My heart was beating through my chest, and my mind racing.  The same thought kept replaying over and over again within my cerebral cortex:  “I’m not prepared for this meeting.  How did I allow myself to get into this situation”?  After my colleague and I entered the client’s palatial office, I calmly sat down and distributed the packet of information that we would be reviewing.  I was confident with the early part of the presentation but was struck with an escalating sense of foreboding as the conversation progressed.  His eyes said it all, but his words would remove any doubt:  “I was expecting something very different.  I am now stuck in the unenviable position of having to make a difficult decision…Either postpone tomorrow’s board meeting, yet again, or trust that this presentation will be properly fixed by tomorrow morning”.  His comments, coupled with my senior colleague’s less than stellar support, shook me to my very core.  I was thrown under the proverbial bus, and I knew there was no coming back from it.  Less than two weeks into a new engagement, I was surreptitiously rolled off the client.  Just like that…I was done. 

Never in my career had I experienced such a profound sense of failure and anger, in both myself and the project’s leadership team.  I cannot put into words just how deeply my confidence had been shaken.   In many cases, a consultant’s effectiveness is directly tied to his ability to exude confidence.  Had I lost my Mojo?  Had my personal brand been tarnished?  How could I recover from something like this? continue reading »

Although the economists still can’t agree on the real quantative impact of various stimulus packages that were adopted by economies from around the world but one cannot dispute the fact that the size of the stimulus did matter and did work in most cases.

To investigate this further let us look at the various stimulus packages that were adopted during the CRISIS.

Obviously by the sheer size and percentage of National GDP China’s US $ 586 billion stimulus Package which accounts for above 12.9% its GDP stands out from the REST. It is possibly followed by Saudi Arabia, Malaysia, and the mother of all STIMULUS thrown by United States under its American Recovery and Reinvestment Act of 2009 which is the largest by any measures (US$ 787 billion).

At the time there were market pundits who were debating the pros and cons and some even doubted if the stimulus packages will deliver and I am glad to admit that some of us including myself had a different view. Based on my judgement and commonsense I concluded in a piece that I wrote in March of 2009 titled “ Getting the Patient Out of Intensive – The Economy “ that it should deliver and put the US and the world economy back to growth. But having said we should have no illusion that the road ahead is still bumpy and uncertain. continue reading »

I tend to shy away from politically focused posts as the feedback is generally overly intense, sometimes irrational and usually futile.  It’s almost as bad as trying to discuss the perennially hot topic of religion.  The discussion always begins amicably enough, but it inevitably seems to devolve into senseless argument.  I think Oscar Wilde said it best:  “Arguments are to be avoided; they are always vulgar and often convincing”. 

After watching the recent State of the Union address (embedded below; please watch it if you have not…It’s worth it) I felt compelled to share a few thoughts, given that much of the  focus of the speech is centered on the economy.  A harsh reality is that politics and business are firmly joined at the hip, whether you want to believe that or not.  A clear example of this would be the special bond between corporate entities and career politicians.  How many times have you heard of “gray-area” reciprocities that have transpired over the past few decades alone?  You know what I mean – transactions that just didn’t seem to pass the common sense test.  Remember the cozy relationship between Halliburton and former Vice President Dick Cheney?  Wiki “Political scandals of the United States,” and you’ll get a flavor of just how extensive the list is. 

I know, I know … you’re probably thinking I’m heading down the path of “all politicians are criminals” stereotype.  That’s really not my intention here, so please bear with me.  We all know that political malfeasance is much more commonplace then it should be.  When was the last time you had that following thought running through your head after news of a scandal broke:  “Wow, I can’t believe he or she would do something like that”?  It’s almost expected these days.  The only questions are:  “How egregious is the act?” and “Will the public ultimately accept the indiscretion for what it was?”  It’s that simple; however, variables that dictate the public’s appetite for forgiveness is not.  Blagojevich = Bad, Clinton = Not so bad or even good.  Go figure. continue reading »

By now, you probably know a friend or a friend of a friend who has seen the blockbuster movie “Avatar,” a film that undoubtedly touts the creative genius of James Cameron, with a plot that seems to be universally appreciated, visually stunning cinematography and cutting-edge 3D technology that puts the proverbial cherry on top. Anecdotally, it just seems that moviegoers are actually excited about going to theaters again, a trend of which Hollywood is keenly aware.

As the “Avatar”-sparked 3D revolution continues to build momentum, I find myself asking a profoundly simple question: Is it sustainable? 3D has been around for a very long time. Yes, the technology itself has evolved in tremendous ways, but the original concept goes back over fifty years, not to mention there have been 3D resurgences in both the 50s and 80s. However, the spikes in usage during those periods were seen as gimmicks that quickly lost popularity.

In the January 6, 2010 Yahoo News article “Blockbuster ‘Avatar’ to accelerate 3D revolution”, the author states that “[a]ccording to organizers of a recent 3D film festival in Belgium, more than 150 3D films are currently in various stages of production. Among them is the long-awaited movie adaptation of comic-book hero ‘Tintin,’ directed by Oscar-winner Steven Spielberg and tentatively scheduled for release in 2011.”
It’s clear that Hollywood sees the current 3D revolution as an opportunity to accentuate the moviegoer experience and glean profits in the process. But I for one feel that the 3D zeitgeist will pass and ultimately succumb to one irrefutable principle: Technology without substance or meaningful content is destined for failure.
continue reading »

(Photo:  Adam Lyon)

About a year ago, I was strongly considering the pursuit of an executive MBA to compliment my existing advanced degree in technology management.  I had been on the fence about the decision for quite some time.  Part me of felt as though my education would be that much more enhanced with the addition of those three little letters to bolster my resume.  Another part of me just felt as though I had unfinished business from several years prior.  You see, my graduate degree was comprised of about 1/3 of the standard MBA curriculum so I theoretically could have declared a dual degree approach.  But I didn’t.  At the time it just didn’t make much sense.  I had just landed a new job as a consultant and I knew my time would be very limited moving forward.   

As I revisited the possibility of heading back to school, an executive MBA was the only thing that might be able to comport with my hectic work schedule.  I decided to attempt to obtain firm sponsorship so my tuition fees would covered.  Unfortunately I didn’t make the cut as only 1 out of a little over 2o applicants received sponsorship.  This was at the height of our economic downward spiral so the outcome really didn’t surprise me at the time.  Trying to obtain firm sponsorship was even more challenging then the actual executive MBA application itself.  Not only did I need to provide a completed application that I’d be providing to the university I was applying to, but there were also series of other internal applications and recommendations I needed to provide.  It was an extremely painful process.

As you could imagine, the process left me with a number of completed applications; including my precious essays which would sadly never see the light of day.  Rather then cast them into the abyss of my My Documents folder, I felt that it might be helpful to some if I shared a sample essay response to one of the most commonly asked MBA admission essay questions.  The hope is that my personal style to the essay may help spark new ideas to help enhance your own response, and ultimately increase your chances of getting into the school of your dreams.  To be clear, this is not an approval to plagiarize the essay.  Writing an MBA essay for admissions is a profoundly personal activity.  It should reflect who you are, and not what you think the admission’s committee would like to hear.   

The following is one of the most commonly asked MBA admission essay questions:  Why are you an ideal candidate for the Executive MBA Program and how will your professional and personal accomplishments benefit your EMBA colleagues?  continue reading »

Developing countries’ share of global equity market capitalization jumped to a record 24 % in the first half of 09 from the past levels of 15% at the start of 07 as more investors flock attracted by the growth story.

Investors are now beginning to realize that developed nations are possibly faced with decades of very low growth and may need decades to work off the mountain of debt which is the biggest since World War II. According to IMF recent forecast the total debt of developed nations used to fund various bank bailouts and stimulus packages could reach above 113% of GDP by 2014. This is more then three times the estimated forecast of 34% for developing nations. Though one could argue that developed countries have had bigger debt burden in the past ( post World War II ) reaching close to 250% of GDP in case of U.K., and over 100% in case of USA but these debts were repaid pretty quickly. On the other hand, we have to take into account that developed nations recorded decades of high growth just after the World War II ended which allowed them to get their fiscal house in order. In the current circumstances it is highly unlikely that the developed economies will see growth levels of post World War II era going forward.

Developed countries are in a catch-22 situation if they spend more to keep stimulating the economy they risk running into a huge unsustainable fiscal deficit. The combination of low growth and ballooning budget deficit could be very damaging to developed economies. The talk of the town is now increasingly focused on getting the fiscal deficit under control. It looks like the Governments in the developed world have resigned to the fact that they are entering into a low growth era. World Bank is now forecasting the GDP of high-income countries to shrink by over 4.2% in 09 and the overall global economy to contract by 2.9% in 2009. continue reading »

I’m frequently asked by friends, family, clients, job candidates and random people I encounter on my travels what it’s like to work on the advisory side of a Big 4 firm.  Typically, if there’s time to discuss and there’s mutual interest in the exchange, I’m immediately bombarded with a slew of follow-up questions like:  What do you do exactly?  How does one get into that line of work?  How much do you travel?  Is it a good career path?  Is there such a thing as work-life balance?  Is it challenging?  Do you think I’d be good at it?  And so on…

The reason I’m so consistently willing to discuss my perspective with so many people, especially young professionals, is that I was once in their position and had many of the same questions.  When I received answers to my inquiries from people in the profession, many of whom continue to this day to be my friends, I was intrigued.  After some time contemplating the potential challenges that such a job would offer, I decided to pursue a chance opportunity to join the ranks of Ernst & Young LLP.  I’ve been with the firm almost three years now.  Looking back, I feel as though the six years of professional experience I had accumulated prior to joining E&Y, although invaluable on many levels, simply did not hold a candle to the client exposure, professional networks and shear rapid-fire experiences afforded to me in my present capacity.  I must confess, however, that this outlook reflects how I feel today, which wasn’t always the case.  Reaching this point has taken an immense amount of patience, hard work, resilience, ambition, and even a little luck.  Yes…I said luck. 

To be clear, this article has not been written under the guise of any Big Four recruiters.  Its goal is not to solicit top talent or self-promote services offered or whatever other angles you might have running through your head right now.  I respect all of the Big Four firms, especially mine, a great deal but feel that the only way to offer up a truly unbiased perspective on the lifestyle is to provide genuinely candid insight.  The primary purpose of this article is to offer a balanced perspective to those who may be interested in such a career path regardless of industry focus or subject matter area.  continue reading »

The message from this global financial crisis is loud and clear; the system that we currently have is flawed, susceptible to produce crises and prone to systemic risk.

As a first step, we will have to fully address the SYSTEMIC RISK and the accumulation of excesses in global the economy that tends to build up during the period of strong growth. The hope is that the market participants, the governments and the regulators around the world have learnt their lessons from the ongoing crisis and will take this as an opportunity to reconstruct the financial system and the way it operates. Although one could argue whether it is safe put your faith in the ability of the market, the governments or the regulators to fix the SYSTEMIC RISK issue. No doubt, they have bungled up in the past and they would probably do it again. But that is not the point. We all make mistakes and learn from it. So we have to give them the benefit of the doubt. I hope we are all done with the blame game. The regulators and politicians were pretty quick to put all the blame on the banks, the investors, the insurance folks, the rating agencies and everybody else but not themselves. How convenient.

Honestly speaking, we are all to blame for this financial crisis including the folks on the main street who happily leveraged themselves not worrying about the shortcomings. In fact some folks on the main street got very comfortable with the idea of living on borrowed money without having the ability or resources to meet their obligations. And the reason for that was simple they figured that was the norm. continue reading »

Do you find yourself diluting your verbs to make a point? Have we all lost the ability to be clear and direct in our writing?

Let me give you an example. Would you prefer this sentence? We now have the need to make a recommendation to our management to purchase the new office furniture. Or would the following sentence be more appealing? We need to recommend that management buy the new office furniture.

Let’s try another example. Compare these two sentences.

1.)  He was responsible for collecting all the information for the quarterly report.
2.)  He collected all the quarterly report information.

Can you see how using verbs in their basic form is more clear and direct? continue reading »

Some of my friends and colleagues are busy trying to figure out what could be the shape of the most eagerly awaited recovery. The debate is whether we are going to see a V, W, and U or prolonged I__I shaped recovery.

There are some who are suggesting we are probably going to see a V shaped recovery then there are those who are predicting a U or prolonged U shaped recovery and yes there others who believe we might see a W shaped recovery. Boy! Go Figure. Someone has to be right but then I wonder isn’t this all a bit premature? Aren’t we getting ahead of ourselves on making such prognoses or am I simply being Silly?

Let’s find out, shall we?

The shape of the current economy could probably give us some clues as to what the shape of the recovery might be or at the least we could rule out some.  To get a good estimate of the health of the economy let us look at some of headline news during the week ending Friday, the 15^th May 09.

We will start with the numbers out from the European Union.

According to European Union’s statistic office the GDP in the 16 member Europe region fell by over 2.5% from the fourth quarter, the steepest decline in over 12 years. This was above the market expectation of continue reading »