Management consulting and investment banking are popular career paths for individuals who are looking for a progressive and rewarding profession.

For those that are unfamiliar with the two industries, it is important to take note that there are some similarities. But there are also important differences. In order to understand how management consulting and investment banking are different, below highlights each field thoroughly with key points on each of the industry’s general lifestyle, compensation, benefits and type of services offered.

Management Consulting

Management consulting is an industry that renders expert advice and solutions for businesses. Some of these advices could be related to operations, restructuring or merging. Additionally, clients may choose to seek the services of a consultant when launching a new product or when faced with decisions with potential risks.

Hiring a management consultant can be costly. Therefore, large or reputable companies usually make up a consulting firm’s client database. These days, the age of “general” consultants is slowly diminishing. Consultants have begun to form specializations depending on the type of projects they have experience in, or based on academic background.

Currently, consulting firms such as McKinsey & Company, Bain and BCG are the front-runners of the industry. With branches all over the world and focus in all larger industries and in the important functional areas, these firms have set the benchmark for other management consulting firms to meet.

A Closer Look at the Lifestyle

Even in the preparation stages, management consulting is demanding, highly competitive and busy. Often times, consultants are relied on to patch up or boost the current condition of the business. With that in mind, consultants are under a lot of pressure and work more than the usual 40 hours, with work carrying over through the weekends and some holidays.

Traveling is an aspect of the job that many consultants dislike. Frequent long trips, flight delays, adjusting to new time zones and busy airports can add stress to a consultant’s lifestyle. Management consultants usually work in teams; therefore, it is essential to have above average social skills. Client management is an aspect of the job that consultants are expected to carry out. This could mean spending time with a client during one’s free time such as dinner or a short weekend trip.

The turnover rate in management consulting firms is relatively low. Many professionals consider the rewards of the job to outweigh the arduous workload. High compensation and above par benefits are common, even for entry-level consultants (compared to other entry level positions in other industries). Depending on the firm, management consulting generally has consistent promotional value. This is due to the fact that the criteria to become a management consultant are very strict.

Furthermore, those who are not able to cope with the job scope often switch careers. Having a foundation as a consultant opens many doors for other careers, primarily within management and strategic positions. Management consultants rely on their network throughout their career, from landing a consulting job to exit strategies (to other consulting firms or careers).

Meeting the Requirements

Due to the competitive nature of the field, it is essential for prospective consultants to have great resumes. The right organizations and internships can also boost the qualifications of an individual who is aiming for an entry-level position after graduation. Those that transfer from another industry are not exempted from the academic criteria and are often subject to more scrutiny and questions during the application process due to the lack of relevant experience and background.

Investment Banking

Investment banking is a financial service provided with the objective to create capital for individuals or businesses. This can be done through the modes of equity securities or debts. Additionally, investment bankers also render advice for real-time market strategies in order to minimize risks and maximize the return on investments.

Another aspect of the job scope of an investment banker is assistance in mergers, restructuring and acquisitions.  Like management consulting, investment banking has evolved to suit the needs of its clients by providing other services related to proprietary trading and asset management.

There are different divisions within an investment banking company. The Investment Banking Division (IBD) deals with industry coverage sectors such as public finance, media, financial institutions and technology, while product coverage sectors primarily specialize in equity, mergers and acquisitions. Both divisions work together depending on the requirements and needs of a client.

Trading is a large part of a role of an investment banker. This usually includes purchasing and selling products in the financial sector. In order to maximize the return of each trade, this part of investment banking is divided into several parts or specific departments. A basic sales team focuses on orders and trading, while others work on structuring, the details and clauses of each product to bring in higher returns.

Analysts and Risk Management

Research plays a big part in the investment banking industry. This may include research in the global economy (macroeconomics), credit and fixed earnings. Based on the studies done by analysts, investment bankers are able to advise their clients on which trades to execute at a given moment or timeframe.

A chunk of an investment banker’s role is risk management, which can help solidify the advice being rendered. This can be related to credit, forecasting and market activities. Because of this, it is common for investment banking companies to hold or facilitate mergers between two high-capital companies. Reputable companies such as J.P. Morgan and Barclays provide additional financial services that make them well rounded. This includes restructuring, hedge funds, and legal and operational risk.

Similarities in Lifestyle and Benefits

The professional lifestyle of an investment banker is very similar compared to a management consultant. An investment banker on average works more and usually more than 70 hours per week. One should take note that not all of this time is devoted to work. Many investment bankers make it clear that some of the time is spent on transportation, client dinners, etc.

Compensation is another similar factor that these two industries have in common. The investment banking industry has been known to provide consistent benefits with above average compensation rates. Bonuses, annually and quarterly (depending on the position and company), are also common. However, investment bankers feel that they work for every cent of their salary, as most confess to sacrificing their personal lifestyle for the purpose of career development.

Due to the competitive nature of both sectors, the type of characteristics and personality of individuals present in the industry are generally the same. Social and career driven professionals populate the fields, as well as extroverts. Skills such as mental math, data analysis and spreadsheet composition are other assets that are needed in both professions.

Client Services and Networking

Because both industries are client and service oriented, networking plays a vital role in the success of both management consultants and investment bankers. Besides the closely-knit alumni, colleagues and associates, many rely on diverse connections to overcome career related obstacles. This can be beneficial for individuals in both fields who want to shift in each other’s respective industries.

The Fork on a Road

Where does management consulting separate from investment banking and vice versa? For the answer, we look at why companies seek out the services of these two fields.

As mentioned earlier, businesses that require the services of a management consultant are usually in a compromising situation. Consultants are brought in to shine light and implement new strategies with hopes to turnaround the direction the business is heading towards. When a company faces new problems due to unpredictable trends and shifts in the market, a management consultant can help provide effective solutions.

On the other hand, investment bankers are used by successful businesses that are looking for alternatives in boosting profits or increasing market value. Based on the two comparisons, one industry (management consulting) deals with more patchwork and new strategies, while investment banking is more suitable for individuals who want to “push the envelope” when it comes to growth, acquisitions and mergers.

To Each His Own

In conclusion, the basic skills and requirements needed for investment banking and management consulting are nearly the same. The compensation and demanding lifestyle are also almost identical. However, when it comes to which part of the company’s needs you want to meet; they are very different. It is essential to highlight that there are times when advice from both fields is needed by a company such as mergers and legal matters.

For individuals who want to deal with strictly the financial aspect of a company’s growth, it is recommended to go into investment banking. If forming strategies, reducing operational costs and restructuring are your ideas of an engaging profession; then management consulting could be what you’re looking for.

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Is it necessary to write a thank you note after a consulting interview? Well, we strongly recommend writing one. For one it doesn’t just showcase your manners but more importantly, it can further increase your chances of landing the job.

In fact, according to CareerBuilder.com’s “How to Get in the Front Door” survey about 15% of hiring managers say they would not hire someone who failed to send post interview thank you note, even if the person may be a good fit for the job. While 32% say they’d still consider the candidate, but would likely think less of him or her.

Many hiring managers say that not sending a thank you note demonstrates a lack of follow through, and that the candidate isn’t that serious about the opportunity.

Also, consider that the decision-making time frames for a management consulting position are typically longer. Consultants have smartphones and are constantly monitoring their email. Most of the interviewers would appreciate the gesture and would likely keep your name in their minds longer compared to other candidates who didn’t’t send a note.

Sending a thank you after an interview is not only appropriate and courteous, it is beneficial as well. It provides you with another opportunity to differentiate yourself among other applicants.

When you write a post interview thank you letter you show not only your appreciation for the interviewer’s time, but further reiterate your interest in the company and the position. Through a simple thank you note you can also follow up with any information the organization or interviewer may have requested you to provide after the interview.
However, be very cautious still with the content of your thank you letter. Make it as flawless as the content of your cover letter.

To make the most of your thank you letter, here are some things to remember:

Include a Reaffirmation of Your Value

Your thank you letter should not only you’re your appreciation for the interviewer’s time. It must also include a reaffirmation of your value to their organization now that you have more knowledge of the position. Use the letter to market yourself again. You may reference specific needs of the company as mentioned by the interviewer. This will show the interviewer that you paid close attention to his or her every word. Then cite particular ways in which you can address those concerns. Through this you are again connecting the job requirements with your job skills. Plus, you further establish your interest in the position.

Customize the Note

Don’t make your thank you letter sound generic or that it has been used over and over again. Using a standard content for your post-interview thank you letter won’t help you stand out among other candidates. You may include a comment on something specific that you found interesting or insightful about the interviewer. Tailor your letter to the consulting role and the relationship you have established with the interviewer. The more personalize your note is, the more likely it’ll personally affect the interviewer.

Clear Any Miscommunication

Take the post interview letter as an opportunity to mention things that you forgot to say during the interview, particularly if you think there might have been some sort of miscommunication. Just remember to keep a positive, professional and confident tone. But sound genuine and likeable too.

Keep It Short

It is best to stick to three paragraphs only. The recommended template would be something like this:

Use the first paragraph to express your appreciation for the interviewer’s time and interest in your application. In the second paragraph, sell yourself again by reminding him/her of your qualifications. And in the third paragraph, restate your interest in the organization and in the consulting position.

Briefly State the Reasons for Your Interest in the Consulting Position

You can market yourself by briefly explaining how the role fits in with your current career motivations. This is aside from citing how your experiences could be of value to their organization.

Send a Thank You Letter to All Interviewers

If you’ve had multiple interviewers, make sure that you demonstrate equal respect to all by sending individual letter to each. This means that you have to make each note a little different from the others. If you use e standard content for all of them, they will lose their genuineness. Also, ensure to have the correct name and title of each interviewer.

Send Your Thank You Note Immediately

It is recommended to send within 24 hours if you plan to send it via the mail service, and send within 48 hours if you prefer to send it digitally. Don’t wait for too long or it might be too late for your efforts.

Proofread Carefully

Like with your resume and cover letter, make sure you double-check your thank you note and make it free from typos and grammatical errors. Don’t simply rely on your spell-checker. Read it more than twice and if you can have somebody to read it too, the better.

It wouldn’t take much time to write and send a thank you letter after a management consulting interview. If you are really serious about breaking into consulting, then you should take advantage of every single opportunity to showcase your worth. And a simple note of appreciation may just seal the deal for you.

First of all, what is an elevator pitch? Simply put it is a speech that aims to sell you. It is an essential tool you can use to build your personal brand. With this, your elevator pitch needs to provide a clear and compelling overview of who you are and what you can offer to your listener.

It’s you selling yourself in a brief and concise manner, using a format that most people are familiar with. As your elevator pitch works like your personal brand statement, it should be crafted and delivered powerfully and memorably.

So, who needs an elevator pitch? Practically anyone who needs to sell their services and expertise, such as management consultants. And maybe just anyone who meets new business contacts on a regular basis. You most probably need an elevator pitch when attending industry conferences, networking events, and other opportunities wherein you can strike up business relationships.

As a polished pitch is critical to one’s personal marketing, it is important that you know how to write and deliver a good one.

Creating Great Elevator Pitch

You’ll likely to go through several revisions in order to craft an impeccable elevator pitch. To create a great pitch, here are some useful tips.

Identify Your Objective

In crafting your speech, your goal must be clear to you first. This will guide you in writing your pitch. Think about your objective and craft your speech accordingly. For instance, would you like to inform potential clients about your organization’s new product? Or you’d simply want an engaging speech to explain what your expertise is?

Explain What You Do

The recommended way to start your pitch is by describing what your company does. For management consultants for example, you should focus on what you and your organization can do to help other people or organizations. If possible, mention specific information or statistics that demonstrates the value of what you do.

Also, make sure that your elevator pitch excites you first. You see, if you yourself don’t get excited about what you’re saying, your audience will likely feel the same. Your audience may not absorb everything that you say, but they will surely remember your passion and enthusiasm. In crafting your speech, always remember to answer this: What do you want people to remember about you?

Avoid buzzwords

It is also recommended NOT to use corporate jargon in your pitch. For instance for management consultants, if you use buzzwords or terms that your audience may not be familiar with, they may not fully grasp the message you are trying to convey. So it is best to avoid such terms and simply stick to clear and concise phrasing.

Be Clear with Your Unique Selling Proposition

Based on your objective, make sure you effectively communicate your unique selling proposition to you audience. This means being clear with what you or your company have that others don’t have. What makes you, your idea or your organization unique? This uniqueness would be your ticket to attracting your target audience. Ideally, you should talk about your unique selling proposition after you’ve explained what you and your organization do.

Share Your Most Relevant Experience

Talking about what you do does not mean telling your whole story. Elevator pitch should be concise so only mention your most relevant experiences. For example, for management consultants, it is preferable to share experiences with notable corporations first. This will make your audience want to hear more from you. If you talk too much about your experiences, you may not hook them to learn more. Your pitch is your brand statement so make every second of it meaningful, interesting and relevant.

Engage Your Audience

Once you effectively convey your unique selling proposition, it is now time to engage your audience. One good trick is by asking open-ended questions. Remember, successful networkers build strong relationships through conversation. Good conversation requires engagement from both parties. So prepare some insightful questions for your audience. This gives an opportunity for them to talk about themselves. This will keep the conversation going and eventually start new and fruitful relationships. Also don’t forget to answer any questions they have for you.

Put it All Together

After you’ve completed every aspect of your pitch, put it all together and read it out loud. Make sure to monitor how long it takes. Your speech needs to be shorter than a minute, ideally around 30 seconds. If you exceed this time frame, you might lose the interest of your audience. Your pitch must be snappy and compelling, so be as concise as possible.

Delivering a Convincing Elevator Pitch

Here are some guidelines on how deliver a powerful pitch:

Practice

Although professionals like management consultants are most likely good at public speaking, practice is still a must to make it perfect, if not close to perfect. How you say things is critical to the efficiency of your pitch. Make it sound natural and mind how fast you talk. Practice your pitch regularly. Remember, your speech needs to sound like a natural conversation and not like an aggressive sales pitch. Don’t make it sound too rehearsed, even though it is!

Your practice sessions should also consider body language. It is best to practice in front of a mirror or with a friend. Being aware of your body language can further help you convey your information to the listeners. Then ask your practice buddies for feedback. Ask them which part grabbed their attention and which one seems confusing. Based on the feedback, revise your speech and continue to improve.

Record Yourself

Record your practice sessions and listen through what you’ve recorded. Identify the parts that hook you with clear, powerful words. Also try to find the parts that seem vague or confusing. Then write down another version until you come up with a tighter pitch. Do a final edit and remove any unnecessary until you fit in the time limit, between 30 and 60 seconds.

Make it Sound Casual

An elevator pitch is far different from a historic speech you had to memorize back in school. Try to add some improvisation so it will not sound like you’ve just used the same old speech over and over again.

Be Confident

As with any public speaking engagement, confidence is key. Lack of confidence will hurt your chances of getting your audience’s trust. However, be careful not to sound arrogant or boastful. Just be positive and confident as you deliver your speech.

End with a call to action

Don’t forget to end your pitch with a call to action. In the first place, you’re talking to convey a memorable message that will encourage your audience to take action. Excite them to do what you want them to do.

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Master of Business Administration, or better known as MBA, can catapult a consultant’s career and set it in a more progressive direction. In the competitive industry, a MBA from the right university can solidify a consultant’s presence in a firm.

Broader Knowledge, Higher Rewards

Why do consultants choose to go back for an MBA? Is a BA from a reputable university and relevant work experience from a top tier firm a strong enough foundation? For those who are considering higher positions in the consulting industry, it is recommended to get a MBA. Doing so can easily raise one’s professional status and make him or her more suitable for top positions such as senior or partner.

It is no secret that top consulting firms encourage their employees to attain a higher degree of education. In fact, many firms have programs wherein they pay for the consultant’s tuition, given that they go back to the company after graduating and stay for a specific amount of years. This isn’t a bad deal at all, considering that a MBA program can easily run up to $100K. Furthermore, a consultant who chooses to take up the offer has a stable job to go back to, usually with higher compensation due to the MBA.

Besides higher rewards, a MBA can equip a consultant with updated knowledge in order to stay competitive in the industry. Often times, this is a problem for professionals who get stuck or “rusty” from being complacent.

In order to prevent this, many consultants attend seminars, gatherings and expos to stay at the forefront of the sector. Another way of doing this is by getting a MBA. One can easily build new connections, as well as get a fresh perspective on what the consulting industry needs in order to stay sustainable.

Even for former or ex-consultants, a MBA can open up new options for exit strategies outside of the industry. The significance of a MBA is proof that a professional has put in his or her hard work and can be trusted to take on senior positions with complex tasks.

Top 10 MBA Programs You Need to Know About

It is no surprise that prestigious universities offer some of the top MBA programs in the U.S. These are also the same universities that high caliber consulting firms are interested in. In most cases, firms have a direct link with the university and have a history of alumni who have studied in the school and moved on to higher success.

The universities mentioned below are the currently the top 10 MBA programs in the United States:

1. Harvard	Considered to have the best MBA program in the U.S. due to a progressive curriculum and successful alumnus.
2. Stanford	Noted for having a strict GPA average and a long history of consultants who graduated from the university’s MBA program.
3. University of Chicago- Booth	One of the highest average for return of investment in MBA graduates.
4. University of Pennsylvania- Wharton	Hub for women who are looking to expand their professional career through the school’s MBA program.
5. Northwestern- Kellogg	Strict admissions and an upcoming refurbished MBA curriculum under Dean Sally Blount.
6. MIT Sloan	Updated MBA program with case studies and frameworks, ideal for consultants.
7. Columbia	New MBA curriculum expected to roll out in 2015 to include strategies for financial crisis.
8. Dartmouth- Tuck	The university’s MBA program is known for quality connections and alumnus who pump funds back into the school.
9. Duke- Fuqua	Notable alumnus from the MBA program includes Apple CEO Tim Cook.
10. UC Berkley- Haas	Comprehensive MBA curriculum, which includes business analytics and critical problem solving.

Harvard

When it comes to quality education, Harvard continues to set the standard for other universities to follow, including their MBA program. With an acceptance rate of 11.8%, getting into Harvard can be difficult without a strong foundation. Ideally, those who want to proceed with their MBA at Harvard may need to rely on strong connections and relevant experience with a notable consulting firm. It is important to take note that Harvard has been actively promoting their business programs to women who want to meet their professional career goals. As a result, 41% of enrollees in Harvard Business School are women.

Stanford

Not far from the leader, Stanford also offers an outstanding MBA program for aspiring consultants. Their acceptance rate is very strict, coming in at 6.8%. Located in Silicon Valley, the campus continues to churn out successful business-minded individuals. Maintaining a high GPA is one of the main priorities for many students. 3.73 is the current average GPA for first year-MBA students.

University of Chicago- Booth

University of Chicago- Booth has been developing their MBA program for many years. Now they are currently listed in the top 10 U.S. business schools. Their standard for GMAT scores is at 730, which is the same has Harvard Business School.

Does University of Chicago- Booth’s MBA program match other reputable universities? It’s clear that the answer is yes, as the graduates have reported a very high return-on-investment ranking after completion. This means that the MBA curriculum is applicable to the current global industry standards. For consultants, this is essential for keeping up with new strategies and trends.

University of Pennsylvania- Wharton

University of Pennsylvania- Wharton’s MBA program primarily focuses on finance, compared to other universities that have shifted towards entrepreneurship and technology. Because of this, the school has been given a bad reputation. Before joining the bandwagon, a closer look at the statistics of the university’s MBA program will tell you a different story. 97.8% of graduates received job offers in less than 3 months after completion. Moreover, the average salaries of graduates from the university have increased to $125,000. To drive the point even further, the school has a higher percentage of women- even higher than Harvard and Stanford, which is ideal for today’s standards of equality.

Northwestern- Kellogg

A university currently known for its rapid expansion, Northwestern- Kellogg has set its sights on a new MBA program. University Dean, Sally Blount, has set a $350 million capital campaign to accelerate the school’s business curriculums. Consultants who have their eyes set on this school, should consider that the school has updated its admissions, making it harder for applicants to complete the process.

MIT Sloan

MIT Sloan’s MBA curriculum actively meets the needs of consultants. Individuals can expect to immerse themselves in case studies, group projects and interactive programs with top leaders. There are still core subjects during the first semester for the groundwork, but the rest is mostly application. MIT Sloan’s hands-on approach works well for consultants who are constantly questioning if what they teach in school is really applicable in their industry. The answer is really yes, if they came from MIT Sloan.

Columbia

Another top university that is also updating its MBA curriculum is Columbia. An updated MBA program, which is set roll out in 2015, will highlight tough strategies related to the financial crisis that the global economy faces today. For consultants, this can be very rewarding knowledge, especially for those who specialize in budget reduction and restructuring. Taking a different route to MIT Sloan’s approach, Columbia will include more in depth discussions and shine light on the technical aspects of business administration and management.

Dartmouth- Tuck

In consulting, where a tightly knit network can boost one’s career, going through an MBA program can easily double your connections. This is what Dartmouth-Tuck is known for. With over 70% of its alumnus providing monetary funding to the school, a consultant may find several opportunities while getting one’s MBA. The university’s acceptance rate is 20.8%, which is at the same level as the highly competitive schools mentioned above.

Duke- Fuqua

Duke- Fuqua is slowly making its way up the list for top MBA programs. Part of what the university is good at is matching its MBA graduates with top companies. World-class executives such as Tim Cook (CEO of Apple) who also took part in the MBA program that Duke- Fuqua offers are a prime example of the type of professionals the university produces.

UC Berkley- Haas

UC Berkley- Hass is known for handpicking selective individuals for their MBA program. The new curriculum, which was updated almost 2 years ago, leans toward the development of key skills such as leadership and communications. They also take an analytical approach, as they provide subjects related to critical problem solving. Consultants who are able to get into UC Berkley- Haas’s MBA program can benefit from a well-versed curriculum.

Wrap Up

In conclusion, consultants who are looking for new ways to increase their value in the industry should consider pursuing a MBA. As top consulting firms continue to promote the higher form of education to their employees, it is a big clue on the type of credentials they are looking for during the recruitment process. As mentioned earlier, a MBA is a strong foundation for a consultant’s career.

It is important to take note that those who take up a consulting firm’s offer to take part in the MBA program (with a fully paid tuition and X amount of years with the company after graduation) should be prepared to commit at least 4-6 years, minimum. In this case, individuals who are using consulting as a stepping stone towards other career opportunities, the MBA program might prove to be a hindrance rather than a boost.

A closer look at the MBA programs that top universities offer, and you may notice that not all curriculum is the same. Therefore, it is important to get advice from peers, other consultants and mentors in order to make sure you get the most out of your selected university. Lastly, whether you use your own hard earned money, or are privileged enough to work for a consulting firm that is willing to cover the tuition, a MBA is considered to be a great investment.

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Many aspiring consultants get anxious about the case interview stage of the recruiting process. The good news is, with proper preparation you can definitely ace your case interviews.

You see, management consultants spend most of their hours understanding and analyzing businesses, problems, solutions and communicating with clients and team members. Case interviews provide a great setting to assess whether or not you’re suitable for a job that requires structured, logical and analytical thinking skills. Case interviews allow the firms to get a firsthand glimpse of how you’ll handle a real case or situation.

The key to a successful case interview is to prepare – practice, practice, practice. But how exactly is the best way to practice? Here are some guidelines:

Start Practicing Cases Now – Not Tomorrow, Not in a Week

Procrastination is often the cause of one’s failure. So start your case interview prep as early as possible. The earlier you start, the more cases you are likely to get familiar to. Get your hands on many different cases. There are plenty of books and websites and other valuable resources that can help you in your case prep. Your confidence will increase as you work on more cases.

Assess Your Competency

It is important that you are aware of your strengths and weaknesses. Therefore, evaluate your skills and focus on improving on the things where you are not good enough. This will help you complete all the competencies needed to deliver what is expected from you as a consultant. Self-awareness will help you identify and hone the skills that you lack. For instance, if you don’t feel confident about reading financial statements through graphs and tables, then invest more on time on improving your graph and table analysis skills.

Don’t Read Cases as You Would Normally Read a Book

If you opt to read cases first, make sure you you read the intro, and reflect what clarifying questions you would ask. Take note of these and then compare with what the book says. Doing cases involves on the spot thinking and requires the ability to create structure from ambiguous details. Remember that it is still best to do practice cases. If you only read cases you might not be able to replicate their process during crunch time.

Improve Your Quantitative Skills

Whether you like it or not, case interviews will contain a lot of numerical calculations. That’s why it is important for you to hone your mental math skills as well as your tables and graphs data analysis. If you feel that your quantitative skills are not that sharp, take the time to improve. Try simulating the actual case interview so you can gauge your speed in performing numerical calculations.

Case studies are likely to include quantitative questions involving tables and graphs, so be ready for them too. Don’t worry if you are not that good yet with data interpretation presented through tables and graphs. As with anything else, you can be good at it with daily practice and persistence.

Master the Frameworks

You should know the consulting frameworks by heart. While having the ability to think logically is great, you still need to master the consulting frameworks. This will even more guide you in structuring your answer within the specified time. Sometimes, aspiring consultants find it hard to determine where and how to start. And this problem can be solved by applying frameworks.

Mastering frameworks will help in determining which approach to use in different situations. Train yourself by applying different frameworks to various cases. You’ll learn how to identify the possible contributing factors and ultimately, generate sound recommendations. Frameworks can be used to check the completeness of your solution and to give data-driven support to your conclusion.

Simulate Actual Case Interviews

 

Working through a case within time constraints is very much different from reading a case at a leisurely pace. Simulating your case interview will not only help you in gauging your speed. This will also help you learn how to handle pressure well. Apparently, the amount of time you spend answering questions is a critical consideration. Ideally, you should practice with someone who has experience and knowledge in consulting.

Practice with a Qualified Person

Conducting a mock interview is a great way to prepare for a consulting interview at a top firm. While it is important that you study on your own too, you need to do a mock interview with good people to verify if your efforts have been fruitful.

Remember, only do mock interviews with qualified people – those who have sufficient knowledge about the industry. You need to spend time with people who are better than you. Why? Because you need to spend more time thinking about what mistakes you have made and which areas need improvement. And those realizations can only be given to you by people who know better than you.

There are many people on consulting forums who are willing to devote their time to do Skype interviews. You could also ask the help of some alumni from your school in consulting (does not have to be Bain or McKinsey as most young alumni in consulting would be willing to help out).

Although you may also ask the help of less experienced family or friends, the best people still to have your mock interview with are those who are used to work or are currently working at a consulting firm.

Ask for Detailed Feedback

After the mock interview, ask your practice partner for a detailed feedback. This will help you identify your strengths and weaknesses. For instance, your practice partner may notice that have no problems with personality questions but struggle with the market sizing calculations. Then consider this feedback and hone your quantitative skills. Focus on the improving the negative comments.

Set Up Informational Meetings or Phone Calls with Former and Current Consultants

Informational meetings with past and current consultants can help you learn more about real cases and real problems. Remember, practice cases are seldom used in real life interviews. Current and former consultants may provide you with tips on what consulting firms are truly looking for in responses. The more you understand about case interviews, the better are your chances of acing your interview.

Moreover, meeting consultants will also provide you a great feel for the types of people you’ll likely to work with. This will help you manage your expectations and decide whether or not it’s the right path for you.
This is invaluable not just for networking purposes, but more importantly for industry and job familiarization. The more you know about consulting – the lingo, the lifestyle, challenges, and rewards – the better you’ll do in the interview.

Scan the News in the Morning before Your Interview

As an aspiring management consultant, you must know your target audience. So make sure you are very well informed on the latest business news, and have a good grasp of politics and international affairs. You must be updated about the key issues of the moment.

Be Ready to Ask Intelligent Questions

As you practice for your case interview, don’t forget to prepare to ask some intelligent questions for the interviewer as well. Although you are the one to be interviewed, it is critical that you know what questions to ask your interviewer so as to impress him/her as much as your answers do. You may ask for additional information or for clarification on key points. Don’t be hesitant to ask as the interviewer is not there to trick you into going to the wrong path.

Remember, case interview is not just about answering questions, it’s also about asking the right questions to draw important information out. Plus, confidently asking the right questions will demonstrate your strong communication abilities.

Maintain a Positive Energy

It is important to have a proper mindset to pass the case interview. You see, even the most experienced interviewers can be a bit anxious when asking questions. Realize that you and the interviewer are in the same boat. Project a great energy to maintain a calm situation for the both of you. Never underestimate the power of good vibes. However, do not overdo this. Practice will help you do this right of course. Also, practice your smile as you need to smile a lot.

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Contrary to popular belief, there is more to a management consultant’s work than attending meetings and making presentations. Behind the scenes, the job of a consultant is highly competitive and equally rewarding.

A consultant’s typical day is very demanding. In most cases, their day does not end when most professionals clock out for work. Furthermore, many consultants sacrifice their sleep and weekends when there are loads of tasks that need to be done.

Most consultants are already prepared for the hectic professional lifestyle (more on this later). However, over time the work can take its toll without proper breaks or care. Below goes in depth about the various tasks that management consultants face on a regular basis.

Junior Analysts

Junior analysts or associates spend most of their time supporting the project manager and partner. More often than not, this is spent taking gathering relevant, sufficient data and research. Although the task sounds menial, it is an essential step in the consulting process. Without the right supporting information, the client could encounter heavy unforeseen risks in the future.

Research isn’t as simple as browsing the Internet for background information. Junior analysts are sometimes required to dig into the company archive, or look for specific data at the request of the project manager. If they have to interview employees within the client’s company, they must workout a schedule to get the task done.

Another part of the research that can be time consuming is data analysis. By the time the gathered information reaches the project manager or head consultant, it is usually compiled and arranged. Irrelevant data is tossed and hidden. Therefore, sifting through piles of information must be done thoroughly to make sure that nothing is missed.

A junior analyst’s day doesn’t stop at collecting data. He or she also works on power point slides, which again are key in every successful presentation. This part of an associate’s day may not be exactly spent inside the office. This could be done during off hours, at home, or in a café. In most cases, a consultant slowly builds a presentation whenever there is free time throughout the day.

Meetings and Problem Solving Sessions

Holding meetings with clients for interviews and data extraction can take up a large part of a consultant’s day. This time isn’t all that productive. Taking the client’s or interviewee’s schedule into consideration, a consultant could spend a bit of time in the day waiting for scheduled appointments, and rescheduling to make ends meet (if needed). During this waiting period, a consultant is multi-tasking and using the time wisely by working on other tasks for the day. It is important to remember that a client’s workday usually ends at normal office hours (around 5:00 pm). As a result, consultants are forced to work around their schedule and spend their own personal tasks either before or after normal office hours.

It’s no secret that consultants work in teams. Task allocation is a big factor that makes them highly effective in their line of work. A vital part in a consultant’s day is spent with his or her team, making sure everything is in order. Because everyone in the team is immersed in his or her own daily tasks, finding time to make this happen can be frustrating.

If a consultant is “stuck” or having a difficult time finding solutions to key concerns, other members of the team can pitch in to help. From another aspect, extracting new insights on how to fix problems is another reason why daily meetings are held regularly. Project managers who guide the other consultants in problem solving and critical thinking oversee such meetings.

After Office Hours

As mentioned earlier, a client’s time is limited. Hence, a consultant must maximize the small window of time they have with their client. This means that meetings are priority over tasks that can be done when the client is not available. After office hours, a consultant is limited in sources when it comes to collecting information from key individuals, offices and offline archives.

During this time, a consultant looks over the work that was completed in the day and plans for the next steps to come. As simple as this sounds, a consultant must take previous components and connect the information to the new data gathered. If the new information is in conflict with the tasks scheduled out for the week, then it’s back to the drawing board.

After office hours is also spent cleaning up data. Ideally, presentations, information and graphs submitted to a consultant are cleaned up nicely. This is not the case all the time, as everyone else on the team or in the firm is also busy with other tasks. If the employee roster submitted (for example) is missing half of the list, a consultant may need to go back and rectify this issue. Small changes to a presentation such as alignment or missing facts are additional tasks that a consultant must look over during this time.

Networking During Off Hours

A large part of a consultant career relies on networking. It is important to take note that not all of this is done during office hours. The difficult aspect of networking for consultants is making time to socialize and attend events. Moreover, mustering up the energy to be sharp during such networking sessions can be discouraging after a long work week.

Building connections doesn’t stop with other fellow consultants in the industry. Some clients prefer to discuss findings over dinner or over a drink in a lounge. Consultants would need to set time aside for such meetings outside the office and ensure that they cater to the preferences of the client.

Alternatively, some consultants choose to do their networking online. This means using social media to stay in touch with their connections. An advantage of maintaining one’s network online is that it can be done anywhere. Popular professional social media platforms such as LinkedIn have their own application, which allows professionals to tend to their network in between meetings, before going to sleep, or while waiting for a delayed flight.

Traveling

When a consultant has to travel to see the client or carry out tasks, their schedule heavily relies on multi-tasking. The time spent sitting inside a terminal or airport lobby is devoted to preparation for meetings and checking for updates. This is because the window that a consultant has with a client is constricted, especially if one has to travel far to reach the office. With that being said, one is forced to make the most out of the commitment by prioritizing time with the client and the company.

A consultant will, in most cases, wake up from the hotel and go directly to the client’s office. Time will be spent speaking to members of the staff, conducting interviews and presenting findings. After the day is over, the consultant goes back to the hotel and reports to the firm, and prepares for the rest of the day or week, depending on how long he or she will be in the client’s general location.

What About Personal Time?

Pockets of personal time away from work to go to the gym, spend time with family or even do the groceries, are very scarce in the life of busy consultants. With 12 hour work days, consultants usually make time for personal commitments either all at once at the end of the week, or little by little on a daily basis.

One of the biggest complaints that consultants have about their line of work is lack of personal time. As a result, many hit a point where their personal life has been compromised so much that they feel that it is a reason to leave the industry or switch careers. Because a consultant’s daily schedule is never constant, consistently making time for a specific commitment on a weekly or monthly basis can be nearly impossible.

Many consultants who have been in the industry for a while rely on flexible time and commitments to maintain the balance of life and work. While this hectic lifestyle may not sound appealing, many feel that the rewards of high compensation, benefits and a fulfilling career are worth the time, effort and hard work.

To conclude, there is no “typical” day for consultants. Unlike in other professions where days become predictable and monotonous, consulting is the exact opposite of those types of careers. Based on the details of a consultant’s daily tasks, time management is extremely important due to outside factors such as client’s schedules and the output of other team members.

In general, a consultant spends large amounts of time in meetings with clients and analyzing data. Priority becomes a factor when traveling and managing professional commitments, including family, networking and health. While it is possible to become accustomed to the hectic lifestyle of a consultant, it is a better idea to bring in balance to prevent stress and burnouts.

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Many consultants leave consulting to build their own businesses. And why not? Entrepreneurship would not be a surprising exit path for consultants as their experience offers many advantages for entrepreneurs. They are generally equipped with the essential elements to start their own company.

Sophisticated Business Knowledge

You definitely need sophisticated knowledge when starting a business. For example, you’ve learned how there are multiple business types and the small differences between them like an LLC versus S corporation. Choosing the correct business type is a key step to starting your own business successfully.As an entrepreneur you need to be competent in the main functional areas of a company, such as sales, marketing, finance, and operations, etc. You need to understand how to raise capital and how to find a business model that will work for you. You also need to be knowledgeable about the market you’re attempting to enter in order to deliver a good product or service to this market.

And these are just some of the most important knowledge one has to have to build a successful startup. Apparently, consultants are constantly exposed to complex business problems and help companies reach new growth targets. Therefore, they have the advantage of gaining sophisticated business knowledge across diverse industries. They pretty much understand the ins and outs of running a business.

Strong Startup Contacts

Apparently, consulting is an industry filled with entrepreneurial people. That means consultants have the luxury of strong professional networks that are essential in building your own startup. Perhaps, building valuable contacts during their years as a consultant would be the best benefit they can gain. It is because at the end of the day, it may all boil down to whom you know, rather than what you know, right?

Strong Skillset

As consultants learn about many different industries and businesses, they also hone the necessary skills to run a successful company. Their everyday lives basically involve rapid problem solving and business plan and analysis. That makes their problem solving decision-making and creative skills sharp. As an entrepreneur, you’ll need to come up with fresh ideas, and make a lot of good decisions in order to grow your company.

Creativity, problem solving and decision-making are skills that professionals from the consulting industry generally developed over time. That makes them ready to face their own business problems in the near future.

Key Traits and Characteristics

Successful entrepreneurs and consultants have a lot of traits and characteristics in common. Some of which are:

• Leadership: Entrepreneurs need to lead and motivate others in order to deliver a certain vision. Consultants are very much used to managing different teams to achieve a common goal.

• Interpersonal and communication: Consultants are known to be excellent communicators. In order to be a successful entrepreneur you need to be competent in all types of communication in order to sell your vision to potential clients, as well as to team members, and other people.

• Negotiation: People with consulting experience generally have strong negotiation skills as they deal with different clients with different goals, requirements and personalities. An entrepreneur can certainly take advantage of this trait when negotiating prices and when resolving differences between staff.

• Optimism and persistence: Consultants are generally known to be go-getters and achievers. And optimism and persistence are truly valuable assets for any entrepreneur, particularly during tough times.

Sufficient Capital and Finance Management

Consulting is known to be one lucrative industry. Competitive salaries and year-end bonuses offer an opportunity for consultants to save enough funds to build their own startup. As you know, you will need to have more than enough credit in order financial support your business.

Moreover, an entrepreneur needs to know how to cut costs and increase productivity. He must ensure proper finance management. For instance, there should be money allocated for current expenses and future investment. And someone with consulting experience has been advising other businesses on how to cut cost and increase revenue. So he can pretty much use their own advice when it’s time to run their own business.

Keep in mind that there’s no single path to entrepreneurial success. However, having a consulting experience can provide a great foundation for starting a business of your own. The steep learning curve in the management consulting industry may just help you equip yourself with the important tools.

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Choosing a target management consulting firm is one of the most important choices in order for applicants to have a long and rewarding career. With so many up and coming firms in the past decade alone, it may be difficult to pick one from the long list.

In this article, we have compiled the best management consulting firms to monitor in 2014 based on factors related to internal work culture, employee well-being, promotional qualities and status. This can provide individuals with a well rounded perspective and non-bias approach of the industry.

#1: McKinsey & Company

The first on the list is McKinsey & Company. The prestigious consulting firm currently serves over 90 percent of the leading 100 corporations globally. Despite the popularity of the company, their lists of clients are kept secret from the public. With roughly 100 stations or offices in 60 countries (and recent advancements in Mainland China), McKinsey & Company shows no signs of slowing down.

#2: Bain & Company

Not far from the top is Bain & Company. The consulting firm offers a wide range of specialties including Information Technology (IT), Private Equity and Strategy. On behalf of almost 75 percent of the equity capital worldwide, the company has successfully worked with over half of the Global 500. Big name clients such as Ford, Charles Schwab and Starbucks actively seek the advice of Bain & Company due to their reliable consulting services.

#3: The Boston Consulting Group Inc.

The Boston Consulting Group (BCG) is considered to be one of the most successful private companies in the United States. Not to be mistaken for a local firm, BCG boasts 78 offices in 43 different countries. Notable leaders who came from BCG include Israeli Prime Minister Benjamin Netanyahu, Indra Nooyi (Pepsi CEO) and Sally Blount (dean of the Kellogg School of Management).

#4: Booz & Company

Booz & Company received large amounts of attention from the media in 2013 due to the proposed merger with PricewaterhouseCoopers (PwC). The consulting firm provides its services to the following industries: automotive, energy and utilities, industrials and media and entertainment. The firm’s future still remains strong, with ongoing talks behind closed doors about the highly anticipated merger.

#5: PricewaterhouseCoopers LLP

PricewaterhouseCoopers is one of the companies on the list that goes beyond consulting. As a result, the firm is able to exceedingly meet the needs of their clients. When it comes to their services, PwC heavily focuses on human resources effectiveness, organizational strategy, and risk mitigation and crisis management.

#6: Oliver Wyman

Part of the Marsh & McLennan Companies, Oliver Wyman is known for working with big brands and global affiliates. The consulting firm extends their practice to the following sectors: Communications, Media & Technology, Health & Life Sciences, Business Transformation and Retail & Consumer Products.

#7: Deloitte Consulting LLP

Deloitte Consulting has several branches spread across the world. The company assists businesses in effective branding through making an impact, and forming strategies. Deloitte has won a handful of notable awards such as Bloomberg BusinessWeek’s Best Places to Launch a Career.

#8: The Parthenon Group

The Parthenon Group is a consulting firm that focuses on business strategy and organization. With a total of 250 consultants in major cities such as San Francisco, London and Mumbai, the tightly knit company is able to supersede the expectations of today’s leading industries.

#9: A.T. Kearney

One of the oldest management consulting firm on the list is A.T. Kearney. Established by Andrew Thomas Kearney in the 1930s, the company has developed its practice to address CEO-related issues. The industries A.T. Kearney’s services fall under are the following: Financial Institutions, Aerospace & Defense, Metals and Mining, and Public Sector.

#10: Accenture

With over 257,000 employees worldwide, Accenture drives its services in the field of Information Technology. A large part of the consulting firm’s success is their ability to provide effective advice on the following uncommon practices: Cloud Service, Smart Grid, Talent and Organizational Performance, and Business Process Management.

#11: Analysis Group Inc.

As the name of the firm suggests, the Analysis Group greatly incorporates the use of analytics into their practice. The company’s main focuses are financial, economic and business organization and strategy.

#12: L.E.K. Consulting

L.E.K. Consulting is a management consulting firm that has a wide range of clients from aviation and travel, to biopharma and life sciences. Strategy is the foundation of the company’s consulting practice. The company promotes both social and environmental responsibility through a series of programs and charitable projects.

#13: Charles River Associates

Another Boston-based consulting firm to make it on the list is Charles River Associates. Providing services in the fields of Auctions and Competitive Bidding, Organization and Performance Improvement, and International Arbitration, the company continues to solidify its place as a dependable firm.

#14: Insight Sourcing Group

Insight Sourcing Group is a fast, up and coming consulting firm that is driven by consultants from other leading companies such as McKinsey and Accenture. The organization is strong in the fields of procurement and strategic sourcing. Increasing the value of businesses is the primary motive of the company by providing solutions related to cost optimization.

#15: ClearView Healthcare Partners

In the medical and health industry, ClearView Healthcare Partners is one of the few firms that concentrate on biotechnology and pharmaceuticals. Because of the small window of specialization, many companies in the field rely on the consulting firm’s advice to stay ahead.

#16: Cornerstone Research

Over the years, Cornerstone Research has been a sought after consulting firm for litigation-related advice. The company works with top level law firms in order to assist them in immense legal cases. Lawyers who are unable to properly analyze data beyond their expertise and knowledge have been known to seek out the assistance of the consulting firm. These issues are often related to economics, business or financial matters.

#17: Alvarez & Marsal

Alvarez & Marsal is an established consulting firm that sets their sights on service-oriented companies. A large aspect of the company’s practice is set on improving performance, as well as private equity services. Other departments that the consulting firm is known for include the following: Global Forensic and Dispute Services, Tax Advisory Services, Executive Benefits Consulting, and Transaction Advisory.

#18: The Cambridge Group

The Cambridge Group takes on a different perspective to address today’s common concerns related to business profitability. One of their key concepts is the theory of “demand and supply” not vice versa. This point of view provides their clients with a unique angle to address competitive markets and formulate effective strategies.

#19: Censeo Consulting Group

Censeo Consulting Group takes a non-traditional approach towards consulting by applying their own methodologies. Such methods include common consulting principles related to strategy, specialization and operational growth. The company is known to tackle supply chain concerns in a wide range of industries.

#20: The Chartis Group

Another management consulting firm that has a reputation in (but is not limited to) the medical field is The Chartis Group. Most of the company’s clients are established in San Francisco, Boston and Chicago and New York. Their client portfolio contains 81 percent of the U.S. News honor roll hospitals.

#21: Strategic Decisions Group

Strategic Decisions Group targets CEOs, directors and business owners in making critical decisions and leadership techniques. This also includes risk management and organizational strategies. The company can be found across the globe in capital driven countries.

#22: Point B

Point B is a cost effective management consulting firm that eliminates the need for seeking the advice of consultants from halfway across the globe. Their range of practice includes some of the following: Mergers and Acquisitions, Retail and Consumer Products, Public and Social Sector, and Financial Services.

#23: KPMG LLP

KPMG LLP provides consulting services related to tax, audit and advisory. The company is better known to be composed of a network of independent firms. Because of the solid exposure of the firm, their advisory services are extensive, which incorporates the following areas: Shared Services and Outsourcing Advisory, Transformational Program Management, IT Advisory in Risk Consulting, and Mergers and Acquisitions Tax.

#24: Mercer LLC

Mercer LLC services mid-level clients who own companies in the Fortune 1000 and FTSE 100. Part of the consulting firm’s drive composes of investments, from decisions to monitoring. The company works with motivated businesses that are eager to accommodate to the competitive requirements of their respective industry.

#25: Kaiser Associates

Last on the list is Kaiser Associates, a management consulting firm that incorporates fact driven strategy and methodologies. Businesses who are entering a new market or are keen to improve operations or internal strategies seek the advice of the company. The firm has a total of 100 consultants, but caters to a number of high profile clients worldwide. Their services include businesses in the following related sectors: Consumer Packaged Goods, Public Sector, Financial Services and Payments, and Telecommunications.

Wrap Up

2014 looks to be a bright year for the consulting industry, as new firms such as The Parthenon Group and Insight Sourcing Group emerge as strong contenders in the list. The “Big 4” consulting firms still continue to dominate the rankings, taking the industry to new heights.

Reference

• Vault Consulting 50

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There are some critical skills that you need in order to get a consulting job. Having strong mental skill is definitely one of them. However, this skill seems to be the first to go once pressure kicks in.

You definitely need excellent analytical and problem solving skills, but mental math is an important element of a consultant’s essential skills set. Having this skill will help you compute for quantitative data such as graph analytics, cost reduction, general averages, etc. Although you may not need to always provide the exact figure, mental math can definitely help you get as close to the exact answer as possible within a limited amount of time, without the aid of calculator.

Benefits

Mental math plays a significant role in the consulting world as such skill helps consultants develop a structured way of thinking. As a result, it can help keep your mind sharp and active as well as boost your concentration levels. And ultimately, having strong mental math skills can increase your confidence in solving cases that demand critical quantitative analysis.

Mental Math & the Recruitment Process

Strong quantitative skills are indispensable in the consulting recruitment process, particularly during case interviews. It is really important that you can crunch numbers very well to prove that you have what it takes to be a consultant. And of course doing mental math in a regular day is very different from doing it for an exam in a short amount of time. As an aspiring consultant you need to understand that during the case interviews, recruiters want to see how you will apply frameworks to solve the sample case. Proper mental math skills will definitely help you crack the case. Avoid being caught off-guard and hone your mental math.

How to Hone Your Mental Math

There are basic tips and tricks that can help sharpen your quantitative prowess. Some of which are:

Mastering the Foundation

Are you confident with basic math equations? Well, you better master them as this is your foundation to having strong mental math skills. Make sure you are pretty comfortable with the four basic operations – adding, subtracting, multiplying and dividing. And not just with whole numbers but with fractions, percentages and averages as well.

So try to solve as many sums, differences, products and quotients in your head as you can. Dedicate specific times a day, for instance an hour, to practice your, summation, division, multiplications, etc. This will really help you increase your speed.

Don’t Stop at Single and Double Digits

As you practice basic math operations, aim to get comfortable even with 3-4 digits. As the numbers get more complicated, it will be harder to compute for the exact figure. This is where you need your estimation skills.

Practice Estimation

As you try to solve for bigger numbers, round off numbers so you can easily arrive at an estimated answer. Again, practice this until you are pretty confident that you can handle any kind of number data during the consulting interview.

Do Mental Math in Your Everyday Life

If you develop a habit of using mental math to calculate the sum your grocery bill, estimated overhead, service and food costs at a restaurant, electric bills and credit card statements and so forth, you’ll get used to it pretty fast. Get your mental math muscle to work as hard as possible. This will ensure you won’t get shocked on your interview day. Remember that in a consulting setting, you won’t be counting apples and oranges. So it is best to apply your mental math skills in real-time problems.

Research for Pre-worked Out Shortcuts

Be aware that some numbers have ideal properties, and you can take advantage of the available pre-worked out shortcuts to find the solution. For instance, when multiplying 2-digit numbers by 11, say 23 x 11, just sum the digits (2 + 3 = 5) and put it between the 2 and 3 to get the answer: 253. Amazing, right?

The same trick is applicable for 3-digit numbers, say 523 x 11 (5+2 = 7, 2 + 3 = 5). Then stick them between 5 and 3 to get 5753.

This is just one of the many pre-worked out shortcuts you can use. Research for more shortcuts and practice using them as well. Of course, part of the challenge is being able to know when you can use a specific technique.

Structured Practice Techniques

There are many sources available online that go into detail about key mental math techniques such as Trachtenberg, High Speed Vedic Mathematics, Kumon Math Method and many more. You may also want to read some books Chinese that elaborate different mental math systems, like The Nine Chapters on the Mathematical Art. Of course you have to determine which ones would work best for you. If you are not comfortable with a certain technique, don’t force yourself to learn it as this would not be beneficial for you in the long run.

Try to Enjoy Puzzles and Mental Teasers

Puzzles and other types of brain teasers can further strengthen your mental math muscle. For instance, try to complete two or three Sudoku puzzles every week. Such puzzles provide better mental math challenges. As you get used to these teasers, vary the level of difficulty to really hone your numeric skills.

Test Your Speed and Accuracy

After some time and you feel that you are pretty much ready for the consulting interview, have somebody create a written test for you that consists of about 50 different real-life problems involving numeric computations. This will help you gauge how much you’ve learned and to spot in which areas you’d still need to improve.

Lastly, try to enjoy the process. Everything will be much easier if you are having fun!

Learn More

Ready for the real challenge of the consulting world? Learn more about what it takes to land your dream consulting job. Download our free guide, Learn How to Break into Consulting, and be fully equipped with the right knowledge, materials and skills to ace the consulting recruitment process.

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During the consulting interview process, a recruiter looks into a number of crucial variables to determine if a candidate is a right fit for the firm. These are work experience (or internship), academic accomplishments and connections within the industry.

From a professional point of view, some individuals say that academic scores and placement tests do not hold as much weight as it used to in the selection process. Is this the right advice for today’s prospective consultants? In this article, we will highlight the essential aspects of test scores and how to go about preparing one’s academic achievements for a prosperous consulting career.

Staying Competitive

In general, most successful consulting applications contain the same highlights and variables. Before an individual can begin to standout from the crowd of applications, he or she must first meet the benchmark of today’s top consulting firms.

The consulting industry is known for its unwavering attention to figures and data. Therefore, it shouldn’t be a surprise to know that some consulting recruiters have set a specific test score (such as 1500+ in SATs) as a basis for shortlisting potential candidates.

It is advisable to meet such standards with hopes to increase the chances of being chosen to move onto the next round of the selection process. Recruiters don’t have time to carefully read every detail found in an applicant’s cover letter and resume (though ideally we wish they did).

Should a recruiter come across a low GMAT or ACT score, he or she may not be willing to read the rest of the resume, which can hurt an applicant who is qualified based on other basic components such as relevant experience and distinct organizations.

Applicants with low GPA scores will need to work extra hard to redeem themselves from the “average” pile of resumes. This may include internship from a reputable consulting firm with a notable recommendation from a senior. One may also choose to gain relevant experience based on the target firm’s client base. For example, if an individual’s target firm specializes in construction, an applicant may want to aim for an “analyst” position in a related company.

An MBA from a top university can further boost an applicant’s chances of getting noticed by a consulting recruiter. This can be very helpful in taking attention away from the lower GPAs. However, one must do extremely well in the other aspects to reassure the recruiter that he or she can excel beyond the average scores.

Covering the Technical Variables

What do high test scores say about a consulting applicant? Tests such as SAT and GMAT measure one’s technical capabilities. These tests measure the general knowledge of an individual and how well he or she can analyze and extract information (critical thinking). In the consulting industry, these skills are the foundation of every consultant.

Being able to quickly and consistently sift through information in real-time is considered to be an asset. It is required to lessen the time spent on research for junior analysts. The technical skill set is also required during meetings for general computations and breakdowns. When a recruiter comes across an individual with above average test scores, one of the first notions that come to mind is technical reliability and performance.

But is this all that recruiters look at during the shortlisting process?

Missing Links

A high GPA does not determine the success of an individual. With that being said, there are several components that SAT and GMAT don’t test for. Because these are technical tests, other vital components are not being considered when it comes to one’s specific field or industry.

One of these is the application of knowledge during problems encountered in a consulting setting. Practicing for the SATs requires an individual to spend countless hours going over books, preparation exams and flashcards. This does not adequately prepare a person for issues that require an “out of the box” perspective- a point of view that many consulting recruiters are looking for.

Such tests do not shine light on the character and social markings of a consulting candidate. How a consultant handles a client inside the conference room and outside the office matters. A professional who is unable to handle difficult clients does not represent the firm well. In order for a management consulting firm to stay sustainable, a long-lasting network is required, which can easily be forged through consultants with a charismatic and sociable character.

Moreover, consulting firms look into the personality types of candidates because they are looking for individuals who can work well with the other employees in the company. Consultants work in teams to complete demanding deadlines. An individual who is incredibly smart with superior GMAT scores must also be able to work well with others by sharing information and providing support where it is needed. An applicant who is hard to communicate with and lacks the ability to relate with his or her team can bring down the effectiveness of other individuals.

In fact, this criterion is considered to be so important that management consulting firms devote an entire portion of the interview process to understand and determine the characteristics of an applicant (personality, EQ tests).

The Well Rounded Applicant

Those who say that test scores and GPAs don’t play an essential role in the consulting interview process are looking at other components that from their perspective, is of higher importance than a numerical figure. As mentioned earlier, extracurricular organizations and activities, internships and relevant experience are factors that should not be overlooked.

Applicants with high GPAs who weren’t able to make it to the next round of interviews often focus too much on their test scores. In a pile of resumes, majority of the applicants have at least a 3.7-3.9 GPA. Once a recruiter sees this, he or she will look into the other notable highlights and details in the application.

From another perspective, high test scores can hurt you if that’s all you are offering to your target consulting firm. If you didn’t spend time honing other equally important skills to ensure your suitability for a consulting position, this can come off as lack of exposure to many recruiters. A one-sided application is the exact opposite of what top consulting firms are looking for.

Some individuals with an average GPA (in management consulting, the standards of an average GPA are much higher than other professions) may be surprised to receive a callback from a recruiter due to their well rounded application. In cases such as these, the margin of error is very thin, and he or she must have exactly what the recruiter was looking for to be considered for the consulting position.

Individuals who are able to land an interview in this manner should not take the opportunity lightly. Being shortlisted by a recruiter means one has a chance of landing the position. It is essential to highlight that consulting firms do not arrange interviews with applicants who they think do not have what it takes to fill the vacant post.

In other words, it’s not the traditional “road” that applicants take, which means it will be much more difficult to get the position, as interviewers will scrutinize an applicant thoroughly to expose the weak test scores. Individuals who choose this method should be prepared to answer questions related to this matter, or actively divert from such inquisitions.

Stepping Stones and Advantages

While low test scores can quickly close opportunities for applicants, the exact opposite can be said about having a high GPA. Recruiters aren’t the only ones who look at test scores. Some academic organizations in top universities also take GPAs into consideration. Being part of organizations that are affiliated with one’s target firm can easily boost the possibility of a successful application.

Furthermore, getting into the right organizations can enhance an applicant’s consulting network, help in getting into a rigorous consulting internship program and more. These are creative ways in using high test scores to one’s advantage over other applicants who may be unable to attain such credentials.

In conclusion, due to the competitive nature of the management consulting industry, it is wise not to completely disregard scores from leading tests, as well as GPAs. On the contrary, one must also take into consideration the type of applicants that consulting firms are looking for. If you are unsure about the type of consultant your target firm is considering, it is best to seek advice directly from an employee within the company.

There are plenty of other ways to ensure that your consulting application will stand out. This means taking the time to work on other assets that can boost your value as a suitable applicant.

Reference

• Cold Email to Partner Asked for Transcript

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