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Consulting 101

Consulting 101. Duke MBA Consulting Club (DMCC) 10 September 2012. Our goals for this Consulting 101 session. We do not want to scare you but we do want to be honest We want to make sure you come out of the session understanding:

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Consulting 101

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  1. Consulting 101 Duke MBA Consulting Club (DMCC) 10 September 2012

  2. Our goals for this Consulting 101 session • We do not want to scare you but we do want to be honest • We want to make sure you come out of the session understanding: • The different types of consulting and spectrum of consulting firms • What the recruiting process looks like • How the DMCC will support you

  3. 2012-13 DMCC SY Officers Thomas Doerdelmann Roadmap, Mock Interview Week Kevin Byrne Symposium, Website Stani Grozdeva Co-President Kaberi Chowdhury Casebook, Mock Interview Week Laura Newman Co-President James Dagonas Symposium, Case Competitions Whitney Arnold Symposium, Communications Tony Toussaint International Recruiting, Diversity Liz Carroll Roadmap, WIC Lluis Vivas Off-campus recruiting, International Recruiting Dustin Moriarty Roadmap, WIC Lou DiMassa Deloitte Case Competition, Social Francisco Arruda Casebook, Newsletter

  4. DMCC 2012-2013 Sponsors

  5. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A

  6. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A

  7. There are a number of academic opportunities that will help improve your consulting skill set • Pay attention during your core classes • The concepts will be important in case interviews! • Take advantage of opportunities to use ppt and Excel • Take advantage of mentored studies

  8. Pino’s recommended electives

  9. Mentored Study in Entrepreneurship Part-time internships during the school year for course credit Management 754

  10. Mentored Study in Entrepreneurship Types of internships (117 last yr ’11-’12): Entrepreneurial companies Venture capital firms Asset management firms Real estate developers Non-profits

  11. Mentored Study in Entrepreneurship Earn a credential and work experience along your targeted career path Satisfies one elective requirement for most concentrations Potential follow-on paid summer internships and permanent job offers

  12. Mentored Study in Entrepreneurship Prerequisite Attend an information session to learn the structure and expectations

  13. Mentored Study in Entrepreneurship There are more than four dozen local marketing, promotions, advertising and/or consulting firms that are potential mentor organizations for internships. At least sixteen of them have participated previously in the program by sponsoring Fuqua interns. You choose where you would like to work.

  14. Mentored Study in Entrepreneurship Examples of local consulting firms which have participated previously: Ascendient Healthcare Advisors Imprint Learning Best Practices Leadership Edge BioPharmaStrategies Lorelli& Co. Brightleaf Consulting ProDecisions Campbell Alliance RTI International Clear Green Advisors Southeast TechInventures Drake Consulting

  15. Mentored Study in Entrepreneurship Information sessions: (***Attend only one***) Sept. 19 – Wed. 6:30 pm Rand Classroom Sept. 21 – Fri. 4:00 pm Rand Classroom

  16. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A

  17. Reflect on whether the role is a good fit Consulting • Tangible product • Delivering and executing on recommendations • Delving into all the details before drawing any conclusions • Working in silence • Collaborating across functions • Separating work and personal life • Traveling infrequently • Service-oriented; client-dependent • Delivering recommendations and trusting others to execute • “80/20” thinking (strategically prioritizing areas of importance) • “Constant” interruptions by team members • Collaborating with a few team members • Frequently socializing in/outside the office • Traveling weekly Disclaimer: These are broad generalizations but overall, it is important to ask the appropriate questions to understand your personal preferences on these spectrums and where the various types of consulting and consulting firms fit.

  18. Honestly evaluate your skill set Consulting Skill Set • Problem solving? • Analytical? • Quantitative ability? • Articulate? • Ability to listen? • Structured/logical thinking? • “80/20” high-level thinking? • Client/service focus? • “People” skills? • Process focused? • Desire to work hard? • Stamina? • Creativity? • Team player? Try to think of these skills as not only important in getting the job, but also in being successful once you’re in the job.

  19. Weigh the pros and cons What some people like What some people dislike • High degree of change • Strategic projects • Teamwork • Social environment • Prestige/$ • Professional development • Exit opportunities • Long hours • Travel • Inflexibility/reliance on client • “Cog in the wheel” • Difficulty seeing outcomes/results • Hierarchical environment • Competition/recruiting process!

  20. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A • What is consulting? • What do consultants do? • What are the different types of firms?

  21. Consultants perform many functions, across many different industries Industries Capabilities Consultants work in many capacities across all industries

  22. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A • What is consulting? • What do consultants do? • What are the different types of firms?

  23. Consultant use many tools to solve problems

  24. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A • What is consulting? • What do consultants do? • What are the different types of firms?

  25. Consulting firms differ in their structure and operating norms Area Differences

  26. Consulting Firms Type of Consulting Example Use on-campus resources, your network, Fuqua Alums, your classmates’ network!

  27. Firms differ in the services they offer Service Type Description

  28. Firms differ in the services they offer Service type Description

  29. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A • The recruiting calendar • Getting on the “close list” • Succeeding in the interview

  30. The internship interview process is a half year process that lasts until early February Event type Description Sep Oct Nov Dec Jan Feb Presentations Networking events Resume drops Interviews

  31. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A • The recruiting calendar • Getting on the “closed list” • Succeeding in the interview

  32. Getting on the Closed List Event type Description

  33. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A • The recruiting calendar • Getting on the “close list” • Succeeding in the interview

  34. Consulting interviews generally comprise of a behavioral and a case portion Behavioral Interview Case Interview

  35. Case preparation is a personal process, but the DMCC is here to help Your Responsibility How the DMCC can help Other Sources of Help No case prep method fits everyone’s needs; You need to figure out what works for you * We recommend focusing on self study before contacting firms and alumni for case advice, as they will be made available through the recruiting process

  36. Agenda Academic opportunities Consulting “fit” Consulting landscape Recruiting overview Closing thoughts/Q&A

  37. Experiences from SYs It’s hard to admit but I think I was unconsciously arrogant during the recruiting process. I only wanted to work for the Big Three and so I didn’t network with any other firms. As a result, I didn’t get on any other closed lists and didn’t get a consulting internship this summer. I kept hearing from Second Years that it’s not a good idea to over-case. I wanted to stay fresh so I think I over-compensated and didn’t case enough. The interviews were much harder than I thought. I was certain I wanted to do consulting so I didn’t think about applying to any other internships until it was too late. I applied to a number of corporate strategy positions in the end, but I wasn’t prepared and hadn’t networked so I didn’t get on the close lists. I didn’t realize networking was important to those firms as well. I “didn’t have time” to reach out to off-campus firms and I regret it now. I missed out on these opportunities.

  38. Closing thoughts • Reflect on your skills and goals – be honest with yourself! • Don’t limit yourself to consulting; seek out opportunities in parallel • Be proactive – the DMCC will support you and share our experiences but don’t expect us to spoon feed you; it is important for you to conduct your own search Note: Please do not yet reach out to Second Year students, as we are in our own recruiting cycle (resume drops are due end of September and interviews begin early October!)

  39. Remember that you represent the Duke brand Pop Quiz In our first Consulting event, the Consulting Career Intensive Day, did we observe these behaviors? True of False: • 30 students RSVP’d but did not show up for the event • Large number of students entering and leaving a presentation, interrupting the presenter • Leaving half-way through the day • Using phones during presentations • Taking photos of the materials after being told that Deloitte would not distribute the slides!

  40. Remember that you represent the Duke brand Pop Quiz In our first Consulting event, the Consulting Career Intensive Day, did we observe these behaviors? True of False: • 30 students RSVP’d but did not show up for the event • Large number of students entering and leaving a presentation, interrupting the presenter • Leaving half-way through the day • Using phones during presentations • Taking photos of the materials after being told that Deloitte would not distribute the slides! All are true! • Do you think Deloitte noticed these and pointed them out to us? Yes they did! • How do you think that reflects on Duke? Poorly!

  41. Sign up and attend upcoming DMCC events • Bain: What I Wish I Knew as a FY (September 11) • Consulting Symposium (September 12) • Introducing Off-Campus Recruiting (September 13) • DMCC FY Club Info-Session (September 18) • Introducing International Consulting (September 19) Sign up via Campus Groups; check the DMCC newsletter every Sunday

  42. Important Note: This is an educational event, not a recruiting event. Treat yourself. Use this opportunity to ask good questions about the job, not how to get the job. • Agenda • 12-1pm FY Networking Lunch • 1-2pm BCG Keynote Speaker • 2-5pm Panel Discussions on: • Industry Trends • Long-Term Career Planning • Women in Consulting • Internal Consulting • Health Care Consulting • Social Impact Consulting

  43. Thank you for your attention!Q&A

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