Consulting Basics

8/8/2019 Consulting Basics

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Gu Xinyi ()

8/22/2008

UMCSSA Seminar


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Overview

Application Process (McKinsey)

Interview Process

Recommended reading


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What are consultants???

Consultants are hired by companies to solvetheir problems while creating sustainable value

Industries Served (Example companies)Automobile & assembly (GM)

Chemicals (Dupont)

Consumer packaged good (P&G)

Electric power & natural gas (DTE)

Financial services (Washington Mutual)Marketing & sales

Metal & mining (ArcelorMittal)

Petroleum (Exxon Mobile)

Pharmaceuticals (Pfizer)

Social/government (WHO)

Telecommunications (AT&T)

Specific work done

Increasing market share

Increasing profitability

Evaluate/introduce new

products/services

Marketing/sales

Logistics

Merger/acquisition


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Top tier McKinsey & Company

Boston Consulting Group (BCG)

Bain & Company

Booz Allen Hamilton

Others

Monitor Group

A.T. Kearney

Mercer Management/Human Resource Consulting Accenture (technology consulting)

Mercer OliverWyman

ZS Associates (medical consulting)

For more details, go to http://www.vault.com/nr/consulting_rankings/consulting_rankings.jsp?consulting2008=2&ch_id=252


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Ph.D. and Masters in all fields could andshould apply

McKinsey and BCG: most suitable for Ph.D.

applicants


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Summer programs

Designed for applicants receiving advance degree in1 year

McKinsey: Insight program Engineering and science

Healthcare

BCG: Bridge to BCG

3 day summer program Practice case

Interact with consultants

Application deadline: early May of each year


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Full-time Apply within 1 1.5 years before actual graduation

Different interview periods throughout year for APD

Campus recruitment presentations Engineering school

Business school

Online submission requirements

CV (McKinsey format online) Coverletter

Short essay (recent problem and how you resolved it)

Work experience and extracurricular experiences (list before)

Unofficial transcript


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3 rounds (after pre-screening)

1. On-Campus (Advanced Problem Solving Test)- Practice version online- 1 hour, multiple choice, 26-30 questions

2. Regional (Chicago office)- 3 interviewers

- Chat (2-4 min)- Experience interview (8-12 min)- Case study (30-35 min)

3. Final (office of choice)- Same as round 2


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Experience Interview

Recent experiences in Leadership

Teamwork

Initiative Overcoming a challenge/obstacle

Persuasion

Preparation tips

Prepare stories ahead of time (4-7) Look over your CV/resume (they can ask anything)

Answer the question asked (modify stories)

Let them know what YOU did


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Case Study

1-on-1 interactive business exercise with interviewerbased on real-life situation

Types (categories) of business cases Improving profitability (almost all cases)

Increasing market share

Introducing a new product

Entering new market

Entering new geographical region Mergers & acquisition

Competitive response

Practice cases from recommended reading list


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Actual interview

Interviewer states the background information and defines problem(s)

Interviewee writes outline to solve problem and describe it to theinterviewer Potential sources for problem (logic tree)

Discuss potential sources with interviewer to pinpoint the source(s) ofproblem

Give conclusion/summary (1-2 minutes) Restate problem What caused the problem Proposed solution to the problem

Preparation tips

Listen carefully to interviewer, he/she wants to help

Interactive process, engage the interviewer

Drive the case


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General practice tips Practice with different partners to feel different styles (form

groups of 4 people) Make every practice count (try to be perfect each time) Practice every kind of case, especially ones you are weak at

Join Ross School of Business Consulting club Informative seminars and lectures Many practice books

Recommended readings

Basic Vault guide Wetfeet guide

Advanced Case in point (McKinsey style) Crack the case (Bain style)

Consulting Basics

Documents

Transcript of Consulting Basics