and “outgoing.” But while those may seem like somewhat generic descriptions, insiders assert that Bain has a culture all its own. “This company has an atypical culture, to say the least,” says another source. “It is certainly described as a fraternity, and sometimes a cult.” In reference to their single–minded devotion, Bain employees are known as “Bainies,” as in the “Moonies,” followers of the Rev. Sun Myung Moon. “A certain Bain behavior is expected and there is little tolerance for people who do not fit in,” adds an employee. One senior analyst goes so far as to say, “Sometimes it can be fairly incestuous and clingy.” Officially though, Bain eschews the cult label. It asserts that its consultants are guided by a set of values known as “True North,” dictating that they be direct, honest and informal, and coexist in an atmosphere free from hidden agendas or politics. Bain’s approach to business similarly is a departure from other firms, explains a consultant in the San Francisco Bay area. “The way we work may take some adjustment for new employees. Because we want to make sure we are providing the best solutions to our clients, we often debate ideas in as harsh a way possible to ensure that we have addressed every issue the client might raise.” Fortunately, “Once one has adjusted to this climate, one generally finds the debates and the challenge of preparing quality work thoroughly enjoyable.” Bainies genuinely seem to enjoy each other’s company and frequently get together outside the office. “We like to hire people who will really get involved in the firm outside of just their case teams,” says a consultant in Dallas. Both informal and firm–sponsored social opportunities abound, particularly among the younger ranks. “There’s not a night of the week that I couldn’t find a group of ACs doing something fun,” observes an associate consultant. “When meeting ACs from around the world, the story is the same.” (The firm also says that its consultants are active in their communities, frequently participating in office–run events.) Many insiders say that they “have made some of [their] dearest friends at Bain.” The fraternal atmosphere has both good and bad points, according to one source in Atlanta. “It’s consistently friendly and open, but potentially stifling when you factor in how much time many people in the office spend together.” Employees may like each other personally, but they never lose sight of the fact that they are competing with one another professionally. “Performance Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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is stringently tracked and assessed. People not performing up to high expectations are asked to go,” says a source. Before it comes to this, though, all employees are given feedback at least twice a year and receive assistance to improve their performance. Comments one consultant: “[Bain’s culture is] somewhat pressurized. Like any place where the bar is high and people are not expected to have leisurely career paths, performance is always emphasized. It can be disconcerting for people used to strong autonomy and independence to know that almost any moment can make it onto a six–month review.” As a result, while employees appear to be having a good time, “the culture is to push, push, push, almost like an investment bank.”

Hanging with the higher–ups Junior consultants interact “frequently” with senior employees, who “recognize that quality work comes from a positive environment.” A first–year AC won’t give presentations to clients, but would begin to give presentations to the case team soon after joining Bain. Everyone involved in a case is “very much included in the strategy development.” Young Bainies have few complaints about the higher–ups. Partners are described as “highly receptive” by one source, while another says, “I haven’t met a partner I haven’t liked.” For the most part, insiders agree that senior managers are “very respectful,” “approachable,” and “genuinely value the input and effort of the junior members of case teams.” Says one recent hire in the Chicago office, “There is variation in the level of attention given by different executives, but none of them are disrespectful –– some just make less of an effort to interact.” The “interesting and diverse” clients also “respect Bain consultants” and “really seem to appreciate our analysis and insights.” “This comes from our track record, the cost associated with our work, and the way we communicate our results.” One source says, “The firm produces fantastic work – the insights we developed for my first client really blew me away.”

Time in an office How heavy is the workload at Bain? “You work until you get your work done. It is as simple as that,” says a contact in Chicago. We looked elsewhere for some more specific answers, and found that most consultants work an average of 55 to 60 hours a week. As at just about every consulting firm, the “work hours are extremely variable depending on the project and the length of the case.” For example, “There are spikes, with the beginning of a new case being particularly grueling,” and “During crunch times, it’s not unusual 20

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to work 80 plus hours.” Explains a consultant based in northern California, “Hours vary case by case. It is generally very easy to get by on 8 to 11 hours per day once you understand the system. Some cases, however, don’t allow that; they tend to be 12–15 hours per day, no matter how clever you are.” Some insiders say they make weekly Saturday or Sunday office visits, but most report rarely or never working weekends. “I’ve never been told to be in on the weekend,” says an associate consultant in the Atlanta office. “Instead, it’s very often the demand of the workload that forces you to come in. Someone intent on not working through weekends could almost always engineer their week to avoid it.” Insiders do warn applicants to find out ahead of time what they are getting themselves into, as “The hours are significantly higher than what is promised during the recruiting process.” Keep in mind that when it comes to spending time at work, quality trumps quantity. “No doubt [Bain’s work schedule is] longer than a 9 to 5 job, but the satisfaction of those hours spent is more important than the physical time in the office,” opines a source. “I’ve had great 60–hour weeks and terrible 30–hour weeks.” Indeed, insiders believe that the work they receive makes up for the occasional “bankers’ hours.” “They keep us all occupied. I’m typically re–staffed within a few days of the project end [and] sometimes before the previous project ends,” says an analyst. “However, I’m really amazed at how well they make sure to put you on cases that would interest you. Big Brother Bain knows you better than you know yourself.” Also in the good news department, “Bain has a no face–time policy. As long as you get the job done, it doesn’t matter how early you leave. Through the upward feedback system, your managers and immediate supervisors are evaluated on their ability to maintain a sustainable lifestyle for the team.”

Day trippers If a career in consulting makes you worried about living on an airplane and out of a suitcase, take a look at Bain which insiders say has “a work-in-the office-mentality.” Employees report that they “do not camp out at the client for weeks on end. Typically, we go to the client to collect data and to present our findings.” There will be some travel, sources say, and on occasion, you will be forced to shack up for a time at a faraway hotel. But “Most trips are day trips” at Bain. “Working at the client’s site is an exception, not the rule,” says a consultant in the Los Angeles office. An employee gives one reason for Bain’s in–office bent: “If the work we are doing is high level and strategic, then most of that work is being done in the office. If the case is more operations or implementation focused, the work will typically be done at the client site. Most of the cases here are strategy in nature, so you will see most Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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consultants in the office.” Explains one satisfied employee, “Having worked in consulting before B–school, I never imagined I could do the type of work I do and travel so little. Bain has been a pleasant surprise. Despite many out of town clients, I’ve never traveled more than two days a week, and many weeks I don’t travel at all.” Spending less time on the road, say Bain insiders, “makes it so much easier to get to know the people in the office” and enriches the social experience. Sums up one consultant, “Bain offers a great way to get the consulting experience without the wear and tear involved with spending three to five days a week at the client.”

Train in Bain Bain gets the highest ratings from its employees when it comes to training. Raves one consultant, “Especially for a person fresh out of school and new to consulting, Bain’s training is unparalleled. There is truly a commitment to a worldwide training program.” Adds another, “Bain is fundamentally grounded on training. It is a cornerstone of the work we do.” The initial “sleep–deprived boot camp for ACs” earns the most praise. “The worldwide training at Cape Cod [for associate consultants] is great because you get so many perspectives from around the world,” explains a Chicago AC. “We typically work on a project until 1 or 2 a.m., then an office hosts a party till 3 or 4 a.m., and at 7 a.m. you get up and do it all over again.” Subsequent to that grueling two–week session, the firm offers other “major training events at each level every year,” “frequent specialty and ad hoc training sessions,” as well as “offsite worldwide training every 18 months or so.” In fact, there are four formal training programs in the first two years alone, where consultants and associate consultants are exposed to real firm issues in groups of four to six people. Six months after the initial training, explains a San Francisco–based consultant, “we were sent to Miami to go through a week of intensive training with other new consultants from Bain offices around the world. [Bain] had managers and partners fly in from all over the globe to help train us.” The consultant says the event was “a lot of hard work,” and included 14–hour days, “but was well worth it –– and lots of fun.” There is also “significant on–the–job–training,” and Bain “achieves good results due to the firm culture of mentoring and helping to cultivate others’ skills.” The firm has developed two proprietary training systems, Bain Virtual University and Global Experience Center, to assist new consultants while they are working on a case anywhere in the world.

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Struggling with diversity issues Bain receives mixed reviews for diversity. “At the more junior levels, there are many women. At the manager and partner levels, however, women can be counted on one hand,” says a San Francisco consultant. Notes a senior associate, “Bain is supposedly ‘good about women’ because of Orit [Gadiesh, Bain’s chairman,] and Phyllis Yale, the head of the Boston office, but that does not really extend to the rest of the North American offices.” Despite the low numbers, Bain is “welcoming of women and treats them equally,” and “has one of the most generous maternity leave programs.” One consultant diplomatically addresses the issue by saying, “The opportunities are absolutely there, but like in any highly demanding career, I don’t think Bain has figured out the magic fix for retention of senior women and how to make the career and life balance work. But they do keep trying.” Insiders are similarly ambivalent about the firm’s success in recruiting and retaining minorities. “They talk a lot about wanting diversity but we don’t have it,” says an AC. The minority population is “generally represented by Indian– and Asian–Americans. However, we have few blacks and Hispanics.” Another consultant says, “[Diversity is] good across most ethnicities, except African–Americans.” Some insiders believe that any lack of diversity is “more an issue of difficulty reaching critical mass rather than one of discrimination.” Reportedly, the firm “is making a concerted effort to hire and promote minorities.” One source offers this fairly backhanded compliment to Bain’s accomplishments in this area: “Not many minorities apply, so we have wonderful diversity with respect to the number of applicants.” Bain tells us that it is trying to remedy the situation by cultivating relationships with more minority candidates early in the recruiting season in order to diversify the applicant pool. The firm is also home to Blacks at Bain (BABS), which holds an annual conference and hosts inter–office dinners and other networking events to increase the recruiting, retention and professional development of black professionals at the firm. Other diversity initiatives include the Women at Bain program and the Bain Gay & Lesbian Association for Diversity (BGLAD). Bain has “many openly gay [employees], including management,” says a Los Angeles–based consultant, who adds, “I like the fact that it’s not even an issue: We don’t seem to toot our own horns that we have people who happen to be gay.”

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Surprisingly few pay complaints Compensation at Bain must be excellent, because employees rarely complain about it. “Our compensation is in line with our major competitors, however, don’t expect to make the big dollars until you have been here at least five to six years,” says a $125,000-a-year earner. Those in the unlikely position of being able to choose between top firms are advised by an associate consultant in Los Angeles: “My offer from Bain was better than my offer from McKinsey.” Others aren’t convinced that Bain is on par with the rest of its peers, especially since “The pay scale is being ratcheted down in light of the economic climate.” Explains one consultant, “The firm reduced compensation across the board for 2002. The first–year consultants took a big hit.” But, says one of those first–years, “While everyone took a hit in 2001, the partners shouldered the majority of it.” Again, the firm contends that the cut was 15–20 percent, in line with pay cuts throughout the rest of the consulting industry. The firm is not alone in defending the pay cuts. The move “was management’s approach to dealing with the slowdown in business rather than reacting to the situation and laying off the new consultants or other consultants like some other firms did,” says one insider. “Almost all of the consultants in my class thought this was a good move on the part of the firm and believed that it was a well thought–out decision. It also showed us that the firm values its people and is willing to invest in its assets to prepare for an upturn in the economy.” And outside of the strategy sphere, says one insider, “Relative to other firms and other types of consulting, we rock!”

Excellent extras Bain provides all the perks, from insurance packages to electronic gadgets to free food, that you would expect from a top consulting firm. “You get a discount on gym memberships, and some free tickets, like to football games. Free meals too, if you work more than 11 hours,” says one insider. “The training exercises are always in some lovely locale.” Another consultant reports that “Most offices have a cafeteria, which is pretty good.” Other perks include “company cars for post–MBAs” and “a company trip to a nice resort – and you can take your significant other along.” Insiders name Hawaii, Acapulco and Banff among destinations of Bain’s off–site excursions. And the perks don’t end when you hand in your resignation letter. Bain has taken a hard look at its alumni relations program, not only to improve its chances of generating more business – ex–Bainies work at top firms in nearly every industry – but also to keep in touch with consultants who may be 24

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thinking about returning some day. Bain’s director of career development and alumni relations, Cindy Lewiton Jackson, reported to Fortune that the firm now invites former employees to an array of social events, such as economic conferences and beer tastings.

After hours Bainies have balance: they work and party equally hard. Insiders report a “constant flow of informal and formal parties,” “monthly drinks at a local bar,” “occasional dinners” and “several company events abroad.” One consultant says that you can expect “two to three annual off–sites, one or two company balls” and a lot of “time together on our own, having dinners, drinking, traveling and so on.” And to ensure that the party spirit stays at a fever pitch, Bain has an “esprit program of fun events for Bainies intended to build community spirit in the office.” One consultant says, “On any given day there will be language lessons, book clubs, brown bag lunches and happy hours from which to choose.” Consultants also organize “Manager Beers – hosted by a member of the management team – and the office sporting/cultural events.” One adventure–crazed Bainie comments, “As a company we had a whitewater rafting trip. It wasn’t so rugged or anything, but it was fun.” At the same office, the firm also sponsors “Community Impact Day,” a day when the office shuts down and the employees do a variety of warmhearted deeds (“We paint old people’s houses – things like that.”) Pro bono work is apparently a priority for certain offices. “My office does a huge United Way campaign. And some consultants spent several months on a study on the homeless. They determined that being homeless requires the same amount of time required of a job: 40 to 45 hours per week. Buying food stamps, walking everywhere you need to go – it’s tough and it cuts against the argument that homeless people are lazy.” The Bain Olympics provides another forum for company bonding, if not for the display of profound athletic skill. At a recent Olympics, Bain employees “constructed a catapult which flings Beanie babies.” One Bain consultant recalls, “The winners didn’t go high tech – they made a big slingshot.” A special perk at Bain is the “Bain Band,” a semiprofessional musical ensemble composed of Bain employees that plays at special events. While everyone agrees that Bain employees are chummy inside the firm, insiders disagree on out–of–work cavorting. One insider stresses that after hours socializing is “not necessary or even significant.” However, another insider reports that “After–work socializing is imperative if you want to move Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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up the ranks. There are informal parties at people’s houses, but they are paid for by the firm. These types of events aren’t mandatory, but if you don’t make them, you miss the scoop.” A contact explains: “Bain provides consultants an excess of social opportunities. Choosing between them is the difficult part.” One consultant sums it up: “For people straight out of undergrad, the lifestyle’s similar to school – you have training and classes, many people are coming from new cities, and people go out frequently for dinners and drinking. It is a smooth transition.” However, says a California–based consultant, all the partying “can get tiring, particularly if you have many friends outside of Bain, have a family or are working more than 12 hours a day on an unusually tough case.”

Billiards, anyone? Employees at Bain are very satisfied with their home offices, even if consultants have to share space. “We don’t have our own offices,” says one source, “but the work environment is very comfortable.” Most Bain offices are arranged into “bays” –– “large, open areas” where two to six people sit close to each other, “to foster a collaborative environment.” The only drawback, says one source, is it “can be difficult for privacy.” Another consultant gives the highlights of his office: “We have a pool table, putting green, gym and lounge, in addition to the standard office amenities.” Indeed, gaming–minded employees can play pool in several offices, foosball in Atlanta and San Francisco, and ping pong in Los Angeles and Singapore. Almost every contact in the San Francisco branch raves about the office’s “amazing views.” In Atlanta, a recent Bain hire says the “offices are more comfortable than my apartment.” He cites the “Herman Miller web chairs, foosball table, Sub–Zero fridges, free Coke machines, and flat screen TV” as the branch’s highlights. The Singapore outpost, which was rented to the Deputy Prime Minister of Singapore before Bain took it over, has its own “private VIP elevator,” not to mention a “well stocked pantry replenished every week with snacks, yogurt, fruits and cereal, as well as soda, coffee, tea and health drinks.” And perhaps the Singapore office has even better views than the San Francisco branch. In Singapore, you get “a view of three countries” as well as “a men’s room with a view of Singapore.” Sorry, ladies. The dress code at Bain is business casual in the office and business dress at the client site. Consultants shouldn’t wear jeans, “but polos, collared shirts and pants are allowed every day.” Bain offices are well equipped, insiders say. “There are some secretaries and a lot of research staff. You can do your own research or sometimes you give your requirements to the support staff,” says

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one consultant. “They’ll either give you the stuff the next day or that evening, depending on how much of a rush it is. You can get hundreds of pages sometimes.” Reports another insider, “Every team has a team assistant, who handles the administrative details.”

On industry specification “In terms of industry specification, I wouldn’t say that people always choose to work in one field,” discloses one insider. “A lot of times you start working with a manager or partner who really likes you and he doesn’t want to give you up. So you start developing an industry specification sort of by default. If you’re doing well, I think it’s harder to remain general. You become more and more immersed in one field.” Another consultant agrees: “It’s not a matter of choosing to become an expert in an industry. Specification evolves naturally. Think about it – it’s kind of practical. If a client is paying a lot of money, he wants someone who knows his stuff. If you’re a senior person and you don’t know the industry, the client won’t pay.”

No firm is an island But no matter how insular Bain’s culture may be, the firm has not remained unaffected by events outside its walls. Among other developments, the first–year compensation package has been cut. “The expectation for 2002 total compensation for the first–year consultants has dropped over 20 percent,” according to one source. (The firm reports that the cut was actually 15 to 20 percent.) “The morale of the office has been hurt by the economic downturn,” admits one consultant. “However, as business picks up, everyone expects the office morale to return to the high level it was 18 months ago.” The ability of the Bain brass to connect with its employees has also helped keep things running relatively smoothly, says a consultant in San Francisco. “I was especially impressed with how our management handled some difficult issues this past year – for example, the September 11th tragedy, as well as the downturn in the economy. There were constant communications during the September events to ensure employees were doing well and to encourage discussion. Later on in the year, while other consulting firms were experiencing layoffs, our management would hold town hall meetings to provide a forum for us to ask questions and to quell any concerns.”

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Bain & Company

Getting Hired Hiring Process Requisites for the job On both the undergraduate and MBA levels, “Top schools are a must unless you were a rock star at a middle–tier school,” though “each office has a group of core schools that generally are located near them geographically.” In the U.S., Bain recruits from the top “15–20 MBA programs,” with “the vast majority of offers” going to students at Harvard, Northwestern, Wharton, MIT, University of Chicago and Columbia as well as INSEAD. The firm also has “broadened its horizons” to schools like “Illinois, Michigan, and Indiana University,” says one insider. Bain’s recruiting process is “extremely selective.” Explains one experienced consultant, “Our product is the caliber of our people and there, the company is uncompromising.” One manager at the firm estimates that less than one percent of applicants ultimately obtains job offers from Bain. Another employee says the ratio of resume to hire from the university she attended “is typically no higher than three percent.” Bain looks for “a good school, great grades, solid progression within the professional environment, and active involvement outside of work.” An insider shakes his head at the suggestion of solving Bainean mysteries: “It’s difficult to crack this company.” What the firm definitely seeks are “incredibly smart people with a high degree of natural business sense and high levels of poise and maturity.” Attending a Bain presentation may prove to be crucial. “My sister didn’t go to any of the recruiting sessions in college, not realizing [her absence] would cut her out.”

MBAs who want Bain The hiring process consists of two to three rounds of interviews, which for MBAs “are conducted by the most senior staff at the firm.” Says one consultant, “One thing I really appreciate is that Bain uses managers and partners to interview consultants – not other consultants who are only one or two years ahead.” At the MBA level, the interview can vary in format, having either two case studies or one case study and one non–case study. Guesstimates are typically not used at the MBA level. “Interviews are almost entirely for checking out intelligence,” says an MBA who recently

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interviewed with the firm. “And guesstimates don’t necessarily check that.” Bain posts case interviews on its web site for candidates to look over, as well as tips and strategies for completing the case interview successfully. The first round is held on campus or at a local hotel, and consists of two separate interviews. One is a fit interview “that’s meant to tell if you are a dynamic, friendly, hyper–smart person who would fit well into the Bain culture, but [which] is mainly going over your resume”. The other is a case interview. In the fit interview, “Be able to speak about the strategies and business issues in every part of your resume.” Candidates can “expect to walk through a business case, so we can assess your problem–solving abilities and also be prepared to talk a little about your background and experiences.” These preliminary interviews are short – 30 or 40 minutes each. And Bain brings back “two to three out of every 10 first–round interviews.” The candidates Bain deems worthy of a second round are interviewed either on campus again or at a nearby Bain office. This second round consists of three 40–minute interviews. One of these interviews is a more intense non–case fit interview, frequently with partners, while the other two are case interviews. “Understand how we are different than other consulting firms,” one insider tells us. “When I ask, ‘Why are you interested in Bain?’ I want to hear an answer that shows that the interviewee has done some research, talked to some people in the firm, and can articulate what makes Bain different in their mind.” “Crack the case” interviews are “fairly intense,” but your best bet is to “be yourself – trying to be someone that you are not hurts not only yourself but also the firm.” Bain brings back “four to five out of every 10 second round interviews,” and be advised: “The final interviews will be with partners.”

Undergads held for questioning For undergraduate candidates, Bain gives case study and brainteaser and/or guesstimate questions, as well as “fit” questions. The first round of the undergraduate–level interviews typically consists of two 30–40 minute interviews including two case studies. The second round may contain two 40–minute interviews and an additional two case studies. You can also expect a liberal sprinkling of guesstimates throughout both rounds, although the firm professes to be shying away from using them. Offers are made shortly after the last round (usually less than 24 hours after the final interviews).

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Major (and minor) recruiting “In my year the firm recruited a lot of different majors,” remarks a contact from the firm. “Economics, engineering, philosophy, international studies, math, history. The most important thing, no matter who you are, is how you present yourself. If you get nervous and stutter, they’ll toss out your resume. You have to keep your cool and make sure your arguments are logical and sequential.” Another insider says that liberal arts majors are few and far between. “There are always plenty of computer science and economics majors here,” she reports. “All other majors are definitely in the minority.”

Industry hires In its recruiting efforts, Bain does consider industry candidates (i.e., those who are currently working in a specific field). Since the recruiting season for industry hiring varies, the firm recommends that candidates send their resumes and cover letters to the office(s) in which they have an interest.

Lots of cases, some personality Interviews are heavily case–based, and approximately “90 percent of them come from actual client cases handled in the office.” One insider offers the following tip: “For cases, we’ll typically present some slides and let the interviewee know that there is information available if he asks for it. It’s a lot like a real case, where the client has tons of data and you have to figure out what to ask for. Getting the right data is half the battle.” Food is apparently a common theme in case questions, brainteasers and guesstimates; several former interviewees have been asked to “estimate the revenues of a McDonald’s,” and one was asked what considerations need to be made to expand a bagel business into a new market. One downside of the emphasis on case questions is that “You don’t get much opportunity to showcase your personality. The best gauge for that is your behavior at informational events.” One source estimates that “About 60 to 70 percent of the evaluation is how well a person can work through a case during the interview.” However, some Bainies do report that at least for some interviews, “the focus is on personal and cultural fit.” No matter what, “If you’re not a fun, personable person you won’t get hired,” says an insider. “That might work for McKinsey, but not for us.”

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Interview tips Many insiders have candid advice for Bain interviewees. “Ask questions!” exclaims one Bain source. “Don’t be a smart–ass and think you know everything right off the bat. During case interviews, they’re not going to give you free information. You have to ask the right questions. And, if you think you’re off, don’t be afraid to take a step back. They’ll let you know if you’re totally off track.” Slides are also popular at Bain interviews. If you ask a relevant question during a case study, for example, the interviewer may pull out a slide that lists the information you seek. Universally, insiders perceive Bain interviewers as very friendly. “People are extremely nice,” says one contact. “They really want you to succeed. They are supportive.” Bain is keen on “fit,” but the firm doesn’t necessarily decide this in an interview. Observes a source: “When I interviewed, Bain determined ‘fit’ through the dinner they threw the night before. I advise candidates against being overly friendly [at these dinners]. I saw a lot of people crossing the line [between friendliness and inappropriate behavior]. This one guy was a total idiot – and I think that killed his chances of getting hired, although alcohol was definitely involved.” Insiders warn that candidates should prepare themselves for “stormy weather.” “Arm yourself with a pencil and pad for quick quantitative calculations and be prepared to fire your own questions during the case studies”, one insider advises. Recruiters are looking for a candidate’s ability to sniff out important pieces of information. During a case study, a string of purposeful, discerning and cunning questions might earn you more points than a predetermined “correct” answer – Bain consultants call this systematic and clever approach “peeling the onion.” As a rule, Bain interviewers tend to be less forthcoming with additional information than other firms, though the interviews are still highly structured. One recent interviewee recommends that candidates keep in mind the “3 Cs” – customers, company and competitors – in order to structure case questions. Another interviewer emphasizes the importance of creativity and pragmatism. “Most of the case studies are taken from real cases,” divulges a Bainie, “except that we change the names around.” Advises another Bain interviewee: “A lot of people who interview for consulting firms also interview for I–banking firms. If Bain asks where else you’re applying, you have to be honest. However, don’t go out of your way to say that you’re also applying to Bear Stearns or J.P. Morgan.” In other words, Bain likes its candidates strictly consulting–friendly.

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Sample Interview Questions 1. Case Study: Profitability problems are a mainstay of first round MBA–level interviews. Questions take one of two forms: cost or revenue. “No matter what the situation,” says one insider, “either the cost is too high or the revenue (sales) is too low. You have to know about fixed costs and variable growth.” To determine what the problem is, interviewees suggest breaking down the scenario. “Ask questions,” suggests one successful MBA applicant. “What are the costs like? What do they consist of? Compare those costs to the market or average. Then ask, ‘what’s the difference?’” 2. Case Study: Distribution problems are also popular for business–savvy candidates. For instance, Bain might want to know how a certain product is distributed in one region of the U.S. “I was given a ‘small firm’ scenario,” says a source. “I was told, ‘There is a small firm with a few stores in New York City and one warehouse in upstate New York. The firm has consistently shown strong sales growth. It has kept its product costs in line. Sales are going up, but profitability is down.’ I, as the interviewee, needed to find out why. By asking questions, I determined the firm had grown so much that it now had higher transportation costs. It was spending more on drivers, gas, tolls, whatever – that’s why profitability was decreasing.” The insider went on to create possible solutions, such as opening up smaller warehouses in the areas farthest from the company’s manufacturing facilities. 3. Guesstimate: How many gallons of white house paint are sold in the U.S. each year? To answer this question, you must first estimate how many houses there are in the U.S., how often they get painted, how many gallons the average house takes, and on the average, what percentage are painted white. 4. Case Study: Our client, American Airlines, is losing money. Why? The key here is to come up with every single reason why the airline might be losing money – excessive fuel or labor costs, a lousy economy, too many free frequent flyer seats, and anything else up to and including World War III ravaging the planet – without losing your cool. Whatever you do, don’t freak out. A helpful way to structure your response is to remember a frequent Bain approach to cases: focus on “the 3 Cs.” Again, these are cost, competition, and customers. Exploring how each of the 3 Cs impacts on a case is a good way to proceed.

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Bain & Company Getting Hired

5. Case Study: You have inherited a start–up software company. How do you estimate market size? On which fronts do you anticipate problems? Here, the 3 Cs will once again come in handy. 6. General: Why are you interested in consulting? Why Bain in particular? Discuss Bain’s magnetic charms: “global” strategy, Orit, an amazing consultant pool, an impeccable reputation, a strong client base and an expansive alumni network. 7. Case Study: You are a large manufacturer of athletic shoes and you have a $10 million budget. Your sales are slowing. How do you revitalize the market? In your advertising efforts, which person would you hire for promotional work: a superstar athlete or a local sports hero? Although the more kindly, humanitarian pick would seem the local sports hero, Bain is a business. As such, it is profit hungry and ravenous for results. “In this case, forget about doing the ‘right thing,’” our insider reports. “If a Michael Jordan is going to earn the manufacturer big bucks as opposed to Johnny Mulberry of Duxbury, Massachusetts, Bain wants to hear you squash grassroots sentiment and go for the mainstream dollar.” 8. Case Study: You have been appointed the manager of a rental car company. How do you measure its efficiency? In this case, our insider said the key was to determine how many cars were being rented at any given time. She emphasized that a good place to start was to look at the number of cars parked in the lot versus those that were presently rented. She also said that one must understand the company’s clientele. Business travelers and leisure travelers tend to travel for different lengths of time; they also demand different types of vehicles (Lincoln Town cars versus Dodge minivans, for example). Other significant factors include the company’s size, location, staff, history and plans for change. Once these facts have been determined (or at least considered), the candidate is in a much better position to suggest improvements in overall business productivity. 9. Guesstimate: How many doorknobs are there in a 10–story residential building, if you can assume that each story contains three apartments? You’ll need to do a little addition and multiplication for this one. Keep the calculator at home. Bain is no traditionalist, but it does look at how well you handle an old–fashioned No.2 pencil. 10. General: Tell me about your past experience working in teams. Let Bain know that although you are an autonomous and independent thinker, you welcome the collaborative approach.

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11. General: Tell me about how you overcame a challenge. Discuss the attributes which helped you transcend a great obstacle (the same attributes which, incidentally, would make you a terrific consultant). 12. General: What are the three best ideas you’ve had in the past five years? It’s always a good idea to stock a few “top three” lists in your head: top three failings, top three descriptive adjectives, top three pivotal experiences, etc. Although you have to doubt the ultimate relevance of such questions (after all, how many people go around attaching numbers to their innermost thoughts?), interviewers are fond of asking them. 13. General: What are you most proud of on your resume? Choose something you love to discuss, but that the interviewer hasn’t necessarily noticed. Try not to reveal a penchant for Jell-O wrestling unless you can somehow connect it to your shrewd business skills and an irrepressible fondness for corporate travel.

Questions to Ask 1. Tell me about Bain’s training programs. How much continuing training can I expect? 2. What kind of pro bono work does Bain do? What kind of projects do consultants at Bain work on outside of the office? Many of Bain’s office branches work in and around pro bono and public interest projects – Bain’s San Francisco office is particularly active in this department. Projects range from local community engagements to larger efforts such as the United Way campaign. Insiders report that the most successful Bainies often display a commitment to good deeds, especially when these deeds are in some way related to the firm. Bain’s Bridge Group applies strategic consulting methodology to help non–profit organizations achieve “breakthrough results in performance.” Finally, keep in mind that if you work for Bain, you’ll spend some “unofficial time” working on the firm’s favorite extracurricular endeavor: recruiting. 3. Will Bain pay for my business degree (assuming you’re applying as an associate consultant)? 4. What is the 50/50 rule for consultants? At any given time, do Bain consultants divide their time between two different cases? How do your clients react to the division of energies? Bain is proud of the fact that its employees typically work on two cases at once. In its literature, Bain asserts that employees will learn more quickly Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more.

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Bain & Company Getting Hired

from exposure to a “cross–section” of cases. Nevertheless, many consultants and associate consultants complain that the dual load leads to a frantic, and even masochistic, work pace. 5. What are Bain’s expansion plans, both on the domestic and international fronts? The firm has always been ambitious in its plans for expansion. Express an interest in its future offices.

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Bain & Company

On the Job Job Descriptions Associate consultants Associate consultants (the “analyst” position at most consulting firms) are recruited their senior year of college (or after their non–business Master’s programs). They are typically responsible for identifying information sources; interviewing a client’s customers, competitors, suppliers and employees; gathering and interpreting data; and presenting findings to team members. Like regular consultants, associate consultants are staffed on two projects at one time. This can mean exposure to many different industries and thought processes, but also can increase workload and travel. In some cases, however, working for two clients cuts down on travel, as clients know the associate consultant has to meet the demands of another client. Bain offers rigorous and frequent on–the–job training programs. Within their first few months, new Bain associates can also expect off–site training. These getaways serve a double purpose: Bainies gain analytical and business skills, as well as the ability to interact with other newly hired associates. As associate consultants gain more experience, they’ll be given more responsibility, including the opportunity to create client presentations, perform financial analysis, and serve on various in–office task forces. As an associate consultant (also called an “AC”), you will: • Interview client–related employees, customers and competitors • Perform research in Bain libraries • Make presentations to engagement teams • Write summaries and memos of findings • Discuss client–related research with your team • Help organize presentations for clients • Assist in the identification of future trends in a client’s industry • Meet frequently with consultants and other associates • Be involved in recruiting and pro bono work for Bain

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Bain & Company On the Job

Consultants MBAs join Bain as consultants and immediately join client case teams that create and implement strategic recommendations. Consultants at Bain gather data in the field, analyze their findings, make client presentations and work directly with clients to implement recommendations. Case team managers and vice presidents lead formal training programs that are meant to expand upon business school training as well as to offer practical experience. Like ACs, consultants work on two cases at a time. This approach offers exposure to a cross-section of industries and people, but it can also overburden time–strapped newcomers. As a consultant, you will: • Go abroad to locate client customers and get on–site opinions • Write analyses of client industry strategy • Ensure team recommendations are in place • Read and summarize client–related articles • Clarify and refine research • Discuss research findings with your team • Organize presentations for clients • Identify future trends in a client’s industry • Meet frequently with team leaders • Be involved in recruiting and pro bono work for Bain

Summer program The MBA summer internship program is generally well–received by its participants. “After talking to other interns, I began to think Bain’s summer program is the best of any firm in consulting,” says one insider. Interns cite the “tribal” culture and “extraordinary team spirit” when they call Bain a “rewarding experience.” Summer associates have “the chance to manage associate consultants and attend client presentations” and to work on case teams “involved in the insurance and financial services industry.” In previous years, interns have performed “data analysis, brainstorming, slide creation, presentations to teams and clients [and] management and customer interviews.” One summer intern declares, “I didn’t expect such latitude from a summer job. [I] was pleasantly surprised.” Another intern advises other 38

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summer associates to “let people know what your job expectations are. See to your ideas by setting aside time with management to go over issues on at least a weekly basis.” If interns assert themselves early in the game, they should find the Bain summer program not only “well organized,” but also “a relatively accurate snapshot of the full–time position.” There is even a little leisure time. “There are social events throughout the 10–week program.” All in all, interns should prepare themselves for “a quick start and a great summer.” For those entering their senior year in college, Bain also offers “unique and meaningful” associate consultant internships. While not quite unheard of in the field (Monitor also offers undergraduate summer programs), such internships are unusual among top consultancies, which prefer to mine the mental resources of MBAs. Undergraduate interns learn basic business skills such as financial statement analysis and cost accounting; they are mentored by associate consultants.

A Day in the Life Associate consultant (office day) 8:40: Get into work, say hello to incoming employees. (“At the consultant level everyone is congenial and talkative. The office environment lends itself to a healthy mix of work and fun.”) 9:00: Meet with team to allocate assignments on current engagement. 10:00: Head to the library. (“Bain is very research–oriented. I can’t think of another firm that has such quality resources at its disposal.”) 1:00: Take a break for a quick lunch. (“Lean Cuisine in the microwave.”) 1:30: Finish whatever possible in library; ask research assistant for some research. 2:00: Head across town to interview some of the client’s customers. 6:00: Return to Bain office and compile results. 7:30: Make some last–minute phone calls and return e–mail from vice–president assigned to team. 8:00: Head out for cocktails. (“Straight scotch, thank you.”)

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Bain & Company On the Job

Associate consultant (travel day) 5:40: Get up to finish last night’s packing. 6:30: Grab a taxi and head to the airport, suitcase in tow. 8:30: Review client notes on the plane. 11:00: Arrive at client site, check into hotel. 12:00: Grab some lunch with other team members (“On the road, the time with your team is intense. You learn how to work with each person in a diplomatic way. And if you can’t, you learn to cope.”) 1:30: Organize and finalize presentation materials for a late–day meeting. 4:00: Meet with clients and make presentation. 6:00: Meet with team for post–presentation feedback and discussion; discuss tomorrow’s agenda. 8:15: Eat dinner with team. (“The tab is always on the company when it comes to team dinners.”) 10:00: Retire to hotel room, call husband and set alarm for tomorrow.

Consultant (office day) 9:00: Arrive at work and check e–mail, the daily news and voice mail. (“I often have upwards of 20 e–mails waiting for me each morning – clients, client affiliates, upper–level managers with questions, team members wanting to discuss new data analysis, the list goes on.”) 9:30: Review notes on a software company on the West Coast. 11:30: Return client calls; start creating spreadsheets. 1:15: Break for lunch with two co–workers. 2:15: Call manager of a large company to obtain client–related industry information. 4:00: Begin work on case for my other client, a cable company in New England. 6:00: Eat a non–nutritional snack. (“My favorites include Twinkies and pretzels.”) 6:15: Check e–mail again; finish the spreadsheets started earlier that day. 40

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6:30: Meet with research team to determine what is needed for an upcoming presentation. 10:00: Call it a day and head out the door. (“The day of a consultant necessarily extends into the night. And the long hours encroach upon family life.”)

Career Path Undergraduates New recruits at Bain shouldn’t get too comfortable. Associate consultants typically stay at the company for two or three years. Staying for four is extremely unusual. To return to the firm, you’ll need an MBA, which Bain may or may not pay for, depending on how enthusiastic they are about you. “Very few people make it to manager without an MBA,” remarks one insider. However, with an MBA in tow, returning consultants can quickly climb the ranks to become case team managers and even vice presidents. The Bain advancement track almost always includes large doses of client management and business development.

MBAs Consultants who meet Bain’s stringent standards and who aren’t shown the door after two years can expect to move up to case team leader and then to vice president fairly quickly. Vice presidents have the opportunity to develop new business relationships or even to open regional offices.

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Bain & Company

Final Analysis Although Bain might be the smallest of the “big three” consulting firms, it certainly doesn’t take a backseat in prestige or profitability to McKinsey or BCG. Bain works with the top management at some of the world’s leading firms and focuses on maintaining long–running client relationships, ensuring the continued collection of big fees. Entering the charmed circle of Bain is no easy task, though. It takes talent, brains and determination, as well as a little bit of luck –– at times, the close–knit firm seems more like a fraternity than a company. But if you want to join an elite, entrepreneurial firm that’s one of the most prestigious in its industry, definitely give Bain a look.

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Bain & Company

Recommended Reading Bain’s web site provides information on virtually every aspect of the company. The site, www.bain.com, is a pathway to recruiting and career advancement, personal profiles and on–the–job insights, books and articles written by employees and select media coverage of the firm. For further information on Bain, check out the following articles: • “50 Smartest Women in the Money Business (and what you can learn from them),” Money.com, May 1, 2000. A short profile of Bain chair Orit Gadiesh. • “Kleiner Courts the Old Economy,” TheStandard.com, April 10, 2000. How Bain came to partner with one of the biggest names in the Internet economy to form eVolution Global Partners. • “Test–Tube Startup,” Forbes, February 7, 2000. A discussion of Bainlab’s first “Weblet,” a startup called Ideaforest. • “A Man of Words Is Still Partial to One: Loyalty,” The New York Times, December 29, 1999. Profile of Bain partner Frederick Reichheld.

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