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

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

Top 1: Bain & Company

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

Top 2: McKinsey & Company

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

Top 3: The Boston Consulting Group (BCG)

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

Top 4: Deloitte Consulting LLP

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

Top 5: Monitor Group

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

Top 6: A.T. Kearney

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

Top 7: Oliver Wyman

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

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

Interviewers may have been trained to be unbiased, but that doesn’t mean you should not believe in first impressions during job interviews.  The truth is if you don’t create an impact at that moment, you will never be called for another round.

There are two ways to prepare for management consulting interviews: cognitively and physically. The former refers to readiness to resolve business cases in a structured, logical manner as well as preparing for fit interviews. The latter focuses on how you look: the first thing that recruiters notice as you step into the interview room. Your getup is the first indicator of your professionalism, and somehow it subtly affects the way you answer questions.

Positive Effects of Dressing Professionally

Your choice of clothes is part of your nonverbal communication and therefore, it conveys a lot about your personality. Dressing appropriately sends a message that you respect the interviewer, the company and the situation. This sense of awareness and respect is quite important in the field of management consulting since the position requires you to work from one client to another. Different clients have different dress codes, and you must be able to recognize and adapt with their policy readily.

How to Dress for a Consulting Interview

Management consulting is a conservative industry; hence, you must put on the right clothes when you are called for an interview. Below are some tips to consider.

• Color – Choose a solid, dark color for your suit and tie. Black, navy or dark grey are good choices.

• Combination – Coordinate the colors of your inner and outer clothes. A white or light-colored shirt will go well with your dark suit. Don’t wear something too bright for it’s dazzling to the eyes.

• Shoes – Don’t forget to polish them before going to the interview. The color should match your clothes, too. For women, wearing closed, high-heeled shoes can make you feel more confident. Make sure you’re comfortable using them, though.

• Accessories – Use accessories sparingly. Big, dangling earrings and necklaces are too distracting and noisy for the management consulting interviewer.

• Hair – Fix it well. See to it that they don’t fall over the face during the interview. You can add some style, but you must look neat with it.

• Make-up – For women, apply some natural-looking makeup. Before you enter the room, check if your teeth have lipstick smudges. That can be a bit embarrassing.

• Cologne – You may apply a dab of sweet-smelling perfume. However, if you’re not sure of the scent, forget the idea. Just stay clean and fresh.

Additional Tips

Here are three tips to help you decide on what to wear for the management consulting fit and case interviews.

• Call the Human Resources Department and ask for the firm’s dress code. It’s usually safe to follow it or to dress more formally than what employees put on to work.  If this is too difficult for you, get in touch with your network or look for advice on the Internet.

• Always complement your clothes with other nonverbal indicators. Your formal attire won’t compensate for your poor posture. The perfect color combination of your outfit proves nothing without your enthusiasm.

• Always stay on the safe side when choosing an outfit for the interview. It doesn’t necessarily mean you’re unfashionable; it just gives you a certain level of comfort. As you face the interviewer, you won’t have to worry if you’re wearing the right clothes. You can focus on giving the correct answers instead.

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Are you considering management consulting and private equity as your career options? It’s difficult to break into both fields because of high required qualifications, large applicant population and challenging recruitment process. We will discuss both career options in this article and hopefully provide you with some new perspectives.

The Difference between Two Industries

Management consulting is the act of helping companies improve their efficiency and productivity through intensive research and analysis of presented business problems. At the end of the project, consultants come up with sound recommendations for the client. Resolution of the problem signifies the end of the project, and consultants are then assigned to other clients of the firm. Consultants are paid for the quality services they render.

On the other hand, private equity (PE) is a financial sponsor that invests in operating companies. PE professionals source funds from investors, such as insurance companies, pension fund businesses, foundations, etc. and they use the money in purchasing shares of private companies. Private equity firms gain money from the management fee they receive and share in the profits earned by their equity fund.

How to Get to the Dream Job

Management consulting firms, like McKinsey, Deloitte and Booz, may consider applicants who don’t have previous consulting experience. They even recruit at universities and business schools to scout for students who are competent enough to do the job. On the other hand, private equity firms often employ applicants who have an MBA degree and experience in a closely related industry, such as investment banking, corporate finance or management consulting.

In both fields, networking is an important move to get a slot in any firm. Headhunters and recruiters may look at your winning job application but still, your documents would appear more credible if they come with a recommendation or referral from key people. Try to list the names of those who can help you with this. If you’re still a student, join sessions, workshops and networking activities organized by your private equity or consulting club.

Interviews

Both firms follow almost the same recruitment process. It starts with resume screening, then psychometric testing and finally interview rounds. The interview phase is divided into two: fit and case interviews. The fit interviews consist of questions formulated from the resume while the other one focuses on your technical and problem solving abilities.

• Management Consulting – Candidates are given a business problem, and they are expected to come up with a logical, acceptable structure and analysis. Cases provided are similar to what consultants deal with every day. To ace this phase, consulting frameworks must be utilized to structure the answer logically.

• Private Equity – Interviewers assess your general understanding about investments. They may ask you to come up with a SWOT analysis or ask your opinion about an investment in a mobile phone company. In the later rounds, you may be given a leveraged buyout (LBO) case to resolve. Further, most firms will ask you to join a dinner or drink with the senior partners or CEO to get the final approval.

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

Difference between Management and Technology Consulting

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

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

Competencies Required for Management and Technology Consultants

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

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

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

How In-Demand Are Management and Technology Consultants

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

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Networking plays a great role in the field of management consulting. Many are called for interviews or are employed because of the recommendations they get from key people in the industry. Hence, when you attend a networking event, be sure to seize the opportunity.

One way of preparing for gatherings participated by recruiters and management consultants is through preparation of sensible questions. This somehow creates an impression that you are critically-minded, levelheaded and interested in exploring the field. The questions you pose should also draw out an informative answer to help you in your career preparation.

Networking Questions

Below are some useful questions you can ask at such networking gatherings/events.

• What types of clients and projects does your firm (or office) have? This question feeds you information about the everyday life of consultants. Remember that offices within the same consulting firm might have different focus areas and clients, so you can make a follow up question about it.

• Can you tell me more about the recruiting process? Top-tier management consulting firms like McKinsey, Bain and Booz post their recruitment process on their website. If you have enough information, skip this question. However, if the available information is too limited, utilize the opportunity to ask for more details. Inquire about the tests they administer, the number of consulting rounds a candidate have to undergo before he or she gets hired, etc.

• What do you like and dislike most about your job? This is a smart question because it gives you an idea about the pros and cons of management consulting, particularly at the firm of the person whom you’re talking to. The answer will help you discern if you’re ready to accept both the perks and drawbacks of the position.

• Tell me something about the consultants in your firm. This light question asks for a personal opinion about his/her colleagues, but at the same time, it gives you a hint on the culture of the firm. Does the answer talk about teamwork or does it only emphasize the long work hours they spend at the office? Read between the lines and you’ll get an idea about their values.

• Can we stay in touch after this event? This question is important because the person might be helpful in the future. Don’t forget to ask for his/her card before you part ways. After the event, send an email and thank him/her for the time.

Networking Tips

Be an active listener. Don’t be preoccupied with the next question you’re planning to ask. Listen attentively and formulate your follow up questions based on the actual conversation. Nod, make eye contact and use short responses to indicate that you’re listening. Don’t interrupt in the middle of his/her explanation. Further, be confident yet relaxed. Don’t be too formal or too casual. Interact naturally, as if you’re talking to a friend. That’s the best way to keep the conversation real.

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

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

Location of Clients

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

Family Life

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

Length of Service

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

Waiting Time

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

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

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

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

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

How They Think

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

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

How They Feel

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

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

How They Behave

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

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

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

Knowledge

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

Networking

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

Preparation

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

The field of management consulting industry can be intimidating for some applicants. They think it’s too astounding to be even tried. If you feel the same way, read this article to find out where you can start your consulting endeavor.

ConsultingFact.com has a few years of intensive experience in dealing with aspiring consultants through reviewing their resumes and answering their inquiries. Based on our needs and aspirations, the team came up with a free e-book on How to Land a Job in Management Consulting. It aims to help you get started by giving you a view from 30,000 feet. Download it after reading this post and enjoy the following benefits:

Know the Six Success Factors in Management Consulting

The success factors are part of the criteria recruiters use when they’re screening applicants. Each firm may be eyeing those who are a good match for their work culture and goals, but these factors are never omitted from their standard qualifications. Knowing what these are leads to three advantages. First, you will be able to ponder if consulting job is meant for you. Second, you can use it in writing a winning resume. Third, if you make it to the interview rounds, this will guide you in the way you answer the interviewer.

Be Acquainted with the Consulting Recruitment Process

Management consulting firms have different ways of screening and hiring applicants. Some may use numerical reasoning tests while others just proceed with case study interviews after resume assessment. With this fact, the e-book comprehensively explains the steps you’ll take in landing your dream job. It also includes tips and guidelines for you to stand out amongst other applicants. It has even included the types of questions that will be possibly thrown to you during case interviews.

Learn How to Do Well During Interviews

The consulting case interview is the most critical aspect of the recruitment process. As a response to this challenge, the e-book provides a detailed explanation on how to prepare for it. It briefly discusses the importance of case frameworks, the practical ways of enhancing mental math and the steps on how to resolve a business problem. For your additional reference, it also explains how you must physically present yourself to the interviewer. It includes a case example review, too, so you can imagine what it would be like to face an interviewer.

It will just take you about a minute to download the e-book and about an hour to go through it. Within a short period of time, you can get a picture on how you’ll maneuver your consulting dream. As a result, you will be confident in submitting your application to huge management consulting firms, such as Monitor, Mercer and BCG.

There are also two other e-books that might interest you. One explains in detail how to write consulting cover letters and resumes. The other will make you a master in using frameworks during interviews. At an affordable price, you will have additional references in pursuing your career. We are willing to refund your money should the e-books fail to satisfy you!

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.