S T R I C T L Y   P R I V A T E   A N D   C O N F I D E N T I A L"     Introduction to Management      Consulting for J.D,...
Agenda         General Introduction             What is consulting             What is it like to work as consultant?     ...
What is consulting?Serve the client to solve complex business problems•  HP – tech company  −  Global leader in PC sales  ...
What is consulting?Wide Scope of consulting engagement             Functional Practices   Industry Practices      Business...
What is consulting?Diverse positioning of consulting firms                                          •  Functional: e.g. Si...
Agenda         General Introduction             What is consulting             What is it like to work as consultant?     ...
What is it like to work as consultant?Work with a team and the clients            Source: McKinsey presentation   7
What is it like to work as consultant?Career Path: UP …                          JDs, MDs, PhDs                           ...
What is it like to work as consultant?… or OUT: Open doors to the future                               Five years from ent...
Agenda         General Introduction             What is consulting             What is it like to work as consultant?     ...
What they are looking for?Yale JDs, PhDs, MDs and beyond are already armed with many ofthe skills you need to succeed in c...
Agenda         General Introduction             What is consulting             What is it like to work as consultant?     ...
How to prepare yourself?What you would like to do from now on?   Jan      Feb         Mar          Apr May Jun            ...
How to prepare yourself?How can YGCC help you prepare?•  Stay up to date by signing up our newsletter: http://www.yale.edu...
Agenda         General Introduction             What is consulting             What is it like to work as consultant?     ...
Agenda         General Introduction             What is consulting             What is it like to work as consultant?     ...
Remember our earlier question about what firms are looking for…                                                 Shall I hi...
Case Interview Flow 30                 Introduction             Structure                    Analyze                 Summa...
The Case Itself                  19
How to prepare yourself?Useful books                           Consulting Mindsets                               •  The Te...
How to prepare yourself?Other useful websites•  Case Interview related:   −  ConsultingCase101: www.consultingcase101.com ...
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Introduction to Management Consulting for J.D, M.D and Ph.D

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Introduction to Management Consulting for J.D, M.D and Ph.D

  1. 1. S T R I C T L Y   P R I V A T E   A N D   C O N F I D E N T I A L" Introduction to Management Consulting for J.D, M.D and Ph.DYale Graduate Student Consulting Club (YGCC) www.yale.edu/consulting Chair – Alice Qinhua Zhou Vice-Chair – Anit Raja Banerjee
  2. 2. Agenda General Introduction What is consulting What is it like to work as consultant? What they are looking for? How to prepare yourself? Q&A A sample case Networking time 2
  3. 3. What is consulting?Serve the client to solve complex business problems•  HP – tech company −  Global leader in PC sales ○  PCs are a low margin business ○  PCs sales growth is slowing (in the face of Apple) −  New CEO Meg Whitman faced with a difficult decision: ○  Should HP continue to make PCs?•  How does Meg Whitman answer this question? −  PC-business execs want to keep their jobs −  Other VPs run their own business segments −  Analysis is complex −  Answer: Management Consultants 3
  4. 4. What is consulting?Wide Scope of consulting engagement Functional Practices Industry Practices Business Innovation Financial Services Corporate Finance Retail and Consumer Goods Strategy Energy and Agriculture Organization Media & telecommunications Operation Public sector Marketing Transportation / Travel Risk Healthcare High Tech 4
  5. 5. What is consulting?Diverse positioning of consulting firms •  Functional: e.g. Simon Kucher & Partners •  Industry: e.g. Frankel Group 5
  6. 6. Agenda General Introduction What is consulting What is it like to work as consultant? What they are looking for? How to prepare yourself? Q&A A sample case Networking time 6
  7. 7. What is it like to work as consultant?Work with a team and the clients Source: McKinsey presentation 7
  8. 8. What is it like to work as consultant?Career Path: UP … JDs, MDs, PhDs Partner MBAs PrincipalUndergraduates,(Some) Master s Engagement Manager / Project Leader Associate / Consultant Business Analyst / Associate Election to Partner in roughly 8 years 8
  9. 9. What is it like to work as consultant?… or OUT: Open doors to the future Five years from entering the firm Public sector and Gov Hedge Funds Asset Management and Equity Research Non-profit Private Equity Entrepreneurship Corporate Upper Managment Consulting 9
  10. 10. Agenda General Introduction What is consulting What is it like to work as consultant? What they are looking for? How to prepare yourself? Q&A A sample case Networking time 10
  11. 11. What they are looking for?Yale JDs, PhDs, MDs and beyond are already armed with many ofthe skills you need to succeed in consulting•  Team-player (solving problems as part of a team) •  Current: •  Analytic skills, curiosity, original thinking •  Energetic, hard working •  Potential: •  Fast learning, coachable•  Client-ready (personal representation of the firm) •  Strong Listener •  Clear articulation of ideas•  Natural leader (grow the business of the firm) 11
  12. 12. Agenda General Introduction What is consulting What is it like to work as consultant? What they are looking for? How to prepare yourself? Q&A A sample case Networking time 12
  13. 13. How to prepare yourself?What you would like to do from now on? Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Invited Intern McKinsey Insight / Apply Full time Interviews Bridge to BCG Intern Interviews Apply Full time Full time Interviews•  Learn about the business world, industries, firms and yourself•  Gain experience (including club activities)•  Prepare for interviews Note: Date ranges are historical estimates – some firms may decide to buck the trend and hold their events outside these windows. So you should be sure to check specific dates of events on firm’s websites. 13
  14. 14. How to prepare yourself?How can YGCC help you prepare?•  Stay up to date by signing up our newsletter: http://www.yale.edu/consulting/ SignUp.html −  Weekly Interview Practice −  Business Seminars ○  Partners Perspectives Series (McKinsey) •  Location: Mason 107 •  Date: Wed, Jan. 25th •  Time: 6:00-8:00PM •  Sign up and submit your questions on YGCC website −  Consulting Bootcamp −  Networking Opportunities −  Case competition −  Pro-bono consulting 14
  15. 15. Agenda General Introduction What is consulting What is it like to work as consultant? What they are looking for? How to prepare yourself? Q&A A sample case Networking time 15
  16. 16. Agenda General Introduction What is consulting What is it like to work as consultant? What they are looking for? How to prepare yourself? Q&A A sample case Networking time 16
  17. 17. Remember our earlier question about what firms are looking for… Shall I hire you? Can I put you in front of Would I enjoy working Can you do the work? the client? with you? … get answered during a typical 40 minute interview! 0 5 10 15 20 25 30 35 40 (mins) Meet your Fit interviewer Questions Case Q&A Can you do the work? Can I put you in front of the client? Would I enjoy working with you? 17 17
  18. 18. Case Interview Flow 30 Introduction Structure Analyze Summary min (3-5min) (1-2 min) (20-25 min) (2-3 min) §  Pose problem to §  Provide data and §  Wrap up interviewInterviewer be solved with context only within time limit basic details when asked ü  Clarify your ü  Layout a ü  Seek data to test ü  Recommendation understanding of structured list of hypothesis (actionable)Interviewee the problem related factors ü  Interpret data ü  Reason (with ü  Identify key ü  Drive insights assumptions to drivers verify) ü  Risk ü  Next step 18
  19. 19. The Case Itself 19
  20. 20. How to prepare yourself?Useful books Consulting Mindsets •  The Ten-Day MBA – by Steven A. Silbiger •  WetFeet Insider Guide to Consulting for Ph.D.s, Lawyers, and Doctors Consulting Mindsets •  The Minto Pyramid Principle – by Barbara Minto •  The McKinsey Way – by Ethan Rasiel •  Say It With Charts – by Gene Zelazny Interview Preparation •  How to Get Into the Top Consulting Firms – by T. Darling •  Case in Point (esp. the cases) – by Marc P Cosentino 20
  21. 21. How to prepare yourself?Other useful websites•  Case Interview related: −  ConsultingCase101: www.consultingcase101.com −  ManagementConsulted: managementconsulted.com −  ConsultingFact: www.consultingfact.com/ −  CaseInterview: www.caseinterview.com/•  Consulting firm reports: −  McKinseyQuarterly: www.mckinseyquarterly.com −  BCG Focus: www.bcg.com/expertise_impact/publications/default.aspx −  Bain Insights: www.bain.com/publications/index.aspx −  ConsultingMagazine: consultingmag.com•  Business News: −  Wall Street Journal: online.wsj.com −  Financial Times: www.ft.com −  Bloomberg: www.bloomberg.com 21

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