A recent undergraduate will join as a Business Analyst. A person with a graduate degree will typically join as an Associate.
Promotions are linked to performance and skills, not to tenure. A Business Analyst with superior performance can quickly become an Engagement Manager. On average, it will take 6 years from joining to reach the Vice President level.
Our firm uses the up-or-out philosophy. This means that consultants have to progress up the career ladder or they will be asked to leave at some point in time.
We have a multi-module approach to training that ensures consultants start their careers at Canback with the essentials they need to succeed, regardless of academic background or prior work experience. Our first-year consultants begin training on their first day at the firm, eventually culminating in a mock consulting engagement.
The formal training sessions completed by new hires cover:
- Excel skills, typically much more advanced than what new consultants already know
- PowerPoint skills and formatting specific to Canback
- Basic statistical analysis, including practice with Stata, the basics of regression analysis, time series analysis, and pooled models
- Business essentials, including basic concepts in accounting and finance
- Efficiency, quality assurance, ethics, and other key topics
Training continues past the first year with modules on project management, client development, and other topics spread over the following 6 years.
We also have a junior consultant give a lunchtime presentation to the firm every few weeks in order to build presentation skills. The topics for these are often drawn from recent client experiences.
We hold semi-annual performance reviews. For these reviews, senior consultants evaluate each consultant’s performance and skill-building needs based on a 6-page form. The form is then discussed with the consultant so that learning can be maximized. The reviews are used to make base salary and bonus adjustments as well as deciding on promotions. Further, the same form is used on each project to make sure feedback is timely.
Previous retreat destinations included:
- 2014 – Puerto Rico
- 2015 – Iceland
- 2016 – Bermuda
- 2017 – Cape Cod
- 2018 – Puerto Rico
- 2019 – Miami