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Splitting from Booz In July 1984, five consultants from Booz, Allen & Hamilton and The Boston Consulting Group pooled their consulting expertise to form Oliver, Wyman & Company (OWC), one of the few management consulting firms dedicated to the financial services industry. The firm split its business into several major practice areas: Capital Markets, Retail Finance Services, Wholesale Banking, Risk Management, Emerging Markets, and E-Commerce Strategy. The company has grown to more than 200 consulting professionals with half of its business and staff outside of North America. OWC's major hubs of New York, London, and Frankfurt are complemented by additional offices in Madrid, Paris, Singapore and Toronto. Selective and targeted OWC seeks to distinguish itself from other consulting firms in three main ways: first, by concentrating almost exclusively on the financial services industry; second, by assigning consultants to projects that effectively utilize their academic and work experience (in most consulting firms Associate Consultants belong to a "generalist pool" from which they are assigned to projects by demand and availability.); and finally, by implementing extremely selective hiring practices. Promising firm OWC is devoted to internal promotion. All new hires are viewed as potential directors. In fact, 21 of the current directors including the firm's chairman, John Drzik, are "home-grown" having joined the firm as entry-level graduates from BA or graduate programs. The company's strategy appears to be paying dividends: Its clients include 32 of the top 50 global financial institutions. Recent innovations In order to keep up with the rapidly changing fabric of the economy, OWC is involved in three emerging organizations. The first is Enterprise Risk Solutions (ERS), a wholly owned subsidiary with its own web portal, eRisks.com that launched in October 1999. As the first integrated online resource for risk professionals, eRisks.com is a still-evolving site with a variety of features and ever-increasing traffic. ERS itself is organized to provide an integrated package of services to clients. For the second venture, in March 2000 Oliver Wyman joined with Schroders PLC and 2Bridge in the creation of Internet Finance Partners (IFP), an Internet holding company. IFP will focus on building innovative financial services e-businesses by providing startups with the resources to ensure success. The third venture, announced in May 2000, involves the creation of another new affiliated company in Germany, the Baetge Oliver Wyman Rating Network ("Rating Network"). Its goal is to become the premier provider of models-based credit ratings, particularly for the middle market and smaller commercial segments that have been ignored by established credit rating agencies. The Rating Network's customer base will include banks, insurers, corporations, Internet exchanges, rating agencies, auditors, tax consultants, regulators, and other market participants.
OWC recruits on campus at several prestigious undergraduate colleges and business schools around the U.S. and abroad. Candidates are encouraged either to meet the company's campus representative or to send a resume, cover letter, transcript, and standardized test scores to the Global Head of Recruiting at the company's headquarters in New York (candidates in Europe should send their information to the London or Frankfurt office). OWC seeks individuals from an array of academic disciplines who have outstanding intellectual capabilities and an interest in finance. The firm has two titles, Director and Consultant. All entry-level (and non-director) candidates are hired as consultants. Interviewing at OWC is a quick and efficient process of only two rounds. The first round consists of one case study, a brief problem or even a "brain teaser type question," and one "fit" interview. "The second and final round is an office visit" with three case and two "would I like to have a beer with this person" interviews. Insiders profess that there is a "very laid back interviewing style." OWC's case interviews range from the challenging to the ridiculous - insiders say there is absolutely no uniformity to the case interviews, and that interview styles are partner-specific. Historically, the company has also stumped candidates with guesstimate questions. One insider advises, "don't panic. Most of the cases are not that hard; just be prepared to be wrong and to think on your feet." The interviewers are, of course, examining the way a candidate analyzes each scenario. The key is to ascertain the specifics; as such, candidates should ask questions until they uncover complications and details of each case. Because each case tends to be quantitative, you should bring along a pencil and pad to work out difficult sums. However, insiders warn that candidates should be able to do the easy math in their heads. Since OWC hires a number of mathematical wizards, hesitation on a simple addition or subtraction problem will not make a good impression. Look to demonstrate your pragmatic problem-solving skills and your interest in the firm along with a healthy dose of enthusiasm "OWC is basically looking for really, really smart people," reports one insider. "But we also want people who are pleasant to be around. We do the airport terminal test. In other words, if we can't stand the idea of being stuck in an airport with someone for a few hours, that person probably won't get hired."
High premium on intelligence OWC's corporate culture tends to be on the young side, says one insider. "Oliver, Wyman takes people straight from undergrad and then trains them on-the-job. The result is that people move up the ranks pretty fast around here. It's not unusual to find a 24-year-old manager." This rapid advancement is attributable to the firm's true meritocracy. Responsibility is given immediately and some beginners find this overwhelming. While not everyone is a fan of this on-the-job training, most agree it is crucial in an industry as narrow as financial services. "People tend to have little or no 'real world' experience here. They are plucked right out of college and have no experience in either other firms or in the financial services industry itself." The company maintains that this strategy bodes well for the director track and allows for a thorough understanding of the industry. The diversity discussion OWC points out that there are three women partners out of 41. Racial diversity tends to be a little bit better at all levels of the organization, insiders say, but it still leaves "plenty of room for improvement." Some describe the general situation as being "no worse at OWC than at the universities from which consultants are selected." "White male syndrome" is another gripe of insiders at Oliver Wyman. "In the New York office," declares one contact, "we used to have more men named 'John' than we had women." OWC has continual efforts to ameliorate these issues. Traveling lite Contacts report that OWC upholds its "longstanding commitment to the 55-hour workweek" on average, with weekends free, even when at the client site. Consultants typically are provided with corporate apartments where they remain for the duration of the project. One source says "the out-of-town expense policy is very flexible and can be considered a huge perk." Weekend flights can be used to go home, visit a friend, fly a friend to visit you, or find a more interesting city. Dull d?cor Office space is highlighted as one of the severe problems at Oliver, Wyman. Management has listened to complaints, and in January 1999 the London office moved to a newly refurbished building. New Yorkers received their new "posh office space" in the summer of 2000. Insiders claim that "our working environment supports our work, but it is not intended to surround us with luxury." Cool casual Consultants must adhere to the dress codes when at the client site. "In general, people are not 'flashy,'" says an insider. "We have a diverse range of people and a relatively relaxed dress code, so different people dress according to their own style." The firm has adopted a business casual policy when at the home office. An eclectic mix In general, Oliver Wyman employees seem an eclectic mix. Insiders call them "intelligent," "insecure," "smug," "talented," "good at what they do," and "immature." Regardless of reputation, however, the Oliver, Wyman employees have plenty of opportunity for advancement. "There are a lot of politics here, so it's important to prove yourself early in the game. If not, you'll get bogged down in all the competition." But don't think that the OWC employees don't get along. The firm is socially active with happy hours every Friday in all of the offices, major holiday parties, and the International Firm Day in June. Monthly dinners where directors host a small group of staff members are "invariably followed by a trip to a night club" and team events occur frequently while on assignment. One insider shares, "I have made some good friends here."
Human Resources
Management consulting specialized for the financial services industry
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