A 'Day in the Life' at APM Management Consultants

by Sean Glenn and Christina Schust, MBA1s

swglenn@umich.edu, cschust@umich.edu

American Practice Management (APM) is the largest health care consulting firm in North America. Its 260 consultants have worked with a diverse client base, including hospitals, insurers, and health plans. The company, overall has been retained by the largest clients in the health care industry, and its annual revenues reach $90 million. But whatever you do, never EVER ask an APM consultant for directions.

Our saga began back in November with an early morning flight into St. Louis, Missouri. APM had been working with Barnes-Jewish Hospital, an enormous 1500 bed facility, for the past 18 months. Scott Moomaw, a 1997 UMBS grad, was eager to introduce us to his project. Despite Scott's detailed directions, both Sean and I were lost within minutes of walking through the front door. Sean even wound up on a shuttle to a different part of the hospital (we told you this place was big). The phone number Scott gave us was wrong, so we had to rely on the kindness of patients and staff to find our way to the APM offices. Scott insisted the directions and phone number were not part of an evil consulting test, but we still have our suspicions.

Over lunch in the hospital cafeteria, Scott introduced us to his team, made up of young men and women with MBAs or health-related degrees, and he familiarized us with the situation at the hospital. Barnes-Jewish was one of APM's most extensive projects, and the team was responsible for implementing cost-saving and quality management designs in key areas. The consultants were kind enough to spend ample time throughout the afternoon to fill Sean and me in on their assignments.

Working in health care, especially in an academic medical center like Barnes-Jewish, poses unique challenges for consultants. Medical professionals do not want to be told how to run their business, and they often resent the notion that hospitals can, and often should, be managed more like corporations.

We were particularly impressed by the camaraderie among the APM consultants. They truly enjoyed each other's company and said that their friendship made living away from home much easier. APM consultants usually leave Monday morning for their project, and return home on Thursday evening. They spend Fridays in the APM office, and weekends reacquainting themselves with their families, friends, and apartments. APM encourages the work-life balance; Scott is married, and one of his team members has young children.

We ended our visit with APM at a French restaurant, accompanied by the entire Barnes-Jewish team. The food was excellent, and the conversations were enlightening, stimulating, and entertaining. Sean left St. Louis that evening, while I departed the following morning (after a brief tour of the city, courtesy of APMs favorite taxi driver).

Sean and I were sold on APM. We understood why Scott enjoyed working with the firm so much, despite the long hours, hotel rooms, and time away from home. What does he like best about APM?

"APM values individuality, not only in business, where everyone is encouraged to be entrepreneurial and to determine their own opportunities, but also personally, where we are encouraged to be ourselves."

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Bank of America Hosts a 'Day in the Life' in the Windy City

by Bill Leonard, MBA1

The towering skyscrapers and unseasonably warm breeze off of Lake Michigan greeted me in Chicago before I stepped into the exciting, fast-paced atmosphere of Bank of America on Tuesday, March 3.

Lewis Fisher, U of M MBA '88, Managing Director of the Automotive Group at Bank of America, hosted me for a day-long corporate finance/investment banking experience that did much more than "show me the money."

Bank of America's U.S. and Canadian Group (US&CG), headquartered in Chicago, provides a broad range of products and services to large corporate clients. These services range from capital raising and capital markets, to cash management and trade finance, to investment banking and financial advisory services. With the recent acquisition of Robertson Stephens and its equity underwriting capabilities, Bank of America is now a "full-service" stop for companies seeking capital.

The US&CG offers MBA graduates three main areas in which to work:

* Global Capital Raising Products (BancAmerica Robertson Stephens);

* Advisory Services (BancAmerica Robertson Stephens); and,

* Relationship Management (Bank of America).

I was fortunate enough to have informational interviews with people in all three of these different areas.

Capital Raising Products

Within Capital Raising Products, I had the opportunity to learn about the responsibilities of product specialists in the following groups: Private Placements, Loan Syndication, Leveraged Finance, and Investment Grade Debt. I even had the good fortune to visit the trading floor!

Corporate Finance Advisory

Here, I met with Adam Blonsky, who also has responsibilities for the Corporate Finance Associates Program (CFAP), a rotational program for MBA graduates. The CFAP was implemented in June 1997 and consists of newly hired graduates performing three to four-month rotations in different areas of Bank of America, such as Products and Relationship Management.

This program provides the opportunity to experience different functional areas before making a more "permanent" career decision. This is useful as one progresses in a career or becomes a relationship manager, who must have knowledge about all products to fully service and sell to clients.

Relationship Management

Relationship management is divided into industry or geographic units. I met with Rick Broeren, Lewis Fisher, and Matt Reilly, who are part of the Automotive Industry Group. Rick also manages the Mideastern Region Group and was on the task force that divided relationship management into industry and geographic units.

According to Rick and Lewis, relationship managers are responsible for the overall management of Bank of America's global relationship with the client. A relationship manager must maintain a close, advisory relationship with the client, and should recommend corporate financing solutions which would utilize Bank of America's full range of products.

Finally, I had lunch with Dan Boote of the U.S. Corporate Group. Dan's position is a two-year rotation that focuses on the bank's strategy rather than on servicing clients. Dan provided me with insight on future developments in the banking industry and how Bank of America is positioning itself to meet these challenges.

Overall, the Day in the Life experience offered me a unique opportunity to view first-hand how one of the nation's largest and most successful banks meets the challenges of an evolving banking environment. Bank of America offers many exciting opportunities for MBA graduates who are proactive, with strong analytical, communication, and marketing skills. For more information, visit the web site at http://www.bankamerica.com.

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