About Oliver Wyman
Oliver Wyman is a global leader in management consulting with offices in more than 70 cities across 30 countries. The firm combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.
The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. The firm offers its expertise across major sectors including automobiles, chemicals, and transportation on various capabilities such as sustainability, risk management, and strategy consulting to name a few.
History
James Barker, Carl Sloane, and Herbert “Peter” Temple III (Founders)
Source: Wikipedia
In 1984, the financial industry in the United States was deregulated. This reform created an opportunity for management firms to offer consulting advice to multinational corporations (MNCs). Alex Oliver and Bill Wyman, former partners at Booz Allen Hamilton realized this potential and founded Oliver, Wyman & Company in New York.
In the beginning, the focus of the firm was on capitalizing on the deregulation of the financial service industry. Later, the firm expanded to offer strategy consulting services to non-financial services industries. By the late 1980s, the firm expanded its presence outside of the U.S., in the North Atlantic markets such as Canada and the U.K.
By 2003, Mercer acquired Oliver Wyman, and the firm became a subsidiary of the parent Marsh & McLennan Companies.
Some of the key milestones in the firm’s history are listed below:
1840
Oliver, Wyman & Company was founded in New York.
1988
Oliver, Wyman & Company initiates expansion outside of the US with office openings in London and Toronto.
2003
Mercer Oliver Wyman was formed, following the acquisition of Oliver, Wyman & Company by Marsh & McLennan Companies, Inc.
2005
Mercer Oliver Wyman forms its Strategic IT practice and a Corporate Risk Consulting group, including practice areas in Enterprise Risk, Actuarial, and Strategic Finance.
2019
Oliver Wyman launches the Oliver Wyman Forum, a platform that strives to bring together business, public policy, and social enterprise leaders to help solve the world’s toughest problems.
2020
Oliver Wyman becomes certified as a CarbonNeutral company and sets in motion a long-term strategy to integrate sustainability into its operations and reduce emissions.
| Website | https://www.oliverwyman.com/index.html |
| Founder (s) | Alex Oliver and Bill Wyman |
| Founded | 1984 |
| Headquarters | New York |
| Type | Management consulting |
| Locations | 70 cities across 30 countries |
| CEO | Nick Studer |
| Employees | 5,000+ professionals |
| Revenue | $2.12 billion (as of 2019) |
| Industries |
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| Capabilities |
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| Social Media |
Oliver Wyman’s core purpose, the reason the firm exists, is to bring together exceptional people to create value by making long-term contributions to its clients, industries, and societies.
Oliver Wyman believes in the following values
Commitment to doing what is right
Upholding the principle of integrity – meaning not cutting corners or trying to earn a quick buck at the cost of being intellectually dishonest.
Hunger for deeper understanding
As a firm, Oliver Wyman believes in being intellectually curious, that is, being interested in businesses and technical issues in the areas of reform, progress, and how to drive innovation.
Constantly striving for excellence
That is, finding a better way to do things, thereby driving continuous progress each and every day
Insistence on impact
Believing in finding a breakthrough, not only to make an impact but also to make sure the idea is tangible and implementable.
Harnessing the power of individuality and differences
To come up with better solutions for themselves and their clients.
Creating trust
To operate effectively and share valuable ideas amongst its stakeholders and create a sense of belonging and well-being for its employers.
Oliver Wyman believes in employee well-being as a signature element of their colleague experience. They want their employees to feel safe and create a mechanism by which their mental, physical, and emotional well-being are valued and prioritized, and equipped to open discussions on topics of mental health and safe space. To do so, Oliver Wyman has undertaken several initiatives:
Supporting and Equipping Colleagues to Thrive at Work
They have initiatives that enable employees to access the support they need when they need it. This includes mental health & wellbeing education, local well-being committees to raise awareness in local markets, as well as ‘Recharge’ days where regions/offices close down for the day to disconnect and recharge.
Health & Wellbeing Support
The firm offers a professional counseling support service covering a wide range of issues available 24/7, private and confidential, free of charge, in multiple languages, and multiple access points.
Wellbeing Champions
Their Wellbeing Champion network offers support to employees who might be struggling, by offering a supportive conversation, without judgment and with the knowledge of resources that could be helpful.
Mental Health Awareness Month
Oliver Wyman celebrates mental health awareness month each May with a range of global activities and events aimed at destigmatizing mental health, raising awareness, and bringing colleagues together.
World Mental Health Day
On World Mental Health Day (October 10th), Oliver Wyman raises awareness on mental health issues, and their employees across the firm share their stories and thoughts on how they take care of their own mental health.
Oliver Wyman has collaborated with various organizations to learn from others and help their employees and the firm in achieving a shared common goal of supporting people. Some of the internal and external groups are listed below:
Employees of Oliver Wyman Enabling Racial & Ethnic Diversity
Employees of Oliver Wyman Enabling Racial & Ethnic Diversity supports racial and ethnic diversity, enhancing the culture of Oliver Wyman, and creating a better firm and community for all employees.
Family Life at Oliver Wyman
Family Life at Oliver Wyman enables parents and caregivers to support and educate peers and colleagues on related topics, build community, and drive improvement at the many intersections of work and family life.
Gay, Lesbian, Bisexual, Trans, and Allies at Oliver Wyman
The Gay, Lesbian, Bisexual, Trans, and Allies at Oliver Wyman champions cultural transformation within the firm and engages with external LGBTQ+ recruits, clients, and community organizations.
Introversion at Oliver Wyman
Introversion at Oliver Wyman helps everyone at the firm better understand introversion versus extroversion, enabling colleagues to work more effectively together.
Veterans of Oliver Wyman
Veterans of Oliver Wyman is an advocacy group, focused on advising transitioning veterans, providing a supportive internal community, and promoting veteran advocacy in local communities.
Women at Oliver Wyman
Women at Oliver Wyman focuses on catalyzing the firm’s ability to attract, develop, and retain highly talented women and unlock their potential to drive business performance.
The Black Network
The Black Network provides a safe space for Black colleagues at Oliver Wyman and builds a sense of belonging without being constrained by a single Black narrative and recognizing that there is no single Black experience.
Men4Change
Men4Change aims to actively engage men and all allies to encourage awareness, dialogue, and action to decrease gender disparities.
The Hispanic and Latinx Network
The Hispanic and Latinx Network aims to connect Hispanic and Latinx colleagues across offices to strengthen their professional networks and provide the foundation for potential affinity-based mentorship and sponsorship relationships.
The parent company of Oliver Wyman, Marsh McLennan has announced that by 2050 it will reduce emissions to achieve net zero and cut its emissions by 50 percent by 2030. These emissions reduction targets are aligned with the Science-Based Targets’ criteria.
Further, the firm has taken the following green initiatives to promote sustainability across its organization:
Green Champions of Oliver Wyman (GROW)
Green Champions of Oliver Wyman is a network that links colleagues together to raise awareness of the environmental issues faced by the communities today and in the future.
GROWTrees
In collaboration with One Tree Planted, a nonprofit, Oliver Wyman donated a tree for every one of its employees. Their employees voted to plant trees in areas that promote food and water security, support indigenous communities, and improve long-term climate resilience.
Climate Academy
Oliver Wyman’s Climate Academy is a ‘learning and training curriculum designed to give its consulting staff the tools they need to execute high impact strategies for their clients through the climate transition’.
What distinguishes Oliver Wyman?
One of the key initiatives that distinguishes Oliver Wyman from other management consulting firms is its efforts in making a meaningful impact on society.
Oliver Wyman for Society
Through the Oliver Wyman for Society initiative, the firm believes in achieving impact by providing employees with volunteering and fundraising opportunities, pro-bono social impact consulting projects, and nonprofit fellowships.
a) For social impact projects, Oliver Wyman offers their capabilities and capacity to organizations whose work improves communities and lives around the world. Their projects focus on aligning with the UN SDGs.
b) By offering volunteering and fundraising efforts to non-profits, Oliver Wyman employees also try to serve and strengthen the local communities.
c) Similarly, for non-profits, Oliver Wyman provides its consultants the opportunity to take leave and put their skills to work for such organizations.
Why work at Oliver Wyman?
81% of employees at Oliver Wyman Group say it is a great place to work compared to 57% of employees at a typical U.S.-based company.
Source: Great Places to Work
96%
Management is honest and ethical in its business practices
96%
People here are willing to five extra to get the job done.
90%
Our customers would rate the service we deliver as “excellent”.
96%
People celebrate special events around here.
95%
I’m proud to tell others I work here.
Oliver Wyman understands that there’s no “one size fits all.” Hence, they hire people and help them thrive through a built-in support network, flexible career paths, and extensive training curriculums, with no barriers to advancement.
Further, Oliver Wyman strives to create a sense of belonging for each of its employees. They want their employees to be their best selves at work, exercising their right to be included and their duty to include others. In all that they do, Oliver Wyman prioritizes equity, value inclusion, and expects respect. Hence, the colleague and network level groups created by Oliver Wyman are oriented towards that end.
Best place to work
The firm has won numerous awards for its work and some of the recent ones are
- 2019 – Best Workplace for Millenials (according to Fortune and Great Place to Work)
- 2020 – Named in four different categories of the Global Diversity List
- 2021 – Winner of Central Banking’s Advisory Services Award
- 2022 – 53rd place on Stonewall’s top 100 employers list
Insurance, Health & Wellness
Health Insurance – The firm offers a comprehensive health insurance package to its employees.
Financial & Retirement
Retirement Plan – Oliver Wyman offers a diverse set of options to choose from.
Family & Parenting
Maternity and Paternity Leave – Depending upon the office, the leave can range from 6 weeks to 6 months.
Work from Home – The firm offers a work from home option for its employees
Vacation & Time Off
Depending upon the office, vacation time and time off can vary. As an example, in the New York office, the firm offers 3 weeks of vacation, 2 personal days, and 10 sick days.
Professional Support
The firm offers a diversity program and tuition fee assistance for employees considering studying MBA or Master’s degree programs
Perks & Discounts
On food and shopping
The career trajectory path for those working/joining Oliver Wyman strongly resembles the other management/strategy consulting firms. Some of the titles at each level include:
- Analyst
- Senior Analyst
- Consultant
- Senior Consultant
- Associate
- Senior Associate / Project Manager
- Associate Partner / Principal
- Partner
- Director
Oliver Wyman treats every new hire as a future partner. They have been known to be one of the firms that offer the quickest path to becoming a Partner. Depending on merit, each stage takes between 1.5 and 3.5 years.
Further, Oliver Wyman doesn’t require a Senior Consultant to attend business school before moving up to Associate and beyond. Oliver Wyman also strives to fund business school programs for employees who return to the company after their education.
Oliver Wyman hires from over 100 of the world’s most prestigious colleges on five continents. In the United States, for example, they are only represented in the Ivy League: Stanford, and Northwestern.
Analysts are often recruited directly from undergraduate programs, whereas Associates are recruited from graduate programs.
Compensation per Position/Role
| Position | Location (Base Average Salary/Per Year) | ||
| New York (in $) | London (in £) | Mumbai (in ₹) | |
| Analyst | $85,061/yr | £40,029/yr | – |
| Consultant | $92,932/yr | £48,047/yr | ₹31,34,947/yr |
| Associate | $159,051/yr | £75,194/yr | ₹44L – ₹48L/yr |
| Sr. Manager/Manager | – | £94,189/yr | ₹62L – ₹68L/yr |
| Principal | $253,655/yr | £151,993/yr | – |
| Partner | $315,084/yr | £236,059/yr | – |
Source: Glassdoor
Note: (-) indicates data not available
Undergraduate/Master’s Level Salary at Oliver Wyman
The below-mentioned salaries are typical for undergraduate/master’s graduates joining at the analyst level
| Location | Base Salary | Bonus | Signing Bonus | Relocation Package |
| Global | $100,000 | Up to $10,000 | $10,000 | – |
| Canada | C$85,000 | – | C$10,000 | – |
| UK | £43,000 | – | £7,000 | – |
| Netherlands | €58,000 | up to €27,000 | – | – |
| Singapore | S$90,000 | – | – | S$10,000 |
Source: ManagementConsulted 2022 Report
Note: (-) indicates data not available
MBA/PhD level Salary at Oliver Wyman
The below-mentioned salaries are typical for MBA/PhD graduates joining Oliver Wyman
| Location | Base Salary | Bonus | Signing Bonus |
| Global | $160,000 | Up to $32,000 | Up to $45,000 |
Note: (-) indicates data not available
Charity cycling event from Houston to Austin
Colleagues from the Paris Office spending time together in the Alps
Firm celebrating Black History Month
New hires with colleagues on a Hudson River boat cruise in New York
Note: Images are from Glassdoor and Instagram
Some of the notable alumni of Oliver Wyman are:
- Catherine Arnold – Former British diplomat and Her Majesty’s Ambassador to Mongolia
- Tom James – British rower and Olympic gold medalist
- Niklas Östberg – Co-founder of Delivery Hero
- Adam Selipskyas – CEO of Tableau Software
- Jeffrey Zients – Former Director of the United States National Economic Council
- Anne Wojcicki – Co-Founder and CEO of 23andMe
- Khaled Kteily – Founder & CEO, Legacy
Alumni Network Portal By Oliver Wyman
To encourage alumni to stay close to the firm, former colleagues, and current employees, Oliver Wyman’s Alumni Network Portal helps them to access the following:
- Posting Job Opportunities
- Directory of Alumni Around the World
- Alumni News
- Thought Leadership
- Social Media Feeds
- Newsletter
- Events
- Group Discussions and
- Keeping up with the Firm’s News
Oliver Wyman values people with intelligence, energy, passion, emotional sensitivity, and a commitment to excellence. It believes in the principle that if the company can have common aspirations, a non-hierarchical environment based on respect, and no artificial barriers to advancement, then exceptional people will realize their potential.
As an organization, Oliver Wyman aspires to achieve/value the following traits:
- Individuals who are self-starters and free thinkers who work well in teams
- Atmosphere where every member of Oliver Wyman is encouraged and expected to voice their opinion
- Creating a common aspiration, collective endeavor, shared success for all
- A true meritocratic system whereby barriers to opportunity are removed and everyone is able to achieve their potential
- Individuals who value non-work activities because Oliver Wyman believes that such individuals are able to make better contributions to the Firm.
Getting hired at Oliver Wyman
The hiring process at Oliver Wyman combines a mix of conversational and case interviews. Their approach is designed not only to get to know the candidate but also to understand their strengths and interests, and enable them to learn about the firm.
Conversational interviews
In this type of interview, the firm is interested in knowing the candidate’s background and their interests. Their goal is to assess the candidate’s interest in business and future goals.
Case interviews
The case interview is an interactive exercise in analytical thinking that allows the firm to assess how a candidate approaches and evaluates a problem. There are many types of cases; all are designed to allow the candidate to demonstrate their problem-solving abilities.
During the case interview, the firm is trying to evaluate the candidate in the following parameters:
- How does the candidate approach an unstructured challenge? Do they break it down into logical components?
- Can the candidate evaluate data and use it in their analysis?
- Can the candidate think out of the box in approaching a problem?
- Can the candidate apply common sense to complex business problems?
- Can the candidate ask the right questions and communicate their ideas?
Interview tips
During the case interview, the interviewer wants the candidate to solve the problem and will be willing to help. To work together, the following tips might come in handy:
- Pinpointing the issue – Thinking about the scenario, asking clarifying questions and summarizing the situation at hand.
- Break it down – Are there smaller problems inside the big one? Then jot down the initial thoughts on paper. Diagram your ideas. Structure your thinking process and ask for additional information.
- Pick an approach – Show the interviewer the approach adopted, state assumptions, and agree on key concepts.
- Analyze the issues – Analyze and incorporate data into the solution and if required, ask for more data.
- Use numbers – Showcase quantitative skills and be careful with simple calculations.
- Make a recommendation – Summarize the key findings:
- What does the analysis show?
- How does your recommendation answer the key issues?
- What should the client do? etc.
Practice portal
To help candidates practice, Oliver Wyman has created “WumbleWorld” and the “Aqualine” portal for them to play around with questions. The portal helps the candidate get a real sense of the kinds of challenges they can expect.
Some of the interview questions that were posed to candidates recently are as follows:
For the Consultant Role
- What is a time you overcame something you didn’t think you could?
- Estimate the average cost per flight ticket
- What do you think of using drones for insurance?
- Please describe a situation when you had to deal with a group with diverse backgrounds.
- Estimate the total amount of money held in ATMs across Australia on a daily basis that may have otherwise been invested by banks.
- How many people are at the top of the Eiffel Tower at one time?
An energy company that inspects wooden poles is trying to increase their revenue from 200 million to 800 million in one year. How would they go about doing this?
For the Consultant role
- Why Oliver Wyman?
- How does your past prepare you for the position?
- Tell me about your CV
- What do you do outside of work?
- Why <Location>?
- What do you think are the main skills relevant for consulting? How do you evaluate yourself among those?
- How many ATMs are needed for a remote island in Greece?
- Why are you a good fit for this position?
- Management consulting is an intensive field. What would you do if you were to face burnout?
- How many potatoes does McDonald’s use each year?
- How many fire hydrants are there in the US?
- What was a time when you had to convince someone that your way was the right one?
Work-Life Balance
Positive
- Phenomenal consulting firm, at least in the US. Good compensation, a culture that actually walks the walk when it comes to empowering and developing their junior employees, and a strong culture that values hard work and social skills in equal measure, and doesn’t fall prey to some of the more negative consulting stereotypes (e.g., it’s not overly competitive or “finance bro”-y). Work-life balance can be a bit rough, as with all consulting, but firm leadership has made a genuine (and in my opinion, impactful) effort to address this throughout the past year. I’ve never felt like I was underpaid for the amount of work I do.
Negative
- Long work days, with a lot of pressure, burnout. Company culture generally encouraged respectful behavior. 360 reviews and review system in general felt excessive. Constant requests for feedback up, down and sideways. Hardest part of the job was the learning curve. Most enjoyable, having knowledgeable managers who can help you.
Pay & Benefits
Positive
- The people are great, all super smart and humble. Entrepreneurial and supportive culture, consultants can pursue personal interests. Compensation is above industry average.
Job Security & Advancement
Positive
- Very welcoming culture and the environment overall. Great collaborative feel to all projects and decisions. Even the interview was a meeting with a wide range of staff and directors.
Management
Positive
- Lots of interesting projects and variety. Ability to make a substantial impact on projects, particularly those which are longer cases in nature. Lots of training along the way and supportive management.
Culture
Positive
- Culture at OW is amazing, the people are supportive, development is always a point of emphasis for consultants, and the type of work is impactful and meaningful.
- It was a great organization to work for. Had I been offered a regular full-time position I certainly would have accepted it. It’s a great location in the John Hancock building, the management was supportive. Great place to work.
Conclusion
Oliver Wyman is a firm that has already established its reputation. It deeply cares about its people and does everything at hand to create a safe space for them. With expertise across industries and strategies, Oliver Wyman is able to differentiate itself as a real-world industry advisor. By collaborating with experts from its sister and parent companies – Marsh & McLennan Companies, it is able to solve problems around the world.