Tom SpencerThree significant aspects in the life of a management consultant: travel, training and mentorship. Travel When it comes to travel, different consulting firms have different policies. McKinsey consultants often spend Monday to Thursday at the client site with Fridays in the office. Bain and BCG often spend a lot of time with the client at the beginning […]
It is common for top consulting firms to subject consultants to a rigorous “up or out” policy. What this means is that consultants are required to advance to the next level of responsibility within a certain period of time or leave the firm. Consultants normally receive regular performance feedback and so have frequent opportunities to […]
A consultant who enjoys a successful career progression within the consulting industry will be promoted up through the ranks and hold various different roles along the way. Job titles will vary by firm. An entry level consultant may be called a business analyst or junior associate. New recruits who hold an advanced degree (e.g. MBA, […]
The traditional consulting career model employed by top consulting firms like McKinsey was to develop generalist consultants who could apply general business principles and frameworks across different industries, sectors and functional areas. Clients increasingly value industry experience and specialized knowledge, and so firms are evolving the traditional consulting career model to accommodate these changing client demands. […]
Executives often rely on the advice of management consultants. Was it always this way? Where did it all begin? The management consulting industry, as we know it, originated in America. The very first management consulting firm was Arthur D. Little, founded all the way back in 1886 by a professor at MIT whose name was […]
If you are a high achieving undergraduate or MBA student, then you are likely to be considering various highly paid and prestigious career options. This post provides you with a high level comparison of management consulting and investment banking. 1. Nature of the job Management consultants assist organisations by providing advice to address specific problems […]
Management consulting is a nice perch, but it is not for everyone. Many people go into consulting with a plan to gain a few years of experience and then apply for B-school or pivot into industry or entrepreneurship. This is a legitimate strategy, but it can also be a cop out with many people leaving […]
Consultants work on projects of varying lengths, and are often required to travel to work on site with the client. The specific tasks that a consultant undertakes will depend on which firm she works for, the project requirements, as well as her level of seniority and experience. Projects typically follow a predictable cycle which involves […]
There are many different types of consulting. As an aspiring consultant, you would be well advised to understand your options so that you can make an informed decision about which kind of consulting is right for you. Here are five (5) of the main types of consulting that might interest you: Strategy: Think BCG, McKinsey and Bain […]
“Consulting” is a pretty general term, and doesn’t really give you a clear idea of what consultants actually do. The Oxford dictionary indicates that “to consult” means to “seek information or advice from someone (especially an expert)”. In other words, consultants are people who provide expert advice. We are interested mainly in the consultants who provide advice […]
Consulting is an appealing career choice for many graduates. Consultants have the potential to travel with work, network with Fortune 500 executives, earn six figure salaries, develop high-level transferable business skills, and benefit from lucrative exit opportunities. What’s not to like? Well, for all its benefits, the life of a consultant is not necessarily a bed of […]
If you have gone through the consulting interview process and are not offered a position with your target firm, then you should find out why. There are two reasons this is important. Firstly, getting specific feedback on your performance is the only way you can learn and improve. Secondly, you may discover that the firm has […]
If you have received an offer of employment from the consulting firm of your choice, you may still want to negotiate the terms of the offer. How should you go about doing this? Use your bargaining power Your ability to negotiate the terms of your offer depends on how much bargaining power you have. The consulting […]
If you are offered a position with a consulting firm (and are happy with the terms of the offer) then feel free to accept it. You can talk to the recruitment management to let them know your decision, and you will also need to sign, date, and return a copy of the offer letter. Be sure to […]
(Source: Flickr) We have talked at length all year about consulting interviews, and in this post we provide three (3) thoughts on what to do after the interview comes to an end. Confirming the next step: To find out about the next step in the recruitment process, talk to the recruitment manager (this will probably be someone other […]
(Source: Flickr) It will help your consulting application if you have prior business experience, however if you come from a non-business background all hope is not lost. You can strengthen your consulting application by showing how your experience demonstrates team work, leadership, and an ability to achieve positive outcomes. Use ‘action-outcome’ language in your résumé. That […]
(Source: Flickr) Are you keen on management consulting but have poor grades? If you have poor university grades, you may face an uphill battle getting an interview at a top consulting firm. But don’t despair just yet. There are two steps you can take to combat this hurdle. You can highlight your most impressive work experience in […]
(Source: Flickr) Top consulting firms receive thousands of applications per year, and so your cover letter and CV form a crucial first step in your application that will determine whether you secure a first round interview. You need to tailor your cover letter and CV for each application and highlight your most impressive and relevant […]
(Source: Flickr) This post considers how to build consulting relationships. Some people appear to believe that the goal of attending networking events is to collect as many business cards as possible. This was always the wrong approach, however in a world with LinkedIn, it is also absurd since a person’s business card will contain much less information than […]
(Source: Flickr) AS an aspiring consultant, the purpose of networking is to gain industry contacts, learn about your target firms, and obtain names that you can use in your application cover letter (e.g. “I am applying to Bain following my discussion with your Associate John Citizen at the recent New York University careers fair.”). There are various ways to […]
(Source: Flickr) IN this post we look at researching consulting firms. Why, how and what should you research? Below we provide some ideas to help make your research as effective and efficient as possible. 1. Why should you research? Take control of your career. Researching consulting firms doesn’t just help you prepare your application and […]
(Source: Flickr) IN this post we consider some consulting interview basics: what to expect, what to wear, and what to bring. 1. What to Expect Consultants are the public face of a consulting firm, and firms need to be able to trust consultants to interact with senior clients including CEOs and executive board members. As a result, […]
ORGANISATIONS hire management consultants to help them solve their most challenging business problems. Senior management are busy people, and so consultants need to communicate their message clearly and concisely, preferably accompanied by some colourful powerpoint slides. The irony, though, is that consultants have gone on to develop an industry jargon which is often completely incomprehensible to industry outsiders. Below […]
ARE you an aspiring consultant with an interest in pursuing a career in the management consulting industry? Breaking into the management consulting industry is extremely difficult, and so with this in mind we have produced a number of free consulting resources to improve your chances of success. Where To Apply? The first problem that applicants face is knowing where to […]
A nice resource to help you break into the industry IF you are interested in breaking into the management consulting industry, you might want to take a look at this super helpful resource on Quora, click here. If you don’t have an account with Quora then you will need to sign up as a new […]
A résumé is a sales document which presents a factual account of your skills, knowledge and experience in the best possible light to help you win an interview 1. The importance of a résumé A résumé is a factual presentation of your skills, knowledge, experience and proven abilities and an indication of your potential. The […]
IN THESE troubled economic times it may be difficult to obtain an offer of employment. There are lots of skilled people competing for a small number of jobs. Be bold, stand up for yourself, and don’t take no for an answer! Dear Employer, Thank you for your letter rejecting my application for employment with your […]
1. The importance of a cover letter A COVER letter is a short one page sales letter that accompanies your resume as part of your job application. The cover letter is important because it creates a first impression of you with your potential employer. The main purpose of a cover letter is to obtain an […]
I HAVE spent a lot of time writing about preparing for consulting interviews. The aim of performing well in the interview is to obtain an offer of employment. Imagine you have obtained an offer of employment from the consulting firm of your choice and you now want to negotiate the terms of the offer. Can […]
THIS article looks at some of the questions that you should consider asking in your consulting case interview. After reading this article and one of my previous articles on researching for your consulting case interview, make sure to access the practice case interview questions. Questions, everyone’s asking them Preparing a resume, and building a personal […]
IF YOU”RE in your final or penultimate year of your degree, and you’re interested in pursuing a career in the commercial field, you will probably have started thinking about which career path you want to take. Consulting is an attractive career prospect, but you may also be considering investment banking. There are many similarities between […]
THIS article looks at why, how and what to research for your consulting case interview. To get started with your interview preparations, take a look at my list of consulting case interview practice questions. Preparing for an interview with a consulting firm can be a difficult task. Having obtained an interview, you will need to […]
A LOT of people have trouble describing what a consultant does, because ‘consulting’ is such broad term. The Australian Concise Oxford Dictionary defines a consultant to be a person who provides information or advice. Since consultants are typically employed to analyse the problems and challenges faced by management and to develop plans for improvement, they […]