McGill Consulting Workshop - Jan 2011 - hosted by Khaled Kteily


Published on

For McGill students only

Published in: Career
  • Be the first to comment

No Downloads
Total views
On SlideShare
From Embeds
Number of Embeds
Embeds 0
No embeds

No notes for slide
  • Image retrieved from
  • Image retrieved from, © Oleg Prikhodko
  • Image retrieved from © Stephanie Horrocks
  • Image retrieved from
  • Image retrieved from
  • Image retrieved from
  • Image retrieved from
  • Image of Woman, source of image not foundImage of Man, © alvarez, retrieved from
  • Image of clock, retrieved from www.largeprintreviews.comImage of presidential meeting, retrieved from www.nocaptionneeded.comImage of man with handshake, retrieved from www.workopolis.comImage of passport, retrieved from www.start-a-business-in-japan.comImage of Canadian Currency, retrieved from www. currency-guide.infoImage of Facebook logo ©
  • McGill Consulting Workshop - Jan 2011 - hosted by Khaled Kteily

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