Report: Chelsea Clinton takes six-figure consulting job

AP | 3/08/03

[kattracks]

NEW YORK (AP) -- Chelsea Clinton will start a six-figure consulting job after she receives a master's degree from Oxford University later this year, Newsweek magazine reports on its Web site.

The daughter of former President Clinton will work in the New York office of London-based McKinsey & Company, newsweek.com reported Friday.

Clinton, 23, accepted the position Friday after she reportedly turned down McKinsey's offer of $100,000 a year to work at its London headquarters, according to the Web site.

A spokesman for McKinsey did not immediately return a call for comment Saturday, nor did Bill Clinton's office.

Clinton, who is studying international relations at Oxford, will be one of 5,000 McKinsey consultants worldwide who research topics ranging from health care to corporate finance.

[dalebert]

can anyone tell me why this is news.her mommy and daddy threatened to kill someone if she didn't get the job.

[shadeaud]

Chelsea must really have a mouth on her!

[HassanBenSobar]

I knew a woman who started at McKinsey at age 23. She was pretty damn impressive...got her bachelors and MBA from U Penn/Wharton, while holding down an analyst job for a REIT (complete workaholic, this woman). She grew up as an 'army brat' living all over southeast asia-spoke 5 languages fluently. Super smart and personable. She deserved the job, and she did very good work for various clients, from what I saw.

The younger consultants are seldom experts in the industry of the client. That's not what they're brought on for. The partners and senior consultants are experts; the newbies are workhorses like you wouldn't believe. Will Chelsea be held to the same workload/performance standards? I know what your answer is already. It'll be interesting to hear from the mck grapevine what really happens.

As far as justifying the pay...if only you knew how much mck billed for an associate's time...

[COBOL2Java]

Chelsea must really have a mouth on her!

Well, sure. She got it from her dad...

[cgbg]

The only justification I can imagine for this "arrangement" is that McKinsey must have serious skeletons (perhaps bad advice to clients that could get them in legal trouble?) that they need buried with the assistance of the Witch of New York.

If Chelsea had any ounce of self-respect she would reject such an arrangement and would go out on her own and deal with the consequences. It really would make her a happier and better person and she might no longer feel the need for the endless drinking binges.

Yes, she dealt a raw deal in life by having two of the biggest dirtball parents on the planet. Yes, so far everyhting she has done in life has been stupid and bad.

But, she it still young and can turn this thing around!

[Stefan Stackhouse]

"Those who can, do.

Those who cannot, teach.

Those who cannot teach, consult.

[mountaineer]

If this company wants to pay that much money for so little of substance, they're just demonstrating to their clients how worthless their services really are. I hope the clients are more than a little leary of spending good money, only to get the utterly inexperience and undereducated Chelsea. BTW, here's the NY Daily News story:

Chelsea Clinton joined her father in helping reduce the nation's unemployment rolls by getting a job, it was reported yesterday. Former President Bill Clinton announced Thursday that he had signed on with CBS to do a regular debate segment with Bob Dole on "60 Minutes."

Daughter Chelsea is filling out her W-2 forms at the Manhattan offices of McKinsey & Co., high-powered international consultants to an array of large corporations, Newsweek magazine said on its Web site. The former First Daughter, who is wrapping up studies at Oxford's University College, had been working with McKinsey's London office.

McKinsey confirmed Chelsea Clinton was on board in New York, but declined to comment on her salary, the magazine said. But a former recruiter for the firm told Newsweek that most new associates earn between $115,000 and $120,000 a year, plus a signing bonus of $10,000.

Average applicants have to be in the 99th percentile on all of their standardized test scores and have straight A's in college. The firm even looks at SAT scores, Newsweek said. As one of 5,000 consultants worldwide, Clinton will look forward to long hours, lots of travel and no bragging about the job.

"It's very secretive," the former recruiter said.

After three years, Chelsea Clinton can specialize in anything from health care to consumer goods to corporate finance. The downside, said the former recruiter, is that "she'll have no personal life whatsoever." link

I doubt that last part. Chels and her boyfriend won't miss a single movie premiere or fashion show.

[nothingnew]

Somebody BEAM ME UP!...I'm series!...I gotta get outta here!

FMCDH

[Cicero]

Nothing unusual in a really smart kid with Stanford and Oxford degrees to get a 100K job. Some will make partner and some will get washed out. But normally they have an MBA, law, or economics degree, top of the class, stellar recommendations, and real credentials. Chelsea is cafe society, not focused ambition. She spends more time drinking than hitting the books. No track record, no brains, no promise.

That leaves famous connections.

[uncbob]

Anybody know what Amy Carter is doing these days

[Liz]

In her first interview, McKinsey probes Chelsea's qualifications for a $100,000 job:

Question 1: Estimate the number of manhole covers in New York. Divide by the number of Texans convicted of insider trading in 1987. Assess the global economic impact of the removal of the resulting number of manhole covers and their subsequent transfer to emerging markets with significant levels of interest rate volatility. Bonus points for solving Fermat's last theorem.

Question 2: Are you willing to die/trade your grandmother/spend an extended period of time in minimum security prison for McKinsey? (If yes, ignore question 1. Automatic offer.)

Question 3: Is your father a former U.S. President? (If yes, ignore question 1. Automatic offer.)

Question 4: Does at least 90% of your work wardrobe (if female) consist of Blass and Manolos? (If no, please explain.)

Question 5: With how many CEOs of potential client companies does your father play racquetball? (If none, please explain.)

[HassanBenSobar]

Which is why I will be interested to hear the scuttlebut from people I know in the new york office. If she's treated differently it will stink to high heaven in a firm that prides itself so much on integrity.

[HassanBenSobar]

Well, there's no question mck can afford to pay her that salary and have her sit around. The rest of the recruits will be put through the mill and generate more than enough profit to make up for it. Clients will still pay, and they'll get their pound of flesh, no question.

Mck and other firms typically deflect this issue of new associate inexperience by making available the resources of the firm as a whole. That means that a clueless associate just gets on the phone with industry experts of all stripes and gets their input on any specialized problems that come up. If necessary, the experts come in person. Plus, the partners/experienced consultants are *always* specialized. So it's not really an issue. (CEOs, despite their reputation, are not all as clueless as you might think when it comes to spending shareholder's money).

[COBOL2Java]

Anybody know what Amy Carter is doing these days

From What ever happened to Amy Carter?

Carter went on to pursue a master's degree in art history at Tulane University in New Orleans. There she met James Wentzel, a computer consultant, whom she married in 1996.

Today, Amy Carter (she kept her name) lives a quiet life in Atlanta with her husband and seven-month-old son, Hugo James Wentzel. She declines to be interviewed. She is a board member at the Carter Center, the human rights and diplomacy center established by her father.

Carter also illustrated a children's book, "The Little Baby Snoogle-Fleejer," (Times Books, 1995), written by her famous father.

[just wondering]

I wonder why this job didn't go to a minority. What happened to Affirmative Action?

[rogers21774]

It's known in the business as buying access.

[Aeronaut]

I wonder why this job didn't go to a minority. What happened to Affirmative Action?

You might ask Miguel Estrada about that one.

[little-e]

Chelsea Clinton's masters degree is a joke.....she hardly attended any classes at Stanford......remember, originally she was pre-med and had to change her major......this just burns me because there are people who honestly worked for their degree and went to class and this b*tch gets the job.....I guess the apple didn't fall too far from the tree....

[Clarksville]

I'm surprised that the job offer wasn't from Revlon. Just think, if not for Linda Tripp, Chelsea and Monica could be sharing a cubicle together.

[Freakazoid]

The perfumed princess scores a sweet deal. What a shock.