Management Consulting Skills Training

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Resume

Providing skills training to management consultants doesn’t have a direct effect on the firm’s revenue. In fact, it may seem costly at first because of the expensive trainer’s fee and logistic expenses. So in what way is skills training essential to consulting?

Competence of staff is a priority of management consulting firms. This is the main reason why the process of getting a slot in a firm, especially in big ones like Booz and Bain, takes much time and effort. Applicants have to prove they have the potentials to perform the actual duties and responsibilities of a consultant. When they are hired, firms are somewhat responsible for converting potentials to abilities.

Staff Induction

The purpose of staff induction is to welcome new consultants into the firm formally and to prepare them for their job accordingly. It usually includes sessions on the company history, policies, procedures and your role in the organization. Apart from these, it tackles management consulting work hours, payroll details, dress code and lifestyle. It also enumerates the do’s and don’ts during client visits and techniques for better performance.

Close Supervision

After the induction program, new management consultants aren’t left on their own. For the first few weeks or months, they will be closely supervised by seniors who can share their expertise, transfer their skills and encourage them on a daily basis. Regardless of their length of stay in the company, their performance will be appraised to figure out their strengths and work on their points for improvement.

Skills Development Programs

Training teams of management consulting firms also facilitate or organize skills development programs from time to time. They are usually categorized according to your position in the firm, your training needs and the nature of your job. Some of the typical skills development programs focus on the following:

Client Interaction Skills

Maintaining smooth relationships with clients is a critical aspect of the project. Consultants must know how to communicate with them during meetings, how to handle resistance, how to be assertive and how to handle both positive and negative feedback. The clients are the ultimate customer of the firms, so it’s a mortal sin to behave unprofessionally in their presence.

Interpersonal and Communication Skills

Communication at the workplace is important in every aspect of management consulting. Training programs specific to this area helps consultants deal with the client’s employees. To be able to dig more information, they need to engage them in gathering, interpreting and analyzing data. Poor communication skills can lead to poor discovery of factors related to the business dilemma.

Leadership Skills

As consultants climb the ladder, they will be given heavier responsibilities, such as leading projects. A supervisory role is quite challenging because it already includes building strong partnerships among associates or analysts. The focus is more on managing client interactions and consolidating effort to add more value to the team.

Try your best to land a job in consulting to experience the aforementioned training programs. To get an idea of most firms’ recruitment process, download this management consulting guide. It will help you prepare for all the challenges you will encounter.

Management Consulting Fundamentals

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Management consulting has been proven to be a lucrative career. It has grown significantly in demand these past decades. If you are planning to consult or establish a career in this field, you should know its fundamentals.

 The ever growing and volatile economic conditions have in one way or another paved the way for small or large scale organizations to enlist the help of management consultants. The companies have benefited from their services over the years. They have found the recommendations to their problems useful in the efficiency of their business. Below are some information you can make use of as you pursue this career path.

Types of Consultancy According to Employment

There are two types of consultants that provide solutions to organizational problems: external and internal. Both types are expected to be equipped with the knowledge and skills necessary to help improve the company’s performance. External consultants, having been exposed to a lot of situations, are expected to have more varied skills because of their experience. They work independently or are hired through management consulting firms like Bain, Booz and McKinsey.

On the other hand, internal consultants are usually employed by the company on a permanent basis. Some organizations prefer this setup since it’s more cost-effective. They are expected to be adept in that particular industry because of their familiarity and experience with the regular operations. Their recommendations are also based on the culture of the company, which in most cases are more practical.

Tools of the Trade

Being equipped with the necessary competencies to address problems is of great value to management consultants. They must know the history of their client, utilize the various consulting frameworks and possess analytical, data gathering, presentation and negotiation skills. Companies always want to get a good value for their money, which is why they pay the premium to hire the best. It is given that they are computer literate, graduated from a reputable university and have the courage to rise to the challenge.

Best Practices

As management consultants, part of their job description is to improve the performance and output of companies by solving problems and developing recommendations. Their primary role is to give advice and share their expertise. This includes knowing the best practices in the industry that serve as the benchmark in the implementation and improvement of a specific condition. It is assumed that they have the exposure and experience within a variety of organizations. This includes knowing the best strategies, plans and whatever works best in a given scenario.

Much is expected from management consulting firms because the inputs consultants give are very valuable to the company or organization. They know the basic management principles, above all else, to be able to handle this work effectively and efficiently.

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Management Consulting Facts

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Management Consulting Publications

When you embark on a new career venture, you must do some research. This will encourage you to ponder on the profession you truly desire to pursue. In this post, read four facts about management consulting industry and let them guide you in coming up with a career choice.

Fact No. 1: Getting Through the Recruitment Process Is Difficult

Applying for a position in a consulting firm is just like going through another recruitment process, only many times harder. First, the competition is tough. Top tier management consulting firms like Bain, PWC and McKinsey receive numerous resumes each month from qualified candidates. Many of them graduated from prestigious universities. Further, the screening process is tougher. The tests have a higher level of difficulty, and the interviews require exhaustive preparation. You must rehearse your answers to common behavioral questions and master the management consulting frameworks to ace the case interviews.

Fact No. 2: Your Effort Will Be Rewarded

If you are fortunate enough to make it to your goal, you should congratulate yourself on acquiring a great milestone. Unfortunately, the hard work doesn’t end there. Once you start doing the real job, you’ll realize why the recruitment has to be tough – to choose the best person for tougher responsibilities. You will be working on different business dilemmas, taking advantage of your analytic, communication and logical skills. In some weeks, you will have to spend a few more hours at the office even when your client’s employees have all gone home for a sumptuous dinner with their loved ones. You will never say your management consulting work schedule is lenient. However, during paydays, you can always attest that each minute of effort is financially rewarded.

Fact No. 3: Traveling Becomes a Wearisome Activity

For you to perform your management consulting roles and responsibilities, you must be at your client’s office on most weekdays for data collection, workshops, meetings and analysis. For firms whose clients are only within the city, this isn’t a main concern. However, when they are located in another city or country, this can cause physical and emotional stress in the long run. For some, it is inconvenient to spend many hours every week travelling. The trip becomes strenuous because of the homesick feeling, too. You must love the idea of always being active to survive the hectic schedule.

Fact No. 4: Management Consulting Isn’t Only about Expertise

You will be hired primarily because of your technical know-how about project management, human resources or marketing. Other recruiters will consider you because of your impressive analytic skills or superior score in a numerical reasoning test. Though you won’t survive the job without that knowledge and ability, you must also be able to interact with different kinds of personalities. Your people skills will be your key in getting necessary information. Moreover, since you’ll be sent to different locations, your sociability will help you adjust with the new environment readily.

After reading the aforementioned facts, does consulting field still attract you?

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Management Consulting Family Life

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Though management consulting is one of the most rewarding jobs ever, it has also its share of disadvantages. Unfortunately, those working in the industry are known for their lack of quality time for their loved ones.

It’s commonplace to hear that management consultants work for at least 50 hours per week. At times, when they’re working on an urgent project for a very important client, they have to render about 80 hours in the office just to beat deadlines. It’s not also surprising to know that their family life is affected by their hectic schedule. More time for work simply implies less time for the spouse and kids.

The Downside of Traveling

At first, the concept of traveling excites consultants. An out-of-town trip once a week is a wonderful opportunity to explore a new place – its culture, food and tourist spots. However, as years pass by, they realize it’s just another assignment they have to deal with, and they won’t be home for days. The enthusiasm gradually subsides, and homesickness replaces it. The sad thing is that they can’t just turn their back on it. They know that they must visit the client’s office to interview employees, to attend meetings with the management and to gather information. These are part of their responsibilities and, therefore, missing these tasks is practically the same as being negligent.

Lack of Quality Time with the Family

Due to frequent trips and necessary overtime services at the office, the management consultant barely have quality time for the family. Annual reunions and other big family events are usually scheduled and may be inserted in the organizer, but those simple, happy moments are often forgone. Many consultants get home with their kids already sleeping soundly. They miss having dinnertime together, laughing in front of the television and doing the storytelling ritual between a parent and a child. Skipping moments like these can be a threat to the relationship. It leads to serious problems, such as wide relationship gaps, miscommunication and the feeling of neglect on the part of the child.

Managing Time

One of the top three success factors of management consultants is organizational skill. This doesn’t only include creating a Gantt chart, maintaining a proper folder structure on your PC or dealing with various forms of communications neatly. This skill can also be used in maintaining work-life balance so they can allot sufficient time for their personal commitments. This is easier said than done as many consultants are actually stuck in their work even after midnight. However, those who are as committed to their family as to their job will make a way, even if it means a great deal of sacrifice. These consultants find time to:

  • Maximize technology to communicate with the family. They make sure they give them a call, a chat or an email.
  • Find time to have meals together once or twice a day. When they talk with each other, they ascertain that everyone in the family is doing well.
  • Spend quality days together in a trip, on lazy Sundays, in a mall, etc.
  • For the highly family-oriented management consultants, transfer to a firm where clients are only located in the city.

If you’re confident you can manage the lifestyle of a consultant, start grooming yourself for a position in Bain, McKinsey and AT Kearney now!

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Haas Consulting Club

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Consulting Clubs

University of California Berkeley Haas School of Business has an organization that prepares students for a promising career in management consulting. Learn how the club carries out their goals.

Firm Night

It’s a three-hour event when different companies gather to meet Haas MBA students. They introduce their practice areas, the sectors in which they work, their recruitment procedure and other significant information. It’s a well-participated event, with professionals representing renowned management consulting firms like Bain, Monitor, McKinsey and Ernst & Young.

Boot Camp for Students

The activity aims to improve club members’ performance during case interviews. This one-day event starts with an introduction to case interviewing and then it’s followed by interview rounds. The interview per se lasts for 30 minutes and the giving of constructive feedback for another 15 minutes. It’s a perfect time for first year students to be exposed to this challenge and for second years to prepare for actual management consulting interviews after graduation.

Summer Internship Preparation

At the end of each school year, the club hosts a panel discussion for those who will pursue summer consulting internship. The selected experts will give the participants tips on how to seize the experience – from observing the consulting dress code to filling the firm’s vacant position. They will also clarify issues and answer questions for students to get through the program successfully.

Visit Haas Consulting Club’s Website

The club has a lot to offer! Visit their website now and become familiar with their initiatives.

Management Consulting Dictionary

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Consulting Jargon Terms

Jargon is inevitable. Circles of friends, flocks of nerds or groups of employees develop their own terms or phrases that only make sense when used among themselves. Continue reading this article to become familiar with common acronyms and abbreviations used in the management consulting industry.

As a consulting aspirant, you should learn the management consulting dictionary – the jargon that consultants use. Once you get hired for the position, you will interact with partners, and they might be using technical terms that aren’t in your dictionary. To deal with this proactively, start learning the terms as early as now so that when you get there, you’ll be working on the same page with others.

AOB

Stands for Any Other Business. Acronym for miscellaneous topics to be taken up in the meeting.

It’s almost 7:00 P.M. now. Shall we meet tomorrow for the AOB?

Big 3

Refers to the three most prominent management consulting firms namely, McKinsey, Bain and BCG. It is also called MBB.

Big 3 firms provide rewarding compensation to their employees.

Big 4

Refers to the largest audit firms namely Deloitte, PWC, Ernst & Young and KPMG. You should not confuse Big 4 with Big 3!

It would be difficult to compete with the well-established Big 4.

MBB

Stands for McKinsey, Bain, and BCG. Booz & Company is sometimes mixed in with the Big 3 firms, thereby adding one more B to the acronym.

Many graduates wish for a position in MBB.

MECE

Stands for Mutually Exclusive, Collectively Exhaustive. An acronym that originated at McKinsey. Wikipedia defines it as a grouping principle for separating a set of items into subsets.

Why don’t we try MECE to analyze this scenario?

QC

Stands for Quality Control – A process that ensures products or services meet quality standards.

You need to send your slide deck through QC before sending out to the client.

SME

Stands for Subject Matter Expert – A person proficient in a certain field. An example would be a management consultant. This acronym is often confused with Small-Medium Enterprises.

XYZ Company needs an SME in information technology to enhance their business operations.

SWAG

Stands for Some Wild-Ass Guess – An idea formulated without supporting data or facts. Often created based on experience.

It wouldn’t be safe to rely on SWAG completely. We must do our research for this project, as well.

To transform yourself into a jargon rock star, also have a look at other ten management consulting terms.

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Management Consulting Essentials for Graduate Students

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Are you an undergraduate or MBA student planning to engage in management consulting after graduation? Have a look at this article. We will answer some of the essential questions that graduates have in regards to a management consulting career.

What is Expected from Management Consultants?

Consultants are expected to help organizations improve through research, critical analyses and sound recommendations. They are usually experts in the field of operations, marketing, human resources, project management and finance. It is imperative for them to acquire analytic, decision making and logical thinking skills to be able to perform their job. They must also have the ability to communicate with different kinds of people – from the CEO down to the frontline employees of the company. As an indicator of their professionalism, they must exhibit emotional intelligence when dealing with people around them.

What Are the Tools Used by Management Consultants?

Consultants use a lot of different tools in their everyday work. The two most important pieces of software are Microsoft Excel and Microsoft PowerPoint. As a consultant, you will spend countless hours in these two software applications!

Other than that, you will use several frameworks and practices that are specific for your consulting firm. You will learn these during your initial consulting training/boot-camp. Frameworks provide a step-by-step structure on how to analyze different problems. A common example of a framework is Porter’s Five Forces Analysis developed by Michael Porter of Harvard Business School in 1979. It’s used for analyzing competition among companies in a specific industry by assessing the new entrants, the substitutes to the products, the power of suppliers, the power of buyers and the existing company rivalry.

How Much Do Management Consultants Earn?

It depends on the size of the firm and the level of the position. Global consulting firms, such as Bain, BCG and McKinsey, usually have more rewarding packages than small boutique firms. The salaries are so different across countries, firms, starting positions, etc. that we cannot give you any exact figures. One thing is for sure: you will get a salary that is substantially higher-than-average!

What Are the Causes of Stress in Management Consulting?

Working for long hours is one of the disadvantages of working for a consulting firm. Consultants are absorbed in their work for at least 10 hours a day. Their daily schedule usually includes client meetings, team sessions, data gathering and other mind-stirring activities. During the recruitment period, management consultants were assessed to be able to handle this kind of pressure but at times, working for long periods is too exhausting. The schedule also gets in the way of the consultants’ relationships with their family and friends. Not having enough time for loved ones may be a cause of arguments, emotional gaps and other serious issues.

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Harvard Business School Management Consulting Club

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Consulting Clubs

Many of the promising graduates of Harvard Business School wish to pursue a career in consulting. Harvard Business School Management Consulting Club supports this popular choice by providing activities that equip students with the right competencies for the profession. Read on and find out what activities they offer to their members.

Club Activities in Harvard Business School Management Consulting Club

The following are four of their annual activities:

  1. Career Fair – This allows students to get to know management consulting firms through their representatives. In this one-day event, consulting firms introduce themselves. They sometimes offer summer employment opportunities in which members can apply. It’s an activity good for extending consulting networks.
  2. Monthly Cocktail Series – Students listen to the lecture of a visiting management consultant. Afterwards, they can participate in discussions and share their thoughts about the topic. This is a great way to socialize and at the same time, gain insight from the interaction with others.
  3. Case Interview Workshops – The club provides opportunities to practice case interviews. This aims to help members be acquainted with useful management consulting frameworks and perform well during interviews. Sample cases are exhaustively discussed for guaranteed understanding.
  4. Speaker Series – Once a year, the club invites a prominent expert to come to the campus and talk about the latest trends of industry. The knowledge gained from this event can be used in sending an application to top tier management consulting firms like McKinsey, Bain and BCG. It can be also applied in dealing with clients in the future.

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Management Consulting Work Hours

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A position in the top tier management consulting firms, like McKinsey, Bain and BCG is awfully time-consuming. Most consultants work for 50 to 80 hours in a week. Read on and understand the implications of this work schedule.

Official consulting work hours may start from 9:00 a.m. to 5:00 p.m. but consultants never seem to have enough within that 8-hour period. At the end of the day when everyone seems exhausted at the office, they still have enough energy to keep going. At worst times, they need to work for 15 hours a day just to beat deadlines, tally performance data or finish the brainstorming session. Who says management consulting lifestyle isn’t tough?

Indication of Long Work Hours

If there’s one good thing this crazy schedule tells us, it’s the kind of commitment consultants offer to their job. We can easily assume that probably it’s the great pay that entices them to get things done, but in the hindsight, would most people believe putting off personal priorities for organizational success is really worth it? Management consulting employees would answer most likely that question in the affirmative for they find value in what they do. In that aspect, they deserve applause for not everybody is capable of committing oneself to this kind of workload.

Negative Effects of Working Long Hours

Though job dedication is exemplary, extended working schedule has negative effects on health and well-being of employees. This was proven by Japanese high-ranking business executives who died in the 1980’s without any previous signs of illness. It was later found out that they worked too much and too hard. This phenomenon was then called, karoshi, which can be translated as “death from overwork.” This article says that major medical causes of karoshi deaths are heart attack and stroke due to stress.

Aside from health, personal relationships are also at stake. Many say that consulting is for professionals who are single because of its time-consuming nature. Consultants missing gatherings, reunions and birthdays because of commitment is commonplace. Further, they barely find time for their hobbies and interests. Finding free time is, unfortunately, a struggle in management consulting industry.

Dealing with Long Work Hours

In the consulting field, time management skills are important. Considered as one of the critical success factors, this tool resolves any work-life balance issues arising from an expert’s regular duties and responsibilities. It takes planning to determine which tasks to prioritize and to put aside. It takes time management to allot time for family bonding and get-together with buddies. It takes discipline to begin and end work as scheduled.

Consultants should also learn the art of taking breaks. Chatting about the latest buzz with colleagues or stretching your arms and legs once in a while is not a waste of time. It’s a good way of relaxing the eyes, hands and mind to maintain productivity level. Working for long straight hours causes exhaustion out and in the long run fatigue. Taking regular breaks can prevent this from happening.

Management Consulting Advantages and Disadvantages

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blank form for the pros and cons, black and white image

Getting into management consulting means carrying a balance scale; one filled with advantages and the other with disadvantages. Read this article, discern which side has a heavier weight and decide if this industry is worth going after.

Many people are impressed if someone says that they work as a management consultant for a firm like Booz, Bain or McKinsey. The label simply connotes levelheaded people wearing a suit, bright people and people knowing how to apply their intelligence and knowledge in real business situations.  This facade has truth in it; it’s just that when you dig deeper, you learn more about the good and bad sides of the job.

To simplify things for you, here are some advantages and disadvantages for a management consulting career. The list is useful for consultants working for either top tier management consulting firms or boutique management consulting firms.

Advantage: Management Consulting Brings Fulfillment

Providing direction to organizations is the main target of management consultants. This challenging responsibility, when done effectively, is a great source of fulfillment. Clients don’t hire you for trivial reasons; they hire you for something they can’t fully manage. They need your skills to analyze valuable information, your expertise to help them decide, your objective opinion to push them to the top. Your recommendations will be part of their strategic planning, and you will certainly be proud of that.

Advantage: Management Consulting Is Rewarding

Firms reinforce work performance of employees with a promising compensation and benefit package. The annual base salary for fresh graduates considered for the job is very high compared to alternatives. Apart from this, they get performance bonus, relocation allowance, signing incentives and other lavish benefits. For those who love to explore new places, a consulting career can be your ticket to your dream cities or countries (that is, when you have some spare time in your 60-80 hours workweek).

Disadvantage: Management Consulting Is a Source of Distress

Consultants work a lot. A week with 60-80 working hours is not uncommon. The long, required number of hours, if not handled properly, can be a cause of stress, fatigue and poor health. As we observe, people who are too absorbed in their job tend to be short-tempered because they lack the time to sleep, unwind and take care of their personal needs. Health.com even says that employees who work more than 10 hours per day will more likely develop a heart disease or have a heart attack.

Disadvantage: Management Consulting Is Also Criticized

Not all employees are impressed by consultants. They also get disapproval from the people around them due to role confusion or misunderstandings. Some employees are apprehensive in giving them access to company data and insights because they feat that it might hurt themselves (for example due to changes in organisation proposed by consultants). Their presence can also cause anxiety to employees. Many companies hire consultants for retrenchment and this reason has stuck in everyone’s minds.

The aforementioned management consulting pros and cons should somehow give you a clue on whether or not this is the career you want to pursue. If you’re still interested in the job, conduct your own research and take a step further in knowing what consultants really do on a daily basis.

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