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)