How to get into strategic consulting
I am often asked how to get into strategic consulting. Nourishing affection for Alma mater, will publish here the statement. Whether you need consulting — decide. This work is not for everyone.
Before the beginning of the article, we would like to describe what strategic consulting . This is a basic view of management consulting, which includes the description of business models, their advantages and disadvantages compared with competitors, trends in the production and consumption of raw materials and finished products at the global and regional markets. — Note Edition.
My personal opinion after 3 years in consulting: this is the most interesting than I have ever in my life did. I was down in the coal mine, was in containment nuclear reactor under construction, reduced downtime of rolling shop, recommended to buy car repair plant, eliminated wasted time when lending in a major Bank, has reduced the waste of metal in the manufacture of railway wheels.
Although write about consultants unpleasant. I’m lucky to work in the right companies and the right teams whose task was to bring maximum value to the client. 6 major projects in which I participated, 5 paid off (i.e. brought to the customer more benefits than he paid to consultants), 1 project the client has not been implemented for political reasons (personal choice). A good consulting project pays off in 5-100 times (depends on the volume of business and from the task). The top 3 consulting firms more than half of the projects are good. In other words, the top consulting firm you will have no doubt that you are doing useful work.
Of course, the job has disadvantages .
So, how to get into consulting. What steps should be taken in this direction?
1. To go to a few events consulting companies in the higher education institutions to understand what it is.
To learn about the events:
Subscribe to newsletters:
Watch out for the following sites:
2. Read the book the McKinsey Way
By itself it will not help to get into consulting, but sometimeswe and explain what it is and how it works. Find the book here — the best selection of books I’ve seen. The book is interesting.
3. Explore the web sites of major consulting companies
You need sections “Career”, “About us” etc. Understand what is involved in the selection process, read the tips that are written there. As a result you will understand which stages of the selection process, what are the requirements, what is an interview etc.
The company that interest you:
and. McKinsey, BCG, Bain — top 3 firms in the market
b. Roland Berger, AT Kearney, Oliver Wyman, Booz&Co., Monitor Group is also very worthy companies operating in Russia. If you get there — it’s very good. Candidates who throw attitude “I only want the top 3, preferably in McK” in reality subject to fashion, and not based on facts.
Salaries here are comparable to the top 3. The level of people — too. There is a downside, but this is a great alternative, considering that to get here easier.
V. know Little about consulting (not to be confused with the audit in Big 4 (KPMG, Deloitte, E&Y, PWC). Get to them easier, but I’ve heard conflicting opinions from their employees.
This will help to begin to understand what a case interview. Website created Victor Cheng, a Chinese American, a former McK. The resource is very good.
5. Read the book Case in Point
Although the book does not give enough cases to get into McK, it allows you to build a Foundation to develop skills to solve cases. On the first 30 pages are given a framework that is useful to memorize (useful for the first time). To find the book you all in the same collection.
6. Download and listen to the course LOMS-Look Over My Shoulder)
Decent people buy it from Victor Cheng for$ 300.
AND IT’S WORTH IT!
It is the best material for preparation that exists and I appreciate its usefulness a lot more than 300$.
You can find on a torrent, the link will not give.
LOMS stands Look Over My Shoulder. You listen as Cheng gives case studies for training, and during the interview recording is interrupted by observations that the candidate has done right and wrong. I advise you to study this material at least twice. All the tips that the author gives, record, and deciding cases, check whether you’re following them.
7. Find yourself a buddy that will solve cases
You can find, for example, on the forum YupTalk . The alternative — case-clubs , case-Championships. There you will meet people with the same goals as you do. Your task is to nareshti 30-50 cases. The more experienced your case-the partner — the better. Ideally, if you get a consultant to give you the case. With the growth of your experience you will want to deal too more experienced case-partners.
8. Pull English
Perfect English is not required. Are there projects where English is not used at all. But even if you went to Siberia to refineries, you should be ready to interview on the phone expert from South Africa, if need be.
In principle enough to be able to talk and understand what you are saying.* But the freer you say, the less your stress at interview. How can I improve my English?
* Note: in the summary still writing that English is fluent. Otherwise HR you will filter.
9. Prepare for the test
In any company, you first need to pass the test. This should be treated very seriously. More than half of perspective, from my point of view, candidates stupidly fail a test in McK.
How to study for a test:
Follow the advice in Cheng (better than here — didn’t see instructions)
Parasite available online tests. Detail disassemble them to understand the logic of the authors
Train your mental math
Train yourself to quickly read and comprehend texts in English. The students of best practice on texts on humanitarian topics (because they really take out the brain). Read through 1-2 of the text in day — source 1 , source 2
Night’s sleep before the test
Some eat before the test Phenotropil. Do not call to do this, but note that helps.
10. Optional: go to the case study clubs, participate in case Championships
Directly it doesn’t help you pass an interview. But there you will meet people with similar to your goals.
11. Write a VERY good resume and cover-letter
For a fresh graduate with no experience, it is important to stand out. Grind interview. Bicrystalline every word. Give read familiar. Your introduction should be structured. Clearly explain what results you have achieved (preferably quantitative — instead of “assembled a team” write «assembled a team of 3 people»
Google how to write an interview and cover letter.
If you don’t have any experience at all — don’t be surprised if you fail with the phrase “I advise you to get relevant experience in the business area, come to us in a year or two”.
If you don’t have anything behind, except for studies at MIPT, go somewhere internship (BIG-4 is quite OK).
You will add points if you were socially active — where something is invented, organized.
Want to increase your chances – marvel consultants (use LinkedIn) and ask them to send your resume to HR. Many are willing to go for it, because if you get hired, they will give the award (program Hire friend). But the special benefits it will give, but will reduce the chance that HR will reject your resume.
Bain — exception — there you will be exempted from the test.
12. Before to go for interview in any of the top 3 company, it is very desirable to go for an interview in 2-3 other consulting company.
It is bad practice to come into McKinsey on 1st in your life case interview. Your stress will be less, when you will rehearse the play.
13. If you feel that you are not ready for the interview, feel free to ask HR to extend the deadlines
This way you won’t offend HR if warn in advance. They do not care when you come. If you’re shy, tell me that you were sick / resolve unforeseen family matters / you are prescribed overcurrent diploma / suddenly sent to a conference, etc. From my point of view, there will be no problems if you tell HR “it is important for me to get into your company, so I ask to reschedule the interview because I want to be better prepared”.
Don’t worry, now that the vacancy will close and stop recruiting people. In consulting the recruitment process people often goes all year round. Subjectively — in spring and autumn is recruiting more events than in winter and summer, but the difference is not so significant.
14. If you are in the company of your dreams with 1 time — don’t give up. Come back in a year or two.
15. Read the forums, if you want to know how much to pay, to listen to gossip and stuff