The 2019 Women Leaders in Consulting: Judith Wallenstein

Judith Wallenstein leads Boston Consulting Group's Henderson Institute in Europe. She is a core member of the German Health Care practice, focused on serving clients in the pharmaceutical industry. Wallenstein became a BCG Fellow in 2015; through her analysis, she is examining the implications of the sharing economy and the future of work. 

But ask Wallenstein how she ended up as a consultant, and she'll admit it was mostly by accident. She is a historian by background who wanted to join the diplomatic service. "After having taken a closer look at it during my master's studies, I decided a Plan B was needed," Wallenstein says. "I had vaguely heard of consulting, and it sounded like a good mix of intellectual stimulus and real world problem solving. So, BCG became my new plan!"

And a pretty fortuitous Plan B at that. Wallenstein joined BCG's Munich office in 2000. Her pharma work has centered on strategy, marketing and sales, and portfolio management. She serves as the firm's global topic lead for launch excellence in the pharmaceutical sector. Most of her client work is focused on diabetes, immunology, and oncology, as well as on rare disease. 

"I am passionate about my industry—pharmaceuticals. I spent six years in an oncology clinic with my father during my university years," Wallenstein says. "It ignited my passion for healthcare, and I never left! And I love serving clients I have known for over a decade. I am particularly excited about the tremendous freedom one has as an advisor."

Wallenstein recently took over BCG's CEO Advisory Practice in Europe. "At BCG, we have done a lot of research on what sets successful CEO tenures apart, and developed a structured and highly exclusive program to work with our key clients taking new CEO positions to shape their CEO agenda and plan," she says. "I am supporting a number of colleagues delivering this program to their clients and look forward to more in 2020!"

She is proud of the fact that she has a key group of client CEOs who appreciate that when they go home, there is someone—Wallenstein—still thinking about their business. 

Beyond her client work, she is also involved in Women@BCG. She says she would tell female consultants just beginning their careers to focus on what they are truly passionate about. "Don't worry about the tales you hear about the male consulting culture and don't try fitting in too desperately," she says. "Only you can decide if this is a career for you, and if you are your authentic self, things will fall into place."

As far as winning the award, Wallenstein says that it is such a great privilege that she is truly grateful for. "It is fantastic to have such an award and raise awareness that women in consulting are not a rare species anymore," she says. 

Q&A: What's the best advice—consulting or otherwise—you've ever received?

"There is endless good advice that has helped me over the years. The key piece of advice was to follow my heart and pursue healthcare at the time where in BCG Germany this was a very small practice area, and I had no life science background. This decision has clearly shaped my entire career."