ICC PresentationonConsultingSector

7/30/2019 ICC PresentationonConsultingSector

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View of consulting

INSEAD Consulting Club

and Career Services



2

Objectives of today’s session

► Give you an overview of the consulting sector

► Help you better understand the life of a consultant

► Discuss the recruitment process and how you should prepare

► Present the resources you have available on campus to helpyou

► Most of all, give you an open forum so that you can ask

consultants any question you may have about consulting



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Agenda

Industry overview

The life of a consultant

Getting ready!

Open Q&A



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Why do consultants exist?

• Consultants can provide competencies not available internally

• They have varied experience outside of the client company

(geography, issues)

• They have time to study the problem (i.e. they reduce

problem-solving cycle time)

• They are client service professionals

• They are independent

• They question dogmas

• They have the ability to generate action based on

recommendations



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History of management consultancies

Arthur D. LittleArthur D. LittleArthur D. LittleArthur D. Little

1883188318831883

McKinsey & CoMcKinsey & CoMcKinsey & CoMcKinsey & Co

1926192619261926

Bain & CoBain & CoBain & CoBain & Co

1973197319731973

AT KearneyAT KearneyAT KearneyAT Kearney

1946194619461946

BCGBCGBCGBCG

1963196319631963

Monitor Monitor Monitor Monitor

1983198319831983

BoozBoozBoozBooz Allen &Allen &Allen &Allen & CoCoCoCo

1914191419141914

L.E.K.L.E.K.L.E.K.L.E.K.

1983198319831983



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Segmentation of the consulting industry

Additionally there are:

• Sector or industry specific

consulting firms

(e.g. public

sector, energy)• Internal

consulting roles

in most major

companies



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Agenda

Industry overview


Getting ready!

Open Q&A



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Typical career path within a consulting firm

Analyst / Associate (undergraduate hires) – crunch numbers, lift heavy objects

Consultant/ (Sr.) Associate (MBA hires, 2-3 years tenure) – conduct primaryresearch, analyze and synthesize data, work with and present findings to client

Manager / Team Lead/ Project Leader (2-5 years tenure) –lead team(s) of analystsand consultants, manage project end-to-end, serve as daily client contact

Sr. Manager / Principal/ Associate Partner (4-6 years tenure) –lead team(s) ofmanagers or consultants on multiple projects, own client relationships, develop new

business

Partner / VP / Principal (7+ years tenure) –cultivate and own client relationships, leadpractice areas, sell new business, offer committee leadership, contribute to firmintellectual capital

1111

2222

3333

4444

5555



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Two career paths into consulting

► Generalist track: Provide general advice to a wide

variety of companies that are designed to make the

client company run more efficiently and productively

► Specialist track: Focus on one particular area or

industry; gaining in-depth information and functional

knowledge, and apply it at client companies



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Deciding whether consulting is right for you

Qualities shared by most consultants:

Strong academic track-record

Analytical & problem-solving skills

Quantitative skills

Leadership skills

Teamwork

Project management skills

Client relationship / management skills

Strong oral communication skills / presence

Ability to drive change and have impactComfort with (not just tolerance) ambiguity

‘FIT’ with culture

In some instances, relevant industry or functional domain expertise



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Factors that attract MBAs to consulting:

• Intellectual and analytical challenge, opportunity to apply b-school knowledge• Continuous learning environment

• Chance to work with top-notch peers• Opportunities to perform high-visibility / impact work• Potential to acquire exposure to specific set of industries, functions, geographies• Historical receptivity to international students, career-switchers• Compensation

• Its an easy way to keep your options open

… and why not all MBAs want to consult:

• Work-life (im)balance, travel demands• Client service model –relationship model and inability to control outcomes• Stress of up or out culture• Ambiguity• Mismatch with long-term career goals and interests• Lack of stability

Deciding whether consulting is right for you



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Everyday work – key tasksInformation gathering

• Perform interviews (clients / internal / external)

• Synthesize research reports, market research, previous work done by firm in this area, public sources, etc.

Problem-solving

• Understand client's overall problem and identify the issues relevant to the problem

• Plan analytical steps to solve issues

• Generate hypothesis, prioritizes analysis and test arguments

Quantitative analyses

• Perform financial and operational modeling, business plan scenarios, statistical analyses (e.g. market segmentation)

• Synthesize quantitative results and build recommendations

Team management • Design, organize, prepare and staff clients' meetings

• Present findings and expose arguments

• Facilitate discussions, incorporate inputs and validate recommendations/hypotheses

Process management

• Design the work stream process: working calendar, milestones, resources needed• Validate and facilitate the work stream process, both internally within the project team and externally with client's team

• Prepare written documents (slides and reports)

• Communicate findings and recommendations to clients (e.g. formal presentations)

Client relationship management

• Manage day-to-day relationship throughout project at all levels and build long-term relationship after the project• Assist in subsequent drafting of proposals



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• “Up or out” culture

exists, and needs toexist, at most consulting

firms to support pyramid

structure

• Typically “up or out”

more enforced intransition periods or

times of economic

downturn

• Acquired some

managerial experienceand promotion “stamp”

• Industry or investing role

leveraging pre-MBA

experience, or at former

client• Less common is lateral

shift to another

consulting firm

• Before partner level

• Leverage on themanagerial capabilities

and contacts with top

decision makers

• Normally to leading roles

in corporatestrategy/business

development at former

client or role within

sector of expertise

Involuntary (ongoing)Involuntary (ongoing)Involuntary (ongoing)Involuntary (ongoing) Voluntary (2Voluntary (2Voluntary (2Voluntary (2----3 years out)3 years out)3 years out)3 years out) Voluntary (5Voluntary (5Voluntary (5Voluntary (5----6 years out)6 years out)6 years out)6 years out)

Typical industry turnover rate is 15-20%

Life after consulting



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Agenda

Industry overview


Getting ready!

Open Q&A



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When to start?



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How firms evaluate candidates

• What you have done and what you aim to do

• CV and prior experiences• Passion shown in your professional and personal life

• Commitment to consulting and to the firm

• Who you are

• Communication skills• Interpersonal skills – How you relate w/ interviewer• Self confidence• Overall “good vibe”/ fit with culture

• Analytical and problem solving skills

• Capacity to listen and frame issues• Capacity to define the necessary analytical steps• Capacity to deal with ambiguity• Capacity to react when challenged• Quantitative skills

• Would I like to have this

person on my team?

• Would I send this personalone to the client?

• Will I be able to trust hisoutput?

• Can he be challenged andreact?

• Is he/she dedicated andpassionate?



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How to prepare effectively

Define your target (list of companies and offices (keep inmind that London, Singapore and Amsterdam are the mostcompetitive offices!)

Study the companies websites thoroughly (50% of thecandidates who had a first round of interview at BCG did notvisit the company’s website)

Network (peers, alumni, professors, professionals) to knowmore about the company and offices you are interested in

Find connections with the firm and the offices you areinterested in and define your value proposition (find a way

to differentiate yourself from other candidates) Create a compelling story on why you want to go into

consulting and why that specific company

Practice the case interviews



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Resources• The INSEAD Consulting Club Book

https://insidemba.insead.edu/careers/whatsnew/ICC_Handbook_2009.pdf

• Careers in Consultinghttp://www.careers-in-business.com/consulting/mc.html

• The Vault Guides to the Top Consulting Firms/Career Guide to Consulting

http://careerlib.vault.com/cb/careerlib/careerlib_main.jsp?parrefer=325&k=910520

• CV, Cover letter and Interview tips for Consulting

https://insidemba.insead.edu/careers/whatsnew/CV_Letter_Tips_Consulting.pdf

• Joe Mahoney’s Management Consulting course

http://joeomahoney.googlepages.com/managementconsulting



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Crack the Case by David Ohrvall

Mr. Ohrvall is considered the guru of case interviews and provides

a very interesting approach to cracking the case using his own methodology.Included in this book are 10 detailed cases with thorough solution and analysis.

For more information about the book or the author, you can visit his website at:

http://www.mbacase.com/default.aspx

WetFeet Editions

• WetFeet provides five case books with some 12 cases in each. (On career Services Website)

• This collection of books is a very important practice source since it provides around 60 welldesigned, tough and challenging cases.

• Ace Your Case: Consulting Interviews• Ace Your Case II: Mastering the Case Interview

• Ace Your Case III: Market-Sizing Questions

• Ace Your Case IV: Business Strategy Questions

• Ace Your Case V: Business Operations Questions

• Also you will find a collection of books about consulting.

• 25 Top Consulting Firms

• Careers in Management Consulting

• Finally, WetFeet provides detailed information on each consulting firm.

https://crs.wetfeet.com/schools/inseadmba/default.aspx



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Vault GuidesVault is the most famous interview and career resource in academic circles. For

the consulting interview, three main books are available and should be used

to complement the other two resources. (On Career Services Website)

The case interview book will give you an overview of the methodology used tosolve consulting case interview along three levels of frameworks (the mostadvanced

pointing to frameworks such as Porter’s Five Forces, the Four Cs etc.)

http://careerlib.vault.com/cb/careerlib/careerlib_main.jsp?parrefer=325&k=910520

Other Books

• There are other books in the library available to the students to prepare for the caseinterview. Another famous book is the Case in Point book.



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ICC PresentationonConsultingSector

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