Management consultants use terms unique to the industry. If you want to pursue a career in the management consulting field, you should start familiarizing yourself with the phrases, words, and abbreviations consultants use on a day-to-day basis. You can begin with our list of favorite terms below:

Blue-sky Thinking

When you look at the sky, it seems limitless; it has no boundaries. Accordingly, blue-sky thinking means thinking outside the box or with an open mind. It connotes a creative and unconventional mental exercise.

“Consultants don’t use the same solutions for their clients. They make use of blue-sky thinking to generate effective and customized recommendations.”

Boil the Ocean

Boiling the ocean is impossible. Even if you use an intense level of heat, you will never achieve the desired result. In management consulting, boiling  the ocean means you are undertaking a task that is too difficult to accomplish with the available resources. Despite the time and effort you exert, you will never be able to reach the target outcome.

“Making a valid report about the main causes of the bankruptcy based only on these financial records is like boiling the ocean. You’ve got to have additional resources.”

Close the Loop

Commonly used during meetings, closing the loop means ending a topic or an issue with everyone in agreement. It is utilized to confirm a solution or an idea that has been thoroughly explored.

“Shall we close the loop on this marketing strategy?”

MBB

MBB is an acronym for the world’s most prestigious management consulting firms— McKinsey, Bain, and BCG. These firms are also referred to as the Big 3.

“Only competent candidates land a job at MBB.”

MECE

MECE is short for Mutually Exclusive, Collectively Exhaustive. It is a grouping principle that originated at McKinsey and refers to creating subsets of items to ensure all relevant information is covered. This is typically utilized when conducting research or designing presentations.

“I think we can apply MECE in analyzing this case.”

On the Beach

When management consultants are on the beach, it implies they have plenty of time for recreation—a rare occurrence in an industry known for its long work hours. Hence, when this phrase is used to describe a consultant, it means he or she is not receiving billable projects from clients.

“In 2009, many consultants were on the beach. It was a ripple effect of the Lehman Brothers’ bankruptcy.”

Ping

Ping is defined as a high-pitched sound or to make such a sound. However, in the computer and Internet world, to ping someone means to get in touch with a person about a particular matter. It is generally done via email, but the term can also be applied to instant messengers, mobile phones, or other media channels.

“I’ll ping you once I’m done with the presentation for our client.”

Scope Creep

Also known as function creep, this term refers to subtle and uncontrolled changes in the requirements of the project, often leading to longer project duration. This negative occurrence usually happens when the project is improperly defined or documented.

“The project is clearly described so I expect there won’t be any scope creep this time.”

SWAG

This term is an acronym for Some Wild-Ass Guess—an opinion or idea that pops up without any supporting facts, usually based on personal experience. It’s similar to POOMA (pulled out of my ass).

“How do we validate his SWAG? It makes sense to me.”

Takeaway

Literally, the term takeaway refers to food that’s bought for eating elsewhere. In management consulting, however, it refers to a summary of key points that the audience can take away with them after the presentation or meeting. Consultants who fail to ensure their clients understand the gist of their message may be considered unsuccessful.

“She seems to be beating around the bush. What’s the takeaway of her presentation?”

View from 30,000 Feet

When you view something from a distance, you see the bigger picture. Thus, to view a case, factor, or an issue from 30,000 feet means to consider all relevant perspectives and to think more strategically.

“Before we go into the details of this product development case, let’s view it from 30,000 feet.”

When you decide to pursue a career in management consulting, you accept the fact that you will need to ace a few case interview rounds before you can sign the employment contract. A business situation will be presented to you; you are expected to analyze the scenario and generate sensible recommendations within a limited period of time.

This type of interview aims to assess how you apply logic in resolving an ambiguous and stressful situation. The prospective firm wants to know if you are analytic, organized, and sharp enough to handle the responsibilities and duties of a consultant. Your communication skills will also be evaluated as this ability is crucial in conveying important messages to both client employees and top management.

Importance of Practice

The key to mastering this challenge is practice. Familiarizing yourself with various business cases and frameworks equips you with an in-depth understanding about the nature, requirements, and process of the interview. Take full advantage of the free resources on the websites of top consulting firms such as McKinsey, Bain, BCG, and other reputable firms.

As an additional preparatory material, below is a private equity acquisition case taken from Consulting Job Academy, one of the best online courses for management consulting applicants. This excellent example details the logical process of arriving at the final conclusion, thereby giving you concrete guidelines on how to manage your actual case interview.

Scenario

Greystone Partners, a North American-based private equity firm, is considering the acquisition of Deluxe Cane, the leading manufacturer of walking canes for the elderly in the US. Greystone Partners has engaged your team to help determine whether to proceed with the investment.

Here is the data we have:

Case Questions

Below are the questions you should answer to resolve the case:

1. Estimate the market size for walking canes in the US. Is the market attractive?
2. How is the financial performance of Deluxe Cane?
3. You have just run additional competitive analysis and found that Deluxe Cane’s two largest competitors operate as part of larger organizations that sell related mobility devices. Using all the information you have collected thus far, do you believe Deluxe Cane is competitively positioned?
4. What other issues would you want to analyze before making an investment decision?
5. Should Greystone Partners invest in DC?

Case Solutions

Below are the detailed answers to the aforementioned questions:

Question 1

Firstly, you need to establish the structure you will use for estimating market size:

Secondly, you will make the estimations. You can either make your own assumptions or ask for inputs.

• US Population: 300 million
• Population over 70 years: 15%
• Percent of >70 population needing a cane: 40%
• Average life of cane: 5 years

Now you can do the actual calculations. The population over 70 years is 45 million and 40% of these need a cane. That is 18 million. Assuming that the average life of a cane is 5 years, one-fifth of these 18 million buys one cane every year. That is 3.6 million canes annually.

The second part of the question leads to the discussion of market attractiveness. The four factors that drive this are market performance, competition, suppliers, and customers. Because you do not have any information about suppliers and customers, you would make your analysis based on the remaining two factors.

• Market performance. You already know the size of the market, and you can see that at least Competitor 1 and Competitor 2 have solid operating margins. You should also make a comment about market growth, which is typically population-driven at about 3% per year. Aging populations will likely cause the market growth to increase.

• Competition. The competition is limited with 3 large players with about 1/3 market share for each. It would be hard for customers to find substituting products, and the fact that there are only 3 players indicates that the market is difficult to enter for new players. This is a good competition situation.

Based on this analysis, the market seems attractive. You would want to comment that an analysis of suppliers and customers is also necessary to make a sound recommendation.

Question 2

Discuss that revenues are larger than the share of volume. The prices of Deluxe Cane’s canes are higher than the prices charged by the competition. Does this matter? Yes, walking canes are largely a commodity product and the elderly, living on fixed-incomes, are price sensitive.

You should also comment that the gross margin is significantly lower for Deluxe Cane than for its competitors. This means that Deluxe Cane has much higher production costs. Don’t be tricked by the fact that they are able to charge slightly higher prices.

The financial performance is quite bad compared to the competition.

Question 3

Knowing that Deluxe Cane’s competitors are a part of larger organizations selling mobility devices should worry you. Both competitors will be able to benefit from economies of scale, and they have already priced their walking canes lower. This allows them to win market share. Deluxe Cane has lost 9 percentage points market share in the last 5 years to these competitors. As discussed earlier, Deluxe Cane’s cost structure is high relative to its peers, and Deluxe Cane has a significant material procurement disadvantage.

The conclusion is that Deluxe Cane is not competitively positioned – although it is in an attractive market.

Question 4

To answer this question, you need to analyze the target company, market performance, strategic fit and deal economics. A private equity fund does not need to have a strategic fit (as it is not a market player), but needs an exit strategy.

You have already discussed market performance and also done some analysis on Deluxe Cane. So, the two major issues left for analysis are the deal economics and exit strategy. Here are some questions that you want to analyze before making an investment decision:

• What is the likely pricing?
• Will Greystone be able to meet its return hurdles (about 20% IRR)?
• Does Greystone have related portfolio companies that might allow for procurement synergies along the lines of what the competition is able to achieve?
• Can the transaction be financed?
• What is the exit strategy?

Question 5

This should be a pretty easy conclusion to make.

No, Greystone Partners should not invest in Deluxe Cane primarily due to a difficult competitive position. Deluxe Cane is losing share to two competitors who are lower-priced and have significant built-in cost advantages.

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The fundamental role of a management consultant focuses on providing strategic, substantial, and pragmatic advisory services to private and public businesses and organizations. Consultants utilize their deep industry knowledge, valuable experience, and analytical skills to address their clients’ challenges.

Duties and Responsibilities

The main goal of a consultant is to produce positive change within an organization. In order to do this, consultants work on the assigned project for a period of 1–12 months; the length depends on the complexity of the issue. Day-to-day duties include:

Duty	Description
Problem Identification	Defines the problem through management consultations, team meetings, case framework analysis, and other applicable strategies.
Conceptual Thinking	Breaks the problem into small, manageable segments; identifies the factors that affect the problem; decides how to approach the project.
Research	Conducts objective research on current market trends, the client’s competitors, product demands, best practices, and other related topics to support critical analysis.
Interview	Interviews or facilitates focused group discussion with stakeholders, managers, supervisors, and other employees for additional data gathering.
Document Review	Checks and analyzes information such as financial status, salary structure, expenditures, business flows, sales statistics, and other relevant data.
Synthesis	Summarizes all gathered data and facts; deduces logical conclusions based on valid arguments.
Progress Report	Attends regular meetings and reports project progress to management.
Recommendation	Brainstorms, finalizes, and presents recommendations for solutions to the business dilemma.
Programs Formulation	Develop strategic programs, communication plans, and other attainable change management approaches to implement desired transformations in the organization.

At all times, the consultants must maintain and promote the image of their consulting firm through quality output, excellent social interaction with employees, punctuality, and overall professionalism.

Project Team

A working team of five or six experts is assigned to a project. The team typically consists of:

Position	No. of Staff	Duties
Partner	1	Builds the relationship with the client; Expert of a particular domain; and Handles a few projects at the same time.
Team Manager	1	Has intensive knowledge and experience of a particular domain; Oversees the everyday duties of the other team members; Facilitates regular meetings; Coaches and counsels the other team members; and Works full-time on the project.
Consultants	1-2	Has gained substantial experience in a specific industry; Gathers and analyzes raw data; and Works full-time on the project.
Associates or Analysts	1-2	New to the management consulting industry; Gathers and analyzes raw data; Provides support to the consultants and team manager through data collection, tabulation, and analysis; and Works full-time on the project.

For the team to produce exceptional results, members collaborate and update each other on what they are working on. As a team, they decide how to approach the problem effectively and efficiently. Every piece of information discovered is analyzed to determine how it affects their plans and goals.

Schedule and Travels

Management consultants work approximately 50–80 hours per week. The complexity of their duties demands a great deal of time and they struggle with the never ending issue of maintaining a work-life balance. Exceeding the nine-to-five corporate schedule, consultants work overtime for their deliverables. When they get home, they allot another hour or two for checking and responding to emails in order to lessen their work load the following day.

Many management consultants work at their client’s offices to obtain first-hand information, get a feel for the company’s culture, and convey their motivation and sincerity through their actions. They work off-site Monday–Thursday and report back to their home satellite office on Friday. When the client is based in a different state or country, some consultants decide to stay in the client’s location for weeks in order to beat deadlines. This can be one of the reasons why consultants complain they have less quality time for their loved ones.

Services and Industries

Multinational management consulting firms cater to companies across all industries. The “Big Three,” Bain, BCG, and McKinsey, have Fortune 1000 clients in the fields of transportation, consumer products, private equity, mergers and acquisitions, and technology, among others. They usually employ thousands of employees based in different parts of the globe.

Experts in boutique consulting firms focus on a few niches. For instance, L.E.K. concentrates on mergers and acquisitions, shareholder value, and business strategy. The Yankee Group is an example of a boutique firm in the telecommunications sector. Boutique firm consultants can master their services easily because they encounter virtually the same challenges on every project.

Job Specifications

The requirements for an aspiring management consultant are detailed below:

A. Education

The minimum educational requirement for this industry is an undergraduate degree, preferably in management, business administration, economics, statistics, or other business course(s). Graduates with alternative degrees may also apply, but they must exert more effort into networking, engaging in extra-curricular activities, and building consulting skills to prove their competency to the employer. Consulting recruiters often visit prestigious schools for recruitment, and in many cases, the top students are offered entry-level positions in the firm.

Applicants with an MBA degree are at an advantage. This two year post-graduate program allows them to gain additional knowledge in business, both in theory and reality. The progrm also enhances discipline, communication skills, and other applicable abilities. Fortunately, as part of their personnel development initiatives, some firms finance their employees’ MBAs, provided that they will continue to render services after graduation.

B. Knowledge, Skills, and Abilities

The following are the competencies required for this position:

Competency	Description
Business Knowledge	The business involves providing advice to companies in trouble. Commercial awareness is necessary to analyze the problem and recommend solutions.
Industry Knowledge	Knowledge of a specific industry (e.g., financial services, healthcare, media, airlines) is sought after by consulting firms because it is the key to quickly comprehending real and ideal scenarios.
Analytical Skills	Management consulting entails a lot of brain work. It requires an analysis of what went wrong, organizational threats, and other financial aspects.
Quantitative Skills	Consultants are inundated with numbers, be it a statement of accounts, bank documents, revenues, survey results, etc. The ability to interpret quantitative reports is necessary.
Team Work	A consultant collaborates with a team to produce a quality presentation, both in content and form.
Interpersonal Skills	The life of a consultant involves a lot of people. Getting along easily with clients and their employees is vital to accomplish goals faster and develop a long-term relationship.
Communication Skills	Both excellent verbal and written communication skills are required to convey ideas clearly and comprehensively.
Commitment	As mentioned earlier, a consultant works for more than eight hours a day. Motivation, discipline, and commitment to this work schedule are essential.
Research Skills	Designing a data collection tool (e.g., questionnaire for a survey), online research, and interviews are indispensible for data gathering.

Also, consultants must be physically fit for traveling and enduring long working hours. Stress management skills are imperative as the position encompasses both trivial and critical encounters.

C. Experience

Applicants who have no experience yet possess soft skills are employed as analysts or associates, the lowest echelon in a consulting firm. The experienced recruits are awarded higher positions. Career changers (e.g., lawyers or engineers who want to shift into consulting) are also welcome to apply. They will be hired as long as they can prove their previous work experiences have equipped them for the consulting position.

Compensation and Benefits

One of the most attractive aspects of a management consulting career is its lavish compensation and benefits package. Every second of effort and each sleepless night are rewarded accordingly.

The starting annual salary for an entry-level position ranges from $55,000–$70,000 out of undergraduate. If you are an MBA graduate, your salary will usually be double that. Just be aware that this depends on the consulting firm (top tier consulting firms usually provide larger salaries), and also your experience. For example, Ivy League graduates will normally be offered larger salaries. Also, this depends on the country where you apply.

The salary increases as the position moves vertically. A senior partner can earn more than $1 million per year for the degree of his or her responsibility and accountability in the firm.

In addition to the salary, many firms offer a combination of the following perks:

• Signing bonus;
• Relocation assistance;
• Year-end bonus;
• Performance bonus;
• Travel expense reimbursements;
• Profit-sharing incentive; and
• Retirement pay.

On top of this, management consultants can take advantage of insurance, business flights, luxury hotel accommodations, transportation allowances, laptops and cell phones, company trainings, and numerous opportunities to network with professionals—the best perk of a consulting career.

Criticisms

Some employees frown at the presence of management consultants because they are worried that:

• They may be retrenched after streamlining the processes;
• They receive extravagant benefits and pay while the regular staff do not; and
• They cannot be trusted with confidential documents.

However, regardless of the aforementioned criticisms, their services are still employed because they have the expertise, know the best industry practices, and they significantly contribute to the growth of a company.

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For many, the most convenient way to complete a job application is to pattern it from a management consultant resume sample on the Internet. Though this may be helpful, not all samples show you how to supply substantial and quality information.

Recruiters assume that your resume is an accurate representation of who you are. If it’s too superficial and commonplace, it might suggest that you won’t be able to make a valuable contribution to the consulting firm and your resume will therefore be put aside after the 30-second assessment. Breaking into management consulting is a serious goal and you have to craft your resume very carefully. It must be effective enough to pique the interest of the recruiters and convince them to schedule you for testing, interviews, and other assessments.

Pre-writing Requisite: Know Your Target Firm

Before you turn on the computer and start typing, allot some time to investigate your target firm. Your knowledge will guide you in writing your resume; it will help you build a connection between you and your potential employer and enable you to construct a unique and personalized marketing tool. Below are some techniques on how to do this:

Website Visit	Visit the firm’s website. You will find their history, goals, values, and culture and learn the fundamental information about the organization.
Social Media	Follow their LinkedIn, Twitter, Facebook, and other social media accounts. They post links to industry trends, activities, events, and other company updates. Keep yourself abreast of  these matters. If you can’t use this information for resume writing, you will benefit from it during job interviews.
Networking	Communicate with professionals who have worked or are working for the firm. Network with them in order to access information from an insider’s point of view. Some, if not all, will be eager to lend you a hand.

How do these activities distinctly help you tailor your resume?  First, you will be able to phrase your resume so it resonates with the individual company. Two firms may have the same values, stated in different terms. Alternate the terms in your resume to correspond with each firm you apply with. Moreover, you can emphasize content based on an individual firm’s goals. For instance, if a particular firm values leadership, it’s wise to list previous work experience and accomplishments highlighting your achievements in this area.

Resume Content

You know for a fact that thousands of candidates are trying as hard as you to get a big break at Booz, BCG, or McKinsey. This emphasizes the need to thoroughly brainstorm before you write your resume content.

Management consultant resume samples on the Internet do not follow a specific structure. The arrangement depends on your preference, experience, and skills. Experienced applicants often place their work history at the top because it clearly tells the recruiters what they have accomplished and what they are capable of. Recent graduates, on the other hand, highlight their objective and education, especially if they come from a prestigious school or if they have an impressive GPA.

Many, however, find the pattern in the diagram to the left comprehensible. If you are thinking of adopting this structure, continue reading for details on what to write in each section.

Contact Information

This is the section where you will provide basic information about yourself. It may sound easy, but here are a few techniques and reminders you may find useful:

Name	The font size for your name must be larger than the rest of the text so recruiters can easily read and remember it.
Contact number	Check the accuracy of your contact number. Mixing up numbers is a huge mistake—you will never be contacted.
Links	Provide a link to your online portfolio, public LinkedIn profile, or blog so the recruiter can further assess you.
Email address	Use a professional email address. The recruiter won’t take you seriously if you use  [email protected] or [email protected].

 

Summary or Objective

A summary is a brief statement of your major qualifications, expertise, and experience; an objective refers to your career goals and motivation. The former is often utilized by applicants with professional experience, while recent graduates employ the latter.

When you write this section, make sure that:

• It is written concisely but substantially. It should not exceed two to three sentences.
• It must be related to the desired position and target firm.
• It must be catchy enough to encourage the recruiters to read the rest of your resume.

Below is a good example of a summary:

Here’s an example of a good objective:

Professional Experience

When brainstorming about what you should include in this section, ask yourself two questions:

As you know, recruiters don’t have the luxury of spending even five minutes on your job application. Hence, it is crucial that a recruiter can ascertain you have the right qualifications upon the first look at your resume. Moreover, including irrelevant details will lead the recruiter to assume you are not the perfect fit. It also wastes your limited space.

For every position you mention, describe your key responsibilities, followed by quantifiable accomplishments in bullet form. Use powerful terms such as verbs and numbers—they make your statements more results-oriented. Some of the suggested action words are listed in the table below:

Addressed	Coordinated	Interviewed	Persuaded	Reviewed
Analyzed	Executed	Interpreted	Planned	Supervised
Communicated	Guided	Led	Promoted	Summarized
Conceptualized	Influenced	Managed	Recommended	Written

Management consultant resume samples for experienced professionals would most probably state the experience section this way:

Here’s an example for the fresh graduates:

If you shifted into a consulting career, focus on describing your soft skills and how they can be utilized in the firm. For instance, if you used to be a software developer, emphasize how you applied logical thinking in coding or how you resolved bugs with your problem solving capability.

Education

For recent graduates, education plays an important role in the resume. It serves as your foundation for entering the competitive industry of management consulting. It’s the indicator of your knowledge, competencies, and values. You can include the following information in this section:

Name of institution	If you graduated from an Ivy League university, the prestige of your school is a factor recruiters will seriously consider.
Degree earned	This indicates what you learned over the past four years. It tells recruiters whether you have knowledge of accounting, management, marketing, economics, or law.
Grade Point Average (GPA)	Include your GPA if it’s remarkably high or if it meets the minimum requirement of the management consulting firm.
Remarkable academic achievements	If you graduated with honors or you received any distinctions, state it in your resume. Your determination and hard work to achieve these accolades will be taken into consideration.
Significant extracurricular activities	Your participation in various club activities will alert the recruiter that you have  developed skills, discipline, and values that are necessary in management consulting.

Take a look at the example below:

Here’s another one:

Knowledge, Skills, and Abilities

When enumerating competencies, list the most relevant ones. It’s not the number but the substance that matters. You may have more than a handful of practical skills, but if they don’t have any bearing on the position you are applying for, save the space for pertinent information.

Think carefully about what you’ll write. If you apply to Marakon, do you think the programming languages you know are worth enumerating? It’s a boutique consulting firm that focuses on oil and gas, healthcare, consumer, retail, and financial services, so a list of competencies related to those areas will be more effective. However, if you apply to Accenture, it may be wise to list all of your competencies as the company also offers a wide range of technology services.

Here’s an idea of what this section may look like:

Personal Interests

Writing about personal interests isn’t a requirement, but recruiters will not reject you for specifying them. If you do, you will gain these advantages:

More Value	It adds more value to your resume. Some hobbies illustrate passion, diligence, and intrinsic motivation which are qualities that are necessary in the consulting field.
Memory Recall	It may facilitate memory recall. Many applicants have the same experience and expertise; writing about your hobbies might set you apart from the others.
Fun Side	It adds excitement to your resume; personal interests manifest your fun side.

One line for interests will do, such as the example below:

Review the Content and Form

Once you’re done writing your resume, proofread it to perfection. You may be able to think of better ways to represent yourself the second time you go over it. Never send out a resume without checking the content and form; your candidacy is at stake.

Below is a short checklist to ensure that your resume is perfect:

If possible, ask a friend or professional to read your resume. Sometimes, a fresh set of eyes can give you  objective feedback.

Common Resume Mistakes

Exercise care when writing a management consultant resume, otherwise you might commit the following mistakes:

One-Size-Fits-All Approach

Some resumes end up in the trash because applicants do not consider this as a critical step or they find it too troublesome to follow the aforementioned guidelines. As a result, they end up preparing an updated, generic resume they can readily print whenever they send out an application. Is this a good idea? Yes and no. Yes, to having an updated, generic resume ready in your hard drive because it can serve as your main reference source each time you tailor your resume to fit the firm you apply to. No, to the one-size-fits-all approach because your application will always have an impersonal tone and therefore won’t catch the recruiter’s attention.

Misrepresentation of Competencies

Another common mistake is misrepresenting oneself. True, you must project your best self in your resume, but it doesn’t mean you can make up stories in order to be noticed. If you do, you are fabricating information, a violation against honesty and integrity. Even if you are successful in the preliminary screening, your capabilities will still be evaluated during the interview. If you fail to prove you possess the abilities you say you do, you will be rejected and you will realize that you have wasted your and the recruiter’s time and effort.

The Waiting Time

Even if you follow all the guidelines in this post, there is still a probability that you might not be invited to interview. Unfortunately, it’s a sad reality that there’s an abundance of applicants in this industry. You are competing against candidates as qualified as you, so after sending out your job application, you may want to:

Interview Practice	Start practicing for fit and case interviews. These are tough recruitment tools which you better prepare for.
Networking	Network with people who can possibly give you a status report about your application. It’s helpful to stay in touch with someone who can follow up for you.
Other Options	Continue looking for other career opportunities. As long as you don’t have a signed contract in your hand, you have to keep looking.
Resume Buildup	Take on other jobs to build up your resume. If you think your lack of experience is the reason why other applicants are ahead of you, consider positions that can prepare you for a management consulting career.

Remember to always be proactive in your application. Nobody said that breaking into this industry is an easy venture. Just take things one step at a time and you will get there one day.

Mental calculation is an indispensable task in management consulting. Even during case interviews, it’s evident that prestigious firms such as McKinsey, Bain, and BCG look for candidates who are number smart—who can analyze and interpret quantitative information without relying solely on a calculator.

Why Improve Your Mental Math

Like most management consulting aspirants, you probably want to enhance your mental math merely for the purpose of acing the interview and creating a positive impression on the recruiter. Perhaps you’re not aware that improving your mental math will enhance additional competencies necessary to a management consulting position:

• It improves your level of concentration.
• It enhances your discipline, determination, and endurance.
• It sharpens your memory and observation.
• It trains your mind to be active and think logically.
• It lets you explore options, not just stick to one possibility.
• It prepares you for analysis and problem-solving.

The skills listed above will help you sail through not only the case interview but also the management consulting lifestyle itself. Working on your quantitative intelligence will help you land a job and advance  your career.

How to Improve Your Mental Math

You can use the following activities to improve your mental math:

Step 1: Master Basic Math Operations

It’s impossible to learn advanced mental math techniques if you’re not skilled in the basic operations, percentages, fractions, and ratios. Start by adding, subtracting, multiplying, and dividing two or three-digit numbers. Then proceed with squaring numbers and using the art of guesstimation. In the long run, you’ll be surprised to instantly figure that 70,154 is a multiple of 7.

Step 2: Practice Interpreting Charts and Tables

For management consultants, mastering basic math operations is useless if not applied in actual scenarios. Grab a chart or a table, analyze the figures, do quick mental calculations as needed, and come up with a sound interpretation. Understand the labels, value scales, intervals, and other stated information in order to make connections and determine which figures to add or multiply. Make sensible estimates if applicable. For instance, from a bar graph that shows the income of a comic shop from 2000 to 2010, you can easily predict the possible income in three years’ time from the bar patterns.

Step 3: Learn Math in Different Ways

There are a variety of ways to learn and/or master mental math. You can read books that teach you several tricks to speed up your computations and provide drills for practice. Another way is reading resources and watching free or paid videos on the Internet. Mobile apps that aim to improve your calculations are also available. A popular example is Mathemagics, an app originally developed for math test examinees and challengers who desire to quickly reach more accurate solutions.

Step 4: Play Puzzles and Brain Teasers

Learning math through challenging games is always exciting. You relieve yourself from the pressure of getting correct answers because fun takes the front seat. Sudoku, a grid popularized by a Japanese company, is an excellent exercise for improving your concentration while engaging with numbers. Brain teasers, logic puzzles, riddles, and other mind benders also enhance your numerical and logical skills.

Step 5: Compute Anytime, Anywhere

Numbers are everywhere. There is math involved in the huge building where you attended a social event or in the blue thumbtack you used in posting a note. When you have idle time, you can simply choose to be mindful of the numbers surrounding you. While in a long queue at a supermarket, observe and estimate how many customers a cashier processes in a day. While waiting for a friend at a bookstore, add up the number of pages there are in a stall.

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Bain has been labeled as one of the most prestigious management consulting firms in the world. Its 5,000+ employees, located in 48 offices in 31 countries, are committed to helping startups and large companies attain maximum economic value. Its prestige attracts thousands of applicants each year, making the firm’s recruitment process highly intense.

The techniques below can help you craft a Bain cover letter that stands out among the other candidates.

Know What They Are Looking For

Bain’s recruiting materials state that they are looking for exceptional candidates who possess:

Problem-Solving Skills	To generate recommendations for clients, you should be able to analyze complex issues, think logically, and be resourceful.
Team Skills	The ability to communicate and work smoothly with team members is vital in defining and achieving the common goal.
Excellent Personality	Your energy and enthusiasm demonstrate your commitment to meeting challenging responsibilities and a demanding work schedule.

These prerequisites will guide you in customizing and finalizing the content of your Bain cover letter. Unique content expresses your sincere interest in the job and consequently helps you stand out among the other applicants.

Include Relevant Information

You may have a number of achievements but including everything is highly discouraged. Recruiters  spend less than 30 seconds per application, so every word in your one-page document must reflect what the firm needs.

The letter should answer the following questions:

How did you learn about the opening?	Explain whether you read the advertisement on their Facebook page, website, or other job platform. If applicable, you can also mention that a Bain employee or a key professional relayed the information to you.
Why are you interested?	Include your motivation for applying at Bain. Are you inspired by their contribution to global companies? Do you believe your personality and competency fit their culture?
Why should Bain hire you?	Summarize your experience, skills, and abilities that are necessary to the position. You can highlight an accomplishment or your major responsibilities but do not rehash your resume details—it’s a waste of space.

Other Cover Letter Information

Your Bain cover letter should also explain potential issues recruiters may detect from your resume. For instance, if there is a major gap in your work history, you can explain your activities while you were unemployed. Did you leave your previous employer because you wanted to pursue a graduate degree or because your spouse was relocated to a different city? This is also applicable to those who wanted to shift into a management consulting career. Elaborate upon the reasons that influenced such a major decision and include the soft skills you possess which will enable you to carry out all consulting responsibilities.

After proofreading your cover letter, you can hand it to Bain representatives during job fairs or you can  upload it onto their website.

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Aaron Chan is a journalist at BusinessBecause.com, a professional networking and news site for the business school world. Visit the site for info on MBA jobs, MBA rankings and the popular Why MBA series! 

Management consulting is more than the Big Four. It’s more than a job; it’s a skill set. More specifically, it’s a skill set that will arm you with the qualities and knowledge necessary to go off and follow your entrepreneurial dreams, if that’s what you want to do!

First, management consulting builds credibility. Entrepreneurship is expensive. Building a business often requires a lot of money and some of that money has to be spent up front. Consulting is a business that is built on trust and reputation- why else would a client choose to hire a consultant to tell him how to run his own business?

Consulting work creates a track record that helps former consultants build credibility quickly. Ioan Carpus, founder and managing director of Six Paths Consulting, built up his own reputation and experience with the Blue Ocean Strategy Institute in Kuala Lumpur before striking off on his own with five other friends and partners from INSEAD.

Ioan told us that, knowing he would eventually return to Europe, he “Saw that it was more valuable…to position ourselves with [clients]” using the Blue Ocean Strategy method he worked on in Malaysia.

Second, management consulting teaches you to take the long view. Office work can seem like an endless list of little tasks. Management consulting, by definition, tends to take a broader perspective. Clients generally hire consultants to work on major strategic changes or implement heavily technical processes that go beyond the expertise of company regulars.

It doesn’t even always have to be strategy consulting. As an acoustic consultant for Sound Research Laboratories, Phil Way had to do more than test sound equipment. He was also tasked with opening and running a new Bristol location for the company. He used the experience to enter the Bath MBA program. Whether or not entrepreneurship is in his future, Phil used the variety and flexibility of his consulting background to take on broader business responsibilities and break out of his original role.

Third, management consulting requires courage- something you’ll need in spades as an entrepreneur. For every Bill Gates, there are thousands of names you have never heard of who have tried and failed to get their own ideas to take flight. Cameron Mirza of UK firm WCL Consulting tells us that resilience is a necessary skill in consulting, as “Dropout rates in the first two years tend to be high, but those with toughness about them tend to progress and build careers for themselves.”

A strategy consultant resume summarizes your knowledge and experiences relevant to developing plans and programs for a company or organization. It highlights your achievements and key skills to demonstrate you are the right person for the vacancy. A well-tailored resume often merits an invitation to a phone or personal interview for further assessment.

A strategy consultant resume has at least four parts:

Contact Information

This section comprises of your complete name, home and email addresses, contact numbers, and a link to your online portfolio. Your name must be written in a larger font size than the rest of the text in order for the recruiters to easily remember you. Double check your contact numbers to ensure accuracy. This may seem like an unnecessary reminder but some applicants are rejected because they cannot be contacted.

Objective or Summary

It is advised that recent graduates write a career objective and experienced hires summarize their expertise in a few lines. The objective of a strategy consultant resume contains your specific professional goals. It should avoid statements that are too general because it reflects a lack of direction. A summary states your professional experience, key competencies, and other relevant qualifications. Below are good examples:

	Example
Objective	To obtain a consulting position where I can develop, improve, and innovate strategies in the transport, oil and gas, and aerospace industries.
Summary	Ten successful years in a boutique consulting firm offering strategy, M&A, and private equity services to the food industry. Proven ability in research, analysis, leadership, decision-making, and stress management. Multilingual professional with an MBA degree from the University of Tokyo.

Education

This section must immediately follow the objective if you recently graduated from a college or university. Enumerate the courses that can serve as your foundation for the strategy consulting position. Also include your list of achievements, awards, extra-curricular activities, and GPA, if impressive. If you have previously worked for several companies, this section need not be elaborated as your professional experience is more important.

Experience

This section should include a short description of your previous job and a few bullet points highlighting your quantitative achievements. The number of accomplishments conveys how you concretely contributed to your previous company. To illustrate this concept, refer to the example below:

VP Operations | ABC Foods, Inc. | January 2006 to October 2011

Directed the operational activities of a chain of restaurants with the objective of maximizing the company’s growth and profitability. Key achievements include:

• • Created and implemented new sales strategies that increased annual revenue by 12%;
  • Formulated policies and procedures on supply chain, quality control, occupational health, and safety and customer service; and
  • Provided technical training to more than 150 restaurant managers, sales analysts, and marketing officers.

Other Qualifications

You may allocate a section for other details that are relevant to strategy consulting. These may include, but are not limited to:

• Professional affiliations (e.g., Vice-president, International Association of Facilitators–Florida Chapter);
• Personal interests (e.g., songwriting, marathon, reading); and
• Community involvement (e.g., Facilitator, Special Needs Camp).

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Strategy consulting is one of the main functions of McKinsey, Bain, BCG and other management consulting firms. It focuses on creating plans to achieve a company’s goals, whether related to marketing, operations, or change management. It is often coordinated with the top executives, who make the final decisions.

If you are interested in applying for a position in an international or boutique firm that specializes in strategy consulting, tailor your cover letter according to the requirements of the job responsibilities. Listed below are some useful techniques:

Know the Qualities of a Good Strategist

It is impossible to write an effective cover letter if you have no idea of the ideal qualities of a strategist. Below are some of the qualities recruiters look for:

Quality	Description
Objectivity	Strategists fundamentally rely on facts, not on opinions and aspirations, to guarantee the practicality, effectiveness, and efficiency of their recommendations.
Analytical Thinking	When the client asks, “Is it advantageous for us to acquire ABC Bank next year?” strategists must be able to identify and analyze several factors before answering such a critical question.
Decision Making	Towards the end of the project, strategists make decisions based on research, documents, and other references. They should be capable of choosing the best option from several alternative scenarios.
Innovation	Strategists should be creative enough to develop innovative plans for the client’s products, processes, technologies, or services.

Use a Structure

Use the structure below to organize the information in your cover letter:

Part of a Cover Letter	Content
Contact Details	Include your address, phone number, email address, and the date you will send the letter.
Consulting Firm’s Contact Information and Salutation	Include the addressee, his or her position title, and the name and address of the firm. When possible, use the full name of the addressee (not just “Dear HR Director”) to convey your interest and sincerity.
First Paragraph	Explain why you are writing, how you learned about the vacancy, or how an employee has encouraged you to give strategy consulting a try.
Middle Paragraphs	Summarize your relevant qualifications, which include number of years in a specific field, your MBA degree from a top-tier university, and vital accomplishments. Among your previous jobs, choose one that’s closely related to the qualities mentioned above. Elaborate it in two or three sentences and then explain how your experience can help you carry out the responsibilities of a strategy consultant.
Final Paragraph	Thank the recruiter for reading your cover letter. State that you will get back to them in a week or two or you wish to be scheduled for an interview.
Complimentary Close and Signature	Use “Sincerely,” “Respectfully,” or any formal complimentary closing. Do not forget to attach your written signature to boost your integrity.

Proofread Your Cover Letter

After writing your cover letter, check it for grammar, construction, spelling, and punctuation errors. Better yet, ask a friend or a professional to reread it for you. He or she can give you honest and objective feedback.

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Vault.com conducted a survey that ranked consulting firms in terms of their performance in a particular area of business. The respondents, consultants employed by reputable firms, were asked to vote for the top three firms in each area of focus, with the exception of their own.

Below are the survey results for the top 10 strategy consulting firms in 2013:

#1: McKinsey & Company

McKinsey & Company has earned its prestige from the technical expertise, industry knowledge, and diverse professional backgrounds of its consultants. Founded by James O. McKinsey in 1926, the company has become a trusted advisor, not only to two-thirds of the Fortune 1000 companies, but also to large companies around the world. It currently has approximately 17,000 employees; 9,000 of those are consultants who are deployed in 102 offices across the globe.

#2: Bain & Company

For forty years, Bain & Company has remained one of the world’s prominent management consulting firms. It offers nine categories of consulting services, including private equity, information technology, and performance improvement across all industries. Bain believes that the outstanding market performance of their clients can be attributed to the values, passion, and qualities of its personnel. Presently, nearly 5,500 employees are employed by Bain in 31 countries.

#3: The Boston Consulting Group, Inc.

Founded by Bruce D. Henderson in 1963, the Boston Consulting Group is another international management consulting firm with expertise that spans a range of industries. BCG’s consultants are capable of handling projects in 18 areas including post-merger integration, corporate finance, and transformation. They aim to implement positive change by formulating pragmatic and unique solutions for their clients. Currently, BCG has roughly 5,600 consultants in 72 offices spread across 42 counties.

#4: Booz & Company

Management consultants at Booz & Company have advised businesses and organizations how to resolve issues and challenges for almost a century. Founded by Edwin Booz in 1914, the firm is famous for developing the concepts of supply chain management and product life cycle, among others. Its 3,000 employees, located in 33 countries, provide top-tier consulting services to health, aerospace, automotive, and other industries.

#5: Monitor Group

Six entrepreneurs founded The Monitor Group in 1983. One of them was Michael Porter, a Harvard Business School professor well-known for his Five Forces Analysis framework. Unfortunately, in 2008, the recession hit the company hard and it took years for them to recover. In November 2012, many were surprised when the firm declared bankruptcy as it had maintained a solid image throughout the economic crisis. In January 2013, Deloitte officially bought out Monitor Group.

#6: Deloitte Consulting LLP

Consulting is just one of the services offered by Deloitte Touche Tohmatsu Limited, a large company that employs 193,000 individuals in more than 150 countries. The consulting division, headquartered in New York City, assists clients in the areas of human capital, strategy, and operations and technology. They also offer cloud computing, finance transformation, and other featured services that help companies tackle a myriad of challenges.

#7: Accenture

With approximately 259,000 employees in more than 100 countries, Accenture has earned the respect and trust of global clients in the information technology and management consulting industries. Its services include, but are not limited to, talent and organization, business process management, and global delivery. Accenture protects its brand by building stronger companies for future generations.

#8: The Parthenon Group and Oliver Wyman

Both The Parthenon Group and Oliver Wyman were ranked 8^th in the survey. The former specializes in strategy, business investing, startups, and mergers. Founded in 1991, The Parthenon Group’s offices are located in the USA, the UK, India, and China. On the other hand, Oliver Wyman is a division of Marsh & McLennan and is considered an established leader in providing financial services. It currently has 3,000 employees spread across the Americas, Asia Pacific, and Europe. Both consulting firms take pride in their quality partnerships with clients and industry knowledge.

#9: L.E.K. Consulting

L.E.K. consulting services officially began in 1983 through the efforts of three former Bain & Company consultants, James Lawrence, Richard Koch, and Iain Evans. At present, its more than 900 consultants are experts in strategy, shareholder value management, marketing, sales, operations and mergers, and acquisitions. With its headquarters located in London, its work environment reflects collaboration, diligence, intelligence, and initiative.

#10: A.T. Kearney

A.T. Kearney’s history dates back to 1929 when Andrew Thomas Kearney became the first partner of James McKinsey. When the partners split more than a decade later, Kearney continued to practice consulting in Chicago under the name “McKinsey and Kearney”; in 1947, the company was renamed A.T. Kearney. To date, it has 57 offices in 39 countries and employs nearly 3,000 individuals.

References

• The Best Firms in Each Practice Area: Strategy Consulting
• Monitor’s End

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