The Vault Guide To Bain & Company

VAULT EMPLOYER PROFILE:
BAIN &
COMPANY
BY THE STAFF OF VAULT
2006 Vault, Inc.
Copyright 2006 by Vault Inc. All rights reserved.

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Bain & Company
Table of Contents
INTRODUCTION
Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1
Bain & Company at a Glance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2
Compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3
THE SCOOP
History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5
Business Description . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8
ORGANIZATION
15
CEOs Bio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .15

Locations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16
Key Officers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Ownership . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
VAULT NEWSWIRE
19
OUR SURVEY SAYS
25
GETTING HIRED
41
The Hiring Process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .41

Questions to Expect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .45
Questions to Ask . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .48
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iii
ON THE JOB
51
A Day in the Life . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51

Job Descriptions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .53
Career Path . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .55
iv
FINAL ANALYSIS
59
RECOMMENDED READING
61
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Bain & Company
Introduction
Overview
Bain, in its time, has gone from humble beginnings to great heights; has been
embroiled by lawsuits and buoyed by successes; has been led by the
traditional (Founder Bill Bain, athletic, ambitious, straightforward) and the
very nontraditional (current Chairman Orit Gadiesh, she of purple hair and
miniskirts). The company began in a Boston townhouse, expanded to Lewis
Wharf, a dock warehouse, and soon spilled over into London, Munich, Paris,
Milan, Palo Altoand even, a few years ago, old New York. It also has had
a rough course at times. Its gotten into hot water over dealings with
Guinness, and its been in court with Value Partners and Club Med. Its
struggled over how to split its earnings, at one point falling on an Employee
Stock Ownership Plan that saw the company overvalue itself and become
mired in debtand a slew of layoffs followed.
Nevertheless, Bain continues to hold its place among the Big Three
consultancies. Its lauded culture is affirmed every year in companywide
retreats to such exotic places as Cancun and Cape Cod. With 2,400
employees, a myriad of practice groups, an impressive alumni network, and
strong training programs, its easy to see why Bain remains one of the most
coveted, and prestigious, consulting firms.
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Bain & Company at a Glance

131 Dartmouth Street
Boston, MA 02116
Phone: (617) 572-2000
Fax: (617) 572-2427
www.bain.com
PRACTICE AREAS
Change Management Corporate
Strategy Cost & Supply Chain
Management Growth Strategy
IT Mergers & Acquisitions
Organization Performance
Improvement Private Equity
Revenue Enhancement
THE STATS
Employer Type: Private Company
Chairman: Orit Gadiesh
2006 Employees: 2,400
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UPPERS
Interesting, fun, down to earth,
supportive people at all levels
Big on training and development
Less travel than similar firms
Bain opens doors for people (I am
very impressed with the jobs that
people have taken when they have
left).
DOWNERS
High-pressure performance
environment
Smaller size and office-based
staffing can limit choices of
assignments
Teams can sometimes be too
small and insular
EMPLOYMENT CONTACT
E-mail: recruiting@bain.com
www.bain.com/join
2006 Vault Inc.
Bain & Company

Compensation
Compensation
Pay
Associate Consultant (1st year): $75,000 base. Signing bonus and
performance bonus.
Consultant (1st year): $110,000 and up per year salary (plus bonus and, often,
a signing bonus).
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
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Bain & Company
The Scoop
History
The Bain beginning
It was in 1967 that one Bill Bain, a fundraiser for Vanderbilt University,
contacted the founder of Boston Consulting Group, Bruce Henderson. Could
Henderson advise him on setting up a business school at Vanderbilt? He
couldand he offered more than advice. He liked, and hired, the young and
relatively inexperienced, Bain. Within two years, his protg was making a
six-figure salary, and was thought to be the heir apparent to Henderson.
Bain, though, didnt want to wait. By 1972, he was pressuring Henderson to
appoint him CEO, but Henderson didnt want to retire. Whats more, Bain
took issue with some of BCGs strategy. He thought the firm was too focused
on reports, not results. So in 1973, with a few BCG consultants beside him,
Bain left to set up his own firm.
It had humble beginningshoused in Bains Beacon Hill apartment, with one
phone line and three employees. But it grew fast. Business boomed by 40 to
50 percent every year from the founding until the mid-1980s. Bill Bain
brought on more and more employees that, like him, tended to be fastidious,
athletic and bright. In return, he demanded a high level of loyalty.
Results based
The Bain approach differed from the start. Rather than merely observing, its
consultants moved into a company, worked alongside the companys
employees and only then made recommendations. Whats more, Bain
assured his clients that his consultancy would not work for more than one
company, minimizing conflict of interest and maximizing security. (Today,
that rule has been relaxed somewhat; Bain will work for more than one client
in an industry, as long as one clients success doesnt mean anothers failure.)
Most clients liked this approach. In 1981, National Steel hired Bain. Three
years later, after implementing Bains recommendations to simultaneously
downsize and modernize, the company went from being the highest-cost steel
producer to the lowest-cost. Bain also worked for Chrysler, helping it cut
more than $1,400 from the cost of the Omni Horizon by repackaging its
options.

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Bain & Company

The Scoop
Another facet of its approach involved the consultants working closely with
client CEOs. Some charged that this made these consultants into the CEOs
personal firing squads, simply putting the Bain stamp on CEOs preconceived
notions. To counter such charges, the company in 1983 established the socalled Bain Index. This measured clients stock performance against the Dow
Jones Industrial Average. The goal, Bain said, was to give its clients an
increase in company value equal to 10 times Bains fees. This seemed
popular, and Bain tripled its staff between 1980 and 1986.
Such an aggressive approach was unpalatable to a few clients, though, and in
its early days Bain lost such accounts as Texas Instruments, Black & Decker
and Monsanto. And one notorious case with Guinness PLC seemed to bring
the wrath of the world upon Bain.
Guinness stout
Bain began consulting for Guinness in 1981, when the beer company had
drifted from its beermaking business during a decade-long diversification
strategy that resulted in it being reduced to little more than penny stock status.
Under Bains recommendations, Guinness chairman Ernest Saunders dumped
150 companies, then branched into the hard liquor market with the acquisition
of two whiskey companies, one called Distillers. By 1986, the companys
profit levels were up six-fold since Bains involvement and its stock soared to
$5.75 per share.
A Bainie named Olivier Roux was credited with much of this turnaround.
Hed remained at Guinness to help out Saunders. But in December 1986
Britains Department of Trade and Industry investigated the Distillers sale. It
discovered that Guinness had illegally inflated the price of its stock in order
to fend off a rival bid. Roux quickly cut a deal with authorities and testified
against Guinness officials, while Saunders and other execs went to prison.
Roux avoided jail time, and although Bain was not deemed legally culpable,
its conduct in the affair was not well received in the London business
community. The matter received remarkably little press attention in America.
While companies didnt point to the Guinness debacle as the source of their
unhappiness, many of Bains clients began to shy away from the consulting
firm.
Faltering forward
But Bains comeuppance was nearing. Older partners were upset over the
partnership deed. It was, said one, not a bill of rights, but the rights of Bill.
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The Scoop
The partners werent entitled to a specific portion of the companys income;

rather, Bill Bain allotted profits at year-end as he liked. Since the partners
didnt know what the firm earned, they couldnt challenge their allotments.
Plus, they had to sign noncompete agreements.
To assuage senior partners, the company decided to launch an Employee
Stock Ownership Plan, which overvalued the firm by quite a bit. The
company was incorporated in 1985, and over the next two years Bill Bain and
seven senior executives sold off 30 percent of their equity to two ESOPs for
$200 million. It was a steep price that appeared justified based on Bains
strong growth rate, despite annual interest payments of $25 million. When the
dual blow of the Guinness affair and a lagging economy hit, the debt load
became intolerable, resulting in a 10 percent reduction in staff in 1988. The
firm then had a larger number of young employees angry that because of
Bains high debt payments their bonuses suffered.
In an attempt to build morale, Bain brought in Peter Dawkins, the former
Heisman Trophy-winning football player and ex-Army general, to head North
American Operations. Dawkins had great business contacts but little
consulting experience, and he failed. More consultants quit, and in 1990 Bill
Bain attempted to sell the business, only to find there were no takers. He fired
another 200 consultants, and by 1991, his eponymous company was about to
face bankruptcy.
Goodbye to Bill
Indeed, the only way he could save his company seemed to be to sacrifice
himself. Bain resigned, replacing himself with financial whiz Mitt Romney.
To get the firm on solid financial ground, the founding partners returned
about $100 million by dissolving Bain Holdings, an investment fund partially
backed by the ESOP. The founding partners also gave up their 70 percent
stake in the company so that Bains 75 younger partners now owned 60
percent of the business and the ESOP the remaining 40 percent. Now, Bain
had to convince clients that it could run them, even with its apparent problems
running itself.
A big part of this strategy was the hiring of Orit Gadiesh as chairman, a
charismatic and talented woman (the first woman to hold that position at any
major consultancy) who returned the company to its days of prestige and
growth. Having helped run the day-to-day operations of the company under
Gadiesh, John Donahoe gave up his worldwide managing director position to
work for ex-Bainie Meg Whitman as president of eBays Business Unit. As
of 2005, Steve Ellis has served as worldwide managing director and
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Bain & Company

The Scoop
Gadieshs right-hand man. A Stanford MBA, Ellis co-founded Focus, Inc., a

Silicon Valley consulting firm, before coming on board at Bain. Bain has a
reputation as an excellent place for internal growth. In August 2006, the firm
announced the promotion of 28 consultants to the partner levelthe highest
number of simultaneous partner promotions in Bains history.
The firm now has roughly 2,400 employees. Bains client base includes
international corporations in all sectors of business and industry, such as
financial services, e-commerce, retail, health care, consumer products and
technology. The firm boasts that their clients usually outperform the S&P 500
by four to one. And Bain occasionally takes equity as part of its fee. The firm
measures its success by its clients results, and Bain staff is likewise rewarded
through these investments. For example, Bain took an ownership stake in
client Del Monte, the fruit processor, while trying to revamp the companys
strategy. Today, Bain gets about 10 percent of its revenue from private equity
investments in client firms.
Business Description
Corporate culture is key at Bain. The company insists that immediate and
valuable suggestions for its clients are of the utmost importance. And OG,
or Orit Gadiesh, the outspoken chairman of Bain & Company, tells her
employees that its better to have an 80 percent solution that can be
immediately implemented than a perfect, 100 percent solution that is purely
theoretical.
Bain is known for its branding expertise, andas evidenced by its elegantly
self-promoting web siteit has applied these lessons to its own business. In
its marketing publications, Bain has promoted innovation and aggressive
leadership, arguing that there are no tired brands, just tired managers. In
2003, the firm undertook its own aggressive and innovative rebranding
strategy, a six-figure investment that involved top designer Wally Olins and
design firm Circle. The firms brand theme became helping to make
companies more valuable. A key feature of the theme is the firms value of
True North, reflected in its logo, which is meant to indicate that the firm
serves as an unchanging point of reference and grounding, despite shifting
conditions and turbulent environments for its clients.
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Bain & Company

The Scoop
Little Big Three

Though it ranks up there in terms of prestige, Bain is noticeably different
from the other, bigger, big three strategy consulting competitors, BCG and
McKinsey & Company. While the other two are quite public and press-savvy,
Bain has always tried to conceal the identity of its clients, and has shied away
from press. And it takes iconoclastic stances occasionally, like refusing to
open a New York City office for a quarter of a century (the New York office
finally opened in 2000) and holding off on opening an official office in India
until mid-2006.
Bain used to hold fast to its image as a generalist strategy consulting firm.
Former Bain Worldwide Managing Director Tom Tierney once said that he
envisioned a near-future scenario where there would be four buckets in the
consulting industry: strategy (where Bain places itself), expertise or
operations firms, information technology and accounting firms. Tierney
predicted greater differentiation [and] greater gaps among those four types
of competitors. And within those buckets, you are going to see an increasing
distance between high-quality providers and the other providers,
differentiation based on quality, not on size.
In this, its strategy differed from the industry at large. Many large
consultancies are expanding their offerings to include operations, IT and even
strategy consulting. One example is Price Waterhouse and Coopers &
Lybrand, which merged in 1998 to spawn PricewaterhouseCoopers. In May
2000, accounting firm Ernst & Young acquired consulting firm Cap Gemini,
instantly making the combined firm one of the largest in the industry.
Given the industry shift, Bain seems to have switched tack. Now, it offers
consulting expertise in areas such as IT, organization, supply chain
management and private equity.
Up, up and away

Bain is also known for breeding top-tier executives. Many Bainies learn the
craft for a few years, then jump to client companies or start entrepreneurial
ventures of their own (three successful examples are Intuit Inc., a California
software firm started by former Bain employee Scott D. Cook, computer
giant Dell, headed by CEO and ex-Bainie Kevin Rollins, and eBay, which exBain consultant Meg Whitman helped found). Other ex-Bainies have gone on
to exec positions at Best Buy, Intuit, Pep Boys and Ameritrade. The firm also
attracts influential industry insiders, like former Vodafone head Sir
Christopher Gent, who joined Bain as a senior advisor in 2004.

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Bain & Company

The Scoop
Investing in Bain
Bain, the consultancy, shouldnt be confused with its venture capital wing,
Bain Capital. This shop, founded in 1984, manages over $17 billion in assets.
Its funds range from leveraged debt to public equity to venture capital. The
two companies are theoretically independent, but enjoy a close relationship.
Bain Capital was founded by four former Bain consultants. Its not difficult
to jump between the two companies, our contacts say.
What it knows
Bain divides its services into capability groupsthough, as with many of
its strategy-oriented peers, each of the firms services interacts in most
engagements. One flagship Bain service is change management, which the
firm presents as an integrated program and set of tools. Having completed
more than 700 change management assignments in its day, Bain has the
process down to both a science and an art. A typical change management
engagement, according to the firm, follows a four-step program: creating a
change road map, outlining the clients vision and needs; addressing
mobilization and governance, by helping to develop a leadership model,
assign teams and plan communications; applying program management to
track the progress of initiatives; and measuring results on an ongoing basis
using metrics and scorecards. Throughout the process, Bain aims to be
collaborative, pragmatic, and business-oriented.
Of course, this approach applies to the firms other capability groups as well,
which include corporate strategy (mission and vision, portfolio strategy, role
of the center, shareholder value); cost and supply chain management (capital
management, manufacturing, purchasing, service pperations, SG&A
management, supply chain management); growth strategy (core growth,
growth through adjacencies, turnaround strategy); IT (IT full potential,
business alignment, complexity management, outsourcing and offshoring,
value delivery); mergers & acquisitions (acquisition screening, strategic due
diligence, merger integration, divestitures, JVs and alliances); organization
(leadership, decision roles and structure, people, front line, high-performance
culture), performance improvement (business process redesign, capability
sourcing, complexity reduction, profit hunt), private equity (due diligence,
IPO preparation, portfolio profit improvement); and revenue enhancement
(customer management, marketing, pricing, product management,
sales/channel management).
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Law and litigation

In 2003, Bain resolved a longtime dispute with another consultancy, Milanbased Value Partners, which successfully argued in court that Bain had
unfairly hired consultants and took clients away from its Brazilian office.
Bain subsequently appealed the $10 million jury verdict.
In another case, Bain was entangled in a six-year controversy involving the
former CEO of Club Med, Serge Trigano, who was ousted by his board of
directors in February 1997. He filed a $70 million suit against Bain in
September 1999, arguing that the firm had used its role as a consultant to
Club Med to undermine his position in order to serve the interests of another
client, the Agnelli family of Fiat fame and Club Meds largest shareholder.
Club Med suffered a disastrous year in 1996, losing $136 million when it had
anticipated a $40 million profit. Bain produced two versions of a report about
Club Meds problems. According to the Boston Globe, The first version was
highly critical of Club Meds operation and was circulated among swing
voters on the companys board just days before Triganos forced resignation.
Trigano alleged in his suit the first draft was a fraudulent document spread
in a deliberate attempt to discredit him. The second version was critical but
more balanced; by the time it was circulated, according to Triganos lawsuit,
the damage had already been done. The suit slowly wound its way through
the legal system, delayed to some extent because it was originally filed in
Manhattan and then moved to Boston after a federal judge ruled that New
York was the wrong jurisdiction. From the start, Bain characterized the suit
as meritless, and in February 2003 that opinion was confirmed when, after
listening to several days of testimony, a Boston judge dismissed all charges
before the case even reached a jury.
In October 2003, the Boston Herald began a series of articles charging that
Bains work with Philip Morris during Massachusetts Governor Mitt
Romneys tenure with the firm was influencing Romneys opposition to a
statewide smoking ban. Not true, said Romney, insisting that Bain Capital,
which he founded after leaving Bain, did no business with tobacco firms. In
May 2003, the Boston Globe reported that a state senate committee was
investigating a possible ethics breach involving Romneys use of the firm to
conduct crucial policy research.
An eye on nonprofits
On the opposite end of the spectrum from its hard-charging finance offspring,
Bain also has founded a nonprofit group, which remains tied to its parent firm
though it operates as a separate entity. The Bridgespan Group, founded in
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2000, offers fresh management strategy approaches for clients in the

nonprofit world, such as the Bill & Melinda Gates Foundation, the National
Resources Defense Council and the Woodland Park Zoo. Bridgespan draws
some of its manpower from Bain, as approximately 15 percent of the groups
staff rotates into the firm from the parent consultancy for between six and 12
months. The rotation, Bain says, provides nonprofit clients with a fresh
perspective and gives Bain consultants valuable experience in the sector. (It
also provides Bain consultants who make the move with a lighter paycheck
during their non-profit tenure, but we havent heard any complaints).
In the technology arena, the firm participates in BainNet, a global alliance
dedicated to delivering technology-based solutions to clients in Europe, Asia,
Australia, South Africa and the Americas. The alliance includes software
providers, web developers, and other technology and service firms working
together to help implement IT initiatives. Bain consultants also regularly turn
up at the yearly Economic Forum, held in Davos, Switzerland.
The client roster

Of course, most of Bains powerful clients lie in the for-profit world, though
it tends to keep details of its client engagements close to its vest. Recent
engagements have included work on the integration of Symantec Corp. and
Veritas Software Corp. The firm also has advised Starbucks on its food
strategy, Kroger on its grocery approach, as well as Dell Computers and
Continental Airlines. After the events of September 11, 2001, delivered a
blow to the airline industry, carriers like United Airlines needed to rethink
their strategies as they struggled to stay afloat. Bain worked with United to
help the airline deal with its partner express carriers, earning roughly $1.5
million between February and May 2003 for its work. In November 2003,
diamond giant De Beers confirmed that it had hired Bain to help rethink its
brand strategy and stanch its declining market share. And in August 2003,
Glasgow-based distiller Kyndal Spirits renamed itself after one of its whiskey
brands, Whyte and Mackay, and cut 200 jobs following a review by Bain.
Global expansion
Unlike many of its consulting peers, Bain didnt immediately jump on the
bandwagon to India, nor has it trumpeted its plans for the region very loudly.
Instead, in 2005, the firm quietly opened the Bain Capability Center in New
Delhi suburb Guragon, to provide business support for its own operations.
Discussing the firms launch of its Indian operations with Indias Economic
Times in March 2006, Steve Ellis argued that the firms relatively late arrival
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in the region wasnt a concern. Bain clients, he said, are asking us what role
India can play in their strategy. Our private equity clients are asking us same
questions as well. We believe that there is an opportunity for us to grow the
business here and we are successfully working with alternative ways of
servicing certain parts of our business process and thats been very
encouraging for us. Translation: Even a strategy-oriented firm like Bain is
eyeing the outsourcing pie. But Bain isnt coming late to the party, Partner
David Shpilberg told the paper in November 2005: We are not entering India
as an afterthought, our objective is not just to have an office here, our
objective is to integrate India into the global look of how we serve our
clients. By July 2006, Bain had opened its official New Delhi office,
employing more than 20 staffers under the leadership of Managing Director
Ashish Singh.
Business is heating up for Bain in Europe, as well. In January 2006, the firm
announced that one of its superstar consultants, bestselling author Chris
Zook, would be relocating to the Amsterdam office, where he would preside
over Bains investment in expanding its European capabilities. Named one of
the worlds Top 25 Consultants by Consulting Magazine in 2005, Zook
heads the firms global strategy practice. Oxford- and Harvard-educated
Zook made a name for himself with his core approach to business
profitability, explained in his business bestsellers Profit From the Core and
Beyond the Core: Expand Your Market Without Abandoning Your Roots.
These books are required reading for anyone studying up on the Bain
approach, analyzing how companies can locate and profit from their core
business. The 20-year Bain vet has a third book due in spring 2007.
Bainies are a prolific bunch, producing tomes that have become must-reads
in both the B-school and popular business arenas. The firms most recent
blockbuster was the 2006 The Ultimate Question: Driving Good Profits and
True Growth, authored by Fred Reichheld, founder of the firms loyalty
practice and, like Zook, an alumnus of the top 25. Called the high priest of
loyalty by The Economist, Reicheld argues in his latest book that companies
must address the one question that will determine their future: Would you
recommend us to a friend or colleague? Pinpointing loyalty as the key to
sustainability and growth, Reicheld developed the Net Promoter Score,
which promises a clear measure of an organizations performance through
its customers eyes.
Another influential Bain book is Mastering the Merger: Four Critical
Decisions That Make or Break the Deal (2004) by Bain M&A team leaders
David Harding and Sam Rovit. Examining shareholder returns of 1,700
companies over a span of 15 years, the authors concluded that companies
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deemed frequent acquirers outperform those with less M&A activity, but
the most successful ones know how to start with small deals and ramp up, and
focus on overlap mergers rather than a rapid expansion of business
capabilities.
Bains studies and surveys are frequently picked up by the business press,
with Bainies called upon regularly to provide quotes to The Wall Street
Journal and the like.
Bain also publishes the Management Tools Survey, a global survey on the
usage, satisfaction and effectiveness of several widely used management
tools among a broad range of senior executives. Headed by Bain Director
Darrell Rigby, the survey, published since the mid-90s, has been cited in
Forbes, The Financial Times, The Economist, and other business pages.
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Organization
CEOs Bio
Bains charismatic chair: Orit Gadiesh
Female, occasionally outlandish, outspoken, fashionablethe 55-year-old
Orit Gadiesh (pronounced o-REET GUH-deesh) isnt your typical corporate
chief. She may flaunt fashion-forward looks (purple hair, short skirts and
bright costume jewelry). But shes also immensely qualified. Born in Israel
to an Israeli general, she joined the Israeli army at the age of 17, serving as
an aide to the deputy chief of staff. She went on to teach 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 school herself. The first draft of her
application essay was in Hebrew, and then she painstakingly translated it
word-for-word into English. Harvard took her, and she became a Baker
Scholar (an honor reserved for the top 5 percent of the class) and won a prize
for most outstanding marketing student. For her rapid speech and
straightforward approach, she was nicknamed Machine Gun Orit, and it
was rumored shed driven a tank in Israel.
After her graduation in 1977, a conversation with Bill Bain during her
interview enticed her to sign on. Machine Gun Orit quite liked Bains
results-driven implementation approach. She made her mark doing work for
the steel industry. I fell in love with steel, she once exclaimed. I still have
my steel shoes and my hard hat. Several years later, when Bain was rocked
by falling revenue, scandal and wrenching change in the late 1980s and early
1990s (including the decision of founding father Bain to leave his own
company), the firm needed a fresh start. In 1993 it turned to Gadiesh and her
marketing savvy.
Today, Gadiesh continues to be a workhorse, clocking nearly 100 hours a
week and spending 70 percent of her time on client work. As if thats not
enough, she serves on the boards of several academic institutions as well as
the boards of the WPP and World Economic Forum. Married to Grenville
Byford, an Oxford graduate and self-proclaimed adventurer, Gadiesh also
enjoys hiking, reading and the theater. (She played Eliza Doolittle in a high
school version of My Fair Lady, along with training for the high jump and
100-meter dash). In 2004 and 2005, she was named to Forbes list of the 100
most powerful women.

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Bain & Company

Organization
Locations
U.S.
Boston, MA (HQ)
Atlanta, GA
Chicago, IL
Dallas, TX
Los Angeles, CA
New York, NY
Palo Alto, CA
San Francisco, CA
International
Amsterdam
Beijing
Brussels
Dusseldorf
Helsinki
Hong Kong
Johannesburg
London
Madrid
Melbourne
Mexico City
Milan
Munich
New Delhi
Paris
Rome
Sao Paulo
Seoul
Shanghai
Singapore
Stockholm
Sydney
Tokyo
Toronto
Zurich
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Organization
Key Officers
Chairman of the Board: Orit Gadiesh
Worldwide Managing Director: Steve Ellis
CFO: Len Banos
Ownership
Bain is a private business owned by its partners. Bains main competitors are
the other two Big Three strategy consulting firms, McKinsey & Company and
Boston Consulting Group. On a lesser scale, it competes with firms like the
Monitor Group and Mercer Management Consulting. Meanwhile, firms like
Accenture, EDS, IBM Global Business Services and Arthur D. Little vie with
Bain for industry-specific engagements.

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Bain & Company
Vault Newswire
July 2006: New Delhi office opens
Bain opens its first Indian office in New Delhi, employing more than 20
staffers initially. Ashish J. Singh is named managing director in India.
March 2006: All about loyalty

Bain consultant and customer loyalty guru Fred Reichheld authors The
Ultimate Question: Driving Good Profits and True Growth, pinpointing
loyalty as the key to sustainability and growth.
January 2006: Investing in Europe

Bain consulting star Chris Zook relocates to the Amsterdam office, signaling
a new emphasis on strengthening the firms European capabilities.
November 2005: Getting started in India

Bain boosts its presence in India, quietly opening the Bain Capability Center
in Guragon, designed to provide operational support.
March 2005: Management shuffle

Steve Ellis, partner and office head of Bains San Francisco and Palo Alto
offices, is promoted to worldwide managing director.
February 2005: Donahoe departs

John Donahoe leaves Bain to join the executive team of fellow Bain alum
Meg Whitman at eBay.
January 2005: Software partners

Bain is tapped as part of a team to help manage the integration of Symantec
Corp. and Veritas Software Corp.
November 2004: Merger masters

Bain consultants David Harding and Sam Rovit publish Mastering the
Merger: Four Critical Decisions that Make or Break the Deal.
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Bain & Company

Vault Newswire
July 2004: Schwab working with Bain

Charles Schwab announces that it is working with Bain as part of a
restructuring and cost-cutting effort. Bain has a big job, as the financial
services company wants to cut costs by $150 million to $200 million
annually, and wants a roadmap for doing so by the end of this year.
July 2004: Bain Capital investment IPOs

Dominos Pizza, one of Bain Capitals big investments, goes public for $14 a share.
March 2004: Ex-Bainie becomes Dell CEO

Kevin Rollins, a former Bainie and longtime No. 2 at Dell, is appointed to
CEO, succeeding Michael Dell.
February 2004: Bain publishes widely-watched

study on California businesses
Bain publishes a widely-watched study for the California Business Roundtable.
Its surprising finding: 40 percent of California companies plan to move jobs outof-state in the future. Texas is the most popular destination for these jobs.
November 2003: Bain hiring set to increase

The director of Bains Dallas office, Mark Jones, tells The New York Times
that the company will increase the number of people it recruits on campus by
30 percent.
May 2003: Romneys use of Bain hits the fan

The investigative arm of the Massachusetts Senate launches an inquiry into
whether Governor Mitt Romneys administration violated ethics or campaign
finance laws by using Bain to provide policy research. Bains study of the
states public college system was especially controversial due to its
recommendation that some schools actually be closed. Critics questioned the
thoroughness of the Bain study, which was conducted on a pro bono basis.
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Vault Newswire
February 2003: Bain Capital buys European

paint company
As part of an effort to scoop up castoffs of European conglomerates at
discount prices, Bain Capital acquires leading decorative paint manufacturer
SingmaKalon, a subsidiary of TotalFinaElf SA.
February 2003: Club Med matter dropped

A Boston judge dismisses all charges in the Club Med litigation that had been
winding its way through the courts for nearly four years.
January 2003: Bain profit hunters hit the road

The Boston Globe reports that in light of difficult economic times Bain had
returned to the profit hunt program that was popular during the last
downturn in the early 1990s.
November 2002: Romney named Massachusetts

governor
Ex-managing partner and chief executive officer of Bain, Mit Romney has
been elected governor of Massachusetts, leveraging his success as the chief
executive officer of the Salt Lake City Organizing Committee, which hosted
the 2002 Olympic Winter Games. Part of his winning strategy was a pledge
to apply business techniques to running the government.
August 2002: BainNet adds two new members

The BainNet alliances ability to deliver new technology-drive strategies to its
clients is bolstered by the addition of two new members: Art Technology Group,
Inc. (ATG) and SCT. ATG supplies applications and an e-business software
platform for e-commerce, relationship management and portals. SCT provides
IT business solutions to three industry groups: process manufacturing and
distribution; education; and energy, utilities and communications.
March 2001: Former Bain Capital partner

launches fund
Former Bain Capital partner David Dominick launches a $700 million buyout
fund in San Francisco. The new firm, Golden Gate Capital, is drawing
investments from Bain Capital itself as well as large endowments such as
Harvard and Yale Universities.
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Bain & Company

Vault Newswire
July 2000: Sailing the LevelSeas

eVolution, Bains latest online venture, makes 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 & Company announces the formation of BainNet, an alliance of
companies dedicated to providing technology-based strategies worldwide.
Partners in the new venture include an open-source software developer, an
application service provider (ASP) and an e-business service provider (ESP).
March 2000: eVolving

Bain forms 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 times the charm

Bains global partner group elects Orit Gadiesh board chairman for the third
consecutive term. Worldwide Managing Director Tom Tierney is replaced by
John Donahoe, in a planned succession, after two terms. Donahoe was
previously head of the firms West Coast operations.
February 2000: Bain announces a great idea

Bains e-commerce incubator arm, bainlab, announces the first in what it
hopes will become a series of webletsoffshoots of bainlab conceived and
funded by Bain. Called Ideaforest, the new company 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
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Vault Newswire
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.
September 1999: Club Med suits up

The former chairman of Club Med, Serge Trigano, files suit against Bain,
alleging that the firm conspired with other shareholders to kick him out. Bain
calls the suit, which seeks $70 million in damages, a completely meritless
case.

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Bain & Company
Our Survey Says

Bains broad appeal
Bainies consistently credit the firms outstanding culture and people as
some of the best reasons to work there. The people here are fun-loving,
talented, witty and brilliant. Ive never been more impressed by the people
surrounding me at any time in my life, proclaims an insider. Its a one of
a kind, young, fun culture. This is relatively consistent around the globe
and is reinforced through worldwide training programs, says a consultant.
Take note that its a high performance culture with a great emphasis on
feedback, both positive and negative. This can make it intense but fun and
entrepreneurial.
Insiders report that there is a certain personality type that seems to dominate
the culture at Bain: youthful, friendly and social. The people are selected on
their social skills (which does not always happen at competitors), says a
source. They tend not to take themselves too seriously. (Notes one source,
Theres an interesting dichotomy between how seriously people approach
client issues, yet how people really dont take themselves too seriously.) The
age range also seems to be heavily weighed towards youth. At Bain there are
lots of associate consultants right out of college, so its a much younger firm
and a much younger culture. You report to consultants. That means youve
got a much bigger group of undergrads running and driving the analysis. That
is a huge differentiation in the culture. The associate consultants determining
the nature of work, the answer to a problem, and they also determine the
culture, a colleague explains. And be prepared for a packed social
scheduleBain is great about organizing or supporting (or allowing us to
organize) social/cultural events that make work more enjoyable, says a
source. This makes at least one consultant feel like Im still in college,
which is a good thing.
Still, the work hard, play hard ethic is definitely noticeable at Bain,
according to several of our sources. As one consultant notes, I know there
are some concerns about us having a frat-oriented culture. And, there is
definitely a part of our culture that wants to have fun. We are aware of those
concerns. So increasingly, there is that emphasis to make sure we are a warm,
inviting environment that is welcoming to all people from all walks of life.
There are many people here who dont choose that frat-type lifestyle who are
happy at Bain.
Overall, sources suggest, Bainies are a tightly knit group: One of the biggest
differences is that Bain is a very collaborative friendly firm; were like a
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Bain & Company

Our Survey Says
family. We are all co-workers and work together, but we take care of each
other, too. When I was ill a few months ago, I had seven different Bain
employees come over to visit, a consultant says. Comparing the firm to one
of its peers, an insider notes, My impression is that McKinsey people are
also brilliant and smart, but their personalities are a bit different At
McKinsey, they are more formal internally with each other in how they
interact. Bain is more casual, and I love that. The consultant adds that the
collegial atmosphere at Bain makes the long hours and the grueling
situations more bearablewhen you respect and like the people you work
with, its more fun.
Bain balance
Most Bainies agree that maintaining work/life balance at the firm is quite
doable thanks to firmwide attention to the need for balance. While Bain
requires a strong commitment in time and energy, there is an overwhelming
effort on the part of management to protect consultants from unnecessary
work and maintain a work/life balance, a manager asserts. Supervisors also
seem to be conscious of the tendency to overwork, so everyone from
managers to VPs periodically checks in to see that team members are keeping
hours in check. An insider breaks it down: Bain has developed various
safeguards to ensure that people can manage their lifestyles: 1) Monthly case
team surveys are conducted and results are distributed to the entire office; 2)
managers are evaluated on their performance on these surveys; 3) associate
consultants and consultants are actively involved in the work planning
process and therefore control their own destinies. A source adds, There is
a real emphasis on making our work style sustainable. I feel I have good
visibility into my workweeks and can plan ahead for crunch periods.
Though the hours of a client service oriented business may get arduous at
times, no one person is left to take up the slack. Bain provides good support
for balancing, but the reality is that clients are paying a lot and are
demanding. That said, our senior clients often work just as hard as we do.
Several insiders admit that the ability to balance ones life depends on the
individual. Work/life balance is driven more by the individual than the firm:
Its a question of how well I manage my life, and not so much of how well
others (my supervisors, clients ...) manage it. Bain respects those who have
sustained a rich life outside of work, but it is your job to make sure that
happens. Another insider agrees, How hard you work is a function of how
fast you are, and the luck of the draw (what case you end up on.) One
manager puts it this way: Balancing work/life is all about how involved you
want to be. There are always opportunities to do more at Bain. The folks who
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Our Survey Says
struggle with work/life are the ones who continue to take on more than they
can handle, and its usually outside of client work! Still others feel that the
higher up in the command chain, the easier it is to control your own schedule.
A source observes, Work/life balance depends heavily on the case that
youre on, and your own level of competence. If youre new to the firm, the
steep learning curve can mean more hours. As you get more experienced in
your role, and more senior, work/life balance tends to be easier to manage.
Theres no doubt that flexibility contributes to a sense of balance in
consultants working life at Bain. There is generally a lot of flexibility to get
work done as you choose. When a project gets busy, hours necessarily
increase, but the peaks and valleys average out to a very manageable
work/life situation. Another source points out, Face time does not exist so
I can easily work from home. In fact, more than a few sources confirm that
putting in face time is not a part of life at this firm. Boasts an associate, Bain
provides amazing flexibility to its employees, and has the most effective parttime and leave of absence programs Ive ever seen. When it comes to hours
and scheduling, it seems the firms goal is to make work/life bearable and
even agreeable over the long term. Adds a source, Bain spends a lot of
money recruiting us, between recruiting events, weekends, its expensive to
recruit someone who sticks. They spend a lot to keep us happy. They are
committed to keeping people here who are happy.
Still, there are skeptics: Bain makes a very public effort of promoting
work/life balance but comes away with moderate success, says a source.
Like any firm, when things are busy they are busy. I think the most
important thing for potential [associate consultants] to understand is that this
is not a 50 hour per week job. It is 60 on average and 80 happens, sometimes
with frequency. Consulting is a difficult industry if you really want a
balanced life. Its the nature of the business. You are at the clients beck and
call ... and they know that, says another source. This is a high pressure,
client-driven environment, which makes it hard to build a sustainable
lifestyle, opines a third consultant. Bain consultants report that weekend
work is occasionally common. Most say they work between four and 30
weekends a year.
Workweek opinionating
Sources report that they work hard, but compared to other firms, most attest
that their hours are reasonable. Work hours are highly variable from case to
case and week to week within a case. Ive rarely worked more than 80 hours,
and rarely fewer than 50. Average hours are about 55 hours per week, almost
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Bain & Company

Our Survey Says
never working on weekends, reports an associate. Insiders say hours heavily

depend on case requirements, which change over time; the type of client,
type of project and project timing can all impact hours. Those 70- to 80hour weeks do happen, just not for every project. Generally engagements last
as few as four weeks for private equity deals, and three to four months for
corporate client work, though those projects can extend much longer.
Focusing on one client at a time makes for an efficient workplace, sources
report. A manager explains, The Bain staffing model is were on one
relationship at a time. Within that, I have a number of different people I work
with. Typically there are one or two people at the client that I work with on a
regular basis, then 10 to 15 who I talk to on a monthly basis. Consultants
also feel satisfied that the tasks they spend their time on have an affect on the
outcome of a projectin other words, no busy work for these folks. I like
Bains results-focused approach to things. There is the aim of not spending
effort on work that wont directly influence the result we are going to give to
the client. Everything is results-oriented. The managers have that approach
everything is aimed toward what we are going to do for the client to make an
impact.
Meanwhile, most Bainies are fully staffed all the time; a week here or there
is the most spend not on projects. Hours are difficult and a drawback of the
consulting life. Probably the most difficult thing is the variability due to
client/partner demands, says a source. But variability to one is anothers
flexibility: I appreciate the flexibility in work hours. Some days Ill leave at
2 p.m. or not come in until noon if I am waiting on something from a client
and have no work to get done. Being empowered to enter and leave the office
freely, in addition to working at home makes the long hours much more
bearable, notes a source. Another respondent, however, acknowledges that
there are positives and negatives to being able to work from home. With the
advent of reliable connectivity (Blackberrys, cellular modems and companysponsored home networks) were spending a lot less time in the office and
more working from home. The flip side of this is a growing culture of always
on where I expect e-mail responses quickly, even in off hours.
While hours are high, they are increasingly controllable as you get more
senior. Another option is the firms offer of sabbaticals, which can range
from one to six months, and a part-time option, which helps. Anyone can
take on just one client case (instead of the usual two), get paid 60 percent and
have your second side be at home. For some consultants, one thing that
keeps it in perspective is the fact that their hours will never be as bad as those
of their I-banking colleagues. Unlike when I worked in investment banking,
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I can predict my work hours with a high degree of accuracy at the beginning
of the week.
No gratuitous travel
Insiders say they take to the road sometimes, but not as consistently as at
other consulting firms. Bain does not follow any strict travel model. If you
dont need to be at the client for meetings or any other good reason, then you
dont go to the client. Bain does not believe in client face-time, a source
states. Several consultants admit theyve been lucky to be staffed on few
projects that require travel. There is very, very little travel at Bain relative to
other consulting firms. Most people travel fewer than two days per week on
average, which only means one night away from home. There are exceptions
to this and some cases require more travel, but thats the average, concludes
a consultant. Several insiders appreciate the fact that travel is only
undertaken if absolutely necessary to the project. As a colleague notes,
Travel is done, but as needed, not just for the sake of being at the client site
walking the halls. Happily, many would agree with the consultant who says,
I can honestly say Ive never spent a night on the road when it wasnt
absolutely necessary.
Bains policies to use a local staffing system and to seek new business in
the vicinity help keep travel down. Travel at Bain is on the rise as we do
more long-term transformational projects. Still, our local staffing model and
legacy case mix still skews toward projects with minimal travel, a source
relates. An associate sums it up this way: Travel is manageable for three
reasons: 1) Bain partners are increasingly focused on pursuing local clients;
2) Bain clients understand that we only travel when we need to. For example,
when I was on travel cases I only travelled two to four days per week
depending on need; and 3) Friday travel is discouraged. Of course, some
consultants may get stuck on an out of town engagement occasionallyits
just part of the job. When away from home, consultants often stick to a three
nights out, four nights at home standard, which many find tolerable.
Counsels one insider, If you cannot deal with travel, consulting is not for
you.
For those who want it, the opportunity to spend some time at an office in
another city is also available. Though, comparing Bain to other firms, sources
claim its rarer to get assignments overseas. Clarifies one insider, When you
work at Bain, you pick an office and you work in that area. Bain L.A. might
work with clients up and down the West Coast, and into Colorado. McKinsey
has a more international focus. You can be based in one office and choose to
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Bain & Company

Our Survey Says
work in the Paris office, and you can immediately get to work there. At Bain,
however, you can be sent to another U.S. office for six months if you choose.
I got to experience New Yorkthe office, new clients, a different cityand
Id highly recommend that.
Getting paid
Insiders report being satisfied with salaries, and most echo the opinion that
Bains compensation is on par with that of other firms. The firm policy is to
be competitive with McKinsey and BCG, states a source. After the first few
years, salary and compensation ramps up at a quicker pace. A consultant
explains, We have a profit-sharing plan for managers. It is based on the
firms utilization for the year. Junior managers get one level and senior
managers get a higher level. You get paid a percentage of your bonus (can go
over 100 percent as it did this past year). Another colleague adds, When
promoted to manager, Bains compensation is far in excess of the
competition. At the consultant level, compensation is in-line with top tier
competitors and above other consulting firms. One respondent explains that,
all things considered, compensation is just about right: I think the bonus
structure is fair. Our compensation is pretty close to market rates for
consulting firms. To my knowledge, it is accurately benchmarked. I have had
job offers where I would be able to make more money, (not in consulting, but
in private equity world), but not with the same lifestyle.
Though salaries at Bain are competitive for the firms position among the Big
Three, one insider grumbles that the firm doesnt provide cost of living
adjustments. Of course, bonuses increase the higher up the chain you go, but
For associate consultants and consultants, the firm will make additional
top-off adjustments if the firmwide performance exceeds certain
thresholds, a source tells us. An insider adds, Bain also offers those at the
manager level and up opportunities to put money in private equity
investments that would otherwise be unavailable to us as individuals.
More than a few extras

Insiders point out that the firms benefits are more than adequate: excellent
health coverage, 401(k) contribution, profit sharing and adoption allowance
are all part of the package. One source lists free cellphone, Internet access at
home and great training programs as positive perks. Theres also supposed
to be a 6 percent 401(k) match, and a $50 per month technology allowance,
discounted laptops and $20 for any meal when youve been at work for 10
hours or longer, tells a consultant. For selected consultants, Bain offers
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Our Survey Says
MBA tuition along with a stipend, in exchange for a two-year commitment.

The company is notably generous with maternity leave, offering new mothers
three months of paid leave. Some women even take short-term disability
prior to giving birth, up to six weeks at full pay.
The benefits package is appreciated, but what gets most Bainies talking is the
sponsored social activitiesa sure way to please this collegial group. That
could include offsite outings to a beach location with family, tickets to a
Grand Slam tennis match or the much hyped annual trip to a fun location
thats basically three days of partying with your Bain friends. Insiders on the
West Coast boast about outings to the Tahoe Ski House or the Santa Cruz
Beach House. One source explains, Our office has an Esprit Committee
dedicated to finding ways to keep people happy throughout the year. We have
both small and large events designed to connect people in the office and
ensure they have fun together. They range from coffee or ice cream runs to
recreational/sports activities to an annual Iron Chef contest. Some offices
also get involved in a Bain World Cup, when offices around the world
participate in a soccer tournament.
A few insiders mention the new Take 2 Program, which allows employees
to take two months off during the year and while earning a pro-rated salary.
Though its still in the trial phase, sources seem enthusiastic about the
possibility of taking some time to pursue personal interests. Also, senior
associate consultants are allowed to take six-month transfers to other Bain
offices or externships at other companies. These are amazing opportunities
that I doubt other firms offer, reports a consultant. There are also
international transfers for top-performers (short-term and permanent).
And to encourage a global education, Bain offers additional travel
opportunities. One consultant explains, Our summer offsite at a New
England resort is amazing. People look forward to it all year. Plus, the firm
works really hard to make its employees happy. Last year a group of
[associate consultants] went on a cruiserather than 30 of us each taking a
vacation day, the firm gave us the day off in addition to contributing $50 to a
private excursion while we were in the Caribbean.
Train on
Training is another highly-rated aspect of life at Bain, touted as amazing
and topnotch by our surveyees. There is an incredible formal investment
in training at the firm, which has both tangible (skills) and intangible (morale,
networking) benefits, says an insider. A consultant enthusiastically reports,
We have unparalleled global training. In three years I have had two major
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Bain & Company

Our Survey Says
training sessions with colleagues worldwide, with another coming up next

year with promotion. These sessions are usually somewhere cool like
Phuket, Cancun, Miami or Switzerland. A colleague echoes this sentiment:
We have amazing annual trainings, some of which are in Cancun. There are
extremely well-run, fun and meaningful worldwide training sessions. I
spent eight quality days in Miami in February this year [2004] with
colleagues from all around the world.
There are several parts to the training. A consultant breaks it down:
Formally, when you first start, you will go away (to Cape Cod for new
associate consultants and to Miami for new consultants) for seven to 10 days
of a rigorous training program with other individuals who are also starting at
the various offices worldwide. You will be put in small team of five to six
people with whom you will go through the majority of training sessions, led
by an experienced consultant (for associate consultants) or an experienced
manager (for consultants) from another office. While intense, it also ends up
being a lot of fun with several different opportunities to interact with people
at your level worldwide. After that training, you will have training about once
a quarter on specific skills and then go away again for a longer training
session after one-and-a-half to two years. Sources say they spend about 10
days a year in formal training.
Unofficial training that takes place daily through interaction with colleagues
is also key. Most of the practical training occurs through informal mentoring
in the context of a case team, tells a source. Another explains that there is
lots of official training, but consulting is really an apprenticeship, so the most
effective training, and where Ive learned the most, is on the job and via
mentoring. Bain is very good at recognizing its an apprenticeshippeople
often choose to work with the same people repeatedly for this reason. In
addition to scheduled training, there is a virtual university at Bain (online),
where you can find training modules on all imaginable subject relevant to
strategy consulting, notes a source.
Another part of unofficial traning is the mentorship program. You nominate
a consultant/manager as your mentor and they are incredibly influential in
your careerthey act as a sounding board and someone to push your case for
transfer or promotion, etc. They also are your consensus reviewer, explains
a consultant. Though a mentor may have varying degrees of influence on a
mentees career, some consultants luck out: Ive always been working with
people that really took care of me in terms of mentoring and training on the
job. Another chimes in, We have a very good combination of informal
training, with mostly everyone on your case teams and former case teams
prepared to offer feedback and advice, and formal trainings which are held at
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the office or off site. A colleague declares, Mentorship is probably my

favorite thing about Bain. The people I work for take great care of me and
provide me with consistently growing responsibilities and helpful feedback.
Training, it seems, is quite important to the company. An insider witnesses,
They invest a lot of money and that pays back both in education and fun
activities during training. The firm has consistently strengthened its training
program, according to an insider who notes, Bain continued to invest in
global training programs during the tougher years (like 2001) while other
firms cut back. This was a great signal from the partners that they truly value
training. We have global training programs for all levels of the firm, which
is taken very seriously (mandatory attendance). Our top people take time out
of their schedules every year to serve as trainers themselves. Obviously there
is a lot of on-the-job training and mentoring as well. One manager declares,
Bains formal training program is extraordinary. I doubt you will see many
other client service firms willing to forfeit billable hours and resources in the
same way.
View from the top

Employees describe Bain as a flat organization where interaction among all
levels is common. According to most insiders, the firm is a place where
everyone in the firm is willing and able to provide coaching and mentoring.
A consultant explains, Your supervisors will not only be your managers, but
your friends. I have personal friendships with many of the partners I have
worked with. The peer review process is a helpful tool for ensuring that
consultants are getting enough guidance from supervisors. Bain maintains a
strong mechanism for upward feedback with real consequences for managers
and partners, an insider states.
Highly exposed
One of the big benefits of working at Bain is the chance to interact with top
managementwhich comes quite early. As a first-year consultant, Ive
been shocked by how much time they have me in front of the client and, in
particular, senior client team members, says a newbie. Another insider
comments, I own the client relationships alongside our partners. We are
encouraged and expected to engage with the senior officers. While
stronger performers get more opportunities, most say theyre really pleased
with the chances they receive. During my first year, I had significant client
interaction with senior-level executives. I even presented materials to an
executive committee and a CEO, says an associate.
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Constant client contact seems to be the norm. Since the first day in Bain I
always had high exposure with clients management, recalls one consultant.
Another consultant agrees, You are given as much responsibility and
interaction with clients as you can handle. One thing that impacts how much
reponsibility and exposure consultants are given is the the attitude that youre
ready for it. Says a senior consultant, My advice on how to be successful:
Adopt a smile and be willing when someone gives you something to do.
Accept it with a smile and say, Thank you, can I have some more? Be a gogetter. Make people happythats an easy part of the job and it will pay off.
A happy Bainie tells proudly, The best way I can see to have access to CEOlevel meetings four years out of undergrad is to work at Bain. Ive met with
the CEO of a $2 billion company, and presented to him on a regular basis.
There is no one even on his direct staff whose job I could have anything
similar to. They all have 25 years of industry experience. The only way to get
access to those meetings and that kind of atmosphere is by being at Bain.
Family style
Meanwhile, there are lots of activities to bring the office together. Extensive
emphasis (and budget!) is put toward formal and informal mentoring
throughout the office, both within consulting classes and between different
levels of the company. One consultant observes, Probably as a function of
the office size, the VPs know everyones names, which really contributes to
the family feel of a smaller office. Remarks another insider, Supervisors
are all very approachable and will expose you to clients as much as you can
take. We are often friends with our supevisors, making for comfortable
relationships.
Getting ahead
Our respondents differ on whether the firms promotion policy is strictly up-orout. Promotions at Bain are given when youve demonstrated that you can do
the next level job. Theres a rough timeline for expectations, but you can advance
faster or slower depending on your demonstrated skills. Typical timeline from
consultant to manager is about three years, clarifies a source. Another manager
claims, It is strictly up-or-out in the sense that we do not have specialists that
remain at a single level for an indefinite amount of time. However, there is a
reasonable range around the timing of advancement based on work schedule
(e.g., part-time) and personal growth.
One consultant lays the path out thusly: Associate consultant is a two-year
position, after which is a promotion point to senior associate consultant.
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Associate consultants who are performing well typically make this hurdle
without too much trouble. Senior associate consultants typically go to
business school, although a select few will decide (and be promoted) to stay
as consultant (post-MBA title) without an MBA. Consultants become case
team leaders after two years, and then go through a difficult promotion hurdle
to manager. One source comments, Associate consultants can be promoted
in two-and-a-half to three years, or are encouraged to go to business school
or try something else. Another insider reveals, The promotion from senior
associate to consultant is generally the hardest to achieve, and you are
encouraged to attend B-school first.
Self-pacedsort of
A different source says that it is a soft up-or-out, meaning you get a clear
message but you have some time to relocate. (They are very helpful in
finding you a new job if you are not going to make the next level, according
to friends of mine that have been through this, says a source.) But there is
no stigma to taking a little longer to get a promotion, and often those who
were delayed make the subsequent promotion quicker than their peers, as the
skills required are different at each level in the organization. An associate
explains, Its basically up or out, but the time frames are sometimes flexible.
If Bain believes that you can develop the skills required for promotion in six
to 12 months (and the business/economy supports it), then Bain will continue
to invest in the person. Ive seen many promotions occur in this manner.
For every level, there is an expected track, were told, which sets the
expectation on how fast the consultant advances to the next level. Says on
source, The overall performance of every consultant is tracked and reviewed
regularly, so measures can be taken in case of faster development leading to
faster promotion, or slower development leading to special support. Only if
these measures do not help and the underperformance continues will the
decision be taken to give an exit message. Another colleague attests, It isnt
a strict up-or-out, but there absolutely is a merit-based approach to
promotions. With the firms growth and standards, there is very little
deviation from the normal promotion timing.
And overall, the firm makes sensible compromises when consultants want to
go part time for personal reasons (usually to be a primary caregiver to young
children). Theres an obvious career advancement trade-off when you go
part-time, but I think its well-balanced for both parties, notes an insider.

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Veering off the trail

A few sources mention the unique leave plan the firm is trying out to
accommodate employees who want to follow a less traditional career path.
One insider explains how the plan gave him the chance to take a year off to
pursue his personal passion: I wanted to build on years in Bain and
supplement that with an experience climbing and traveling around the world.
The year away allowed me to continue an outdoor skill set I had built my
whole life, and to meet people I would never meet in the corporate world. I
asked to take the year off and I told my managers I wanted the time off for
climbing and skiing. They wanted to know Id come back and make a strong
contribution when I returned. It was also at a time when the L.A. office was
quite busy, so there would have been a lot of work for me had I stayed. He
adds that he enjoyed the assurance of a position upon his return, as well as
continued health benefits during his leave: I went on a formal leave of
absence. I had an offer letter to come back and a specific start date. They kept
me on the company policy health care plan (which I paid), so that was helpful
since climbing and skiing are aggressive sports that can be dangerous.
Office space
The offices in many locations win kudos from employees. Our new Boston
office is fabulousbright and airy with fantastic facilities, states a manager,
and another San Francisco source boasts, We have great, inspiring views
over the Bay Area. In L.A., the space offers a gym, pool table, ping pong,
free food and drinks. Other offices that earn rave reviews from Bainies
include the firms Sears Tower office in Chicago, its very nice and centrally
located London digs, and panoramic views from the Hong Kong and
Amsterdam locations.
While some respondents report that the open office environment promotes
the collegial culture, others would rather have a bit more personal space.
Asserts one insider emphatically, I would like a little more privacy! A
senior associate explains, Until you are a manager, you can expect to be in
a bay of cubes. It can be a great community in itself, as people are usually in
the office, although privacy can be tough.
Women power
As for gender balance, We dont quite have a 50-50 gender ratio, but Bain
does at least as well as the top business schools in that area. Women in Bain
have their own support and mentoring networks that focus on unique issues
that face them, remarks a source. There are scheduled events and meetings
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where women network and talk about issues related to them. There is a Bain
womens club at every office that provides specific opportunities for the
women at the firm to discuss the issues and encourages changes to the local
offices to make things as female friendly as possible, says a consultant.
Representation can vary by office. The Boston office is fabulous. Theres a
majority of women managers and about a third of the partners are women,
notes a source. However, London has a very difficult time. And in the
Netherlands, few women apply to consulting in generalthis is a real issue
that we need to work on.
And, not surprisingly, the firm occasionally loses female consultants to
family life. It is hard to find women at the top of organizations. Bain has
some good role models of women who have reached the highest levels while
having a family, says a source. The only reason that we do not have more
women, in my opinion, is that women seem to be more reluctant to travel, and
therefore avoid consulting all together, a consultant offers. It would be nice
to see more women stay to partner and to see more women managers work on
clients as opposed to administrative functions. Many make the switch when
they have kids as the lifestyle is better, but as one who wants to stay on the
client side, Id like to see more examples, notes another. A source admits,
Bain proactively recruits female candidates and usually offer altneratives for
women trying to balance work and family life. However, Im sure most
people would agree that we can and will do more to encourage women to join
and stay with the firm to increase the presence of women among our senior
leaders. Most respondents concede that the number of women declines
above the manager level.
Moms at Bain
However, there are options for women with children. The two-case model
allows for women to go part-time and work on one case. While that is
challenging, it has resulted in several women remaining at Bain as mothers,
says a source. Our half-time model allows for women to have a sustainable
career path, a manager attests, and another colleague offers, We have many
women managers and partners, some of whom were promoted to partner
while working part-time. Bain goes out of its way to cater to women, its
really quite exceptional. The dual-staffing model, which is clinging for life in
some parts of the firm, allows anyone to work part time for an extended
duration. Naturally, women in the company take advantage of this far more
often than men do, a source notes. According to a senior consultant, There
is one office where there was a baby boom all at once. Women in that office
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are all in stages of working it out. Its very new, so everyone is waiting and
seeing what they do. But Bain is committed to find a way to make it work.
Diversity and distinction

Bain seems to be trying hard with respect to recruiting minorities, with
differing results. A manger relates, Outreach has stepped up tremendously
over the last five years. Blacks at Bain (BAB) is a vibrant group with strong
leadership. Another source explains, I think Bain is very receptive to
minorities and makes an active effort to recruit them. That said, aside from
Indians, we have precious few. Though there is an extremely receptive
culture, one colleague says that there are only a few minorities, particularly
African-Americans. Declares one insider, the firm could stand to strengthen
its efforts: Bain does have some room for improvement in its recruitment of
underrepresented minorities and may need to be more proactive if it wants to
incrementally improve diversity. Others say its doing just fine. Ethnicity is
a nonissue at Bain. The consulting staff is generally far more diverse than our
clients, says one source. Its an oxymoron, but the majority of our office is
minority, states a San Francisco consultant. And Bain NYC has been
improving and continues to make progress in this area.
Out and proud

A number of insiders say the firm offers good support and cultural
acceptance for their gay colleagues. Most people here are quite openminded, says a source. However, it can be harder to be out in a number of
international offices (notably in Asia) as well as in our Dallas office, says
another respondent. Bains internal organization, BGLADthe Bain Gay and
Lesbian Association for Diversity, is a firm-sponsored global network for
gays, lesbians and bisexuals. The group has annual summits, sends
consultants to the annual MBA Reaching Out conferences, and is actively
involved in on-campus recruiting efforts, states an employee, and a
colleague reports, They have conferences, outings, etc., and are very visible
and highly respected within the firm! Another consultant comments,
Throughout hiring, it is a nonissue as sexual orientation never enters the
process.
Lending a hand
Insiders say Bain strongly believes in giving back to the community.
Employees are encouraged to start/participate in Extra 10 percents, which
are often pro bono or charity work, a respondent tells. Bain is also
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affiliated with the Bridgespan Group which does exclusively nonprofit

consultingBain employees can work at Bridgespan through a six-month
externship program, notes an insider. Putting in time and effort to these
causes is seen as an important part of life at Bain. One consultant points out,
We have an excellent track record of involvement with local charities
beyond just financial. I think weve done a great job of picking a few key
causes to support and have gone well beyond just financial contribution to
contribute.
In each location are office-wide community service events, pro bono work,
charitable involvementa wide variety. This has been a major initiative in
the last 18 months in the Northeast. Another source weighs in, We do a fair
amount of pro bono consulting, and we also have a number of different
initiatives being led by different levels within the firm. A group of associate
consultants, for example, is coordinating a mentoring program for
disadvantaged children. The entire Chicago office takes a day off each year
to participate in our Community Impact Day, when we dedicate our time to
around five charitable organizations by redecorating and repainting premises,
taking children out on field trips, etc. A New York colleague says, We work
with Citi Year a lot in NYC. Overall, our Bridgespan group is growing.
Meanwhile, the Atlanta office has donated three years of free consulting to the
City of Atlanta. In the London office we have a number of community projects,
including business action on homelessness, mentoring for people funded by the
Princes Trust, helping school children with reading and maths, and an annual
community action day where we work with a variety of charities.

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Bain & Company
Getting Hired
The Hiring Process
Bain insiders are pretty proud of the exclusivity of their firm. Bain is known
for being very selective about its new hires, and then invests a significant
amount of money and time in training them, boasts an insider. One source
notes Bain is as selective as McKinsey and top-tier I-banks, more selective
than Booz Allen, Monitor, and AT Kearney, and much more selective than
corporations. Only private equity and hedge funds are more selective.
Another insider chimes in, Bain is very selective. Recruiting is primarily
from top ivy league institutions. This is not to say that everyone is a genius,
but then again, when youre with so many top calibre people all the time, you
can get complacent about how intelligent people actually are. The best
indicator is that people who leave Bain almost always mention the amazing
difference between the calibre of people at Bain and at their new institution.
In fact, the firm almost exclusively recruits from the top schools. Of course,
Bain will accept paper resumes or resumes submitted online, but colleges and
graduate schools are the best way to get a foot in the door.
Which schools, exactly? Our sources say Bain looks for MBAs from the top
10 schools, advanced degree recipients from other schools and undergrads
from the top 20 or so schools. Ergo, head to Harvard, Dartmouth, Williams,
UVA, Amherst, Yale, Princeton, Columbia, MIT, UPenn, Brown, Cornell,
UofM, Northwestern, Illinois (limited), or Indiana (limited). For MBA,
Harvard, Stanford, Chicago, Kellogg, Wharton, and Michigan are the surest
choices. Undergrad is based mainly on geographical location and top
schools, where MBA is generally just top schools, explains a source. Bain
partner Chris Bierly told BusinessWeek in 2006 that smaller schools like
Amherst and Williams are also on the firms radar. Meanwhile, international
offices look at top local schools (in London, Oxford, Cambridge and
Edinburgh) and top international schools like INSEAD or LBS.
As for background and specializations, Bierly says, We certainly hire
business majors, and they lend something to the class in the skills that they
possess on day one, but probably 80% of the people that we hire do not have
any kind of formal business training. Most desirable, Bierly says, are folks
who are highly motivated, internally directed, and have a demonstrated
passion for making things happen. You can see it on their rsum in the kinds
of things in which they are involved. While in an undergraduate setting,
theyre not just students, but theyre leaders in the colleges or universities
where they go to school.
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Getting Hired
After an initial prescreening by HR, the hiring process starts with a first
round on campus or at a local hotel. This round consists of two separate
interviews. One is a fit interview, says a source. One insider notes that its
actually easier to get a full-time interview than an internship interview. The
interview process itself is said to be different for undergraduates and
MBAs, with a longer process for undergrads. This includes tests, group
dynamics, and interviews (six), while for MBAs, the process goes directly
to interviews (six to eight), a source says. Another insider notes, Bain has
two first-round interviews at the undergraduate campus, three second-round
interviews at their offices, and then 2-3 third round interviews at their offices.
All interviews are case-based. MBAs typically get a first round of two case
interviews and a second round of two cases and a resume interview. All of
these interviews are conducted by senior Managers and Partners, another
consultant says.
We tend to conduct large numbers of first round interviews and then narrow
heavily to the second round, explains another source. Beyond that, expect
at least three individual interviews. Typically at least two interviews are
case interviews. In the interviews, occasionally about six consultants will
be involved (including all levels). Interviews are now limited to one with a
manager, and one with a partner, making it relatively short and painless.
A recent hire reports a slightly different process. For undergraduate, expect
two half-hour first round interviews with recent MBAs or third-year postundergrads. Next round is usually two 45-minute interviews with two
managers. Both rounds, when done on cam pus, are usually on back-to-back
days. All the interviews feature case-style questions.
According to another source, There are two case based interviews with two
senior managers, or senior consultants. Depending on the office, you may
interview with anyone from a consultant to a senior manager. Those very
typically consist of five minutes of get- to-know-you questions, 25 minutes of
case questions and 5 to 10 minutes for you to ask questions. All five of my
interviews were that way. There were no brain teasers. But different Bain
offices interview different ways. Generally during case interviews, we speak
from personal experiences with the client. Its a really good opportunity to
understand what being on a case is like.
Winning personalities
While candidates are expected to finesse their way through the case
questions, interviewers also want to see energy and enthusiasm for the job.
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Also, people need to be formal and presentable but also friendly and
engaging. I need to know that they could call a new client without me being
in the room and have a good conversation, recommends an insider. Sources
at this firm are clear that a compatible personality is essential to convincing
interviewers youre right for Bain. A consultant advises, Even candidates
who are very intelligent and nail the case interviews may not receive offers if
they do not demonstrate a passion for results.
In the interviews, we probably spend less time reviewing interviewees
resumes with them than some other firms. Rather, we try to understand a
persons critical thinking skills first and foremost, says a source. Other than
case questions (see below), undergrad recruits should expect fit questions
and a good dose of guesstimates. Offers are usually made within a day of
final interviews. MBAs, meanwhile, get to avoid guesstimates, and focus on
case questions. See www.bain.com for examples and strategies on case
questions.
Case in point
When it comes to case questions, a source explains, We try to take real
business problems that we face with our clients on a daily basis and put them
in front of hiring candidates. Quantitative skills are important -- but you dont
need a calculator. Cases are written by the interviewer and reviewed by
management, another source says. New cases are required every year. They
can range from new business ideas to portfolio decisions to process
improvement. The only common element is the need for analysis and plenty
of room for interpretation and insight. In addition, a colleague notes,
resume interviews often take your work experience and turn them into cases
(e.g. what were the strategic issues your old employer was facing?).
The undergraduate level tends to focus on market sizing questions (requires
less knowledge of business) due to the fact that many students have limited
business backgrounds, notes a source.
Another source advises, Read the Vault guides! (really). The insider notes
that candidates should Be familiar with how cases work, know the
profitability equation, etc., but adds, Of course, youll look smoother if you
dont say equations or formulas out loud. As for formulas, just show us what
you know by walking through it in a sophisticated way. And practice is key,
of course: To do well in the case interview, it is essential that candidates
practice with friends. Another insider comments, Be logical-that is the
biggest tip I can give. Stay calm and dont freak out. Internally we all know
its hard, we have been through it and we have sympathy for candidates.
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Insiders give several examples of case

questions:
Evaluate whether it makes sense for an insurance company to offer
banking products.
How can a manufacturing company improve results at an underperforming
plant?
Can an express shipping company justify a new capital investment?
Evaluate launching a high-speed train between Toronto and Montreal
Estimate the market for pet food in Italy and the business planning/analysis
required to set up a local pet food shop.
What is the annual market for Christmas ornaments in the U.S.?
I have been approached to invest in a juice company (i.e., Jamba Juice)
looking to start up in X location. What factors should I consider before
making my decision? How many drinks would we have to sell in a day to
break even?
How would you calculate the break even point for an airline company?
How would you define the sales force model for a consumer goods
company?
Acing the interview

To succeed at case questions, ask questions, one source advises. Theyre
not going to give you free information. You have to ask the right questions.
And, if you think youre off, dont be afraid to take a step back. Theyll let
you know if youre totally off track. According to a Bain partner, The best
way to approach a case interview is to get a good nights sleep, come in with
an open mind, actively listen and then actively engage in a relaxed
conversation with the interviewer. Leave your frameworks at the door. The
partner also advises practicing with the firms online case resources, and
adds, Its a mistake to try to approach the case-interviewing process in a
prepackaged way. A case interview should be a natural, free-flowing
conversation about a problem, much like wed have in our own hallways here
when helping our clients. When students come in with a framework, it often
translates to poor listening and a conversation that feels artificial.
As a source puts it, Really be careful to show as much maturity and gravitas
as you can. When we are young, we are all really excited and good with
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people, but something to keep in mind is when youre in an interview, the face
you show Bain is the face youll show a future client. If youre too casual,
too sarcastic, too Dixie or any of those things, it will give them pause. Truly
demonstrating maturity is a great asset. And one final piece of advice: Stay
calm and dont freak out. Internally, we all know its hard, we have been
through it and we have sympathy for candidates.
Questions to Expect
1. Case Question:
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, past 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, Whats 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,
whateverthats why profitability was decreasing. The insider went on to
create possible solutions, such as opening up smaller warehouses in the areas
farthest from the companys manufacturing facilities.

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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 average, what percentage are painted white.
4. Case Question: 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 moneyexcessive fuel or labor costs, a lousy economy, too many free
frequent flyer seats and anything elsewithout losing your cool. Whatever
you do, dont freak out. A helpful way to structure your response is to
remember a frequent Bain approach to cases: focus on the 3 Cs, customers,
cost and competitors. Exploring how each of the 3 Cs impacts a case is a
good way to proceed.
5. Case Question: You have inherited a startup

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 Bains magnetic charms: global strategy, Orit, an amazing
consultant pool, an impeccable reputation, a strong client base and an
expansive alumni network.
7. Case Question: 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
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Michael Jordan is going to earn the manufacturer big bucks as opposed to

Johnny Mulberry of Duxbury, Mass., Bain wants to hear you squash
grassroots sentiment and go for the mainstream dollar.
8. Case Question: 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 suggests that a good place to start is with
the number of cars parked in the lot versus those that are presently rented. She
also says that one must understand the companys 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
companys 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?
Youll 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.
Heres your opportunity to show that although you are an autonomous and
independent thinker, you welcome the collaborative approach.
11. General: Tell me about how you overcame

a challenge.
Discuss the attributes that helped you transcend a great obstacle (the same
attributes which incidentally, would make you a terrific consultant).

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Getting Hired
12. General: What are the three best ideas

youve had in the past five years? Its 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,
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 hasnt
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
Of course, a smart interviewee always comes armed with a set of questions of
her own. And candidates should not ask how many offices we have, or
about other factual information thats available with a little digging, a source
says.
1. Tell me about Bains training programs. How

much continuing training can I expect?
2. What kind of pro bono work does Bain do?
What kind of projects do Bainies work on
outside of the office?
Bain prides itself on its community service, so this will be an exciting talking
point for interviewers. Ask about what the specific office youre interviewing
for works on; many have their own projects. Whats more, the most successful
Bainies often display a commitment to good deeds, especially when these deeds
are in some way related to the firm. Bains latest endeavor, the Bridgespan
Group, applies strategic consulting methodology to help nonprofit
organizations achieve breakthrough results in performance. Finally, keep in
mind that if you are accepted into Bain, assume you will spend some unofficial
time working on the firms favorite extracurricular endeavor: recruiting.
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3. Will Bain pay for my business degree

(assuming youre applying as an associate
consultant)?
4. What is the typical interaction between a
consultant out of college and an associate
consultant?
You can use this type of question to lead to further conversations about how
teams work at Bain.
5. What are Bains expansion plans, both on

the domestic and the international fronts?
The firm has always been ambitious in its plans for expansion. Express not
only an interest in its future offices, but also a willingness to do one of the
things Bainies do besttravel between them.
6. What was your favorite case experience?

What were your client relationships like during
your first year?
These types of question, with the right interviewer, can be great for
establishing personal rapportbut be sure to use it in appropriate situations,
and not, say, when your interviewer is obviously rushing out the door to make
another meeting.

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Bain & Company
On The Job
A Day in the Life
Consultant (office day)
9:00 a.m.: Get into the office and return some e-mails I read earlier this
morning on my commute.
9:30 a.m.: Meet with the associate consultant Im working with on a piece of
analysis he worked on yesterday. The associate consultant is working to
determine market profitability of pet food. Our big question is how much pet
food a company should give as an incentive to grocery stores to help them sell
more pet food. Well go through his latest findings, and Ill give him some
direction. I will help him prioritize sources and put it all together. That will
give him people to contact and industry associations to talk to.
12:30 p.m.: Grab a quick lunch.
1:00 p.m.: During the afternoon, my manager and I have a client meeting, so
well get together for about an hour to plan it. We will review last weeks
findings and discuss where were going in the next three weeks.
2:00 p.m.: My manager and I get on the phone with the client. For the client
meeting, we will present a PowerPoint presentation, which details our
findings so far, as well as the work plan.
4:00 p.m.: Call another client and work through a piece of analysis on their
supply chain. He needs help thinking through how they will source a new
product they are making. He is evaluating vendors so well talk through
vendor options together.
5:00 p.m.: Conduct some advance research for my manager on another client
we may be taking on.
7:30 p.m.: Another full day wraps up. A typical day as far as office days go
no matter what type of day it is, the day always includes some type of analysis
where associates are solving a problem, team meetings and some client
interaction.

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Bain & Company

On The Job
Associate consultant (office day)

8:40 a.m.: 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 a.m.: Meet with team to allocate assignments on current engagement.
10:00 a.m.: Head to the library (Bain is very research-oriented. I cant think
of another firm that has such quality resources at its disposal.)
1:00 p.m.: Take a break for a quick lunch. (Lean Cuisine in the microwave.)
1:30 p.m.: Finish whatever possible in library. Ask research assistant for
some research.
2:00 p.m.: Head across town to interview some of the clients customers
6:00 p.m.: Return to Bain office and compile results.
7:30 p.m.: Make some last-minute phone calls and return e-mail from vice
president assigned to team.
8:00 p.m.: Head out for cocktails (Straight scotch, thank you.)
Associate consultant (travel day)

5:40 a.m.: Get up to finish last nights packing.
6:30 a.m.: Grab a taxi and head to the airport, suitcase in tow.
8:30 a.m.: Review client notes on the plane.
11:00 a.m.: Arrive at client site, check into hotel.
12:00 p.m.: 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 cant, you learn to cope.)
1:30 p.m.: Organize and finalize presentation materials for a late-day meeting.
4:00 p.m.: Meet with clients and make presentation.
6:00 p.m.: Meet with team for post-presentation feedback and discussion;
discuss tomorrows agenda.
8:15 p.m.: Eat dinner with team. (The tab is always on the company when
it comes to team dinners.)
10:00 p.m.: Retire to hotel room, call husband and set alarm for tomorrow.
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On The Job
Consultant
9:00 a.m.: 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 morningclients,
client affiliates, upper-level managers with questions, team members wanting
to discuss new data analysis, the list goes on ...)
9:30 a.m.: Review notes on a software company on the West Coast.
11:30 a.m.: Return client calls; start creating spreadsheets.
1:15 p.m.: Break for lunch with two co-workers.
2:15 p.m.: Call manager of a large company to obtain client-related industry
information.
4:00 p.m.: Begin work on client case No. 2, a cable company in New
England.
6:00 p.m.: Eat a non-nutritional snack. (My favorites include Twinkies and
pretzels.)
6:15 p.m.: Check e-mail again; finish the spreadsheets started earlier that
day.
6:30 p.m.: Meet with research team to determine what is needed for an
upcoming presentation.
10:00 p.m.: 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.)
Job Descriptions
Associate consultants
Associate consultants (the analyst position at most consulting firms) are
recruited during the senior year of college (or after a nonbusiness masters
program). They are typically responsible for identifying information sources;
interviewing a clients 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
simultaneously.

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Bain & Company

On The Job
As an associate consultant, 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 team
help organize presentations for clients
assist in the identification of future trends in a clients industry
meet frequently with consultants and other associates
be involved in recruiting and pro bono work for Bain
Consultants
Consultants at Bain gather data in the field, analyze their findings, make
client presentations and work directly with clients to implement
recommendations. After being hired, they are placed on two client case teams,
ostensibly to help them gain as much experience as possible (although many
consultants complain that their dual work assignments keep them working
efficiently on any one case).
As a consultant you will:
travel to interview 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 team
organize presentations for clients
identify future trends in clients industry
meet frequently with team leaders
be involved in recruiting and pro bono work for Bain
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On The Job
Career Path
Summer program
Bains summer internship program receives rave reviews from participants.
Reports one insider, Bain manages the summer program extremely well.
Interns are given meaningful pieces of work and all the support required to
have a rewarding, productive experience.
Another Bainie says, My summer internship provided me with an excellent
insight into the work of a consultant at Bain & Company. I was doing work
comparable to that of being a starter already, and was also with the team on
the client site. Bain tries to provide a real case experience for three months
to get a taste for the work and then fun time to get to know the people, the
culture, etc. Another participant gives us the lowdown: The summer
involves one case and a whole lot of socializing. Spend the first week training
in Cape Cod, then during the summer go rafting in Maine, summer meeting
in New Hampshire, baseball games, dinners to get to know everyone at
different levels in the office. Its pretty great. The case experience is real with
a real piece of work, but there is a heavy emphasis on the fun part. Another
former intern says, I had a true consulting experience. I had significant
client contact, I owned a discrete workstream on the case and I interacted with
both partners and managers on the case. I also had a great social experience
where I participated in a lot of different activities and met people at all levels
of the company.
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, such internships are unusual among top consultancies, who 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.
For undergraduates
To become an associate consultant, or AC, one must graduate from a leading
college or university and possess remarkable academic credentials, strong
analytical skills and almost superhuman motivation. (ACs spend many a late
hour in the Bain office.) But youll be in good company, an insider tells us:
At Bain there are lots of associate consultants right out of college, so its a
much younger firm and a much younger culture. You report to consultants.
That means youve got a much bigger group of undergrads running and
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Bain & Company

On The Job
driving the analysis. Associate consultants work as members of a case team

in roles that vary according to individual performance levels and general team
objectives. As an associate consultant gains more experience, she will be
given more responsibility, including the opportunity to create client
presentations, perform financial analysis and serve on various in-office task
forces. Associate consultants are placed on two cases at one time, which 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.
To help prepare employees for these new endeavors, Bain offers rigorous and
frequent on-the-job training programs. Within their first few months, new
Bain associates can also expect off-site training, often in exotic locales. These
getaways serve a double purpose: Bainies gain analytical and business skills,
but perhaps more importantly, they interact with other newly hired associates.
Considering the strength of Bains existing alumni network, it is not
surprising that the firm encourages close bonds between fellow employees.
New recruits at Bain shouldnt get too comfortable. Associates typically stay at
the company for two or three years. Staying for four is extremely unusual. To
return to the firm, youll 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.
For MBAs
MBAs join Bain as consultants and immediately join client case teams and
become involved in the creation and implementation of strategic
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 one time. This approach offers exposure to a cross section of industries and
people, but it can also overburden time-strapped newcomers. Those who
endure usually acquire the training and experience to become case team
leaders. Consultants who meet Bains stringent standards and who arent
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. In its
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official literature, Bain professes to be looking for MBAs from the most
highly rated business schools who possess a high level of energy and the
desire to effect change.

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Bain & Company
Final Analysis
If you ask anyone savvy about the consulting industry what firms are at the
top of the heap, theyll most likely answer McKinsey, BCGand Bain. Bain
may be the smallest of the Big Three, but it doesnt take a backseat in
profitability or prestige to any other firm. Bain strategizes and determines
implementation, working with top management at some of the worlds
leading firms. It takes talent, brains and determination to enter the charmed
circle of Bainand maybe a little bit of luck. The firm at times seems more
like a (co-ed) fraternity than a company. If youre looking for an elite,
entrepreneurial and highly selective firm that offers limitless opportunity, you
should closely consider Bain & Co.
But be aware that the consulting industry may be on the verge of radical change.
Traditional management consulting firms like Bain, which have focused on the
big picture approach, may become a thing of the past. With every down cycle
in the economy, doomsayers have always predicted the demise of consultants,
but there are compelling arguments that this time they may be at least partially
correct. The industry has always been able to sell big ideas, from the product
portfolio matrix and the experience curve in the 1960s to the more recent
concept of reengineering. Now the consulting industry appears adrift, unable
to formulate the next big idea. Further, it is drifting increasingly toward the
implementation of technology and away from pure-play strategy. In 2000 it was
estimated that 57 percent of the U.S. consulting market was devoted to IT
services, with that number expected to grow to 70 percent by 2004. Traditional
consulting firms now find themselves squeezed from two sides. The large
technology implementation firms like Accenture, EDS and IBM Global
Business Services are encroaching on their turf, while at the same time many
former clients are establishing in-house strategy teamsoften staffed by
raiding consulting firms. Smaller technology-oriented firms that thrived during
the dot-com bubble and managed to survive when it burst, are also looking to
leverage their technical expertise to offer strategic advice to clients. Moreover,
the days of open-ended projects, in which swarms of consultants roamed in the
belly of the corporate beast and emerged months, sometimes years, later with
brilliant insights and grand schemes to pursue are essentially over. Many former
clients who felt they had been burned by consultants in the past now keep a
tight rein. They bring in consultants to accomplish specific projects in a certain
timeframe, to either save them money or make them money. Clients are also
keeping a tight rein on consultancy fees because of the poor economy; they are
demanding and receiving discounts from consultants.

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Bain & Company

Final Analysis
Where will all of this lead? Traditional consulting firms, in the words of
Fortune, still house enormous talent and a wealth of knowledge about how
successful businesses operate. But their future will look very different. Many
people believe that they are going to get a lot smaller. Their partners may
splinter off into several smaller boutique firms. Or they may merge with an
IT outfit to gain tech expertise and access to new markets. (Indeed, rumors
have floated in the past about IBM having designs on Bain.) Bain insists that
business remains strong and that it has no intention of dropping its generalist
approach, but the firm has already made some concessions to changing
timesthe new IT group is one such change.
Another harbinger of change is the firms official opening of its New Delhi
office in 2006. Unlike the majority of its peers, Bain didnt choose to target
India as a major market until recently. While the company will continue to
insist that India is not an afterthought, Bain may have to do some catchingup if it hopes to play on the same field with India-boosters like McKinsey.
From an insiders perspective, anyway, Bains business is booming.
According to one consultant, The market has picked up very much in the last
year. Bains business is growing globally and in the U.S., especially in the
L.A. office. Recruiting has become a bigger focus. Were moving quicker and
recruiting bigger classes.
Bains 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, recommended
reading and whats coming to the firms global network and its office
branches.
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Recommended Reading
Hiring on a Case-By-Case Basis, BusinessWeek, April 2006. Interview with
Partner Chris Bierly on Bain recruiting.
50 Smartest Women in the Money Business (and what you can learn from them),
Money.com, May 1, 2000. A short profile of Bain Chairman 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. Discussion of Bainlabs 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.
Businesses Get Into the Spirit of 2012 Olympic Bid, The Dallas Morning News,
October 23, 1999. How Bain is helping Dallas compete for the 2012 Olympics.
Beyond the Core and Profit From the Core, Chris Zook. Popular books by a
respected Bain consultant.

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The partners werent entitled to a specific portion of the companys income;

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March 2006: All about loyalty

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November 2005: Getting started in India

March 2005: Management shuffle

February 2005: Donahoe departs

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Bain & Company

July 2004: Schwab working with Bain

July 2004: Bain Capital investment IPOs