An Analyst’s Perspective on Why

Collaboration and Communication Are at the Heart of Consulting

Julia Zaljaliev is an Analyst with Alvarez & Marsal’s (A&M) Private Equity Performance Improvement (PEPI) practice in Munich, Germany. She earned her Bachelor of Science in Global Business Management from the University of Augsburg and her Master of Science in International Finance from the NOVA School of Business and Economics.

In this Q&A, Julia shares her journey from Intern to full-time Analyst at A&M, reflecting on career challenges and the mentorship of Steffen Kroner. She delves into the office culture in Munich, essential skills for consulting success and the invaluable advice imparted by her mother.

Reflecting on your college experience, what unexpected lessons or insights have you gained that have significantly impacted your career?

I moved from a traditional German university to a business school in Portugal for my graduate studies. Unexpectedly, I tackled group projects about half the time, exposing me to a diverse mix of professional and cultural backgrounds. As deadlines drew near, I often felt pressure, whether due to an uneven workload or a sense of inadequacy. I quickly learned that clear communication was vital, especially with the varied communication styles among team members. These experiences have proven invaluable at A&M, where collaboration is at the heart of consulting. Facing similar challenges as I did during my studies has helped me manage stress more effectively. Plus, the supportive environment at A&M fosters open communication and a willingness to lend a hand.

Why did you choose to intern at A&M?

I didn't have a clear career path during my college years. However, throughout the interview process, several factors resonated with me. Firstly, the evident connection between consulting and private equity was compelling. I had already been involved in several impressive PE mandates, highlighting this field's exciting possibilities. Secondly, I was drawn to the operational focus of projects within A&M PEPI and the hands-on approach. Witnessing how A&M's clients valued the expertise and tangible value the firm brought to the table was inspiring, and I wanted to be a part of that impact. Lastly, the firm's global presence and the prospect of secondments and office transfers caught my attention. It was remarkable to hear firsthand experiences, such as my first interviewer relocating to New York the next day, which underscored the dynamic opportunities available within A&M.

What motivated your decision to join A&M full-time?

My internship was truly rewarding. From the start, I had the chance to delve into two major projects and engage directly with clients, where my contributions felt genuinely valued. Subsequently, Steffen Kroner, Managing Director and one of the German co-heads, co-supervised my master's thesis, which led to an excellent outcome. The day after defending my thesis, he called to personally extend congratulations and finalize the offer. How could I refuse?

Which office are you based in, and how would you describe the office culture?

I'm situated in Munich, which hosts one of the largest offices in Germany. It's important to note that we don't adhere to a traditional office culture in consulting, as many of my colleagues are often on the move, working directly at client sites. Typically, you work closely with a smaller team on each project, fostering strong connections. Nevertheless, A&M makes an effort to facilitate networking and collaboration within and across divisions through frequent Friday gatherings and events. My highlight this year was our skiing trip!

Why Asking Questions and Relying on Mentors Is Crucial for Overcoming Challenges and Unlocking Opportunities

Reflecting on your career's early stages, what unexpected challenges did you encounter, and how did you navigate them to emerge stronger?

My early projects introduced me to industries I hadn't encountered before, like veterinary pharmaceuticals and photonic technology. The environment was fast-paced, and I set high standards for myself. I'd spend late nights reviewing industry reports and examining every firm credential I could find on these subjects. Another challenge was navigating sitting in a room filled with senior client executives while fresh out of college. Looking back, I realize nobody starts as an expert, and eventually, you grow into it. It is also crucial to ask questions; your project lead is usually best equipped to guide you through the topics.

How has the analyst program shaped your perspective on talent acquisition?

I am very happy that I did the internship before transitioning to a full-time Analyst position. Not only did I get to test whether this fit workwise and culturally, but it also gave my employer confidence in my skills. Having this in mind, I felt more at ease when starting my first full-time job.  

Share a significant accomplishment from your career.

Reflecting on your career, every project and milestone feels significant. One experience that stands out is a smaller project I worked on with just one other team member, my project lead. From the beginning, I was hands-on and actively participated in nearly every conversation and decision with the client. This allowed me to establish a strong rapport with the client and step up to lead the project when my project lead got sick. What makes A&M unique for me is the level of responsibility and trust they give you.

Who are the individuals you consider your closest mentors, and what valuable lessons have you learned from them?

I have a lot of colleagues I appreciate as mentors and friends, but Steffen Kroner stands out. He’s been a great mentor since my internship, helping me excel academically and guiding me in my career. He offered me opportunities and pushed me when I needed it most, playing a big part in my growth and progress at A&M.

Essential Skills for Success in the Consulting Industry

What crucial skills or qualities do you believe students should prioritize developing to thrive in the consulting industry, and how can they best prepare themselves?

Start with the basics—be ready to work with a lot of data and have a solid grasp of financial statements. Knowing your way around Excel and PowerPoint and being able to analyze company performance will give you a smoother start. For everything else, trust the process and stay committed and curious. Your first projects might seem intense, but that's a good sign you're on the right track.

Looking back, what advice would you offer recent graduates about effectively transitioning from academia to the professional world?

Honesty and an eagerness to learn are essential. As an Analyst, you’re not expected to know everything, but the most important thing is giving your best effort and being upfront about your abilities. Don’t hesitate to ask for help—it shows you care about the team’s success, not just your own. Even if things don't work out perfectly the first time, use it as a great opportunity to learn and do better next time.

Networking Is a Two-Way Street: How to Effectively Build Relationships

How do you approach networking and building professional relationships, and what tips would you offer to others just starting?

At first, the high level of seniority at A&M was a bit challenging for me. However, as I got to know some colleagues, it became easier to navigate the firm, especially when I was new. Attending events was also a game-changer, making it simpler to initiate conversations outside the office in casual settings. Once you've made some valuable contacts, remembering that networking goes both ways is important. Seek opportunities to help others with advice, connections or support. And remember to check in on each other regularly.

What's your favorite hobby or activity outside of work, and how did you get into it?

I enjoy being out in nature, which is a perk of living in Munich. I'm lucky to be able to drive to the mountains in less than an hour. I had to do a five-day hiking tour in the Alps back at school, which I hated then, but now I’ve grown to love it. Whenever I can, I grab my hiking shoes, head up a mountain and finish the day with Schnitzel and Spezi.

What's a book, movie or TV show that has profoundly impacted you, and why?

When Breath Becomes Air by Paul Kalanithi is a very inspiring memoir about the life of a talented neurosurgeon who receives a diagnosis of terminal lung cancer in his mid-thirties. It highlights his journey from being a driven young doctor to facing his diagnosis as a patient. The book offers a unique perspective on life's challenges and the abrupt shift in his career and future. It’s an excellent read for a perspective switch in a high-pressure environment.

What's the best advice you've ever received, and how has it influenced your life?

In stressful situations, my mother often suggested thinking about the worst-case scenario and how it would make me feel, which might appear counter-intuitive to some. However, this advice has stuck with me because the worst-case scenario usually doesn’t happen. But if it does, you’re emotionally prepared, and it usually ends up being less severe than you expected.

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