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Basics of Consulting

Topics of Discussion. Overview Application Process (McKinsey)Interview ProcessRecommended reading. Overview. What are consultants???Consultants are hired by companies to solve their problems while creating sustainable value. Industries Served (Example companies)Automobile

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Basics of Consulting

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    1. Basics of Consulting Gu Xinyi (???) 8/22/2008 UMCSSA Seminar

    2. Topics of Discussion Overview Application Process (McKinsey) Interview Process Recommended reading

    3. Overview What are consultants??? Consultants are hired by companies to solve their problems while creating sustainable value

    4. Major Consulting Firms 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 Oliver Wyman ZS Associates (medical consulting) http://www.vault.com/nr/consulting_rankings/consulting_rankings.jsp?consulting2008=2&ch_id=252http://www.vault.com/nr/consulting_rankings/consulting_rankings.jsp?consulting2008=2&ch_id=252

    5. Applicant Background Ph.D. and Masters in all fields could and should apply McKinsey and BCG: most suitable for Ph.D. applicants

    6. Application Process Summer programs Designed for applicants receiving advance degree in 1 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

    7. Application Process 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

    8. Interview Process - McKinsey 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

    9. Interview Process - McKinsey 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

    10. Interview Process - McKinsey Case Study 1-on-1 interactive business exercise with interviewer based 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

    11. Interview Process - McKinsey Actual interview Interviewer states the background information and defines problem(s) Interviewee writes outline to solve problem and describe it to the interviewer Potential sources for problem (logic tree) Discuss potential sources with interviewer to pinpoint the source(s) of problem 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

    12. Interview Process - McKinsey Things they look for 1. Problem-solving skills 2. Leadership ability 3. Achievements: doing a great job! 4. Personal impact: influence those around you!

    13. Practice and Recommended Readings 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)

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