How to make the mostof your summerinternship 2012 – notes(2011 notes in grey!)J-P Martins, Consulting Careers Team10 May 2012
Panellists top tips (2012)Be confident – you’ve been through a Focus on the basics – what you can controlrigorous assessment process • Understand feedback criteria fromAlways communicate and ask for help – but the starthave an idea what the answer might be! • First impressions really matterMake full use of the firm’s resources • Engage – ‘show-up’ with great attitudeGet to know as many people as possible Check-in with your EngagementRemember – there is no such thing as a Manager/Principal re how to work with themtypical case, there are too many variables. from Week 1Stay flexible ‘Own’ the firm – values and culture.Ensure clarity – of tasks, expectations, next Suspend disbelief if you have to, putsteps, relationships of tasks, context everything into itEngage fully with other summer interns – Take the initiative – even if ‘on the beach’they will share invaluable tips • ‘Can I help you?’It’s a 3-month interview – focus on the • Research the firm and its workimpression you make, being a team player • Go out whenever invited 2
Panellists top tips (2011)Leverage your relationships with junior team membersTry to work on projects or aspects of projects that you have some familiarity withBring a good attitude – work well with people, get the basics right, make nomistakes!Seek and receive feedback, both formal and informalBear in mind the need to balance project excellence and building relationships 3
Questions (2012)What % of time do you I had lots of client engagement, bringing real expertise and value (ZS)think you were adding On my DD case, we identified lots of tangible value for the client, andvalue to the client? my personal slides made it into the final deck We developed a new senior role and capability for a global pharma client, and it’s doing good as well as being good for the business We were able to bring a fundamentally fresh perspective on how the client’s business actually worksWhat shouldn’t you do? Lose momentum towards the end, fail to deliver Ignore feedback or fail to act on it Be tentative in your analysis (go with your convictions) Wait until you’ve finished something before sharing it (be more comfortable taking 10-30% complete work to managers/peers for early feedback) Ask too few questions 4
Questions continued (2012)How best to prepare? Don’t party the weekend before starting Meet your peers – get to know the firm, office, culture Clean up your inbox and all pending matters so you can focus 100% on your internship Start relaxed Read • The McKinsey Way • The McKinsey Mind • The Trusted Advisor As questions – there are no stupid questions! Practice your elevator pitch/spiel Talk to last year’s interns (in the same office) – understand the evaluation process 5
Questions continued (2012)What are the most Breaking a complex problem down into constituent parts and drivers,important technical skills? then piecing it all back together again Communicating via slides – not PowerPoint per se, but compelling, insightful story-telling • Using Thinkcell, Bain Wizard etc makes drawing the charts easy… Stepping back from the problem Storyboarding your slides before jumping into PowerPoint Navigating your firm’s knowledge • Intranet • Knowledge management teams • Practice teams • Industry primers • Identifying suitable frameworks • Online training (eg ‘how to get up to speed’ training) 6
Questions continued (2012)How were you introduced Big range possible:to your case? • Case team meeting • 13MB email and e-tickets • Partner discussion, followed by introduction to PrincipalIf you have any influence, Do something different to what you’ve done before!how should you chooseyour case?Any time-management tips, Still hectic, but you’re more in control – more continuous deliverablesand how does it compare Plan backwards and communicatewith I-banking or • Eg priorities, progress, roadblockstransaction legal? Plan your week – diarise frequent check-ins • Diarise coffees, informal chats too 7
Questions (2011)What tools should we Excel and PPT should be enough!learn/practice beforehand? Excel (eg pivot tables) - try online training? ThinkcellHow encouraging was the Good, but don’t expect continual pats on the back;environment; why do some not relationships, or consulting not the right fitget offers?What are some team ‘dos and Be humble; voice opinions & speak up; make youdon’ts’? contribution clear; do what’s asked of you & do it well; don’t try to over-impress/do to much; take part (eg lunch, dinner, socialWhat’s the timing of offers, Summer internships should yield offer acceptanceautumn internships, other deadlines that allow consulting recruiting in the autumnrecruiting activities? term – if not or unsure, contact Career Services Autumn internships may be later – consult other firms you might want to recruit with well in advance 8
Questions continued (2011)How easy is it to switch office Possible and there are precedents, but beware annoyingpost-internship? the recruiters. Consult with Career Services!How easy is it to participate in Talk to Adeel Hyder/Pooya ? (MBA2011s) about theirrecruiting if on exchange in the experiencesautumn? Possible, in fact better for some geographies, but be proactive & consult with your target recruiters in advance Slight handicap in some circumstancesHow should you communicate Be quite open, but reinforce commitment to theyour LT plans if asked during development experienceyour internship?Time management – best to Get stuck in – 8-10 weeks is too short a time, and projectsexecute a slow start and build as move quicklyyou gain knowledge andconfidence?
Questions continued (2011)What not to do? Try too hard Blow up Abuse juniors Miss a deadline NO SURPRISES!What preparation to do? Take a short holiday Talk to others that interned/worked in the office you are going toWho are the decision makers on Everyone – truly 360 including clientoffers? Engagement manager, partners No place for anonymity
Questions continued (2011)How to choose a project? Choice can be limited Make a few staffing preferences clear Use it as an opportunity to understand the staffing system in your firm/office – get to know the person that manages staffingDo Project Leaders/others Not necessarilyoversell your Will ‘sell’ you well, but never in their interests to exposecapabilities/expertise? youWhat’s expected of you socially? Lots of opportunity – recommended to take part Mainly around travel if working with remote clients – eg breakfast, lunch, dinner with team mates Make sure you go to Friday drinks, outings/awaydays
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