As Alexander Graham Bell once uttered: before anything else, preparation is the key to success. The saying may sound clichéd, but there is still much truth in it almost a century later.
In a competitive field like consulting, it’s important to stay ahead of the game if you want to have an advantage over the many similarly qualified candidates. If you know what you need to do and how to do it ahead of time, you could save yourself a lot of heartache during your job search.
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 this post, I am going to outline 5 tips that will help you achieve success in the application process.
1. Know who you’re dealing with
This part seems obvious, but it is important to know what each firm does and how they differ before you apply. Researching early is key so that you are well informed before the application windows open, especially as many firms recruit on a rolling basis. Not only do they differ in size, specialty, and structure but their application processes and deadlines differ too.
The main ones to consider are:
Big Three: BCG, McKinsey and Bain
These firms are known for being more traditional and doing things by the book. They have a broader approach to consulting so you get to try different types before specializing, in comparison to the Big Four or boutique firms in which you specialise almost straight away.
Application process: The Big Three have different application processes despite being grouped together. All begin with an online application, but Bain accompanies its application with a test; BCG has a test at its first-round interview and McKinsey requires you to take a test at an approved test centre as a separate stage.
Big Four: EY, PwC, KPMG and Deloitte
The Big Four are accounting firms which have consulting branches, and thus they are structured differently to other consulting firms. Upon joining the firm, you will be expected to choose a branch to work in, such as tax or audit.
Application process: There is an extensive online form with more stages to follow, including interviews, tests, and assessment centres. Be warned – this may take a long time, so prepare well in advance.
Boutique firms
These are smaller firms that specialize in one industry and are usually run by ex-Big Three consultants. Examples include 2020 Delivery and Solon.
Application process: Usually there is an online form and online test. The nature of the test depends on the firm’s specialism; for instance, a firm specialising in engineering may have a test that is more numerical than verbal. This tends to be followed by several rounds of interviews.
Top tip: Try to apply for a mix of firms. You could try applying for some of the smaller ones first for the experience, even if you are set on working for one of the Big Three or Four. You never know – you might like it!
2. Do your research, and then research some more
Your research should not be limited to the internet, especially as most firm websites are not the easiest to navigate. To get direct answers to your questions, go to events that firms hold at universities or at their offices and make the most of careers fairs. Speaking to a firm in person will save you the time and effort of trying to dig up an answer online or via emails and calls. Make sure you prepare your questions in advance – look at the online form; is there anything you’re unsure of? Can you find the application deadline? What kind of candidate are they looking for? By doing the research, you can leave a favourable impression on the firm so that they remember you, or at least give you a business card.
Top tip: If you have time, make a big spreadsheet listing the key deadlines of applications you want to make and links to relevant pages of the firm websites – it will be a life saver!
3. Prepare to be tested (literally)
There are a variety of aptitude tests which firms use to test your numerical ability and verbal reasoning, and the questions and format vary depending on the firm and the test. Some firms use standardised tests, such as the Watson-Glaser, for which there are many practice tests available, but other firms may design their own and only offer one practice test or question. Practice is key regardless of the type of test, especially since they are timed – you need to get used to the pace of the questions and to figure out your timing. Do as many numerical and verbal reasoning tests online as you can and remember to brush up on your mental maths skills, especially if it’s been a while!
Top tip: Make preparation fun using games and apps! For example, one of my friends used an app called ‘King of Maths’ to prepare for her tests, which is a game in which you level up your character by answering maths questions.
4. Be commercially aware
Commercial awareness is the buzzword for all City jobs, and consulting is no exception. Staying up to date with current events is crucial to acing your interviews, especially for case studies in which you may need to consider external factors affecting the problem. To find out more, see my previous post ‘Commercial Awareness – what is it and how do I get it?’ for tips on how to get started, but the key is to read the business sections of newspapers regularly and read around general economic trends. I would recommend the book ‘Know the City’ by Christopher Stoakes if you want a better understanding of how business, and in particular the financial markets, work. A knowledge of some key industries will also be useful when it comes to your case study interview, as you may have to consider the trend of an industry to contextualise your problem and solution.
You should also build on the research you have already done on the firm before your interview. You need to sound like you know the firm inside and out, so show that you know how they think. Big firms tend to publish regular newsletters about the current research they are doing, which are usually available on their websites, and mentioning these will a) really impress your interviewer and b) demonstrate your interest and dedication to the firm because you’ve clearly gone out of your way to impress them.
5. Make it all about you
Start by thinking of your worst-case scenario – what is the absolute worst thing they could ask you? Usually questions about weaknesses catch people out because they aren’t expecting to think negatively about themselves. Preparing for these questions first will ensure you’re not caught out on the day.
Not only do you need to have good answers in mind, but you also need to perform them well. The key to this is to practice speaking aloud – do your answers sound natural and not forced? Although there are models like STAR (Situation, Task, Action, Result) designed to help structure your answers, you don’t need to stick to them closely – speaking aloud will let you check if your story flows. Don’t neglect the personal side of the interview either – first impressions are vital. Think about how you want to come across and be conscious of this when practising your answers.
It’s crucial that your answers are detailed, original, and most importantly, personal. For once you’re allowed to make it all about you, so your story needs to demonstrate what is it that makes you different. Even if you weren’t the leader, how did you make a significant contribution? Make sure your story is detailed so as to not gloss over the importance of your role – one friend recalls getting feedback from a Big Three firm in which they said they would rather have one story in a lot of depth than several vaguely recounted. But above all, don’t lie! Unless you are 100% sure you can pull it off convincingly under pressure, don’t risk it (they can always tell) and stick to what you know.
Top tip: Ensure you say ‘I’ and not ‘we’ in your examples and quantify your abilities (e.g. how many people you led). This will help convey your contribution and the importance of your role.
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