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The value-added firm Stern Stewart was founded in 1982 by Joel M. Stern and G. Bennett Stewart III. They were the developers of the Economic Value Added (EVA) system, a value-based performance-measurement tool at the center of Stern Stewart's consulting business. Since the company was founded, more than 300 corporations have hired the firm to install the EVA system, including AT&T, Coca-Cola, and Eli Lilly. Recently, Best Buy and Tower Automotive have also hired the firm's services. Stern Stewart's program rates a company's profitability by determining the difference between returns and the cost of capital. The companies that employ EVA adjust executive bonuses and stock options according to the system. Maintaining the lead Other companies have introduced similar products, including The Boston Consulting Group's Total Business Return (TBR). But because because it was the originator of that type of tool, New York-based Stern Stewart is for the moment the leader of the fiscal measurement pack. It has also maintained its status with strong marketing efforts. The company publishes articles in financial journals and trade magazines, and offers seminars around the world. In addition, G. Bennett Stewart, the original "EVAngelist," (an officially trademarked term) wrote a book on the subject called The Quest for Value. Because EVA only rates a company's past performance, Stern Stewart recently introduced a companion performance measurement, Market Value Added (MVA), which allows companies to gauge how current fiscal strategies will pan out. Scandal In 1995, while auditing Stern Stewart's books, accounting firm KPMG Peat Marwick created its own consulting service, based on unusually familiar tool called "EVM," or Economic Value Management. The company then hired away three Stern Stewart employees: Senior Vice President Thomas Jones, and two consultants to set up the practice. Stern Stewart filed a lawsuit against the firm charging that Jones stole client lists, a laptop, and computer disks containing an EVA manual. However, the firm had difficulty proving that EVA was a proprietary concept, as the company had promoted its publication The feud In August 1997, a judge ruled that KPMG had abused its relationship with Stern Stewart, but did not find it accountable for unfair competition theft of trade secrets. In November 1997, the feud was revived when KPMG sponsored a conference on EVM, and invited several Stern Stewart clients to address the participants. An incensed G. Bennett Stewart wrote to several of those clients, reminding them of EVM?s tainted origins. Three of the candidates reneged, prompting KPMG to retaliate with a federal lawsuit. Hostilities abated over the next year, and KPMG eventually dropped the suit and admitted that Stern Stewart was not involved in any activities intended to stifle competition.
Click on the "Career Opportunities" link on the Stern Stewart web page, located at www.sternstewart.com, for information on the analyst and associate positions. Undergraduates with a background in finance, accounting or economics may apply for the analyst position. Associates should hold an MBA or equivalent higher degree, and have several years of professional experience. Overall, the firm looks for candidates with strong analytical and computer skills. In addition, the company prides itself on being an entrepreneurial organization, and particularly favors self-starters. Resumes and cover letters should be posted, faxed or e-mailed to Mr. Ashley Joffe at the firm's New York headquarters.
Long hours in interesting surroundings Analysts and associates at Stern Stewart "typically work from 9 a.m. to 9 p.m. or later," and "at least one day per weekend, especially in the beginning." But you'll be surrounded by "fun, interesting" co-workers who "actively share information," and "are very helpful when you have questions." Plus, late-night dinners and car service can be charged to the client. Insiders describe a "strong team spirit" in the firm's "academic environment." One says there's "very little attitude or office politics" to deal with. However, contacts do warn that the corporate culture "demands that you really apply yourself," and that "it takes a while to perform some of the analysis." This "can be really frustrating," sources say, "but once a problem is resolved, you feel very gratified." Love that pension plan Salaries "are competitive with other top consulting firms," and employees enjoy "lots of vacation time." Stern Stewart also offers a unique pension plan in which employees manage their own accounts. Newcomers to the company like the fact that "many first-year analysts travel internationally within six months of arrival." There is also the option to work in one of Stern Stewart's international offices. Insiders stress the fact that working at Stern Stewart "opens up your options for the future." They point to the company's "good reputation," and the schmoozing opportunities "in a diverse range of industries and companies." More creativity in dress Although the company was founded in the 1980s, Stern Stewart only recently loosened the belt on what used to be an extremely restrictive dress code. The dress code policy now permits women to wear dress slacks and pantsuits in the office. Previously, the company went way beyond standard professional dress, requiring women to wear skirts every day with the exception of wearing pants when they were traveling. Aside from the former dress code, women in the company report being "treated as total equals" by male co-workers, "though there are no female VPs." However, there have been female VPs in the past, with the highest ranking position being that of Partner and Chief Financial Partner.
Mr. Ashley Joffe Senior Vice President and Chief Financial Officer 1345 Avenue of the Americas1 New York NY 10105 (212) 581-6420
Boston Consulting Group;KPMG Consulting;Marakon Associates;McKinsey & Company More Company Profiles For more career information, go to Vault.com ©2000, Vault.com Inc
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