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

What is Expected from Management Consultants?

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

What Are the Tools Used by Management Consultants?

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

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

How Much Do Management Consultants Earn?

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

What Are the Causes of Stress in Management Consulting?

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

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

Club Activities in Harvard Business School Management Consulting Club

The following are four of their annual activities:

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

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

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

Indication of Long Work Hours

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

Negative Effects of Working Long Hours

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

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

Dealing with Long Work Hours

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

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

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

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

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

Advantage: Management Consulting Brings Fulfillment

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

Advantage: Management Consulting Is Rewarding

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

Disadvantage: Management Consulting Is a Source of Distress

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

Disadvantage: Management Consulting Is Also Criticized

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

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

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Having a bird’s eye view of the recruitment process of consulting firms is helpful for aspirants like you. Breaking into this industry can be tough, so knowing the challenges you’ll encounter helps you stand out. Since we recognize this need, we wrote the free e-book, How to Land a Job in Management Consulting, to help you get started.

The E-Book Has Answers

Below you will find the answers to the important questions:

1. What do management consulting firms look for in applicants? Are there specific skills that grab their attention?
2. What is the general recruitment process followed by most firms?
3. What are the types of questions asked during case interviews? What are some examples of each type?
4. How do we prepare for interviews? What areas should I focus on to nail down the questions?
5. How should I project myself professionally during interviews?

The E-book Has Explanations

The e-book is a good reference for the following:

1. Practice areas where top tier consulting firms, like McKinsey, Bain and Booz operate
2. Management consulting factors that will set you apart from other candidates
3. Tips and guidelines in preparing a winning cover letter and effective resume
4. Typical written tests administered by management consulting firms
5. How case interviews help recruiters decide who among the applicants deserve the job
6. Types of questions you must master to excel during case interviews
7. How to apply case frameworks to key analysis areas
8. Ways of improving your mental math to analyze and resolve the business case faster and smarter
9. Ten steps to follow when solving the business dilemma presented by the interviewer
10. How to communicate yourself verbally and physically during interviews

Bonus Content

There’s one more thing!

Due to many requests of our readers, we included a script to give you an idea on how a case interview goes. The case is all about an airline company that is considering a flight service between Paris and London. The interviewer is asked to price the ticket between two cities. After reading the script, you will get a good grasp of how to utilize logical thinking in coming up with an acceptable answer.

If you think our free e-book will significantly contribute to your career preparation, kindly visit our guide page and download it there.

Other E-books to Consider

If you want a more elaborate explanation on some crucial topics, here are other e-books you might want to consider:

• Consulting Interview Frameworks – Structuring your answer during case interviews is a skill you need to develop, and you will never have this if you don’t master the frameworks. Frameworks provide you a step-by-step guide to resolve the business problem. This starts from identifying the factors you need to consider until deriving at a well-reasoned recommendation.

• Consulting Cover Letters and Resumes – Underestimating the power of your job application is one huge mistake in management consulting. Since it’s the document that represents you to the recruiters, you must write it well to grab their attention. Remember that they receive hundreds of resumes per month and most of them are from qualified applicants. If your job application is poorly written, chances are you won’t be even called for an interview.

For other useful articles about management consulting, please check our blog posts regularly.

Columbia Business School’s Management Consulting Association is a large, active organization that aims to educate students about the consulting industry through its programs and activities.

Mentoring Programs

The club promotes management consulting field through different ways. It facilitates various workshops where members understand a consultant’s roles and responsibilities, and enhance their skills and abilities for the desired position. It also organizes resume reviews and mock interviews for the first year students. It also hosts panel discussions, brown-bag events and case competitions in partnership with top tier consulting firms such as Bain and Booz.

The Resume Book

The Resume Book is a compilation of resumes of all club members. It’s usually used by consulting recruiters for their manpower needs. They go over it if they want to invite students for presentations or if they’re scouting for someone with a specific technical expertise. This implies that members may be offered career opportunities without having to go through the long, exhausting, recruiting process.

The Case Book

This is another publication that can be accessed by club members. The book explains the consulting industry, the types of case problems and some guidelines to nail down the questions. Sample cases are then described, analyzed and resolved in a step-by-step manner. Possible case study frameworks are also introduced to structure the answer properly.

Visit Management Consulting Association’s Website

For more information about the club, visit their website. Take note that publications are exclusive for club members only.

With the large number of resumes management consulting firms like Bain and Booz receive each month, some recruiters would narrow down the applicant pool through phone interviews. Read this article and know how to answer screening questions on the phone.

Not all consulting firms will have phone interviews. Phone interviews are usually fit-oriented. Recruiters would just ask about your experience and values to know if you match the preliminary requirements of the firm. They would naturally do this if they’re uncertain on whether or not to consider you for case interviews. This strategy is a win-win situation for both parties. For them, it can be more efficient. For you, it can be less costly and stressful. You don’t have to worry on what to wear to project a professional image.

Some management consulting firms inform applicants of the interview ahead of time, but some informally do it, as well. Hence, once you submit your application to any firm, you must be prepared to take calls. Below are some noteworthy tips for doing well in a phone interview.

Your Nonverbal Communication Still Matters

Interviewers will focus more on your quality answers, but this doesn’t mean no elements of non-verbal communication are being observed. A recruiter can still feel your enthusiasm, confidence and professionalism by just the tone of your voice. Smile even if no one sees you. There’s a big difference between a greeting with a blank expression and a greeting with a happy face. A powerful smile also influences the way you answer your questions. You tend to answer the questions with optimism.

Mind Your Surroundings

When you take the call, make sure you are in a quiet environment. The interviewer would love to hear your answers clearly and besides you would not want to misunderstand the questions due to too much noise in the background. Also, choose a place where you can be who you are. It might be awkward for you to answer the questions with too many people listening around you. If the call is unexpected, you can always ask to call back at a better time. With a valid reason, the interviewer would understand your situation.

Set a Professional Voicemail

After submitting your application to any management consulting firm, you are not expected to attend to your phone 24/7. So make sure that you set up your voice mail in an appropriate and professional manner. Include your name to confirm that the interviewer has called the right applicant. As soon as you listened to it, call the firm back at the soonest, most convenient time. Assume that the recruiters will also contact other applicants so taking your time is not your best option.

Treat It Like an In-Person Interview

Do not wait for the face-to-face interview before you answer the questions in detail. Remember you won’t get that chance if you don’t make it right here. If the consulting interview has been scheduled ahead of time, think of the possible fit interview questions and rehearse your answer. Review your cover letter and resume as many of the questions will be sourced from those documents. Keep in mind that your goal for this step is to be called for an in-person case study interview at their office.

Since you have already learned a few tips on dealing with phone interviews, it’s time to prepare for other steps in the recruitment process.

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If you pursue a career in management consulting, you may have to undergo as many as six separate interviews. This stage takes a long time because, for recruiters, this screening phase is the ultimate indicator of an applicant’s capability to do the job. Continue reading to get through this challenge successfully.

BCG, McKinsey, Booz and other top tier management consulting firms divide the interview phase into three parts: the fit interview, the case interview and the short period when applicants are allowed to ask the interviewer a few questions. Each part has its own objective, and as long as you meet all the expectations you don’t have to worry about anything. Each phase is discussed in detail below to help you prepare for this venture.

Fit Interviews

This part determines whether or not you possess the right educational background, work experience and values. You are expected to prove that your personality fits the culture by giving quality answers to behavioral questions. In this part, interviewers will get to know you by utilizing subtle questions that will elicit your natural tendencies. They will ask how you overcome your greatest stumbling block, how you cooperated with a difficult colleague or what your goals in life are. The answers to this type of questions will help them predict your future performance at work.

Case Interviews

Management consulting case interviews aim to gauge your problem solving skills as well as your business judgment. You are expected to use your analytic skills in resolving mind-boggling problems within a limited amount of time. More often than not, you will be presented with a vague business dilemma and you must find a logical way to resolve it. This problem is similar to what professional consultants deal with every day so interviewers would easily determine if you have the potential for this position.

Mastering management consulting frameworks is the best preparation for case interviews. They provide structure to your answer, thereby helping you organize your thoughts. To remember them before the interview, illustrate them on paper for a few consecutive days. The visual representation will stick effectively, making you more confident with your stock of knowledge than other applicants.

Ask Questions

At the end of the interview, you will be given time to raise questions. This part aims to clarify any confusion that’s boggling you. However, you are expected to pose intelligent queries, not just look for answers that can be found on the firm’s website. Learn to put this opportunity to your advantage by asking questions that will let you know more about the consulting firm’s culture or regular activities.

When you are called for an interview, get to the office with a professional look. Whether you like it or not, looks matter during interviews. Because of the traditional orientation of the consulting industry, it’s highly recommended wearing a suit and tie. Fix your hair, polish your shoes, trim your nails and most of all, feel good with what you put on. It will have positive effects on your enthusiasm and confidence.

To know more interview guidelines, check our guide on How to Land a Job in Management Consulting. It comes with a free case interview script that will give you a picture of how things will be.

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Understanding the roles and responsibilities of consultants working for McKinsey, PWC, Monitor and other top tier consulting firms will let you know if this career is proper for you. Read this post and get an overview of what this position entails.

As a management consultant, your main role is to provide direction to your clients. If the company has plans of downsizing, your recommendation will determine whose contracts should be terminated or kept. If the top executives are planning to launch a new product, your market research will either confirm or negate their decision. If they’re threatened by their competitor’s gimmick, your analysis will hint them if they should counter it or not.

To be able to perform this critical role, you must fulfill the following responsibilities:

Definition of the Problem

The project usually starts with a definition meeting with your client. They will explain the business scenario you will work on and what they expect from you at the end of the project. This is very crucial since it serves as the foundation of your strategies to get things done. It objectively defines your next steps, the amount of time you need, the essential documents to go through, the people you will work with and other prerequisites.

Research and Data Collection

To have valid bases for your recommendation, you must conduct extensive research to gather the information you need. If you need to study the current financial status of the company, you might spend a few days reviewing accounting documents and facilitating focused group discussions with finance staff. If the concern is market-related, you can delve on researched industry trends and best practices.

To organize the data, you would spend many hours making consulting presentations. Presenting the research properly and communicating the findings is a key consulting skill.

Analysis of Information

Once you have the needed information at hand, you can deduce your qualitative analysis from it. Consultants often use management consulting frameworks to draw inferences from the collected data. These tools suggest the elements to be examined, and areas to be evaluated. The good news is, analysis is something you don’t have to do on your own. You can discuss and brainstorm ideas with other consultants to arrive at recommendations.

Presentation of Recommendations

You are also responsible for presenting your recommendations in a clear and concise manner. Consultants usually use Microsoft PowerPoint to make the presentations. As a consultant, you are only obliged to pose several options and recommendations, but the final say must come from your client. Most would concur to your recommendations since they have high regard for your competencies. However, if you find yourself in a different situation, always respect your client’s decision.

What makes a management consulting job challenging is the amount of time being consumed by each responsibility. At an average rate, consultants easily work 60 hours in a week. Working more hours than the typical working schedule can be very stressful, especially if you’re not equipped with time-management skills. Though you will be financially compensated, you may encounter taxing issues with management consulting lifestyle.

Skills form part of management consulting competencies. Without them, it would be impossible to perform a job with excellence. Below is a list of 15 skills you need to develop to land a job in top tier management consulting firms like Booz, BCG, McKinsey and Monitor.

1. Critical Thinking

Most of the time, your duties will include breaking down of complex problems in an organized way. You will use management consulting frameworks and other tools for thorough analysis of business cases.

2. Problem-Solving

The management expects you to come up with recommendations to resolve a problem or a threat. If you lack this skill, you won’t be able to justify the main reason why consultants are hired.

3. Written Communication

Your clients will require regular written reports to monitor the progress of your project. You must have the ability to produce documents with concise and comprehensible information.

4. Verbal Communication

You must be able to speak clearly and confidently with clients during meetings and presentations, with employees during data gathering and with the other people involved in the project. Being tactful will prevent issues of miscommunication and confusion.

5. Numerical Reasoning

Numbers are inevitable in a management consulting position. You will go through financial reports, market studies and other documents with mathematical figures. Because of this, you must improve your numerical reasoning skills even before you submit your application.

6. Interpersonal Relations

The ability to establish rapport and build relationships with the people you meet in your consulting job will put you at an advantage. If you exhibit emotional intelligence consistently, you won’t only attract cooperation but also valuable friendship.

7. Collaboration

Completing a management consulting project is not a one-man show. Teaming up with other consultants leads to more efficient progress. Everyone can complement with each other’s competencies and such will yield better results.

8. Creativity

You won’t be required to paint, but you need creativity to be able to think outside the box. A management consultant needs this skill because resolutions don’t always have to be conventional in nature.

9. Decision Making

Based on your analysis, you will make everyday decisions that will lead you to your goal. You must know how to brainstorm possible options and draw possible consequences. You will also encounter unavoidable conflicts that can be effectively handled with this skill.

10. Research

All recommendations must have credible bases. Hence, management consultants always conduct research on market trends, best industry practices, competitor’s status and other topics relevant to the business problem.

11. Organization

According to management consulting job descriptions, a consultant usually works for more than 50 hours per week. Because of this busy schedule, you must be skilled in managing your time, distinguishing high priority tasks and planning of activities.

12. Stress Management

Having heavy and much workload can lead to stress and over fatigue. Thus, you must learn how to manage it for your health and happiness. Though your plate is always full, always find a way to achieve the balance of work and play.

13. Adaptability

Part of your responsibilities will be to travel to different cities and places. Thus, you will not enjoy your job if you’re not open to new cultures, offices, food, climate, etc. You must be ready to face any changes in the working environment.

14. Computer Proficiency

This is a basic requirement of most jobs nowadays. In management consulting, your computer is an important tool in making reports, making calculations and presenting recommendations to top management.

15. Persuasion

If you’ll be employed in hybrid consulting companies, you must learn the skill of introducing other products of your company to your clients.

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