Alumni Profile: Joseph Chang '99

Education prior to MMM:
BSE, Industrial Engineering, 1994 Northwestern University; BSE, Manufacturing Engineering, 1994 Northwestern University

Employment prior to MMM:
Coopers & Lybrand (Research Associate, Consultant, Senior Consultant), 1994-1997 Chicago, Shanghai

Position(s) after MMM:
McKinsey & Company (Associate, Engagement Manager) 1999-present, Shanghai

Why I chose MMM:
The way I see it, MMM was an opportunity to complement an MBA with valuable and marketable skills relevant to manufacturing. The program really is about getting two degrees for the price and time requirements of one.

Some people argue that a MMM program can get in the way if you're aiming to pursue career paths outside of manufacturing. I disagree. I managed to land an investment banking internship with Merrill Lynch for the summer after my 1st year and after graduation took a position with McKinsey focusing on telecoms and strategy consulting, where recently I've rotated into our Corporate Finance & Strategy practice. Not exactly what some people might think of as "MMM" opportunities.

While some of the investment banks I had interviewed with for my summer internship initially questioned the relevance of MMM and my commitment to banking, it did not take terribly long for them to recognize that MMM students have the soundest quantitative skills at Kellogg -- an important criteria for banks. More importantly, one area where most bankers would admit weaknesses is in true understanding of the operations of their clients, which becomes critical when evaluating potential synergies for a deal or trying to market an equity or private placement for an asset heavy manufacturer to investors.

At McKinsey, I have continued to discover the value of my exposure to concepts like factory physics where I least expect it. I see my work increasingly shifting towards evaluating turnaround opportunities in the US and Europe and executing them by relocating manufacturing and sourcing to China. I see this as a major development in global M&A, where MMMs can bring unique and valuable understanding. For buy-side M&A, using market multiples can only do so much. You need to really understand where the value is going to come from with a potential acquisition to determine potential upside over a bidding price. Plant visits of both targets to assess turnaround potential and Chinese contract manufacturers to sourcing suitability become more meaningful when you actually know what you're looking for.

For me, MMM has allowed me to gain the skills of a traditional MBA, while developing an understanding of operations that has given me advantages over others in my field. The bonus in matriculating into the program was two years of Northwestern football games -- a thrill for me as NU has more Big 10 conference championships than anyone since 1994.

Contact Joseph Chang

Last updated on October 25, 2004 9:00 AM

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