Why Choose Management Consulting as a Career?

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Career race

Many candidates pursue management consulting because it’s a financially thriving career. However, if you want to last long in McKinsey, Bain or any competitive firm, you must have other important intentions. Relying on financial motivation doesn’t make you motivated enough to finish your mind-boggling tasks. You should also be motivated by other things, such as those mentioned below.

Intellectual Challenges

The responsibilities assigned to you require critical thinking, analysis, resourceful, leadership and commitment. You won’t have a supervisor that will keep an eye on you the whole time. You will be given sufficient autonomy to do things on your own. You will be discussing ideas with your team mates. This kind of intellectual stimulation is attractive for many applicants. It keeps the mind on the go and free from rust and cobwebs.

Exposure

By becoming a management consultant, you get exposed to different sectors, clients and challenges. Because the agreements are based on projects, you don’t get to stick with one company only. You hop from one office to another to observe the best practices across industries and to know the common problems plaguing organizations. Another bonus point is the possibility of traveling to different cities or countries as part of your job. Yes, this career can be your ticket to see the world.

Learning

As a management consultant, you must keep up with everything that’s presented to you. If you belong to a huge firm that caters to different clients, you might be assigned to a variety of projects. When this happens, the learning process certainly demands time and effort in comprehending the business case. However, in the end, you also reap the fruit of your labor – extensive and in depth understanding of management, marketing and entrepreneurship – and this intangible perk will never be taken away from you.

Skills Enhancement

The management consulting firm will hire you because they see your potential. After signing the employment contract, you will be trained to embody their values and expertise. You will learn how to present your ideas effectively, to analyze a complicated problem well or to interact with different personalities smoothly. Moreover, by simply being surrounded with consultants that have been there for years, you will be able to catch winning practices and habits for your improvement.

Increased Value in the Market

Should you decide to move on to another industry later, a lot of companies will be after you. You have been trained for employee interaction, so you can be a supervisor. You have been trained to be level headed in approaching a situation, so you may go for higher position. If you also want to put up your own business, more likely you will be successful since you are already aware of market behaviors, industry trends and best practices. It’s now just a matter of applying your technical know-how to your own brainchild.

In summary, a management consultant also enjoys a number of intangible perks that can never be equated to their yearly earnings.  If you want to experience them, start preparing for your career in this industry. Know how to impress a recruiter with your job application, test results and interview performance.

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University of Rochester Consulting Group

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Consulting Clubs

The University of Rochester Consulting Group is composed of students and professionals who offer pro-bono management consulting services for the Rochester business community. Some of their expertise includes business plan development, communication services, market research and advertising.

The Three Advantages

The group believes that they have three advantages over others. First, they focus on helping small businesses flourish in the future while training their members to become valuable employees. Second, they provide personal interaction and warm local presence that lead to a high degree of comfort level between clients and problem solvers. Third, the group can provide a team possessing a wide range of management consulting skills, knowledge and experience. It has a diverse network of student consultants, professional contacts and academic partners, as well.

Past Projects

The club has worked on a few notable projects. It has once written a newsletter, a manual and a market research for Hayes Asset Management, a small asset company in the downtown area. In another project, they investigated the online brand of AHEAD Energy for the non-profit organization’s web redesigning strategy. As the club significantly contributes to clients from different industries, its members have developed not only their analytical skills but also their ability to network with key people.

Visit University of Rochester Consulting Group’s Website

If you are interested in the projects the group has worked on, please visit their website. Companies who want to make use of the club’s services can contact the officers through their site, too.

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Eckhart Consulting Club

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Consulting Clubs

Eckhart Consulting is an undergraduate club of the University of Chicago that offers pro-bono and affordable management consulting services. In collaboration with experts from top-tier management consulting firms, the club has advised a diverse set of clients since 2002.

Becoming a Member

Undergraduates who wish to be a part of the club need to send their application for review. They will undergo case and behavioral interviews to prove they have the competencies. Once accepted, they must devote at least five hours per week and must deliver quality output for the clients. The main advantage they get is they are given ample number of opportunities to analyze, discuss and resolve real-world business cases.  Their interaction with clients also serves as a perfect time to network with people in local industries.

Case Competition

The club partners with the consulting club of Northwestern University and Boston Consulting Group for an annual case competition in spring. Students at both schools form teams and present their recommendations to clients. Those who did well in the first round are then invited to the final round at BCG Chicago’s office. This activity is good for those who wish to improve their confidence and management consulting skills.

Visit Eckhart Consulting’s Website

If you’re interested in knowing more about the club, please visit their website.

Caltech Consulting Club

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Consulting Clubs

Caltech Consulting Club targets to turn California Institute of Technology into a source of professional world-class management experts by presenting the ins and outs of the industry to the Caltech community through networking activities, resources and other events.

Quarterly Coffee Hours

The club facilitates one-hour coffee sessions with speakers from various management consulting firms. In 2011, they invited Kayvan Ardalan from Bain and Meg Kedrowski from BCG to share insights about their firm, some job application tips and their experience. With these experts around, the activity becomes a great opportunity for members to extend their network.

Hands-on Experience

Every summer, the club exposes its members to real-world problems of local businesses. Teams of students get specific assignments from partner companies. Apart from enriching their analytic thinking, research ability and other management consulting skills, they also get an idea of the common problems of organizations. Previously, they have worked with LA Foodbank Project. They came up with logistical solutions for the efficiency of the donation pickup process.

Visit Caltech Consulting Club’s Website

Drop by their website to know more about the club. On their resources page, they have collected links from top tier firms that you will find useful. If you need a general guideline on the recruiting process in this industry, download this management consulting career guide. It contains guidelines every consulting aspirant needs – from knowing what firms look for in applicants to acing case interviews.

 

Indian School of Business Consulting Club

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Consulting Clubs

The Indian School of Business Consulting Club equips its members with the tools and resources required for a consulting career. Its activities and services reinforce one of the top career choices among ISB students. It also guides students in coming up with informed decisions as they pursue their career.

Activities with Premier Consulting Firms

This student-led association arranges sessions with top leaders from top tier management consulting firms. BCG has conducted a workshop on resume writing, AT Kearney has introduced its way of consulting through an interactive dialogue and McKinsey has discussed approaches on how to resolve case interviews. The knowledge students get from experts are quite significant in their career preparation.

Collaboration with Alums

In 2010, Alumni Shadow Program was one of the club’s initiatives. Students visited alums in their workplace to peek at the type of management consulting job they are doing. This exposes them to actual work scenario and the culture of the industry, and at the same time, build long-term networks with professional consultants.

Visit Indian School of Business Consulting Club’s Website

If you visit their website, you will see some of the photos taken during some of the activities mentioned above. Further, you will get to know their officers and some of the accomplishments in the past years.

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Top Tier Management Consulting Firms in 2012

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gold medal

Vault.com ranked consulting firms in 2012 using a formula based on candidates’ criteria in applying for a consulting job. 25% was surprisingly allotted for culture and another 25% for work-life balance. Prestige and compensation had 20% each while the rest was apportioned for other factors.

Below are the top seven management consulting firms, based on their results.

Top 1: Bain & Company

With 48 offices in 31 countries, Bain has maintained its first rank. Its management consultants are known for their expertise in different industries, such as airline and transportation, private equity and consumer products. They approach cases in a very concise approach: shared ambition, true results. They put themselves in the shoes of their clients to understand the business scenario like how owners would. Then they come up with pragmatic and actionable solutions.

Top 2: McKinsey & Company

The history of this global management consulting firm dates back in 1926, when James O. McKinsey founded it. After almost nine decades, McKinsey has established about 90 offices in more than 50 countries. It is proud of its level-headed consultants coming from diverse backgrounds. The firm believes in helping clients reach their maximum potential and in guiding them to solutions with lasting benefits.

Top 3: The Boston Consulting Group (BCG)

The firm moved one rank lower this year with only .038 score difference from McKinsey. It employs an estimate of 4,800 management consultants in 48 countries. Their common denominator is their belief that teamwork will help them generate effective, practical results. The firm values their employees and treats them as their biggest asset. Their training includes soft skills to communicate and get along well with each other.

Top 4: Deloitte Consulting LLP

This is a hybrid firm with consulting as one of their business areas. From rank 6 last year, its popularity has pushed its rank to number 4 this year. Its clients are pleased with their ability to implement the ideas they present. Its management consultants are highly capable of analyzing problems related to human capital, strategy, operations and technology and of crafting solutions according to identified needs.

Top 5: Monitor Group

This multinational firm have gone a long way – from rank 25 last year to the 5th slot this year. The  consultants assigned to 27 offices around the globe specialize in strategy consultation, but they also excel in other areas. Their main goal is the growth of organizations. This includes identifying opportunities for improvement and the barriers to these opportunities.

Top 6: A.T. Kearney

From rank 8 last year, the firm moved two steps upwards this year. This is a clear indicator that the commitment to client satisfaction of its founder, Andrew Thomas Kearney, has continued to shine through its consultants. They hold on to success through collaboration, diversity of expertise and intellectual integrity. Currently, the firm has 57 satellites in 39 countries.

Top 7: Oliver Wyman

Founded in 1984, this management consulting firm has maintained its 7th rank. Founded in 1984, the firm has more than 50 offices in 25 countries. The consultants are adept in strategy, organization transformation, risk management and operations. They employ proven methodologies and tools to deliver excellent results. They also value collaboration and unconventional thinking.

If you want to know how to ace the consulting recruitment process and land a consulting job, download this guide on management consulting. It gives an overview of the challenges you need to undergo to get through successfully – from preparation of job application to acing case interviews.

Management Consulting vs. Technology Consulting

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Consultant and customer looking at statistics

Management and technology consulting are two in-demand areas of the consultancy world. Both fields may have the same process of analyzing and coming up with a solution, but definitely, one is not synonymous with the other.

Difference between Management and Technology Consulting

The main difference between the two is the type of advice being given to the company. Management consulting covers the operations, marketing, business expansion, mergers and acquisition, product development and pricing. For instance, if a car manufacturer plans to launch a new car but is unsure of whether or not it’s going to click, the company may hire management consultants to study the scenario.

The advice from a technology consultant is related to how IT systems can improve the productivity, communication or efficiency of a business. For instance, if the finance department of a bookstore with branches all over the country has had problems with untimely submission of sales reports, the management can contact a technology consulting firm for assistance. The consultants will analyze the problem and perhaps introduce an online software solution that can generate real-time reports.

Competencies Required for Management and Technology Consultants

Both types of firm need employees who possess skills in communication, organization, analysis and other relevant management consulting skills and abilities. These skills will be used when consultants meet with top executives, interact with employees, coordinate with colleagues, research important information and train concerned staff. They must also do well in writing concise reports and presenting ideas to other people. Both must also have in-depth knowledge in business as it serves as the rationale behind all activities.

Management and technology consultants are different in their area of expertise. While the former must be knowledgeable in accounting, marketing, economics and human resources, the latter must be updated with organizational best practices, IT infrastructure and must have a good working relationship with software and hardware specialist consultants.

Their areas are interrelated, though. A management consultant who’s analyzing a human resource department’s inefficiency may find out that the main issues lies in having no Human Resources Information System. A technology consultant who’s resolving a glitch in the accounting system may discover that employees are unproductive because they’re not financially motivated. In these instances, firms that offer both management and technology consulting services, such as Deloitte Consulting have an advantage because they can introduce the other services of their firm.

How In-Demand Are Management and Technology Consultants

Management consultants have always been in demand despite the economic downturn. Companies bank on their services because their output helps businesses gain profit and decrease expenses. These past few years, technology consulting has been gradually becoming popular. Since we are already in the age of technology, more companies ascertain their IT investment will contribute to the growth of their business.

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How Do Management Consultants Travel?

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Group of four leaders smiling on the background of the airplane

As a management consultant of Bain, Deloitte Consulting, McKinsey and other top tier consulting firms, you have to consider traveling as part of your weekly schedule. Since the bulk of your work has to be done at the client’s office, you will spend a lot of time with the management and employees.

Your presence at the client’s office gets a lot of things done. There you will interview people, gather information, analyze data and present key findings to executives. It is also a good means of getting first-hand experience with their culture, an important consideration in coming up with practical recommendations. On top of this, the more the clients see you working on the project with determination, the more they’ll trust your capabilities.

Location of Clients

Traveling gets in the way when clients are located in disperse locations. In big cities where they are close to the management consulting firm, this isn’t a main concern. However, for those who need to take a plane or train for hours, traveling can takes its toll on you. You will get physically and mentally weary. You’ll feel that way because you’re subconsciously resisting the movement of the vehicle to maintain balance. At times, this fatigue can somehow affect your performance at work.

Family Life

If you’re constantly on the move, you’ll have less quality time with your family and friends. In most cases, you will be in the client’s office from Monday to Thursday, and you will be back at the firm on Friday for your other responsibilities. However, due to unforeseen or incidental necessities, there are possibilities of staying with your clients all week. This has an impact on your weekend. And if your client is located very far away, you might get home in weekends. You may frown at how this schedule affects your family life. However, since it’s a job requirement, you just have to find other means to compensate your absence from home.

Length of Service

During your first year or two at a consulting firm, you will normally get random project assignments. However, once you gain more experience, you will be able to influence which clients and projects you are assigned. This isn’t always possible, though, for two reasons. First, management consulting firms assign a business case based on a management consultant’s expertise, skills and abilities. Second, you also have to compromise with others, as they have personal priorities, too.

Waiting Time

There’s plenty of waiting time when you’re traveling, and you can make use of that in a productive way. For instance, while waiting for your flight, you can check your emails, continue writing your report or review your presentation to be able to sleep early that night. If you love reading, you can always bring a book with you for your hobby. If taking pictures is your way of fun, take out your camera and get some interesting snaps. If you miss your wife or kids, get in touch with them through a call or message. Remember that there will always be a way to turn lemons into lemonade.

If you don’t mind traveling every now and then, you might do well in this field. Start learning how to break into the management consulting industry by downloading our free guide. You will learn valuable tips and guidelines from it.

Management Consulting Personality

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Behavioral-questions

It is impossible to box the personality of all management consultants in one description. After all, they are endowed with uniquely different characteristics. However, it is undeniable that many of them behave or react in the same manner in various situations.

According to psychology, personality is a combination of consistent thought patterns, feelings and behaviors of a person. In the field of management consulting, this seems to be highly influenced by the consultant’s basic duties and responsibilities, the culture of the firm and the responsibility to maintain a smooth relationship with clients and their employees.

Below are the typical characteristics that form part of a management consultant’s personality.

How They Think

All consultants are analytical, good problem solvers. They inspect all the angles of a situation to come up with a sound decision. They are not comfortable with focusing on one factor only. Most of the time, they think outside the box to bring out all the possibilities. Because these are part of their daily schedule, they have become logical thinkers in everything they do.

Consultants are also good planners. This characteristic is more evident as they take further studies in their field. They continuously research on the latest trends of the industry and formulate their own ideas along the way. They determinedly learn modern techniques and combine them with old but effective methods for better results. Since they are aware that business management is continuously evolving, they keep themselves abreast with the developments.

How They Feel

Management consultants have a deep-seated drive to achieve their goals. This is proven from the time they apply for a consulting position until their last day in the workplace. While they serve as consultants, they feel motivated to deliver quality output for their clients on time. In effect, they choose to stay at the office even after regular work hours. This drive pushes them to do more than what’s expected from them.

Consultants get tired with their hectic schedule, too. That’s the reason why attaining work-life balance has always been an issue for most of them. However, though they are sick of the idea of missing their family and friends, they see to it that it doesn’t get in the way. They maintain focus and keep personal issues away from their job.

How They Behave

Professional is the word that best describes a consultant. This characteristic can be seen in the way they communicate with clients, fellow team members and other employees. They use tactful expression and maintain their emotional intelligence. Their excellent people skills make them good leaders. They can readily build teams to work hand in hand in finishing a project.

They are also known to have grace under pressure. When they enter management consulting field, they definitely encounter numerous nerve-racking situations caused by the project or the people around them. They may have to beat tough deadlines within a short period of time. Thus, developing stress management techniques is their way of coping. These allow them to set priorities, to clear their mind of troubling thoughts and to control their negative reactions.

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McCombs’ Graduate Consulting Group

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Consulting Clubs

MBA Graduate Consulting Group of McCombs School of Business focuses on three things for its club members: knowledge, networking and preparation. Let’s look into each of these.

Knowledge

The club prepares its members in acquiring the necessary knowledge about consulting. They organize activities to educate students about firms, the management consultant’s roles and responsibilities and work culture. They facilitate workshops to teach the right ways of resolving business cases, networking, preparing job applications and other important consulting topics.

Networking

One popular choice of students for extending their network is the Consulting Trek. About 35 to 40 MBA students go to Dallas and visit five big consulting firms. Last year, they went to PWC, Bain, Booz, BCG and Deloitte. The trek included meals, presentations, discussions and office tours. Participants get exhausted at the end of the day, but they are grateful for the insights, opportunities and company of fellow students.

Preparation

The club is proud of the way their members collaborate to land a management consulting opportunity. Their website says second year help the first year prepare for their internship application based on their experience. The first year members coach each other in mastering common frameworks to get ready for case interviews.