In today's insightful conversation, we have the pleasure of hosting Reetika Bir, a seasoned professional in the consulting world, whose journey from the bustling streets of Gurgaon, India to the dynamic environment of Toronto and beyond exemplifies a relentless pursuit of growth and excellence.
With a rich background that spans leading roles at Deloitte, an impactful stint at Duke’s Fuqua School of Business, and her current leadership position at Wavestone, Reetika offers an unparalleled perspective on navigating the complexities of consulting.
Her story is not just about career advancement; it's a narrative filled with valuable lessons, strategic moves, and the art of making significant industry impacts. As we delve into her experiences, strategies, and advice, we uncover the essence of what it takes to thrive in the ever-evolving world of management consulting.
Interested in careers at Wavestone? Learn more.
Wavestone Interview
Reetika, thanks for joining us today! Can you provide an overview of your background – the stops along the way that have led you to where you are now?
After obtaining my bachelor’s degree in business studies from University of Delhi, I started off my career at one of the Big Four. I worked in their Risk Advisory practice, originally at the Gurgaon office before transferring to the Toronto office. During my 6 years at Deloitte, I helped several Fortune 500 companies across various industries develop and optimize their business and IT processes while also ensuring consistency with SOX guidelines. I then decided to get my MBA at Duke’s Fuqua School of Business. Post graduation, I transitioned to Everest Group, which was acquired by Wavestone in 2021.
Before you started with Wavestone, you obtained an MBA from Duke Fuqua School of Business. How did that experience – and the skills gained from it – shape your career trajectory?
My decision to obtain an MBA was driven by a desire to pivot towards consulting. At Fuqua, not only was I able to develop a solid foundation in business principles but also hone my problem-solving and communication skills, both integral to success in the consulting industry. Engaging in diverse projects and collaborative learning environments allowed me to develop a strategic mindset and an ability to approach complex issues with innovative solutions, while also broadening my network. The emphasis on leadership at Fuqua exposed me to various leadership styles and challenges which has equipped me with confidence and capabilities necessary to navigate the dynamic landscape of consulting effectively.
You began your career at some large management consulting firms:
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What were some reasons that led you to a more boutique firm like Wavestone?
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What are some differences you can highlight that could help candidates interested in consulting?
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Is there anything unique to Wavestone regarding the staffing process?
While my career at Deloitte laid a solid foundation, coming out of business school I knew I wanted to work at a boutique firm like Wavestone that offers a more intimate environment and doesn’t let you get “lost in the crowd”. Some other differences between larger firms and Wavestone are:
Access to Partners: At larger consulting firms, you primarily work with Managers / Senior Managers and rarely have access to Partners. At Wavestone, due to smaller team sizes, you will likely start working with a Partner from Day One. Being exposed to that level of thinking early on accelerates your learning and growth much more quickly compared to a larger consulting firm.
Client Exposure: Similar to the above, you begin interacting with clients from Day One at Wavestone. While your Managers / Senior Managers will support you, you are not ‘shielded’ by a large team. This leads to a much faster learning curve.
Entrepreneurial Environment: More often than not, if you can come up with an idea, Wavestone will provide you the resources to support it. By virtue of being a smaller firm, we can be more nimble and avoid the ‘red-tape’ our larger competitors face.
Wavestone’s staffing process is unique in that:
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- You are assigned to a project by your Career Development Manager (CDM) and not a staffer; and
- It is a national staffing model and not regional. Every week, there is a staffing meeting to discuss upcoming projects and available resources to ensure alignment between staffing requirements and individual interests. This ensures that as much as possible, consultants are working on projects they are actually interested in. Additionally, the national staffing model offers a larger pool of projects in terms of project types and industries (sometimes even international projects) compared to a regional model.
Starting out at Wavestone as Senior Consultant, you’ve steadily progressed to a Senior Manager. What advice would you have for MBAs coming into the firm at the Senior Consultant level?
While coming in as an MBA with prior work experience gives you a leg up, it is important to realize that there will be plenty you don’t know when you first start working on consulting projects.
My most important piece of advice is to know what you don’t know, and then figure out where you can find the right answer. In consulting, you’re never going to know the answer to everything but being resourceful and proactive to get to the right answer is one of the most important skills you can develop.
Second, don’t be afraid to roll up your sleeves and do the work. I never had any qualms about being the most junior person on a team even as an MBA and will still conduct data analysis if I need to. Consulting is less about individual glory and more about ensuring your team’s success.
Lastly, have fun! We spend a lot of hours doing what we do, so you may as well make sure you’re having fun while you’re at it. The phenomenal people you’ll meet at Wavestone make this part easy.
Let’s dive deeper into Wavestone’s offerings in the US. What are the practice areas and which do you work within most frequently?
Wavestone currently has six distinct practice areas in the US -
*New MBAs coming in as Senior Consultants are exposed to clients across all our business circles, and the variety of industries within them.
While I am most closely aligned with the SSO practice area, I work closely with leaders in other practice areas to discuss the types of problems our clients are currently facing in the market. Within the SSO practice area, I help clients optimize their sourcing strategies, develop and transform delivery models to support their business objectives, and assist with vendor management and governance activities.
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Could you describe a typical week as a Senior Manager at Wavestone?
What is the most fulfilling part of your role?
As they say, there is no typical week in consulting. In general, my week is built around the client meetings and deliverables due that week. Most days start off with a team check-in to track project progress, discuss status of tasks assigned to each team member, and highlight risks or issues for resolution. Throughout the week, I participate in client meetings, provide guidance to team members and ensure that the team is well-positioned to address any upcoming client needs.
In addition to client work, I also participate in several other firm initiatives throughout the week. As a Senior Manager, I participate in strategy and business development discussions with firm leadership, act as a CDM to 6 individuals, co-lead monthly SSO meetings, oversee development of internal knowledge artifacts, etc.
The most fulfilling part of my role is definitely watching new consultants develop their skills and come into their own over time. As an apprenticeship-based model, we believe the best way to train the next wave of consultants is by consistently demonstrating the skills and behaviors that they need to emulate. In addition to being a CDM, I try to develop younger consultants by giving them autonomy over assigned tasks, providing continuous feedback and acting as a role model. To then watch these consultants reach the next level is truly a great feeling.
Do you have a favorite client engagement that you can speak about?
What type of client was it, and what problem were you solving?
In light of COVID-19, a $7B not-for-profit healthcare system, one of the largest in the US, was facing uncertainty and asked Wavestone for assistance with reducing its shared services cost from 12% to 10% of enterprise net service revenues.
We started off by reviewing 21 shared service functions within the organization (representing 82.5% of the 2020 budgeted OPEX) to assess what the impact of delivering these services under alternative delivery models (e.g., alternative locations, automation, consolidation, standardization) would be. We identified that by implementing alternative delivery models across 5 of these functions, the client would be able to achieve annual steady-state savings of 20%, thus achieving its goal.
We then proceeded to assist the client with implementing these alternative delivery models by developing an RFP that clearly captured the client’s targeted objectives, inviting relevant third-party service providers capable of delivering against the client’s requirements, facilitating workshops between parties to develop viable delivery models, facilitating contract negotiations, and finally, assisting with transitioning to these new delivery models.
There are several reasons this project ended up being one of my favorites:
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- The client decided to take a risk and undertake a massive transformation during a time when other healthcare systems were playing it safe;
- The Wavestone team, comprising of 25 individuals, had to follow a standardized process, deliver consistent deliverables, and offer a similar ‘feel’ to stakeholders across all functional areas, which required tight-knit collaboration at all times; and
- Upon seeing the financial results, several other healthcare systems across the country started adopting this transformation model.
For soon to be graduates considering consulting – what core competencies and personal traits do you find to be most useful or important?
I find that the following core competencies are most important in consulting:
Structured Thinking: The ability to approach complex problems in a systematic and organized manner is crucial. A structured way of thinking helps in breaking down problems, analyzing components, and developing comprehensive solutions.
Problem-Solving Skills: You will often find yourself addressing challenging and multifaceted problems. Strong problem-solving skills, including critical thinking and analytical abilities, are essential for devising effective strategies and recommendations.
Team Collaboration: I’ve said this before and I’ll say it again, the ability to work seamlessly in a team is fundamental in consulting. Teams help generate diverse perspectives, leverage collective strengths, and deliver high-quality solutions. Building effective communication and interpersonal skills will help you go a long way.
Personal Questions:
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Do you have a top highlight/memory from your time at Wavestone you can share?
My top highlight at Wavestone would definitely have to be attending WeSki this past December! Every year, Wavestone hosts a ski weekend in Alpes d’Huez (French Alps), bringing together Wavestone employees across the world. I had an incredible weekend partying networking and building relationships with my co-workers in different practices/offices.
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What is the top piece of career advice you’ve received?
A piece of advice that I received early on in my career that has stuck with me: “When you send a rocket to the moon, you don’t aim for where the moon is right now but where it will be when the rocket lands.” Meaning prepare yourself for a career based on where the industry will be in the future, and not where it is right now.
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If you could relive a Wavestone project in any city, where would it be and why?
It would likely be Jacksonville, FL. While it was a demanding project for a tough client, we had a phenomenal team, great weather and some terrific restaurants that kept us going. The river-facing views from the client’s office didn’t hurt either!
Conclusion
Reflecting on our conversation with Reetika Bir, it's evident that her journey is a testament to the power of continuous learning, strategic thinking, and the courage to embrace change.
From her early days at Deloitte to her transformative contributions at Wavestone, Reetika's career is a beacon for aspiring consultants and business leaders alike. Her insights into the nuances of consulting, from the value of an MBA to the intricacies of boutique firm dynamics, offer invaluable guidance for those looking to carve their own paths in this competitive field.
Moreover, Reetika's personal stories and the ethos of embracing challenges with a positive spirit resonate deeply. As we conclude this engaging interview, it's clear that Reetika's experiences, advice, and reflections not only highlight the roadmap for professional success but also underscore the importance of passion, perseverance, and the pursuit of excellence in one's career.
Additional Resources:
- Wavestone Firm Profile
- Consulting Resume: Complete Guide
- Consulting Networking The Non-Sleazy Way
- Case Interview: Complete Prep Guide