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MC training MANAGEMENT CONSULTED 3 1 1/25/20 MC COVERS THE FULL - - PDF document
MC training MANAGEMENT CONSULTED 3 1 1/25/20 MC COVERS THE FULL - - PDF document
1/25/20 CONSULTING PREPARATION BOOTCAMP WASHINGTON UNIVERSITY IN ST. LOUIS JANUARY 2020 PRESENTED BY JENNY RAE LE ROUX MANAGEMENT CONSULTED 1 AGENDA Networking for Consulting Consulting Fit Interview Case Interview Overview
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WHAT IS CONSULTING?
MANAGEMENT CONSULTED
Providing research, analysis, and business advice Classified by project owner Average projects of 3-6 months Training for business leadership Accelerated career path
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WHAT FIRMS’ PICTURES SAY YOU DO ALL DAY
Travel first class Go to
- ffsites
and happy hours Write on white boards and windows Make “impact”
- n
clients
MANAGEMENT CONSULTED
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WHAT YOU REALLY DO ALL DAY
Research (10%) Excel (60%) PowerPoint (20%) Meetings (10%) MANAGEMENT CONSULTED
Plus…. Recruiting Travel Sleep (sometimes)
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IS CONSULTING RIGHT FOR YOU?
Short, focused projects High impact work Solve quant problems Work for profit-driven
- rgs
Heavy teamwork
MANAGEMENT CONSULTED
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MANAGEMENT CONSULTED
Results-
- riented
Analytical Business acumen Big-picture
- riented
“My work results in clear profit for the client.” “My work uses data and presents it to
- thers well.”
“My work is grounded in current business affairs.” “My work supports the client’s
- verall strategy.”
ARE YOU RIGHT FOR CONSULTING?
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WHY PEOPLE GO INTO CONSULTING
MANAGEMENT CONSULTED
Professional development Skill building Resume- maker
- Heavy teamwork
- No boss
- Extensive feedback
- Excel/data analytics
- PowerPoint
- Executive presence
- Small, tight-knit
network
- Highly credible brand
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WHY CONSULTANTS LEAVE CONSULTING
MANAGEMENT CONSULTED
Better Pay Better Lifestyle More Power Industry Focus Send Off
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NETWORKING
The biggest asset of any consulting firm is its people.
MANAGEMENT CONSULTED
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QUESTION
Raise your hand if you have more than 3 contacts in consulting. (I want to see if we should focus more on warm or cold networking today)
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WHY NETWORK?
3 Key Reasons
- Answer ”why the firm?” to the firm
- Answer “why the firm?” for yourself
- Get a referral
Tailor your application
- Name drop in cover letter
- Have an advocate in the room
MANAGEMENT CONSULTED
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WHAT MATTERS TO CONSULTANTS?
Education
- Pedigree
- Quantitative
- Performance
(GPA, Honors) Experience
- Brand Name
- Analytical
Ability
- Business
Understanding
- Distinction
Leadership
- People
- Budgets
- Impact
- "Professional"
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QUESTION
Which of the three areas will you lead with?
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KEYS TO NETWORK FOR CONSULTING
2 PARTS OF NETWORKING
1) Getting in the door 2) Conducting research
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THE 5 RULES OF NETWORKING
You need to be talking to… the right person at the right time at the right firm in the right location for the right position
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WHO COUNTS WHEN NETWORKING?
Pre-MBA Post-MBA Manager Partner Recruiting
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WHEN TO CONTACT
MANAGEMENT CONSULTED
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FIRMS TO KNOW
Top 3 Big 4 Boutique
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OFFICE SELECTION
Place with strongest sponsor should go first on list
Where you have a right to work Where you want to live Where you have been
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KNOW YOUR ROLE
Pre-MBA Post-MBA Manager Partner Admin
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3 STEPS OF NETWORKING
Email Request for referral Informational interview
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KILLER NETWORKING EMAIL
MANAGEMENT CONSULTED
Subject Name First line 3 fun facts Specific ask Closing
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INFORMATIONAL INTERVIEW AGENDA
MANAGEMENT CONSULTED
My background Your background 3-4 questions about your experience
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ELEVATOR PITCH
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ELEVATOR PITCH BASICS
When should you use it?
Tell me about yourself (but not in formal interview) “Just to give you a bit of background…” – to precede a question “Let me tell you where I’m coming from…” – to precede a request
What does it entail?
4 areas - personal roots, education, experience, and what’s next Chronological Selective history Infer - don’t be too aggressive
MANAGEMENT CONSULTED
Ideal length: 30 seconds
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5 KEY TIPS FOR NETWORKING
Have the resume ready Use LinkedIn for research, email for communication Drive to an informational interview Set an agenda Follow through
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FIT INTERVIEWS 101
There are no right answers, but a lot of wrong ones.
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QUESTION
What fit interview question do you fear the most?
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THE INTERVIEW PROCESS
OFFER!
Case Interview Fit Interview Network
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3 THINGS ALL FIRMS ARE LOOKING FOR
Is interviewee a good communicator? Is interviewee an effective hard- worker? Is interviewee a positive, generally likable person?
- If you can’t communicate
clearly in an interview, you’ll never do it in front
- f a Fortune 500 CEO
- You not only put in the
hours, but work smart as well
- Firm will only hire
someone they want to work with!
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THE REALITY OF SCORING
Fit Interview Case Interview Fit Interview Case Interview
1st round… 2nd round…
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KEY FIT DIFFERENCES
Focused fit interview (standard to industry) Total fit interview (senior experienced hires) Deep-dive fit interview (e.g. McKinsey) Interspersed fit interview (common in first rounds)
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FIT CATEGORIES
And you thought all fit questions were the same.
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DIAGNOSING 3 KEY QUESTION TYPES
Curveball questions Story questions Direct questions
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1/25/20 14 THE 3 QUESTIONS YOU MUST PREPARE FOR
The best hitters hit curveballs just as well as fastballs.
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WALK ME THROUGH YOUR RESUME
Why it’s important
Introduces story to them Establishes first impression Demonstrates communication
What to do
Highlight 3-5 experiences Include what happened, briefly why Chronological order Don’t rush
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WHY THE ROLE?
Why it’s important
Demonstrate understanding Tell a story Answer the question they are really asking
What to do
Terrible – It’s all about me Lame – I have one simple reason Good – I have 3 good reasons Great – Let me tell you a story
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WHY THE FIRM?
Why it’s important
Demonstrate insider status Give people focus Tell a story Answer the question they are really asking
What to do
Terrible – It’s all about me Lame – I have
- ne simple
reason Good – I have 3 good reasons Great – Let me tell you a story
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BREAK OUT: CRAFTING KEY FIT ANSWERS
Co-evaluate – practice with a partner
Walk me through your resume Why consulting? Why (X) firm?
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HERO STORIES
Everyone loves a superhero (especially interviewers).
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CHARACTERISTICS OF GREAT HERO STORIES
CAR Method
- Context – project
scope, team size, your role, key problem
- Actions – specific
steps you took to resolve the issue
- Results – how
you achieved a (positive)
- utcome
Delivery
- Answers adapted
to question, not vice versa
- 30 seconds to 1
minute
- Told with
enthusiasm
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OTHER TYPES OF HERO STORIES
MANAGEMENT CONSULTED
Academic Experience Leadership
15 unique stories
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BREAK OUT
Write your list!
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1/25/20 17 TRICKY STORY QUESTIONS
You’ve gotten this far; now finish strong.
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THE FORMULA FOR SUCCESS
MANAGEMENT CONSULTED
What are they asking? Look in the eye Tell an honest story Trust
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KEY QUESTIONS
Dealing with the tough stuff
Ultimate Question Weaknesses Strengths
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BREAK OUT: CRAFTING KEY FIT ANSWERS
Greatest weakness or greatest failure Why we should hire you? A time you demonstrated leadership on a team
MANAGEMENT CONSULTED
Co-evaluate – practice with a partner
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PRE-TEST
Size the market for suitcases in Germany (2 min)
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4 STEPS TO SOLVE ANY SIZING QUESTION
Population / Households % Who Own Frequency
- f Purchase
Weighted
- Avg. Price
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NEED TO KNOW INFO
U.S. Population Population of city living in Population of city interviewing for Population of 2 Countries/Continent
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PRE-TEST
Size the market for hearing aids in Singapore (2 min)
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CASE INTERVIEWS
It’s not about the answer – it’s about the process.
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WHY FIRMS USE CASE INTERVIEWS
Can you do the tactical work of a consultant? Do you understand how a consultant works? Are you someone who would be fun to manage? MANAGEMENT CONSULTED
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3 EVALUATION CATEGORIES
Structure Problem-solving Communication
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9 COMMON BUSINESS PROBLEMS
Profitability
Revenue growth Process/ops mapping Cost best practices Tech integration
Competitive landscape review
Market sizing Market share decline Market entry
M&A
Due diligence PMI
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CASE INTERVIEW ANATOMY
- The Background
- The Recap
- Case and Objective Clarification
- The Grand Pause
- The Game Plan
- Creative Questions
- Quantitative Questions
- Case Summary and Next Steps
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QUESTION
What area of the case interview scares you the most?
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STRATEGY SIMPLIFIED
This is what you should spend the first 30 seconds
- f every case figuring out
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QUESTION
How do you calculate profit?
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PROFIT EQUATION
- Profit = Revenue – Cost
OR, more appropriately:
- Profit = P * Q – (VC * Q) – FC
- Applied: Is a business primarily a fixed cost business or a
variable cost business? Which it is affects its strategy.
- Fixed cost businesses price to maximize revenue
- Variable cost businesses price to maximize contribution margin
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MC STRATEGY SIMPLIFIED 2X2
MANAGEMENT CONSULTED
Premium (Variable cost) Unicorn (Both) Undesirable (Both) Common (Fixed cost)
Volume
Price – VC (Contribution Margin)
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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PRIMARILY FIXED OR VARIABLE COST?
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FOR TODAY’S SLIDES: TINYURL.COM/MC-SLIDES YOU MAY ALSO PURCHASE DISCOUNTED COACHING OR RESUME EDITS! COACHING IS 1 OR 8 SESSIONS.
THANK YOU FOR COMING!
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THE ULTIMATE CASE PRACTICE PLAN
Start with Market Sizing questions – 2 per day Do 10 cases 2X Get with a partner MC Offerings
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DIAGNOSTIC INTERVIEWS CAN HELP!
- Do 1-3 hours of structuring
- Read CIB, watch structure videos
- Review Crack the Case, Case Interview Secrets
Structure help
- Do 2-3 hours of math problems under time pressure
- Re-do math problems with no time pressure
- MC drills/GMAT drills
Math help
- Ask case partners to push you to Top Rec of what to do
- Review insights after case
- Record case prompt, biz problem, key insight
Insight help
- Time yourself on each section of the case
- For sections you go over, re-do in the moment
- Video yourself and review/watch others’ videos
Communication help
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MC COACHING PLAN
Example outline for 8 hours
Start with a diagnostic case to learn best practices Enables coach to learn strengths and 2-3 weaknesses to devise a plan
specific to student
Structure coaching – Multiple case starts in one session to practice
tailoring frameworks and implementing a hypothesis driven approach (individual “homework”)
Math coaching – Practice how to set up a variety of math problems in
an efficient, structured manner (individual “homework”)
Fit coaching – Practice telling your story! Combined coaching – Creative brainstorming, charts, etc. Practice multiple cases to refine problem solving and communication Target a variety of case types to give exposure to different content or
target specific cases that strengthen weaknesses Diagnostic session (1 hour) Targeted sessions (2-4 hours) Refine (3+ hours)