McGill Consulting Workshop - Jan 2011 - hosted by Khaled Kteily
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McGill Consulting Workshop - Jan 2011 - hosted by Khaled Kteily

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McGill Consulting Workshop - Jan 2011 - hosted by Khaled Kteily McGill Consulting Workshop - Jan 2011 - hosted by Khaled Kteily Presentation Transcript

  • Consulting Week: Breaking into the Big Leagues
    This PPT is © Khaled Kteily, 2011Please do not modify without permission
    By Khaled Kteily
    • Part 1: Consulting Overview
    • Part 2: Getting the interview
    • Part 3: Nailing the first round
    • Part 4: Getting the Offer!
    Overview of Workshop
    2
  • OCR Summer recruitment
    OCR Full-time recruitment
    Tools for success
    Build the McGill consulting brand
    Purpose of Workshop
  • Consulting Week: Breaking into the Big Leagues
    This PPT is © Khaled Kteily, 2011Please do not modify without permission
    Part 1: Consulting Overview
  • Who am I?
    What is Consulting
    What do Consultants do?
    Being a Consultant
    Consulting Career Path
    Trends in the industry
    Agenda
  • Who am I?
    Bachelor of Commerce (Finance, IS, OB)
    Prior experience (ICBC, JDC, OBCC, MMICC)
    Consulting recruitment:
  • So what changed?
    Who am I?
    Practice
  • What is Consulting?
    A consulting firm provides business advisory services to its clients
    Long-term expansion strategy
    New product launch
    IT system implementation
    Post-merger integration
    Why does a firm hire consultants?
    Industry and function-specific expertise
    Analytical horsepower
    Fresh perspective
    Political justification
    This PPT is © Khaled Kteily, 2011Please do not modify without permission
  • What does a Consultant do?
    Pitching
    Helping to sell and market the firm
    Preparing RFP’s
  • What does a Consultant do?
    Research
    Conducting analysis using company info databases
    Reading industry reports
    Interviewing client and customers
    Researching past projects
    Facilitating weekly team meetings
  • What does a Consultant do?
    Analysis
    Organizing, analyzing, and summarizing data
    Building financial models in excel
    Discussing data with team and client
    Generating insights and recommendations
  • What does a Consultant do?
    Reporting
    Preparing interim and final presentations
    Presenting findings to team and client
  • What does a Consultant do?
    Implementation
    Acting as project leader for implementation phase
    Documenting proposed processes
    Recording and filing work done by your team
  • Why should you be a Consultant?
  • Why should you NOT be a Consultant?
  • Leadership & Impact
    Prove that you take on a project and improve it
    Teamwork
    + =
    Problem Solving & Analysis
    Prove that you can find answers to difficult questions
    Communication
    Can you convincingly convey your recommendations?
    Characteristics of success
    This PPT is © Khaled Kteily, 2011Please do not modify without permission
  • Areas to target
    Poor focus
    Analysis requires long hours and focus
    Not energized by people
    You will be working with colleagues, bosses and clients
    Big talk, poor action
    You are responsible for your own workstream
    Uncomfortable with numbers
    Lots of number-crunching involved
  • There is none!
    The “Typical” Career Path
  • Trends in the Consulting Industry
    Trends towards specialization
    • Does specialization provide more value?
    2. Change in type of work
    • Cost cutting
    • Talent Management
    • Technology in FS
    3. Regional growth
    • High demand in Latin America and Middle East
    • LT Potential for Asia Pacific
  • Trends in the Consulting Industry
    Mergers & Consolidation
    • HR Consulting (Aon-Hewitt, Towers-Watson, etc.)
    • IT Consulting (Top 20 = 60%)
    5. Focus on implementation
    • Recommendations aren’t good enough
    • Accenture, Deloitte, etc.
  • So now what?
  • Consulting Week: Breaking into the Big Leagues
    Part 2: Getting the interview
  • Agenda
    The 3 steps to getting an interview
    Preliminary work
    Your 3 main documents
    Non-business students
    Information Sessions
    The Networking Process
  • So how do I get the first interview?
    There are 3 steps to securing an interview:
    Preliminary work
    Putting together your application
    Getting your application in the right pile
  • Get organized.
    Organize
  • Seriously, be organized.
    I’m not kidding. Be organized!
  • Seriously…organize!
    Get your subscriptions ready
    • Sign up for Google Alerts
    • Sign up for blog newsletters
    • Sign up for NYT or WSJ newsletters
    Use your resources
    • Create search agents
    • Download ‘Case Maestro’
    • Prepare your LinkedIn
    • Get to know your career advisor!
  • Failing to plan is planning to fail
    Do your research and use your resources.
    I like McKinsey because they’ve expanded into the growing Latin American market and capitalized on their strength in IT to help top-tier banks revitalize their legacy IT systems
    …………
    I like McKinsey because they’re the best!!!
    Oh….
  • Creating your application
    Your application is comprised of 3 documents:
    Resume
    Cover letter
    Unofficial transcript
    These 3 documents are your ONLY representation. Don’t forget this!
  • Your Consulting Resume
    What does a firm want to see on your resume?
    Demonstrated academic ability
    3.5 GPA or above (3.7 preferred)
    Leadership roles
    Challenging work experience
    Well-roundedness and internationalism
  • Your Consulting Resume
    The ideal resume says the following:
    “I have maintained a 3.9 CGPA while being President of the MUS, VP Finance of the International Student’s network, feeding the homeless, and wrestling alligators in my free time”
    You are not that person.
  • So what should I do?
    Show that you are interested in Consulting
    Case competitions, strategy concentration, etc.
    Put your best foot forward
    Include a “Major GPA”, “Year GPA”, etc.
    List your best accomplishments first
    Capitalize on brand names
    Show that you have depth & personality
    You do, right?
  • So what should I do?
    Demonstrate transferrable skills
    Excel modeling, leadership, research projects, etc.
    Quantify your achievements
    Specify GPA percentile
    Prove added value
    Be specific
    Size of team, hours worked, etc.
  • This PPT is © Khaled Kteily, 2011Please do not modify without permission
    Your resume review
    How does it work?
    Team of 3-5 consultants; McGill alumni
    Primarily analysts and associates
    1 minute for resume, 1 minute for cover letter
  • Cover letter
    What does a cover letter represent?
    Why you would be a good consultant
    Why you would be a good consultant FOR THEM
    Your ability to write concisely and coherently
    Your “story”
  • Writing your cover letter
    Points to remember:
    No more than 1 page
    At least 3 paragraphs, 4 preferred, no more than 5
    LIST THE RIGHT NAME AND COMPANY
    Don’t repeat your resume
    Refer to your connections; do it well
    Relate a key experience to consulting
    Add a personal signature
  • I’m not a business student – Help!
    It doesn’t matter.
    You need to show 2 things:
    1. Demonstrated interest in Consulting
    2. Transferrable skills
  • I’m not a business student – Help!
    Engineers:
    • Emphasize leadership and teamwork
    • Brush up on the business world
    • Leverage your synergies before we touch base
    Arts:
    • Emphasize your interest in business
    • Startup experience is a huge asset
    • Demonstrate comfort with numbers
  • Your application’s done!
    Good job!
    You’re only getting started.
  • Information Sessions
    Why should I go?
    Collect information
    Find networking opportunities
    Learn about the firm culture
    Get to know your peers
  • Information Sessions
    How should I act?
    Dress Code – clean suit, tie, shined shoes
    Timing – 15 minutes early, 1 hour late
    Eating – stick to drinks
    Questions; during and after
    Consultants – quantity, not quality
  • Approaching a consultant
    Don’t:
    Don’t focus on HR
    Don’t focus on senior consultants
    Don’t spend more than 10-15 min. per consultant
    Don’t be aggressive or condescending
    Don’t ask stupid questions
  • Approaching a consultant
    Do:
    Prepare memorable questions
    Smile, introduce yourself, and shake hands firmly
    Find areas of ‘connection’
    Ask for a business card
    Stay until the end of the cocktail
    Send a personalized thank-you e-mail
  • Networking
    Creating your consulting network:
    (Remember: This is a long-term process)
    Build your LinkedIn
    Create a list of existing contacts
    Business cards, McGill alumni, friends of friends
    Find new contacts
    Existing contacts, information sessions, social media
    “Great networkers build relationships before they need them”
  • Networking
    So how do I start?
    Get in touch with your contact
    Level 1: Thank You e-mail
    Level 2: E-mail with questions
    Level 3: Ask for recruitment advice
    Level 4: Ask for preparation help
    Follow up if needed
  • Networking
    So now what?
    Stay in touch with your contact
    Level 1: Short, professional e-mail
    Level 2: Follow up with additional questions
    Level 3: Ask to meet for coffee
    Level 4: Ask to meet for interview prep
  • Networking
    I got the help I needed!
    Maintain contact
    By e-mail (Birthdays, holidays, etc.)
    By e-mail (Personal updates)
    In person (Coffee, lunch, etc.)
    This is the most difficult part.
    Software helps - Boomerang, contact management, etc.
  • Networking
    A few last points:
    Keep your e-mails short
    Always re-read your e-mails
    If you’re calling, leave a voicemail
    Always offer to call them
    Only reschedule in case of emergency
  • Consulting Week: Breaking into the Big Leagues
    Part 3: Nailing the first round
  • Agenda
    The interview process
    The dreaded ‘Case Interview’
    Approaching a case
    Types of cases to expect
    Case cracking methodology
    McKinsey PST & McKinsey Challenge
  • Interview process overview
    How does a first-round interview work?
    2 interviews with Associates/Team Leads
    15 minutes behavioural
    30-45 minutes case
    5 minutes for questions
    Test of Consulting IQ and EQ
    Practice is the key to passing the first round.
  • What is a case interview?
    • Hypothetical business problem faced by client
    • Generally based on real-world experience
    Designed to test the following:
    Analytical Ability
    Structured thought process
    Tolerance for ambiguity
    Communication ability
    Ability to ask the right questions
    Poise under pressure; energy level
  • Is a case interview accurate?
    Is it an accurate assessment?
    Similar to real-world problems
    False negatives > false positives
    How do you feel during a case?
    “The mind is wondrous. It starts working from the second you’re born and doesn’t stop until you get a case question”
    – Marc Cosentino
  • Questions answered without being asked
    The ‘Airplane Test’
    Is this person excited about consulting?
    “Would I feel comfortable putting this person in front of a client?”
  • Sample Case Question
    Your client is a retail bank in the US. In the last 3 years, your profit margins have dropped substantially. The CEO of the bank comes to you with 2 questions:
    Why is this happening?
    What should I do about it?
  • So what should you do?
    RELAX!
    PANIC!
  • How should I approach a case?
    Listen carefully
    Take organized notes
    Restate the facts
    Verify your objective
    Ask clarifying questions
  • How should I approach a case?
    Ask for a minute (or two); TAKE IT
    Set out your structure; explain it
    Derive a hypothesis; try to confirm or deny
    • Don’t be afraid to ask
    Develop recommendation
    • Mention risks
    Summarize the case
  • Types of cases to expect, Part 1
  • Types of cases to expect, Part 2
    Note: A case is rarely just one of the above
  • Using a framework
    What is the point of a framework?
    To START your case and develop a structure
    To help you derive a hypothesis
    To help you when you’re stuck
    Why don’t interviewers like popular frameworks?
    Ability to think vs. ability to memorize
    Poor performance in open-ended cases
    Never tell your interview that you are using a framework!
  • Structure in a case interview
    “Tell them what you’re going to tell them, tell them, then tell them what you’ve told them”
    – Winston Churchill
  • Developing your own framework
    Create “building blocks”
    WHY?
    Industry Analysis
    Company Analysis
    Competitor Analysis
    Customer Analysis
    Product Analysis
    Product Pricing
    Market entry (GFV, JV, M)
    Synergies
    Profitability
    Alternatives
    Implementation
    Risk Mitigation
    WOW factors
  • But please remember…
    By creating your own building blocks, you ensure that you are never following a scripted framework
  • WHY – a closer look
    Why is the firm looking to do this?
    Maximizing profit
    Growth for growth’s sake
    Reaching a new market
    • Customers or locations
    Pre-empting the competition
    Achieving synergies
    • Revenue or cost
    Determine specific objectives and timelines.
  • Industry Analysis – A closer look
    What does the industry look like?
    Market Size
    Market growth
    Alternatives
    Barriers to entry
    Competitors
    Consolidation
    Competitive landscape changes
  • Profit – A closer Look
    So what is the ‘Profit’ block composed of?
  • Synergies – A closer look
    Can any synergies be achieved?
    Revenue synergies
    • Can we cross-sell our products?
    • Can we increase the impact of our marketing?
    Cost synergies
    • Can we utilize unused production capacity?
    • Can we use the same distribution channels?
    • Can we combine overhead costs?
    • Will we get better deals on our supplies?
  • Your client is a retail bank in the US. In the last 3 years, your profit margins have dropped substantially. The CEO of the bank comes to you with 2 questions:
    Why is this happening?
    What should I do about it?
    Your client is a retail bank in the US. In the last 3 years, your profit margins have dropped substantially. The CEO of the bank comes to you with 2 questions:
    Why is this happening?
    What should I do about it?
    Sample Case approach
    The Basics
    Analyze
    Recommend
  • The McKinsey PST
    1 man, 1 desire… 60 minutes, 26 questions
    • Designed to assess your ability to problem solve, employ shortcuts, and manage time.
    • Combination of text, graphs, and charts
    • No ‘business savvy’ required
    • Can be taken in French or English (Think carefully)
    http://www.caseinterview.com/mckinsey-problem-solving-test/
  • The McKinsey Challenge
    So what is the McKinsey Challenge?
    • Full day designed to test your teamwork, leadership, communication, and motivation
    It helps you answer the following questions:
    • Is Consulting for you?
    • Are you right for McKinsey?
    • Is McKinsey right for you?
  • The McKinsey Challenge
    So what can I do to succeed?
    Find your role
    Communicate consistently
    Use McKinsey’s MECE method
    Show off your quants
    Focus on the objective
    Present with passion
    Don’t be afraid to try out new ideas!
  • What else?
    Listen to what your mother told you.
    BE YOURSELF!
  • Consulting Week: Breaking into the Big Leagues
    Part 4: Getting the offer!
  • Agenda
    First-round vs. Final round
    Behavioural Questions
    Questions to ask your interviewer
    Stress Interviews
    From good to great
    Dressing for success
    What else?
  • How are the two rounds different?
    Similar structure, different emphasis
    Measure of consistency
    Expect open-ended questions
    Firm-specific differences
    Why does Fit matter?
    First-round vs. Final round
  • Questions to expect
    Your chance to shine:
    Tell me about yourself
    Why Consulting?
    Why this firm?
    Why should I hire you?
    What does a Consultant do?
  • Questions to Expect
    Tell me about a time you…
    • Were a leader
    • Took initiative
    • Handled conflict in a group
    • Overcame resistance from another person
    • Used data to convince someone
    • Failed at something
    • Took a risk
  • The behavioural questions
    Structure is everything.
    “There are three things that I’d really like to touch on….”
    Use the STAR-L approach
    Situation
    Task
    Action
    Response
    Learning
    Always use anecdotes. People remember a good story
    Be energetic!
    Always have a set of examples ready
  • Questions to ask your interviewer
    Sample questions to ask:
    As a recent university graduate…
    Successful vs. unsuccessful analysts
    Memorable client experience or project
    Least favourite aspect of consulting
    Misperceptions about consulting
    I’m really interested in _____. What do you know about this area at your firm?
    Why _____?
  • Questions to ask your interviewer
  • Stress interviews
    What is a stress interview?
    Rude and aggressive responses
    The silent treatment
    What should you do?
    Don’t take it personally!
    See it as an opportunity
    Maintain your structure
    Clarify your case objective
  • Reading Charts
    I just got a graph or chart. Uh oh.
    Approach it like a case
    • Ask for a minute and lay out your structure
    Read the axes carefully
    Round numbers if needed
    What does the chart tell you?
    So what are the implications?
  • Reading Charts
  • From good to great
    How do you go from good to great?
    Asking for information: Question + Hypothesis
    Relate to personal experience
    Notice non-verbal communication
    Draw graphs or charts
    Use your environment
    Practice your mental math
    Market-sizing wow factors
    “Go down the hallway”
  • Wow! Factors
    A few ‘Wow!’ factors:
    • Government regulations
    • Cultural factors
    • Unions
    • New technology
    • Organizational culture
    • Industry knowledge
  • Dress Code
    Men:
    • Suit: Black, navy blue, or charcoal grey
    • Don’t mix more than 2 patterns
    • Clean-shaven, groomed hair, trimmed nails
    • Shine your shoes!
    Women:
    • Solid color, conservative suit
    • Minimal makeup and jewelry
    • Moderate shoes
  • Dress Code
    Dress like you’ve got the job.
    Wrinkled shirts = do not think ahead = unable to plan workstreams = poor team member.
    Misshapen tie-knot = lack of friends able to do you a favor = poor social skills = poor team member
  • Interview time selection
    Interview body language – ‘mirroring’
    Your handshake
    Work visa concerns
    Firm reimbursement
    Monitor your Facebook
    What else should you know?
  • What happens if you don’t get it?
    Hey, neither did I.
    • Don’t lose hope!
    • Get feedback and listen carefully
    • Use the summer to network
    • Keep reading about Consulting
    • Prepare your full-time applications in advance
  • Committed to being a Consultant
    Has put in the practice (min. 50 cases)
    Has built up the network
    Demonstrates passion for consulting
    Shows enthusiasm and personality
    Is the right ‘fit’ for a firm
    Characteristics of students who get offers
  • Consulting Week: Breaking into the Big Leagues
    End of Part 4
  • Personal note
    I hope you enjoyed reading through the slides, and that they have helped you:
    Decide if Consulting is you
    Given you the tools you need to succeed
    A number of slides have been removed, either to preserve privacy or to ensure that the workshop will continue to add value!
  • For the Fall Semester, you can expect:
    A similar workshop, broken down into 3 parts:
    Part 1 for students new to Consulting
    Parts 2 & 3 for students who are focused on interview prep
    Updates to the workshop based on your feedback
    A new section on market-sizing
    Personal note
    94
  • Another guest speaker (possibly more), along with a networking session
    Your chance to be included in the Consulting resume booklet, sent out to firms
    One-on-one case prep and application review for some workshop attendees
    Personal note
    95
  • GOOD LUCK!
    Please don’t hesitate to reach out to me if you need help or have questions.
    E-mail: Kteily@gmail.com
    LinkedIn: http://ca.linkedin.com/in/khaledkteily
    Personal Note
    96
    • Kevin Gao, of www.managementconsulted.com
    • Victor Cheng, of www.caseinterview.com
    • Authors of www.simplythecase.com
    • Vault Inc., the Vault Guides and Vault Rankings
    • Mathieu Prévost
    • Julia Riscaldino
    Special Mention
    97
  • Legal Disclaimer:
    Any views or opinions presented in this presentation are solely those of the author and do not necessarily represent those of McGill University, the Desautels Faculty of Management, or Oliver Wyman.
    All materials included in this presentation, including copy, graphics and customized code are the intellectual property of Khaled Kteily, unless otherwise noted or attributed. Text excerpts, diagrams, logos or other information may be quoted within the content of this presentation, and the respective copyright holders retain their rights to this material.
    Extracts of the information in the presentation may be reviewed, reproduced or translated for research or private study but not for sale or for use in conjunction with commercial purposes. Any use of information in the presentation should be accompanied by an acknowledgment of Khaled Kteily as the author. Reproduction or translation of substantial portions of the presentation, or any use other than for educational or other non-commercial purposes, require explicit, prior authorization in writing. 
    © Khaled Kteily, 2011
    98