How to Succeed in the New Age of Interviews

The process of securing an internship at an investment bank is both a daunting and strenuous endeavour. Through research and experiences of my own, I have gathered insights into how to prepare for and succeed in the search for an internship. I began by considering what to do to get an initial foot in the door, and how to set oneself apart from other candidates.

The beginning stages of the application process to a top-tier firm are much the same as any other. Provide your grade transcript, CV, and cover letter. You’re going to want to have top grades and a diverse range of life experiences.  The cover letter is the most important of these initial documents. A desired response from a recruitment manager would be “most cover letters I’m falling asleep. Reading your cover letter, I felt like I knew you.” Try to show your personal voice in your cover letter, don’t give some generic spiel about how you’ve graduated from ‘x’ university with ‘y’ degree. Vary your sentence length. Showing that you’re a good, emotive writer is important. Your cover letter should also be clear and easy to understand, as getting your point across is of utmost importance in the business world. In terms of CV specifications, keep your CV to one page. Write only your most impressive achievements. You want every sentence the manager reads to be a “wow” sentence. Start your CV off with a few sentences that set you apart as a candidate, be it your life background or unique experience set. Follow all of this advice and you might just get to stage two.

Stage two of the process may find you in front of your webcam, coming face to face with the recent recruiting tool developed be Hirevue. This involves being asked questions by a virtual man. You get 30 seconds to prepare a response and then two minutes to address the virtual man through the webcam. Be prepared for some difficult questions, an example being “what is a decision that you had to make in a fast-paced environment”, possibly prompting you to make the ironic response of “just now as I am taking part in this Hirevue process”. Almost certainly that is not the desired response. Whilst making realistic responses, you should also look into your webcam as if it is the eyes of a prospective manager. The webcam will record you, analysing your body language, eye contact, vocabulary, and anything else it can quantify. This will provide Hirevue with data that it will analyse to estimate how likely you are to be a successful candidate before a human even looks at your response. This can make for a very inhuman interview experience, but that is what the world is tending towards, so better get yourself acquainted with these technological advances.

If you continued to impress in step two, you’ll secure yourself an interview with a real human! This will likely be a technical phone interview in which you should have studied the potential terminology and conventions relevant to the industry. Your knowledge will be tested. This will be followed by a behavioural interview in which you give STAR (situation, task, action, result) responses to personal and teamwork questions. Just google STAR interview questions to find countless examples. It is good to have a pool of teamwork experiences to apply to the questions, considering both your internal feelings and external interactions. This step is possibly coupled with an aptitude test. These aptitude tests will assess your reading comprehension, numeracy skills, and logic skills in the form of pattern recognition. Succeed at all this and you’ll have made it to the final step!

The last stage involves being transported to the company headquarters to have face to face interviews. You’ll probably have 2 – 6 different interviews, each interview trying to pick your brain about a different aspect of your personality. These can often veer off script and you’ll do well as long as you have good conversational skills. These interviews are really to gauge your social competency. These firms want good all-rounders, and are looking for humble, kind, personable people. Teamwork skills are key. It is also pertinent that you remember all your interviewers’ names, you may be quizzed on them later in the day.

If you manage to jump through all of these hoops, congratulations, you are in! They’ll be in touch within a few hours to lock you in as you have proven that you are one of the most talented individuals around. Beyond step one all else will take place over the course of around a week, these top firms really do not mess around when securing talent. All of this makes for a difficult, stressful process, but that’s what work for a top company involves! Good luck in your endeavours, keep building a diverse range of experiences and keep on top of your studies and you’ll have a great shot.

Dean Franklet is a third year economics and finance student at the University of Canterbury where he is President of the largest commerce society on campus. Spending his life in Texas and then New Zealand with a few other stops along, he gives a unique global viewpoint to portray in his writing.

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5 Steps To Securing a Consulting Internship

Few internship schemes are as competitive as those offered by top management consulting firms – for many good reasons. Instead of making coffee, you will work on challenging projects as part of a team. Your salary will be more than decent. And even if you find out that consulting is not for you, the knowledge and skills you’ve acquired will be highly appreciated by any employer around the world. To get an internship though, it is important to know what to expect from the application process and crucial to prepare before it’s too late.

Here are 5 steps that will help you secure your dream internship:

1. Get to know the firms you’re applying to

At first glance, a lot of consulting firms seem similar and they all promise to solve their clients’ business problems in the most innovative manner. Once you do your research though, you should be able to figure out what sets them apart from one another. Who are their clients? Do they serve specific industries or do they have functional expertise in certain areas? Do they work on the client site or from the home office?

More importantly, however, you should get to know people at each firm. Most consultancies hold company presentations, networking events, or workshops for students at target universities, which enable you to get to know them better. If they don’t, you can try to contact alumni from your school or university who now work in consulting and arrange a phone call with them. Nothing tells you more about a firm than meeting the people who work there – the notion of a ‘company culture’ may sound like a cliché at first, but it genuinely provides insight. If you don’t like the people at the firm, will you really be able to spend long days working with them?

2. Spend some time perfecting your CV and cover letter

Consultants and recruiters often spend no more than a few seconds looking at your application when shortlisting interview candidates. To stand out among other applicants, you should not just meet most of the screening criteria – such as a good academic track record, relevant work experience, extracurricular activities and interesting hobbies – but should also show that you know the firm you’re applying to. Research what each firm is looking for in a candidate and adjust your CV and cover letter to match that profile. Think about why the firm you’re applying to attracts you and resort to the conversations you’ve had with its employees if appropriate.

3. Practice aptitude tests before taking them

In many countries you will have to take aptitude tests after you’ve sent in your application, either online or as part of an assessment centre. If you are naturally good at these numerical, verbal, and logical reasoning tests, don’t worry too much about it. If you’re not as confident though, then it should definitely not stop you from getting your internship! There are plenty of free practice tests around, so make good use of the resources available to you and be sure to analyse the correct answers. Soon you will discover certain patterns and learn what to look out for.

4. Get comfortable with case studies and develop your own style

Case studies are business problems you have to solve with the help of your interviewer and they are arguably the most difficult part of the application process. They involve coming up with a structure, calculating relevant business figures, and developing recommendations for a hypothetical client. Given there are hundreds of websites out there explaining how case studies work and how to approach them, I will not go into any details here. I will, however, stress the importance of practising them with others: Reading a case at home and doing it under time pressure with another person staring at you while you calculate large numbers in your head are two completely different things. Try to find other aspiring consultants in your area and set up meetings with them. If you can’t find anyone, use websites such as PrepLounge to find case study partners and start practicing at least a few weeks before your first interview. While you should definitely not overdo it – ultimately, your interviewers want to see how you think and not how well you can memorise solutions that may not even fit the case given – practicing case studies will help you develop your own way of structuring the problem and working towards the solution. Using your own methods instead of blindly following common frameworks will definitely help you stand out among other applicants.

5. Think about your past achievements and prepare for tough competency questions

Case studies only make up about half of each interview. The other half will be spent talking about your CV, your skills, and your attitudes towards topics such as teamwork and leadership. Of course, this part of the interview can vary significantly depending on your interviewers as well as your individual story, but it is worth thinking about some potential questions beforehand. Make a list of skills your potential employer may be looking for and write down one or two examples from your past where you have showcased each skill. Also think about problems you’ve had to face during past ventures, why they occurred, and how such situations could be solved. It is likely that your interviewer will drill far beyond the surface, so be prepared to discuss each statement you make in great depth.

If you’ve followed all of these steps, there’s only one more thing you can do to get your dream internship – show up on time, be confident, and rock your interviews. Good luck!

Max Kulaga is a finalist reading Economics and Management at the University of Oxford. As a former intern at L.E.K. Consulting in London and President of one of Oxford’s largest business societies, the German-born is keen on sharing his experiences and knowledge about the consulting industry.

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Management Consultancy 101: How to navigate your first application

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 application.

Step 1: Why you?

To be able to convince employers to hire you, first you have to convince yourself to hire you. Understanding what you are good at is vital to answering later questions of why you would be a good consultant and why you want to be one. After all, employers often say they want to hear your passion and enthusiasm for the job – if you don’t really understand why you’re applying, how can you expect them to know? What I did first was research what a consultant actually does and the skills required. The key skills I found are as follows:

  • Problem solving
  • Understanding of businesses/organisations
  • Research and data collection skills
  • Being able to analyse the info collected
  • Presentation skills
  • Being able to manage projects
  • Leadership and teamwork skills

Now you know what you need to do, the next question to ask yourself is: can I do it and what evidence do I have to prove it? Under each skill, write down an example of when you demonstrated said skill. Try to use a variety of examples- you don’t want to seem like you only ever achieved one thing and have done nothing else since then! More recent examples work better too for the same reason. You don’t need to have done loads of work experience or have been the president of 3 different student societies – you just need to show that you have carried out that skill well. If you can find a list of the firm’s values, make sure you can demonstrate that you adhere to these values through your examples too.

Step 2: Why them?

Once you’ve understood what a consultant does and why you would be good at it, next you have to ask why you WANT to do it. You could be the perfect candidate for this job but if you’re not passionate about it, then what’s the point in even trying? The question pertains to both why you want to be a consultant and why you want to be a consultant for that particular firm. First, make a list of all the reasons why you want to be a consultant (aside from the obvious reason of money because that’s TOO obvious). This should be relatively easy – if it’s not, then maybe it’s time to rethink that career choice.

Next it’s time to do research on the consultancy firm you’re applying for. Try to extend your research to more than just the firm’s website – though it’s important to know the firm well, there are many things that the website will say that is a) Convoluted media spiel and b) Not applicable to you. You’re applying for the experience of working there, so talk to current employees at careers fairs, look at online forums for what people have said about their experience and look at profiles for the firm that have been written by someone outside the firm. Plus, all of this will show that you have thoroughly researched the firm and so you must really want to work there! Make sure your reasons for applying pertain to your own priorities and interests – employers are shopping for you too.

Step 3: The CV and cover letter

Writing a good cover letter is essential to make sure you stand out and allows you to bring all the research that you have done together. I tend to structure my cover letter like this:

  1. Short introduction – who are you, what are you studying etc
  2. Why you want to be a consultant
  3. Why you would be a good consultant
  4. Why you want to work for this firm
  5. Thank you and goodbye

Since you already have all the information on hand, all you have to do is turn that information into coherent and grammatically correct sentences. Make sure your sentences aren’t too convoluted and long – graduate recruitment have to read hundreds of these letters, so make sure your writing is succinct and to the point. Remember, your cover letter only needs to be a page long! When you’ve finished, read it out loud to see if it makes sense and that you have got all your points across clearly. Hold it away from you and look at the page – is it just one solid block of text or have you clearly signposted your main points through indentations/your paragraphs? Before you send it off, make sure at least one other person has read it. It’s easy for you to miss spelling and grammar mistakes and it’s useful to get a second opinion from someone who probably has more experience applying for jobs than you.

Usually firms will ask you to send your cover letter along with your CV. The same rules apply here – hold it away from you to make sure your points come across clearly and make sure someone else has read it. CVs pretty much all follow the same set structure, so look online to find out what this is and set it out accordingly. The only thing you can do to stand out here is through your relevant work experience and extra-curricular activities – the same examples you have used in your cover letter but reduced to several bullet points.

Once you’ve sent it off, you’re done! (for now). Now comes the sweet torture of waiting to hear if you’ve progressed to the next stage. What comes next won’t be easy, but that’s another story for another time…

Vivien Zhu is a student studying History at the University of Oxford and is considering a career in Management Consultancy. She currently resides in Hertfordshire, England and is a regular contributor to student publications such as Spoon University and the Cherwell.

(Image Source: Pexels)

CV and Cover Letter Basics

CV and Cover Letter

(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 credentials and experience to demonstrate that you are the right person for the job.

The recruiter will be looking for evidence of:

  1. Strong academic performance
  2. Ability to work in teams
  3. Leadership experience
  4. Noteworthy achievements
  5. Differentiating factors – academic or extra-curricular achievements
  6. Relevant technical skills, e.g. software, finance, economics

For more information on preparing your cover letter and CV, please download our dedicated guidebooks:

  1. How to Create a Winning Résumé
  2. How to Create a Killer Cover Letter

[For more information on consulting interviews, please download “The HUB’s Guide to Consulting Interviews“.]

Creating a winning résumé

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 résumé is important because it helps you to win an interview and will probably be used by the company to compare you against other applicants.

2. Personalise your résumé

  • Be direct: clearly state your results and achievements
  • Be relevant: your résumé is a sales document not an autobiography. Include evidence of the skills, achievements and experience that will interest the reader
  • Be concise: your résumé should be one page, two pages tops.  If your résumé is longer than that it means you don’t respect the reader
  • Use ‘action-outcome’ language: when you describe your key achievements use action verbs to describe what you did and strong adjectives to describe the outcomes. For example, “Prepared the investment model which was used by XYZ Bank to structure a US$2 billion real estate portfolio.”
  • Tell a compelling story: the experience and activities you highlight in your CV should help to tell your story about why you are are interested in and qualified for the role for which you are applying
  • Easy on the buzzwords: avoid unnecessary jargon and technical language. Your résumé should be easy to understand.

According to Mariam Naficy, qualities to emphasise in your consulting résumé include:

  • Evidence of intellectual curiosity e.g. research thesis
  • Analytical skills
  • Communication skills e.g. member of the university debating team
  • Business skills e.g. starting a small business
  • Enjoyment of travel (include this information under “Personal”)
  • Team work skills e.g. university group assignments, work experience
  • Language skills

3. Structure your résumé

Structuring your résumé is important.  There are a few tips to bear in mind:

  • Employ consistent formatting throughout so that the document is easy to scan through and understand
  • Make sure your key selling points are clearly conveyed
  • Place your name, address, phone number, and email address at the top of the résumé

It makes sense  to organise the information on your CV so that it portrays you in the best possible light. The firm you are applying to will be interested in the following information:

  1. Education
  2. Work Experience
  3. Extra-curricular Activities
  4. Skills
  5. Personal (optional)

3.1 Education

If you have limited work experience, place your education first. If you have won numerous honors and awards, you may want to create a separate “Honors” section rather than list all of your achievements under “Education”. If your grades are not good, there are at least four ways that you can paint yourself in a more positive light:

  1. Highlight your marks in a particular subject. E.g. GPA in economics of 4.0
  2. Highlight your marks for particular years E.g. WAM for final year of 82
  3. Highlight your marks in your major
  4. Highlight your work experience. If you have relevant and impressive work experience you should highlight this in your cover letter, and provide supporting details on your résumé

3.2 Experience

Include paid jobs as well as relevant business-related extra-curricular activities; other nonpaid activities can be included under “Activities”.

There are a few tips to bear in mind:

  • Arrange your experiences in a logical order (e.g. reverse chronological order)
  • Outline your achievements and responsibilities
  • Don’t include menial jobs, such as your stint flipping burgers at McDonald’s

3.3 Activities

Include nonpaid activities that you have undertaken outside the class-room. You may want to arrange this section in order of significance rather than reverse chronological order.

3.4 Skills

In my opinion this section is not crucial, but you should consider whether you have any special skills that would be relevant for the job e.g. computer skills, language skills.

3.5 Personal

This section is optional, and can be used to demonstrate your personality by including information which you couldn’t include anywhere else e.g. overseas travel, community service.

4. Sample and template

We invite you to download our Guidebook on “How to create a Winning Résumé” which includes FREE access to the current version of our sample and template résumés (to access the download, you will need to sign up for a member account).