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CONSULTING TOOLKIT Consulting Careers© 2007-2013 IESIES Development Ltd. All Ltd. Reserved © 2007-2012 Development Rights All Rights Reserved
AGENDA •Consulting vs Management roles •The landscape –Types of consultant –Types of business development role •Consulting Interviews –Cases –Behavioral •Q&A © 2007-2012 IES Development Ltd. All Rights Reserved
Some people are better suited as consultants, others as line managersCONSULTING vs MANAGEMENT ROLES CONSULTING LINE MANAGEMENT Love…… •PROJECT LIFE •STABLE LIFE •100m Sprints •Marathon running •Problem solving •Managing people •Ideas and concepts •Getting stuff done •Blank sheet of paper •Building things •Learning •Meeting goals/objectives •Exploring and understanding •Having responsibility •Living on a plane/travel •Living at home and friends Good at….. •Analysis •Follow-up and persistence •Going up learning curve fast •The detail of implementation •Working in a team of peers •Managing diverse types of people and •Intellectual cutnthrust motivations •Building and relationships trust •Organisational politics quickly •Building long term relationships •Intellectual leadership •Real leadership •Producing powerpoint packs •Producing results © 2007-2012 IES Development Ltd. All Rights Reserved
Consulting is not a career choice to be made lightly……… “It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly; who errs and comes short again and again; because there is not effort without error and shortcomings; but who does actually strive to do the deed; who knows the great enthusiasm, the great devotion, who spends himself in a worthy cause, who at the best knows in the end the triumph of high achievement and who at the worst, if he fails, at least he fails while daring greatly. So that his place shall never be with those cold and timid souls who know neither victory nor defeat.” Theodore Roosevelt120112 © Chris Doran © 2007-2012 IES Development Ltd. All Rights Reserved 3
There are several different types of consultant TYPES OF MANAGEMENT CONSULTANT Generalist Functionally related TOP TIER IT-RELATED •IBM Global Business Services •Bain & Company •Accenture •Infosys •Boston Consulting Group •Booz Allen Hamilton •Logica • McKinsey & Company •Capgemini Consulting •Tata Consultancy Services •HP Enterprise Services •Wipro SECOND TIER ACCOUNTING-RELATED •A.T. Kearney •Deloitte Consulting •KPMG •Booz & Company •Ernst & Young •PriceWaterhouseCoopers •L.E.K. Consulting •Stern Stewart •Monitor Group •Roland Berger •OC&C Strategy Consultants •Oliver Wyman BOUTIQUE/LOCAL e.g. HR-RELATED •Towers Watson •ZS Associates (Sales&Marketing) •Hay Group •Headhunters (e.g.Egon •Eden McCallum (UK retail) •Hewitt Associates Zehnder, Heidrick&Struggles, •Greenwich Associates (Finance) •Mercer Russell Reynolds, Korn Ferry)YYDDMM Syndicate Case_name © 2007-2012 IES Development Ltd. All Rights Reserved 4
TOP MANAGEMENT CONSULTING COMPANIES BY REPUTATION McKinsey 8.4 BCG 8.1 Bain 8.0 Booz 6.5 Monitor 6.3 Mercer 6.2 Deloitte 5.8 Oliver Wyman 5.8 PWC 5.6 LEK 5.4 Ernst & Young 5.4 A.T. Kearney 5.4 IBM 5.4 Accenture 5.3 Parthenon 5.3 KPMG 5.2 Katzenbach 5.1 Towers Perrin 4.8 Capgemini 4.8 Gartner 4.7Source: The Vault Survey © 2007-2012 IES Development Ltd. All Rights Reserved
There are many different types of corporate development roles with different skill profiles requiredTYPES OF CORPORATE DEVELOPMENT ROLE Strategy CEOs Office Business Development Internal consultant on CEO’s go-to person, follow-up, High level sales, managing strategy projects composing reports and partners, reputation Key skills: presentations building consulting, problem Key skills: Organisation, Key skills: solving, analytical, solo writing, getting stuff done Sales, relationship operator building, drive Analysis and Planning Also consider HQ vs Regional vs Deals BU roles Benchmarking, analysing Supporting •HQ: Corporate Initiatives performance, optimising M&A, JVs, alliances •Regional: Regional CEOs “fire Key skills: brigade /SWAT team” Key skills: Modeling, analysis Valuation, commercial contracts, relationship Always ask: building “What is the career path?” © 2007-2012 IES Development Ltd. All Rights Reserved 6
There are many different types of corporate development roles with different skill profiles requiredCORPORATE DEVELOPMENT ROLES IN ASIA 1) Regional roles for Western Multinationals investing heavily in Asia, especially: • Finance • Industrial, Chemicals • Pharmaceutical • FMCG Very fragmented, so • Hi-tech/software job-finding approach: • Research! 2) China roles for big Multinationals where you have • Mandarin • Network! OR • Kiss lots of frogs! • Special industry expertise/connections 3) Corporate roles for the few MNCs with Asian HQs (e.g. HSBC/Cathay Pacific/SCB/AIA) © 2007-2012 IES Development Ltd. All Rights Reserved
To succeed in consulting interviews you will need to prepareCONSULTING INTERVIEWS • Recruiting is a consulting company’s core competence – they are only as good as their worst people, so they invest greatly in their recruiting process • Not just looking for good consultants… looking for potential partners • Two routes: –Milk Round: Typically 2-3 on-campus rounds, with 4+ interviews per round, partners final round, anyone can veto –Write-in: Each firm/office has different rules/criteria • Key points: –If you miss the main annual process, it will be much harder –Which office will you apply to? Usually – the one where you have the best chance © 2007-2012 IES Development Ltd. All Rights Reserved
McKinsey looks for competency in 4 areas and a “spike” in oneMcKINSEY INTERVIEWS Area Yardstick question Problem Solving “Would I be worried if this person worked for a competitor?” Personal Impact “Would I be happy to have this person Require representing McKinsey in a meeting with a CEO?” competency in Interpersonal “Would I want this person on my team at 2:00am Skills with a meeting at 8:00am?” all 4 and a OR “spike” in 1 “Would I want to have breakfast, lunch and dinner area with this person for a week?” Drive/Energy “Do they have a record of outstanding achievement?” •Every interview has a case, and one interpersonal area to dig into in a behavioural interview •Team “wash-up” session afterwards - Hire yes/no, backed up with facts (so arm your champion with evidence!) © 2007-2012 IES Development Ltd. All Rights Reserved
Most consulting companies use case interviews to test your problem solving skillsCASE INTERVIEWS • Purpose: To understand how you think, how you solve problems • What hirers are looking for: – Structured, logical thinking – Broad cross-functional business fluency and common sense in a new situation – Numeracy Best case – Passion for problem solving interview • Methodology: website – Provide an outline of a business problem, usually drawn from their consulting experience – Ask an open-ended question: “How would you approach this problem?” – Note how the interviewee thinks – flexibility, structure, depth, insights, response to being wrong – Depth, not breadth, spend 15 minutes on one situation – How to succeed: Take a moment to think, apply frameworks (e.g. issue tree), enjoy the process, be intellectually curious, PRACTICE 50 TIMES! © 2007-2012 IES Development Ltd. All Rights Reserved
Most consulting companies use behavioral interviewing to probe non-problem solving skills/competenciesBEHAVIOURAL INTERVIEWS • Purpose: Drill down on a specific skill to understand how you work, your style/ motivation/values • What hirers are looking for: – Honesty – depth enables you to spot bluffing – Proactive approach to problems – Reflection and learning Recent HBR Blog • Methodology: – Ask about a specific situation in their past when they used a skill e.g.“Tell me about your worst team experience?” – Establish a full grasp of the situation – Elict interviewee thinking: “What did you do?” “Why did you that?”, “What was the result?”, “What would you do differently?” – Depth, not breadth, spend 15 minutes on one situation – How to succeed: Prepare some real life stories to illustrate skills that are required for the job you are interviewing for © 2007-2012 IES Development Ltd. All Rights Reserved