Georgetown Graduate Student Consulting Group

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Consulting Clubs

The Graduate Student Consulting Group of Georgetown University aims to assist their members in securing a position in management consulting firms by equipping them with the necessary knowledge, connections and expertise.

Consulting Day

This is one of the annual activities hosted by the club. It provides a venue for participating students, alumni and professors to explore different types of consulting career paths. Representatives from different firms, such as Booz & Company and Deloitte, come to introduce their firm and talk about the industry. In this activity, students can also network with key people to expedite the process of getting an entry level job.

Links to Resources

The club’s website can be considered a hub of significant management consulting resources. It has links to sites that provide intensive background on the ins and outs of the industry. It has also a collection of links to professional associations, case interview resources and big consulting firms. With the gathered information, it is easier for users to make their job search.

Consulting Trek

Another interesting activity of the club is a trip to various firms in New York, Washington and other cities. The purpose of this event is to provide members with more information, exposure and networking opportunities.

Layoffs, Firings and Consultants

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Tearing the contracts

About the author: Lew Sauder is the co-author of The Reluctant Mentor and author of Consulting 101: 101 Tips for Success in Consulting.  He has been a consultant with top-tier and boutique consulting firms for seventeen years.  Lew can be reached at Lew@Consulting101Book.com.

Civil war general William Tecumseh Sherman is famous for saying “War is hell”. As one who has never engaged in battle, I can only imagine how true that is.

I have to believe that the business world equivalent of hell is terminating someone’s employment.

When you relieve an employee of their duties, it usually comes under one of two broad categories.  The person is fired for cause: Perhaps they were caught being unethical or, after efforts to improve their performance, they have proven to be incapable of performing their job. While firing someone for unethical activity may not be easy, it is probably the least difficult way of letting someone go.

Firing someone for incompetence is a little more difficult.  There may have been an attitude that you had to deal with from the employee, but it may have been someone who tried hard and just couldn’t cut it.

The second category of letting an employee go is through layoff. Anyone who has been in the marketplace over the past six or seven years has almost certainly had experience with this type of layoff.

Layoffs occur when an organization has over-hired staff in the anticipation of an increased or continued need for productivity. Market situations changed causing the organization to have too much staff, or at least too much skill in a low demand area.

The economic recovery has been a slow and jagged upward climb.  Any manager who was involved in layoffs from the “great recession” is certain to be hesitant to aggressively hire back loads of staff.

After experiencing the difficult and life changing face-to-face conversations, the resulting fallout of morale issues and the monetary cost from an HR perspective, a manager will make her next hiring decision with great caution.

Many organizations have turned to consulting as an alternative to manage their staffing needs. A basic core of full-time employees is usually needed in most organizations for knowledge retention. For any additional needs, organizations have found that consulting provides the nimbleness to meet their needs in many ways.

Business Advisory Services

Businesses have found that turning to management consulting firms provides industry insights to anticipate market needs and develop strategies that provide them with readiness to market changes instead of being reactive to them.  This allows them to change their staffing practices before they overload with skills that will soon be redundant.

Project Teams

Having a more proactive strategy allows an organization to define and prioritize the efforts that make the most sense for their long-term sustainability. Rather than staffing full-time employees for these projects, they can contract with consulting firms to provide the knowledge and experience to manage the project, implement the initiative and train up their existing full-time staff successfully.  When the project is complete, the team leaves as expected, without career interruptions, morale issues or severance packages. The next project team, with their own specialized skills can come in for the next project.

Staff Augmentation

There are times when an organization simply needs a surgical strike.  They have a temporary need for a consultant/contractor to fill a skills gap for a specific or indefinite period of time.  A temporary computer programmer or even a temporary CFO, contracted until a full-time employee can be hired is an excellent opportunity for both the organization and the individual.

Workers are joining the consulting ranks in record numbers.  This phenomenon is largely driven by demand created by organizations who have found consulting to be an excellent approach to reducing the risk of reductions in force. It is also a great opportunity for knowledge workers to join the consulting industry and learn what consulting is all about.

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What Is the Future of Management Consulting?

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consulting

Management consulting has come a long way in the past century. Some of the largest consulting firms such as McKinsey & Company established their services during this period.

Since then, the growth of these service-oriented companies has accelerated at the same rate as their clients. With an overall average of 10% growth per annum, the billion-dollar industry is showing no signs of slowing down. Today, we are seeing the top firms opening branches in cities where up and coming companies flourish such as Shenzhen and Beijing.

Symbiosis Relationship

It is important to take note that management consultants have also extended their roles in leading companies as CEOs and members of the board. The consulting network is a tightly knit web of high-level consultants, ex-consultants and their clients, which are composed of the higher levels of management.

Large companies are always on the lookout for new strategies, whether it’s to increase sales, lower operational costs, or for restructuring. Moreover, when faced with a high-risk decision, many companies (that can afford it) rely on the advice of management consultants for a fresh perspective and a solution.

Contrary to popular belief, not all firms are in direct competition with each other. Some large consulting firms rely on others to work on projects that carry over due to an overload of assignments. As a result, both firms benefit from this agreement and trade off.

Symbiosis Growth

As mentioned earlier, the growth of the consulting industry heavily relies on the growth of large companies. They are both directly related to each other. Due to these highly competitive markets, big brands are always on the lookout for new strategies.

One of the problems with finding new strategies is that a new perspective is needed. A senior staff who has been with the company for over 10 years may have a difficult time seeing the negative aspects of the business, as he or she might have already been accustomed to working around them. Furthermore, long-time members of the staff have a personal attachment to the company and their peers, making it hard to make and implement new strategies that could harm their personal relationships.

These types of companies heavily rely on the advice rendered from management consultants. The more they earn, the larger the company gets the higher the risks.

To make an even clearer point, notable companies don’t just avail of a consulting firm’s services once. Often times, they have their “go to” firm that is familiar with the in and outs of their company. It’s not rare for a company to request for more than one project at one time. The frequency may also vary depending on the yearly events of the company. The board may request for the services of a management consultant during the yearly budget cuts, or strategy decision work. Because of this, consultants will continue to be in demand in the future.

The Rise of New Sectors

New industries are slowly on the rise. The Information Technology (IT) is a relatively new industry. These days, IT consultants are sought after due to the boom in the technology industry. The same can be said for industries related to medical science, online security and online businesses. These new sectors are in need of a new breed of consultants with relevant backgrounds.

What this could also mean is that other academic backgrounds may prove to be an asset for individuals who want to be consultants for these new industries. Marek Ranis, a management consultant for 14 years with experience in Fortune 500 technology companies, explains this further in an article he wrote:

“First, I think that the “generalist consultant” model is no longer viable. Consulting firms that want to succeed must offer subject matter expertise, not just visions. This presents a challenge to the traditional consulting model of hiring bright people and throwing them at projects as they come. Specialization is a difficult thing to obtain at large consulting houses that are obsessed with chargeability. On the other hand, boutique firms with deep expertise seem to be doing well, especially if they partner with other firms that fill in the gaps.”

We can also say that industries that are not as popular as they once were may also affect the number of consultants that specialize in the specific field. In the middle of the spectrum, we may see consultants that specialize in a particular part of operations or strategy, such as HR consultants or social media marketing consultants where before it was unheard of.

Bad Economy Equals Good Economy for Consulting Firms

A bad global economy doesn’t hurt everyone. Employment companies and recruitment agencies have experienced an increase in customers due to the number of unemployed workers. The sad reality is that because more people are getting sick due to lack of personal funds for medicine, proper food and water, and shelter during bad weather, the medical industry is not greatly affected by the dips in the market.

The same can be said for the management consultant industry. Businesses that are affected by the struggling economy need to do something different. If they don’t, they could risk shutting down their company. Their target market could still be the same, but without the same buying power, a drastic new plan may be needed.

This is when a management consultant comes to the rescue. Large companies that may not be used to losing money are in a state of panic. They may have tried everything, but nothing is working. One of the last resorts would be to restructure and cut down on employees or close offices in countries where business is at an all-time low.

Cost reduction, strategies related to turnaround, and merging (with the intention to save) are specialties that are needed during these times. Consulting firms that specialize in growth strategies, research and development may find that some companies are not looking for these types of services.

Shifting Trends

Because of the exponential growth of the online world, trends come and go at an alarming rate. The predictability of viral videos is impossible to calculate. Companies can experience a sudden growth in sales in one month, and the complete opposite in the next.

A great example of this is cloud storage. 7 years ago, companies such as Dropbox (estimated value of 8 billion USD), Box, YouSendIt, and SkyDrive did not exist. The entire cloud storage market wasn’t around. They might’ve been under development, but were not open to consumers. Fast forward to today, companies such as P&G, BMW and Pepsi rely on this technology to run their businesses.

Where is cloud storage headed to in the next 5 years? That we don’t exactly know. Developers are constantly making sure that they have the next best feature or update. Management consultants also play an essential role in cloud storage companies, making sure that their actions are low-risk.

The rate at which businesses can succeed and fail is fairly high. Because of this, they may have to invest in the services of a management consulting firm to ensure that their next move is calculated and profitable.

Freelance Consultants Are Here to Stay

Not all companies can afford to hire a consultant from a reputable firm. If they had the budget before, they may not have it in the future. Moreover, consulting firms that bundle their services into large expensive packages may drive businesses that need their services to look elsewhere. After all, some companies say that most of what they are paying for is the “name” of the firm they want to work with. Additionally, information is becoming more and more accessible, which means that the need for a consultant to do extensive research may be lower.

Currently, we are seeing an increase in freelance consultants. The great thing is that distinguishable freelance consultants usually come from a well-known firm, for a fraction of the price. It’s a win-win situation, freelance consultants earn more because they pocket all of the service fees, and businesses are happy to pay the substantially lower price for the same quality service.

Wrap Up

In conclusion, the future of management consulting looks bright and stable. As the “Big 3” consulting firms expand to new cities with growing economies, the more we can be sure that the industry is here to stay. Specialization is becoming more of a requirement than a bonus. As businesses struggle to cope with trends, the more consulting firms will continue to bring in new clients.

Lastly, the management consulting industry has adapted to the current economy in a number of ways. The increase in freelance consultants can be beneficial for everyone in the industry due to lower fees, increase in competition (between firms and freelance consultants) and the growth of companies, which is an essential factor in the future of the management consulting.

References

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Learn Consulting Ideas and Tips from Daryl Gerke, P.E.

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Meeting

After more than 30 years of running an engineering consulting business, Daryl Gerke, P.E. wants to share what he has discovered in the industry to people who plan to start their own consulting practice. His blog, JumptoConsulting.com is his gift for whoever wants to learn from his knowledge, skills and experience.

What the Blog Covers and Who Can Benefit from It

Jumptoconsulting.com covers the nitty-gritties of the consulting business – sales, operations, marketing, finance, and more. It also includes resources, interviews, answers to questions raised on external websites, anecdotes, and success stories that inspire aspiring consultants.

The blog is designed for anyone who wants to join the consulting industry. They can be graduates as well as lawyers, engineers, retirees, accountants, or architects who feel professionally misplaced with their current state and desire to do something else.

How Gerke Got into Consulting

At first, Gerke didn’t have any plans of taking the technical consulting path. After graduating with a degree in Electrical Engineering in 1968, he took a job in the corporate world, but due to the challenges of the electronics industry at that time, he was laid off along with many other employees. Fortunately, he landed another position in Univac Defense Systems where he worked with a group providing in-house advice on Electromagnetic Interference and Compatibility (EMI/EMC) issues. This later became the foundation for his consulting business.

He started to get interested in the consulting business when he was undergoing a program to get a Professional Engineer license, a qualification compulsory for consulting engineers. Soon after, he was recruited to teach at a vocational school, which led him to consulting contracts to develop technical training projects. It further led him to consulting commitments outside the institution with his business partner and friend, Bill Kimmel.

While keeping his part-time consulting business, Gerke accepted other several professional roles that further equipped him for consulting. He became a Field Sales Engineer of Tektronix, joined a startup, and was also employed by Intel. After gaining valuable technical, sales and marketing knowledge, he decided to respond to his entrepreneurial itch. He and his partner created a feasible plan, and finally exited the corporate world to jump into consulting. Since then, the consulting business has treated him well.

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Which Career Is Suited for You, Management Consulting or Investment Banking?

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lamp

Management consulting and investment banking are popular career paths for individuals who are looking for a progressive and rewarding profession.

For those that are unfamiliar with the two industries, it is important to take note that there are some similarities. But there are also important differences. In order to understand how management consulting and investment banking are different, below highlights each field thoroughly with key points on each of the industry’s general lifestyle, compensation, benefits and type of services offered.

Management Consulting

Management consulting is an industry that renders expert advice and solutions for businesses. Some of these advices could be related to operations, restructuring or merging. Additionally, clients may choose to seek the services of a consultant when launching a new product or when faced with decisions with potential risks.

Hiring a management consultant can be costly. Therefore, large or reputable companies usually make up a consulting firm’s client database. These days, the age of “general” consultants is slowly diminishing. Consultants have begun to form specializations depending on the type of projects they have experience in, or based on academic background.

Currently, consulting firms such as McKinsey & Company, Bain and BCG are the front-runners of the industry. With branches all over the world and focus in all larger industries and in the important functional areas, these firms have set the benchmark for other management consulting firms to meet.

A Closer Look at the Lifestyle

Even in the preparation stages, management consulting is demanding, highly competitive and busy. Often times, consultants are relied on to patch up or boost the current condition of the business. With that in mind, consultants are under a lot of pressure and work more than the usual 40 hours, with work carrying over through the weekends and some holidays.

Traveling is an aspect of the job that many consultants dislike. Frequent long trips, flight delays, adjusting to new time zones and busy airports can add stress to a consultant’s lifestyle. Management consultants usually work in teams; therefore, it is essential to have above average social skills. Client management is an aspect of the job that consultants are expected to carry out. This could mean spending time with a client during one’s free time such as dinner or a short weekend trip.

The turnover rate in management consulting firms is relatively low. Many professionals consider the rewards of the job to outweigh the arduous workload. High compensation and above par benefits are common, even for entry-level consultants (compared to other entry level positions in other industries). Depending on the firm, management consulting generally has consistent promotional value. This is due to the fact that the criteria to become a management consultant are very strict.

Furthermore, those who are not able to cope with the job scope often switch careers. Having a foundation as a consultant opens many doors for other careers, primarily within management and strategic positions. Management consultants rely on their network throughout their career, from landing a consulting job to exit strategies (to other consulting firms or careers).

Meeting the Requirements

Due to the competitive nature of the field, it is essential for prospective consultants to have great resumes. The right organizations and internships can also boost the qualifications of an individual who is aiming for an entry-level position after graduation. Those that transfer from another industry are not exempted from the academic criteria and are often subject to more scrutiny and questions during the application process due to the lack of relevant experience and background.

Investment Banking

Investment banking is a financial service provided with the objective to create capital for individuals or businesses. This can be done through the modes of equity securities or debts. Additionally, investment bankers also render advice for real-time market strategies in order to minimize risks and maximize the return on investments.

Another aspect of the job scope of an investment banker is assistance in mergers, restructuring and acquisitions.  Like management consulting, investment banking has evolved to suit the needs of its clients by providing other services related to proprietary trading and asset management.

There are different divisions within an investment banking company. The Investment Banking Division (IBD) deals with industry coverage sectors such as public finance, media, financial institutions and technology, while product coverage sectors primarily specialize in equity, mergers and acquisitions. Both divisions work together depending on the requirements and needs of a client.

Trading is a large part of a role of an investment banker. This usually includes purchasing and selling products in the financial sector. In order to maximize the return of each trade, this part of investment banking is divided into several parts or specific departments. A basic sales team focuses on orders and trading, while others work on structuring, the details and clauses of each product to bring in higher returns.

Analysts and Risk Management

Research plays a big part in the investment banking industry. This may include research in the global economy (macroeconomics), credit and fixed earnings. Based on the studies done by analysts, investment bankers are able to advise their clients on which trades to execute at a given moment or timeframe.

A chunk of an investment banker’s role is risk management, which can help solidify the advice being rendered. This can be related to credit, forecasting and market activities. Because of this, it is common for investment banking companies to hold or facilitate mergers between two high-capital companies. Reputable companies such as J.P. Morgan and Barclays provide additional financial services that make them well rounded. This includes restructuring, hedge funds, and legal and operational risk.

Similarities in Lifestyle and Benefits

The professional lifestyle of an investment banker is very similar compared to a management consultant. An investment banker on average works more and usually more than 70 hours per week. One should take note that not all of this time is devoted to work. Many investment bankers make it clear that some of the time is spent on transportation, client dinners, etc.

Compensation is another similar factor that these two industries have in common. The investment banking industry has been known to provide consistent benefits with above average compensation rates. Bonuses, annually and quarterly (depending on the position and company), are also common. However, investment bankers feel that they work for every cent of their salary, as most confess to sacrificing their personal lifestyle for the purpose of career development.

Due to the competitive nature of both sectors, the type of characteristics and personality of individuals present in the industry are generally the same. Social and career driven professionals populate the fields, as well as extroverts. Skills such as mental math, data analysis and spreadsheet composition are other assets that are needed in both professions.

Client Services and Networking

Because both industries are client and service oriented, networking plays a vital role in the success of both management consultants and investment bankers. Besides the closely-knit alumni, colleagues and associates, many rely on diverse connections to overcome career related obstacles. This can be beneficial for individuals in both fields who want to shift in each other’s respective industries.

The Fork on a Road

Where does management consulting separate from investment banking and vice versa? For the answer, we look at why companies seek out the services of these two fields.

As mentioned earlier, businesses that require the services of a management consultant are usually in a compromising situation. Consultants are brought in to shine light and implement new strategies with hopes to turnaround the direction the business is heading towards. When a company faces new problems due to unpredictable trends and shifts in the market, a management consultant can help provide effective solutions.

On the other hand, investment bankers are used by successful businesses that are looking for alternatives in boosting profits or increasing market value. Based on the two comparisons, one industry (management consulting) deals with more patchwork and new strategies, while investment banking is more suitable for individuals who want to “push the envelope” when it comes to growth, acquisitions and mergers.

To Each His Own

In conclusion, the basic skills and requirements needed for investment banking and management consulting are nearly the same. The compensation and demanding lifestyle are also almost identical. However, when it comes to which part of the company’s needs you want to meet; they are very different. It is essential to highlight that there are times when advice from both fields is needed by a company such as mergers and legal matters.

For individuals who want to deal with strictly the financial aspect of a company’s growth, it is recommended to go into investment banking. If forming strategies, reducing operational costs and restructuring are your ideas of an engaging profession; then management consulting could be what you’re looking for.

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How to Write a Post Management Consulting Interview Thank-You Letter

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Thank you in different languages

Is it necessary to write a thank you note after a consulting interview? Well, we strongly recommend writing one. For one it doesn’t just showcase your manners but more importantly, it can further increase your chances of landing the job.

In fact, according to CareerBuilder.com’s “How to Get in the Front Door” survey about 15% of hiring managers say they would not hire someone who failed to send post interview thank you note, even if the person may be a good fit for the job. While 32% say they’d still consider the candidate, but would likely think less of him or her.

Many hiring managers say that not sending a thank you note demonstrates a lack of follow through, and that the candidate isn’t that serious about the opportunity.

Also, consider that the decision-making time frames for a management consulting position are typically longer. Consultants have smartphones and are constantly monitoring their email. Most of the interviewers would appreciate the gesture and would likely keep your name in their minds longer compared to other candidates who didn’t’t send a note.

Sending a thank you after an interview is not only appropriate and courteous, it is beneficial as well. It provides you with another opportunity to differentiate yourself among other applicants.

When you write a post interview thank you letter you show not only your appreciation for the interviewer’s time, but further reiterate your interest in the company and the position. Through a simple thank you note you can also follow up with any information the organization or interviewer may have requested you to provide after the interview.
However, be very cautious still with the content of your thank you letter. Make it as flawless as the content of your cover letter.

To make the most of your thank you letter, here are some things to remember:

Include a Reaffirmation of Your Value

Your thank you letter should not only you’re your appreciation for the interviewer’s time. It must also include a reaffirmation of your value to their organization now that you have more knowledge of the position. Use the letter to market yourself again. You may reference specific needs of the company as mentioned by the interviewer. This will show the interviewer that you paid close attention to his or her every word. Then cite particular ways in which you can address those concerns. Through this you are again connecting the job requirements with your job skills. Plus, you further establish your interest in the position.

Customize the Note

Don’t make your thank you letter sound generic or that it has been used over and over again. Using a standard content for your post-interview thank you letter won’t help you stand out among other candidates. You may include a comment on something specific that you found interesting or insightful about the interviewer. Tailor your letter to the consulting role and the relationship you have established with the interviewer. The more personalize your note is, the more likely it’ll personally affect the interviewer.

Clear Any Miscommunication

Take the post interview letter as an opportunity to mention things that you forgot to say during the interview, particularly if you think there might have been some sort of miscommunication. Just remember to keep a positive, professional and confident tone. But sound genuine and likeable too.

Keep It Short

It is best to stick to three paragraphs only. The recommended template would be something like this:

Use the first paragraph to express your appreciation for the interviewer’s time and interest in your application. In the second paragraph, sell yourself again by reminding him/her of your qualifications. And in the third paragraph, restate your interest in the organization and in the consulting position.

Briefly State the Reasons for Your Interest in the Consulting Position

You can market yourself by briefly explaining how the role fits in with your current career motivations. This is aside from citing how your experiences could be of value to their organization.

Send a Thank You Letter to All Interviewers

If you’ve had multiple interviewers, make sure that you demonstrate equal respect to all by sending individual letter to each. This means that you have to make each note a little different from the others. If you use e standard content for all of them, they will lose their genuineness. Also, ensure to have the correct name and title of each interviewer.

Send Your Thank You Note Immediately

It is recommended to send within 24 hours if you plan to send it via the mail service, and send within 48 hours if you prefer to send it digitally. Don’t wait for too long or it might be too late for your efforts.

Proofread Carefully

Like with your resume and cover letter, make sure you double-check your thank you note and make it free from typos and grammatical errors. Don’t simply rely on your spell-checker. Read it more than twice and if you can have somebody to read it too, the better.

It wouldn’t take much time to write and send a thank you letter after a management consulting interview. If you are really serious about breaking into consulting, then you should take advantage of every single opportunity to showcase your worth. And a simple note of appreciation may just seal the deal for you.

How to Craft and Deliver Your Elevator Pitch

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shake hands

First of all, what is an elevator pitch? Simply put it is a speech that aims to sell you. It is an essential tool you can use to build your personal brand. With this, your elevator pitch needs to provide a clear and compelling overview of who you are and what you can offer to your listener.

It’s you selling yourself in a brief and concise manner, using a format that most people are familiar with. As your elevator pitch works like your personal brand statement, it should be crafted and delivered powerfully and memorably.

So, who needs an elevator pitch? Practically anyone who needs to sell their services and expertise, such as management consultants. And maybe just anyone who meets new business contacts on a regular basis. You most probably need an elevator pitch when attending industry conferences, networking events, and other opportunities wherein you can strike up business relationships.

As a polished pitch is critical to one’s personal marketing, it is important that you know how to write and deliver a good one.

Creating Great Elevator Pitch

You’ll likely to go through several revisions in order to craft an impeccable elevator pitch. To create a great pitch, here are some useful tips.

Identify Your Objective

In crafting your speech, your goal must be clear to you first. This will guide you in writing your pitch. Think about your objective and craft your speech accordingly. For instance, would you like to inform potential clients about your organization’s new product? Or you’d simply want an engaging speech to explain what your expertise is?

Explain What You Do

The recommended way to start your pitch is by describing what your company does. For management consultants for example, you should focus on what you and your organization can do to help other people or organizations. If possible, mention specific information or statistics that demonstrates the value of what you do.

Also, make sure that your elevator pitch excites you first. You see, if you yourself don’t get excited about what you’re saying, your audience will likely feel the same. Your audience may not absorb everything that you say, but they will surely remember your passion and enthusiasm. In crafting your speech, always remember to answer this: What do you want people to remember about you?

Avoid buzzwords

It is also recommended NOT to use corporate jargon in your pitch. For instance for management consultants, if you use buzzwords or terms that your audience may not be familiar with, they may not fully grasp the message you are trying to convey. So it is best to avoid such terms and simply stick to clear and concise phrasing.

Be Clear with Your Unique Selling Proposition

Based on your objective, make sure you effectively communicate your unique selling proposition to you audience. This means being clear with what you or your company have that others don’t have. What makes you, your idea or your organization unique? This uniqueness would be your ticket to attracting your target audience. Ideally, you should talk about your unique selling proposition after you’ve explained what you and your organization do.

Share Your Most Relevant Experience

Talking about what you do does not mean telling your whole story. Elevator pitch should be concise so only mention your most relevant experiences. For example, for management consultants, it is preferable to share experiences with notable corporations first. This will make your audience want to hear more from you. If you talk too much about your experiences, you may not hook them to learn more. Your pitch is your brand statement so make every second of it meaningful, interesting and relevant.

Engage Your Audience

Once you effectively convey your unique selling proposition, it is now time to engage your audience. One good trick is by asking open-ended questions. Remember, successful networkers build strong relationships through conversation. Good conversation requires engagement from both parties. So prepare some insightful questions for your audience. This gives an opportunity for them to talk about themselves. This will keep the conversation going and eventually start new and fruitful relationships. Also don’t forget to answer any questions they have for you.

Put it All Together

After you’ve completed every aspect of your pitch, put it all together and read it out loud. Make sure to monitor how long it takes. Your speech needs to be shorter than a minute, ideally around 30 seconds. If you exceed this time frame, you might lose the interest of your audience. Your pitch must be snappy and compelling, so be as concise as possible.

Delivering a Convincing Elevator Pitch

Here are some guidelines on how deliver a powerful pitch:

Practice

Although professionals like management consultants are most likely good at public speaking, practice is still a must to make it perfect, if not close to perfect. How you say things is critical to the efficiency of your pitch. Make it sound natural and mind how fast you talk. Practice your pitch regularly. Remember, your speech needs to sound like a natural conversation and not like an aggressive sales pitch. Don’t make it sound too rehearsed, even though it is!

Your practice sessions should also consider body language. It is best to practice in front of a mirror or with a friend. Being aware of your body language can further help you convey your information to the listeners. Then ask your practice buddies for feedback. Ask them which part grabbed their attention and which one seems confusing. Based on the feedback, revise your speech and continue to improve.

Record Yourself

Record your practice sessions and listen through what you’ve recorded. Identify the parts that hook you with clear, powerful words. Also try to find the parts that seem vague or confusing. Then write down another version until you come up with a tighter pitch. Do a final edit and remove any unnecessary until you fit in the time limit, between 30 and 60 seconds.

Make it Sound Casual

An elevator pitch is far different from a historic speech you had to memorize back in school. Try to add some improvisation so it will not sound like you’ve just used the same old speech over and over again.

Be Confident

As with any public speaking engagement, confidence is key. Lack of confidence will hurt your chances of getting your audience’s trust. However, be careful not to sound arrogant or boastful. Just be positive and confident as you deliver your speech.

End with a call to action

Don’t forget to end your pitch with a call to action. In the first place, you’re talking to convey a memorable message that will encourage your audience to take action. Excite them to do what you want them to do.

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Top 10 MBA Programs in the U.S.

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Graduation

Master of Business Administration, or better known as MBA, can catapult a consultant’s career and set it in a more progressive direction. In the competitive industry, a MBA from the right university can solidify a consultant’s presence in a firm.

Broader Knowledge, Higher Rewards

Why do consultants choose to go back for an MBA? Is a BA from a reputable university and relevant work experience from a top tier firm a strong enough foundation? For those who are considering higher positions in the consulting industry, it is recommended to get a MBA. Doing so can easily raise one’s professional status and make him or her more suitable for top positions such as senior or partner.

It is no secret that top consulting firms encourage their employees to attain a higher degree of education. In fact, many firms have programs wherein they pay for the consultant’s tuition, given that they go back to the company after graduating and stay for a specific amount of years. This isn’t a bad deal at all, considering that a MBA program can easily run up to $100K. Furthermore, a consultant who chooses to take up the offer has a stable job to go back to, usually with higher compensation due to the MBA.

Besides higher rewards, a MBA can equip a consultant with updated knowledge in order to stay competitive in the industry. Often times, this is a problem for professionals who get stuck or “rusty” from being complacent.

In order to prevent this, many consultants attend seminars, gatherings and expos to stay at the forefront of the sector. Another way of doing this is by getting a MBA. One can easily build new connections, as well as get a fresh perspective on what the consulting industry needs in order to stay sustainable.

Even for former or ex-consultants, a MBA can open up new options for exit strategies outside of the industry. The significance of a MBA is proof that a professional has put in his or her hard work and can be trusted to take on senior positions with complex tasks.

Top 10 MBA Programs You Need to Know About

It is no surprise that prestigious universities offer some of the top MBA programs in the U.S. These are also the same universities that high caliber consulting firms are interested in. In most cases, firms have a direct link with the university and have a history of alumni who have studied in the school and moved on to higher success.

The universities mentioned below are the currently the top 10 MBA programs in the United States:

1. Harvard Considered to have the best MBA program in the U.S. due to a progressive curriculum and successful alumnus.
2. Stanford Noted for having a strict GPA average and a long history of consultants who graduated from the university’s MBA program.
3. University of Chicago- Booth One of the highest average for return of investment in MBA graduates.
4. University of Pennsylvania- Wharton Hub for women who are looking to expand their professional career through the school’s MBA program.
5. Northwestern- Kellogg Strict admissions and an upcoming refurbished MBA curriculum under Dean Sally Blount.
6. MIT Sloan Updated MBA program with case studies and frameworks, ideal for consultants.
7. Columbia New MBA curriculum expected to roll out in 2015 to include strategies for financial crisis.
8. Dartmouth- Tuck The university’s MBA program is known for quality connections and alumnus who pump funds back into the school.
9. Duke- Fuqua Notable alumnus from the MBA program includes Apple CEO Tim Cook.
10. UC Berkley- Haas Comprehensive MBA curriculum, which includes business analytics and critical problem solving.

Harvard

When it comes to quality education, Harvard continues to set the standard for other universities to follow, including their MBA program. With an acceptance rate of 11.8%, getting into Harvard can be difficult without a strong foundation. Ideally, those who want to proceed with their MBA at Harvard may need to rely on strong connections and relevant experience with a notable consulting firm. It is important to take note that Harvard has been actively promoting their business programs to women who want to meet their professional career goals. As a result, 41% of enrollees in Harvard Business School are women.

Stanford

Not far from the leader, Stanford also offers an outstanding MBA program for aspiring consultants. Their acceptance rate is very strict, coming in at 6.8%. Located in Silicon Valley, the campus continues to churn out successful business-minded individuals. Maintaining a high GPA is one of the main priorities for many students. 3.73 is the current average GPA for first year-MBA students.

University of Chicago- Booth

University of Chicago- Booth has been developing their MBA program for many years. Now they are currently listed in the top 10 U.S. business schools. Their standard for GMAT scores is at 730, which is the same has Harvard Business School.

Does University of Chicago- Booth’s MBA program match other reputable universities? It’s clear that the answer is yes, as the graduates have reported a very high return-on-investment ranking after completion. This means that the MBA curriculum is applicable to the current global industry standards. For consultants, this is essential for keeping up with new strategies and trends.

University of Pennsylvania- Wharton

University of Pennsylvania- Wharton’s MBA program primarily focuses on finance, compared to other universities that have shifted towards entrepreneurship and technology. Because of this, the school has been given a bad reputation. Before joining the bandwagon, a closer look at the statistics of the university’s MBA program will tell you a different story. 97.8% of graduates received job offers in less than 3 months after completion. Moreover, the average salaries of graduates from the university have increased to $125,000. To drive the point even further, the school has a higher percentage of women- even higher than Harvard and Stanford, which is ideal for today’s standards of equality.

Northwestern- Kellogg

A university currently known for its rapid expansion, Northwestern- Kellogg has set its sights on a new MBA program. University Dean, Sally Blount, has set a $350 million capital campaign to accelerate the school’s business curriculums. Consultants who have their eyes set on this school, should consider that the school has updated its admissions, making it harder for applicants to complete the process.

MIT Sloan

MIT Sloan’s MBA curriculum actively meets the needs of consultants. Individuals can expect to immerse themselves in case studies, group projects and interactive programs with top leaders. There are still core subjects during the first semester for the groundwork, but the rest is mostly application. MIT Sloan’s hands-on approach works well for consultants who are constantly questioning if what they teach in school is really applicable in their industry. The answer is really yes, if they came from MIT Sloan.

Columbia

Another top university that is also updating its MBA curriculum is Columbia. An updated MBA program, which is set roll out in 2015, will highlight tough strategies related to the financial crisis that the global economy faces today. For consultants, this can be very rewarding knowledge, especially for those who specialize in budget reduction and restructuring. Taking a different route to MIT Sloan’s approach, Columbia will include more in depth discussions and shine light on the technical aspects of business administration and management.

Dartmouth- Tuck

In consulting, where a tightly knit network can boost one’s career, going through an MBA program can easily double your connections. This is what Dartmouth-Tuck is known for. With over 70% of its alumnus providing monetary funding to the school, a consultant may find several opportunities while getting one’s MBA. The university’s acceptance rate is 20.8%, which is at the same level as the highly competitive schools mentioned above.

Duke- Fuqua

Duke- Fuqua is slowly making its way up the list for top MBA programs. Part of what the university is good at is matching its MBA graduates with top companies. World-class executives such as Tim Cook (CEO of Apple) who also took part in the MBA program that Duke- Fuqua offers are a prime example of the type of professionals the university produces.

UC Berkley- Haas

UC Berkley- Hass is known for handpicking selective individuals for their MBA program. The new curriculum, which was updated almost 2 years ago, leans toward the development of key skills such as leadership and communications. They also take an analytical approach, as they provide subjects related to critical problem solving. Consultants who are able to get into UC Berkley- Haas’s MBA program can benefit from a well-versed curriculum.

Wrap Up

In conclusion, consultants who are looking for new ways to increase their value in the industry should consider pursuing a MBA. As top consulting firms continue to promote the higher form of education to their employees, it is a big clue on the type of credentials they are looking for during the recruitment process. As mentioned earlier, a MBA is a strong foundation for a consultant’s career.

It is important to take note that those who take up a consulting firm’s offer to take part in the MBA program (with a fully paid tuition and X amount of years with the company after graduation) should be prepared to commit at least 4-6 years, minimum. In this case, individuals who are using consulting as a stepping stone towards other career opportunities, the MBA program might prove to be a hindrance rather than a boost.

A closer look at the MBA programs that top universities offer, and you may notice that not all curriculum is the same. Therefore, it is important to get advice from peers, other consultants and mentors in order to make sure you get the most out of your selected university. Lastly, whether you use your own hard earned money, or are privileged enough to work for a consulting firm that is willing to cover the tuition, a MBA is considered to be a great investment.

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Best Ways to Practice Case Interviews

Written by . Posted in Case Interview Prep

case interview

Many aspiring consultants get anxious about the case interview stage of the recruiting process. The good news is, with proper preparation you can definitely ace your case interviews.

You see, management consultants spend most of their hours understanding and analyzing businesses, problems, solutions and communicating with clients and team members. Case interviews provide a great setting to assess whether or not you’re suitable for a job that requires structured, logical and analytical thinking skills. Case interviews allow the firms to get a firsthand glimpse of how you’ll handle a real case or situation.

The key to a successful case interview is to prepare – practice, practice, practice. But how exactly is the best way to practice? Here are some guidelines:

Start Practicing Cases Now – Not Tomorrow, Not in a Week

Procrastination is often the cause of one’s failure. So start your case interview prep as early as possible. The earlier you start, the more cases you are likely to get familiar to. Get your hands on many different cases. There are plenty of books and websites and other valuable resources that can help you in your case prep. Your confidence will increase as you work on more cases.

Assess Your Competency

It is important that you are aware of your strengths and weaknesses. Therefore, evaluate your skills and focus on improving on the things where you are not good enough. This will help you complete all the competencies needed to deliver what is expected from you as a consultant. Self-awareness will help you identify and hone the skills that you lack. For instance, if you don’t feel confident about reading financial statements through graphs and tables, then invest more on time on improving your graph and table analysis skills.

Don’t Read Cases as You Would Normally Read a Book

If you opt to read cases first, make sure you you read the intro, and reflect what clarifying questions you would ask. Take note of these and then compare with what the book says. Doing cases involves on the spot thinking and requires the ability to create structure from ambiguous details. Remember that it is still best to do practice cases. If you only read cases you might not be able to replicate their process during crunch time.

Improve Your Quantitative Skills

Whether you like it or not, case interviews will contain a lot of numerical calculations. That’s why it is important for you to hone your mental math skills as well as your tables and graphs data analysis. If you feel that your quantitative skills are not that sharp, take the time to improve. Try simulating the actual case interview so you can gauge your speed in performing numerical calculations.

Case studies are likely to include quantitative questions involving tables and graphs, so be ready for them too. Don’t worry if you are not that good yet with data interpretation presented through tables and graphs. As with anything else, you can be good at it with daily practice and persistence.

Master the Frameworks

You should know the consulting frameworks by heart. While having the ability to think logically is great, you still need to master the consulting frameworks. This will even more guide you in structuring your answer within the specified time. Sometimes, aspiring consultants find it hard to determine where and how to start. And this problem can be solved by applying frameworks.

Mastering frameworks will help in determining which approach to use in different situations. Train yourself by applying different frameworks to various cases. You’ll learn how to identify the possible contributing factors and ultimately, generate sound recommendations. Frameworks can be used to check the completeness of your solution and to give data-driven support to your conclusion.

Simulate Actual Case Interviews

 

Working through a case within time constraints is very much different from reading a case at a leisurely pace. Simulating your case interview will not only help you in gauging your speed. This will also help you learn how to handle pressure well. Apparently, the amount of time you spend answering questions is a critical consideration. Ideally, you should practice with someone who has experience and knowledge in consulting.

Practice with a Qualified Person

Conducting a mock interview is a great way to prepare for a consulting interview at a top firm. While it is important that you study on your own too, you need to do a mock interview with good people to verify if your efforts have been fruitful.

Remember, only do mock interviews with qualified people – those who have sufficient knowledge about the industry. You need to spend time with people who are better than you. Why? Because you need to spend more time thinking about what mistakes you have made and which areas need improvement. And those realizations can only be given to you by people who know better than you.

There are many people on consulting forums who are willing to devote their time to do Skype interviews. You could also ask the help of some alumni from your school in consulting (does not have to be Bain or McKinsey as most young alumni in consulting would be willing to help out).

Although you may also ask the help of less experienced family or friends, the best people still to have your mock interview with are those who are used to work or are currently working at a consulting firm.

Ask for Detailed Feedback

After the mock interview, ask your practice partner for a detailed feedback. This will help you identify your strengths and weaknesses. For instance, your practice partner may notice that have no problems with personality questions but struggle with the market sizing calculations. Then consider this feedback and hone your quantitative skills. Focus on the improving the negative comments.

Set Up Informational Meetings or Phone Calls with Former and Current Consultants

Informational meetings with past and current consultants can help you learn more about real cases and real problems. Remember, practice cases are seldom used in real life interviews. Current and former consultants may provide you with tips on what consulting firms are truly looking for in responses. The more you understand about case interviews, the better are your chances of acing your interview.

Moreover, meeting consultants will also provide you a great feel for the types of people you’ll likely to work with. This will help you manage your expectations and decide whether or not it’s the right path for you.
This is invaluable not just for networking purposes, but more importantly for industry and job familiarization. The more you know about consulting – the lingo, the lifestyle, challenges, and rewards – the better you’ll do in the interview.

Scan the News in the Morning before Your Interview

As an aspiring management consultant, you must know your target audience. So make sure you are very well informed on the latest business news, and have a good grasp of politics and international affairs. You must be updated about the key issues of the moment.

Be Ready to Ask Intelligent Questions

As you practice for your case interview, don’t forget to prepare to ask some intelligent questions for the interviewer as well. Although you are the one to be interviewed, it is critical that you know what questions to ask your interviewer so as to impress him/her as much as your answers do. You may ask for additional information or for clarification on key points. Don’t be hesitant to ask as the interviewer is not there to trick you into going to the wrong path.

Remember, case interview is not just about answering questions, it’s also about asking the right questions to draw important information out. Plus, confidently asking the right questions will demonstrate your strong communication abilities.

Maintain a Positive Energy

It is important to have a proper mindset to pass the case interview. You see, even the most experienced interviewers can be a bit anxious when asking questions. Realize that you and the interviewer are in the same boat. Project a great energy to maintain a calm situation for the both of you. Never underestimate the power of good vibes. However, do not overdo this. Practice will help you do this right of course. Also, practice your smile as you need to smile a lot.

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What Is a Typical Day in the Life of a Management Consultant Like?

Written by . Posted in Consulting Industry

Smiling successful young businessman

Contrary to popular belief, there is more to a management consultant’s work than attending meetings and making presentations. Behind the scenes, the job of a consultant is highly competitive and equally rewarding.

A consultant’s typical day is very demanding. In most cases, their day does not end when most professionals clock out for work. Furthermore, many consultants sacrifice their sleep and weekends when there are loads of tasks that need to be done.

Most consultants are already prepared for the hectic professional lifestyle (more on this later). However, over time the work can take its toll without proper breaks or care. Below goes in depth about the various tasks that management consultants face on a regular basis.

Junior Analysts

Junior analysts or associates spend most of their time supporting the project manager and partner. More often than not, this is spent taking gathering relevant, sufficient data and research. Although the task sounds menial, it is an essential step in the consulting process. Without the right supporting information, the client could encounter heavy unforeseen risks in the future.

Research isn’t as simple as browsing the Internet for background information. Junior analysts are sometimes required to dig into the company archive, or look for specific data at the request of the project manager. If they have to interview employees within the client’s company, they must workout a schedule to get the task done.

Another part of the research that can be time consuming is data analysis. By the time the gathered information reaches the project manager or head consultant, it is usually compiled and arranged. Irrelevant data is tossed and hidden. Therefore, sifting through piles of information must be done thoroughly to make sure that nothing is missed.

A junior analyst’s day doesn’t stop at collecting data. He or she also works on power point slides, which again are key in every successful presentation. This part of an associate’s day may not be exactly spent inside the office. This could be done during off hours, at home, or in a café. In most cases, a consultant slowly builds a presentation whenever there is free time throughout the day.

Meetings and Problem Solving Sessions

Holding meetings with clients for interviews and data extraction can take up a large part of a consultant’s day. This time isn’t all that productive. Taking the client’s or interviewee’s schedule into consideration, a consultant could spend a bit of time in the day waiting for scheduled appointments, and rescheduling to make ends meet (if needed). During this waiting period, a consultant is multi-tasking and using the time wisely by working on other tasks for the day. It is important to remember that a client’s workday usually ends at normal office hours (around 5:00 pm). As a result, consultants are forced to work around their schedule and spend their own personal tasks either before or after normal office hours.

It’s no secret that consultants work in teams. Task allocation is a big factor that makes them highly effective in their line of work. A vital part in a consultant’s day is spent with his or her team, making sure everything is in order. Because everyone in the team is immersed in his or her own daily tasks, finding time to make this happen can be frustrating.

If a consultant is “stuck” or having a difficult time finding solutions to key concerns, other members of the team can pitch in to help. From another aspect, extracting new insights on how to fix problems is another reason why daily meetings are held regularly. Project managers who guide the other consultants in problem solving and critical thinking oversee such meetings.

After Office Hours

As mentioned earlier, a client’s time is limited. Hence, a consultant must maximize the small window of time they have with their client. This means that meetings are priority over tasks that can be done when the client is not available. After office hours, a consultant is limited in sources when it comes to collecting information from key individuals, offices and offline archives.

During this time, a consultant looks over the work that was completed in the day and plans for the next steps to come. As simple as this sounds, a consultant must take previous components and connect the information to the new data gathered. If the new information is in conflict with the tasks scheduled out for the week, then it’s back to the drawing board.

After office hours is also spent cleaning up data. Ideally, presentations, information and graphs submitted to a consultant are cleaned up nicely. This is not the case all the time, as everyone else on the team or in the firm is also busy with other tasks. If the employee roster submitted (for example) is missing half of the list, a consultant may need to go back and rectify this issue. Small changes to a presentation such as alignment or missing facts are additional tasks that a consultant must look over during this time.

Networking During Off Hours

A large part of a consultant career relies on networking. It is important to take note that not all of this is done during office hours. The difficult aspect of networking for consultants is making time to socialize and attend events. Moreover, mustering up the energy to be sharp during such networking sessions can be discouraging after a long work week.

Building connections doesn’t stop with other fellow consultants in the industry. Some clients prefer to discuss findings over dinner or over a drink in a lounge. Consultants would need to set time aside for such meetings outside the office and ensure that they cater to the preferences of the client.

Alternatively, some consultants choose to do their networking online. This means using social media to stay in touch with their connections. An advantage of maintaining one’s network online is that it can be done anywhere. Popular professional social media platforms such as LinkedIn have their own application, which allows professionals to tend to their network in between meetings, before going to sleep, or while waiting for a delayed flight.

Traveling

When a consultant has to travel to see the client or carry out tasks, their schedule heavily relies on multi-tasking. The time spent sitting inside a terminal or airport lobby is devoted to preparation for meetings and checking for updates. This is because the window that a consultant has with a client is constricted, especially if one has to travel far to reach the office. With that being said, one is forced to make the most out of the commitment by prioritizing time with the client and the company.

A consultant will, in most cases, wake up from the hotel and go directly to the client’s office. Time will be spent speaking to members of the staff, conducting interviews and presenting findings. After the day is over, the consultant goes back to the hotel and reports to the firm, and prepares for the rest of the day or week, depending on how long he or she will be in the client’s general location.

What About Personal Time?

Pockets of personal time away from work to go to the gym, spend time with family or even do the groceries, are very scarce in the life of busy consultants. With 12 hour work days, consultants usually make time for personal commitments either all at once at the end of the week, or little by little on a daily basis.

One of the biggest complaints that consultants have about their line of work is lack of personal time. As a result, many hit a point where their personal life has been compromised so much that they feel that it is a reason to leave the industry or switch careers. Because a consultant’s daily schedule is never constant, consistently making time for a specific commitment on a weekly or monthly basis can be nearly impossible.

Many consultants who have been in the industry for a while rely on flexible time and commitments to maintain the balance of life and work. While this hectic lifestyle may not sound appealing, many feel that the rewards of high compensation, benefits and a fulfilling career are worth the time, effort and hard work.

To conclude, there is no “typical” day for consultants. Unlike in other professions where days become predictable and monotonous, consulting is the exact opposite of those types of careers. Based on the details of a consultant’s daily tasks, time management is extremely important due to outside factors such as client’s schedules and the output of other team members.

In general, a consultant spends large amounts of time in meetings with clients and analyzing data. Priority becomes a factor when traveling and managing professional commitments, including family, networking and health. While it is possible to become accustomed to the hectic lifestyle of a consultant, it is a better idea to bring in balance to prevent stress and burnouts.

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