Major or Boutique Consulting Firms

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Consulting Firms

We were talking with a friend of ours who works as a copywriter in the advertising industry. He works in a small boutique that principally does online messaging for the travel and leisure sector. As we spent time, we realized how his choice and our choice in careers varied by more than just the industries we chose. Read more…

That’s because although he became a creative executive and we went into management consulting, the structure of the firms where we worked couldn’t be more different. As someone who had a background in the small, liberal arts colleges in America, he saw the best fit in a small shop that targeted his interests. And that’s one option for management consultants as well.

The Boutique Firms and What You Get

At a smaller management consulting firm, you’re likely to find that the companies you focus on represent just one or two related industries. Furthermore, you’ll be solving specific problems related to one portion of their business activities.

On the bright side, you’ll also be working with top-level executives and in many cases be one of only a few people working on a given project. This means that you are making contacts with C-level thought leaders and will often be asked for input on many aspects of a project.

At the same time, you are less likely to be working on a variety of projects. Like our copywriter friend, you’ll be focusing on one industry or one management focus during the course of your employment.

The Big Names and Your Level of Involvement

A big consulting firm like BCG, McKinsey or Bain will deal with the management and business issues of a variety of top firms around the world. You will likely be one member on a larger team that attempts to deal with high-level concerns and promote system change.

This means that the number of people you will come in contact with will be much larger and span various sectors. At the same time, you might be working on very specific aspects of a project and not necessarily be as involved in big picture aspects of the consulting process. Your mileage will of course vary by both office and company.

Where Do You Go from Here?

Management consulting may be a lifelong pursuit for you, or it may be one way for you to gain experience with how different firms succeed given a set of variables, needs and capital. To delve briefly into what options both sides present can be a bit misleading, but we’ll try.

The gist is that with a larger firm, you have access to more resources across more industries than you would in a smaller boutique’s office. That can mean that you could transfer to another satellite office to satisfy your wanderlust, or leverage a network of co-workers to focus on a specific industry if you’re at one of the leading management consulting firms.

On the other hand, a boutique firm will gift you a contact list of some of the top names in a given industry, where you’ll be known more quickly than you might if you’re part of a larger group.

How you pick depends on what your goals are for your career, and what atmosphere suits you best.

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Use Networking to Land a Consulting Job

Written by . Posted in Consulting Application

Networking

It used to be that the Rolodex was the sign of prestige for an ad agency executive, newspaper reporter and especially a management consultant. The days of the paper-based organizer are over, but not the importance of a list of contacts, no matter your level of experience in the management consulting industry. Read more about networking…

Starting from Scratch

Let’s say you are making a mid-career correction and want to move into management consulting. You could be about to graduate from university. Either way, the number of people you know with jobs in the management consulting industry is likely to be slight, if not zero.

That is not a problem. If you are on LinkedIn or Facebook or any other networking site, do searches for management consulting firms. You’re likely to find that within one or two degrees of separation, there are consultants. If you are still in school, consider asking your career counselor for alumni in the sector.

Making Every Meeting Count

Whether you are making a cold e-mail to someone who is a friend of a friend, or you research local career fairs and meet-ups from top firms, you don’t want to waste your time.

In fact, you should always open with your name, why you’re making the contact and what makes you interested in the field. This should not take more than two sentences, at a maximum.

If you’ve ever worked in a people-oriented position, you may already know this: The best way to get someone to open up is to ask them to give you their expert opinion. Everyone wants to be respected for what they’ve accomplished, and it eases the process.

Freelance?

One interesting strategy that may work for people who have a degree in business management or a related field but do not yet have a full-time consulting job is to consider going freelance during the job search.

Look for start-up firms on your favorite job search engine, as well as on online freelance bidding sites. Offer to use your skills and experience to solve a short-term problem. This will give you a practical case study to use in interviews, a reference or even a possibility of connections to other consultants.

The Bottom Line

Whichever path you decide to take, you should make a point of enriching your list of contacts, proving your experience and leveraging the experience of others are all key parts of the job search. Failing to utilize these resources is as egregious an error as sending a poorly-edited cover letter or resume to the firm where you want to start or continue your career.

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Ace a Consulting Firm’s Written Test

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calculator

There are a number of factors that affect your candidacy when you apply to a top management consulting firm. While some worry about their ability to think on their feet during case interviews, others feel like they are bad test takers. Read more about written tests…

That makes the written assessment, which is pretty similar to the GMAT exam used by business schools for admissions purposes, a major concern. It need not be, and we’ll tell you why. First, we need to figure out what kind of test-taker you are.

A Quick Personality Test

You should know by now whether you tense up when you hear the word test or whether it is second nature for you to do well on any standardized exam.

It functions as a sliding scale for the strategies we’ll talk about. Over-studying can be just as detrimental for someone who get nauseous on test day as a lack of preparation can be for the relaxed test take. Either way, expect to need about four weeks to prepare.

Start with the GMAT

The GMAT is the standard for business schools, and it provides a useful metric for management consulting candidates. There are a number of free practice exams that you can take online; we recommend taking one from the official site, here: http://www.mba.com/mba/thegmat/downloadfreetestpreparationsoftware.

You’ll note that there are analytical writing sections, quantitative reasoning questions, data sufficiency assessments and a verbal section. It’s important to figure out what areas are your weakness with a practice exam.

The 70/30 Rule

If you are not the best at grammar, the sentence correction and verbal skills section may be your downfall. Liberal arts majors might struggle with the data sufficiency sections. Each assessment candidate is different.

What you do need to do is then create a self-study program that places a heavy emphasis on the areas where you struggle. We recommend spending about 70 percent of the time you have budgeted on the sections where you scored the lowest. At the same time, you don’t want to get rusty in the other sections, so use the remainder of your time to maintain your acumen.

Alternative Study Tips

Practicing for a test you’re not actually taking, the GMAT, could lead to problems depending on the requirements of the management consulting firm where you’re applying. Instead, consider branching out into other study methods. If you want help with data sufficiency questions, using the LSAT’s analytical reasoning section for a bit of cross-training. The logic games questions will develop your ability to fill in the gaps with information.

Make a strategy that fills out your skills by augmenting your weakest areas. Develop a plan that targets how you take the assessment. Then get a decent night’s rest and ace the examination!

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Consulting Job with a State School Degree

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State School

We get this question a lot: “Is it possible to get a consulting job with a state school degree?” The short answer, and to put your mind at ease, is yes. Read more about consulting jobs with state school degrees…

You can get a management consulting job with a degree from any school. What we want to explain is that the process may be different as you go about finding a career.

Differences in Networking Abilities

We’ve written a whole article on networking to get the best management consulting position for your experience and education. If you did not attend an Ivy or top-20 institution in your country, you may feel like you’ve missed the boat.

While top management consulting firms do target upper echelon schools, you can still find your way into the field. Rather than looking for recruitment events at your university, you may instead want to contact the regional offices of firms you’re looking to target.

Ask for local recruiting events, and leave your name and express your interest in the position. You need to get your name out a bit more frequently then you would otherwise.

Colleagues and Professors

Again, you are looking to dig a little deeper into your resources than you might otherwise to find a management consulting position. Ask around your business management and administration departments if you are still in school and ask for times to speak with professors. They may have contacts in the industry no matter what college they work at.

Another example for those looking to transition from another career is to ask friends and relatives. You may also wish to use your college’s alumni association or fraternal organizations for people who may be in the field.

Standing Out in Your Application

Since your diploma may have a school’s name that isn’t immediately recognizable, you’ll want to pay extra attention to your management consulting job application materials. New graduates will want to focus on high-level leadership in extra-curricular or internship applications. Intern prospects will want to do the same thing, as well as focus on coursework in business concepts and other key curricula.

Mid-career switchers and others will need to re-write the resume. Our resume and cover letter guide is a great resource for the phrases and competencies that will make recruiters sit up and take notice. Even if you don’t, you do need to make sure that your resume only includes as much information about a non-business position as relates to management consulting.

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How to Get Out of Your Case Interview Alive

Written by . Posted in Case Interview Prep

Case Interview

The format of many case interview questions is fairly simple: “How many [widgets] are [produced, sold, installed] in [time frame] in [arbitrary location].” You may also hear something like, “Why does [company] choose to do [unique business practice] even though it causes [known consequence]?”. Read how to get alive…

Breaking it down like that may make the questions seem simple, or even rote. But they are not, by any means. Contrast the first with, “How many electrical generators are likely to be sold this year in Nigeria?”

Clearly, the format is simple but provides a wealth of variety for interviewers looking to test their candidates’ understanding of business concepts and critical thinking in compressed time lines.

The first thing to keep in mind is that while the venue and type of business will change, your analysis should not. The skills you have acquired in analyzing potential problems won’t differ whether you’re covering motor yachts or apple picking.

Stick Figures and Flow Charts

You may ask your interviewer for a minute or two to collect your thoughts, and we highly recommend that. Before you get into your analysis, you may be having difficulty because of nerves or trying to concentrate.

If you enjoy putting a face on the problem, feel free to draw a stick figure representation. For the Nigerian example above, a person, next to a box connected to a light would work fine. If you think in diagrams, then a flowchart of the path from needing electricity to buying a generator might help.

Either way, you have taken the pressure of the interview down to a more manageable level. In creating a new diagram or picture, you’re creating a “client” who you’re helping, and not the interviewer.

Using What You Just Made

You will likely be making frequent calculations, so graph paper is a good idea since you can write ideas and build charts for your management consulting firm interview. Rephrase the question and make sure that you have it right before you begin.

Then chart what you want to address and how you will do so. This should be part of an ongoing conversation you have with the interviewer, who may be able to provide additional information and answer any questions that you have.

If you’re stuck in an area where you’re lacking information, feel free to glance back at your stick figure (which should now be the 2nd or 3rd page back) or flow chart and look for elements that the interviewer may be able to help you with.

Remember, You Know How to Do This

The thing about the case interviews is that you are applying the principles you already know to a new situation. But the approach itself isn’t drastically different, and the questions (as we noted before) are similar to the ones you worked out in business classes.

Make sure that you ask questions that are pertinent and quantitative in general, and that you always return to the question involved. And prepare to wow your interviewer.

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Proofread Your Consulting Application

Written by . Posted in Consulting Application, Cover Letter, Resume/CV

proofread

We’re sure that you have heard the importance of proofreading your resume and cover letter to make sure you don’t make any mistakes. It is not good enough to have someone make sure your grammar and mechanics are in top form. You need people who truly understand the position that you want to obtain. Read more…

You Can’t Do It Yourself

The proofreading and editing process is not a one-person job. If it was, top reporters and journalists wouldn’t need a copy desk at their paper, and authors would just send their manuscripts to be published. Even if you don’t have a lot of time before your deadline, you can still make your application look more professional and reflect your best attributes.

Professional Editors

We think that there is value in getting a professional business editor to look over your resume and cover letter before you send your application package to a top management consulting firm. This site and our work have benefited from top-notch writers and editors who help us make our writing crisp.

Freelancers are one option, but be sure to ask for samples of work they have done in the past. Also consider looking for business management editors who specialize in the field.

Contacts Within The Industry

If you have done your homework and networked with mentors or other experts in the management consulting field, you should take the advantage you have and ask them to review what you’ve written. They may not pick out the usage issues that others will, but they can point out areas that would confuse a recruiter or keep your application out of the interview file.

This works well for people who have already established a relationship with someone in the sector. If you have, be sure to find something thoughtful as a thank you gift. Favors done for you deserve the same follow-up skills you will put on display throughout the interview process.

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How to Show a Corporate Image in Consulting Interviews

Written by . Posted in Case Interview Prep, Fit Interview Prep

corporate image

You may already be itching to get started with your first interview. The resume and cover letter you prepared struck gold with the hiring personnel at a top management firm. Read more…

There’s just one thing: if you don’t look the part, it may not matter how good your answers are during a management consulting interview.

The Corporate Image

Recruiters say all the time that candidates should stand out based on their qualifications and not their wardrobe, but it’s doubly important in the management consulting sector. You will be dealing with executives from high-ranking companies, and the consultants you work with want to make sure that you put forth the company image in how you act and dress. Forgetting this for the interview may mean you could forget it in a client meeting.

Skirts, Dresses and Suits

Pastels, print patterns and other designs are great for the weekend when you’re with friends. Keep them out of your wardrobe choices for your first management consulting interview. In fact, the standard black or charcoal suit from a mid to upper level designer for men may seem like an uninspired choice, but you want to create a canvas that the firm sees as able to meet their goals. Pair it with a sedate white or gray shirt and a blue, yellow or red tie.

Women will likely benefit from pant or dress suits that are conservative in cut and allow them to work without adjustment. Shoes should not look like they came from Sex and the City, either.

Moreso than the clothes themselves is the attention to detail in preparing them. If you can afford it, have your clothes professionally cleaned and pressed prior to the interview. Make sure that all shoewear is polished and free from dirt. Above all, make sure that there are no rips or stains on any items you plan on wearing

Hygiene and Haircuts

Nail biting, long haircuts and poor skin quality are not necessarily the signs of traits that management consultants aspire to hold. Make sure that your hair doesn’t cover your ear if you’re male and doesn’t come close to touching your collar. Females may want a short haircut that doesn’t require much upkeep.

For grooming, focus on the things that interviewers will notice first, nails that are free from excessive nail polish for women and not bitten down to nubs for men. Males who need to shave infrequently should time it so there is neither stubble nor razor burn.

Jewelry

Family heirlooms and gifts from friends and relatives may have a personal meaning to you. So, too will class rings and other signs of membership. If they seem gaudy or ostentatious, though, you set off warning signals. Keep the jewelry to watches for men and perhaps a ring, and simple earrings for women in addition. Large gemstones can also be a bit overpowering in setting a first impression.

With all those aspects marked off your checklist, you can be sure that your responses to questions will be what the recruiter remembers most, not the striped shirt that belongs in a club or disco.

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Investment Banking vs. Management Consulting

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US dollars

Like other applicants, you may have entered “management consulting vs investment banking” on Google search field. Consultants may wear a lot of hats, so there is clearly an overlap with other corporate sectors. If we were to tell you that there’s a big difference between a theoretical physicist and an electronics engineer, you would understand, right?

Let’s back up for a second. A theoretical physicist doesn’t go after the nuts and bolts of a specific system, rather he or she is trying to find an explanation that works in every case. An electronics engineer is the one tasked with providing the practical outcome based on that new theory, as well as the body of work before it.

You can refer to the comparison above to resolve the consulting vs investment banking issue. Employees of both industries help companies take their strategies in new directions, but the tactics they use greatly differ.

Investment Banking as Theoretical Physics

Like research assistants at a top university, i-bankers are not likely doing much different from what they did at university, applying what they know to large quantities of data in order to help a more senior member of the firm prove a case to a client.

As they move up the corporate ladder, however, the greater interest becomes in developing a story line of how to make money work better for a firm. This can hold especially true for firms looking to make their growth dependent on mergers and acquisitions.

Management Consulting: In the Trenches

As many management consultants in the early part of their career can vouch for, travel plays a huge role in defining what you do on a weekly or monthly basis. Especially at top firms with many satellite offices, management consultants are expected to come up with strategies on the site with their clients, after meeting with senior and junior staff members.

And since we’ve talked about how to master the case interview questions by going through concrete assertions, it makes sense to re-iterate that point. A management consultant’s goal is to come up with creative solutions that take into account what the company has done and move it towards what it can do.

Unlike investment bankers, you may find yourself working in divergent departments like helping a marketing team trim excess weight or finding new ways for a human resources department best roll out a new health benefits package.

Which Fits You Best?

As you look for explanation on consulting vs investment banking, you will not see the main difference at the start, although financial wizards will see the most overlap between the two sectors. But if you don’t feel a pull into the sales and story side of things, you aren’t likely to be happy to remain in investment banking.

On the other hand, if you’re interested in starting with concrete building blocks and putting them together in ways that benefit your clients, management consulting is probably the best fit. Don’t assume without experience that one is better for you than the other, but this way you may have a better framework for judging for yourself.

Get a better understanding on consulting vs investment banking by reading more articles on the Internet. Then if you’re convinced that the former is where you want to build your career on, download this free e-book. It gives you tips on how to go through its recruitment process successfully.

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What Do Consulting Firms Look For?

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measure

We often hear the question, “What do strategy consulting firms look for?” This is important knowledge for you to assess where you stand and what to focus on in your application. Also, during the interview, it is important for you to emphasize your key strengths (your “spikes”). Read more about the required skills below.

A great place to start is always at the website of the consulting company. For example, McKinsey look for skills in problem solving, achieving, personal impact and leadership. We believe that the following characteristics are the most important ones: thinking and problem solving, business sense, communication skills, personal impact, team skills, drive and motivation. Read below our take on each of these.

Thinking

You need in some way to show that you have a clear and structured way of thought. This is useful for problem solving and analyses. Also, math skills are usually important. Once you start your consulting career, you do not necessarily need to work with the quantitative stuff, but you will need the skills during the interviews.

Business Sense

Have a good judgement of business and strategic issues. Develop it by reading business articles and trying to understand the underlying issues behind the different news stories and strategic choices. Because business sense is very important, it ranks second in this what-do-strategy-consulting-firms-look-for list.

Communication

This one is crucial. Both the written and oral communication skills are important. At this stage you should focus on your oral skills. Be clear and to the point in your communication, and make people want listen to you.

Personal Impact

This is harder to define. But think about it – sometimes you will be with people who are good at influencing others. As consulting firms look for future leaders, they will look for leadership talent in you.

Team Skills

Cooperation with other people is essential as a consultant. You work in project teams and you are surrounded by both clients and your team members. Getting along well with them is a requirement to finish your project effectively. Teamwork is apparently one of the answers to the what-do-strategy-consulting-firms-look-for question.

Drive and Motivation

Know what you like and go for it. People should have a feel that you are motivated for what you do, and you have a great drive. Even when the going gets tough. We believe that these are the key characteristics. Try to consider a bit how you can develop these, and how you can show that you posses these skills. Have some good stories ready for interview and practice, practice, practice!

Now that you are aware of the answers to the question, “What do strategy consulting firms look for?” it’s high time to have a look at our free PDF guide on how to land a consulting job.

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Write Great Consulting Cover Letters

Written by . Posted in Consulting Application, Cover Letter

cover letter

Writing your cover letter is the first step to a career within a top tier management consulting firm. Your cover letter is not as important as the resume. However, it is still important that you make it professional and sell yourself in a best way. Read more to get tips on how to write great cover letters.

1. Proofread Your Cover Letter

Proofread once and do it once more! Make sure that your letter is grammatically correct and without typos. Also, double check all firm names, people’s names and addresses. Consulting cover letter mistake number one is to include the wrong consulting firm name – say sending a McKinsey application to Bain. This will not land you the interview!

2. Tailor Your Cover Letter to Each Firm

Sending generic consulting letters will lead to failure. You need to take the time to customize your cover letter by including firm specific details. This sends a strong signal of true interest.

3. Market Yourself

The cover letter is your chance to sell yourself. Remember that top tier consulting firms look for extraordinary people, hence the reader should be left with that impression after having read your cover letter.

4. Stick to the Facts

State the facts i.e. your skills and your qualifications and do not exaggerate them. Moreover, let the employer judge your skills. It can appear arrogant and presumptuous to conclude that you are the best person for the position. Impress the reader with your skills and let him or her reach his or her own conclusions.

5. Have Other People Give You Feedback

Use your network and let another person read your cover letter and then give you feedback. It always helps to have a “fresh set of eyes” look it through before submitting.

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