Vault.com has conducted a survey of the best management consulting firms to work for in 2013. The respondents, who are presently employed by highly reputable firms in the industry, have again proven that prestige and compensation aren’t the only factors that define an enjoyable work environment, work satisfaction, and help formulate career-related decisions.

Survey Formula

After the survey, the management consulting firms were ranked based on the following formula:

• Prestige = 30%
• Satisfaction = 15%
• Firm culture = 15%
• Compensation = 15%
• Work-life balance = 10%
• Overall business outlook = 10%
• Promotion policies = 5%

Top 25 Firms in 2013

The top 25 management consulting firms are listed in the table below. Their 2012 and 2013 rankings are provided for comparison.

The Most Improved Firms

While McKinsey, Bain, and BCG have remained on top, the following firms received a significant ratings increase from consultants:

LEK Consulting

Founded in 1983, L.E.K. Consulting has developed into an international strategy consulting firm with more than 900 consultants in 20 offices worldwide. It caters to large companies in healthcare, finance, retail, and other major industries. It is prominent for its strong focus on mergers and acquisitions.  LEK’s diverse work force values creative thinking, flexibility and teamwork. The consultants are usually paired with clients who need their expertise and experience in completing a project.

NERA Economic Consulting

NERA, which has existed for more than five decades, has 25 offices located in North American, Asian, and European countries. As a main division of Marsh and McLennan Companies, its practice areas range from Auctions to Water. NERA’s consultants expertly apply economic and financial principles to the complex cases they handle. They value excellence, innovation and diversity in bringing about deliverable for clients.

The Chartis Group

The Chartis Group excels in providing advisory services to healthcare organizations throughout the world. Based in Chicago, Illinois, this firm offers services in career planning, accountable care, and applied research and strategy planning. They employ experienced healthcare experts who have a deep understanding of economics, markets, and other areas. Currently, the firm has about 80 employees in four major cities in the USA. All of them are trained and committed to improve the quality of health services in the whole world.

References

• Top 50 Management Consulting Firms in 2013
• L.E.K. Consulting on Wikipedia
• About L.E.K.
• NERA Consulting on Wikipedia
• About NERA
• About Chartis Group

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The perks offered by McKinsey, Bain, Booz, and other firms can be overly tempting, but you can’t be motivated solely by these extrinsic factors. The motivation must come from within, otherwise, you won’t be productive or satisfied in your position.

This article points out a few reasons why the management consulting industry may not be right for you.

Work-Life Balance

It’s undeniable that the demands of management consulting necessitate professionals to spend more than 50 hours a week at work. This hectic schedule not only affects personal relationships, but also leaves little to no time for pursuing interests and hobbies. Because of the volume of work, some consultants are obliged to finish a report, create a presentation, or engage in other work-related matters in order to meet strict deadlines. Consultants turn down countless invitations to significant occasions and dinner with friends. If you’re not ready to endure these sacrifices for career advancement, consider your backup plans.

Comfort of Home

In most cases, traveling is an indispensable part of management consulting. If the client is located in another city or country, there’s a great probability that you’ll be travelling a few times a month to source information from and coordinate with the client. At first, the idea of traveling can be exciting, but it can quickly become a physically strenuous activity. You’ll have to withstand flight delays, navigating through a foreign city, and the discomfort of being away from home. If you don’t enjoy being on the road, the fatigue can impair your quality output, enthusiasm, and sociability.

Sociability

Consulting may entail utilizing your rational processes, but you must also be highly sociable in order to  gather facts, converse with your client’s employees, discuss issues with your team, and communicate with  top management. You need to reach out to get things done. Interdependence is the key to adjusting to the demands of the profession. If social interaction is not your cup of tea, you’d better consider alternative careers.

Job Application Process

The management consulting job application is a tough process. The market has an abundant supply of qualified candidates ready to fill vacant positions. With that said, you need to double your efforts to break into the industry. Research, networking, taking tests, and case practice interviews are just four of the preparatory steps you’ll need to take to write an effective resume, ace the written tests, and expertly answer interview questions. Most likely, your first application will be rejected. Your patience and commitment will be tried and tested. If you’re not ready for this type of competition, management consulting is probably not for you.

There are many qualified applicants vying for a single position at BCG, Bain, or other management consulting firm. To determine the best of the best, recruiters look at a number of considerations to help them make their decision.

Firm Characteristics

Each firm possesses unique characteristics that distinguish it from the others. In assessing applicants, recruiters give substantial consideration to the individual goals, needs, and priorities of the firm because they must hire candidates who can adapt to these characteristics. If the recruiter places an applicant with a firm in which he or she is ill-suited, the oversight will cause:

• Employee dissatisfaction;
• Lack of focus;
• Less productivity;
• Disloyalty; and
• High level of employee turnover.

Recruiters must strategically match applicants and firms. For firms that value leadership, the recruiter looks for applicants with management skills; for firms that randomly assign employees to various parts of the globe, an employ who is willing to travel and relocate; and for companies that place an emphasis on achievement, the recruiter hires candidates who are goal-driven.

Nature of the Consulting Job

Hiring management consultants also require the recruiter to assess the capability of the applicant to assume the responsibilities of the job. The recruiter evaluates whether the candidate can meet the following demands:

Applicants’ Competencies

Of course, a recruiter must ensure an applicant has competencies that will benefit the consulting firm. A few of the competencies which consulting recruiters look for in an applicant include:

Social Connection

Recruiters rely heavily on networking when hiring management consultants. They consult their contacts for referrals and testimonials of candidates they know. This strategy has been proven more reliable and cost-effective for many firms. This is the reason why applicants who have an extensive network have an edge over other candidates. The more people they know, the more recommendations they can get.

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The purpose of a cover letter can be compared to that of a key: It opens the door. However, in management consulting, recruiters have hundreds of cover letters and they must select those which “fit.” To ensure that your cover letter opens doors for you, it must stand out from the crowd.

The best practices for a management consulting cover letter are tried and true methods which will help you create a cover letter that grabs the attention of management consulting recruiters. By following the strategies below, you will be a step ahead of the competition.

Think before Writing

Before you turn on your computer and start listing your qualifications, decide on which qualifications to include and how to write them so recruiters will take notice. To do this, you might want to try the following:

At this stage, gather as much information as you can; it will guide you in tailoring your cover letter according to what the firm is looking for in an applicant and what they need as an organization.

Supply the Right Information

Your management consulting cover letter should not rehash your resume. It should be used as an opportunity to highlight information not included in your resume. Consider adding the following:

Check the Grammar and Layout

Before sending out your management consulting cover letter, review it more than once to make sure it conforms to the following:

One final thing: Never follow the one-size-fits-all technique for management consulting cover letters. It must be personalized to convey your utmost interest in the position.

References

• How to Write a Cover Letter for Management Consulting
• Management Consulting Cover Letter Sample
• Review Service for Your Consulting Cover Letter and Resume

Management consulting has been a dream industry for many candidates, despite the extreme competition during the selection process. Recruiters receive thousands of applications each year even if a large percentage of the pool is rejected.

The challenge for you is to prove that you belong to the cream of the crop. One way of making that possible is knowing how management consulting firms hire candidates. The awareness allows you to direct your application in a more effective way.

Job Advertisement and Recruitment

Recruiters implement various strategies to attract capable applicants. Some of them are the following:

Resume Screening

Due to high turnover of employees, firms continually conduct screening of applicants. Recruiters go over the information on the submitted documents and decide if the applicant is worth scheduling for further assessment. They will probably also look you up on LinkedIn. Don’t be fooled though – a recruiter will initially spend very little time screening your application – maybe less than a minute. Quite often, a recruiter can immediately spot whether an application is interesting or not.

Testing

Some management consulting firms skip this selection tool and just proceed with the interview. Many, however, administer a combination of the following tests to screen and sift applicants:

Interviews

A consulting interview consists of two parts and mostly you will have both parts in every single interview.

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Each year, Vault asks consultants from prestigious firms to answer a survey. Then ratings are collated and management consulting firms are ranked based on a weighted formula. Below is an analysis of the top management consulting firms in 2013.

Overall Ranking

The Big Three remains on top of the list in this order – Bain, McKinsey and Boston Consulting Group. Booz rises to the fourth rank. This is considered a major accomplishment since it was in 10^th and 16^th places in 2012 and 2011, respectively.  Deloitte takes one step lower – from 4^th to 5^th rank.

Two new consulting firms that showed progress this year are PricewaterhouseCoopers LLP and Censeo Consulting Group. The former currently grabs the 8^th place (from 12^th last year) and the latter occupies the 10^th rank (from 16^th last year). LEK Consulting wasn’t able to make it to top 10 but its increase in rank – from 26^th to 12^th – indicates a positive change.

Prestigious Management Consulting Firms in 2013

Prestige of firms was also evaluated based on gathered ratings. Respondents were asked to rate firms, except the one they are working for. Results say nothing has changed in the top 6 firms, which are the following:

1. McKinsey & Co.
2. The Boston Consulting Group, Inc.
3. Bain & Co.
4. Booz & Co.
5. Deloitte Consulting LLP
6. PricewaterhouseCoopers LLP

Ernst & Young LLP, Accenture and Monitor Group still made it to top 10 with slight rank changes. Oliver Wyman rose to 10^th rank (from 12^th last year), but Mercer LLC’s status went 4 steps lower (from 9^th to 13^th).

Best Management Consulting Firms in 2013 – Practice Areas

Respondents were asked to name three firms that perform well for every business focus. They were not allowed to include the firm in which they are connected. Below are the results:

The results above say that except for Human Resources Consulting, McKinsey consistently belongs to top 3 firms. However, it failed to grab the 1^st rank in the overall ranking because the respondents were more satisfied with other companies in terms of:

1. Work-life Balance
2. Compensation
3. Firm Culture

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When you are invited to a management consulting interview, the recruiter only aims to answer the question: “Should the firm hire you?” They may ask you several questions but at the end of the formal conversation, what only matters is their one-word answer to that question.

Many candidates fail in consulting case interviews because of the reasons explained below.

You Need to Think Logically

Recruiters use consulting cases to gauge how you approach a situation. Can you break a complicated task into smaller, graspable sections? Do you have the ability to determine the factors affecting the main problem? Can you explain how these factors came into the scene?  Can you come up with rational conclusions based on your findings? If the recruiter sees that you are capable of doing these things through your answers, you may be considered for the position.

You Need to Be Quick

Case interviews are time-limited, and this time constraint is the reason why it can be difficult for you to concentrate. It can become a source of anxiety and a cause of worry. As the interviewer explains the case, panic can immediately get in the way. You have to be quick in thinking logically without rushing through things. This can be very tough if you have not familiarized management consulting frameworks. They structure your thoughts to lead you to acceptable recommendations.

You Need to Project Confidence

It’s not only the answers that matter; your confident delivery is also taken into consideration. Giving your answers in a shaky voice, with fidgeting legs and with jiggling hands may imply you can’t handle a stressful situation carefully. Recruiters will find this incompetence alarming since exhausting circumstances are common in the life of a management consultant. Moreover, poor gestures such as slouching, not making eye contact and crossing your arms make your answers and your qualifications less credible. Be mindful of your body language.

You Need to Outsmart Other Candidates

It is highly possible that you will be competing with applicants as qualified as you. Recruiters get thousands of resumes each month and many applicants graduated from prestigious schools or have substantial professional experience. So when you get a chance to be invited to an interview, put your best foot forward.

Practice before the Case Interview

To ace the interview, it is recommended that you practice resolving various cases at least a month before you start applying for a job. Here are three practice tips for you:

• Expose yourself to different types of cases (like market segmentation, market sizing, mergers and acquisition and product development). The more topics you resolve, the better.

• Practice with a friend. This way, you get feedback on the quality of your answers, non-verbal communication and professional projection.

• Take advantage of case interview sessions facilitated by clubs and firms. At times, professional consultants and industry recruiters are invited to share their insights. You can’t miss that!

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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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Brain teasers are one of the possible types of questions recruiters ask during management consulting case interviews. They ask questions like these to gauge the most important quality employees must have in this industry: analytical thinking.

Recruiters in all types of industries assess applicants in two different ways – through your direct answers and through the underlying messages beyond your words. For this type of question, they are more after of the latter. They look into the process of how you derive answers, of how you divide the issue up, about how logical you are in managing vague matters. Giving the correct answer will definitely add points on the scoreboard but tossing effective approaches is even more impressive.

Below are some tips on how to prepare for this type of interview.

Practice for Confidence

Sufficient preparation does wonders. Your familiarity in resolving brain teasers has got your brain ready for getting through this challenging task effectively. Don’t simply prepare to know what to say but how to express your thoughts on the actual interview. So before the critical day, scout for sample management consulting brain teasers on the internet or in textbooks. Perhaps your contacts have materials you can borrow. Answer as many as you can.

Think Aloud

During this management consulting interview, you are expected to voice out your thoughts while trying to come up with an answer. Though this brings discomfort, exposing your brain is the only way for the interviewer to evaluate you for the position. On the brighter side, thinking aloud gives you a couple of benefits. Unconsciously, it helps you understand the problem better. Further, it keeps you fully aware of your thought processes.

Think Outside the Box

Do you remember the nine-dot puzzle? Those who haven’t encountered it just tend to connect the dots, the reason why they couldn’t find the correct answer. Then they start to get confused, and those who don’t practice blue sky thinking assume an answer doesn’t exist. Those who think unconventionally discover that extending the line beyond the presumed perimeter will sort things out. Do the same thing during the interview. Insight doesn’t knock on your door when you are not open to endless possibilities. Whether or not you get bewildered, don’t get boxed in!

Play Mental Games

During your free time, try puzzles and riddles for fun. Answering crosswords, anagrams, Sudoku and trivia challenges polish your mind, keep your brain healthy and even enhance your memory not only for the management consulting interview but for your own sake, as well. Since puzzles have been a form of mental recreation for decades in various countries, many can be sourced for free from the Internet. Take a look at the following sites for your additional reference.

• Brain Teasers from Begent
• Google Interview Puzzles

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