This post is a continuation of my look at what you need to know to succeed in the consulting application process.
From asking several of my friends for advice, who have all had internships and job offers from the Big Three and Big Four consulting firms, it’s clear that there is a common denominator to their successes – preparation.
In my previous post, I shared 5 tips to help you with consulting applications. In this post, I will share tips on the case interview, assessment centres, keeping stress levels down, and staying motivated on your journey to land a coveted role in the management consulting industry.
1. Get friendly with case studies
Case study interviews will probably be different to any other interview you’ve had before, so it’s important that you get used to the style and format before you embark on your first one.
As the name suggests, the interview will include a case study in which you act as the lead to solve a commercial problem. Though some may be interviewer-led (i.e. the interviewer asks the questions) the majority will be candidate-led, so it’s up to you to ask the right questions to find out how to solve the issue. You will need to guide the interviewer through your thought process and tell them what steps to take to tackle the problem, as if you were the consultant on the case. The interviewer may add information or ask more questions as you go along, which you will have to respond to. During this process, you need to demonstrate your commercial knowledge as well as your pragmatic thinking. However, don’t fall into the trap of reciting general business knowledge – make sure it applies to the case in hand.
The key to a successful case study is to have a structure to your thinking – it should be clear why you’re doing what you’re doing. Your interviewer is looking to see if you can take a lot of information and structure an approach to work through it. You will be allowed to take notes, so write down the structure to your answer before saying it – just make sure you can explain it if asked.
There are only a handful of scenarios they may ask you to solve (e.g. entering a new market, declining profitability, acquiring a company) so you should look up some suggested lines of thinking beforehand. However, many of these case frameworks are needlessly convoluted and a case study is meant to test how you think on the spot. The firm is looking at how you, as a pragmatic commercial thinker, would tackle a common problem. A simpler approach may be to consider external (e.g. industry, market) and internal (e.g. employees, profit) factors to start with before moving on to thinking about how they affect the problem and interact with each other.
Practice is obviously essential and there are many books available with practice case studies and advice on how to answer them. The most frequently recommended book is ‘Case in Point: Complete Case Interview Preparation’ by Marc P Cosentino, which includes lots of case examples but is more ‘American’ in its approach and takes longer to get through. If you’re in a rush or looking for something simpler, try ‘The Case Interview: 20 Days to Ace the Case’ by Destin Whitehurst and Erin Robinson for a shorter prep time. Practicing in groups is also very useful, so gather likeminded friends for a case study session or try and find others to join through consulting events or Facebook groups. It’s in your interests to practice, so don’t be shy!
2. Assess your role
An assessment centre is essentially an amalgamation of everything you’ve done so far (i.e. tests and interviews) so you would’ve done most of the prep already. What you do need to know however is what you’re going to be tested on in advance of the day – you could even ask at your first interview since you can assume they will consider you for it. Knowing in advance is half the preparation and will help you arrange your prep time around other commitments.
Group work might be one of the things you hadn’t prepared for yet, but the most important thing to remember here is that the most valued member is not the loudest member. Butting heads with your fellow candidates will only lead to an unproductive session and a wasted opportunity. Yes, you need to demonstrate your value but that doesn’t mean you need to be the only voice in the room. Designate someone as leader and find yourself a different but equally as valuable role if it isn’t you – why not try being the time keeper or the listener? The quality and not the quantity of your contributions is what the firm will be listening out for. Don’t be afraid to contradict other people’s points or offer your own opinions, but make sure you are also open and flexible to their responses.
3. Beware of burn out
Stress management is perhaps the most important kind of preparation. Admittedly you can’t avoid stress indefinitely – the application process is designed to pressure you to perform at your best – but accepting it can make it easier to deal with.
The best way to manage stress is to avoid or minimise it before it overwhelms you. Look at how much time you realistically have and organise accordingly: get a diary or make a timetable/spreadsheet and set yourself achievable targets; stagger your periods of prep across the length of the process, and make time for academic work, sleep and social activities. Don’t neglect your me time or you will burn out before you ever reach the end; people often underestimate the benefits of sleep and social interaction on concentration and memory.
You also need to get used to setbacks. The majority of your applications will be rejections (one friend recalls making over 30 applications and only receiving 5 interviews) but that’s ok. The process is hard and most of the time it is down to luck; you just have to make the most of the experience and learn from it so that you do better the next time. Find a way to self-soothe that works for you, whether that be surrounding yourself with friends or some self-pampering, so that you can get back to the top of your game. If anything, take full advantage of the free food and alcohol at careers events and you’ll feel better in no time!
4. Is it really worth it?
As the application process for consulting is extremely lengthy, you need to have a real passion for consulting to be able to survive it – the process is testing how much you want the job as much as it is testing your capability for it. By preparing thoroughly however, you can show the firm that you are worth their time and consideration.
It might go without saying that you need to prepare for job applications but knowing how to prepare is an entirely different matter. Hopefully after reading one or both of these posts you will know what to prepare for and how to do it efficiently, which will give you a real advantage over those who didn’t bother.
Vivien Zhu is a recent graduate from the University of Oxford, which is where her interest in consulting first developed. She has experience working with consulting firms and in student consultancies and hopes to pass on her knowledge to those who need it.
Image: Pexels
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