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Get the name right First things first ? don't confuse this company with First Manhattan Co., an investment banking firm established in 1964. To prevent such missteps, First Manhattan Consulting Group is usually called FMCG within the consulting industry. And within its consulting niche, the firm doesn't take a back seat to anybody. Founded in 1980 by James McCormick, a McKinsey veteran, this boutique management consulting firm has grown steadily since its inception. Revenues per consulting staff member are among the highest in the industry. FMCG has served 80 percent of the 70 largest bank holding companies, half of the leading investment banks, a number of major foreign banks, and more than 25 vendors to the industry. Restructuring the financial world FMCG specializes in the restructuring of financial companies. Its consultants have developed a comprehensive system that enables banks to analyze customer profitability. Termed "Customer-Knowledge-Based-Management," the technique studies the financial behavior of the small business customer, and enables banks to maximize profits. The company also publishes benchmark studies for the financial industry, sometimes in conjunction with other firms or groups like the Bank Administration Institute. It is one of the more trusted providers of such information, and is regularly quoted by industry publications ? from The Wall Street Journal and Fortune to the Journal of Retail Banking. Desired by the competition Because it is such a well-respected industry monitor, FMCG experience is an extremely marketable asset. Recently major utilities, telecom, and new media companies have been looking specifically for individuals who have been trained at FMCG, as it is generally believed that FMCG consultants have strong skills and learn fast.
Most new hires come in through campus recruiting, but FMCG accepts resumes and cover letters throughout the year. Consultants stress that "resumes should be perfect, and your cover letter should clearly state why you are qualified to work in such a demanding environment and why you want to work at FMCG." The company prefers that candidates send resumes via regular mail. Expect a response either by phone or mail within a month. Interviews are usually done in two rounds – the first with a single consultant, the second with up to five or six. Veterans of the process say to expect "some sort of case, ranging from high-level business questions to brainteaser or estimate questions." Analysts are expected to make at least a two-year commitment to the firm. All new hires start in the firm's New York office. The company runs a formal orientation and training program for new analysts, and supplements that with further training sessions and luncheons.
Doing what it takes "If your primary criteria for where you want to work are such things as work hours and perks, this is not the place for you," warns a young analyst. What they do focus on at FMCG is "whatever it takes to get the job done for our clients." Insiders say that the corporate culture is "not unlike all the other management consulting companies, except we work a bit harder." They have a great deal of pride in the company, and say it's "the top consulting firm to the financial services industry," with the "the smartest collection of people I've ever seen." Employees "get along with each other, but are frequently too busy to mingle with colleagues." Intense schedules FMCG is not for the faint-hearted. "You have to be tough to make it here," warns one insider. "It's a pretty intense place to work." "You have to be really into the financial services industry to get the most out of it," comments another. Across the board, analysts say it's "a challenge just to keep up" with "high-energy people" who "keep moving all day long and sometimes into the night." "You will come here not knowing what you're doing and will be expected to learn quickly." Analysts reportedly average about 65 hours a week, "with a number of major peaks where that figure can climb to 80 or 90 and beyond." In addition, "weekend work occurs with some frequency." Expect to travel a great deal. Although insiders say that firm consultants "always travel coach class," they note that "we generally stay in the best hotel in town." Plus, "you get to keep all your frequent flyer miles" ? and there will be a lot. Aggressive pay The company does compensate its employees handsomely, and "raises and bonuses are very aggressive when compared with the rest of the consulting industry." According to one insider, starting analysts in 1998 earned a $46,000 base, with an $8,000 signing bonus and an expected 15 to 20 percent bonus after the first year. After that, bonuses can climb to between 40 and 55 percent, "though the top end can stretch for the best performers." Insiders say FMCG is "pretty close to being a true meritocracy," though "there's no curve ? if everyone does well enough to get a 60 percent bonus, everyone gets a 60 percent bonus." In addition, employees stress the fact that "opportunity for advancement is unparalleled throughout the industry." One of the more stressful aspects of working at FMCG is the fact that "you learn a lot in a really short period of time. It feels overwhelming at first." In response to such concerns, the firm has established a formal mentor program. No glass ceiling Women and minorities hold positions at all levels ? insiders say "there does not appear to be any sort of glass ceiling." "The only discrimination I have seen is based on performance, enthusiasm, and attitude ? all of which are not only legal, but logical," says one insider. "This isn't the place for people lacking self-esteem," advises one newbie. "You can get battered along the way." While those at the top are mostly "white males, aged 35 to 50," "younger personnel are very diverse in background." One insider admits that "it isn't the friendliest place towards women, though I've never seen any indication of harassment or favoritism." (The firm reports that women comprise 30 percent of the Fall 1999 analyst class.) The dress code requires business attire from Monday through Thursday, with business casual on Fridays unless there is a client meeting. And in the summers, FMCG goes business casual every day.
Consulting Staff Recruiting Human Resources (212) 455-9191
Booz-Allen & Hamilton;Mitchell Madison Group;McKinsey & Company;Boston Consulting Group More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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