So you’ve decided you want to be a management consultant? Congrats, you’re now one of thousands competing for the same job! And there’s your first problem: how do you stand out? The first step is always the hardest and sadly the most important, so here’s my guide on how to tackle your first consultancy job […]
Category: Consulting
As a journalist I have followed one simple rule: anything Peter Mandelson wants to conceal is something that the British people need to know. The rule was established over twenty years ago when as an MP he took a whacking great loan from a fellow MP, Geoffrey Robinson, and decided to conceal this from his […]
Every now and then, I meet students in their final year at university who are worried about applying for graduate jobs in consulting. “It seems like a great job – but I just don’t think my CV is good enough” is something I have heard many times. True, graduate schemes at top firms are very […]
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Travel, Training and Mentorship
Three 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 […]
Merry Christmas! Joyeux Noël! Sheng Dan Kuai Le! (圣诞快乐!) Wishing you an enjoyable day, and a happy holiday season spent with good people, surplus amounts of food and drinks, and a large number of gifts! One idea that is firmly associated with Christmas is gift giving. This is a central part of the Christian tradition, […]
One of the most enduring reasons to get your MBA (or even EMBA) goes far beyond the “so-called” traditional reasons for going back to grad school (starting with increasing your pay check). It also extends much further than your expanded business network and the knowledge that you pick up along the way, including bettering how […]
International business degrees, in particular the MBA, are of increasing importance in a world where globalization (no matter how you define it) is here to stay. If anything, despite the recent backlash against globalisation, international business people who have an understanding of different business cultures are far better prepared for the world that lies ahead. […]
In the fall of 2015, after spending two years in a small town in the Ruhr Valley starting to learn German (I will appreciate Mark Twain’s perspective on the sprache so much better going forward), I moved to Frankfurt to begin my Executive MBA at the Frankfurt School of Finance and Management. There are many […]
Management consulting is a service industry that earns its keep by serving large organisations – corporate, non-profit and government. During economic downturns these prospective clients typically have less money, or more uncertain cash flows, and so are less likely to spend money on consulting services. As a result, consultants are vulnerable to layoffs during economic […]
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“Up or Out” Policy
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 […]
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Consulting Roles
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, […]
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Generalist versus Specialist
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 […]
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Consulting Jargon
We have commented on consulting jargon before, but we will do it again. Organisations hire management consultants to provide advice on their most challenging business problems. Senior management are busy people, and so consultants need to communicate as clearly as possible. The need for clarity, however, has not prevented consultants from developing an industry jargon all […]
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Consulting or Banking
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 […]
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Is Consulting For You?
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 […]
The consulting industry provides many services and covers many industry sectors, and so the domain knowledge and expertise that a consultant needs will vary depending on the industry focus and services that the consultant actually provides. That being said, there are some generic skills that every consultant will need to have. As a starting point, […]
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9 M’s Resource Audit Checklist
An organisation’s approach to strategy will always depend on the circumstances. Who are the organisation’s competitors? There will be existing competitors, and outsiders who might threaten to compete in future. And who are the organisation’s customers? There will be existing customers, and larger groups that the organisation wants to target. By understanding the external environment, an organisation will then be […]
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What Do Consultants Do Each Day?
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 […]
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Types of Consulting
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 […]
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What is Consulting?
“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 […]
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A Career In Management Consulting
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 […]
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How To Deal With Rejection
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 […]
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Negotiating An Offer Of Employment
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 […]
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Accepting An Offer Of Employment
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 […]
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After The Interview
(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 […]
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Practice Case Questions
(Source: Flickr) If you want to practice case questions, I highly recommend Marc Cosentino’s book Case in Point. You can also access sample case questions from various consulting clubs here, and from the following consulting firm websites: McKinsey & Company; Bain & Company; Oliver Wyman; Deloitte; A.T. Kearney; Accenture; and L.E.K. Consulting. [For more information on consulting […]
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Product Market Expansion Matrix
The product-market expansion matrix may prove useful in the consulting case interview and is relevant when considering growth strategies. It might be used on a standalone basis or as part of a larger profitability framework. There are four ways that a company can pursue growth: Market penetration: A strategy to increase sales to existing customers […]
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Outsourcing Matrix
The outsourcing matrix may prove useful in the consulting case interview, either as a standalone framework or as part of a larger profitability framework. With the view to reducing costs, there are three questions that a firm would do well to consider: How long will it take to reduce major cost drivers? Are the activities strategically […]
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McKinsey 7 S Model
While you may not directly use the 7 S Model in the consulting case interview, it will give you a deeper understanding of how to examine the inner workings of an organisation, identify strengths and sources of competitive advantage, as well as weaknesses and reasons why an organisation may not be operating effectively. The 7 […]
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BCG Growth/Share Matrix
While it may not be a core framework for solving consulting case questions, the BCG Growth Share Matrix can help to broaden your understanding of how a company might want to allocate cash between products and business units. The framework is based on the idea that the amount of cash a product uses is proportional […]
(Source: Cydcor) This is a guest post from Archie Ward. Take responsibility for getting the most value out of the next conference you attend. By planning ahead and thinking strategically, a conference can generate sales, increase business, improve vendor relationships and initiate strategic partnerships. Going to a conference can renew excitement about the business, open […]
2020 Delivery is a management consultancy committed to improving public services and bringing about lasting change within public sector organisations. I recently had the good fortune to talk briefly with Mike Meredith who is a Director at 2020 Delivery, and leads the firm’s people development function. Please read the edited transcript of my discussion with […]
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Value Chain Analysis
Value Chain Analysis is another tool that may prove useful during the consulting case interview. It can be used to analyse the cost structure of a company as part of a declining profitability case, or to analyse the supply chain as part of an operations case. To understand which activities provide a company with a competitive […]
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Four P’s Analysis
Four P’s Analysis is a framework that may prove useful for solving consulting case questions. It can be used to evaluate the marketing strategy for a product. 1. Price The pricing strategy that a company employs will affect its market share and profitability. There are three key pricing strategies to consider. Competitive pricing: How do prices compare with […]
(Source: reynermedia) This is a guest post from Archie Ward. Many business people do not know how to bond with their clients. This is because the majority of such individuals struggle to find time to enjoy themselves. If you are such an individual, then there are things you can do to help you bond with […]
There were rumors circling last week that Crescendo Partners (the elite global advisory firm based in Sydney) are winding down their operations. These rumors are incorrect. Crescendo Partners MD Joseph Crepaldi confirmed to me by email that while the physical office has been closed because the building is being brought down, Crescendo Partners is still active!
I recently had the good fortune to communicate with Anne Burley, Director or Regional Talent Acquisition for Asia Pacific at A.T. Kearney. A.T. Kearney is a leading global management consulting firm with offices in more than 40 countries. A.T. Kearney is a partner-owned firm, committed to helping clients achieve immediate impact and growing advantage on their […]
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Porter’s Five Forces
The Porter’s Five Forces framework is used to determine the competitive intensity and attractiveness of an industry, and is relevant in the context of entering a new market, M&A, or starting a new business. The intensity of competition will depend on the strength of the five competitive forces, however the significance of the forces will vary by […]
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Three C’s Framework
The Three C’s Framework may prove extremely valuable for consulting case questions. It can help to assess the business situation in the context of entering a new market, M&A, product development, and starting a new business. It involves examining customers, competition, and the company. 1. Customers Eight (8) factors to consider when examining the customer. 1. Customer […]
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Profitability Framework
The profitability framework is probably the most important framework for solving consulting case questions Profit equals revenue minus cost. 1. Revenue Revenue is normally thought of as being a function of price per unit and units sold. Declining revenue can derive from a fall in prices or a reduction in units sold, and can be […]
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Case Math
(Source: Flickr) In this post we outline some mathematical concepts that may prove useful for solving consulting case questions. 1. Break Even Analysis: Relevant when trying to decide whether to launch a new product or invest in a project with high fixed costs. 2. Customer Lifetime Value: Customer lifetime value is a prediction of the entire future […]
I was grateful for the recent opportunity to communicate with Jennifer Marsh, Global Head of Public Relations Strategy, and Cheryl Coulthurst, Global Head of Talent Acquisition, at North Highland. Founded in 1992, North Highland is an employee-owned global management consulting firm that has been named as a Best Firm to Work For every year since 2007 […]
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Sample Consulting Case Questions
(Source: Flickr) Below we provide a selection of sample consulting case questions. The questions are broken down into seven (7) question types to make them easier to digest. 1. Declining Profitability Our client is eBay. Its share price fell from $310 to $200 per share on reports of declining profits. What’s going on and how […]
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Concluding A Consulting Case Question
(Source: Flickr) At the end of a case question it is important to provide a summary of the problem and a set of actionable recommendations that answer the question. Recommendations should be justified with the key findings that you had been noting down as you progressed through the case. For example, you might say something like […]
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Tackling A Consulting Case Question
(Source: Flickr) The second stage of a consulting case question, after setting it up, is to solve the problem. Here are six (6) tips for successfully tackling a case question: Find the source of the problem – You might get asked a question such as “Profits have declined, what should we do?” Before diving head long […]
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Setting Up A Case Question
(Source: Flickr) When it comes to answering a consulting case question, there are three stages to the answer: setting it up, solving it, and providing a recommendation. The first stage is setting it up, and below we provide five (5) steps to setting up a case question: 1. Summarize the question Give yourself time to think by writing down […]
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Conversation with Cartesian
I recently had the good fortune to talk briefly with Adam Fraser who is a Business Analyst at Cartesian. Cartesian is a specialist provider of consulting services and managed solutions to leaders in the global communications, technology and digital media industries. Please read the edited transcript of my discussion with Adam below. This will be […]
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Playing For Time In The Case Interview
(Source: Flickr) If you get stuck during a case question then there are four (4) things you can do to regain momentum. If the interviewer has just given you some information then you can say something like “let me take a second to consider that information”. You can safely stay silent for up to 90 seconds […]
(Source: Flickr) The business case question is the cornerstone of the consulting interview, and consulting firms use it to assess a candidate for a number of qualities: Structured thinking; Numerical ability; Communication skills; Comfort with ambiguity; Speed of thought; Knowledge of key business concepts; Enthusiasm for consulting; Calm resolve under pressure; and Ability to represent […]