Customized for: Kirsten ([email protected]) — HoustonChronicle “A richrepositoryofinformationabouttheworld ofwork.” — TheWashingtonPost commentary fromemployeesandindustryanalysts.” information... SitessuchasVaultdothis,featuring insightsand “If onlythecompanyprofilesontopsiteswould listthe‘real’ — NewYorkTimes “Another killerappfortheInternet.” — Money.com insights arepriceless.” “For thosehopingtoclimbtheladderofsuccess,[Vault’s] — Fortune corporate grapevine.” “Vault hasbecomeadefactoInternetoutsourcerofthe — Yahoo!InternetLife insight intocorporatecultureandhiringpractices.” “Best waytoscopeoutpotentialemployers...Vaulthassharp — Knight-Riddernewspapers guys.” propaganda tothenitty-grittyinsidedopebetterthanthese “Unflinching, fly-on-the-wallreports...Noonegetspastcompany Here’s asamplingofourcoverage. The media’swatchingVault! Customized for: Kirsten ([email protected]) CONS GUID CARE Customized for: Kirsten ([email protected]) © 2007VaultInc. CONSULTING GUIDE TO VAULT CAREER Customized for: Kirsten ([email protected]) CONS GUID CARE Customized for: Kirsten ([email protected]) CONSULTING GUIDE TO VAULT CAREER AND THESTAFFOFVAULT LAURA WALKERCHUNG,ERICCHUNG © 2007VaultInc. Customized for: Kirsten ([email protected]) Vault, theVaultlogo,and“TheMostTrustedNameinCareerInformation Inc. electronic ormechanical,foranypurpose,withouttheexpresswritten permission ofVault No partofthisbookmaybereproducedortransmittedinanyformby anymeans, the accuracyandreliabilityofinformationcontainedwithindisclaims allwarranties. All informationinthisbookissubjecttochangewithoutnotice.Vault makes noclaimsasto Copyright ©2007byVaultInc.Allrightsreserved. Printed intheUnitedStatesofAmerica ISBN 13:978-1-58131-531-8 ISBN 10:1-58131-531-7 Library ofCongressCIPDataisavailable. 150 W.22ndSt.,5thFloor,NewYork, NY10011,(212)366-4212. For informationaboutpermissiontoreproduceselectionsfromthisbook, contactVaultInc., of VaultInc. TM ” aretrademarks Customized for: Kirsten ([email protected]) ACKNOWLEDGMENTS and friends. Thank you! acknowledge thesupportofourinvestors,clients,employees,family editorial, productionandmarketingprocesses. Vault alsowouldliketo We areextremelygratefulto Vault’s entirestaff foralltheirhelpinthe Customized for: Kirsten ([email protected]) Customized for: Kirsten ([email protected]) H CO 3 1 THE SCOOP INTRODUCTION Table ofContents ETN IE 47 GETTING HIRED insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat h iigPoes59 . ..77 Hires Lateral . . .74 Firm the to Applying . . .72 Network a Maintaining and Building . ..64 Letters Cover and Resumes Sample 49 . . .61 Resume Non-Business a Strengthen to How . ..60 Tailoring YourConsulting for Resume . ..59 Process: Overview Recruiting An The The HiringProcess 31 ..56 Consultants the Interviewing ..49 Way Right the Companies, Researching Targeting ConsultingFirms . . .39 TypesFirms of ..31 Services TypesConsulting of 5 Consulting Categories ..27 VersusConsulting Paths Career Other . . .20 Trends Current ..19 Trends and History Industry . . .17 Why? and Consultants, Hires Who . . .14 Problem TravelingThe Salesman ..11 Sets Skill Consulting ..5 Consulting? is What The BasicsofConsulting h neve 81 . . ..81 Interview the in Expect to What The Interview www.vault.com/consulting - with L C I A B R R A E E R R Y ix Customized for: Kirsten ([email protected]) Customized for: Kirsten ([email protected]) NTEJB113 ON THEJOB Visit theVaultFinance Career Channelat insider firm profiles, messageboards, theVaultFinanceJob Boardandmore. isfrHg efrac 121 115 . ..132 Beach the On ..131 Staffed Getting ..125 Job Survive Yourthe to on How Month First ..121 Troubleshooting Tips forHighPerformance ..115Cycle Life Project The The ProjectLifeCycle ..109 WorkDon't Things When Do Out to What ..107 Offer an TurningDown . ..105 Offer an Negotiating ..104 Offer an Accepting ..103 Interview the After 103 Post-Interview: Accepting,Negotiating,Declining ..101 Behavior ..99 Get Never Asked that Questions Interview . ..99 Interviewer the for Questions ..96 with YourInterview Practicing the Before Friends ..95 Brainteasers Sample . ..94 Brainteasers ..94 Guesstimates Sample More . ..93 Guesstimate Sample ..92 Guesstimates ..88 Questions Case Qualitative Sample ..85 Interview Case The ..83 Questions Interview Behavioral Practice ..83 Questions Behavioral ..82 Interview Resume/Behavioral The h osligCre ah137 ..138 Progression Career and Descriptions Job Consulting . . .137 Consultants Trainingfor The ConsultingCareer Path www.vault.com/consulting Table ofContents Vault CareerGuidetoConsulting — with L C I A B R R A E E R R Y xi Customized for: Kirsten ([email protected]) Customized for: Kirsten ([email protected]) PEDX177 175 APPENDIX CONCLUSION insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat asi h ie163 . . .184 the About Authors ..179 Buzzwords Industry ..172 Consultant Strategy IT ..168 Consultant Strategy MBA-Level ..165 Manager Project Consultant ..163 Associate Days intheLife ..159 Industry the of State Consulting: in Issues Diversity 151 Our SurveySays:TheConsultingLifestyle ..149 Strategies Exit ..148 Top-LevelMentors: Backing www.vault.com/consulting Table ofContents Vault CareerGuidetoConsulting - with L C I A B R R A E E R R Y xiii Customized for: Kirsten ([email protected]) Introduction insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat firms tendtohire disproportionatelyfromtheso-called topschools.Onethird and thesharpestofnetworking andpersuasionskills.Furthermore,consulting have decadesofexperience,breaking intoconsultingrequiresperseverance programor highest ofmanyindustries.Even ifyouattendedatop-fiveMBA Just rememberthatpositionsare limited,andcompetitionranksamongthe guide willgiveyouthebestshotofbreakingin. really like.Ifyoudecideit'sforyou,thetop-notchadviceyou'll findinthis reality checktogiveyouapracticalunderstandingofwhat consultingis This bookisnotmeanttopumpupconsulting.Rather, it'smeanttobea interests you. industry organization forleads. And read thisguidetoseeifconsultingreally consultants, usethemessageboardson Vault's consultingchannelorjoinan —both thewarstoriesandrewards.Ifyournetworkdoesn't includeother intellectual satisfaction. Also, findoutaboutotherprofessionals'experiences inventory ofyourskillsandtalents,aswellinterestssources consulting isforyou. We suggestyoustartyourjourneybydoingapersonal You mayhavepickedup thisguideinanattempttodecidewhetherornot needs andpersonality. industry isgoing,yourroleintheindustry, andhowcloselyitfitswithyour a senseofhowyoumightlikeit. This requires anunderstandingofwherethe Before settingoff ontheconsultingroute tooenthusiastically, youneedtoget always glamorous,andjobsecurityislowrelativetomanyotherprofessions. be onerous,theinterviewprocesscanpainful,workcontentisn't But consultingcareersarenowalkinthepark:Pressureshigh,travelcan management today. clients—certainly someofthemostinterestingissuesinbusiness Moreover, consultantsgettoworkonhigh-levelstrategicdecisionsfortheir lucrative salarypackagesandthechancetomeeteliteFortune500managers. As oneofthebetter-paid professionsforrecentgraduates,consultingoffers professions foremerging MBAsandcollege graduates,andforgoodreason. Management consultingcontinuestorankamongthemostpopular prospective) do,too. lotofconsultants(currentand very wellforyourintellectualcapital? A Love theideaofjettingtolocationsbothexoticandbanalgettingpaid Your dreamjob? www.vault.com/consulting - with L C I A B R R A E E R R Y 1 Customized for: Kirsten ([email protected]) 2 rewards, however, aregreat. coveted positions. The roadtoconsulting ischallenging;thepotential professional career, thisguidewillhelpgiveyouashotatoneofthese No matterwhereyourschoolranksandnoyouarein true forundergraduate institutions. it intotheindustry. And, theskewtowardhigher-ranked schoolsisequally programsmake while justasmallfractionofthosefromlower-ranked MBA programsjoinaconsultingfirm, of gradsfromthemostprestigiousMBA L C I A B R R A E E R R Y Introduction Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) GUIDE CARE CONS insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat THE SCOOP Chapter 2: Chapter 1: The BasicsofConsulting Consulting Categories www.vault.com/consulting— with Customized for: Kirsten ([email protected]) Customized for: Kirsten ([email protected]) The BasicsofConsulting insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat What isConsulting? HPE 1 CHAPTER graduates), butwewon’t discussitinthisbook. consulting (andanextremely large industrythatemploysmany new or otherkindsoftechnicaloutsourcing—this, ofcourse,isalsoaversion organizations. We donotinclude computerprogramming,systemsintegration consulting totheseniormanagementofprivate-and public-sector confusing, shorthand).Managementconsultinginvolves nontechnical “management consulting”(andsimply“consulting”astheconventional, but This careerguidecoversaparticulartypeofadvisorywork knownas consultants andweddingconsultants. house-training yournewpuppy. There arealsofashion consultants,image expertise andadviceoneverythingfromretrievingdata computersto thousands uponofindependentconsultantswho peddletheir good intaupe?” Then you’vebeenconsultedforyourcolorsense. There are everyone’s aconsultant.Haveyoueverbeenaskedbyfriend,“DoIlook As astand-aloneterm,“consulting”lacksrealmeaning.Insense, Not thekindofconsultingwemean that problem-solver. their employee’s abilitytomakeproblemsgoaway. As aconsultant,youare their people. The onlyproductconsulting firmsultimatelyhavetooffer is But consultingfirmshaveonethingincommon:theyrunonthepowerof account managementsoftware,tosavingmoneyonpaperclips. dispense adviceoneverythingfromtop-levelstrategy, tochoosingcustomer and stillothersaremorelikegiganticone-stopshopswithdivisionsthat Some concentrateonaspecificindustryarea,likefinancialservicesorretail, as technology, marketing,finance,operationsorhumanresourcesspecialists. giving adviceongeneralbusinessstrategyquestions,whileothersareknown and/or extrasetofhands.Somemanagementconsultingfirmsspecializein hired bycompanieswhoneedtheirexpertise,freshoutsideperspective, Consultants offer skillinassessingandsolving businessproblems,andare A giantindustry,amovingtarget www.vault.com/consulting— with L C I A B R R A E E R R Y 5 Customized for: Kirsten ([email protected]) 6 of down-in-the-ditches research,painstaking analysisandthoughtful everyone workstransparentlyand collaboratively. It’s through ahealthydose appropriate tasksdoledoutamongst theplayers,andanexpectationthat the clientcompanyaswell. There willbeaclearhierarchy, withseniority- consultants, withapartnerincharge, andpossiblyactiveteammembers from in marketingoroperations. You’ll bepartofaprojectteamthreetosix a firmthatneverconsultstoC-levelexecutives,butrather linemanagers intheindustry, andyoumaybeworkingin you’re some10yearspost-MBA super-senior management. You won’t beflyingsolowithyourideasuntil as ludicrousitsounds.Consultingdoesnotoftenprovideinstant accessto wisdom intotheeagerearofchairmanboard.But, thisscenariois Outsiders sometimesimaginea23-year-old hotshot whisperingwordsof It takesalongtimebefore youare havingmeetingswithCEOs— reality checksregardingtheexperienceofaconsultingcareer: All thismightsoundgreat,butbeforewegoon,should provideafew Caveats aboutconsulting examples ofmanagementconsulting. competitive analysisinthetelecommunicationsindustry. All oftheseare For example,afirmmighthaveonlytwoemployees,bothfocusingsolelyon and functionalpracticegroups. And somefirmsareextremelyspecialized. larger firmshavea“matrix”organization, withbothindustrypracticegroups financial servicesindustry, isanexampleofthistypefirm.Manythe advise onnearlyanytypeofissue.Oliver Wyman, whichfocusesonthe of onesuchfirm. Another firmmightfocusonjustaspecificindustry, but problems only, butinvirtuallyanyindustry. Bain&Companyisanexample and typeofproblemaswell.Forexample,afirmmightfocusonstrategy Consulting firmsaretypicallyorganized or brokenupaccordingtoindustry high techorenergy. such aspharmaceuticals,consumerpackagedgoods,heavymanufacturing, government policy. Consultingfirmssellservicesinvirtuallyanyindustry, investments fromafinancialperspectiveorevaluatingtheimpactsof planning fortechnologyinvestmentsinsidetheclientfirm,valuingexternal service marketingplan,pullingtogetherastrategyfornewproductlaunch, Types ofproblemsinconsultingmightincludedevelopinganimproved technology (IT),humanresources(HR),finance,marketingandoperations. functional concentrationsinconsultingincludestrategy, information leaders ofcorporations,governmentsandnonprofitorganizations. Typical Management consultingfirms,then,sellbusinessadvisoryservicestothe L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat approach likely toleaddissatisfactionandunhappiness intheend. pursuing anycareerbasedonincome expectations—thatisacareerplanning won’t make yourich.Inanycase,westronglyurge everyonetoavoid it toapartnerposition,where incomejumpsupdramatically, consulting to thoseinaretailsalesorbarista position.Inotherwords,unlessyoumake consultants earlyintheircareerscalculatethathourlywages aresimilar the payperhourisoftenwellbelowthatofotherbusiness careers. Many lucrative income.Divideyoursalaryoverthe(large) numberofhours,and paper, butyoushouldunderstandthatit’s neithereasymoneynoratruly Consulting isunlikelytomakeyourich business folks,consultingisn’t foryou. your grandparents,oronethatalwaysgeneratesanapproving nodfromnon- or howmanytimesonetries.Ifyouwantajobcanconcretely explainto about consultingisthatnoonecanexplainittooutsiders,matter howhard required tosustainasuccessfulconsultingcareer. Infact,arunningjoke many toughhoursyouputintoyourjob,orhowmucheffort andtalentis Few peopleoutsideoftheindustryreallyunderstandwhatconsultingis,how of yourlatestfascinatingproject. friends orfamilywhichclientfirmyouareworkingfor, ordiscussthedetails a confidentialityagreement,andyouthereforewon’t beabletotellyour Furthermore, consultingclientsusuallyrequiretheirserviceproviderstosign help theygive,andmost“civilians”won’t haveheardofyourfirmatall. Wall Street Journal banking, yourworkinconsultingwillprobablynevergetmentioned among MBAs.Butyoushouldrealizethatincontrasttoworkinvestment thought ofasaprestigiouscareerwithinbusinesscircles,andparticularly Consulting isprestigious inonlycertain circles— challenge. your projectis,andmostconsultantslovetheirjobsfortheintellectual there. Butthat’s OK,becauseglamourhaslittletodowithhowinteresting working withagrumpymiddle-managerwhodidn’t askforyourfirmtobe might verywellbesleepingina Travelodge motel,eatingat Applebee’s, and the world(thoughbothareindeedpossible). Your day-to-dayexperience you probablywon’t bestayinginfour-star hotelsinthecoolestcitiesaround you won’t besittingacrossfromtheCEOatyournextprojectkick-off, and exciting andhighprofile,butthisistheexception,notrule.Chancesare, Consulting isglamorous onlyonceinawhile business. There’s nowizardwhositsontheCEO’s shoulder. communication thatyou’llpersuadeyourclienttochangehowshedoes . Very fewconsultingfirmsarepubliclyrecognizedforthe www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with —The salarylooksattractiveon —Consulting canindeedbe Consulting iswidely L C I A B R R A E E R R Y The 7 Customized for: Kirsten ([email protected]) 8 do. grads)andmidlevel(firstfewyearspost-MBA)consultants entry-level (BA doing research.Forthemostpart, we’llusethisbooktodescribethejobthat degree,you areprobablyoverseeingacoupleofentry-levelconsultants MBA partner, youaresellingworkmostofthe time,whereasifyouhavearecent seniority, experience, phaseoftheprojectandyourcompany. Ifyouarea at varyingsitesfordifferent clients. What youdowilldependonyour The shortansweristhatyouwillbeworkingonprojectsof varying lengths glossary attheendofthisbook.) which onlyaddtothejargon. (Ifyou’restumpedbythis,checkoutthe have theirownspecificphilosophiesandproblem-attacking methodologies, first thingabouthowtobuildahouse.Inaddition,manyconsulting firms why consultantskeeptalkingaboutframeworkswhenthey don’t knowthe to thinkoutsidethebox,whatpointoftakinga50,000-foot viewis,or tend touseaverydistinctivevocabulary. You maynotknowwhatitmeans translates intoacareerpath. The problemiscompoundedbecauseconsultants giving adviceandsolvingproblems,youmaynotunderstandhowthis responsibilities. There aregoodreasonswhy thisisso. While you’reusedto Most non-consultantsaremystifiedbytheactualjobanditsday-to-day So whatdoesaconsultantactuallydo,anyway? tough tosolveproblems,andthat’s whyclientshireconsultants. convince individualclientemployeestohelpthemmakesolutionswork.It’s bureaucracy oftenmakeimplementationtough,butconsultantsmustalso into place.Consultantsmustalsogetbuy-infromtheclients.Notonlydoes percent oftheproblemthantostriveforaperfectsolutionthatcan’t beput percent solution:It’s bettertoputinplaceasolutionthattakescareof80 difficult toimplement.Manyconsulting firmshavewhat’s calledan80 must makesurethesolutionisn’t tooexpensive, impracticalorpolitically quality recommendationisn’t necessarily theendofstory. Consultants figuring outhowtomakeitright.Evenfindingthesolutionandmakinga The joboftheconsultantisn’t justabout knowingwhat’s wrong.It’s about problems. And inmanycases,clientsalsounderstandwheretheproblemslie. amount ofcommonsenseandanoutsider’s perspectivecanidentifyaclient’s client’s problemsisamerefractionofthebattle.Mostpeoplewithfair explain them,andmoveon.” That’s prettymuchnevertrue.Spottinga thinking, “Allconsultantsdoisfigureoutwhatproblemscompanieshave, thanyouthink Being agoodconsultantismuchharder L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting —You mightbe © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Analysis Research Pitching lifecycle, herearesomeofthethingsyoucouldbedoing: work throughoutoraftertheproject.Dependingwhereyouareinproject and implementation. You mayalsofindyourselfdoingsomeadministrative Generally, projectsfollowthecycleofpitching,research,analysis,reporting The BasicsofConsulting • Helpingtogenerateinsights and recommendations • Discussing thedata, trendsandpreliminarymodeloutputswithteam • PerformingstatisticalanalysisondatainExcel,SASorSPSS Building quantitativefinancialmodelsinExcel(dependingontheproject, • • Conducting “back-of-the-envelope”orhigh-levelsummarycalculations • Organizing andsummarizingproductorcustomerdatasetsinExcel, • Facilitating orparticipatinginaweekly clientteamdiscussionaboutthe • Checking yourfirm’s databanksforpreviousstudiesthatithasdonein • Interviewingtheclient’s customerstogatherviewpointsonthecompany Performing secondaryresearch ontheclientanditsindustry(usingonline • • Assisting inthepresentationofasalespitchtoprospectiveclient • Helpingtowritetheprojectproposals(usingPowerPointand/or Word) Helping tosellandmarketthefirm(preparingdocumentsresearching • members andsupervisors an Excelmodelcanbeaone-hourtaskortwo-weektask) not requiringsoftware Access orSAS client company’s businessissues about theirinsightsontheclient the industryorwithclient,andspeakingtopriorprojectleaders searches) articles, SECfilings,clientandcompetitorwebsites,generalInternet company informationdatabaseslikeBloomberg orHoover’s, periodical managers orpartnerswillmake) prospective clientsinpreparationforsalescallsthatoneofthesenior www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 9 Customized for: Kirsten ([email protected]) 10 research, whichisthenelucidated ontheomnipresentPowerPointslides. amounts oftimeworkingonproposals. Foryou,thisusuallymeanslotsof firm isstructuredorhowtheeconomy isdoing,youcouldspendsignificant acquiring clientsandsecuring project contracts.So,dependingonhowthe frenetic—though notalwaysso!)Consultingfirmsinvesta lotoftimein because thetimewhenyou’renotstaffed onapaidengagementisusuallyless clients andhelpingwithmarketingefforts. (It’s called“onthebeach” staffed, youwillspendtime“onthebeach”doingresearchonprospective you resolvetheissuesyou’vebeenhiredtoaddress. And, whenyou’renot quest tofindthedata,createprocessandmeetpeople whowillhelp slides foraPowerPointpresentation. You willattendlotsof meetingsinyour crunching and(likelyforthebulkofyourtimeonproject) developing consultants staffed onprojectstypicallydoalotofresearch,Excelnumber part—is oftentheshortestpartofaconsultingassignment. Instead, Keep inmindthattheactualanalysisphase—usuallymostinteresting Administration Implementation Reporting • Fillingoutweeklytimetrackingandexpensereports • Working oninternally-fundedresearch when yourfirmhasnobillable • Documentingtheteam’s workaftertheprojectisover • Documenting aproposedprocessforcoding,systemsintegration and/or • Documenting aproposed processfortheorganizational changerequired • Acting asaprojectmanageror“warmbody”fortheimplementationof • Helping topresentthefindingsandrecommendationsclient,either • Preparing interim,draftandfinalpresentations(typicallya“deck”of projects foryou practice consulting testing oftherecommendedsystem,ifyouworkforanIT to supporttherecommendedstrategy phase ofaproject your strategy, ifyourfirmistypicallyactiveduringtheimplementation via aconferencecallwalk-throughorin-personvisualpresentation Word format) PowerPoint slides,thoughsomefirmswriteuplongerreportsinMicrosoft L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Consulting SkillSets depend onyourabilitytomakethosesales.) who sometimesdon’t thinktheyneedhelp. Your payandjobsecuritywill nearly 100percentofyourtimemarketingexpensiveservices tocompanies partner, youhavetobeapersuasivestrategic salesperson. You willspend know youhavethequalitiestobeagoodconsultantandmanager. To bea you seekaninterestingjobforamaximumfivetosixyears, onlyhaveto a goodlong-termcareerforyou.Isyourgoaltoseeitthrough topartner?If the jobnow, butatsomepointyoushouldthinkaboutwhetherthismightbe when youareapartner. We aregoingtotalkaboutwhetheryou wouldlike between thejobnowandeightorsoyearsaftergradschool,if (Before wetalkabouttheskillsets,keepinmindthatthereisabigdifference skills below. be highlyvaluableinconsulting. We’ve assembledalistofsomethekey possess orcoulddevelopinshortordertheattributesandabilitiesthatwould is veryconsistent.Itworthyourtakingthetimetothinkaboutifyou consulting, theday-to-dayskillsetrequiredforalltypesofstrategyprojects However, despitethebigpicturedifferences amongtypesofmanagement What couldbemoredifferent? specialist mightthinkabouthowanewproductwillbereceivedinChina. training protocolforanewsoftwarepackage,andmarketingstrategy times intheirproductionfacility, atechnologyconsultantmightcreate could imagine. While anoperationsconsultant mayadviseaclientaboutlead practice areasandindustries. Their individual jobsareasdifferent asone As mentionedbefore,consultantsfocustheirenergies inawidevarietyof involving corporatecultureandclientoffice politics. client team,newinsightsaboutbusinessandeconomics,orachallenge project carrieswithitanewtask,spreadsheetconfiguration, To someextent,though,theboundariesofjobarevirtuallylimitless.Each • (This, bytheway, hasnothingto dowithyour structured environments,youwill probablynotenjoybeingaconsultant. you’re thesortofpersonwho onlyfunctionswellinquiet,calm, frequently attendmeetingsand interviewpotentialinformationsources.If consultants fromothercompanies hiredbytheclient.Consultantsalso work closelywithemployees attheclientcompany, orevenwith they frequentlybrainstormwithotherconsultants,but alsooften Do youworkwellinteams? www.vault.com/consulting— Consultants don’t workalone.Notonlydo The BasicsofConsulting Vault CareerGuidetoConsulting with preference ; it’s moreabout L C I A B R R A E E R R Y 11 Customized for: Kirsten ([email protected]) 12 • • • • • your fulfill clientexpectations,and this oftenmeansburningthemidnightoil. Are youwilling towork70,even80hoursaweek? salon? Ifyouhatebasicmath, youwillhateconsulting. annual income,accountingfor downtime, vacationandfeesplitswiththe for a30-minutecut,doyouinstinctivelythemathontheir implied and PowerPoint. When yougotothehairsalonandpayyourstylist$40 as wellcompetentwithcommonlyusedprogramslikeExcel, Access expect youtobeamathprofessor, butyou shouldbefacilewithfigures, Are youverycomfortablewithnumbers? commonly acceptedfacts. culture. This meanstheabilitytofindsolutionsnotconstrainedby expression called“thinkingoutsidethebox”thathasinvaded mainstream consultants.) You mightalreadyknowthatconsultantshavethis solving methods.(Thisiswhypeople-orientedscientistscan makegreat must resolveambiguousissueswithhypothesis-ordata-drivenproblem logical, structuredthinking,aswellthinkingcreatively. Consultants enjoyment ofconsulting. You shouldrelishandbegoodatanalysis homework? There’s ahighcorrelationbetweenacademiccuriosityand Did youloveschool? easily fromaninterpersonalperspective. you andmakingimpromptupresentations,you’llslideintothejobmore to experts,explainingyourviewpoints,cajolingotherscooperatewith been “on”allday. Ontheotherhand,ifyoutrulyrelishmeetings,talking that introvertswilllikelyfindthemselvestiredintheeveningfromhaving doesn’t meanthatintrovertsdon’t makeoutstandingconsultants;itmeans saps yourenergy, youwilllikelyfindconsultingquiteenervating. This consider yourselfatrueintrovertandfindthatspeakingtopeopleallday getting intointerestingconversationsoverlunchanddinner?Ifyou Speaking offriends,doyouliketalkingtopeople? something done,getabusypersontodoit.”) keep yourpersonallifeontrack?(There’s theoldsaying:“Ifyouwant a reallybusypersonwho’s involvedinatonofactivities,andstillableto sense ofprioritizationareyourallies. Would yourfriendsdescribeyouas varies significantlyfirmtofirm).Superiororganizational skillsandagood but consultantsareoftenstaffed onmorethanoneassignment(thoughthis Do youmultitaskwell? consultant.) L C I ability A B R R A E E R R Y to takeontherequiredteam-orientedpropensityofa Did youreallylikegoingtoclassanddoingyour Not onlycanconsultingassignmentsbefrenetic, The BasicsofConsulting Vault CareerGuidetoConsulting Consulting firmsdon’t Do youfindyourself Consultants must © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat be extremelyfulfilling. the rightpersonfindsrewardstobecommensurate,and careerpathto While thecostsandrequirementsofconsultingmayseemoutrageously high, also toknowwhatyou’regettinginto—andtrulywant be aconsultant. consulting ismostlikelynotforyou. The pointisnotjusttogetthejob,but Be truthful.Ifyoucan’t answermostofthesepointswitharesounding“yes,” • in consulting.) a schedule.(Seetheinsetsectionfordiscussionofdetails oftravel the travelschedule,butwhetheryouwillbehappyandfulfilled givensuch meetings? It’s notonlyaquestionofwhetheryouarewillingtodealwith site timeoralwaysoverusingconferencecallstoavoidin-person Or, willyoubetheconsultantwhoisalwaystryingtonegotiatelessclient- client requeststhatyouflyouttomorrowforthreedaysatthelastminute? you beabletosayanunqualifiedandenthusiastic“yes”supervisoror Last, butcertainlynotleast,are youwilling totravelfrequently? cost. work-around, aslongyouarewillingtopaythefinancialandpersonal the office onaweekdaybefore10p.m. inamonth? There’s always a In fact,howwouldyoudoyourdrycleaningifhaven’t gottenoutof requires special(andcostly)accommodationsfortheconsultinglifestyle. have aspousewhoneverworkslateandtravels).Evenhavingpets anniversary. Live-innanniesareamustifyouhavechildren(unless how importantitistoyourparentsthatyoujointhemfortheir Vacations cangetcancelled,nomatterhowfarinadvance youplannedor symphony areabadidea,asis Thursday eveningwoodworkingclass. activities quitedifferently than“normal” people do.Seasonticketstothe dating, friendship,familyobligations,vacationsandextracurricular undesirable. Newconsultantsquicklyfindthattheyneedtoapproach rigid commitmentsoutside9-to-5workhours,youmayfindconsulting usually dropto40hoursorlessperweekaftertrainingends).Ifyouhave professions likemedicinewhereinitialhoursareasbadconsulting,but Furthermore, imagineworkingthatscheduleintoyour40s(incontrastto days aweekformonthsonend(plustheoccasionalweekendday). Try workingfrom8a.m.to10p.m.oneday. Nowimaginedoingsofive www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y Will 13 Customized for: Kirsten ([email protected]) 14 • Then, there isthe“local”projectthatreallyalongcommute intoa International projectsinvolvealonger-termstayontheclientsite.This • Here aresomevariationsofthesetravelmodelsthatpopupfrequently: • Theotherpopulartravelmodelistogotheclientsite“asneeded.” • A numberofconsultingfirms(typicallythelargerones) havepolicies have differenttravelmodels,buttherearetwobasicones: Here’s whatwemeanbyconsultingtravel.Differentfirms of travelrequirements. life tobeanightmare.Manyconsultantsleavethefieldsolelybecause Vienna wasablast!”However,manysoonfindthetravelingconsultant’s fun. “Travelingfourdaysaweek?Noproblem!Mylastvacationto A lotofpeoplegointotheconsultingfieldwithnotionthattravelis The travelingsalesmanproblem suburb, sometimesinvolving uptotwohoursinacar.Examplesofthis other, friendsandfamily. flights totheMiddleEastfor somequalitytimewithyoursignificant Chances areyou’llwindup hopingtotradeinthoselongfirst-class for athree-weekstintinthewinter.Butit’susually bitofadrag. who happilyflewhiswifeandnewbornoverfromLondon toSanDiego Sometimes thisworksoutOK—forexample,weknowof aconsultant home foraweek,repeatingtheprocessuntilend of theproject. corporate apartmentinsteadofahoteltosavecosts) andthengo weeks onorneartheclientsite(themightput youupina get expensive.Forexample,theconsultantmightstay twoorthree (2) flyingconsultantstoandfromthehomecountryevery weekcan is bothbecause(1)theresomuchinefficientairtime involvedand there isalsolessoveralltimeontheroad. figure outwhenyou’retravelingnextweekuntiltheFridaybefore),but regularity andpredictabilitywiththistravelmodel(e.g.,youdon’t times duringtheprojectforinterimupdates.Thereisless days, attheendofprojectforpresentationandacouple This generallymeanstravelingatthebeginningofprojectforafew number ofnightsawayfromhome. flying timeforconsultants,butthatdoesn’tnecessarilyreducethe morning instead).Firmsusuallytrytostaff“regionally”reduce client site,andflyinghomelateThursdaynight(orsometimesFriday sometimes Sundayevening),spendingthreenightsinahotelnearthe what. ThismeanstravelingtothedestinationcityMondaymorning(or that consultantsspendfourdaysperweekontheclientsite,nomatter L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat illustrations ofthepotential travel models.) and, mostimportantly,your project.(Seethefollowingexhibitfor absolutely dependsonthe firm’s travelmodel,industry,yourlocation travel. Andnotallclientsexpectyoutobeonsite all thetime.It Note thattraveliscommonintheconsultingfield,butnot allconsultants We’ll talkaboutsuchworkenvironmentsinalatersection.) should alsoconsiderinternalconsultingdivisionsoflarge companies. and operationalissuesrelatedtotheconsultingfirm,not itsclients.(You schedule. Ask—butknowthatsuchpositionstendtodeal withinternal do havespecificbusinessunitsthatcanguarantee a non-traveling cannot travel,someofthelargestconsultingfirms,such asAccenture, locations, sotheycan’tguaranteeyouwon’ttravel.If youabsolutely firms typicallydon’thavetheluxuryofchoosingtheir clients andtheir live inNewYorkCity,mostofyourclientsmaybelocal.Butconsulting example, ifyoufocusonconsultingtofinancialservicesinstitutionsand promise thestrongpotentialforamorestableworkenvironment.For working asamanagementconsultant,lookforconsultingsituationsthat If thesequestionsmakeyourstomachchurnbutyou’restilldeadseton Sound silly?Itisn’t—welcometotherealityoftravelingconsultant. finances andto-dolistsfromtheroadbotheryou? will takecareofthepets?Doesideamanagingyourweekly to stayadaylater?Ifyouandyourspousebothtravelforwork,who you havetocancelyouranniversarydinnerbecausetheclientwants family mind?Willyourspouseunderstandandnotholditagainstyouif (and childrenifyouhavethem)foruptothreenightsaweek?Doesyour 10 weeks?Ifyou’remarried,doyoumindbeingawayfromyourspouse remote citiesandstayingthereforthreeorfournightseveryweek long periodsoftime?Areyoucomfortablewiththeideatravelingto flying? Doyouhatetodrive?mindsleepinginhotelroomsfor stress aboutit?Doyoualwaysunderpackoroverpack?hate are travel-phobic.Forexample,whenyoupacktogoonvacation,do You needtoaskyourselfanumberofpracticalquestionsseeifyou be moregrueling,duetothecarcommute. drive home.Thisisnotverydifferentfromnon-localtravel,anditcan to stayatalocalhotelafterworkinglate,insteadoftakingthelong driving acrosstowntoworkwithShell.Inthesecases,youmightopt client whilelivinginSanFrancisco,ordealingwithHoustontraffic Schaumberg, Ill.)whilelivinginChicago,consultingtoaSiliconValley include consultingtoMotorola(basedinnot-so-convenient www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 15 LIBRARY CAREER

Customized for: Kirsten ([email protected]) 16 week’s projectworkremotely,aswell ascatchinguponpaperworkandotherfirmbusiness. night shefliesbackhomeby11p.m. andspendsFridayinherownoffice,finishingupthe This consultantgetsona6a.m.flight everyMondaymorningwithoutfail.EveryThursday week inhishomeoffice,forthedurationofproject. impractical. Heisspendingtwoweeksstraightattheclientsite,alternating withonefull client sitealot.Theisoverseas,whichmakescominghomefortheweekend This consultanthasbeenstaffedonahighlyfacilitativeprojectwhereheneedstobe possible. is closeenoughgeographicallythatsometimesdaytripswithoutanovernightstayare handled byphone–andofcourseforthekickoffmeetingfinalpresentation.Hisclient possible. Heonlytravelsforlargegroupmeetingsattheclientsitethatcannotbeeffectively This consultantiscurrentlystaffedonaprojectwhereindependent,desktopwork =out oftown LIBRARY CAREER L C I Variation intravelrequirements LIBRARY LIBRARY CAREER CAREER A B R R A E As-needed travelpolicy:heavy E R S S S S S S S S S S S S R Y As-needed travelpolicy:light Always onclientsitepolicy M M M M M M M M M M M M T T T T T T T T T T T T W W W W W W W W W W W W The BasicsofConsulting Vault CareerGuidetoConsulting T T T T T T T T T T T T F F F F F F F F F F F F S S S S S S S S S S S S © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Who HiresConsultants,andWhy? focus. (Severalyearsago,an insider atalarge privateglobalcorporation interest. Directreportsmoveon tootherissues.Inshort,companieslosetheir be implemented. The reason?Bureaucraticinertia.Senior executiveslose But evenifagiantprojectgets thegreenlight,there’s noguaranteeingitwill it’s nottrue,someclientsstill cling tothisstatementasaruleofthumb. hiring McKinsey”(orasimilarlyprestigiousconsultingfirm). Eventhough the projectfails. There isanoft-repeatedadagethat“nooneevergotfiredfor into thepicture,everyoneinvolvedhasplausibledeniabilityin theeventthat to theproject,approvalcanbehardget.Butonceaconsulting firmsteps executive approval. And withoutamajorconsultancy’s brand nameattached a singledollartobespentonsuchproject,mostcompanies requiresenior can beverycumbersome,particularlyatFortune500companies. Inorderfor Consultants mightgethiredforpoliticalreasons,too.Launching bigprojects point—so importantthatwe’llcomebacktoitlaterinthisbook.) to hireconsultantsensureaqualitydecision. This isaveryimportant to betheirextrasetofeyes.Formanycompanies,it’s smartbusinesspractice asked youtosolve,andratherthangowiththeirgutalone,they’vehired the problems.Infact,theyoftenknowanswertoproblemthey’ve your bestresourceforgettingtheinformationyouneedtostructureandsolve likely, yourclientcontactshavemoreindustryexperiencethanyoudoandare This isavery, verycommontrapthatnewconsultantsfallinto.Morethan stupid inanyway, shapeorformjustbecausetheyneedyoutohelpthem. (Don’t getabigheadaboutthis. This doesn’t meanthatyourclientsare alone. accomplish thetask“better, fasterandcheaper”thaniftheclientwastodoit supply. Generallyspeaking,consultantsarebroughtinbecausetheycan experience withfinancialandcorporaterestructuringthatsuchexpertscan extra industryknowledgeorturnaroundexpertise,ifitlacksthedeep outsider’s perspectiveonaplantshutdown. Perhapsaclientwantstobringin procedures andneedaneutralpartytomediate.Someclientsmayan clients maybemerging, butlackanyexperience withpost-merger staffing systems ordon’t havethestaff resourcesforsuchalarge project.Other infrastructure,yetthey’reoutoftouchwiththelatestback-end their entireIT within thenecessarytimeframe.Someclients,forexample,needtooverhaul help, oratleastthekindofhelpthatshort-term,internalhiringcan’t solve number ofreasons.Everyconsultingprojectspringsfromaclient’s needfor Corporations, governments,andnonprofitinstitutionshireconsultantsfora www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 17 Customized for: Kirsten ([email protected]) 18 seeing theclient throughdifferent projectsandbusinesscycles; youmayeven have ahistoryofrepeatbusiness? Ifso,youwillhaveabetterchanceof you willwanttoconsiderthetype ofconsultingfirmyoujoin.Doesyour If youenjoyrecognition,asense ofcompletionandlong-termrelationships, succeeded orfailed. leave yourprojectbeforeitscompletionandmayneverknow whetherit will thankyou,butyoumayneverhearaboutitagain.Insome cases,youwill huddled incrampedspacestodojustthat.Ifyouagreat job, yourclient consultants mustdeliverbottom-linevalue,andoftenspend countless hours clients, theydomuchoftheworkandcanexpectlittle recognition. All Consultants areaback-roombreedofprofessional.Injointprojects withtheir The workerbehindthecurtain $300-500 perhourrange. fees, hourlypricesforevenmidlevelconsultantscaneasilyclimbintothe consultants areverycostly. Excludingtravelexpensesandactualproject compelling—because, evendespitethecost-effectiveness argument, Whatever thereasonsforhiringconsultants,they’reboundtobe that oftheclient’s workforce. environment, completingprojectsatapacethatisusuallymuchfasterthan consultants willbringinafresh,results-orientedapproachtoclient compressed timeframebyworkingthelatehoursconsultantswill.Good company mightnotgetawaywithforcingregularemployeestoadherea timeframe, notbecausetheyarenecessarilymoreefficient, butbecausethe and benefitspackage.Consultantsmayalsogetthejobdoneinashorter rather thanhiresomefolksfull-timeattheexpenseofacompetitivesalary It coststhefirmlessmoneytohireoutsidershelpthemwithaproject, For manytypesofcompanies,consultantsareaformcost-effective labor. company canfireatwill,blamingtheirhiredgunsforthedownsizing. consultants. When theconsultantsrecommendaworkforcereduction, with anitchtofireapercentageoftheirworkforcecouldpreferbringin In aneraofdownsizing,consultantshaveanotherpoliticaluse.Companies politically. having itconfirmedbyanoutsidepartymakesimplementingaplaneasier ball. Inmanycases,thecorrectsolutionmaybequiteevidenttomany, but oversee large projects,companiesensurethatsomeoneisalwayswatchingthe of 2002,hadnotyetbeenimplemented.)Bybringinginconsultantsto reported thatactionitemsfroma1996BCGreporthadbeenapproved,butas L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Industry HistoryandTrends was establishedintheearly20th centurywithasimilarstructure. firm, foundedin1886Cambridge, Massachusetts.Booz Allen Hamilton projects fortheirclients. Arthur D.Littleiswidelyrecognizedasthefirstsuch The firstconsultantsdrewfrom theirengineeringbackgroundstoconduct century. consulting asbigbusinessonlycameintobeingaroundthestart ofthe20th People havetradedwisdomforpaysincethedawnoftime. Nonetheless, A briefhistoryofconsulting firm thatdoesthetypeofworksuitsyourneeds. relationship-building youneedtobefulfilledbyyourwork,andlookfora So, thinkaboutthelevelofrecognition,senseclosureandfocuson the financialindustryinfuture,ifthatisyourwish.) work becomeareality. (It’llalsobeeasierforyoutotransitionworkingin not bementioned,butatleastyouwillabletoseetheresultsofyourhard Journal professionals. Onthebrightside,youwilleventuallyreadin to theevenlongerandmoreerratichourssuffered byotherM&A and transactionsupport. The badnewsisthat onsuchprojects,youaresubject have practiceareasspecificallyfocusedonduediligence,companyanalysis, consulting.Somefirms,likeL.E.K.Consulting, Another exampleisM&A who followsthebusinessnews. will turnout.Dependingonthesizeofdispute,somighteveryoneelse other ofapublicdispute,youwillcertainlyknowhowthefruitsyourlabor This canbeveryinterestingwork,andsinceyou’resupportingonesideorthe litigation support,includingresearch,economicanalysisandtestimonies. Internationaloftenhelplawfirmswith Economic consultingfirmslikeCRA need tosellthatservicethemagainforawhile. chances aregoodthat,ifyourclientstaysinthesameindustry, youwon’t repeatable. Ifyourfirmfocusessolelyoncompetitiveanalysisstudies, previous clients.)Otherfirmsmightoffer amethodologythatisn’t as for example,boaststhat90percentofitsworkcomesfromengagementswith work withthesameclientondifferent engagements.(Marakon Associates, about anytriumphenjoyedbyyourclient. Your consultingfirmmay www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with The Wall Street L C I A B R R A E E R R Y 19 Customized for: Kirsten ([email protected]) 20 Current Trends ex-partners of larger firms whowantedtostrikeouton theirownwitha consultants orbythoseaffected byrecentmergers; otherswerefoundedby expertise inmarketing.Some ofthesefirmswerecreatedbylaid-off expertise, forexampleconsulting solelytothebiotechindustryorproviding and asmany150orso, theyoffer theirclientshighlyspecialized specialist) consultingfirm.Boutiques haveasfewtwoorthreeemployees Insiders agreethatthefutureofconsultingseemstoliein “boutique” (i.e., Specialization the industry. developments intheindustry, whichinturnwillimpactyourdecisiontoenter increased requirementforsophisticationmeansanumber ofnew and contentknowledgethanthetypical“generalist”strategist has. This means andthedirectioninwhichtohead.Otherclientsdemand moreindustry possess in-housestrategygroupsandhaveclearideasofwhat theirbusiness and ismoredemandinginitsrequirements.Forexample,someclientsnow in-houseskills client nowrequiresmoresophisticationfromitsconsultants’ Consultants andtheirclientsareinastateofconstantchange. The typical (More aboutcaseslater.) business analysisquestionscommonlyposedtoprospectiveconsultants. business problemsandopportunities. They arealsousedincaseinterviews, industry. These frameworksarestillusedtodaybyconsultantstounderstand share matrix,atoolthatassessescompany’s attractivenesswithinan experience. BCGlaterextendeditsoriginalconceptbydevelopingthegrowth industries weredirectlycorrelatedtocostasafunctionofcumulative experience curve. The experiencecurve proposedthatdeclinesinmost notableinnovator, The BostonConsultingGroup(BCG),developedthe A focused strategiesandnovelframeworks. personnel. Inthelate1950s,anumberofotherconsultingfirmsemerged with considered goals,strategies,policies,organization, facilities,proceduresand executives andtrainedtheminaframeworkofanalysis. The newapproach survey.” Insteadofhiringtraditionalengineers,herecruitedexperienced a unique,integratedapproachforhisclients,whichhecalled“general 1926, offering apropositionsimilartoconsulting.Overtime,hedeveloped professor, establishedhis“accountingandengineeringadvisors”firmin The trendcontinuedwhenJames“Mac”McKinsey, aUniversityofChicago L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat B gradslack. MBA and expertise andseasonedconsulting chops—somethingthatgreenBA leaders. Why? Becauseclientshaveincreasedtheirdemandforindustry middle reflectingtwotofourmoreexperiencedconsultants andproject partners, onetotwoanalystsand/orjuniorconsultants,and abulgeinthe shape. Onalarge projectat manyconsultingfirms,youwillhaveonetotwo Partners) talksnotaboutthepyramidshapeofteambut the“diamond” (formerly DiamondCluster, whichwas formerlyDiamond Technology so atmoreandfirms.DiamondManagement Technology Consultants the firmitselfandprojectteamreflectinga“pyramid”shape. This isnot firms likeMcKinseystillleverageamplejuniorstaff onprojects,withboth Another recenttrendhastodowiththestructureofproject teams.Large Project teamstructure practices withinthelarge formerly-generalist firms. among specialistconsultingfirms,butthecreationofhighlyspecialized The so-called“riseofthesuper-boutique” involvesnotonlyrapidgrowth (and possiblyaccelerated)careertracksthanthestandard-hireconsultants. sometimes alsohiredocumentedindustryexpertswhomightfollowdifferent placed onprojectsinjustoneindustryorbusinessfunction.Generalistfirms you willbeaskedtofocusonaparticulararea,andincreasingly work foratimeonwidevarietyofprojecttypes.But,aftercoupleyears, the company. So,asanewly-hiredconsultantatgeneralistfirm,youwill specialize earlyintheircareers,oftenonlytwoorthreeyearsafterstartingat While mostofthelarger firmsstillhire generalists, theyaskconsultantsto demand thatconsultantscomeinwithpriorknowledgesomerelevantarea. business functionsandgeographies.However, nowadays,clientsincreasingly develop generalistconsultantswhocouldworkacrossallsortsofindustries, The conventionalwisdomatfirmslikeMcKinseyandBainusedtobe interested in. the perfectjobifyouknowwhatspecifictypeofstrategyworkare single businessfunctionlikeoperationsormarketing),andcouldoffer you (although sometimestheymaybemethodology-focused,orspecializeina strategic advisors.Successfulboutiquesareusuallyindustry-focused growth, asclientsincreasinglydemanddepth,ratherthanbreadth,fromtheir than manygeneralistfirms,buttheyareexperiencingdisproportionate specific areaofexpertise. These firmsareoften,bydefinition,muchsmaller www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 21 Customized for: Kirsten ([email protected]) 22 smaller andthecompetition among consultingfirmstogetprojectswas Companies werespendingless onconsultingbudgets,soprojectswere on costs,includingprocess and operationsredesigndownsizing. significantly. Potentialclientsturnedawayfrom strategicthinkingtofocus For thoseconsultantswhosurvived suchcuts,themixofprojectschanged positions throughan“up-or-out” reviewprocess. former consultantsfeelliketheywereunfairly“counseled out”oftheir performance reviewsbecamemorefrequentandalotharsher; infact,many “sabbaticals,” tobringcostsdownmatchreducedrevenue. Internally, firms laidoff consultantsorsentthemonunpaidpartially-paid resorted todelayingorrescindingjoboffers they’dmade.Otherconsulting open spots.Somefirmsstoppedrecruitingoncampusforcost reasons,and shunned highlyqualifiedcandidatesbecausetheyjustdidn’t haveenough to a“buyer’s market,”whereconsultingfirmsextendedfewoffers and drastically scaledbackhiring. The climate shiftedabruptlyanddramatically However, intheeconomicdownturnof2001-2003, consultingfirms graduateslookingatconsultingcareers. andMBA talented BA amongst themselvesforthebestcandidates.Itwasa“seller’s market”for All throughthe1990s,consultingfirmsextendedmanyoffers andcompeted helped drivegrowthinthemanagementconsultingbusiness. changesandglobalization) rapid changesinclientindustries(privatization,IT Eastern Europe,Latin America) byU.S.andmultinationalcorporations, the late1990s,aggressivepenetrationof“emerging markets”(i.e., Asia, also aboundsaboutrevenueprojectionsfortheconsultingindustryitself.In Consultants liketoestimatefuturerevenueforotherindustries.Speculation jobs andinterestingprojectwork. warned thatasgoestheeconomy, sogoesthebountyofsecureconsulting The healthoftheconsultingbusinessistightlytiedtoeconomiccycles.Be Victims oftheeconomy the veryleastbyphoneandmoreoftenonapart-timebasisatclientsite. and theyoftenwanttheconsultantstobeavailableforimplementation,at contain animplementationplan—aroadmaptoputthestrategyintoplay— recommendations. That is,clientswantthestrategicrecommendationto strategic consultingfirmsnowstayontoensureimplementationoftheir Many clientsnolongerwanttopayformerestrategicmusing.Hence,many Implementation planning L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat themselves asindustryandmethodologyspecialiststotheirclients. consulting firmsarescramblingtodevelopdeeperexpertise andmarket advice fromconsultantstocopewiththeireconomicsituation). Today, major consultingtrendoftheearly2000s(whendistressed clientsneed the 1990s,ande-businessboomhitinlate1990s. Turnaround wasa kickedoff reengineering wasalltherage.Growthprojectsinstrategyand IT disappear—it willsimplyshiftinemphasis.Inthe1980s,business process Despite theupsanddowns,it’s safetosaythatconsultingwillnever doctor andlawyerclassmates! trained forandbegunworkingin.Comparethisriskprofiletothatofyour meant thatthosegraduatescouldn’t pursue theconsultingcareertheyhad the 2001-2003economyneverwentbackintoconsulting—timingalone andfirstyearpost-MBA.Infact,mostoftheconsultantvictims post-BA or accept“lateralhires,”newconsultantsatanylevelotherthanfirstyear hard toreentertheindustry. As ageneralrule,consultingfirmsrarelyseek from yourconsultingrole(nomatterwhatthereasonyouleft),itisextremely years ofunemploymentduringalongconsultingcareer. And, onceejected consultant, butyouareverylikelytoexperienceacouplepainfulandcostly extremely risky. You maymakeaheftysix-figuresalaryasanMBA-level This isalltosaythatwhiletheconsultingindustryhassomanymerits,it strategy projectsareontheradaronceagainaswell. once againrelativelyabundant,secureandfinanciallylucrative;interesting picking upagainastheeconomyrebounded. Today, consulting offers are 2003 wasthelowpointofthistrend,butstartingin2004thingsstarted themselves low-ballingbidsontinyprojectsjusttobringinsomerevenue. labor, andeventhelargest andmostprestigiousconsultingfirmsfound include operationalwork.Corporateclientsturnedtoconsultantsascheap As aresult,moststrategyconsultanciesshiftedtheircorecompetencesto things around. projects wereconsideredaluxury, unlessacompanyreallyneededtoturn consulting market. This wasbecause,amongconsultingprojects,strategy fierce. Inaddition,therewerefewer“purestrategy”projectsintheoverall www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 23 Customized for: Kirsten ([email protected]) 24 performance improvements. Theemployeeisusuallynotfiredoutright, manager agreeuponaset of benchmarksbywhichtheywillmeasure they willbeaskedtoresign fromthefirm.Anemployeeandhisorher warned thatiftheydon’timprove theirperformancebyacertaindate, getting performancereviews. Inthestandardmodel,employeesare Consultants areinformedwhether theyareuptofirmstandardswhen jobs. an employeeperformsatthatlevel,isnotoptionlike it isincorporate the firm.Stayingatsamelevelforalongtime,no matter howwell advance theircareerstothenextlevelofresponsibility ormoveoutof “Up-or-out” referstothepracticeofrequiringemployees toeither Up, upandaway players worldwide. Capgemini, BearingPointandIBMarenowmajormanagementconsulting with Deloittebeingtheonlyoneamanagementconsultingpractice. firms ofErnst&Young,KPMG,PricewaterhouseCoopersandDeloitte— audit/accounting underoneroof.Today,wehavethe“BigFour”audit integrated servicesfirm,withmanagementconsultingand rebranding itas“Braxton,”butultimatelydecidedtoremainan year, Deloitteconsideredsplittingoffitsconsultingpracticeand of whatwouldbeeventuallycalledIBMGlobalServices).Thatsame be rebrandedas“Monday,”butthensolditofftoIBMinstead(beingpart PricewaterhouseCoopers announcedanIPOofitsconsultingdivision,to itself withitsthen-ongoinglegalissues).In2002, Andersen’s businessconsultingemployees(ratherthanacquirethefirm convicted ofwrongdoing).BearingPointhiredthemajorityArthur 2001, ArthurAndersenceasedoperations(thoughthefirmwasnever in a2001IPO,creatingBearingPoint.AftertheEnronscandalbroke Capgemini in2000.Then,KPMGConsultingwasspunofffrom Ernst &Youngstartedthetrendwithsaleofitsconsultingunitto divisions. prompting thefirmstomakeplansseparateouttheirconsulting This droveincreasedSECscrutinyintopotentialconflictsofinterest, management consultingbusinessrevenuegrowtorivalauditrevenue. KPMG, ArthurAndersen,PricewaterhouseCoopers,Deloitte)sawtheir Over the1990s,then“BigFive”accountingfirms(Ernst&Young, And thentherewerefour L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat projects wheretheycanquicklyandeffectivelyprovetheirworth. graduate degree,thereforefacesignificantpressuretogetontheright economic situationhasimproved.Newrecruits,especiallythosewitha consultants, thishighlycompetitiveclimatepersists,evenasthe subsequently incurringthecostsoffiring).Accordingtomany by firmsasawaytoeffectlayoffswithoutactuallyfiringemployees(and as threetosixmonths).Thisacceleratedreviewprocesshasbeenused series ofreviewcycleswithshorttimeframes(insomecasesas “counseling out”employeesatalllevels,puttingthemthroughadifficult In theeconomicdownturnof2001-2003,manyfirmsturnedto get wider),andarethereforebetterbetsforadvancingallthewayup. their numbersquiteasmuch(becausewholepyramidcanaffordto that enablestheirprofitability.Faster-growingfirmsdon’tneedtothin it movesupthehierarchy,inordertomaintain“pyramid”structure firms mustsomehowreducethesizeofeach“class”consultantsas often quitepoliticalandrelationship-based.Nonetheless,consulting work, whileothersastutelypointoutthatwhostaysandgoesis Firm loyalistsdefendtheup-or-outapproachassimplymeritocracyat fired). unemployment payments(neitherofwhichapplyunlessanemployeeis assistance, ormightleavehimhighanddrywithnoseverance box; thefirmmayprovideanexitingemployeewithoutplacement clear, orevaluationsmaybemoreofavaguepersonality-basedblack firm’s culture,theseperformancebenchmarksmaybeconcreteand but insteadpressuredtoleavevoluntarily.Dependingontheparticular and materials,wherethecontract specifiesanhourlyrateforeachconsultant expected durationoftheproject. This methodofpaymentcontrastswith time consultants willbeinvolved in theproject,andaddingitallupfor proposed projectteam,figuring outwhatpercentageofeachweekthe consulting firmbyassuminga dailybillingrateforeachconsultantonthe of $50,000perweekfor10weeks.” This bidpriceiscalculatedbythe specify somethinglike“$500,000fora10-weekengagement” or“arunrate Most contractsaresomeformoffixedprice,wheretheconsulting firmmight Consulting contractstaketwobasicforms:fixedpriceandtime andmaterials. How clientspayconsultingfirms www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 25 Customized for: Kirsten ([email protected]) 26 some managementconsultingfirms haveBPOasaserviceoffering.) technology consultingthatistactical andtechnicalinnature.Nonetheless, considered tobemanagement consulting, butratheratypeofoperationsand revenue growthisbusinessprocess outsourcing(BPO).(NotethatBPOisnot lest theirstockpricesuffer. Onespecialty thatoffers thepossibilityofthis Publicly-traded firmslikeIBMalsoneedtoshowconsistentrevenue growth, and wanes—butmanagementconsultingfirmsneedtokeep revenuehigh. The numberofclientswillingtopayforelaboratestrategic projectswaxes Business processoutsourcing(BPO) business goesaswellexpected. clear durationandprice,ratherthanallowthemtoshareina hugeupsideif complicated one.It’s simplertohireaconsultantforanengagement But it’s notthatcommonapaymentstructure,likelybecauseit’s a fees onthelineasameansofprovingyourintenttodobestworkyoucan. where theirMicrosoftappsare.Inprinciple,it’s admirabletohaveconsulting boast abouttheiruseofrevenuesharingasameansputtingmoney compelling paymentmodel.Occasionally, youwillseeconsultingfirms without revenue—somebuyersofconsultingservicesalsofoundthistobea dot-com employeeswhotradedlong,hardhoursforsharesinacompany when sweatequitywasapopularmeansofcompensatingthethousands consulting firms,thisformofpaymentgainedsomesteaminthelate1990s changefromthebillingtypicalamong “sweat equity”or“revenuesharing.” A to insistthatconsultingfirmsacceptpay-for-performance plans,termed Less frequently(butalsoworthnoting),someclientsusetheirbuyingpower Pay forperformance engagement contract. longer. Guidelinesforexpenseexpectationsareusuallybuiltintothe engagements wheretheflightsaremoreexpensiveandhotelstays percent oftheprofessionalfees,andevenhigherforinternational from professionalfees. Typically, expensesforaprojectcanrun10to20 In bothcases,expensesforfood,travelandadministrativeneedsareseparate firms. litigation consultingfirms,butnotformostothermanagement and materialsisthelawfirmmodel,prevalentineconomics and theclientbillispaidoutbasedonhourstrackedbyconsultant. Time L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Consulting VersusOtherCareerPaths job securityifyou’reacorepartofit. provide stable,predictablerevenueforthecompany, whichisbetterforyour to findBPOassignmentstedious.Ontheotherhand,businessunits competition forBPOclientsandlowerprofits.Furthermore,consultantstend line thatdoesn’t offer asmuchroomfordifferentiation, meaningmore BPO isagrowthfield,butit’s notaparticularlyprofitablefield.It’s aservice outsourcing. last severalyearssuccessfullylaunchedamajorbusinessendeavorinto manage theprocessforclients. Accenture isanexampleofafirmthatinthe company, locatetheappropriateproviders(sometimesthemselves)and services. Consultingfirmsdeterminewhatneedstobeoutsourcedina own printingplants,theyhireaconsultanttohelpoutsourcetheirnon-core investment bankssellsecurities (stocksorbonds)topublicinvestorsinorder raise money. Companiesneedmoney(capital) togrowtheirbusinesses,and we’ll takeashotatitanyway. Inshort,investment bankshelpcompanies It isverydifficult todescribeinvestmentbankinginaparagraphortwo, but but thetwotracksareverydifferent. compensation relativetocorporatepositions,longhoursand clientfocus— banking?” There aresimilaritiesbetweenthetwocareers—includinghigh lotofundergraduates andMBAsaskthequestion:“consultingor A Investment banking extent onyourown. reference, butwestronglyencourageyoutoresearchthem amuchgreater right awayingraduateschool. We touchonacoupleofthesebrieflyforsome four otherprofessionsatthesametime,includingcontinuing youreducation if youareattheundergraduate level,you areprobablyconsideringthreeor Consulting isjustoneofmanydesirableprofessionalcareerpaths.Especially according to Printing. In2001,printingservicesrepresenteda$150billiondollarmarket, company—to atravelspecialist.Oneofthelargest outsourcedcapabilities? travel expensesandcorporatecardcharges—massive ina100,000person or trainingemployeesin Access. Forexample,GeneralMotorsoutsourcesits human resourcesservices,callcenters,billingdepartments,treasuryservices BPO isthepracticeofoutsourcinganon-corecapability—forexample, CFO Magazine www.vault.com/consulting— . Sincemostcompaniesdon’t wanttorun their The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 27 Customized for: Kirsten ([email protected]) 28 employee spendsthreetosixmonths inacertainbusinessunitbeforemoving management trainingprograms toundergraduates andMBAs,wherethe new Semiconductor), areanotheroption. Manyofthelargest corporations offer Kraft, oratsmalleroutfits like DowCorning, Timberland orLattice Corporate positions(atbigcompanieslikeCoca-Cola,Procter &Gambleor Corporate jobs out ataday’s noticewhenadormantdealsuddenlyawakens). far lesstravelthanconsultingpositions(thoughsometimes you havetofly for example.Onthebrightside,investmentbankingcareers usually involve be muchlessflexibleforemployeeswithspecialscheduling needs—parents, consulting. Dealscloseorchangeatamoment’s notice. The worktendsto frequent all-nighters. And hoursareevenless predictablethanthoseof week asarealisticpossibility. That meansworking15to18hoursadayand (especially atthejuniorlevels)canbeverylong.Howlong? Try 100hoursa The biggestdisadvantageisthat,onaverage,thehoursininvestmentbanking basis thanconsulting,thoughquantitativeskillsareimportantforbothfields. chasing andclosingadeal.Bankingismoreheavilyquantitativeonregular person, onewhoworksoff ofadrenalin andgetsapersonalthrilloutof underwriter” for TechCo’s IPO.Investment bankingsuitsthedeal-driven you mightreadinthenewspaperhowMerrillLynch wasthe“lead For example,ifyouworkforMerrillLynch andyouhelp TechCo gopublic, your teamdoeswillmakeitin the workisveryhighprofile.Sinceallofdealsbecomepublic, income levels.) Another veryattractivefeatureofinvestmentbankingisthat comparison charttowardtheendofthisbookforfurtherinformationon a-half timeswhatafirst-yearconsultantpartnermakes.(Seetheincome year managingdirectorataninvestmentbankingfirmmakesaroundone-and- consultants, butthebankersalaryquicklyskyrocketstoapointwherefirst- investment bankersstartoff atasimilar compensationleveltoMBA-level means basesalaryplusatargeted, butnot guaranteed,bonus).MBA-level compensation morethantheirconsultingcounterparts(total average, newinvestmentbankinganalystsmake$10-20,000intotal One clearadvantageofinvestmentbankingoverconsultingispay. On for itself. wealthy individualsorinstitutions,buyandsellsecuritiestomakemoney its assetswiththatofanothercompany, manageandinvestthemoneyof to generatethesefunds.Investmentbanksmightalsohelpacompanymerge L C I A B R R A E E R R Y The Wall Street Journal The BasicsofConsulting Vault CareerGuidetoConsulting and otherpublications. © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat could imaginehiringthefollowing: in theirapplicantpool.Ifyou taketherecruitingfirmpointofview, you recruiters, mostconsultingfirms willconsideravarietyofgraduatedegrees You shouldbeawarethatwhileMBAsandundergrads aremostappealingto and professorship,however, andthereare no guaranteesofatenuredposition. environment thatisintellectuallyexciting.Itcanbealongroad tothedegree in acertainfield,thenperhapsPhDisthewaytogo. You willenjoyan an entirelydifferent route.Ifyouaremostinterestedinteachingandresearch You mightalsobeconsideringenteringamastersorPhDprogram,whichis days ahead. knowledge andperhapssavesomemoneyforthelong,impoverished school school ormedicalschool,it’s stillasmartidea—you’llgainbusiness years offull-timeworkexperience. While fewerpeopleworkbeforelaw programs admitveryfewcandidateseachyearwhohavenothadfourtofive should definitelygetsomeworkexperiencepriortoapplying,astopMBA programs,you considering medicalorlawschool.Ifyou’relookingatMBA graduate schoolisasmartidea. This can makealotofsenseifyouare Some peoplesuggestthatworkingforafewyearsbeforereturningto Graduate school corporate businesspeople! management consultantsintheU.S.,comparedtomany, manymillionsof Just think: There areontheorderof justacouplehundredthousand Corporate jobsarealsofantasticallymoreplentifulthanconsultingfirmjobs. needed travelpolicy. will beverysimilartothatofamanagementconsultantinfirmwithanas- a smart,fast-pacedcorporateenvironmentinwhichtowork,yourjobprofile less money, you’llbeinyourownbednearlyeverynight.Infact,ifyoufind The workcanbejustascompellingconsulting,andwhileyoumightmake to individualcorporateculture—someculturesareterrific,othersterrible. less payandmorebureaucracy. Flexibilityanddiversityispeggedstrongly have offered betterjobsecurity, lesstravelandshorterhoursinexchangefor Compared tomanagementconsulting,corporatebusinesscareershistorically chooses abusinessunitandstaysthere. onto anotherone. At theendof18to24months,employeetypically • An MDwithbusinessacumen toworkspecificallyinafirm’s lifesciences practice www.vault.com/consulting— The BasicsofConsulting Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 29 Customized for: Kirsten ([email protected]) 30 clients. (Moreonboutiqueslater.) come inhandyataconsultingfirmfocusedon(youguessedit)biotechnology relevant skilltothetable—forexample,thatMSinbiotechnologymight the biggeneralistconsultingfirms. This istrueespeciallyifyoubringina consulting firms,whichtendtohirefromawidervarietyofsourcesthando graduatedegreesshouldlookstronglyatboutique Folks withnon-MBA competing withhungryMBAsforthenextpromotionrightoff thebat. success inthisnewcareerifyoustartattheprescribedlevel,aswon’t be business training.Don’t sweatittoomuch—you’ll bebetterpositionedfor important ofwhichbeingthatyouaren’t cominginwithdirectrelevant first-year MBA. This makessenseforanynumberofreasons,themost JD, youwouldbelikelytostartatthelevelbetweenbusinessanalystand master’s, youwouldlikelystartasabusiness analyst. With aPhD,MDor intermsofstartinglevelorsalary. Ifyoudon’t havea lesser thananMBA non-businessgraduateschooldegreeisusuallyconsidered One morething: A you canspeaktointheinterviewprocess. Studies. Justfocusonacquiringsome real-world businessexperiencethat inSlavic program.Butdon’t giveuphopeifyouhaveanMA or atopMBA consulting, yourbestbetistogetinrightoutofundergraduate program The realityisthatyouroddsareagainstyou—ifyoutrulyfocusedon • An JDwhocanjumprightintoassistingalitigationconsultingfirm PhDinphysicswhocanoffer astructuredproblem-solvingapproachto • A complex strategyprojects L C I A B R R A E E R R Y The BasicsofConsulting Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) Consulting Categories insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Types ofConsultingServices HPE 2 CHAPTER operations andfinancial consultingfallsoutsideofmanagement consulting. technology strategyconsultants,a.k.a. managementconsultants.)Similarly,muchofboth 100,000 technologyconsultantsin its fold,butreportsthatonlyafewthousandofthemare programming work,whichisnotstrategic innature.(Asacasepoint,Accenturehassome For example,muchof“technology consulting”consistsofsystemsintegrationand business consultingthatarenotconsidered tobepartofthe“managementconsulting”arena. In ordertounderstandthisindustry, it’simportanttobeclearthattherearevastareasof specialize inasingleanalyticalmethodology(e.g.,realoptions,economic valueadded). to onefunctionalareaacrossavarietyofindustries(e.g.,marketing, operations),oreven problems inasingleindustryvertical(e.g.,healthcare,financialservices), orapplythemselves specialize inoneparticularfunctionalarea.Boutiquesmayworkonmany typesofstrategic usually touchonallofthesetypesstrategicproblems,thoughindividual partnersmay and technologyinadditiontogeneralbusinessstrategy.Largemanagement consultingfirms Management consultingfirmsaddressbusinessproblemsinmarketing,finance, HR,operations (See thefollowingexhibitforhowtheseareasfittogether.) information technologystrategy, financialstrategyandhumanresourcesstrategy. primary categories:purestrategy, operationsstrategy, marketingstrategy, The typesofadvisoryservicesthatmanagementconsultingfirmsoffer fallintosix consulting Management HR consulting The businessconsultinglandscape strategy Marketing consulting www.vault.com/consulting— HR Technology consulting strategy Marketing Pure strategy Technology strategy Operations with Financial consulting strategy strategy Financial Operations consulting L C I A B R R A E E R R Y 31 Customized for: Kirsten ([email protected]) 32 Examples oftypicalstrategyconsultingengagements: macro-level challengesofrunningtheircompanyororganization. executives (forinstance,theCEOandboardofdirectors)understandface “purestrategy”consultingengagementaimstohelpaclient’s mostsenior A shorthand thoseprojectsas“strategy”projects. consultants workingonmarketingstrategy, operationsstrategy, etal,alsoliketo “pure strategy,” orsimplyshorthandedas“strategy.” Itcangetconfusing,because strategic innature.Butthereisaspecialcategoryofproblemssometimescalled By definition,problemsthatmanagementconsultingfirmsdealwithareall Strategy consulting recommendations. tap toanswerfollow-upquestionsasthecompanytakesactiononstrategic extensive processreengineering,selectingasoftwarepackage,orsimplybeingon management consulting.“Implementation”isavaguetermthatmightinvolve now touttheirimplementationcapabilitiesinallofthesixsub-areas around andimplementtheirsuggestions.Consequently, moreconsultingfirms Increasingly, however, clientsexpectmanagementconsultantstrategiststostick Historically, consultingfirmsmadetheirrecommendationsandwalkedaway. financial advisoryservicesorbusinessprocessoutsourcing. implementation, services outsideofthemanagementconsultingspace,offering IT focus onjustoneindustry).Manyofthelargest firmsalsoprovideconsulting “boutiques” mightfocusonjustoneofthesesixtypesstrategyproblems(and/or one typeofstrategicproblem.Incontrast,highlyspecializedfirmsknownas individual consultantswithinthefirmtendtospendmuchoftheirtimewithjust Generalist consultingfirmstakeonprojectsinallsixoftheseareas,while • Determining thevalueofaPCmanufacturer onastand-alonebasisand • Understanding whyBroadwaytheaterskeeplosingmoney andhowthe • Evaluating investmentopportunitiesinavarietyofindustrysectorstosupport • Recommendinganewstrategicdirectionforgrowingwireless company suggesting possibleacquirersto help divestitselfofnon-corebusinesses theaters canrepositionthemselvestoprofitmostfromnewmarkets growth aspirationsofamultinationalcompany L C I A B R R A E E R R Y Consulting Categories Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat include: expertiseonmarketingstrategyproblems their Some firmswell-regarded for Examples oftypicalmarketingstrategyconsultingengagements: part ofmarketingstrategyconsultingaswedefineit. that focusonmoretacticalproblemslikebrandingoradvertising. These arenot focus onmarketingproblems,butnotmany. There arealsocompaniesout there problems. There areasmallhandfulofboutiquefirmsouttherethatdoinfact consulting tendtobetheoneswell-knownfortheirexpertiseinstrategy Accordingly, thefirmsthatareknownfortheirexpertiseinmarketingstrategy approaches tolaunchanewproductoroptimizeexistingones. development leadershiptoshapeoverallmarketingplansordevelopdetailed projects. Ontheseprojects,consultantsworkwiththeseniormarketingorbusiness oftentimes marketingconsultingprojectsareaptlyreferredtosimplyasstrategy is leftoutasfardefiningacompany’s overallstrategy?Consequently, consider thefivePsofmarketing(product,place,price,promotion,people),what “the marketingstrategyisthestrategy.” And theyhaveagoodpoint—onceyou Management consultantswhofocusonmarketingproblemsarefondofsayingthat Marketing consulting focuson“pure strategy”problems include: their The largestfirmsknownfor • Simon-Kucher &Partners • CopernicusMarketingConsulting • MonitorGroup • Supporting the developmentofanannualmarketingbudgetfortheclient’s• new • Evaluating thereturnon investmentinvariousmarketingandsalesactivities • Assessing whichfeaturesofamedicaldevicemattertosegments of • Positioning asnackmanufacturertoenterChina,determining typesofsnacks • Booz Allen Hamilton • McKinsey&Company • The BostonConsultingGroup • Bain&Company service offering featured versionsofthedevice physicians, anddevelopingatarget marketingplanwith twodifferently- most wantedandassessingthemarket’s willingnesstopayforsnacks www.vault.com/consulting— Consulting Categories Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 33 Customized for: Kirsten ([email protected]) 34 Examples oftypicaloperationsconsultingprojects: as well. these projectsaremorelikelytoinvolvetheconsultantinanimplementationphase management consultingengagements,lastingupto12months.Bytheirnature, Operations consultingprojectstendtolastlongerthanmanyothertypesof reengineering crazeoftheearly1990s). quality, orrestructuredepartmentsandorganizations (aspecialtyofthe costs, orlookintoresourceallocation. They improvedistribution,heightenproduct investigate customerserviceresponsetimes,cutoperatingorinventorybacklog clients reachthesegoals.Consultantsdoingoperationsstrategyworkmight project setsthefirm’s goals,anoperationsconsultingprojectaimstoensurethat processes, distribution,orderfulfillmentandcustomerservice. While astrategy Operations consultantsexamineaclient’s internalworkings,suchasproduction Operations consulting • Prophet • Optimizing thesizeofapharmaceuticalsalesforce,givenrecententry • Creatinganewlogisticaldatabasefortiremanufacturer • Working withanewly-merged commercialbanktoincreaseitscustomer • Determining howarestaurantchaincansaveoningredientcostswithout • Streamlining theequipmentpurchasingprocess ofamajormanufacturer Strategic sourcingforamanufacturingcompany(e.g.,improvingtheefficiency • two newcompetitivedrugsintotheclient’s space response efficiency changing itsmenu of thecompany’s relationshipswithsuppliers) L C I A B R R A E E R R Y Consulting Categories Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat case interviewrounds thatotherMcKinseyconsultants gothrough. You’ll still of interviewingwhereMcKinsey BTO applicantsgothroughexactlythesame strategy practice.Don’t befooled.McKinseyhasa“same-bar” method Allen’s IT examples includetheMcKinsey Business Technology Office (BTO) andBooz new hiresandisthereforeaback-door waytogetintoamajorconsultingfirm; strategyhasalowerbarthanpurebusiness for Some peoplethinkthatIT target firms. strategy, dosomediggingtodeterminewhichisthecaseforyour you’re intoIT group thatdealsexclusivelywithtechstrategyprojectsacross all verticals.If strategy implementation. Ontheotherhand,afirmmightalsohavefocused IT specific industrygroupslikefinancialservicesorenergy thatalsodealwith groupings. Take riskmanagement,forexample. Insomefirms,thisislocatedin strategistsintoverticalorhorizontal Slightly confusingistheorganization ofIT implementationcounterparts. personnel, projectmixandbillingratesfromtheirIT strategygroupshavedifferent implementation (thinkBigFour).However, theIT consulting revenue)canbefoundwithinlarge consultingfirmsthatalsodo strategypractices(whichembodyanenormouspercentage ofworldwide IT rather thanhowtheclientgetsthere. umbrella of“managementconsulting”)focusonwhichtechnologyroadtotake, strategyconsultants(whofallunderthe system isproperlyimplemented.IT solutions, testforsystemandprogramcompatibility, and ensurethatthenew consultants designtechnologyprocesses,customsoftwareornetworking implementation consultants dotherealworktoexecutethatstrategy. IT implementation toward meetingtheirbusinessstrategydirection,whileIT strategyconsultantsfocusonhowtoleveragetechnologysolutions former. IT implementationconsultants,andthelatterfaroutnumber consultants andIT strategy It’s importanttounderstandthatintheworldofIT, therearebothIT telecommunications hardware,softwareandtheinnerworkingsofInternet. their businessgoalsbyleveragingin-depthknowledgeofcomputerand Information technologystrategy(or“IT”strategy)consultantshelpclientsachieve Information technologystrategyconsulting include: focusonoperationsstrategyproblems their The largestfirmsknownfor • KurtSalmon Associates • PRTM • A.T.Kearney • Accenture www.vault.com/consulting— Consulting Categories Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 35 Customized for: Kirsten ([email protected]) 36 analysis. quantitatively-focused individuals withskillsinaccountingorfinancialstatement specialty financialstrategyconsulting practice—canbeparticularlyrewardingfor off staffing assignment inageneralistconsultingfirm,orasanemployeeof can hiremanagementconsultants. Working ontheseproblems—whetherasaone- Financial strategyisonemoreofthemanytypesproblemsforwhich acompany Financial strategyconsulting problems include: focusoninformationtechnology strategy their The largestfirmsknownfor strategyconsulting engagements: Examples oftypicalIT consultingisprobablynot foryou. engagements, IT projects canlast18to24months.Ifyoureallycraveavarietyofdifferent strategyprojectslastevenlongerthanoperationsprojects;such Be warnedthatIT consultinginterview. walk intoanIT resource planning),andCRM(customerrelationshipmanagement)beforeyou (enterprise denoted byvariousacronyms.Inparticular, knowthebasicsofERP strategysometimesblendswithprocess,whichembraceshottechnologytrends IT know-how inadditiontostrategyframeworkexpertise. need toboneuponthosecaseinterviews,andyou’llbringbeartechnical • McKinsey • IBMGlobalServices • DiamondManagement& Technology Consultants • DeloitteConsultingLLP • Accenture • Analyzing thebenefitsofwirelesstechnologyforaglobalshippingcompany • Determining howamajor“big-box”retailercanleveragetechnologyto Recommending that a bankincorporateSarbanes-Oxleysystemtosupportits • • Evaluating thebenefitsandcostsofestablishinganewInternet-basedB2B improve itsdistributionnetwork risk managementdepartment exchange thatfacilitatesoptimalsourcingfortheautomotiveindustry L C I A B R R A E E R R Y Consulting Categories Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat • There are three primarycategoriesoffinancialstrategyprojects: • are helping the mortgagebusiness. Working asafinancialstrategyconsultantmeansthatyou develop atarget marketingscheme,oracommercialbankdecidewhethertoexit strategic problems. within Bain). Those consultantsarehelping financial servicesconsulting(e.g.Oliver Wyman, orafinancialservicespartner Don’t getconfusedbythemanagementconsultingfirmsandpracticesthatdo not consulting.) processing toan Accenture, IBM,orEDS—butthattypeofworkisoutsourcing, analysts. (Notethatmanylarge corporationsmayoutsource back-office financial such as“riskmanagement”or“treasury”thathaveafull-timecadreoffinancial consultancy. Inmajorcompanies,youwillfindsubstantialcorporatedepartments tend tobuildupthissortofexpertisein-house,ratherthanoutsourceita firms. That’s becausefinanceisacorepartofanybusiness, solarge corporations practice infinance,butthereareveryfewstandalonefinancialstrategyconsulting Large managementconsultingfirmslikeDeloitte mayhaveaspecializedsub- closures, andthenitty-grittyofcost-cutting. only big-pictureones,butalsothecrucialtacticalissuesoflayoffs, facility client firmsataveryseniorlevel—however, thedecisionsbeingmadeinvolvenot turnaround workasanelementofmanagementconsultinginthatyouareadvising transactionally-focused, fast-paced,andheadline-oriented.It’s fairtothinkabout to attractasimilarprofileofemployeeasinvestmentbanks. The workis consulting firmsarearareandselectivebreedofadvisoryservicesfirmthattends This lastcategoryoffinancialstrategyprojectsdeservesspecialnote. Turnaround • companies in?”and“Whattype of problemsdoyouadvisethosecompanieson?” salespitchestoyou with twoquestions:“Whatindustriesareyourclient recruiters’ out duringyourjobsearchprocess iseasilysolvedbyrepeatedlyclarifying reporting, and/orprojectvaluation. bankruptcy. step inastemporarymanagementthroughchallengessuchChapter11 renovation ofacompany’s strategyandoperations,wheretheconsultantsoften scenarios. about controllingtheirvariousriskexposures,aswellplanningfordisaster Corporate finance Risk managementandinsurance Corporate restructuring or“turnaround” all typesofcompanies rjcsinvolveassistingclientswithcapitalbudgeting,P&L projects More thanlikelytheyarehelping,say, acredit cardissuer www.vault.com/consulting— with engagements involvehelpingclientsthink Consulting Categories Vault CareerGuidetoConsulting financial strategyproblems. with financial companies consulting gigsinvolveaholistic L with C I A B R R A E Sorting this all typesof E R R Y 37 Customized for: Kirsten ([email protected]) 38 nature: Examples ofhumanresources consultingengagementsofamore tactical Examples oftypicalhumanresources strategyconsultingengagements: therefore isn’t trulypartofthemanagementconsulting world. a.k.a. “boutiques.”MuchofHRconsultingismoretacticalthanstrategic,and For themostpart,HRconsultingisperformedbyspecialistfirms, and ongoinginitiativesstudies(e.g.,diversitywork/lifebalance). as partofdepartmentalororganizational restructuring,systemsimplementations, management, isoneofthehottestconsultingfields.ClientshireHRconsultancies This kindofHRconsulting,alsoknownasorganizational developmentorchange employees whileplacingtherightpeoplewithskillsinroles. in humancapitalpaysoff. Humanresourcesconsultantsmaximizethevalueof HR consultingasaspecializationremainsrobust.Companiesknowthatinvesting streamlined operationsmeannothingifnoonecanputthemintoplace. That’s why The bestbusinessstrategies,themostthoughtfulmarketingplansand Human resourcesstrategyconsulting • Protiviti(riskmanagement) • Monitor • McKinsey • Marsh(riskmanagementandinsurance) • Deloitte(enterpriseriskmanagement) • Alix Partners(corporaterestructuring) include: financialstrategyconsultingservices Examples oforganizationsthatoffer • Reviewingand revisingalawfirm’s compensation structure • Creatingorupdatinganewdivision’s benefits package • Counseling andprocessinglaid-off employeesandassistingtheminfinding • Building “competencies”throughbetterandmoreefficient training programs • Fosteringemployeecreativitythrough“processinnovation” • “Managing relationships”toensurefocusoncustomersandopen • Bringing togethertheculturesofmerged companiesbydevelopingoraltering new jobs communication work cultures L C I A B R R A E E R R Y Consulting Categories Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Types ofFirms following: Examples ofgeneralistmanagementconsultingfirms includethe to alignwithonepracticeareaandspecializeinagivenindustryor problemtype. projects initially, thoughbythetimeyouareafewyearspost-MBA,you’llbeasked Working atageneralistfirmmeansthatyouwillworkondizzyingvarietyof marquee offering overtimeremainspurestrategy. era of2001-2003.Butwhatdifferentiates thesefirmsfromothersisthattheir took onmoreoperationalimprovementprojectsthanusualduring thecost-cutting change, thesefirmsadjusttheirservicesaswell—aswementionedbefore,BCG strategyintosystemsintegration. When consultingtrends that stretchesbeyondIT of itsrevenuecomingfrompurestrategy, buthasatremendoustechnologyoffering strategy throughitsBTO offering. Accenture haslessthan5percent amount ofIT greatly, ofcourse.Forexample,McKinseydoeslotspurestrategyandsome large succeedatit. The mixofwhattypesproblemseachfirmtacklescanvary the well-knownones. They attempttobeeverything toeverybody, andby and We knowandlovethesefolks. They areusuallythelarge firms,andconsequently Generalist managementconsultingfirms divisions. consultingfirms,andinternalcorporate specialist or‘boutique’ There arethreetypesoffirmsinwhichonecanwork:generalistconsultingfirms, let’s understandinwhatkindsoforganizations onecan workonthoseproblems. We’ve outlinedthesixtypesofadvisory servicesthatconsultingfirmsoffer. Now problems include: focusonhumanresources strategy their The largestfirmsknownfor • IBMGlobalServices • Dean&Company • Booz Allen Hamilton • The Boston ConsultingGroup • Bain&Company • Accenture • Watson Wyatt Worldwide • TowersPerrin • Hewitt Associates • Mercer www.vault.com/consulting— Consulting Categories Vault CareerGuidetoConsulting with • RolandBerger Strategy Consultants • The Parthenon Group • Oliver Wyman • MonitorGroup • McKinsey&Company L C I A B R R A E E R R Y 39 Customized for: Kirsten ([email protected]) 40 Specialization amongmanagementconsultingfirms Consulting (which wasfoundedbyahandfulof formerBainpartners)nowhas boutique isdeterminednotbysize,butfocus.L.E.K. not thecase. A being a“boutiqueconsultingfirm” necessarilyimpliesbeingasmallfirm. This is There areacouplecommonmisconceptions aboutboutiquefirms.Oneisthat EVA). (M&A, economicsandlitigation,turnaround)ormethodologies (realoptions, Some offer targeted advisory servicesinaverynarrowly-definedfunctionalarea and/or businessproblemtypes(marketing,operations,HR,technology, finance). choose tofocusonasmallernumberofindustries(energy, lifesciences,retail) Boutique firmssupporttheirclientswithhighly-specializedexpertise. These firms source ofjobsatalllevels. still aren’t understoodverywelland(2)theyareanever-increasingly important We’re goingtotalkafairamountaboutboutiquesherefortworeasons:(1)they firms Boutique (orspecialist)managementconsulting Degree of specialization by industry Associates Putnam L

C ereo pcaiainb uiesfnto rmethodology or function business by specialization of Degree PRTM Towers I Perrin A B LIBRARY CAREER R R A E E R Marakon R Y SDG CRA Diamond L.E.K. Parthenon otqeFirms Boutique ICF Consulting Categories Vault CareerGuidetoConsulting eeaitFirms Generalist Bain Mercator Partners Wyman Oliver BCG Monitor IBM Mercer McKinsey Kearney © 2007Vault Inc. AT Allen Booz Accenture Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Examples ofpossibleconsulting projects inaboutiquefirm: within ageneralistconsultingfirm. doing theworkyoumostenjoy—andtrustus,thatisamuchharder goaltoachieve know whatthosecoreinterestsare),youwillspendallofyourconsulting career the rightcompanytomatchyourinterests(andyouhaveself-awareness to more thana“fly-by-night”or“single-shingle”withniftyweb site. Ifyoufind fashionednetworkingtolocateboutiquesthatare online directoriesandgoodol’ They arehardtofind,souseacombinationofGooglesearches, newsclippings, problem, definitelydoyourhomeworkontheoutstandingboutiques inthatfield. If youareespeciallyinterestedinaparticularindustryortype ofconsulting more attractivetoprospectiveclientsthanthoseoftheexpensivefirms. overhead andlessextra“capacity”(i.e.,consultants),sotheirservicesmightseem at lowercoststhanthelarger consultanciesbecauseasmallerfirmrequiresless compelling reasontogrowquickly. Also, smallerboutiquescandeliverservices partners, andunlessitsellsaconsistentlylarge flowofwork,thefirmhasno firms growfromtheexpertiseandclientrelationshipsofonetofivefounding upwards of200employeesdowntoasingleconsultant.Often,boutiqueconsulting All thissaid,weshouldnotethatmanyboutiquesareindeedsmall,rangingfrom where boutiquefirmsfitintotheconsultinglandscape,seefollowingexhibit.) working atafirmmorewell-knownamongthegeneralpublic.(Forvisualon who areinterestedindevelopingatrueexpertise,andnotobsessedwith specialist firmsareextremelyappealingemployersforprospectiveconsultants as theconsultantofchoiceforaFortune500company. These highly-regarded to findaboutiquefirm(andpotentiallyverysmallonewithjustfewemployees) Because boutiquesoffer suchdepthinparticular areas,itisincreasinglycommon business forthesesortsofproblems. would turntoStrategic DecisionsGroup,which hasthebestreputationin problems, butforadecisionanalysisorrealoptionsstrategyproblem,clients extremely well-regardedacrossmanyindustriesformosttypesofstrategy functional firms. This highlydependsontheareaoffocus.Forexample,BCGis Another misconceptionisthatboutiquesarelessprestigiousthanthemulti- shareholder valueandbusinessstrategy. of itsspecificfocusonthreetypesstrategyconsultingproblems:M&A, roughly 500employees,butwewouldconsiderthecompanyaboutiquebecause • An economicsconsultingfirmhelpsa foreigngovernmentdecidehowto consultingfirmwithawell-knownshareholdervalue methodologyhelpsa • A structure theprivatization (sale)ofitsutilitiesthrough anauction beverage companyestablishvalue metricsinitsbusinessunits www.vault.com/consulting— Consulting Categories Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 41 Customized for: Kirsten ([email protected]) 42 supervisors wholackher same levelofintellectualrigor,analytical and educatedconsultant finds herselfsurroundedbypeersand somewhat bettertoo.However, manytimes,thisextremelyintelligent bureaucratic downsidesof largerfirms,whilepossiblygettingpaid faster thanwillherpeers atlargerfirms,plusshe’llavoidthe tiny boutiquefirm.Atthisfirm,she’llbegivenmoreresponsibility much marketing) believesshe’sdiscoveredagreatcareeropportunity witha (particularly onewithaname-brandbackgroundthatcan beleveragedin Time andagainwe’veheardstorieslikethisone,where aconsultant touch. Thedynamicduoproceedstoleveragethenewhirehilt: HBS andquantitativeanalysisskillsthatthetwofoundersjustcan’t engineering, workexperienceatGoldmanSachsandBCG,anMBAfrom selected newhirecanboastaStanfordUniversityundergraddegreein competitiveness forbigger-nameclientprospects.Theircarefully- now wanttoaddsomeseriouspedigreeimprovetheir driving newbusinesstodateduetheirtalentforsalesmanship,but wants totakeonathirdperson.They’vebeensurprisinglysuccessful state universityBAswhometworkingatalesser-knowntechfirmnow Here isatruestory:Aconsultingfirmfoundedseveralyearsagobytwo Boutiques canbegreatplacestowork…butnotallofthem. boutiques I smellafraud:callingouttheweak • Responsibility fortheentireanalyticalportionofprojectsis Asked byaclientaboutfinancialmanagementexperience,one • • New projectpitchdocumentsmakethenewhiresoundlike the newconsultantguiltilymakingitupashegoesalong. heads arebetterthanone”adagegoesoutthewindow, with the functionsandprogrammingfeaturesused.The “two critique hisExcelmodels,becausetheyaren’tfamiliar with dumped intothenewhire’slap.Thefoundersdon’treview or fabrications, canonlynodweakly. interim CFO.”Thenewconsultant,humiliatedbythe occasion parachutedhimintostrugglingcompaniestoserveat this guy’sexperienceatGoldmanSachsandall,we’veon the backashetoutstheirdepthofexperience,saying,“With of thefoundingpartnerspatsnewly-hiredconsultanton Sachs andBCG.” Harvard BusinessSchool,aswellfolksfromGoldman multiple people:“We’vegotateamfromStanfordand L C I A B R R A E E R R Y Consulting Categories Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat McKinsey? company’s competitiveadvantage overothersinitsclass,including in termsofpositioningand businessdevelopment?Whatisthe the firm’slong-termgoalsfor hiring?Whatarethefirm’slong-termgoals Does thefirmusealotofoutsideconsultantsorcontractors? Whatare generated perpartner?Howdoesthefirmdealwith project staffing? their credentialsasconsultants?Whatwastheaverage revenue been inbusiness?Whatisthebackgroundofpartners? Whatare So callthebluffandasksomepointedquestions:How longhaveyou existence. Butthisisaridiculousstatement.Why? boutiques statethisclaimwithevidentgiddiness,asifitvalidatestheir McKinsey allthetimewhenwe’resellingwork,andoftenwin.”Many Here isonecommonstatementtowatchoutfor:“Wegoupagainst your experienceandknowledgelevel. and learnfrom,thattheworkyouwillbedoingisappropriatefor robust businessmodel,thatthefirm’sleadersarepeopleyoucanrespect you, youneedtoaskhardquestionsinorderunderstandthatithasa The lessonisonceyou’vefoundaboutiqueconsultingfirmthatinterests they purposefullysoughttohire. develops whenthefirm’sleadersfeelintimidatedbyverytalentthat doesn’t feelthatthere’sanyonearoundtolearnfrom,andtension capability, andsophisticationincrucial“softskills.”Theconsultant • McKinsey can’twineverysinglebeautypageant. Firstofall, • • McKinsey isthelargestmanagementconsultingfirmin McKinsey someofthetime.Ifnot,something’swrong! discovered andinterviewedwith—hadbetterbebeating consulting firm—especiallythatsmallgemofaboutique you boutiques thatsubstantiallyunderbidthem.Soany given there, andoftenlosesincompetitivesituationstothe little McKinsey isoneofthemosthigh-pricedconsultanciesout consultant atthatRFPwithoutmuchattention.Secondly, to fryandmaythrowagenericproposalwrittenbylow-level heart outforasmall,$100kproject,McKinseyhasbiggerfish while alittleboutiqueputsweeksofeffortintopitchingits it istoobusypitchingworktomanypotentialclients; often. Otherwisesomething’swrong! company hadbetterbegoingupagainstMcKinseyfairly strategic advisoryprojectthatyoucanimagine.So,a world. Itisinvolvedinnearlyeveryindustryandtypeof www.vault.com/consulting— Consulting Categories Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 43 Customized for: Kirsten ([email protected]) 44 entrepreneurial environmentalthatmostofuscrave. development opportunity,highlycompellingworkcontentandthe enough, youcancertainlyfindonethatoffersauniquelyfast-paced risk tojoinonewithoutanestablishedbrandname.Butifyoulookhard Boutiques arebothhardtofindandinvestigate,itisaslight Some ofthemore well-knownboutiqueconsulting firmsinclude: of aspecificproject.Eventhough everyonetechnicallyworksforthesame deployed withtheclientforeither asetperiodoftimeorthroughouttheduration strategy, businessdevelopmentandprojectmanagement. The consultants remain different business unitsinthecompanyforassistanceonissuessuchascorporate report toacentralconsultingdivision, whichthenstaffs itsemployeeswithin established formalizedinternalconsultingunits.Consultantsfrom theseunits Recognizing aconstantneedforthird-partyexpertise,somecorporations have Internal consultingdivisions • Strategic DecisionsGroup(strategyconsultingusingdecisionanalysis) • Putnam Associates (lifesciences) • MercatorPartners(telecomstrategy) • Marakon Associates (shareholdervaluemethodology) • L.E.K.Consulting(shareholdervalue,M&A,andbusinessstrategy) • ICFConsulting(energy) International(economicsandlitigationconsulting) • CRA marketresearchspecialtyfirmconductsaquantitativesurveyof500 • A turnaroundconsultingfirmhelpsatelecommunicationshardware • A processreengineeringboutiquesnaresasix-month project toassist • A nicheR&Dstrategyconsultingfirmdeploystwoconsultantstoahigh- • A demand generate inputsforaprobabilisticsimulationmodelofpharmaceuticalproduct physicians, usingtheresultstoperformstatisticalanalysisinSPSSand restructure itsorganization untilChapter11 bankruptcy implementation ofnewsupplierstandardsforanautomotiveconsortium improve R&Dprocesses growth semiconductorcompanyinSilicon Valley forathreemonthprojectto L C I A B R R A E E R R Y Consulting Categories Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat department—often effectively meansyouarean“internalconsultant.” group—or asasingleindividual strategicanalystunaffiliated withanyone of work.Nonetheless,working ina“corporatestrategy”or“strategicplanning” promotion pathandabetterguarantee ofgettingtruemanagementconsultingtypes Companies withformalinternalconsultingdivisionsoffer morestructure,aclearer to temporarilyproblem-solveforandadvisewhicheverbusiness unitneedshelp. consulting”—most large companieshaveindividualsorsmallteamswhoseroleis great fitforyou.Notethatsuchdepartmentsarenotalways called“internal problems consultantsaddress,youmightfindaninternalconsulting armtobea that we’vementionedthroughoutthisbook,butareattracted to thetypesof attitude. Ifyouareconcernedaboutsomeofthe“cons”management consulting scrutiny overbillablehoursandprojectmargins, insanehoursandup-or-out find thesameterritorialismamongpartners(orevennotionof equitypartners), corporation canbealessstressful,competitivesituation. You areunlikelyto Compared withworkingataprofessionalservicesfirm,internally corporate sideaswell. might asatypicalmanagementconsultant.Jobsecurityishigherifyouareonthe work asaconsultancy, youwillnothavethesamefacetimepressuresthat site fromcompanyheadquarters). And becauseyouarenottryingtowinrepeat far less(exceptintheraresituationswhereyouareonalong-termassignmentoff- typically lowerthanconsultantsalaries.Ontheotherhand,youwillnodoubttravel would elsewhere,andyouareprobablypaidatcorporatesalaries,which “normal” consultantisthatyoudon’t getthesamevarietyofindustriesasyou client. The maindisadvantagestobeingan internalconsultantinsteadofa simply ontheclientsideoftable,andyourpaycheckcomesdirectlyfrom external consultingfirm,exceptonpermanentretainerforthesameclient. You are You shouldthinkofinternal consultingasthesameroleifyouwereinatypical consulting ranks. way forcorporationstomarketthemselvesandattracttoptalentfromtheoutside and itsindustry. Inaddition,havingadedicatedinternalconsultingunitissmart benefits fromhavingadedicatedteamofexpertsknowledgeableonthecompany it canreceivethe“outsider”opinionforacorporatepayscale. The firmalso consulting help. The firmdoesn’t havetopaytheexorbitantbillingrates;instead, consulting groupscanbeaneconomicalwaytoobtainalarge amountof corporations likehavinginternalconsultinggroupsiscostsavings.Internal Why don’t thesecorporationshireoutsideconsultancies?Onereasonwhy for thebusinessunits. company, theconsultingarm acts asanoutsider, sinceitsconsultantsdon’t work www.vault.com/consulting— Consulting Categories Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 45 Customized for: Kirsten ([email protected]) 46 n/rMBAsinclude: and/or Some formalizedinternalconsultingpracticesthatactivelyrecruit newBAs Examples ofinternalconsultingprojects: minted families)thisisindeedagreatwaytogo. minutes inacar. Formanyfolks(especiallynewly-mintedMBAswithnewly- company thatisn’t basedinamajorcity, withyourcommutebeingaslittle10 of consulting—ifyouwantahouseinthesuburbs,mightbereallyhappyat of youreadingthiswholivethere). There areprosandconstomosteveryaspect nearest significantcity—thinkSprintinOverlandPark,Kansas(apologiestothose Boston. Large corporationsoftenhavetheirheadquartersmanymilesfromthe consultancies arebasedinsomesortofmajormetropolitanarealikeChicagoor One beefwe’veheardaboutinternalconsultingpositions:location.Mostexternal • Proctor&GambleStrategic PlanningGroup • J.P. Morgan ChaseInternalConsultingServices • Johnson&DecisionSciencesGroup • Cargill Strategy andBusinessDevelopment • American ExpressStrategic PlanningGroup managementsciencesgroupinacommercialbanksupportsthebank’s • A analystwhoreportsdirectlytotheCEOofapowercompany • An MBA • An internal consultinggroupatalarge petrochemicalscorporationhiresa • The strategicplanninggroupofalarge commoditytradingbusinessdeploys venture capitalinvestments leveraging somestaff off thetradingfloor spearheads thedevelopmentofanewmarketpriceforecastingmethodology, system of SAP marketing distributionoperatingunit,toassistinamultiyearimplementation change managementspecialistforlong-termdeploymentonaprojectwiththe strategy three consultantstohelpitsfuturesbrokeragearmcomeupwithamarketing L C I A B R R A E E R R Y Consulting Categories Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) GUIDE CARE CONS insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat GETTING HIRED Chapter 6: Chapter 5: Chapter 4: Chapter 3: The HiringProcess Targeting ConsultingFirms Declining Negotiating, Post-Interview: Accepting, What toExpectintheInterview www.vault.com/consulting— with Customized for: Kirsten ([email protected]) Customized for: Kirsten ([email protected]) Targeting ConsultingFirms insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Way Researching Companies,theRight HPE 3 CHAPTER knowledge ofthefirmwhatsoever. the otherhand,theyhaveeven lesspatienceforcandidateswhoexhibitno first interview. Recruitersarenotparticularly impressed bythisbehavior. On and utilizationratestoshowrecruiters justhowmuchtheypreparedforthe They feelcompelledtoaskthree-layered questionsaboutrevenuestreams become anendinitself.Overzealouscandidatesoftenmake thismistake. Be comfortablewiththebasicsofeachfirm,butdon’t letyourresearch work wellwithboththeclientandyourprojectteam. problem-solving prowesstoexcelasaconsultantandthepersonal skillsto aspects aregenuineinterestintheconsultingindustryas awhole,the what keyfactorsdistinguishthemfromtheircompetition. The important and targeted industries,majoroffice locations,recentnewsdevelopmentsand do wantyoutohaveabasicgraspoftheirfirm’s history, currentpracticeareas easy tooverdose.Consultingfirmsdonotexpectyoubean expert; butthey With alltheinformationonpotentialemployersreadilyavailable,it’s alltoo Company basics between ajoboffer andarejectionletter. interviews. Completingthisstepinyourpreparationcanbethedifference understand thecompany’s makeupandbepreparedtotalkaboutitin dramatically. Candidatesarenowexpectedtoreadacompany’s website, advent oftheInternet,processresearchingacompanychanged word-of-mouth insights,companyliteratureortheoccasionalbook. With the information oncompanieswasnotveryeasytofind.Candidatesrelied plays animportantroleinacandidate’s preparation.Priortothe1990s, Landing aconsultingjobtakeslotoftimeandeffort, andcompanyresearch get startedandchooseprospectsforwhereyou’dliketowork. exchange forintriguingprojectworkandfinancialrewards.Nowit’s timeto and madepeacewiththepotentialforlonghoursbrutaltravelin real-life consultants,hadaheart-to-heartwithyourcareerservicescounselors By nowyou’vedecidedtopursueacareerinconsulting. You’ve spokento www.vault.com/consulting— with L C I A B R R A E E R R Y 49 Customized for: Kirsten ([email protected]) 50 certain topics.Recruitersappreciate acertainlevelofintellectualhumility. doctoral thesisathome,anddo notbeafraidtoexpressyourignoranceon company informationgoesa long waywiththesequestions.Leaveyour little firm thatinterestsyou?”and“Why areyouagoodfitforourfirm?” A questions suchas“Whydoyou wanttoworkhere?”,“Whatisitaboutour Think ofyournewfoundcompanyknowledgeasafail-safe cushionfor into discussionsaboutyourworkexperience,personality andyourgoals. memory fortheactualinterview. Useitinaverylimitedfashion,ormix Once you’vedoneallthenecessaryresearchonafirm,store itawayinyour A littlegoesalongway and Vault’s consultingfirmemployerprofiles.) at topconsultingfirms,seethe the topicsthatmattermost.(Forinsiderinformationonhiringprocess the dayofinterviewwillbemuchsharper, andyourdiscussionswillcover questions tocompanyrecruiters. Armed withthisinformation,yourfocuson have gonethroughtheinterviewprocessalready. You canevenaddressthese candidate. The bestsourceispeopleyoumayknowatthefirmorfriendswho the interviewcanloweryourstresslevelandmakeyouamorerelaxed interview conductedinaone-on-oneformat?Gettingthisinformationbefore multiple interviewrounds?Doesthefirmusepanels,oriseach from knowinghowthefirminterviews.Dotheyaskcasequestions? Are there Aside fromlearningaboutacompanythroughitswebsite,youcouldbenefit How dotheyinterview? it alsowillhelpyoudecideifthefirmiswherewanttobe. Remember, companyresearchisnotjusttohelpyoudowellinaninterview; them willhelpyoudecideiftheworkenvironmentbeagreeable. firm’s corecompetenciescanhaveabigimpactonitsculture,soknowing A coffee. alumni databaseforfolksemployedthereandasktopicktheirbrainsover dreams onLexisNexisandlookforrecentarticlesthefirm.Searchyour if itispubliclytraded.Ifyouarestillinschool,lookupthefirmofyour that itexpectseachnewhiretohave. You shouldreadthefirm’s annualreport basics, makingsuretofindoutthefirm’s corecompetenciesortheskillsets Keep yourresearchsimpleandfocused.Gotoafirm’s websiteandlearnthe Core competencies L C I A B R R A E E R R Y Vault GuidetotheTop 50ConsultingFirms Targeting ConsultingFirms Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat number ofdifferences inworkingstyle. or BCG, maystaff consultants ontwoengagementsatonce. This results ina associates andanalyststoasingleprojectatanygiventime.Others, likeBain Some companies,likeMcKinseyandBooz Allen Hamilton,assigntheir “case”) simultaneously? project (alsoknownasan“engagement,” or Do analysts/associatesworkonmore thanone culture—and yoursuitabilitythere. workingstyleand potential employersyieldsvitalinformationaboutfirms’ how employersfitwithyourpreferences.Understandingyourself andyour strategy? Would youprefertospendallofyourtimeinoneindustry?See important isforyoutobeinvolvedintheactualimplementationof to rollyoursleevesupanddigintotheoperationaldetailsofacompany?How Are youinterestedinworkingonhigh-levelstrategyissues,ordoprefer typically encounter? What kindofconsultingprojectsdoesthefirm your researchphase. You mightaskthefollowing questionsatthetimeofanintervieworduring Here isashortlistofquestionstohelpyouunderstandthefirmslittlebetter. place. practical abouthowcompetitiveitistomakeintoconsultinginthefirst choosing potentialundergraduate orgraduate programs),youshouldalsobe wouldn’t wanttoworkatinreality(asimilar ruleofthumbapplieswhen your onlyjoboffer. While yougenerallyshouldn’t applytofirmsyou search. Keepanopenmind—afirmyouaren’t inlovewithmightwindup wouldn’t workat.Butweencourageyou tonotbeoverlypickyinyour travel model.Usetheinformationyougathertoeliminatefirmsdefinitely and havetomakeajobdecisionbasedonsuchspecificcriteriaasthefirm’s The truthis,veryfewofuswillbeluckyenoughtohavemultiplejoboffers provides youwiththeexperienceneedforyournextcareermove. Your mission:Findafirmthatfitswithyourcurrentgoalsandlifestyle Understanding thedifferentfirms • When onanumberofstudiesatonce,youoften cannotgeteverything expectations and delineatingcomplexpriorities andtrade-offs. You also done inthetimeavailable. Therefore, youmustbecomeadeptatmanaging www.vault.com/consulting— Targeting ConsultingFirms Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 51 Customized for: Kirsten ([email protected]) 52 indicates alotaboutthestyleofyourprojectedworkpatterns: provide full-timesupporttotheproject. Again, theanswertoyourquery meetings withseniorclientmanagersordailyinteraction clientstaff who one oftheirattributes,examinethisfurther. Discernifthismeansweekly While almostallconsultingfirmsmention“considerableclientcontact”as active clientrepresentatives? Do projectteamsincludebothconsultantsand • It’s lesscommonforconsultants topairupwithclientsdothework The typicalmodelis tohaveaconsultingprojectteamthatdoestheheavy • • On theotherhand,ifyouareonasingleproject, yougenerallyhaveto Single projectsgenerallylastfromafewweeksuptoyear(orlongeron • • Working onmultipleprojectsnormallymeans that youspendmoretime • If youplanonconsultingforjustacoupleofyears,consideryourgoals explaining yourconsultingmethodologies, andlikewiseyoucouldfind team memberscanbechallenging. They mightneedyou tospendtime together, but ithappens.Sometimesworkingcollaborativelywithclient flip chartswithleftoverChinese foodstrewnonadesk. consultants areoff intheirown“warroom”huddledfrontofscrawly various employeesoftheclientfirm.Butformost part,the project teamwillalsohaveinterviewsordatagatheringmeetings with lifting andreportstoaclientprojectteamperiodically. The consulting week you’llbethere. even befortunateenoughtoknowhowlongandforwhichdaysofthe travel toonlyonelocationforthedurationofproject,andyoumight became anewareaofexpertise. you mightfindyourselfunwillinglypigeonholedintowhathaseffectively some occasions).Bytheendofproject,dependingonstaffing needs, your presence. opportunities foremergencies andhastily-called meetingsthatrequire unprofessional. Beaware,however, thattwoormoreclientsmeans discussing ClientB’s distributionproblemsonthetelephonewouldbe in theoffice thanattheclient’s—after all,sittingatClient A’s office exposure toawiderangeofexperiences. you prefertodigintofewerareasingreaterdetailorgetmaximum for breadthanddepthofexposuretoindustriesstudytypes.Judgeif of whomcompeteforyourtime. need todealwiththechallengesofhavingmultiplemanagersatonce,both L C I A B R R A E E R R Y Targeting ConsultingFirms Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat matter wheretheymightbebased. extended trips—specializedassignments requirethebestconsultants,no firms withstrongspecializations arealsomorepronetosendconsultantson you mightfindyourselfshipped off toHungaryorChiangMai.Consulting and Asian offices. This means thatevenifyouworkintheLondonoffice, take amorepan-regionalapproachtostaffing projects,especiallyinEuropean Ask aboutthefirm’s policyonstaffing between offices. Someconsultancies client distribution? key cities?Howdoesthiscompare withits worldwide, orisitbasedinasmallnumber of Does theconsultingfirmhave offices because theynormallydon’t haveaphysicalpresenceneartheclient. usually sendtheirconsultantstofarawaydestinationsforextended periods around theworld.MorelocalizedcompetitorslikeMonitororParthenon all ofthelarge consultingfirmsworkfrom offices inmostmajorlocations Also findoutwhatproportionofengagementstendtobetown.Nearly different travelneeds,firmsdohavestandard travelpolicies. 100 percentweeklytravelforseveralmonths. While everyprojecthas makes nosecretofitstravelintensity, sometimesrequiringofitsconsultants and endoftheproject,butsomewhatlessinbetween.IBMGlobalServices Bain andBCG, on average,spendalotoftimeonclientsiteatthebeginning their consultantsonclientsitefourdaysaweek,withFridaysintheoffice. Firms like Accenture, Booz Allen HamiltonandMcKinseytypicallykeep airport lounge. Whichever typeyouare, learn aboutthefirm’s travelmodel. flyer miles),whileothersloathetheprospectofgettingstuckatyetanother Some consultantsenjoyextensivetravel(andtheaccompanyingfrequent What isthetravelmodel? • On theotherhand,workingwithclientteammemberscanbemost a clientatsomepoint). (which isespeciallyvaluableifyoueverwanttoconsiderjumpingship You alsogainbetterinsight intoyourclient’s industryandcompany start todevelopmanagementskills(somethingmanyconsultantslack). valuable wayforaconsultanttospendhisorhertime.Foronething,you disregard areciprocalrequest. might havetoadjustyourscheduletheirothercommitmentsandoften yourself strugglingtopickuptheircompany-specificjargon. Also, you www.vault.com/consulting— Targeting ConsultingFirms Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 53 Customized for: Kirsten ([email protected]) 54 modules aregoingtobespecific toyourareaofspecialty, which isnotabad methodologies, teamleadership trainingorstrategicselling.Other encourage training(atleastin theory), someofwhichisgeneraltothefirm’s Specialization canbesomewhat linkedtotrainingatafirm. All firms manage yourearlyprojectflow. particular area,youareoftenaskedtodoothersinthat sotryand to sellit. That said,onceyoucompleteafewsuccessfulprojectsin really nailtheprojectstheydeliverandeventuallyknowanarea wellenough specializing. ButtheMBA-levelhiresarerequestedtospecialize sotheycan that theirnewhiresfollowageneralisttrackforfew yearsbefore different industriesandtypesofproblems,mostlarge strategyfirmsprefer order togranttheirnewassociatehiresasmuchexposure aspossibleto business analysisrole. The trackforMBA-levelhiresisalittledifferent. In Undergrad hiresusuallystaygeneralistfortheirthreetofouryearsinthe quickly? choose anareaofexpertiseastheyincreaseintenure;thequestionis,how assessing youroptions. Almost everyfirmencouragesitsconsultantsto want touseconsultingremainindustry-neutralintheshortterm,while functional areainwhichyouwishtospecialize.Ontheotherhand,might As youenterconsulting,mighthaveaclearideaofanindustryor to sellworkandserveyourclientswell. yourself needingtospecializeinbothindustryandtypeofproblemorder general forever. The longeryoustayinconsulting,themorewillfind continuing trendforclientstodemandindustryexpertise,onecan’t stay of problemtheywouldliketoworkon.However, especiallywiththe Most peoplegointoconsultingwithoutaclearsenseoftheindustryortype by industry,functionorgeographicexpertise? At whatleveldoconsultantsbegintospecialize away fromhome. mind thatwhereyouliveimpactshowfartravelandlongstay offices, thoughtheystillmustreportadministratively totheCOE.Keepin like Diamond,allowconsultantstoliveanywhereandworkoutofanytheir meaning youwillmostlikelymaintainyourresidencenearby. Somefirms, you workforaCOE,willprobablyreportgeographicallytothatoffice, still retainwhatarecommonlycalled“centersofexcellence”(orCOEs).If specialty. While mostfirmstodayorganize theiroffices geographically, some Also askabouthoweachfirmdistributesitsoffices: geographicallyorby L C I A B R R A E E R R Y Targeting ConsultingFirms Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat opinion oftheauthors this guidethatmetriciscompletely number thatiscalculated differently ateveryfirm(infact,itisthe how muchmoneytheyaregoing togetpaid.Itdoesn’t.Thisisaweird consultant Some consultantstemptthemselvesintothinkingthat succeed. number attheexpenseoffindingagoodfitwhereyouare mostlikelyto compensation. It’sotherwiseveryeasytogethung uponthisone employers, youcanlookmorecloselyatthetactical aspects ofyour issues outofthewayinunderstandingdifferences among potential consultants upthepromotionpathmorequickly.Once you havethebig well paylargerbonusesmoreoften,havegenerous raisesorpush Furthermore, thefirmthatoffersafewthousandlessinitially mightvery culture thanchoosingafirmthatpays$3,000yearmore thananother. of specificexpertise.Youaredefinitelybetteroffpickingtherightfirm notably morebecausetheyaregrowingfastanddesperate,orinneed they arepopularandcangetawaywithit,oranotherfirmthatoffers Occasionally, you’llfindonefirmthatofferssomewhatlessbecause one another,andofferverysimilarpaypackagestonewhires. The realityisthatconsultingfirmsconstantlybenchmarksalariesagainst this point,butyoudon’twanttobecomedistractedbyquestion. you’re goingtogetpaid.Thesalaryquestionisn’tactuallyofflimitat Salary. Youareprobablywonderinglateatnighthowmuchmoney What isn’timportantatthisstage? vacation policyorhappyhours. detail, however;otherwise,you’lllookasifyou’reonlyconcernedwiththe away. You maywanttowaituntilyoureceiveanoffer togetintoeverylast atmosphere. Again, thinkaboutwhatisparticularlyimportanttoyou,andask unpaid leavepolicy, telecommutingoptions,feedbacksystemandsocial details. These include(butaren’t limitedto):turnoverrate,vacationpolicy, To completeyourpictureofthefirm,youmaywanttofindout afewother What else? everywhere anditcanbeimpactedbyyourtrainingmodulesviceversa. of whenspecializationkicksinbecause,asyoucantell,it’s slightlydifferent thing ifyoulikeyourareaofspecialization.Makesurehaveaclearsense , ametricpublishedbymost firms,tellsthemsomethingabout www.vault.com/consulting— Targeting ConsultingFirms Vault CareerGuidetoConsulting with revenue per L C I A B R R A E E R R Y 55 Customized for: Kirsten ([email protected]) 56 Interviewing theConsultants your household’swealthaccumulation. gradations incompensationthatthelongrunwon’tmakeorbreak things likethetypeofworkyou’llactuallybedoing,ratherthanminor We wanttostressthepointthatyoushouldfocusonmoreimportant not you.Eitherway,whocares? pyramid (partners),andit’sthepartnersthataremakingallmoney, structure wherethebillingisweightedtowardverytopendof often thannot.If(1)isthecase,thenfirmlikelyhasapyramid chronically understaffedandyou’llbeburningthemidnightoilmore Good luckworkingthereif(2)isthecase,becauseprojectsareprobably it meanseitherthat: useless). Ifrevenueperconsultantishigheratonefirmthantheothers, enough, youcanevenaskyour intervieweroneortwoofthese! comes tolifestyle-relatedquestions. Herearesomeexamples.Ifyou’renervy can befuntoaskandgiveyoumoretruthfulanswers,especially whenit You cantakethingsastepfurther, however, and askscenarioquestions. These typical day, ask whattheydidyesterdayandwilldotomorrow. hours heorsheworkedoverthepasttwoweeks.Insteadof askingabouta Instead ofaskinghowmanyhoursheorshetypicallyworks, askhowmany looking for. Insteadofaskingtodescribeafewprojects,askforthelastthree. best threeprojectssheworkedonoutof20,whichisnotthe answeryou’re answers mightbevague,orperhapstheinterviewertell youaboutthe questions like“What’s atypicalday?”or“Whataretheprojectslike?” The Think aboutthewayyouaskquestions.Forexample,itisdifficult toanswer the crucialinformationyouwant. Talking tocurrentconsultantsatthefirmofyourchoiceis bestwaytoget • Ifyouhaveaspareeveningfrom work,howwouldyouspendit? (2) Billing ratesareequaltoorlowerthanotherfirms,andthe (1) Billing ratesarehigherthanatotherfirms,andthenumber L C number ofconsultantsislower of consultantsisthesame,or I A B R R A E E R R Y Targeting ConsultingFirms Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat talking with: employeesyoushouldconsider There are twocategoriesofformer than willcurrentemployees. They willhavedifferent (andoccasionally morecandid)opinionsonthefirm firms. We offer thefollowingidea: Talk toformeremployeesofthefirm. Most peopleareabletofindcurrentconsultantsspeakwithattheirtarget vivid, concretewaytoaskit. You gettheidea. Think aboutwhat’s reallyimportanttoyou,andfinda • • • IfyouwereCEOofyourfirm,whatwouldchangeaboutit? • Have youeverhadtocanceldinnerwithyourspouseatthelastminute • What businessapplications,suchas Word, Excel,or@RISK,haveyou • Howmanytimeswillyoucheckyourvoicemailtonight? • HowmanySundaysdidyouworkthisyear? • When youandyourcolleaguesgooutfordinnerordrinks,wheredo • When didyoucomeintoworkyesterday? When didyouleave? • With yourworkschedule,couldyoucommittoaMondayeveningclass current placeofemployment? consulting career, andwhatdoesshelike better aboutthefirmversusher What doesshefindabouthercurrentcareermorecompelling thana turned heroff totheindustryasawhole,orwasitsimplyindustry? leave theconsultingindustryaltogether? Was itthisspecificfirmthat Former employeeswhoare nolongerinconsulting. firm again,giventheopportunity? she findmoreappealingabouthercurrentfirm? Would sheworkforthe leave? What didshelikeabout thefirm? What didshedislike? What does Former employeeswhoare stillinconsulting. because ofwork? used foryourreports? Your clientpresentations? Your financialmodels? go? symphony? at 6p.m.thelocaluniversity?Or Thursday seasonticketstothe www.vault.com/consulting— Targeting ConsultingFirms Vault CareerGuidetoConsulting with Why didtheconsultant Why didtheperson L C I A B R R A E E R R Y 57 Customized for: Kirsten ([email protected]) Surveys onthousandsof topprograms Surveys onthousandsof topprograms have tosayabout: have tosayabout: Read whatSTUDENTSandALUMNI Read whatSTUDENTSandALUMNI e h UZon Get theBUZZ e h UZon Get theBUZZ • SocialLife • SocialLife • QualityofLife • QualityofLife • CareerOpportunities • CareerOpportunities • Academics • Academics • Admissions • Admissions College •MBALawSchool Grad School College •MBALawSchool Grad School Top Schools Top Schools Go to www.vault.com Customized for: Kirsten ([email protected]) The HiringProcess insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat The RecruitingProcess:AnOverview HPE 4 CHAPTER (1) Tailor your resumeandexperiencestoconsulting. eachfirminwhich youare interested, youwillwantto For how togetthosepreciousinterviews. another industrywithoutcontacts,thecompetitionismuch stiffer. Here’s choose nottocomeyourcampus,orifyouaretrying breakinfrom process. Itiscompetitivejusttogetanon-campusinterview; whenfirms Keep inmindthattherearemanystepstotakeorderget to theinterview for aninterview. interviews), therearewaysyoucanincreaseyourchancesof beingselected While thecompetitionforconsultingjobsisextremelytough (even forinitial traditional backgroundoracollegeoutsiderecruiting haunts. Of course,it’s possibletogetontheradarscreenifyoucomefromaless job A frameworkforgettingthedreamconsulting broadly forconsultingtalent. especially giventheproliferationofboutiqueconsultingfirmsthatmustlook degrees, suchasMDsorPhDs. This trendhascontinuedandflourished, recruiting, includingconsideringcandidateswithnontraditionaladvanced elsewhere, consultingfirmsbegantotakeamoreopen-mindedapproach away fromtheconsultingfirms.Realizingtheymightbemissingoutontalent and thesmellofanearlyretirementstolemanyhighly-qualifiedstudents occurred inthelate1990s,Internetstartupsthatoffered leadershippositions number ofundergraduate andgraduateinstitutions. When thedot-comboom For alongtime,consultingfirmsfocusedonrecruitingrelativelysmall measure yourintellectual,physicalandemotionalstamina. consulting firmspurposefullymaketheirinterviewsintenseandlengthyto clients workwithproductsorservices,theypeople.Consequently, clients seepresentations,reportsorresults,theyconsultants.Before The mostvaluableassetofanyconsultingfirmisitshumancapital.Before www.vault.com/consulting— with L C I A B R R A E E R R Y 59 Customized for: Kirsten ([email protected]) 60 Tailoring YourResumeforConsulting and positions.Consultingrecruiterslookforthefollowingonresumes: chances bytailoringyourresumeandcoverlettertospecificconsultingfirms recruiters intheselection/eliminationprocess. You increaseyourselection recruiting seasonandotherwise. Your resumeservesasanimportanttoolfor Consulting firmsreceivethousandsofapplicationseachyear, bothduring We’ll nowtalkabouteachoftheseareas indepth. (4) Arrive attheinterviewpreparedandappropriatelydressed. it tothefirmandfollowingupbye-mailorphone. (3) Apply tothefirmbycraftingacoverletterspecificfirm,delivering example.) networking. (You canaskanalumtopointyoutherightcontact,for (2) Findtheappropriatecontact,eitherthroughon-campusrecruitingor • Accomplishments. Firmsseekpeoplewhoboastlonglists of • Propensity forleadershipandconfidence.Consulting firmswant • Team playercharacteristics.Consultingfirmsstructuretheir teamsvery Evidence ofacademicstrength.Somefirmsinsistonthisinformationand • without toomuchhassle. consultants whocangetthings donewell,inashortamountoftimeand motivation andhighstandards ofexcellence.Clientswanttohire accomplishments thatdemonstrate reliability, tenacity, commitment, new initiativeswithoutsupport. includes leadershippositionsheldincollegeand/ortheundertaking of someone whoneedstobetaughtfromscratch.Evidenceofsuch potential employees whoalreadydemonstrateapredispositiontoleadership, not either futurepartnersorclients.Consultingfirmswant to workwith employees withaseniormanagementpotential. They seeallhiresas grace. plans. Recruiterswantpeoplewhocanplaytheirroleswithflexibilityand for eachprojectbasedonavailableresources,necessaryskillsandtraining carefully. Someofthemusecomplicatedmatricestodeterminethebestfit important forundergraduates thanMBAs orcareerchangers. even setGPA/board scorecutoff points.Scoresareusuallymore L C I A B R R A E E R R Y The HiringProcess Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Resume How toStrengthenaNon-Business learn tousebulletpointsandgetthebottomline. one involvedhasenoughpatiencetoreadthroughcopiousparagraphs,so hundreds ofdollarsperhour, andyourclient’s timeisequallyimportant.No consultant’s timeisworthmany make yourlayouteasyontheeyes. A you communicatewithothers.Makeyourresumeastersepossible,and Be awarethathowyouwriteandstructureyourresumesaysalotabout more concreteandtangible. have. Wherever possible,quantifyyour results tomakeyourachievements If youknowthisaheadoftime,emphasizeanygermaneexperiences engineering orfinance)forspecificindustryexperiencetechnicalskills. In somecases,recruiterslookforrelevantfunctionalexpertise(e.g., business school,heworkedfor afictitiousinvestmentbankcalledSmart student.Priorto The followingisanexcerptfrom aresumeofanMBA people manager. you tutorastudentpart-time in calculus? Then youwilllikelybea solid doctor? Then everydayyouusesituationassessmentsand hypotheses.Did had toinventamethodologyandansweraninterestingquestion. Are youa example, howdidyouresearchandidentifyyourhistorythesis topic? You consulting ifyouhadn’t hadsimilarexperiencesinyourlife,wouldyou?For potential, leadershipqualitiesandsoftskills. You wouldn’t beinterestedin problem, identifythesolutionandexecute. They alsolookformanagement Keep inmindhowconsultantsthink: They assessthesituation,define language. your resumesignificantlybyreframingexperiences inconsultant in business.Manydon’t haveit. The goodnewsisthatyoucanstrengthen It istruethatconsultingfirmslovetohirecandidateswithdirectexperience • Client skills.Consultingisaclientbusiness.Consultantsmustworkwell • Distinctions. You’ve gotlotsofcompetition.However, ifyoucan part-time technicalsupportpositionoracommunityserviceposition. with clients.Evidenceofthismightincludeaservice-orientedjob,like will betoyouradvantage. foreign languages,publications,awards,notablepublicappearances—it differentiate yourselfonyourresume—highlightingtechnicalskills, www.vault.com/consulting— The HiringProcess Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 61 Customized for: Kirsten ([email protected]) 62 • Devoted 20-25hoursamonthinstructingjuniormembersoftheteam • • Selected toworkonhigh-profileprojectreengineer corporatebond • Appointed leaddeveloperofinterestaccrualteam afterjustthree • Led teamofsixanalystsinfirmwideprojecttoreengineerloan • Developed anoriginalmathematicalalgorithmfortradingprocessing • Promoted toprojectleadershiproleintwo years,wellaheadof • Managed projectteamstodevelopprofit and losssystemsfor Project Manager—InformationTechnologyJune2001—July2005 SMART BROTHERSNewYork,NY on interestaccrualandtrading to 20minutesandimproveddesktopapplicationspeed by 350% trading P&Lsystem.Reducedovernightprocessingtime fromsixhours income controllers customized, improvedinterestaccrualandP&Lapplicationsforfixed months indepartment.Initiatedanddesignedprojecttocreate trade processing Recommendations establishednewfirmwidestandardforreal-time syndicate tradingflowsinfirm’slargesttechnologyprojectof2005. module, improvingperformanceby1200% department averageoffour Proprietary Tradinggroup addition, hewroteaveryresults-focused setofbulletpoints,forexample closely withhisclientbaseof usersinordertosolvetheirproblems.In committed tobuildingtheknowledge baseofhisteam.Healsoworked teams, wasdedicatedenoughto hisjobtoachieveafastpromotionandwas computer languagesheknows. Ontheotherhand,weknowthathemanaged process. We havenoideawhatkindsofsoftwarehereally built orwhat Note thatthispersondoesn’t speaktothecontentofhisworkasmuch experience: would interestaconsultingfirm.Hereishowhewroteuphiswork engines and Windows applications.Hischallengewastoreflectskillsthat and spent80hoursaweekinfrontofmonitorcodingfinancialsoftware Brothers asacomputerprogrammer. HeisknowledgeableinC++andOracle L C I A B R R A E E R R Y The HiringProcess Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat surprised andrecruiterswillbeimpressed. reframe themasiftheywereconsultingprojects;youwillbepleasantly The moralofthestoryistothinkcarefullyaboutyourpastexperiencesand a newstandard. This resumesuggestsnotprogrammer, butconsultant. quantifying theperformanceimprovementsormentioninghowheestablished www.vault.com/consulting— The HiringProcess Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 63 Customized for: Kirsten ([email protected]) 64 Sample ResumesandCoverLetters employed consultantsattopfirms. search materialshavebeencompiledby Vault editorsfromcurrently resumes andcoverlettersthathavefoundsuccessinthejobmarket. These job On thefollowingpages,we’vecompiledsomeexamplesofconsulting L C I A B R R A E E R R Y The HiringProcess Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat OTHER Technology ProjectManager–InvestmentBanking BROTHERS SMART EXPERIENCE Bachelor of Arts inPhysics(CumLaude) ANDERSEN COLLEGE Master ofBusiness Administration –FinanceandStrategic Management BUSINESS OF SCHOOL MIDWAY EDUCATION Analyst GROUP TECHNOLOGY FINANCIAL • Recent travelto Yemen, Egypt,and Venezuela • Other interests includeviolin,soccer, andtheharmonica • Winner ofMastermaster.com stock tradingcompetitioninNovember2003. Won firstplaceoutof • Completeddissertationinthefieldofcondensedmattertheory • PhysicstutorforBureauofStudy Counsel;activeparticipantinHabitatforHumanity • Violinist in Andersen CollegeSymphony • Andersen CollegeScholarshipforacademicdistinction; Dean’s Listallsemesters • Active memberofManagementConsulting,CorporateandStrategy, andHigh Tech Clubs. • Dean’s HonorList • Devoted 20-25hoursamonthtoinstructingjuniormembersoftheteamininterestaccrualand system.Reduced Selected toworkonhigh-profileprojectreengineercorporate bondtradingP&L • • Appointed leaddeveloperofinterestaccrualteamafterjustthreemonthsindepartment.Initiated • Led teamofsixanalystsinfirmwideprojecttoreengineerloansyndicatetradingflowsfirm’s • Developed anoriginalmathematicalalgorithmfortradingprocessingmodule,improving • Promotedtoprojectleadershiproleintwoyears,wellaheadofdepartmentaveragefour • ManagedprojectteamstodevelopprofitandlosssystemsforProprietary Trading group • Initiated, created,anddocumentednewfirmwidestandardforsoftwaremoduledevelopment Worked • onadailybasiswithclientstocreateandimplementcustomized strategicsoftwaresolution • Developed cutting-edgeanalyticsoftwareforuseby Wall Street traders over 1,600entrantsworldwidewithone-month returnof43.3% trading 350% overnight processingtimefromsixhoursto20minutesandimproveddesktopapplication speedby income controllers applications forfixed and designedprojecttocreatecustomized,improvedinterestaccrualP&L time tradeprocessing largest technologyprojectof2005.Recommendationsestablishednewfirmwidestandardforreal- performance by1200% for equitytraders.Helpedcreateanddeliverextensivetrainingprogramclients www.vault.com/consulting— 5050 S.LakeShoreDr., Apt. 1407 EUGENE H.HUANG [email protected] hcg,I 60615 Chicago, IL (773) 555-1234 The HiringProcess Vault CareerGuidetoConsulting with June 2002–May2003 June 2003–July2005 L C I A B New York,NY New York,NY R R Boston, MA A E Chicago, IL E R June 2002 June 2007 R Y 65 Customized for: Kirsten ([email protected]) 66 REFERENCES OTHER SKILLS ResearchAssociate EXPERIENCE COURSES DISTINCTIONS EDUCATION OBJECTIVE L C I A B R R A E Available uponrequest Proficient inGermanandRussian Avid outdoor rockclimber Experienced inresearchmethodsandpresentation Knowledge ofMicrosoft PowerPoint,Excel,andWord Defense SystemsandElectronicsGroup Serious Instruments, Dallas, TX Summer Intern,OperationsResearch Broadband Data Operations Ring CommunicationsResearch,Belleville,NJ Staff Technologist Department ofCivilEngineeringandOperationsResearch Ivy University, Newark,NJ Optimization; EngineeringManagement Engineering Systems;FinancialManagementand Accounting; Statistics; Microeconomics; InternationalEconomics;Economic Analysis of Research Grant Instruments EngineeringScholarship,NationalScienceFoundation Dean’s List,State UniversityWomen inEngineeringScholarship, Texas GPA: 3.2/4.0(3.6inmajor) Research, May2006 Candidate forBachelorofScienceDegreewithamajorinOperations School ofOperationsResearchandIndustrialEngineering State University, Upstate, NY operations researchandeconomicskills. To obtain apositioninmanagementconsultingthatwillleveragemy E R R Y • Created statistical proceduretotestoperatingtemperatureof • Assisted inimplementation ofnewstatistical processcontrolsoftware • Developed optimizationalgorithmforpacket routingsystem. Worked • Analyzed Inter-SwitchingSystemInterfacetodeterminecausesand • Generated andtestedoriginalhypothesisregardingtoll-road • Used linearprogrammingmethodstomodelproblemsininternational macros. Presentedfindingstomiddleandseniormanagers electronic defensesystems.Collectedandanalyzeddata usingExcel with seniormanagementtodeviseimplementation plan effects ofpacket routingissues development. Presentedresults toseniorresearchscientists infrastructure engineering 7 .MlsLn,Usae Y14120 777 N.MillsLane,Upstate, NY EIAM.KOCH CELINA ckoch@st 516-555-1974 The HiringProcess Vault CareerGuidetoConsulting ate.edu © 2007Vault Inc. Summer 2003 Summer 2004 Summer 2005 Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Member of national advisory councilonfundraisingstrategies nationaladvisory Member of Membe seven humanrightsorganization for years. international Active memberof Amnesty International distinguished visitors withmany five week issuesevery •Initiatedandconductedinterviews • Editedorcopy-editedtwo Editor outof newspaper. campusdaily widely-circulated editorialboardof Memberof NewtonDaily The EXTRA-CURRICULAR ACTIVITIES eeindpbiiymtrasfroe hrycmuiysrieet 2004-May 2005programs. Redesigned publicitymaterialsforover community serviceSept. thirty Assistant Campus Volunteer efforts.Program Coordinatedpublicityandrecruitment Office newdatabase of inusage 2000) •Successfullytrainedentireorganization efforts(June 2000-Aug. over companiesforprogramming 6,000SummerIntern and maintaineddatabaseof MA Mass Realtyeducationandlicensingorganization.Boston, Staterealtor discussions facilitators toleadsmallgroup 2000-Present•Trained student topicbriefingsSept. issuesfordebateandprepared Identified current Newton CampusSocietyOrganized weeklystudentdiscussionsonpublicpolicyissues.Intern inacademicandsocialsettings.participants 2006)•Promotedinteractionsamong (June 2006-Aug. AsianEconomiesandAgro-technology Urbanization, Researched materialsondiverse program PublicHealth, subjectssuch andprepared asSummerIntern Austria indevelopment andculturalstudies.Vienna, experts international for seminars(Non-Profit) inorganizinginterdisplinary CommunityCenterWorkedThe staff withprogramming closely WORK EXPERIENCE involvement incommunity service. Edinburgh’s Award for OH 2000-June 2004)•Duke of Cleveland, achievement(Sept. academic andextracurricular 1450, SAT: Salutatorian. 1999. Public HighSchoolGraduate, 2006-May 2006) French andhistory.(Jan. language France Paris year.Paris, Studyabroad duringsophomore University of Chosenby seniorclasscommittee. community activities. incampusand participation academic enthusiasmandenergetic MA Cambridge, EconomicPolicy expected June inInternational 2008. Arts Newton CollegeBachelorof EDUCATION OTHER INTERESTS COMPUTER SKILLS inro akrAad ie oa usadn ebro h uir(et 1999-present)classfor thejunior(Sept. given toanoutstandingmemberof Walker Award, • Winnerof • Installed permanent human rights murals insu • Installedpermanent • Coordinated 200studentvolunteers inone-day culturalevent forover children in 300underprivileged newsletterforvolunteers. editedanddesignedquarterly • Solicitedarticles, 750Analytical 770Math, GRE: 3.5/4.0. • GPA: • Awarded research citationforindependent onKenya’s Mau movement. HaleyPrizeforacademicexcellence inNon-Western history • Winnerof • Personally raisedover activities. $50,000forgroup local region. r • Surpervised funding efforts andcoordinatedevents chapter forcollege fundingefforts r •Surpervised od xe,Pwron,Pgmkr PhotoshopandFilemaker Pagemaker, Powerpoint, Excel, Word, htgah,blro acn,andhorseback riding. ballroomdancing, Photography, 5Hwr tet abig,MA02139 Cambridge, 35 Howard Street, www.vault.com/consulting— 617-864-9999 •[email protected] AHLO NEWBURY RACHEL O. bway bway The HiringProcess Vault CareerGuidetoConsulting station with • Advanced in level certificate eind implemented, • Designed, • Principal’s Award for L C I A B R R A E E R • R Y • • 67 Customized for: Kirsten ([email protected]) 68 Undergraduate InformationalInterviewLetter Samuel Song Sincerely, Thank youverymuchforyourtime.Iwillfollowupwithbyphoneon Thursday, October3. meetings withthemaswell. consultants inyouroffice thatwouldbebeneficialformetotalkattime, Iwouldlovetosetup be delightedtomeetwithyouonanotherdaythatworksforyou.Inaddition,if feelthereareanyother with meoneitherofthosedays,Iwouldgreatlyappreciateit.knowyouareextremelybusy, andIwould I wouldlovetomeetwithyouon Wednesday, October9or Thursday, October10.Ifyouareabletomeet firm. ago, andIwouldcertainlyappreciateyourinsightsonsuccessingainingapositionatanoutstanding consultant, particularlyatPrestigeConsulting.Iknowthatyouwereinapositionsimilartominenotlong could meetwithyouforabout30minutestodiscussafewoftheseissuesandgetfeellifeas Consulting differs fromthe other firmsinitsapproachtoconsulting.ItwouldbenefitmeagreatdealifI I wouldliketofindoutmoreaboutacareerinstrategyconsulting,andspecifically, howPrestige Prestige Consulting. interested inacareerconsulting.Ifoundyoulistedourschool’s alumnidatabaseasanemployeeof My nameisSamuelSong.IamasenioratPublicUniversitymajoringingovernment,andextremely Dear Mr. Smith: 60606 Chicago, IL 100 N.Michigan Ave., 29thFloor Prestige Consulting Jim Smith,Manager October 1,2007 L C I A B R R A E E R R Y The HiringProcess Vault CareerGuidetoConsulting [email protected] 60610 Chicago, IL 76 Trombone Way Samuel Song © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Undergraduate ApplicationLetter Salley Kooman Sincerely, to hearfromyourteaminthenearfuture. I haveenclosedmyresumeforyourreview. Iverymuchappreciateyourtimeandconsideration,hope be thrilledtojoinyourfirm. spoken withfromyourfirm;eachpersonisbrightyethumble,passionateand good-natured. Iwould strong communityenvironment.Finally, IhavebeenincrediblyimpressedwithalloftheconsultantsI’ve to thesmallsizeoffirm,asIfeelitwouldcreatemoreimmediateopportunitiesforleadershipanda and telecomindustries, West CoastPartnersisparticularlystronginthoseindustries.Iamalsodrawn West CoastPartnersappealstomeforanumberofreasons.Iamextremelyinterestedinthelifesciences career forme. consultants atvariousfirms–especially West CoastPartners–hasconfirmedthatconsultingistheright series ofconversationswith has increasedmyinterestandhonedskillsinthebusinessarena. A process isnotunliketheconsultingprojectcycle.Inaddition,myelectivecourseworkinmicroeconomics extensive research,hypothesisformulation,hoursofanalysis,andteamcollaborationwithmymentor;this Consulting isdefinitelythecareerIwanttopursue. Work onmydissertationtothispointhasinvolved West CoastPartnersupongraduation. I amasenioratCaliforniaUniversitymajoringinEnglish,andextremelyinterestedpositionwith Dear Mr. Schenkel: 90015 CA Los Angeles, 7 MainSt., 43Floor West CoastPartners Ted Schenkel,RecruitingCoordinator October 31,2007 www.vault.com/consulting— The HiringProcess Vault CareerGuidetoConsulting with o nee,C 90012 CA Los Angeles, 1 DiamondStreet Salley Kooman L C I A B R R A E E R R Y 69 Customized for: Kirsten ([email protected]) 70 MBA SummerInternshipLetter [email protected] 10007 New York,NY 314 Broadway, Apt. 15 Laura Haley Sincerely, Thank youforyourtimeandconsideration.Ilookforwardtohearingfromyou. invitational list. at SBSforsummerinternshipslaterthismonth,andIwouldgreatlyappreciate being includedonyour I haveenclosedmyresumeforyourreview. Iwelcometheopportunitytomeetwithyouwhenrecruit Hexagonal Consulting’s methodology, sinceitfitswellwithmyexperienceinfinance. significant contributionatyourfirm.Iamparticularlyintriguedbytheshareholdervaluefocusof me withthetoolsandskillsnecessarytoperformwellinaconsultingcareer, andwillallowmetomakea leadership andteamworkabilitiesgainedthroughmyemploymentacademicexperiencehaveprovided I amexcitedbythestrongpotentialfitseewithHexagonalConsulting.feelthatanalytical, our teamandtakinganactiveroleintrainingfornewhires. last yearofemployment,Itookonateamleadershiprole,managingthedailyworkfivejuniormembers skills, asIoftenneededtopresentandmarketmyworkmiddleuppermanagement.Finally, duringmy innovative methodstoimproveourprocesses.Ialsofine-tunedmycommunicationandconsensusbuilding skills there.Iwasresponsibleforidentifyingandresolvingfinancialreportingissues,aswellgenerating department of AutoCo, awell-knownautomotivemanufacturer. Igainedsolidanalyticalandproblemsolving After graduatingfromNorthernCollegewithadegreeinaccounting,IworkedasanassociatetheFinance to requestaninvitationinterviewforasummerassociateconsultingposition. interns. MydiscussionswiththemconfirmedmyinterestinHexagonalConsulting,andIamnowwriting this quarter. Ialsolearnedmoreaboutyourfirmby talking with William Fieldandseveral othersummer Consulting’s approachtomanagementconsultingafter attendingthepresentationgivenbyyourfirmearlier studentatState BusinessSchool.Iwasextremely impressedwithHexagonal I amafirstyearMBA Dear Ms.Sharpe, New York,NY 13th Floor 666 Avenue ofthe Americas Hexagonal Consulting Kimberly Sharpe,RecruitingManager February 1,2007 L C I A B R R A E E R R Y The HiringProcess Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat MBA Full-TimeLetter [email protected] 02111 Boston, MA 100 Wellany Way Thomas Michael A. Sincerely, Thank youforyourtime,andIlookforwardtohearingfromsoon. I haveenclosedmyresumeforyourreview. interviews thisfall.IamparticularlyinterestedinpositionstheSanFranciscoand Chicagooffices, and atmosphere, andacceleratedcareergrowthopportunities.Pleaseconsidermeforyour invitationalcampus Mainstream appealstomeoverotherfirmsbecauseofitsfocusonpurestrategy projects,smallfirm rewarded. where industryknowledge,creativeproblemsolvingskills,fact-basedanalysis,andclientfocusare assessment. This experienceshowedmethatIamaneffective contributorinaconsultingenvironment, provider formulateawirelessdataservicesstrategy. Iledtheindustry analysisandmarketopportunity strategy consultingisindeedtherightcareerforme.Ourprojectteamhelpedamajortelecommunications As atelecommunicationsstrategyinternatGlobalConsulting Associates thissummer, Iconfirmedthat implementation ofcutting-edgetechnologystrategies. leadership experienceatSmartBrothers,guidingmanyprojectteamsthroughthesuccessfuldesignand clients throughoutthevariousphasesofbusinesstransformation.Inaddition,Igainedvaluableteam results fortraders,financialanalysts,andseniormanagementtaughtmehowtoeffectively partnerwith where Ifocusedonmakingbusinessprocessesfaster, moreeffective, andmoreefficient. Creatingthese and enhancedmyproblemsolvingskillsasatechnologyprojectleaderatSmartBrothersInvestmentBank, undergraduate, Idevelopedananalytic,creativemindgearedtowardssolvingcomplexproblems.applied My backgroundfitswellwithapositioninstrategyconsulting. As aMidway Universityphysics Mainstream wouldbeanexcitingandchallengingfirminwhichtobuildmycareer. Boston BusinessSchoolcampus.Havingspokenwithyourcolleaguesattheevent,Ibelievethat It wasapleasuretomeetyouinpersonlastweekattheMainstreamConsultinginvitationallunchon Dear Ms.Jones: August 19,2007 Boston, Massachusetts02145 123 21stStreet Mainstream ConsultingGroup Ms. Margaret Jones,RecruitingManager www.vault.com/consulting— The HiringProcess Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 71 Customized for: Kirsten ([email protected]) 72 Building andMaintainingaNetwork Managing yourcontacts goodwill. always interestedinsellingtheirfirmtoothersandgenerating publicityand the phone.Firmsaren’t alwayslookingfornewemployees,butmostare get aninformationalinterviewwithaconsultantinperson,try foroneover innocuous approachthanaskingforaregularinterviewoutright. Ifyoucan’t your interviews. Asking foraninformationalinterviewisoftenamore “in” ontherecruitingprocessandtolearnmoreaboutcompany priorto or onthephone.Useinformationalinterviewfortwopurposes—to getan information aboutthefirm.Itcantakeplaceinperson(whichispreferable) informational interviewisjustthat—ashortdiscussiontogathermore You couldthenaskthe contactforaninformationalinterview. An interest inthefirm. recruiter listedonthecompany’s website,identifyyourselfandexpressyour anyone else.Ifyoutrulyhavenocontacts,thengoaheadandcallupthe colleague whoworkedtherepriortoschool,yourmother’s bestfriendor Find acontactwithinthefirmsyouaretargeting, beitanalumnus/a,a firm isanimportantwaytogetnoticed. by afirm’s on-campuspresenceornot,havingapersonalcontactwiththe major firmoffice. Whether youattendoneoftheschoolsthatwillbegraced that keypartnersattended,andpossiblyalesser-ranked oneinacitywith schools. These institutionsareusuallythe highest-rankedones,plusthose eight to10schools,andsmallerconsultingfirmsmighttarget justthreetosix As arule,large consultingfirmsonlyconduct on-campusrecruitingatsome Generating anetworkfromscratch contact typicallygoesalotfurtherthanblinde-mail. work especiallyhardatnetworkinginadifficult economicclimate,asa are immenselyhelpfulinopeningdoorstoyourfavoritefirms. You needto Good networkingskillsareimportantthroughoutyourcareer, buttheseskills them. Ittakesalotofeffort tomaintainacontact. networking andschmoozinglook easy. But networkingishard,evenfor are uptoandagreatresource forthebestpartiesintown. They make We all havefriendswhojustseemtoknoweveryone. They knowwhatothers L C I A B R R A E E R R Y The HiringProcess Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat great waytogeneratenominal contactsateachfirm.Definitelytrytospeak overall impressionofthefirm and itsspecificapplicationprocess,it’s a strongly recommendyouattend thissession. You willbeabletoconfirmyour presentation ofthefirmand you canspeakwithcurrentconsultants. We Most firmsoffer aninformationsessionwherepartnersdeliveroverview keep trackoftheprocess. spreadsheet orlistoftarget companieswithallofthisinformationsoyoucan round interviewsandthenamesofappropriatecontacts. Builda date andtimeoftheiron-campusinformationsession,thedates ofthefirst career servicesoffice alistofalltherecruitingconsultingcompanies, presentation whentheyaresuretobemobbed.)Be getfromyour consultants beforethepresentationwhentheyhavetime,rather thanafterthe case it’s agreatwaytomakecontacts.(Here’s onehint: Approach be askedwhetheryouattendedthepresentationsatyourinterview, andinany luck. Makesureyouattendtheappropriatecompanypresentations—youmay If youhaveastrongon-campusrecruitingprogramatyourschool,you’rein Notes foron-campusrecruiting chances ofsuccess. the morepeopleyouknowinaparticularorganization, thegreateryour consultants torecommendyouassomeonewithstrongpotential.Ingeneral, on thecoverletter. Perhapstheywillrememberyouandcalltherecruiting month, pencilinadaytocallupyourfavoritecontactatthefirmforadvice the personnext.Forexample,ifclosedinterviewlistdeadlineisnext Good networkersalsothinkaheadtowhentheymightwantgettouchwith radar withoutbeingoveraggressive. Twice amonthshouldbefine. science tohowoftencallyourcontacts;goalisstayonthefirm’s someone alreadyworkinginthefirmgoesalongway. There isnoreal resources staff becausetheymanagethe hiringprocess,anendorsementby they areconsultants. While it’s greattostayintouchwiththehuman Continue tocheckinwithyourcontactsthroughouttheprocess,especiallyif expertise inyourareaofinterest),sendhimorherathank-younote. particularly niceforyou(likeintroducedtoapartnerwithspecial about, andthankthemagainfortheirtime.Ifsomeonedidsomething Simply reintroduceyourself,remindthemofafewkeythingsyoutalked quicke-mailisaneasyandacceptablewaytodothis. person’s mind. A you needtomakesureyou’velockedanimpressionofyourselfinthat The keytonetworkingisconsistentfollow-up. After agreatconversation, www.vault.com/consulting— The HiringProcess Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 73 Customized for: Kirsten ([email protected]) 74 Applying totheFirm plus thatofthepartnerlaterin thisbook): At mostfirms,therearetwonon-partnerentrypoints(wediscuss theseroles Typically, newconsultinghirescomesfreshoutofschoolandstartinthefall. Entry pointsandwhentoapply Now thefunpart:actualapplication. network. sales, andmanyofyourfutureclientaccountswillemerge fromyourvaluable out forapartnerpositioninthelongrun;afterall,trackisallabout your career. Working onyournetworkwillalsotestoutwhetheryou’recut improve. The morerelationshipsyoudevelop,thefruitfulwillfind networking andrelationship-buildingasalifestyleyouconstantlywantto tend tobemoreselectiveaboutwhomtheyapproach.Eitherway, thinkof comes morenaturallytothem.Introvertscanbeoutstandingnetworkers,but Extroverts generallyfindnetworkingeasier, becauseapproachingstrangers and viceversa. even whenyoudonotneedit. They activelybecomeinvolvedinyourlife, ideas, favorsandpolitics.Eventually, youfindpeoplewhowillsupport a mutuallybeneficialoutcome. You findpeoplewithwhomyoucanexchange benefit. You begintheserelationshipswiththegoalofseeking both parties’ Truly effective networkinginvolvesdevelopinglonger-term relationshipsfor Other thoughtsonnetworking remember thosewhodid.) cocktails. Eventhoughit’s free,don’t gooverboard! Trust us,the firmsreally with furtherquestions.(Tip: These sessionsoftenoffer freefoodand is tofollowupwithane-mailthankthemfortheirtime. You canthencall connected with.Ifyouspokewithsomeoneforalongtime,goodtechnique they likeit,anddon’t forget togetthebusinesscardofthoseyoufelt with thecurrentconsultantsandaskaboutwhattheydoonjobhow • Those justhavingearned anundergraduate degree. This positionis gathering, basicdataanalysisand presentationdevelopment. usually called“businessanalyst,” andinvolvesactivitieslikedata L C I A B R R A E E R R Y The HiringProcess Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat recruiting inyourjobsearch. because doingsoisprettyexpensive),besuretoinclude off-campus consulting firms,large orsmall,choosetorecruitoncampus(primarily campus recruitingsystemthatfall.Keepinmindnot allcompelling employers thesummerbeforeyourlastyearinschool,and entertheon- So, ifyou’relookingforapost-schooljob,startresearching prospective of eachconsultingfirm: The timingofthehiringprocesscanvarydependingonstagegrowth should include them allinsomeform: recommending thatyoufollow thisoutlineslavishly, butwedothinkyou There aresomestandardcomponents tocoverlettersinconsulting. We aren’t Don’t take anychances;takethecoverletterseriously. it andgostraighttotheresume. Otherslookatitasatruewritingsample. Firms varyontheimportanceofcoverletter. Somerecruitersdon’t read Writing thecoverletter • On theotherhand,smaller,• less-establishedconsultingfirmsusuallyhave • Large, establishedconsultingfirmsthatcanpredicttheir staffing needsa • Those justhavingearnedagraduatedegree,typically(butnotnecessarily will needtostaff up(or“behindthecurve”). But manyofthesesmallerfirmshiremuchclosertowhentheythink the smallerfirmswanttomakesuretheiroffers areconsideredinparallel. candidates willbemakingjobdecisionsinthelatefallorearlywinterand Some ofthemwillfollowthiscycleanywaybecausestronggraduating Therefore, thesefirmsdon’t alwaysfollow thefall-to-fallrecruitingcycle. a morevariableprojectpipelineandcan’t predicthiringneedsaseasily. candidates andwithhistoricalsuccesshiringfromspecifictarget schools. convenient forfirmswithhighturnoverthatneedasteadyinfluxof interviews usingthatschool’s centralizedapplicationpool. This ishighly recruiting programthatenablesthemtoselectcandidatesforfirst-round undergraduate andgraduate,suchfirmswillentertheon-campus hiring “aheadofthecurve”.) At manytop-caliberinstitutions,both interviews inthefallforfollowingfall.(Sometimesthisisknownas year fromnow, withsomeaccuracy, followarecruitingcyclewith management. presentation structuringanddevelopment,limitedproject “associate” andinvolvesheavyclientinteraction,quantitativemodeling, limited to)anMBA. This positionisusuallytitled“consultant”or www.vault.com/consulting— The HiringProcess Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 75 Customized for: Kirsten ([email protected]) 76 the letterbothconciseandpowerful,itwillbeworth effort. Most ofall,keepthecoverlettertoonepage.Ittakesalot effort tomake application. You maywanttohaveafriendreadyourcoverletterstoo. consulting marketissocompetitivethattheslightesterror maysinkyour chance ofamistakeslippingthroughthecracks. Triple-check everything. The level. Students oftenapplytoup20companiesatonce,sothere’s ahigh actually happensmoreoftenthanyouthinkattheundergraduate andMBA begin, “I’mveryinterestedinapositionwithBain&Company.” This Be suretoproofread;we’veallheardstoriesofcoverletters Accenture that time. confirm thattheydon’t haveanyspecialrequirements.BCG, forexample, Most firmsonlywanttosee the coverletterandresume,butyoushould Additional materials • • • • • • • happens next. that youwillfollowupwiththerecruiterinafewdaystodiscusswhat to specifythenextformofcontact. We suggestyouwriteinyourletter school, contactyourcareerguidancecounselor.) Otherwise,youwillneed as well.Ifyouareunfamiliarwithhowinterviewersassignedatyour students tointerview;someschoolshavealotterysystemforinterviews usually clear. (Oncampus,therecruiterwillnormallyinviteselected Next steps— increase yourchancesofgettinghiredifyoulistmorethanoneoffice. because somefirmshaveoffice-specific hiringneedsandyoumight office location.Besuretolistmorethan oneoffice locationifpossible, you mayneedtoincludeinformationsuchasyourpreferredstartdateand Additional information— assisting clients? appeal toyou.Isittheproblem-solving? The variety? Your loveof Interest inconsulting— interested inthatspecialty. consulting. Ifthefirmhasaspecialty, explainhowandwhyyouare Relevant experience— express yourgeneralinterestinthefirm. Introduction Interest inthefirm— Closing— L C I A B R R A E E R Be suretothankthereaderforhisorherconsiderationand R Y —Identify yourcurrentpositionorschoolstanding,and If youareapplyingthroughyourschool,thenextsteps Why doyouwanttoworkforthisfirm? Discuss howyourbackgroundandexperiencefits Discuss (briefly)whataspectsofconsulting Depending onthepreferenceofcompany, The HiringProcess Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Lateral Hires being tootop-heavy. down theranksastheygainseniority, inorder toavoidtheprofitabilityhitof partway uptheirpyramidstructure—their problemismoreabouthowtoslim Generally, management consultingfirmshavenoneedtoaddnewemployees down overtheyearsthroughattritiontootherindustries andlayoffs. hire whole“classes”ofnewconsultants,whichgradually getwinnowed long careerinindustry). The firmsactivelyrecruitonselectcampuses,and school orgraduate(andlessoften,directlyataprincipal levelaftera Most consultantsgetintothebusinessdirectlyoutofeither undergraduate firms appreciatefollow-through. give up—keepcontactingthefirmifyouaretrulyinterested.Consulting more difficult timehearingbackfromthe companiesofyourchoice.Don’t those coreschools,orifyouhavealreadygraduated,willoftena Most firmshave“core”schoolstheyprioritize.Ifyouarenotfromoneof process isstressful. recruiters areusuallygoodaboutresponding,becausetheyknowthatthe quicke-mailisfine andwilldothetrick.Campus application wasreceived. A It isgenerallyagoodideatocheckinwiththerecruiterandmakesureyour Following up resume paperstockusingalaserprinter. Paperclipsarepreferredtostaples. If youneedtosendapaperversion,printyourmaterialsonnicely-woven your recruitercontact. resume inMicrosoft Word format. We adviseyoutoconfirmthisformatwith Most ofthetime,youcansendcoverletterase-mailtextandattachyour More firmsthesedaysrequestthatcandidatesapplybye-mail. This isfine. Sending itin firm’s recruitingmanagerforthesedetails. ontheresumeoroffice preferenceinthecoverletter. orGMAT Ask the GPA other requirementsspecificfirmshaveforyourresumeorcover, including scoresandtranscript. You willwanttocheckwhat wants toseeyourSAT www.vault.com/consulting— The HiringProcess Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 77 Customized for: Kirsten ([email protected]) 78 jump intoalarge consultingfirmsasafirst-yearassociate. toworktwoyearsaftergraduation inindustry, then uncommon foranMBA line ofthinkingappliesfor postgraduate degreelateralhires—it’s not similar anyway, regardlessoftheextraexperienceyou bringinthedoor. A an MBA,youmayverywellbe encouragedorforcedtoleaveandgogetone firm, youmightgetplacedintothatrole. And, ultimately, ifyoudon’t have have relevantindustryknowledgeorarecomingfromanother consulting reserved forbusinessanalystsafteracoupleofyearsatthat firm, andifyou consultant orassociate.Somefirmshaveasenioranalyst position thatis everyone isbetterpositionedforsuccessifyoustartasananalyst versusa “system” ofconsulting—justliketheyinvesttimeinnewundergrads—and realize thatthefirmneedstoinvestquiteabitoftimeinyour learningits it unfairthatfirmsmaynot“credit”youforyouryearsof experience, but are thatyouwill“startover”atthenewbusinessanalystlevel. You maythink out ofundergrad andswitchovertoamainstreamconsultingfirm,chances ahead inconsultingwithouttheMBA.Ifyou’veworkedacoupleofyears for twoyearssomewhereandbeingalateralhireisback-doorwaytogetting Now, ifyouhaven’t gonebackforgradschoolyet,don’t thinkthatworking among qualifiedprofessionalsofallagesandyearsexperience. highly specializedfirmshavealwayslookedforprospectiveemployees hires canworkoutwell. And, ofcourse,thesmaller, lessfamousfirms,and That trendappearstobecontinuing,withfirmshavinglearnedthatlateral industry experiencetojumpintoaconsultingfirmasfirst-yearassociate. withtwoyearsofpost-graduate hires—it’s notuncommonforanMBA similarlineofthinkingappliesforpostgraduatedegreelateral at thatlevel. A underpopulated seniormanagerclasses,thuscreatingdemandforlateralhires classesfrom half adecadeagoemerged intonow underpopulated newMBA that theyhaveunacceptablegapsintheirmid-levelranks. Those consulting firmsmadedramaticworkforcecuts,onlytofindfiveyearslater lateral hiringoverthepastfewyears.In2001-2003economicdownturn, recruiting. But,eventhebiggunshaveexperimentedmoreandwith keeping folksoutwhopresumablydidn'tmakethecutduringcampus the large, name-brandconsultancieshave tendedtocultivateexclusivityby Lateral hiresarefarmorecommonamongsmallerandlessprominentfirms— is difficult enough,andgettinginasalateralhireinvolvesevenlongerodds. into consulting. Worming yourwayintothefieldofconsultingasastudent other thanconsultingforsomeormanyyearsaftergraduationwhoswitch at onefirmwhoswitchtoanotherfirm,and(2)peopleworkinginanindustry consulting firms. This referstotwosetsofpeople:(1)consultantsworking into That said,thereareincreasingnumbersofso-called‘lateralhires’ L C I A B R R A E E R R Y The HiringProcess Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat recollect caseframeworksfrom yearsago. about yourprojectexperience andyourculturalfitthanabilityto experience aftergoingtoagoodschool,theevaluationbecomes farmore conversations instead—ifyouhaveseveralyearsofgood post-MBA many firmsforgo thetypical,formalinterviewprocessandoptforaseriesof to thoseofastudentapplicant.Ifyouhavefewmoreyears ofexperience, hire,yourinterviewsandevaluations willlikelybenearlyidentical new MBA unfold. Ifyouarefairlycloseinexperienceleveltoanewundergraduate or Once yourapplicationisin,thereareanumberofwaysthe processcould each fall,sotrytotimeyourapplicationtheon-campusrecruiting cycles. keep inmindthatthebulkofnormal-cyclefull-timehiring decisions occur necessarily knowingthattheyarelookingforsomeoneatyour level.But apply basicallyatanytimeoftheyear, andapplytofirms“onspec”without process—it isjustdoneasneededandwithoutmuchadvertising.Soyoucan months priortotheirinterviews. There isnostandardizedlateralhiring route, makesureyouarejustaspreparedthoseMBAswhostudycasesfor first-year consultingclassthroughon-campusrecruiting.So,ifyougothis Getting hiredlaterallyinvolvesmuchlongeroddsthangoingforaspotin position, thisisbydefinitionhardtodo. humility. Ifyouarehiredlaterallyintoamid-levelormanagement-level deemed tooaggressiveifyoudon’t take caretoshowproperdeferenceand management experienceandgivenaprojecttomanage,buttheneasilybe was handedsomethingshedidn’t earn. You couldbehiredforyourproject resent them—the(irrationalanderroneous)perceptionisthatthelateralhire another firmorfromacorporatejob,onlytofindthattheirnewcolleagues We’ve heardcountlessstoriesofpeople excitedtojoinaconsultingfirmfrom lateral hiresarefundamentallybetweenarockandhardplaceinthisrespect. sensitive aroundsupervisorswhomaybetheirownageoryounger. Indeed, why theywerehired),andyetbeingappropriatelydeferentialpolitically bringing theirexistingexperienceandmaturitytothetable(whichis,afterall, The biggestproblemlateralhiresseemtofaceisfindingabalancebetween consultant badlyenough,itcancertainlybeworththesetback. just thewaysystemworks,andifyouwanttobeamanagement even workingforsomeonewithfeweryearsofworkexperience.But,thatis with someonefreshoutofschoolwhomaynothaveanyworkexperience,or few yearsintheircareerprogression,astheyendupworkingside-by-side Laterally-hired consultantsreportthatitfeelsabithumiliatingtobackslide www.vault.com/consulting— The HiringProcess Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 79 M M M M M | C M C M B | M A A | B C B C C | | C B | A | S | | | | A B A B A A | A | A A A A A

a C C C C C C s s s s s s s o o o o o o s s s s s s G G G G G G B B B B B B c a a a a a a a B p s s s s s s s s s s s s s K S S S S S S n n n n n n n n n n n n n a a a a a a Customized for:a Kirsten ([email protected]) a a a a a a o o o o o o o G www.vault.com/consulting For moreinformation goto o o o o o o i

s s s s s s a a a a a a a i i i i i i i i r r r r r r e n c c c c c c c n n n n n n n c c c c c c u u u u u u E CEST L OF ALL TO ACCESS GET INN OSLIGCRE INFORMATION CAREER CONSULTING WINNING G g g g g g g g t t t t t t | | | | | | n i i i i i i i s

i i i i i i

n n n n n n l l l l l l

e e e e e e e a a a a a a a a a a a a a t ET & & & & & & t t t t t t e & e e e e e e m m m m m m m t t t t t t t L L L L L L

a a a a a a t t t t t t Interview Prep Guides, Consulting EmployerProfilesandCase 15% off archives Access to programs andlawschools Student andalumnisurveys Consulting SalaryCentral Insider consultingsalaryinformationwith including qualityoflifeandpracticearearankings Vault's exclusiveconsultingfirmrankings profiles Access to consulting firms,withinsiderinfoon Employee surveys y

r r r r r r e e e e e e e e e e e e e ...... n n n n n n O THE FOR O e e e e e e e C C C C C C

C |

E E E E E E s s s s s s s V s s s s s s t t t t t t

& | | | | | | n n n n n n n o o o o o o

...... o s s s s s s

K K K K K K | | | | | | | t t t t t t t AULT

C S S S S S S m m m m m m

m

| | | | | | ...... C | | | | | | a a a a a a A A A A A A A • Businessoutlook • Hiringprocessandinterviews • Salariesandcompensation • Companyculture

a

p p p p p p

p C C C C C C C p p p p p p o M M M M M M p ...... a a a a a a C C C C C C a C C C C C C T T T T T T T i i i i i i o o o o o o o .

n n n n n n n e e e e e e c c c c c c

o o o o o o ...... o o o o o o n n n n n n n y y y y y y K K K K K K y n n n n n n

G | G n n n n n n s s s s s s s r r r r r r

K K K K K K K

t t t t t t i i i i i i s s s s s s u u u u u u u p p p p p p | | | | | | OLD e D n n n n n n |

e e e e e e e

u u u u u u

l l l l l l l | | | | | | o o o o o o all Vaultpurchases, includingVault m s s s s s s a a a a a a a M M M M M M e t t t t t t t M

l l l l l l e e e e e e r r r r r r r r r r r r r t t t t t t i i i i i i i C C C C C C l i complete Vaultmessageboard 100+ extendedinsiderconsultingfirm o o o o o o n n n n n n n y y y y y y a a a a a a n n n n n n n o i i i i i i o n a a a a a a n n n n n n M

n n n n n n t t t t t t g g g g g g g e e e e e e e n i i p p p p p p & & & & & & g g g g g g e e e e e e t

i i i i i i y y y y y y y i t t t t t t t

t

MESI AND EMBERSHIP

| | | | | | | E e o o o o o o G G G G G G o C C C C C C | | | | | | | | | | | | |

E E E E E E

r

r r r r r r

r e e e e e e o o o o o o B B B B B B B V n

T

T T T T T T C x x x x x x

m m m m m m K K K K K K ...... G G G G G G o o o o o o o s G e e e e e e o o o o o o o o AULT

u u u u u u t i i i i i i s s s s s s s | | | | | | r r r r r r c c c c c c w w w w w w w r n n n n n n n

r r r r r r

t t t t t t t o o o o o o u u u u u u o s t t t t t t D D D D D D i i i i i i e e e e e e e o o o o o o o for top u u u u u u &

t t t t t t u u

r r r r r r r n n n n n n n E E E E E E e e e e e e i i i i i i p p p p p p l p

s s s s s s s ' S S S S S S v v v v v v

r r r t r r r l l l l l l

AWARD S

C C C C C C C o o o o o o e e e e e e a a a a a a i n n n n n n Y | | | | | | | n l l l l l l

i i i i i i P P P P P P P s s s s s s o o o o o o o

o m m m m m m t t t t t t R R R R R R g t t t t t t R e e e e e e e n n n n n n n t t t t t t B B B B B B u

o o o o o o o o o o o o r r r r r r r e e e e e e o s s s s s s s & & & & & & o o o o o o | n l l l l l r l r r r r r r n n n n n n u u u u u u u

l a a a a a a g

a a a a a a i i i i i i i a C C C C C C

l l l l l l l B n n n n n n n Y Y Y Y Y Y G n n n n n n

r r r r r r t t t t t t t n o o o o o o e A A A A A A

d d d d d d d d d d d d i i i i i i i o o o o o o d | n n n n n n n a n n n n n n -

s s s s s s u u u u u u | | |

| | | |

g g g g g g g r B B B B B B s s s s s s

s s s s s s for 100softopMBA n n n n n n i | | | | | |

u u u u u u I o o o o o o e e e e e e n g g g g g g B B B B B

B

B

G G G G G G G B OLD l l l l l l c c c c c c r r r r r r g

o o o o o o o t t t t t t M r r r r r r r F F F F F F g g g g g g i i i i i i | | | | | | P i i i i i i a a a o a o o a a o o o o o o o o o o o

a a a a a a e e e e e e n n n n n n

o I I I I I I t t t t t t z z z z z z z u u u u u u u i i i i i i r r r r r r g g g g g g B B B B B B e e e e e e i r r r r r r G

p p p p p p p

n M M M M M M

s s s s s s S S S S S S | | | | | |

l A A A A A A A t

t t t t t t | | | | | | | o

I I I I I I

B B B B B B

r r r r r r l l l l l l l G G G G G G s s s s s s | | | | | | b | l l l l l l l D D D D D D D a a a a a a

e e e e e

e

a a a a a a

e e e e e e e l l l l l l a t t t t t t a a a a a a a a a a a a o o o o o o i i i i i i i A U U U U U U n n n n n n n e e e e e e l a a a a a a a r r r r r r c c c c c c b b b b b b

! c n n n n n n g g g g g g m m m m m m m i i i i i i

a a a a a a n n n n n n c y y y y y y i i i i i i S H H H H H H H o o o o o o o s s s s s s l l l l l l e g g g g g g

| | | | | | e

y y y y y y a a a a a a a

n n n n n n n C C C C C C P P P P P P n S S S S S S r s s s s s s m m m m m m m , d d d d d d d o o o o o o t o o o o o o e e e e e e v Vault's O O O O O O

u C C C C C C C i i i i i i i i i i i i i r r r r r r i n n n n n n n n n n n n l l l l l l l | | | | | | C C C C C C r c v v v v v v l l l l l l l s s s s s s t t t t t t t

e t t t t t t e u u u u u u u i i i i i i & & & & & & o o o o o o o u u u u u u

c c c c c c

W W W W W W s s s s s s s s l l l l l l n n n n n n n | | | | | | C C C C C C e e e e e e | t t t t t t t

t t t t t t

i i i i i i e e e e e e e s s s s s s a a a a a a

A A A A A A p p p p p p G |

n n n n n n r r r r r r r | | | | | | |

c c c c c c | | | | | | r r r r r r S S S S S S

a t t t t t t

c c c c c c o o o o o o | | | | | | | t t t t t t s s s s s s M r M M M M M M H H H H H H H

e e e e e e r r r r r r

t K K K K K K K a a a a a a e n n n n n n | | | | | | e e e e e e e e e e e e e n | | | | | | e e e e e e e

t t t t t t r t t t t t t r r r r r r

w

w w w w w w

e I I I I I I a a a a a a a e e e e e e u u u u u u c c c c c c c

B B B B B B r

Z Z Z Z Z Z

i i i i i i i

n n n n n n n

g g g g g g e

e e

e e

r e

e r

r r

r r

t t

t t

t t

t M

M M

M M

M

e

e e

e e

e e

e e

e e

e e

S S

S S

S S

y

y

y

y

y

y

r

r

r

r

r

r

r

t

t

t

t

t

t

t Customized for: Kirsten ([email protected]) The Interview insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat What toExpectintheInterview HPE 5 CHAPTER Guide, the CaseInterview a case.(Formorecaseinterview practice,pleaserefertothe guesstimate, thoughanestimateofindustrymarketsizemight appearwithin candidates typicallyarenotaskeddirectlytosolveabrainteaser ordoa andadvanceddegree brainteasers and“guesstimates”insteadofcases.MBA real-time challenges.Candidatesattheundergraduate levelmightreceive extent, bothtypesofinterviewsalsorevealhowwellyoudeal withstressful solving skillsanddisplaysyourthinkingpatternstotheinterviewer. To an consultant profileandthefirm’s culture. The lattertestsyourproblem- case/problem interview. The formerdeterminestheextenttowhichyoufit Consulting interviewsfallintotwotypes:thebehavioralinterview andthe theconsultinginterviewprocess: format for If allgoeswell,youwilllandafewinterviews. The followingisatypical • 3rd round:Ininfrequentcases,firmswillaskcandidatesbackforathird • 2nd round:Uptofour45-minuteinterviews. You canexpectthatallof • 1st round:Oneortwohalf-hourinterviewswithaseniorconsultant. half-hourconversation withanHR • Preliminary phonescreen: A round ofinterviews,oftenexclusivelywithpartnersthefirm. candidate willinterviewatthenearestregionaloffice orinahotel. interviews willmostlikelytakeplaceinthatoffice. Otherwise,the the secondround.Ifcandidatehasrequestedaspecificoffice, the partners havespokenwiththecandidate.Mostfirmsextendoffers after will bewithapartner, asmanyfirmswillnothireacandidateunless these willbecaseinterviews. At leastoneoftheseinterviewsprobably Expect atleastoneoftheseinterviewstocontainacase. time byactuallyinterviewingfewercandidates. not. This stepisoptionalbuthappeningmoreandtosavevaluable consultant) todoasanitycheckonwhetheryoushouldbeinterviewedor professional oraconsultant(sometimespartner, sometimesajunior available onthe Vault websiteandintraditionalbookstores.) and bothvolumesofthe www.vault.com/consulting— with Vault CaseInterviewPractice L C Vault Guideto I A B R R A E E R R Y 81 Customized for: Kirsten ([email protected]) 82 The Resume/BehavioralInterview Some specificskillsandqualitiesthatinterviewerslookfor: you speakeloquently. sentence. Also, watchyourfillers:“youknow,” “um”and“like.”Ensurethat sentences, anddonotgooff ontangents ortrailoff midwaythrougha logical andstructured.Providerelevantexamples.Speakincomplete questions incorrectly, incompletelyorinappropriately. Makeyouranswers carefully tothequestions. Too manypeoplelosepointsbyansweringthe During theinterview, payattentiontowhatyousayandhowit.Listen analytical peoplewithpleasantdemeanors. consulting firmswantsmart,ambitious,hardworking,dedicatedand culture and/orensuringcompliancewithfirmstandards.Generally, your abilities.Interviewerstakeontheresponsibilityofshapingtheirfirm’s Show themthattheexamplesonyourresumedonotconstituteentiretyof different examplesofteamwork,leadership, confidenceandtechnicalskills. points. Focusonthesameskillsyouunderscoredinyourresume,butuse the conversationprovidesmorethanaregurgitation oftheresume’s key While yourresumeprovidesstructurefortheinterview, besureyoursideof up withinnovativeideasandapproaches. an asset. You mustalsobeabletothink“outofthebox”(creatively)come (brains) and“quantitativeanalyticalability”(mathlogicskills)tobe Interviewers firstwanttodetermineifyouhavethe“mentalhorsepower” • Personalityandsenseofhumor todiffuse stressfulsituations • Thick skin forthosetimeswhenyourworkiscriticized • Creativitytosolveproblemsandthink“outofthebox” • Presentation skillstocommunicatefindings fellow consultantsand • Analytical skillstocrunchnumbersandworkthroughinformationina • Teamwork toworkwithotherconsultants,clients andvendorstoward • Leadershipskillstoleadconsultingandclientteams promote your clients alike logical manner solutions ideas L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Questions Practice BehavioralInterview Behavioral Questions until youcananswerthemsmoothly. prepare, practiceansweringthemorefrequentlyaskedbehavioral questions almost totheexclusionofmoretraditionalconsultingcase questions. To patterns basedonthepast.Someconsultingfirmsusebehavioral questions personality andskills. They also believethefirmcanprojectfuturebehavioral behavioral interviewsbelieveacandidate’s responsesrevealalotabout in particularsituations,beitatworkorapersonalsituation.Firmsusing attributes. Behavioralinterviewquestionsaskyoutorevealhowbehave Consulting firmsuse“behavioralinterviewquestions”tomeasure“softer” Answered.”) section “InterviewQuestions That Never Get Asked (But Are Always topic istasteful,amusingandnoncontroversial.(Forrelatedtopics,seethe presents youasmature,insightfulandinterestingmakecertainthatthe the businessrealmorcrackacleanjoke.Justbesuretochoosetopicthat you altogether. To passthetest,showgenuineinterestinsomethingoutside more than30secondsorfakingsleepthroughoutthewholeflighttoavoid Atlantic. Sheorhedecideswhichismorepreferable:Conversingwithyoufor The interviewerimaginessittingnexttoyouonaneight-hourflightacrossthe During yourinterview, bepreparedforsomeversionofthe“airplanetest.” thesespecificpoints: interviews,remember During your success asaconsultant. answer). They alsousetheirassessmenttoprojectthe likelihood ofyour question, processingtheanswer, assemblingthewordsandpresenting the answers atfacevalueandthen assessesyourthinkingprocess(ingestingthe When askingbehavioralquestions, yourinterviewerfirstlistensto • Avoid gettingdefensiveorsensitive whenansweringtoughquestions, • Refrainfromrevealingyourdislikefortravelorattachmenttohome • Never expressuncertaintyorinsecurityaboutyourskillsgivethe Another favorite:“Tell usaboutyourshortcomings” including: “Whatpeopledoyouhavetroublegettingalongwith?” interviewer anyreasontoquestionyourconfidenceorabilities www.vault.com/consulting— What toExpectintheInterview Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 83 Customized for: Kirsten ([email protected]) 84 from separatesourcesintoasingle analysis. benefit fromyourcontributions. Demonstrateyourabilitiestoweavedata stands inagoodpositiontoaccomplish yourgoalsandhowthefirmcan from thefirmandwhatyoubelieve youcancontribute.State whythefirm your interesttowhatyouknowofthefirm.Include wanttogain interest inastrategyfirm(orchangemanagement,orwhatever), andrelate Consulting involvesalotofresearch.Showoff yourskillshere.Explain firm? 5. Why haveyouchosentointerviewatour describing keyexperiences. leadership positionsareaproxyforthis,butyouwilldo just aswellby you madeinyourstudentgroups. The pointistoshowinitiative;past switch fromDOSto Windows. Ifyouhaven’t, talk aboutproactiveefforts training programforjuniorteammembersorconvincedthe management to work experience,describeatimeyoutookinitiative,suchascreated Many aspiringconsultantshavenothadspecificleadershiproles.Ifyou you tookduringcollege,suchasco-chairofafund-raisingevent. they liketoseeevidenceofyourleadershipskills.Speakroles Consulting firmslikecandidateswhoshowstrongmanagerialpotential,and 4. Howhaveyoushownleadershipinthepast? program oraninternationalpositionmightwinyoupoints.) consulting firmshaveinternationalbranches,discussingastudyabroad lets youexplainsomethingnotobvioustotheinterviewer. (Becausemany Choose somethingthatconveysthequalitiesconsultingfirmswantand resume. 3. Tell mewhatyou’re mostproud ofonyour neither passivelyreceivesinformationnorcommandeerstheentirecaseteam. make contributionsandgettheirpointsacross. They wantsomeonewho Consulting firmswantpeople(especiallyneophytes)whoaskquestions, Avoid portrayingyourselfasanobsequiousfolloweroratyrannicaldictator. 2. What positiondoyounormallytake onateam? good here.Emphasizehoweveryonehassomethingtocontribute. his orherbestwonsomeoneovertoyourside. Team sportsexamplesare Avoid criticism. Try tothinkofatimewhenyouencouragedsomeonedo goals? disagrees withyour weight,or her group whoisn’tpullinghisor 1. Howdoyoudealwithsomeoneinyour L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat The CaseInterview companies present casesaswrittendocuments tobereadandprepared.But process andassessingyouranalytical ability, creativityandpoise.Some knowledge. The interviewerismoreinterestedincheckingoutyourthought world experiencetodevelopacase, youarenotexpectedtohaveanyindustry problem-solving exercises. While someinterviewersdraw onrecentreal- cases duringtheinterviewprocess. Putverysimply, caseinterviewsare If youareinterviewingwithastrategyconsultingfirm,count onplentyof Business cases guesstimates andbrainteasers. Case interviewquestionsfallintothreebroadcategories: business cases, answer correctly, sobesuretoexplainyourthoughtprocesstoo. interviewer caresmoreabouthowyouarrivedatyouranswer thanifyou case, youmuststilladdressthequestionthoughtfullyunder pressure. The commonly-known facts.Evenifyouhavenobackgroundknowledgeofthe based oninformationprovidedtoyouandmakeassumptions the skillsyouclaimonyourresume. You mustdiscusshypotheticalsituations interviews simulatelivescenariostotestyourmind’s quicknessandconfirm reasoning skills,confidenceandknowledgeofbusinessconcepts.Case Consulting interviewersuseinterviewquestionstotestyouranalyticalability, alleviate thoseconcerns.” should sales experienceandmyscoreof770onthemathportionSAT put off bymylackofeconomicsandbusiness coursework.ButIthinkmy at worst,somethingneutral).“Icanunderstandthatyouwouldpotentiallybe why somethingthatlookslikeaweaknessactuallyrepresentsstrength(or Leave outanyactualflawsunknowntoyourinterviewer. Instead,explain 7. Why shouldwenothire you? cost methousandsinrepairs.I’llneverfailtodomyhomeworkagain.” fully researchbuyingacar, andIendedupbuyingacarthatlookedgoodbut why thelessonholdsvaluetoyoueventoday. “IrememberwhenIdidn’t learned (preferablysometimeago).Remembertoincludeyourlessonand stupid ofmetoviolateparole.”Instead,describeavaluablelessonyou Do notciteanegregiouslapseinjudgmentalongthelinesof:“Itwasreally made? 6. What istheworstmistakeyou’veever www.vault.com/consulting— What toExpectintheInterview Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 85 Customized for: Kirsten ([email protected]) 86 Some quickcasetips without toomuchdifficulty. different, followthetipsbelowtoimprove yourchancesofcrackingit American fastfoodmarket. What wouldyoutellthem?” While everycaseis foreigncompanywithextracashonhandwantstoenterthe example: “A The caseusuallyconsistsofabusinessscenarioandquestionaboutit.For solve acaseaspartofteamwithotherjobcandidates. asking thecandidateforananalysis.Severalfirms(e.g.,Monitor)askyouto usually, theinterviewerdescribeskeyfactsandissuesofcasebefore • After gatheringalltheinformationyouthinkneed,startformulating • Avoid makingassumptionswithoutcheckingthemwiththeinterviewer, • Ask aboutbestpracticesintheindustry. Findoutwhatothercompanies • One intervieweecautions:“Consultingfirms arelookingforpeoplewho Before jumpingintoananswer,• asktheintervieweranumberofquestions recommend thecompany’s market strategy. identify alloftheareaspotential threat.Basedonthemodel,youcan Porter’s Five Forcesmodelmighthelpyouanalyzeamarketsituationand ensure youarenotforgetting avitalareaofanalysis.Forinstance,the to usetheappropriateone.Runframeworkthroughyour mindto your recommendations.Ifyoulikeusingstandardframeworks, remember client isGeneralMotors,Fordor Toyota, whenitisactuallyJohnDeere. concerns amajorvehiclemanufacturer, you mightmistakenlyassumethe or attheveryleast,statethatyouaremakinganassumption. Ifyourcase in thisindustrydowhenfacingsimilarissues. slow andappearingtobeacockyidiot,choosetheformer.” you’re certainaboutit.Iftryingtochoosebetweenappearingbe interview. Don’t saythefirstthingthatcomestoyourmind,evenif will thinkcarefullybeforeanswering;thisisveryimportantinthecase “You shouldbeabletogive meananswer,” stopaskingquestions.) your interviewerstartsrepeatinghimselforherselfsayssomethinglike, your interviewerandrecognizewhenyouhaveaskedenoughquestions.If ultimately, yourcaserecommendations.(Atthesametime,avoidtiring you withpiecesofinformationtohelpformulatenewquestionsand, to gathervitalinformationaboutthecase. Your interviewerwillanswer L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat • No matterwhat,nevershow anysignsofbeingflusteredinacase • Everyone getsstuckinacase interviewatsomepoint.Onetacticisto • Always bringpaperand areliablepenwithyoutoanyconsulting Speak andreasonaloudduringyourcaseinterview.• Your thoughtprocess • After givingyourrecommendations,considerpointingoutpossibleflaws • If you are unfamiliarwithframeworks,statesoandproceedaslogically lack thereof)isakeyfactorofyourevaluation. interview. Remember tobreathe! Your composurebeforeyour client(or help. happen ifyouwereworkingonarealprojecttogetherand you needed are bothalotbetterthanstayingsilent;afterall,thisisexactlywhatwould Maybe youcouldhelpmetalkthroughtheproblem.” These alternatives information infrontofme,butIseemtoberunningintoadeadendhere. can alsojustaskyourinterviewerforhelp:“Ihavealotofgood I’m goingtobackupandthinkthroughthingsfromthebeginning.” You again. “Idon’t seemtobegettinganywhere withthislineofthinking,so simply admityouarestuckandtrythinkingoutloudthroughtheproblem interview givestheimpressionthatyouaredisorganized andunprepared. throw atyou). Asking yourinterviewerforpaperandapenduringthe any guesstimatesorquantitativebrainteasersyourinterviewermight interview. You mightwanttotakenotesduringthecaseinterview(andfor conclusions. hear yourreasoningandthelogicalstepsyouaretakingtoreach is moreimportantthanyourultimateconclusions;interviewermust differently giventhechance. the case,youmighttryexplaininghowwouldhaveapproachedit and assumptionsinyourthinking.Ifit’s clearyoureallydidn’t dowellon questions andconclusionsisalsoimportant. as youareable. Voice youranalysis—whyandhowyoucometo www.vault.com/consulting— What toExpectintheInterview Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 87 Customized for: Kirsten ([email protected]) 88 Sample QualitativeCaseQuestions with itscurrent distributororchooseanewone? makes themostsense,asknextlogicalquestion:Should companystay If, through questioning,youdecidethatstayingwithathird-party distributor its network,stopdelvingintotheramificationsofreassigning personnel. the interviewerconfirmscompanyhasenoughstaff tohandlesettingup interviewer mightalludetocertainavenuesdiscussorshutdownothers.If After establishingsomebasicfacts,askmoredetailedquestions. Your Start byaskingyourinterviewersomebasicquestions: contract withthirdparties. continueto owndistributionnetworkor theyshouldbuildtheir whether homevideo. They wanttoknow building adistributionnetworkfor filmentertainmentcompanywantsustoassistthemin major 1) A • How receptivearetheclient’s• accounts tochangingdistributionpartners? • How manyweeksofsupplyarecurrentlyinthedistributionpartner’s • Could you characterize therelationshipbetweenclient’s distribution • Who arepossiblealternativepartners? Who usesthem? • Does theclienthaveadedicatedfunctionalstaff assignedtotheproject? • Has theclientconsideredbuildingitsowndistributionnetworkbefore • What is theclient’s currentcostofdistributionthroughitscontractual • Of themajorentertainmentcompaniesproducingvideos, domost • Does thecompanyhavestaff andresources tocreateitsown • What arethecurrentcosts? • What areotherentertainmentcompanies doing? chain wouldbemoreefficient orvaluabletotheaccounts? Has avaluepropositionbeencreated toshowthataclient-ownedsupply pipeline? distribution partneriftheclientseversitstiestothisparty? partner andtheclient?Isthereapossibilityofretaliationon partofthe If so,whatfunctionalareasdotheyrepresent? retaining us?Ifso,whatwereitsfindings? partner(s)? distribute throughtheirproprietarysupplychainsorthirdparties? distribution network? L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat pieces ofinformation: At averyhighlevel,youshouldbeabletoascertainorconfirmthefollowing that offer asimilartreatment? industry morefragmented?Howdoconsumerschooseamongdifferent drugs industry? Howdoproductsoriginate? Are thereafewmajorplayersoristhe yourself. What exactlydopharmaceutical companiesmake?Howlarge isthe can saysotoyourinterviewerwithoutpenalty—asksomequestionsorient If youareunfamiliarwiththepharmaceuticalindustry—andifare, interviews.) read industry usingsomebasicanalyticthinking.(Still, werecommendthatyou the otherhand,youwanttoshowthatcanthinkthroughacomplex companies likePfizerorGlaxoSmithKlinetodowellwiththisquestion.On You don’t havetoknowanythingaboutthepharmaceuticalindustryoreven the last10years. What factorsdoyou think drivethisactivity? 2) We’ve seenalotofconsolidationinthepharmaceuticalsindustryover and terminologynaturallyinconversation. discuss acompanyintelligentlyandanalyticallyusebusinessconcepts receive qualitativecases.)Qualitativebusinesscasesdetermineifyoucan undergraduates andgraduatecandidateswithoutMBAsaremorelikelyto qualitative casequestionaswell.(Recruitinginsiderstell Vault that When youfeelready, makearecommendation. You mightbeaskedamore • Pharma companieshaveincreasedrecentusageofdirect-to-consumerads • Given therecentconsolidation,industryisdominatedbyseverallarge• • Pharmaceutical companiesdevelopandmarketdrugsthathelppeople • Does theclienthaveanyfinancialinterestindistributionpartnerthat particularly televisionandradio. to whichpharmaceuticalcompanies couldadvertiseontheairwaves, Food andDrug Administration (FDA)relaxeditsrestrictionsontheextent to markettheirdrugs.Onemajorreasonforthisshiftisthat in 1997,the Squibb. players. The listincludesPfizer, GlaxoSmithKlineandBristolMyers nasal congestion. with awidevarietyofmedicalconditions,suchascancer, influenzaor might havetobesevered? The Wall Street Journal www.vault.com/consulting— on adailybasisintheweeksbeforeyour What toExpectintheInterview Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 89 Customized for: Kirsten ([email protected]) 90 An evenbetteranswerwouldincorporatesomemore advancedreasons. enhancing orcost-reducing tothepartiesinvolved. goodanswertothisquestionmightsuggestthatmergers are eitherrevenue- A • Mergers inthepharmaindustrycanreduceriskbecausecombined • • • While all ofthemajorpharmaceuticalcompanieshavetheirownR&D • Drugs canbepatented,butmostpatentsexpirein17years. At thispoint, testing.Successfuldrugstakemany • Few drugspassallphasesofFDA • All newdrugsundergo severalexpensivestagesoftestingbytheFDA • Market researchsuggeststhatdirect-to-consumeradshavebeenfairly that perhapsoneoveragiventimeframe willbecomearealhit. development aspossibletoensure thatafewwillmakeittomarketand any givendrug.So,apharmacompany wantstohaveasmanyproductsin out theprobabilities,thereisa very lowoverallprobabilityofsuccessfor I/II/III) hasahistoricallylowprobabilityofsuccess,soifone multiplies testing(Phase testsandmakeittomarket.EachstageofFDA FDA drug pipelinewillbelarger. Very fewdrugsintheR&Dstagepass expenditures forpharmacompanies. expenses andreducingheadcount.Salesmarketingare enormous costs. Manycompaniessavemoneybycombiningoverhead andR&D Cost-reducing for newdrugstodevelop. parent company. This iswhydrugcompaniesareconstantlyontheprowl subject togenericcompetitors,andthedrugwillmakelessmoneyforits access toalarger revenuebase. When itspatentexpires,adrugbecomes Revenue-enhancing test. companies carrythedrugthroughlaststagesofFDA and preclinicalstagesoftheR&Dprocess,pharmaceutical technologies. Biotechfirmsusuallyrestricttheirattentiontothediscovery specialize intheresearchanddevelopmentofnewlifescience departments, mostpartnerwithbiotechnologycompanies,which testingfinishes. before thefullcycleofFDA the drugwillbesubjecttogenericcompetitors.Manydrugsarepatented years (sixtoten)completethefullcycleoftesting. before theycancometomarket. purchasing over-the-counter drugsonthebasisofadvertising. effective. Consumersareindeedrequestingprescriptiondrugsand L C I A B R R A E E R R Y Abigreasonforpharmacompaniestomerge istosave —A —One companymightbuyanotherbecauseitwants What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat from thesuppliersofdryingfacilities: In theinitialresearch, therestaurant ownerfoundthefollowinginformation options. Expecttheinterviewertogiveyoumoreinformation: Fairly soonintheprocess,startaskingabouteconomicsofthree decision. In theinitialanalysis,askanumberofquestionsthatwillinfluenceyour decision makingprocess? inhis dryers.Heneedstodecidetoday. What shouldheconsider air towelsandhot towels,roller suggests thathehasthree options—paper hands.Initialresearch customerstodrytheir place intherestrooms for basic decisionsonthelayout.Heismakingadecisionfacilitiesto issetting up anewrestaurant andmakingsome restaurant owner 3) A • Toweling rollscost$5perroll(andagain,you needtwo—oneforeach • Paper towelscostfivecentseach. The numberofpapertowelsthatyou Dryers haveaninitialcostof$500each(butyouneedtwo—onefor • • Hashedoneanycustomerresearchtoseewhatcustomerswouldprefer? How manycustomersdoesheexpect?tables?Is itopenduring • • What typeofrestaurantisitgoingtobe—luxury, moderateorcheap? • Because marketingandbrandawarenessissoimportant,alarger pharma • Companies mightalsomerge becauseofirrationality. Companiesinthe companymightwanttocapturetherevenuefromacompetitor’s • A than 2,000customerspermonth. customers permonth. They arechangedeveryotherdayifthereless restroom). The rollsarechangeddailyiftheremorethan2,000 if youexpect50customersanight, expecttheywilluse50towels. need correlatesdirectlywiththenumberofcustomersyouanticipate. So supplier estimatesthatthelifetimeofadrierisfouryears. restroom) andatotalmonthlyservicecharge of$100permonth. The the day?Inevening? could havehadbefore. create anevenlarger marketpowerthan the twocompaniesindividually company canjointwostrongbrandnameswithjointadvertisingand 1990s believedthatscalingupwasthewaytogo. largely becauseofPharmacia’s strengthinoncology. its leadingdrug,Lipitor. PfizeralsomadeabidtopurchasePharmacia winning drug.Forexample,Pfizerpurchased Warner-Lambert mainly for www.vault.com/consulting— What toExpectintheInterview Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 91 Customized for: Kirsten ([email protected]) 92 Guesstimates calculations quicklywithouta calculator. problem logically, approachassumptionssensiblyand perform simple not necessarilytogettherightanswer, but toshowyourabilitytacklea size foraproductorserviceandobservesyourreasoningprocess. The keyis In guesstimates,yourinterviewergenerallyasksyoutoestimate themarket might swaythebalance: Following theeconomicanalysis,drop afewnon-economicquestionsthat recommend switchingtodryers. prefer thetowels.Oncenumberofcustomersincreasesabovethis,you than 2,400customerspermonth(or2,400/30=80night),you Therefore, therealeconomicdecisionisbetweentowelsanddryers. At less towels option. With more than2,000customers,itonlylookslessfavorable. month ($10x15days). This, initself,costs morethanboththedryerand 2,000 customerspermonth,therollscost$10everyotherdayor$150 Determine iftherollsoptionaffects this break-evenamount. At lessthan $120 permonth,equatingto2,400customersmonth($120/$0.05). make thedryersmorecosteffective. The costoftowelswouldhavetoexceed Figure outhowmanycustomershavetocometherestauranteachmonth assuming fewcustomerspermonth,papertowelsarecheaperthandryers. of customersintherestaurant,atacost$0.05percustomer. Therefore, Secondly, lookatthepapertowelsoption. These varydirectlywithnumber customers comingintotherestaurant. approximately $120permonth,whichdoesnotvarywiththenumberof $1,000/(4 x12)permonth=$21month). Therefore, theirtotalcostis charge of$1,000thatdepreciatesovertheirlifetime(i.e.,anadditional of all,takethedryers. They cost$100permonthtooperate,plusanupfront customers. Therefore, itmakessensetolookatabreak-evencalculation.First At thispoint,youknowtheoptionselectvarieswithnumberof • How manysuppliersofeachoptionarethere? Ifthereisasinglesupplier,• • Are thereadditionalstaff costsofcleaninguppapertowelwaste? does hehavethepowertoraisepricesinfuture? L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Sample Guesstimate (Remember that laststep!) are white,then88milliongallons ofwhitehousepaintaresoldeachyear. interviewer whethertoinclude inner wallsaswell.)If80percentofallhouses houses times20gallons).(Note: Ifyouwanttobeclever, askyour gallons. Therefore, 110 million gallonsofpaintaresoldperyear(fivemillion of wallandtheaveragehouse has2,000squarefeet,eachhouseneeds20 houses getpaintedeveryyear. Assuming onegalloncovers 100squarefeet If housesarepaintedevery10yearsonaverage,thenroughly 5.5million are about55millionhouses. and housesusedforotherpurposesbesidesresidential.Conclude thatthere houses intheUnitedStates. Add another10percentorsoforsecondhouses The averagefamilysizeisaboutthree,whichmeasuresout to50million United States, perhapshalfofthemliveinhouses(or150millionpeople). 300 millionpeopleliveintheUnitedStates. If300millionpeopleliveinthe If unsurewheretobeginyouranalysis,startwiththebasic assumption that The “startbig”approach 1. Howmanygallonsofwhitepaintare soldintheU.S.eachyear? Guesstimate crackingtips • Remember thatguesstimates,likecases,alsoinvolveelementsof • Talk throughyourstepsaloudasyougocalculations. • If youdon’t knowanumber, likethepopulationofBrazilor Remember thatyouareexpectedtouseapenandnotepadworkthrough • • Makereasonableassumptions,withrounded,easy-to-work-withnumbers For useinyouranalysis,assumetheUnitedStates• has270millionpeople the mall?” change wouldyoufindonthefloorofamall?”ask,“Istherefountainin creativity andproblemsolving.Forexample,whenasked“Howmuch an answerbasedoninaccurateassumptions. circumference oftheglobe,askforit. Avoid stumblingyourwaythrough your calculations. (difficult numbersmightthrowoff yourcalculations),andgofromthere. as youinformyourinterviewerthataredoingso.) and 25millionbusinesses.(Considerroundingupto300million,aslong www.vault.com/consulting— What toExpectintheInterview Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 93 Customized for: Kirsten ([email protected]) 94 Brainteasers More SampleGuesstimates cannot besolved orisunreasonable. As aconsultant,youwill findyourself Keep yourcomposure!Donot tellyourinterviewerthatthebrainteaser time. Their mainfunctionistotestyourcourageunderfire. are tricky, anditispossibleyoumightnotsolve theminashortamountof others requiremoremathematics. Beforewarned—someofthesequestions covers round?”Somebrainteaserslookmorelikelogicproblems, while splitters”—are thegenreofquestionsalonglineof,“Why aremanhole Brainteasers—or, asonedisgruntledinterviewee referredtothem,“mind 6. HowmanypayphonesarethereontheislandofManhattan? 5. What istheannualsizeofgolfballmarketinUnitedStates? What 4. HowmanygasstationsarethereinLos Angeles? 3. HowmanybarbersarethereinChicago? 2. HowmuchbeerisconsumedintheUnitedStates eachyear? 1. Howmany747sareaboveKansasrightnow? a fewrepresentativetowns. HUD’s statisticsarmorconductasmallsampleofthesecondcalculationin consultant, useyourcreativity—e.g.,contactmajorpaintproducers,call If yourinterviewerasksyouhowwouldactuallygetthatnumberasa 10,000, andyouhave88milliongallons. typical town.Perhaps80percentor8,800ofthosearewhite.Multiplyby gallons. Therefore, 11,000 gallonsofhousepaintaresoldeachyearinyour wall, andeachgalloncovers100squarefeet,thenhouseneeds20 houses getpaintedinanygivenyear. Ifeachhousehas2,000squarefeetof are really5,500housesinyourguesstimate.Paintedevery10years,550 there are5,000houses. Add another10percentforgoodmeasure,andthere same assumptionthathalfthetownlivesinhousesgroupsofthree,then Take atownof30,000(about1/10,000ththepopulation).Ifyouuse The “startsmall”approach factors drivedemand? L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Sample Brainteasers elapsed of17minutes. taking twominutes.Bertand Alan gobackacrossthebridge,foratotaltime takes 10minutes. At the13-minutemark,Bertreturnswithflashlight, minutes haveelapsed.Cedric and Donthencrosswiththeflashlight,which minutes. Alan returnswiththe flashlight,whichtakesoneminute. Three First, Alan andBertcrosstogetherwiththeflashlight,whichtakestwo they cross? crossing thebridgegoatpaceofslowestindividual.Howshould Bert intwo,Cedricfiveminutes,andDon10minutes. The men crossing thebridgemustcarryaflashlight. Alan cancross inoneminute, is and onlytwomencancross atonce.Itisnighttime,andwhoever menmustcross abridgein17minutes. The bridgeisverynarrow 3. Four hot onewasonrecently. clearly goeswiththeswitchthatyouturnedonlast.Nowfeel thebulbs. The it off. Turn anotherbulbonand gointotheroom. The lightbulbthatison elegant solution,however, istoturnonelightbulbonfor10minutesand set toacertainlevelofillumination,makingsolvingthepuzzleeasy. One suggested theswitchesmightbedimmerswitches—eachlightbulbcould drilling aholeinthewallorcallingfriendforassistance.Oneapplicant Consultants andclientsalikelove“out-of-the-box”thinking.Somesuggest theroom onlyonce. switches andyoumayenter controls whichbulb. You havesomelimitations—youcanflickonlytwo three lightbulbsinthenextroom. You mustfigure outwhichswitch 2. You standinaroom withthree lightswitches.Eachcontrols oneof for$100. $40 andthenselleach TV for it aroundforprofitmaximization.Inthiscase,buyyourneighbor’s TV business, therightanswerrequirestakinganunderutilizedassetandturning formorethan$40butsomethingless$100.Butinthelandof TV Naturally, youthinktherightanswerhingesoncompromise—yousellyour $40. What shouldyoudo? insistsonsellinghisfor neighbor your $100,but for model. You wanttosellthe TV to sellthesameused TV thesameday. You bothplan plangaragesalesfor 1. You andaneighbor your cool. on thespotalltime,soyourinterviewerwantstoensurethatyoucankeep www.vault.com/consulting— What toExpectintheInterview Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 95 Customized for: Kirsten ([email protected]) 96 Interview Practicing withYourFriendsBeforethe read oneofthesamplecases beforehand,understandtheanalysisandbe interviewer andtheotherperson playtheinterviewee. The interviewer should Pair upwithyourfriends,colleagues orclassmates.Haveonepersonplaythe The goodnewsisthatyoucan learntocrackcases. The bestway?Practice. succinct sentences,thebetteryou willdoattherealthing. to walkthroughyourthinkingaloudandexplainanalysis inclear, communication propositionthanpublicspeaking. The betterpreparedyouare interview andnailedit.Butformostofus,thecasecan beatougher We knowofahandfulpeoplewhowalkedrightintotheirfirstcase through theanalysisitself.Don’t forget tosmileonceinawhile! practice theactualvocaldeliveryofanalysisasitistobe abletothink What wouldyoubeliketoworkwithonateam?Itisjust as importantto good areyouatcommunicatingyourlogic?Howwouldclients perceiveyou? interviewer isgettingasenseofwhatitwouldbeliketowork withyou.How The interviewerischeckingyouforanalyticaptitude.Inaddition,the Smart candidatesrealizethatthecaseinterviewisafitindisguise. as eloquentpossibleintheinterview?Simple:Practicemakesperfect. or hadtoretraceourstepsafterlosingplace?Howensurethatyouare someone elseandstumbledonwords,stuttered,threwinafewtoomanyums, be abitantagonistic.Howmanyofushavetriedtoexplainsolution the realworld,someonewhoispreparedtochallengeyourthoughtsandeven loud foracompletestranger—someonewhohasdonetheanalysisherselfin space. Butitisanentirelydifferent endeavor towalkthroughthatanalysisout It isonethingtotearapartabusinessproblemintheprivacyofyourown Practice makesperfect over ahole. and willnotcutanyone.Roundcoversalsodoneedtoberotatedfit roundmanholecovercanberolledonitsedge into ahole,makingitsafer. A roundmanholecoverwillnotfall There aremanyanswerstothispuzzler. A high-tech firms.) asked byMicrosoft, thisstillmakestherounds amongconsultingand round? (Theclassicbrainteaser:Originally 4. Why isamanholecover L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Best practicesforpracticing answer thequestions,presentyourselfandcommunicateyour answer. interview with. What willnotchangeistheimportanceofhowwellyou Of course,theactualbreakdownwillvaryaccordingto each firmyou example, youcanscoretheinterviewee’s performanceasfollows: balanced feedbackonhisorherperformanceandgooverthestudynotes.For After thequestions,interviewermightwanttogiveinterviewee business case. level,youwillwanttouseaslightlymorecomplex case. At theMBA include brainteasersandguesstimatequestionsinadditiontoaqualitative the intervieweethroughamockinterview. At theundergraduate level, hasn’t readthroughthecaseaheadoftime. The interviewershouldthenguide prepared toguidetheintervieweethroughcase.Makesure sessions. Here areafewpointerstomake sureyougetthemostoutofyourpractice • • • • • • specific totheinterviewer’s firm.(5points) Questions— follow-up insights.(10) the piecesofpuzzleandoffering thoughtful recommendationsand Summary— case adifferent way. (30points) be flexibleandchangedirectionsiftheinterviewerwantedtoguide to thinkoutloud.Usedaframeworkifappropriate.Showedtheability reasoning tosolvetheanswer. Laidoutaroadmapupfrontandcontinued Problem Solving— guesstimates. (15points) Quantitative Skills interviewer. (30points) and succinctly. Explainedthoughtprocessesinsufficient detailforthe Communication— throughout theinterview. (10points) solid mannersandbusinessetiquettethroughout.Maintainedeyecontact Presentation— Wrapped upthecaseforinterviewer, bringingtogether Asked theinterviewertwoorthreethoughtfulquestions Shook hands,smiled,waswell-dressedanddisplayed www.vault.com/consulting— Relayed thoughtsandideastotheinterviewerclearly Followed alogical,thorough,well-connectedpathof —Showed goodfacilitywithnumbers,including What toExpectintheInterview Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 97 Customized for: Kirsten ([email protected]) 98 students. consultants, alumniofyourschool, careerservicesemployeesorfellow know verywellbutwhoarewillingtohelpyou. These includecurrent be alittlemoreforgiving ofourfriends. Try practicingwithpeopleyoudon’t don’t wanttogetusedacertaincasegiver’s style.Moreover, wetendto You neverknowwhatkindofpersonalityyourinterviewerwillhave,andyou 4. Practicewithdifferent typesofpeople. or heranalysisinasuccinct,clear, engaging manner. This isagreatenvironmentfortheintervieweetopracticecommunicating his 3. Focusoncommunication. interviewer attheend. consulting firm,andhavetheintervieweeprepareafewquestionstoask these questionsready. Also, pretendtheinterviewerisfromaspecific questions in(1). The intervieweeshouldhavequick,thoroughanswersto and almostallofthetimetheywillfallinsomeformthreebasic Case interviewsoftenstartwithahandfulofbehavioralinterviewquestions, (3) Questionsfortheinterviewer(3-5minutes) (2) Casequestions(15-20minutes) (1) Direct fitorbehavioralquestions: Why consulting? Why thisfirm? Why depending onthefirm): Here isthetypicalformatforacaseinterview(thiswill,ofcourse,vary 2. Simulatetheactualcaseinterviewformat. help, goaheadandgiveit. answers orhintswithoutbeingasked,butiftheintervieweeasksforsome If youaretheinterviewer, berealistic.Don’t beoverlywillingtogiveupthe to demonstrategoodlistening. Above all,don’t forget toanswerthequestion. forget totakenoteswhiletheinterviewerisspeaking,andnodparaphrase Review theframeworksinthisguideandapplythemjudiciously. Don’t If youaretheinterviewee,bringyourleathernotepadandfavoritepen. 1. Take itseriously. you? (5-10minutes) L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Questions fortheInterviewer Asked (ButAreAlwaysAnswered) Interview QuestionsthatNeverGet you giveyourinterviewertherightanswerstothesequestions. three implicitquestionsabouteachofthepeopletheyinterview. Makesure In additiontotheusualinterviewquestions,consultantsarelookinganswer grooming andetiquette. shooting themselvesinthefootbynottakingcareofbasics,suchas We knowfartoomanyanecdotes offolkswithgreatconsultingskills look foranythingthatresemblespoorpersonalskillsinthescreeningprocess. At itsheart,consultingisabusinessaboutpeople.Hiringconsultantswill office intwoyears,you’dbetterask! you won’t workanywherethatwon’t letyoutransfertotheSanFrancisco minutes andthinkthroughwhatkeyquestionsyoumusthaveanswered.If requirement ofindustryspecialization?Beforeyourinterview, takeafew answer aboutthetravelload? Are youconcernedaboutthefirm’s early know inordertomakeyourdecision? Would youneedtohearanhonest Remember, youareevaluatingthefirmaswell. What wouldyou need to questions ofyourinterviewer. unprepared forthisandhavenothingtoask. Arrive preparedtoaskafew to asktheinterviewerafewquestionsaboutfirm.Somecandidatescome Every singleconsultinginterviewendswithanopportunityforthecandidate • • • interviewer wants tohiresomeonelikeable, withwhomheorshe Would Iwanttoworkwiththis person? doubt yourabilitytorunorparticipate inameetingorinterview. important; ifyouaretoonervous ornoteloquent,theinterviewermay be asolidrepresentativeofthe firm totheclient. Your speechis especially assessing yourprofessionalism.Heorshewantstofindoutif youwould Could Iputthispersoninfront oftheclient? person askthoughtfulquestionsattheendofinterview? on asuitandrunoutthedoor?Didthispersonshowuptime? Didthis firm? Didthispersoncareenoughtolookthepartordidhe/she justslap genuinely enthusiasticabouttheconsultingindustryand,specifically, this Does thispersonreally wanttoworkhere? www.vault.com/consulting— What toExpectintheInterview Vault CareerGuidetoConsulting with Recall the“airplanetest.” The Does heorsheseem The intervieweris L C I A B R R A E E R R Y 99 Customized for: Kirsten ([email protected]) 100 be withyourExcelspreadsheet.) level, theinterviewermightextrapolate suchdetailstohowcarefulyouwould reflecting thatyoucaredenough totakecareoftheeasydetails.(Onsome wonders tothisdayifthatwas the reasonhedidn’t makeit. Again, it’s about second round. While heneverconfirmediftheshirtcollar didhimin,he machine thenextdayinformedhimthathewouldn’t becalledbackforthe It wasasmallthing,butitlookedverysloppy. The message onhisanswering horrified toseethatoneofthetwobuttonsonhisshirtcollar was unattached. Smiling, theyoungmanwenthome,stoppedinbathroom, andwas visibly impressedthathehadnailedthecase,andtwo goodrapport. consultancyandhadagreatinterview;theinterviewer was with aleadingIT leadership experienceandterrificproblem-solvingskills. He interviewed and untiedshoes.OnecandidatewasanIvyLeaguehonorsstudent withgreat have any“negativedistractions.” These includethingslikerippedstockings Look yourselfoverbeforeyouheadoutthedoorandmake sureyoudon’t a consultantwiththefirm. stockings, andniceshoes(eitherheelsorpumps).Dressasifyouarealready suit (eitherpantsorskirt),ablousecoordinatingcrew-necksweater, who successfullymatchthebeltwithshoes.) Women shouldwearadark belt, darksocks,andpolishedshoes.(Bonuspointsforthosegentlemen formal intheinterview. Menshouldwearapresseddarksuit,cleanshirt,tie, changed thatmuch.Unlessspecificallytoldotherwise,stickwithbusiness business casualintheoffice andonclient sites,interviewprotocolhasn’t How shouldyoudressforinterviews?Eventhoughconsultantsareshiftingto the impressionyouwillmakeonclients. suits. Still, presentationisimportant.Itspeaks toyourinterestinthefirmand There’s noreasontomaxoutyourcreditcardsontheswankiestof Armani Dress thepart interview. these presentationelementsarethemostimportantaspectsofyourconsulting so fundamentalthatattentionneednotbepaidtothem,butinsomeways cover aspectsoftheinterviewthathelpanswerthem. These issuesmayseem How doesanintervieweranswerthesequestions? The followingsections if heorshewouldwantyouonthesameprojectteam. energy shouldbethereaswell.Inotherwords,theinterviewerisdeciding decentsenseofhumorandtheall-importantspark share ameal. A could worklateintothenight,waitinanairport,drivetoclientor L C I A B R R A E E R R Y What toExpectintheInterview Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Behavior environment likeaconsultinginterview. There aresometime-testedbestpracticesforconductingoneself inastressful bring theirpursetotheinterview. attaché inthehallclosetoffirmorrecruitingcenter;womentypically Try totakeonlythebareminimumintointerviewroom.Leaveyour in it: portfolio thatholdsasingleletter-sized notepad.Here’s whatyoushouldput companion forconsultinginterviewsshouldbealeatherorhigh-qualityvinyl We mentionedbeforethatyoushouldbringapadandreliablepen. Another What tobring • • • • • • • result isthatyour interviewerwillthinkyou are lessarticulatethanyou Speak slowly— a test. and speaktotheinterviewer. Think oftheinterviewasaconversation, not for whenyouneedtowriteor glance atyournotes,keepheadhigh Maintain eyecontact— sweaty palmsonahandkerchiefbeforeyougoin. anything, justmakesureyouhaveaniceandsolidgrip. Wipe those negative impression.Don’t trytocrackyourinterviewer’s knucklesor one’s impressionofanother;it’s thataweakhandshakeusually causesa Firm handshake— in yourfolder. and acoupleofburningquestionsneatlyonpiecepaperstickit before yourinterviewtoreviewthoughts,sojotdownthekeypoints Some notesonthecompany updates. copy already, butitneverhurtstohavesomehandy, especiallyifyouhave resume— fewextracopiesofyour A calculations, sobringyourfavoriteinstrument. And bringaspare. Remember thatyouwilllikelybeusingthisdevicefornotetakingand interviewees askingtheirinterviewerforapenexistreason. pencil Pen or something youfeelcomfortableworkingoutproblemson. Clean padofpaper— —Test itoutbeforehand! The horrorstoriesabout When peoplearenervous,they tendtospeakfaster. The www.vault.com/consulting— It isn’t thatthefirmhandshakenecessarilyenhances It doesn’t havetobegraphpaper, butitshouldbe Try nottolookdownasyouspeak,and, except —You willprobablyhave afewminutes What toExpectintheInterview Vault CareerGuidetoConsulting with Your interviewerwilllikely havea L C I A B R R A E E R R Y 101 Customized for: Kirsten ([email protected]) 102 • • • very least,itwillhelpyouwithfutureinterviews. accept feedback. Your proactiveapproachwillworkinyourfavor. At the strengths andweaknesses.Consultantsmustbewillingtoaskfor, and rapport withyourinterviewer, askfora10-secondsummary ofyour feedback— Ask for After all,it’s justaninterview! optimistic. Ifyougetabizarrequestion,laughitoff anddoyourbest. face. Speakpassionatelyaboutthethingsthatmattertoyouandstay Be good-natured andenergetic— by tyingyourhairbackandkeepingwatchathome. feedback onthelittledistractions. You canalsosetyourselfupforsuccess insecurity. When youpracticeyourinterviewswithothers,askfortheir pen. We alldothesethings;intheinterviewcontext,theyreflect checking aclockoryourwatch,fidgeting,itchingplayingwith Examples includeconstantlybrushingyourhairoutofeyes, that diverttheinterviewer’s attentionfrom thecontentofinterview. Keep outthedistractions— losing theoverallflow. costs…” You’ll findthisworksasanaturalbreakintheactionwithout of using“um,”saytheword“now,” asin“now…lookingatthecompany’s to stall.Here’s anotherslowdowntactic: When youneedtopause,instead breath andslowdown. Take 10secondsifyouneedto,orsipsomewater your overalltempo.Ifyoufindingyourselfrushing,justrelax,takeadeep really areandworryaboutyourcoolunderpressure. Try tobeawareof L C I A B R R A E E R R Y After yourinterview, ifyouthinkyou’vehadgood Try toavoidlittlemovementsandgestures What toExpectintheInterview Vault CareerGuidetoConsulting Smile. Don’t slouch.Don’t touchyour © 2007Vault Inc. Customized for: Kirsten ([email protected]) Negotiating, Declining Post-Interview: Accepting, insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat After theInterview HPE 6 CHAPTER after theinterview. to theinterviewerworksfine.Sendthank-younotenolater thantheday letterorthank-younoteusedtobethe waytogo,butthesedays,ane-mail A memory (andwilllikelymakeyoustandoutintheirminds). candidates thattheywillappreciatetheteasersyousend to refreshtheir points fromtheinterview, becausetheinterviewersspeaktosomany why youaresincerelyinterestedinthefirm.Mentionacouple ofdiscussion reminds thepersonofoneortwokeyitemsthatyoudiscussed, andreiterates be averyshortmessagethatthankstheinterviewerforhis orhertime, Good formincludessendingathank-younotetoyourinterviewers. This can Thank yourinterviewers contact acallthenextdaytoconfirm. door. Ifyouforget, youcansimplysendane-mailorgivetherecruiting recruiting manager(likelynotoneofyourinterviewers)onthewayout will heartheresults. The easiestthingtodoisrememberaskthe firm’s office downtown,youwillwanttogetsomeexpectationofwhen official recruitingcycles,orifyoujustfinished finalroundinterviewsatthe an e-mailwiththeresults,etc.).Ifyouinterviewedoutsideofschool’s know thenextsteps(thefirm’s recruiterwillcallyou Thursday, youwillget If youjustfinishedaninterviewroundoncampus,probablyalready Confirm nextsteps of theday. Then, startthinkingaboutthenextstepsininterviewprocess. career center;thenyoucanatlasttakeadeepbreath,relaxandenjoytherest Whew! Wait untilyouwalkoutofthefirm’s elevatorbankoryour school’s waiting toseeif yougotthejobornot.Realize thatatthispointyou’vedone Perhaps themoststressfultime oftheentireprocessisafterallinterviews, Waiting foranoffer www.vault.com/consulting— with L C I A B R R A E E R R Y 103 Customized for: Kirsten ([email protected]) 104 Accepting anOffer on thefirm’s letterheadisbetter. You mayneedtoreferthemlater. you’ve capturedtheminane-mailattheveryleast.Getting items inwriting If you’venegotiatedanyadditionalpointsinyouroffer letter, besurethat you getitinwriting. accepted another. Also, donotconsideraverbaloffer arealoffer—wait until We recommendthatyoudon’t turndownotheroffers until youhaveformally documents. Sendinthepaperwork. That’s it! know toexpectyourpaperworkinthemail.Signandphotocopyallof three steps.Leaveaphonemessagewiththerecruitingmanager, sothey accept theoffer. Telling thefirm“yes”isfunandeasypart. There are package, youhavethedelightfuljobofinformingfirmthatwishto If you’vereadtheoffer letterwordby word andyouarepleasedwiththe This isexactlywhatyou’vebeenworkingtoward,andnowgotit. In afewdays,youwillformallyreceivetheoffer inwriting.Congratulations! One ofthefirm’s partnershascalledtoextendyouanoffer tojointhefirm. your agentandenforcesguidelinesforthefirms. reply deadline,notifyyourcareerservicesoffice. The careeroffice actsas within threetofivebusinessdaysofthedateyouweregivenforfirm’s If youaregoingthroughon-campusrecruitinganddonotreceivetheanswer you arewaitingonpinsandneedles. better thanane-mail,becauseitismorepersonalandremindsthefirmthat callworks then callyourrecruitingcontacttofindoutwhereyoustand. A no phonecall? This willhappenfromtimetotime.Bepatient. Wait aday, So whatdoyouwhentheagreed-upondayofreckoningcomes,andthere’s enjoy thefactthatyoudon’t havetoworryaboutthisfirmforalittlewhile. all youcan,andthedecisionisnowfullyoutofyourhands. You mightaswell L C I A B R R A E E R R Y Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Negotiating anOffer you’d hatetostartoff onthewrongfootwiththiscompany. not youseem“needy”or“difficult” andscalebackyourefforts accordingly— angle topursue,butit’s worthashot. Along theway, trytogaugewhetheror agree tothis,yourtripwillbeworththemoney.) This isobviously adifferent to flyouttheoffice andmeetwiththeconsultantsthereinperson.(Ifthey person’s office communityandaskifthere’s anythingheorshecando.Offer explain yoursituation,describewhyyoureallywanttobe apartofthat (partner orseniormanager),thebetter. When youhavefoundtheperson, someone inthetarget office tovouchfortheoffice transfer—the higherup What ifyourrequestisturneddown?Don’t quitthere.Seeifyoucanfind look intothematter, makesureyoubothcommit toalaterdatefollowup. either tellyounooff thebatorlookinto the transfer. Ifthepersonagreesto your recruitingmanagerandaskthatpersontolookintotheswitch. They will Whatever thereason,firsttryexplainingreasonforyouroffice changeto to anunderstaffed office. Your chancesarebetterif you’re tryingtoswitchfromamoredesirableoffice compelling reasonfortheswitch,youmayfinditdifficult tochangeoffices. Changing locationsaftertheoffer isgiven istough.Unlessyouhavea Office location try. Justmakesureyou’repleasantandbusinesslike. consulting offers. Nomatterhowtheeconomy’s doing,itisalwayswortha That said,therearesometime-testedbestpracticesfornegotiatingpartsof lower compensationandfewerbenefits,withlittleroomfornegotiation. and farbetween,theluckycandidateswithjoboffers arebeinggiven years ofthecurrentdecade,ithasbeenarecruiter’s market:Newjobsarefew bonus oranextraweekofvacationtogetemployeesinthedoor. Intheearly would addextrabenefitslikeafewthousandmoredollarsonthesigning was anemployee’s market:Corporategrowthwasalltherageandcompanies on thebalanceofpowerinjobmarket.Inlate1990s,market the extenttowhichyoucannegotiatetermsofyouroffer dependshighly Many candidateswishtonegotiatethetermsoftheiroffer. Bewarnedthat www.vault.com/consulting— Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 105 Customized for: Kirsten ([email protected]) 106 cracks. get itinwriting;wouldbe easy forthefirmtoletthisslipthrough If youcansuccessfullynegotiateforashorterreviewperiod, don’t forget to might bewillingtomoreflexible. other newhiresatyourlevelandit’s hardtomakeexceptions;smallerfirms to proveyourworth. At larger firmsthis isn’t easybecausetherearesomany cycle, suchasaftersixmonthsinsteadofoneyear. This givesyouachance are startingatalowerlevelthanyoushouldbe,askforshorter initialreview first-year associateoffer. Ifyouareoneof thesepeople,andyoufeellike withpriorconsultingexperienceoralateral hiremightbegivena An MBA Starting position leverage. Do notunderanycircumstancesinventafakejoboffer fornegotiating you mightbeabletoconvincetheemployerthatarebeingundervalued. another pointofnegotiationifyourprevioussalarywashigher, becausethen oralateralhire,youmighthave compensation package?”IfyouareanMBA if wecanmakemynumbersbetter. What canyoudotoimprovemy compelling becausethesalaryis$10,000higher. I’mreadytosignwithyou your firmbest;however, Ihavetoadmitthatthiscompetingoffer is in handthatoffers moremoney. You cantellyourfirmcontacts,“Ireallylike you haveone!) The bestpointofleverage wouldbetohaveanotherjoboffer don’t expecttobeableimproveyourcompensationpackage.(Justglad Getting moremoneyisalwaystough,especiallyinarecruiter’s market,so Salary andbonus than theyhadplanned,whichwouldsavethefirmmoney. selling pointfromyourendisthatthefirmcouldstartpayingsalarylater anything, youwouldlikelybeabletonegotiatealaterstartdate. The key has carefullytimedyourstartdatetotheirexpectedprojectpipeline,andif a monthortwoearlier. Ontheotherhand,it’s usuallythecasethatfirm start date.Sometimesifthefirmissoldout,willgladlybringyouon It’s usuallydifficult togetanemployerstartyouearlierthanyourgiven Start date L C I A B R R A E E R R Y Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Turning DownanOffer position toreextendtheoffer, butinvitedRickto keepintouch.Oncea away fromhiswife.Firm2said itwasnotinastrongenougheconomic Firm 2,explainedthesituation, andoffered tomoveadifferent location start dateindefinitelyduetofinancial problems.Rickimmediatelycalledup As luck(badluck,inthiscase) wouldhaveit,Firm1soondelayedRick’s join Firm2ifithadajobforhim. could indeedgetthelocationtoworkout,Rickwouldbealways welcometo relationship withFirm2work.understood,andtold himthatifhe location wasthedecidingfactorandthathereallywanted tomakethe that hereallywantedtoworkatFirm2(whichwasentirely true),thatthe When Rickconveyedhisdeclineoftheoffer toFirm2,hestressedthefact difference of$50,000)andalocationthatwouldkeephimclosertohiswife. and Firm2.Rickchose1over2,basedonahigher paypackage(a between twoequallycompellingjoboffers fromtopconsultancies,Firm1 programnamedRick.Rickwasdeciding 2006 graduateofatop-fiveMBA primeexampleoftheimportancerelationshipmanagementinvolvesa A preserving yourrelationshipwiththefirm. is toturndowntheoffer insuchaway thatyoustandthebestchanceof which meansthatyouwillhavetoturndownoneormoreofthem. The goal You maybeoneofthoselucky peoplewithmorethanoneconsultingoffer, feel weirdaboutaskingforit. It’s averycommonthingtogetlittlemoretimemakedecision,sodon’t extension ifyouneedit—surprisingly, thisoftenturnsouttobenegotiable. HR knowifyou’recomingonboardornot.Don’t forget toaskforadeadline Your offer letterwillusuallyhaveadatelisted,statingwhenyoushouldlet Offer responsedeadline discretionary timeoff alongtheselines. lotoffirmsoffer be willingtowithholdpayforafewdaysperyear. A take extradaysofunpaidvacation. There isnoreasonwhyafirmshouldn’t have one,getwrittenconfirmation(e-mailisfine)thatyouwouldbeableto vacation days,askaboutthefirm’s unpaidleavepolicy. Ifthefirmdoesn’t If youdon’t likethevacationpackageandfirmwon’t grantyouanymore Vacation www.vault.com/consulting— Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 107 Customized for: Kirsten ([email protected]) 108 have acceptedtheotheroffer andreceivedconfirmation. Again, beforeyouturndownanyoffers infavorofanother, waituntilyou preserving yourrelationshipwiththatfirm. relationships thiswell. We suggestafewguidelinesfordeclininganoffer and difficult employmentenvironmentweencourage youtomanageallofyour This isatruestoryofoutstandingrelationshipmanagement,andintoday’s Meanwhile, Firm1neveroffered Ricka start date. where Firm2washeadquartered.Hestillworkswithtothisday. position withthefirm.Heaccepted,andhehiswifemovedtocity and becauseofhisefforts tostayintouch,waspreparedoffer hima months later, Firm2calledRick,informedhimthatitwaslookingtostaff up, available. Eachtime,Firm2saiditstillwasnotinapositiontohirehim.Nine month, RickcalledhiscontactsatFirm2toremindthemthathewasstill • • • • preserve yourrelationshipwithXYZ. the relationshipwithXYZworkinfuture.” This approachwillhelp in theendIneededtobeclosermyfamilyDenver. Ihopetomake as areasonfornotchoosingXYZ:“Ireallywantedtowork at XYZ,but was forDenver, whereyourparentslive. You mightoffer thefollowing slightly aloof,andbecauseXYZ’s offer was forBostonand ABC’s offer XYZ wasfortworeasons—youfoundXYZ’s peopletobenicebut seems theleastpersonal.Suppose,forexample,thatyouchoose ABC over a reasonwhyyouchoosenottoworkwiththem.Presentthethat reason asexternal— Try toframeyour break thenews.Expressyourgratitudeforoffer. Be polite e-mail. decided tobringyouintotheirfirm. You shouldfollowupwithanoteor teamofpartnerssataroundatable,thoughthardand someone else. A communication. Rememberthatyouarecommunicatingarejectionto Call insteadofe-mailing— firm ofyourdecisionbytheappropriatedeadline. Comply withthedeadlines— L C I A B R R A E E R —Be straightforwardandevenmildlyapologeticwhenyou R Y E-mail isstillarelativelyimpersonalformof Even ifyoumustdeclineanoffer, tellthe Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting The firmwilllikelyaskyoufor © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Out What toDoWhenThingsDon’tWork folks forwhomthesestrategies haveworked.Itmayworkforyou. Obviously, itisverydifficult toovercomeadenialofanoffer, butweknow in thedoor. makers, youmaywanttomakethefollowingsuggestionsstillgetyourfoot If itsoundslikeyouwereclosetoanoffer, andyoucanidentifythedecision firm, butobviouslyitvariescompanytocompany. unwritten rulethatyouhavetowaitafulltwoyearsbeforereapplying still interestedinworkingwiththefirm)andwhomtocontact. There’s an get hiredoff-cycle asalateralhire?Find outwhentogetintouch(ifyouare until thenextfall?Or, ifyouworkadifferent jobinthemeantime,couldyou You alsowanttofindout when youmightapplyagain.Doneedtowait this information.Ifyoudidn’t receivefeedback, askforit. what youdidwellandareascanimprove.Mostfirmswillvolunteer First, makesurethatyougetfeedbackonyourinterview. Seektounderstand you did,andmostofthemdidn’t evenget interviews. Remember thatliterallythousandsofpeoplemusthaveappliedforthejob If youdon’t getanoffer aftertheinterview, don’t takeitpersonally. Dealing withrejection(andovercomingit) • • • a letterofreference.Perhapsyoucanchangetheirperception ofyou. ability, sendthem asample.Ifit’s smarts,e-mailsomebackupscoresor Backup materials— project basis.Part-timeworkmayalsobeeffective. have nootheroffers. Simplyoffer yourserviceswithoutpayonaper- free— Work for the firmbyconfirmingthatyouwouldn’t needbenefitsasacontractor. projects, yetbindstheminnoway. You can furthersweetenthedealfor firm ononeprojectonly. Pointoutthatthisgivesthefirmhelpon State thatyouarecommittedtothefirm. Suggest thatyouworkwiththe Project employment— This isthewaytogetexperienceunderyourbeltifyou www.vault.com/consulting— What dotheyhavedoubtsabout?Ifit’s yourwriting Acknowledge thatthefirmhasdoubtsaboutyou. Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 109 Customized for: Kirsten ([email protected]) 110 forewarned. hard tobelieveinthisdayandageofrobustjoboffers, soconsideryourself firm could,atanytimeandwithoutgoodreason,terminatethatoffer. It’s Job offers havefineprintburiedinthemthat informyouthateitherorthe and beingshockedthatthispracticeeverhappens—isn’t itillegal?It’s not. evaporate orrecedeintothehazyfuture. You mayfindyourselfreadingthis practiced hardfortheircaseinterviews,onlytohavejoboffers This isobviouslyverydisruptivetothoseprospectiveconsultantswho project pipeline,winduprescindingordelayingjoboffers they’vegivenout. consulting firms,realizingthattheyhaveoverhiredgiventheirprojected that agermane,unfortunateconsequenceofweakeconomyismany Those whoattemptedtoearnconsultingjoboffers intheearly2000sknow Dealing withrescindedoffers • • • • • of thosewelistedintheprevious section. you interviewedwithbutdidn’t getoffers from.Offer optionsinthevein you turneddownotheroffers, startwiththosefirms,aswellanyfirms opportunities. other networkfor Now isthetimetotapintoyour services centersotheycantakeappropriateactions. time, shouldtheyrescindoffers. Ifyou’reoncampus,tellyourcareer as Harvardand Wharton) willputfirmsonprobationforasetperiodof Rescinded offersare taboooncampus. Firms shouldoffer yousomething. aseverance package. If youcan’tgetadelayedstartdate,pushfor passed thescreeningprocess.Inotherwords,youaresavingthem money. can makegoodonitsoffers, youwillbehiredfirstbecauseyou’vealready delayedstartwould meanthatwhentheeconomypicksupandfirm A Attempt tonegotiateadelayedstartdateinsteadofrescinded offer. you andwhatbenefitsmightget. severance packagewillyouget?Understandwhatthetrueimpactison firms andthemissedincomefromoffers youturneddown,what made bytheirfirm?Incompensationforlostincomeattherescinding treated andhowyouturneddownotheroffers infavorofthepromises consideration inthenextgo-around,givenhowunfairlyyouhavebeen the procedureforgettingrehired,ifany? Would yougetanyspecial Will theyneverhonortheoffer? Havetheyrescindedalloffers? What is toyou,tryunderstandwhatthismeans. If afirmrescinds itsoffer L C I A B R R A E E R R Y Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting Several businessschools(such © 2007Vault Inc. If Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat network, andrememberthatthingswillworkout. rescinded. Take adeepbreath.Understandwhatitmeans,tapintoyour You mightfeellikeyourworldiscollapsinginonyouifoffer is eventually (thoughwhoknows when)youwillhaveajobatthatcompany. If youhavenootherjoboptions, youshouldstayinthepipeline,because arise. report. Strive tobefirstinthatperson’s mindshouldaninterimopportunity radar. Callthemupmonthlytogetanupdate,evenifthere’s nothingto quickly. Confirm whoyourofficial firmcontactis,andstay onthatperson’s can somehowgetintothesystem,youmightbeableto get hiredmore help, pushtoseeifheorshewillcirculateyourresumecolleagues. Ifyou you, sinceyou’vebeenprescreened?Ifyourcontactdoesn’t requireyour an infrastructuretobringoncheaplaborlikeoutsideconsultants—why not could workonaper-project orpart-timebasiswith them.Manyfirmshave explain yoursituation(theymightnotevenknowaboutit) andaskifyou Call upthepartnerwhohiredyouoranyotherseniorperson youknow, hiring process. This isobviouslydifficult, buttherearethingsyoucantry. As adeferrednewhire,whatcanyoudo? You canattempttoaccelerateyour ultimately rescindedoffers tomanyofthem). and Booz Allen Hamiltondeferredalmostalloftheirnewhires,and employees. (Forexample,backin2001,firmssuchasMcKinsey, Accenture job pipeline.Ineffect, theemploymentoffer turnsintoanoptiononfuture keeping ofasigningbonus)fornewhirestowalkawayandexitthefirm’s continue waiting;inothers,firmshaveoffered cashequivalents(likethe the startdatetokickin.Insomecases,firmshaveoffered newhirescashto start date,andoftenoffer thenewhires chancetowalkawayorwaitfor costs. Firmssimplyinformtheirnewhiresthattheywillhavetodelay deferralisarathercreativewayforHRdepartmentstohelpmanagelabor A what mayhappeninthevolatileworldofconsulting. guide, suchdevelopmentsarenowhereonthehorizon,butyouneverknow hires adelayedstartdate,alsoknownasdeferral. As ofpublicationthis As wementionedbefore,inadifficult economic climate,firmsmayoffer new Dealing withdelayedoffers • In alllikelihood,youarestuckwithrestartingtherecruitingcycle. company withtheothersinsameboat. However, beencouragedbythefactthatyouarenodoubtingood www.vault.com/consulting— Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 111 Customized for: Kirsten ([email protected]) 112 opportunity tomakesureyouremotional“bankaccount”isfull. Finally, don’t forget tostayintouch with yourfriendsandfamily—usethis college orbusinessschoolwithresearchtheirownconsultinggigs. studying andreading.Seeifyoucanhelpoutyourfavoriteprofessorsfrom In theinterim,youwillhavesomedowntime.Keepyourbrainsharpby and startthecycleagain. especially offers you’veturneddownand firmswhereyougotaninterview) Hit upyournetworkofjobcontacts(again,anywhereyouhavean“in,” have nojob.Pleasedon’t fallintothetrapofthinkingthatyoudo. full-fledged jobsearch. The factis,ifyou’vebeendeferred,youcurrently is thatyoufeellikeyou’reinlimbo. This couldpreventyoufromenteringa At thesametime,continueyourjobsearch. The problemwithbeingdeferred future optionforyourself? There isabsolutelynopointinsteppingoutofthepipeline—whydestroya L C I A B R R A E E R R Y Post-Interview: Accepting,Negotiating,Declining Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) GUIDE CARE CONS insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat ON THEJOB Chapter 11: Chapter 10: Chapter 9: Chapter 8: Chapter 7: The ConsultingCareerPath Tips forHighPerformance The ProjectLifeCycle Days intheLife Our SurveySays: The ConsultingLifestyle www.vault.com/consulting— with Customized for: Kirsten ([email protected]) Customized for: Kirsten ([email protected]) The ProjectLifeCycle insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat The ProjectLifeCycle HPE 7 CHAPTER document. The commondifference is thattheproposalcouldbeahigher- of engagement.” This mightbethesamethingasa Word-based proposal Sometimes, aftertheproposal, there’s aseparatedocumentcalledthe“letter business. Itdoesn’t getclosertothecoreofbusinessthanthat. of puttingonpaperatahigh levelwhatacompanyneedstoimproveits aren’t. Ifyou’retrulyintoconsulting,youshouldfeelpumpedatthenotion You mightthinkproposalssounddryandboring,butinconsultingthey Proposals canbeineither Word orPowerPointformat. they mightornottouchuponthesensitivetopicof remuneration. consulting andclientresourcesexpectedlengthoftheengagement. And efforts, andwhatresultstheclientshouldexpect.Proposalsalsodetail proposal laysouthowandonwhattheconsultingteamwill focustheir The ultimateaimofthepitchprocessisdraftinga proposal. The raise orpromotionforallyourefforts. steps, youbecomemorevisibleandmightevenreceiveanicebonuscheck, partners inyourfirmonleveragingthatpointofcontact.Bytakingthese alums thatareseniormanagersinyourtarget industriesandgetadvicefrom your alumninetworkeffectively—surf your company’s onlinedirectoryfor When ataclient,keepyoureyesandearsopenfornewopportunities. Tap would wanttopublish. Approach pastclientsfororganizational pulsechecks. clients andengagements.Researchtheindustryfornewstudiesyourfirm To domorethansupporttheinitialconversations,yourpart tolandnew conversationswiththeclient. support thepartners’ generally getinvolvedinsomeinitialnon-billablework(research,mainly)to opportunities andrespondtotherelevantonesimmediately. Associates for consultantsaspecificpurpose;consultingfirmsoftenseekoutRFP Sometimes companieswillissueaRequestforProposal(RFP)tosolicitbids potential clients,ortheyidentifynewfollow-upstudieswithpastclients. main pitchprocess. They eitherrespondtotheinitialapproachofcurrentor comparatively littletimeinaformalpitchingprocess.Partnerscarryoutthe Compared toinvestmentbankers,managementconsultantsspend Pitching/proposal/letter ofengagement www.vault.com/consulting— with L C I A B R R A E E R R Y 115 Customized for: Kirsten ([email protected]) 116 a courseofactionforeachcase bydeciding: determines howtoproveordisprove itintheanalysisstage. The teamcreates The finalpartofbrainstorming takeseachemerging hypothesisand you brainstormingsuccess. underestimated poweroflisteningwell)duringthesesessions willguarantee ideas arerejected.Buteffective communication(whichincludesthe without anydatabackingthemup.Sensitiveegosgetbruised becausesome team mightnotseemtobemakingmuchheadway. Ideasaretossedabout team memberstackletheproblemsetbeforethem.On other hand,the the project.Ononehand,anewconsultantseesfirsthandhow moresenior Brainstorming canbeboththemostexcitingandfrustrating stageof doctor useddata-drivenanalysisinsteadofhypothesis-driven analysis!) don’t alwayshavetimetodothis. As anextremeexample,imagineifyour what mattersanddoesn’t. This isaperfectlyfineapproach,butyou involves gatheringmostoftheavailabledataoutthereandsynthesizingitinto to “hypothesis-drivenanalysis”iscalled“data-drivenanalysis,”which prevent consideringanoverlybroadrangeofdata.(Thecontrastingapproach by mostmajorconsultingfirms,limitsthedatagatheringandanalysisto investigate andnarrowsthesedowntoafewhypotheses. This approach,used members. The teamdigsintothedetails, generatesaspectrumofoptionsto brainstorming involvingthefullconsultingteamandsometimesclient starts. The firstfewdaysarenormally spentinanintensiveroundof With theproposaland/orletterofengagementsignedbyclient,project Brainstorming/hypothesis generation be runningsuchasalesprocessifyoustickitoutenough). whether youwanttobeinthisjobforthelonghaul(becausesomedayyou’ll the gutsofconsulting(strategicselling)andinformyourunderstanding and makeyourselfaherointheend.Finally, itwillgiveyouawindowinto mitigate apartner’s optimisticestimatesof theteam’s performanceefficiency client andindustrybeforethestudystartsinearnest.Second,youmight of salesifyoucan.First,itprovidesagoodchancetogetupspeedonthe We recommendyoutrytogetinvolvedintheengagementatearlystage and sometimesitvarieswithinafirm,too. timeline, staff andprofessionalfees.Different firmshandleitdifferent ways, the letterofengagementgetsintomoredetailsaboutprojectelements, level detailedframingdocumentthattheclientagreestoinprincipal,whereas • What datawillberequired? L C I A B R R A E E R R Y The ProjectLifeCycle Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat proceeding!) clients andyourmanagement signoff onyourassumptionsbefore support ornegatethehypothesis youaretryingtotest.(Justbesureyour cutting data,combiningdatasourcesandmakingjudicious assumptions to data willberelevant. This is where aconsultant’s ingenuitycomestobear:re- little ofthedatawillexactlyproveordisproveyourpoint,and notallofthe However thedataiscollected,therewillbeplentyofit—but rememberthat company’s flavorsfrominsidehugefreezers. outgoing trucksoverseveraldaysandtakinganinventoryof anicecream examples includesittingoutsideacompetitor’s factorytocountin-and measures canbecritical,buttendnottosoglamorous. Somereal-life experience, whileothersnecessitatemorehands-onmeasures. Hands-on personnel. Somestudiesrequireyoutoconsultindustryexpertsfortheir client, fromsystemsanddatabasestoextensiveinterviewswithclient During thisstage,youtapinternalsourcesofinformationprovidedbythe nonconflicting projectsintheirportfolios. identify expertsorconsultantsfromyourfirmwhoholdsimilarbut andannualreportsotherreferencematerials.Finally, youcan brokers’ pertinent information—bothofwhichtendtoresultinlarge stacksofarticles, and priorconsultingprojectwork. The next optionisaskingtheclientfor consulting firm,leverageyourin-houselibraryofbooks,articles use anInternetsearchengine’s syntaxeffectively.) Ifyouareinafairlylarge of articlesanddatasources.(It’s thereforeimportantthatyoulearnhowto likely anInternetsearch—useyourfavoritesearchenginetodoinitialpull considering animpossiblylarge amount of data.) Your initialportofcallis overwhelming. (Manyconsultantsfear“boilingtheocean”atthisstage— Although thehypothesishelpsfocustask,datagatheringcanstillbe The meatoftheengagementisdatagatheringandanalysisphase. Data gatheringandanalysis • What informationwillcarrythemostweight? • Howwillissuesbedeterminedandresolved? • Howwillresultsbepresented? • Who willtakeresponsibilityforeachpartoftheanalysis? • Howwillitbegathered? www.vault.com/consulting— The ProjectLifeCycle Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 117 Customized for: Kirsten ([email protected]) 118 dcso or”rne nlvlfo PSPtoC-level,alltheway upto “decision board” rangesinlevelfrom VP/SVP to thedecisionmakersowning theproject’s finalrecommendation. This Consultants presenteachfinished phaseofaprojectandtheirmajorfindings creating anaddendumtoyour proposal andhavingitsigned. immediately anddiscussbefore youoryourmanagergotothetroubleof status meetings.However, ifyourclientinsists,notifypartners your client’s expectationsthroughouttheproject,butmostespeciallyatthese project—often delaystimelysuccess. You mustunderstandhowtomanage “Scope creep”—whenclientsaddadditionaltasksandexpectations toa This isalsoyouropportunitytoconfirmtheproject’s directionandsuccess. its managementwantsorthinks. success oftheproject.Duringthesesessions,clientcommunicates what biweekly ormonthlybasis. These updatesaretwo-wayandcriticaltothe analysis takesplaceattheoffice, clientupdatesmightbescheduledona basis, communicationtendstobemorefrequentandinformal.Ifmostofthe depending ontheengagement. When the clientisinvolvedonaday-to-day How frequentlyandinwhatformattheteamupdatesclientvarieswidely, Presentation toclient rewarding later. project whenitcomesup,butit’lltestyouinawaythatyou’llfindvery relevant fortheclient.It’s alsooneofthemorechallengingpieces you’re ontheengagementinfirstplacebypullingtogetherwhatis project hasextremelyhighvalueadd,andyoureallyassemblethereasons If youhavetheopportunitytoworkonastoryboard,takeit. This partofthe analysts fillinginthepieces. positioned totakeontheinitialcutofstoryboard,withconsultantsand been lessintheweedsofprojectfromget-go,areusuallybest most effective. The projectmanagerandsometimesthepartner, whohave like tostartwithonestoryandmapoutmanyendingsseewhichonesare ensure theyanswertheclient’s keyquestionsdirectly. Someconsultingfirms developing thestoryboardfirst,teammusttakea50,000footviewand effects andrevisestheanalysistotakechangesintoaccount.By The teamintegratesnewanalysisintotheoverallpuzzle,notesripple flexible finalpresentationatthisstage,basedontheiremerging hypotheses. at hypothesisgeneration. As aforcingmechanism,manyconsultantsdraft Developing astoryisanevolvingprocessthroughouttheproject,anditstarts Pulling outconclusionsandbuildingthestory L C I A B R R A E E R R Y The ProjectLifeCycle Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat good aboutyourfirstformalclientpresentation. up; justberealisticaboutpositioningyourselfforsuccesssoyoucanfeelvery does it. This isnottosaythatyoushould declinetheopportunityifitcomes comfortable sittingafewrepsoutandwatchinghowyourpartnerormanager around totheclient. You mightbeaskedto,butyouwouldlikelyfeelmore If you’reonyourfirstproject,don’t expect thatyou’llbepresentingthistime the clientswillencounternomajorsurprises. assumed ownershipforpartoftheproject.Ifprojecthasbeenrunwell, presentation, thoughthisjobsometimesfallstoanassociatewhohad managerusuallyownsthefinaldraftof director generallyrunsthemeeting. A exhibits, heldtogetherbytheaforementionedstoryline. The partneror the boardofdirectors.Formalpresentationsareposedasalandscape www.vault.com/consulting— The ProjectLifeCycle Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 119 Customized for: Kirsten ([email protected]) Read whatEMPLOYEEShavetosayabout: Read whatEMPLOYEEShavetosayabout: THOUSANDS oftopemployers. work ataspecificemployer? THOUSANDS oftopemployers. work ataspecificemployer? Wondering whatit'sliketo Wondering whatit'sliketo • Hiringprocess • Diversity • Hours • Compensation • Workplaceculture • Hiringprocess • Diversity • Hours • Compensation • Workplaceculture Read employersurveys on Read employersurveys on Go to www.vault.com Customized for: Kirsten ([email protected]) Tips forHighPerformance insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Troubleshooting HPE 8 CHAPTER challenges thananythingexperienced inconsultinginterviews.Consulting Of course,clientsareoften twice asdemandingandcreatefargreater and appreciated. Those peoplewillnotgetjoboffers. intelligent, cannotcommunicate inawaythatmakestheclientfeelinvolved interviewers areonthelookout foranyonewho,despitebeingextremely are avaluablepartoftheconversation.(Don’t overdoit.)Consulting question. They alsowantto makesmalltalk,tradestoriesandfeelasifthey interviewers. Clientswantmorethanlong,hyper-logical answerstoevery acing casequestionsthattheyforget tobeengagingandpersonablewiththeir common mistakeforwould-beconsultantsistoconcentratesostronglyon A (But AreAlwaysAnswered)”.) Get Asked Never That Questions complex questions? Were youconvincing?(Recallthesection“Interview it hears.Didyoustructureyourthoughts? Were youcomfortableanswering candidate playstheroleofconsultant,andfirmsitsback judgeswhat perform infrontofclients. The wholeexperience isasimulationwherethe background, aremeanttotesttheseskillsandseehowcandidateswill Consulting interviews,apartfrombeingtoolstolearnacandidate’s professional relationships,handlepressureandcommunicateeffectively. Consulting firmsactivelyscreencandidatesfortheabilitytoestablish overly extrovertedpersonalitycanbeinappropriateinaclientsetting.) through dailyinteractionandformalpresentation.(Ontheflipside, preference forsolitudewhennecessaryandreallyworktheclientrelationship introversion. What’s vitallyimportantisthattheintrovertcanturnoff the extrovert tosucceedasaconsultant.It’s finetohaveapreferencefor But keepinmind(aswementionedbefore)thatyoudon’t havetobean consulting firmsconsideritaprerequisiteforthejob. penchant forperson-to-personinteraction.Clientsabsolutelydemanditand interact withpeople.Noonegetsajoboffer inconsultingwithouthavinga know littleaboutthefundamentalsofbigbusiness,buttheyhowto make theirmarkinthebusinessworld. They maylackindustryknowledgeor Many consultantsarefreshoutoftopschools,smoothoperatorseagerto Getting personal www.vault.com/consulting— with L C I A B R R A E E R R Y 121 Customized for: Kirsten ([email protected]) 122 through steamrolling clientobjections,scoffing atclient ideasandotherwise consultant’s tasks.But—and thisisabigbut—iftheprojectcompleted smarts andcreativethinking areessentialtothecompletionof prioritizing interpersonalrelations overintellectualachievement.Ofcourse, difficult problems atthespeedoflight,someconsultantshavedifficulty Fulbright scholarships,valedictorian plaquesorreputationsforsolving Some consultantshaveahardtimeunderstandingthis. Armed withtheir happy withyou. That meansifyoudon’t maketheclienthappy, yourmanager willnotbe the worlddoesn’t matterunless,attheendofproject,clientishappy. follow-up engagements.Consultingexecutivesknowthatall the brilliancein business. That is,theprimaryfocalpointofconsultingengagementsisselling terms ofrelationship,makingtheclienthappyandgettingareferral formore scale change.Consulting,atitsfundamentalcore,isabout completing the do withlocatingaclient’s problems,identifyingsolutionsordrivinglarge- For consultingmanagersandpartners,theessenceofhaslittleto Sell, don’tstudy don’t gettooclose. client noryouremployerwillbehappywithyou.Respectclients,but yourself yankedunceremoniouslyfromtheengagement. And neitherthe engagement, andevenifyou’reright,youshouldn’t besurprisedtofind dinner. Tell yourclientthathisbossisa moronordoesn’t careaboutthe consultants toletdowntheirguardduringafriendlygolfgameorclient client, notabuddy. This mightseemobvious,butit’s notunheardoffor client-consultant rules. They neverforget, firstandforemost,thataclientis Experienced consultants,however, havelearnedhowtoplaybytheimplicit working relationshipforastrongerbond. projects—the consultantortheclient. And it’s easytomistakeagood than newconsultants.It’s oftenunclearwho’s incharge ofconsulting uncertain atfirstabouthowtodealwithclients.Clientsareoftenmucholder feeding ofclients.It’s notuncommonfornewhirestobeoverwhelmedand One ofthefirstlessonsnewconsultantsmustlearnispropercareand Keep yourcounsel it’s onlyafoundationfortheadvancedskillsyouwillneeddownroad. demanding professionalexperience.Beingsmoothgetsyouinthedoor, but training, therefore,isgearedheavilytowardpreparingnewhiresforanever- L C I A B R R A E E R R Y Tips forHighPerformance Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat client hasthepowertosupport, ornotsupport,everysingleinitiative so howstupidcantheybe? Also recallthattheclientsignsyourchecks. The Do youstillthinktheclientisstupid? Justrememberthattheclienthiredyou, examples offaultythinking. galling tohaveallyourproblems examinedopenlybystrangers—andusedas do notapproveofthejobtheyaredoing. And havesomesensitivity. It’s Be carefulinyourattitudetowardtheclient.Clientsknowwhen consultants help—or drowninyourownignorance. more abouttheircompaniesthanyoueverwill,sorelyonthem foroccasional consultants alotofheartache.Scoff atyourownrisk.Clientsoftenknow their abilitytomaneuverthroughcompany’s culturecansave Their institutionalknowledgecanbeextensiveandextremely helpful,and client teamhavebeenworkingatthecompanyforyears,sometimes decades. that existsincompany. What theyfailtorealizeis thatpeopleonthe company history, theywillbeabletoidentifyandsolveeverysingleproblem consultants thinkthatbyobservingtheclientforawhileorreadingbrief This sortofarroganceisalltoocommoninconsultants.Overconfident leaders ofthisplacecoulddoinalifetime.” “I,” thinksthenewconsultant,“coulddoabetterjobintwomonthsthan shocked thatnooneseemstocare.Howthehelldoesthisplacemakemoney? process, frustratedbythepoorcommunicationbetweendepartmentsand Upon arrivingataclientsite,consultantsareoftentakenabackbythelackof headquarters whereorganizational clarity is,intheory, supposedto exist. Many consultingengagementsareheldintheconfinesoflarge, corporate consulting. forget asyougetcaughtupintheglamorous, soapbox-standingworldthatis because it’s oneofthemostimportantones,andit’s probablytheeasiestto We nowcirclebacktoapointwemade attheverybeginningofbook, Your clientisnotstupid more. Itsoundssimple,anditis. outstanding work.Inotherwords,doyourbestandtheclientwillaskfor golden ruleforyouisthatthebestwaytosellfollow-onworkdeliver you cantosupporttheaccountleader’s efforts towinfollow-onsales. The responsibilityformanyyears,butyoushoulddoall You maynothaveP&L will stillbeunhappy. behaving inanarrogant,“I’m-24-and-run-the-company”manner, yourclient www.vault.com/consulting— Tips forHighPerformance Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 123 Customized for: Kirsten ([email protected]) 124 highly-skilled consultantsended updoingsuchroutinework. end badly, withbothclientandconsultingfirm tryingtofigureoutwhythe consultants mayendupdoingroutine tasks.Body-shoppingengagementscan If consultingexecutivesdon’t pushbackandenforcetheoriginalagreement, is averydifficult task.Clientsoftenseeconsultantsasafreshsourceoflabor. body shopworkers.Formanyclientteams,stickingtooriginal projectplans Sometimes, consultantsmaybeginanengagementasstrategists andendas shopping. the client’s employees. This is,forlackofabetterword,calledbody- other maintenancetasksthatalmostcertainlycouldbedonemore cheaplyby PowerPoint skillstocompilepresentations,writingmemos and performing does involvescodinginahastily-learnedspreadsheetlanguage, tryingout Oliver Wyman andthelike. Butmuchofwhattheaverageconsultantactually change. This isthedreamoffered bystrategyshopslikeMcKinsey, Bain, corporate breakthroughs,long,raucousclientdinnersandreal,progressive exchange ofideasandadvice,thelarge question-answer sessionsthatleadto Consulting, traditionallyspeaking,centersaroundtheclientrelationship, even makingcateringarrangementsforconferences. training seminars,crunchingnumbersinnamelessExcelspreadsheetsand consultants aremeresoldiersonthebattlegroundofbusiness,conducting high-level strategyadvicetobeleagueredcorporations.Sometimes Consulting doesn’t alwaysinvolvewining anddiningCEOsoffering Consulting versusbody-shopping don’t. useful information,andtheyeithermakethisinformationavailableor stereotyped, underestimatedorignored.Clientsholdthekeystomountainsof In fact,itisnearlyimpossibletoconsultwithanyeffectiveness iftheclientis Nothing doesmoretostuntaconsultant’s learningthanthistypeofattitude. impressive, areworthlesswithoutclientbuy-in. power (andneedtobeneutralized)andthatrightanswers,nomatterhow involved intheprocessnearlyeveryday, thatfactionswithincompanieshave outside observers,butthatisonlyhalftrue. The realityisthatclientsare the allureofbeingathink-tankexperiencewithnorunningcommentaryfrom Like itornot,theclientiscentraltoconsultingprojects.Consultingmayhave writing theproject’s obituary. consultants sobrilliantlysuggest. Anger theclientandyoumayaswellstart L C I A B R R A E E R R Y Tips forHighPerformance Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat the Job How ToSurviveYourFirstMonthon even ifyouhavesomebusinessexperience). take somepreparatorystepsbeforeyoustartwork.(Suchareuseful not haveappliedinthefirstplace? The answers areallno,butonlyifyou business world? Will youbebehindthecurve? Will youfail?Should job bystudyingyourcaseinterviewsandhonestlydon’t knowalickaboutthe What ifyouwereacomparativeliteraturemajorincollege,gottheconsulting Before youwalkinthedoor your clientsitsintheorganization. body-shopping turnedouttobeagreatexperience.Italldependsonwhere some extremelyniceengineersandcorporatefinanceanalysts.Inthiscase, learned aheckoflotaboutthepowergenerationbusinessandworkedwith analysis projectsoveraspanofsixmonths.Intheprocess,consultants company. Eachconsultantledand/orcompletedseveralone-off investment temporary laborforthequantitativeanalyticsdepartmentofanenergy “Project Backfill,”(likethename?)ateamoffourconsultantsservedas part oftheclientorganization foraperiodoftime.Inanengagementcalled That said,body-shoppingissometimesagoodthingbecauseyougettobe • • • for example,has a“BusinessBridge”program forthisverypurpose.) summer ifyouaren’t onawhirlwindtourofEurope.(DartmouthCollege, coming outofundergrad, considertakingabusinessprimerclassoverthe and higherlikelihoodofimpressing yourmanagers.Especiallyifyou’re concepts aheadofyourfirstproject, thebetterjobyou’lldoonproject to haveformaltraining. The moretimesyouseebusinesstermsand through itwhileyou’reonyoursummervacation,evenifyou aregoing Educate yourselfasnecessary success mightbe. Pick theirbrainsaboutkeydosanddon’ts. Seewhattherightrecipefor professional networkwhohaveworkedthereorcurrently work there. Get someadvice. can havesomerefreshedcontextwhenyoustartyourjob. company. This isnotsoyoucanpassamultiple-choiceexam butsoyou programs, office locations,staffing processandotheraspectsofthe Familiarize yourselfwiththefirm. www.vault.com/consulting— Talk toalumsofyourschoolorpeoplein Tips forHighPerformance Vault CareerGuidetoConsulting . PickupaBusiness101bookandleaf with Remind yourselfaboutthetraining L C I A B R R A E E R R Y 125 Customized for: Kirsten ([email protected]) 126 chance toshine.Shouldn’t youmakethemostofit? you probablydeserveit.Butalsothisconsultingjobandthe You mayfeellikegoofingoff thewholesummerbeforeyoustartwork, and will betolearnproductive withfrequentinterruptions.Moreoftenthan yourselves workingoutofsomeone’s hotelroomregularly. Partofyourjob no windowsandverylittle space. Onotheroccasionsyoumightfind cubicle. At another clientsite,yourteammaybesharingasingleoffice with limited accesstoconferencerooms andbeforcedtoholdteammeetingsina in non-lavishconditions. At oneclientsite,yourprojectteammayhave Since you’lldependonyourclientforoffice space,bepreparedtowork Close quarters,highpressure amount ofclientinteractionislowrelativetoothersortsconsulting.) really thecase,takealookateconomicsorlitigationconsulting, wherethe mainstream consultingprobablyisn’t therightchoiceforyou.(Ifthisis thinking andlongstretchesoftimewithoutanyhuman interaction, have anaversiontomeetings,orifyouenvisionacareerdefinedbyisolated different teams,allwithdifferent objectivesandtimecommitments.Ifyou firm. Inthecourseofyourworkday, youcouldinteractwithasmanysix “internal” teamtodevelopnewcommunityserviceprogramsforyourown team togeneratenewwork. Additionally, youmightbeworkingonan working onanimplementationteamwhilealsosittingdownwithaproposal teams, oftensimultaneously. At aclientsite,forexample,youmaybe Over thecourseofyourcareerinconsulting,youwillbeamembermany sessions whereeveryoneinvolvedworksfeverishlytobuildaconsensus. discussion, countlessstatusmeetingsandplentyofad-hocbrainstorming metamorphosis. The truthisthatnothinggetsaccomplishedwithoutextensive with corporatevicepresidents,tellthemwhattodoandwatchtheclient’s commonmisperceptionisthatconsultantssitdown a project’s success. A job seekersoftenunderestimatetheextenttowhichcollaborationdetermines The firstfewweeksataconsultingfirmarecrashcourseinteamwork,and Your firstteamassignment • Economist. like of yourbestresourcesasaconsultant. Also, checkoutotherpublications Keep upwithcurrent events. h NewYork Times The L C I A B R R A E E R R Y business section, Tips forHighPerformance Vault CareerGuidetoConsulting The Wall Street Journal h FinancialTimes The is goingtobeone © 2007Vault Inc. , and The Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat your attentionto detailcanmakeorbreakyour performanceontheproject to proceed.Foreachandevery meeting,nomatterhowirrelevantitseems, should raisetheissueimmediately, ratherthan spendyourtimeguessinghow do” items.Ifyouareunclear aboutacertainportionofthemeeting,you filled withkeypointsfromthe discussionandaspecificlistofyourown“to Once ameetingisbroughtto close,youshouldwalkawaywithanotepad results. pressed fortimeandneedeachcomponentoftheteamto producesolid generally donottoleratehavingtorepeatcriticaldirectives,because theyare again. Consultingfirmsoperateontightschedules.Project managers lead toavarietyofproblems,nottheleastwhichishaving to meetallover Walking awayfromameetingwithonlyvagueideaofitsobjectivescan mountain ofpendingworkthantheactualmeetingtheyareattending. have adeadeningeffect; consultantscanspendmoretimethinkingabouttheir is fairlyroutineinaconsultant’s workweek,theabundanceofmeetingscan to supporttheobjectivesandsettimelinesforcompletion. While thisprocess Most productivemeetingsaddressasetofobjectives,assignindividualtasks Know theobjectives for yourfellowconsultants. These simplerulescanimproveaproject’s efficiency andthequalityoflife Some copingtips: makes theirjobsmucheasier. night oronaflighthome,goodconsultantsdevelopsetofbehaviorsthat But whethertheyareworkinginacrowdedoffice space,ahotelsuitelateat and setupshop,allintheblinkofaneyewithlittlechoicematter. workers; theymustknowhowtopacktheirbags,moveanotherlocation It allcomeswiththenatureofjob.Consultantsarehigh-pricedmigrant connections, printers,copiers,faxmachinesandwiredphones. not, youwillsharelimitedtechnicalresourcessuchasInternetaccess, VPN • Keepyourworkspaceuncluttered. Speak onlywhennecessaryinordertokeepthenoisedownproject • If you arefrustratedwithasoftwareprogram,takewalkandcomeback • • Take personalcallsonyourcellphone,awayfromtheprojectteam. room. with apositiveoutlook. www.vault.com/consulting— Tips forHighPerformance Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 127 Customized for: Kirsten ([email protected]) 128 Communicating with yourteam justification forneverswitchingcareers. often growtolovethatveryfacetofitand,insomecases, seeitas Consultants initiallybemoanthefactthattheirjobissodemanding, butthey industry’s sharpattentiontodeadlinesisbothitscurseandstrength. employs amorelaissez-faireapproachtoeverythingitdoes. The consulting consulting professionareoftendisappointedtolearnthattheir newcompany time withpeoplewhovalueresultssohighly. Peoplewholeavethe you workinaconsultingfirm,themorebegintoappreciate spending The goodnewsisthatnever-say-die attitudesarecontagious,andthelonger getting outofanassignmentisnearlyimpossible. latitude withregardtopersonaltime,butwhenimportantdeadlinesapproach, consulting firmsexpectthatyouwilltakeitallinstride. You dohavesome to pullanall-nighterortwo. These things happeninconsulting,and squeeze massiveamountsofworkintosmalltimeframes,andyoumayhave night drivetoKinko’s. Sometimes,duringtheendofprojects,youwill before abigpresentation,thenyouhavetofindone,evenifitmeanslate- done, thenyouaddonmorehours.Ifaprinterbreaksdownthenight If a60-hourworkweekdoesn’t appeartobe enoughtogetyourrequiredwork attitude toworkeveryday. expectations. The resultisthatconsultants mustbringa“whateverittakes” budget enoughtimeorallotresourcestomeettheclient’s reality isthatexecutives(bothclientsandconsultingpartners)donotalways the prospectofcreatinganythingbuthigh-qualitydeliverables. The ugly thought ofmissingdeadlinessimplydoesnotoccurtoconsultants,nor clients canbedownrightunforgiving. At thestartofeveryproject, If consultingfirmsseemdemandingwhentryingtomeetdeadlines,the Whatever ittakes consistent withtheoriginalobjectives. you insmalltalk,theexpectationisthatwilldeliverresults—ontimeand bogged downwiththeirownassignments,andeventhoughtheymayengage team. Don’t expectanyonetokeepyouawake.Fellowconsultantsare frequently onwhere youarewithyourwork.Certainly, theywill alwayswant consultant, youwanttotakeresponsibility forupdatingyourteamleaders working independentlyonPowerPoint slidesorfinancialmodels. As anew Sometimes yourteamwillgo intohead-downmode,wherepeopleare L C I A B R R A E E R R Y Tips forHighPerformance Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat methodology, anindustryterm or howtofindtheonlinetime trackingsystem. When somethingcomesup,write itdown,whetherit’s aboutyourfirm’s question journal.Devoteacouple ofpagesinyournotebooktothistask. One greatwaytomakesureyou askandansweryourquestionsistokeepa or frustratedwhenyoucometo themforhelp. more seniorteammemberswillbepreparedtohelpyouand not besurprised shows thatyouareproactiveaboutlearninganddoingagreat job and(2)your members lotsofquestions. This isareallygoodsteptotakebecause(1)it you wouldliketosettheexpectationthatwillbeasking theteam meeting toremindyourteammembersthatyouarestillnew to thefirm,and At thebeginningofyourfirstfewprojects,takeaminuteduring thekickoff istheonlywaytolearn. and groomingnewconsultants,Q&A it rightnow. Ask away!Internally, consultingisentirelyaboutmentorship If youfeelatallself-consciousaboutaskingsillyquestions,you’d betterstop orlateralhirelevels, youmayhaveneverseenadecisiontreebefore. At MBA out ofcollege,youarenotexpectedtoknowwhatadiscountrateorDCFis. a newconsultantandyouarenotexpectedtoknowanything.Iffresh “The onlystupidquestionistheonethat’s neverasked?”Remember, youare Did oneofyourjuniorhighteacherswagglehisfingeratandclaim, Ask lotsofquestions respond toontime. yourself alittlegift(alatte,forexample)every10yousuccessfully yourself nomorethan24hourstorespondeveryworke-mail,andbuy get yourselfstartedontherightfoot,playalittlegamewithyourself:Give Make sureyoure-maildoesn’t pileup,especially foryourprojectwork. To or soofitsdelivery. response. Bythesametoken,trytoreplyeachvoicemailwithintwohours medium urgency, andusee-mailwhenyoucanwait24hoursormorefora can simplyhitthe“reply”commandtorespond.Usevoicemailforissuesof equivalent tocallingapersondirectlyisleavevoicemail. The recipient Most consultingfirmscommunicateasavoicemailculture,meaningthatthe are usuallyintheirhomeoffice), usevoicemailforupdatesandquestions. When youareawayfromyourteam(say, onaFriday, whenallteammembers update. likely havesomeusefulsuggestions.Onceadayisprobablyfineforan because theteamleaderhasexperiencethatyoudon’t, andheorshewill to haveabestestimateoftheirprojectstatus.Butthiswillhelpyou,too, www.vault.com/consulting— Tips forHighPerformance Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 129 Customized for: Kirsten ([email protected]) 130 Here’s apartiallistofitemsthatconsultantsusuallypackincarry-onluggage: briefcase—you’ll neverknowwhenyoumightneedsomething. of alwayskeepingalittlemorethantheessentialswithyouinyour hotel tohotel,clientandplaneplane. We suggestyoumakeahabit As ahigh-pricedmigrantworker, youneedtobeprepared tomigratefrom Armed anddangerous the personthatyouwillbecomingtothemforhelp. Again, thepointofthisisn’t togetpermission, buttosettheexpectationwith if heorshewouldn’t mindbeingyour resourceforallthingsmundane. out whoyoufeelmostcomfortabletalkingwithandaskthatpersondirectly actually assignyouabuddyforthisreason.Ifarenotassignedone,figure mundane thingslikevoicemailorexpenseguidelines.Manyfirmswill It alsohelpstohavea“buddy”inthefirmwhocanbeyourgo-toresourcefor done. to ask.Don’t forget tojottheanswerdownnextquestionwhenyou’re Once aday, flipthroughthequestionsandfigureoutwhichonesmakesense opkto lcrnc n cesre. well-outfittedkitmay Doppkitofelectronicsandaccessories. A • A • Laptop(suppliedbyyourcompany) include thefollowing: L C I A B R R • Scientificcalculator • Kryptonitecablelockandkey foryourlaptop • USBmouse • Sparelaptopbattery • Wireless PCcard(ifyourlaptopisn’t wirelessready) • BlankCDRWs • USBflashmemorystickforexchangingfiles • Retractable phonecable(sometimes thesecomeincombination • RetractableEthernetcable • Blackberrypoweradapter • Cellphonepoweradapter setofpowerplugadaptersforforeigntravel • A • Powersupplyforyourlaptop A E with Ethernetcables) E R R Y Tips forHighPerformance Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Getting Staffed the job. printer, screenprojectororanEthernetconnectionsharinghubwiththemon We knowsomeconsultantswhohave broughtthingslikeaportablelaser didn’t haveyourpoweradapterwithyou. You’ll wishyouhadpackedwisely. but weremissingacable,orthatyourcellphoneranoutofjuiceandyou stapler tobindupyourpresentation,thatyoufinallyfoundanEthernetport though, alate-nightcrunchperiodinyourhotelroomandwishingyouhad Sound crazy?It’s probablyoverkillforyourfirstdayonthejob.Imagine, to staywiththisfirmforafew years,orforacareer? have bread-and-butterclientswith whomtheyroutinelywork.)Doyouwant travel? Doyouwanttoworkwith aparticularclient?(Manyconsultingfirms Ask yourselfafewquestions. Where doyouwanttowork? Doyouwantto mightbethefurthestthingfromyourcareergoal. unavoidable. VBA loathe VBA. You mightbe routinelystaffed onassignmentswhere travelis However, therecanbedrawbackstosuch an approach. You mightgrowto an areawhereassignmentsarediverseandplentiful. desire tospecialize,andevenbetterifyouhappenbecome an“expert”in assignments. This sortofthingisfineifyou’regota exclusively, on VBA expertandwillbestaffed primarily, ifnot and voila!—you’rea VBA trainingassignments PowerPoint and Access), goonafewsuccessful VBA Basic for Applications, whichcanalsobeusedinMicrosoft Word, (Visual Excel-based trainingmoduleabouttheprogramminglanguage VBA danger ofthistendstobegreateratlarger consultingfirms.)Completean critical toyourfutureatfirm.Onefrequentdangerispigeonholing.(The begins alloveragain. That’s becauseyourfirstfewassignmentscanbe Now thatyouhaveaconsultingjob,guesswhat? Your jobsearch,inessence, • Plentyofbusinesscards • Portabledesksupplies(stapler, stapleremover, tapedispenser) • Empty filefolders (youwillstartcollectingdocumentsfromdayoneof • LotsofPost-itnotepads • Writing paperornotebooks • Pensandpencils,highlighter, flipchartmarkers your engagement) www.vault.com/consulting— Tips forHighPerformance Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 131 Customized for: Kirsten ([email protected]) 132 On theBeach a.m. andleaveat5p.m.On the negativeside,itmeansthatyouarenot means youarenottraveling,for once,andyoucancomeintotheoffice at9 Being onthebeachisamixed blessingforconsultants.Ontheplusside,it low as50percent. economic downturns,theindustry’s averagefirmutilizationratecanbeas more onconsultants,utilizationratescanbeinthe90percent range;in the beach,lowerfirm’s utilizationrate.Intimeswhenclientsspend not staffed onaclient-billableproject. The moreconsultantsafirm hason familiar withtheexpression“onbeach.” This simplymeansthatyouare By thetimeyou’veworkedinconsultingforafewmonths, you’llbevery Soon, youwillbestaffed directlyonprojectsbyyourcontacts. will alsosupportyouforpromotionandhelpnavigatethecompany. opportunities; theydecidewhowanttobeontheirteam. Those managers on everyprojectyouarestaffed on. They arethefrontlinestostaffing Even ifyoudespiseyourproject,buildrelationshipswithprojectmanagers can doanythingandissomeonepeoplewanttoworkwith. Then usethatprojecttobecomeknownasapersonwhohasgreatattitude, sure yourHRrepknowsthat—tobeabletobetterfityounextrole. do thebestjobyoucan.Ifit’s notyourfirstchoice,inadiplomaticway, make options. You mayneedtotakewhateverisgivenyou,beateamplayerand If you’renewtotheorganization andknow noone,youmaynothaveany you mightnotgettheassignmentwant. certain peopleandavoidothersspecificallyontheirprojects,therefore thinking. Othersmaybereceivingintensepressurefrompartnerstostaff best interests,manyaresimplytryingtostaff warmbodieswithoutcareful or herregularly. Butbewarned: While someHRrepsarelookingoutforyour Make sureyoumeetyourHRrepandcommunicatepreferencestohim You mayornothave arepresentativeinhumanresourceswhostaffs you. interest youandtheappropriatecontacts. internal intranets;don’t beshyaboutusingyourstolocateprojectsthat upcoming projectsinyourpreferredarea.Someconsultingcompanieshave informal orassignedbyyourfirm)iftheyareawareofanycurrent interests you. Ask thosealevelaboveyou,aswellyourmentor(whether all—you haveafewoptions.Doyourbesttoreceivetraininginanareathat If you’renotinanareayoulike—orworse,ifgettingstaffed at L C I A B R R A E E R R Y Tips forHighPerformance Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat materialized. will needtokeepfollowingup withthemtoseeifnewopportunitieshave Remember thatyourcontacts(partners andseniormanagers)arebusy, soyou to sellinganewpieceofwork, andletthemknowyou’reavailable. in theoffice, popbyafewdesksandseeifthepartnersyouknoware close them knowthatyouarecheckinginandlookingforanewproject. Ifyou’re Target afewpartnersandseniormanagers andleavethemvoicemails,letting available. You willneedtostartnetworkingforanewprojectrightaway. If youhavesomeoneassignedtostaff you,letthatpersonknowyou’re others. tip ofyourtongue,foryouwillneedtostartcommunicating thesetopicsto would youliketodevelop?Besurejotthesedownandkeep themonthe goals? What industrieswouldyoubeinterestedtoworkinnext? What skills What didyougetoutofyourlastproject? What areyourcurrentproject Revisit thementalprocessyouwentthroughlasttimewerestaffed. Network fornewprojects stuff—just realizethatthisisagoodtime tofitafewthingsin. lunch withyourcollegeroommate.Don’t gooverboardwiththepersonal know you’reworkingfromhomeon Tuesday. And youcanfinallyhave schedule thecableguytoswingbyfixyourbox,soletsomeone physical you’vebeenmeaningtogetoutoftheway. Also, youmightaswell for errands. This isagoodchancetoget backtothedentistorhavethat Don’t feelbadaboutsqueezinginalittle personal timeoveracoupleofdays understand thatyoudeserveit. Everyone needsdowntimeforsuchthings,andeveryoneyouworkwithwill with yourHRfolks. Answer thosenagginge-mailsfromamonthago. time tracking.Cleanyourdesk. Take careofthathealthinsurancepaperwork First, allowyourselfsometimetoregroup.Catchuponyourexpensesand Play catchup That said,therearesomeproductivewaysyoucanspendyourbeachtime. thing, toomuchbeachtimeissomethingyouwanttoavoid. when timesgettough.Sowhilebeingonthebeachforalittleisgood being staffed andthehigherchanceyoufaceofbeingletgobyyourfirm less developmentasaconsultantyouget,thelikelihoodhaveof gaining anyprojectexperience,andthelessexperienceyouhave, www.vault.com/consulting— Tips forHighPerformance Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 133 Customized for: Kirsten ([email protected]) 134 you ontheirprojects. repository—partners lookingforconsultantswithspecificexpertise maystaff encouraged topostfindingsandarticles.Goaheadaddyour worktothe Some larger consultingfirmsalsohave intranetswhereconsultantsare rigorously. Intwoweeksorless,youwillbereasonably proficientat VBA. yourself abookandspendsix hoursadayreadinganddoingtheexercises is yourgoaltolearn Visual Basicfor Applications inExcel and Access? Buy development goalsfortheyearandtakestepstopursuethem. Forexample, yourself busy. This isagreattimeforself-training.Lookoveryour and triedtofindinternalstudiesworkon,thenyoustill needtokeep If youhavelookedfornewprojects,donealltheavailablemarketing work, Self-training working onyourcompany’s next some chasingaroundtodo,sokeepatit. With luck,youmightfindyourself Call upthosecontactsandaskhowyoucanhelp. You willprobablyhave editing. Findoutwhomanagestheseefforts fromyourmentorsinthefirm. and farbetween,butsometimesthewritersneedextrahelpwithresearch pet projectsofjustafewpeople,soopportunitiestoworkonthemare Many consultingfirmsputoutwhitepapersandarticles.efforts arethe Internal studies client andwouldbelikelytostaff youontheproject. a partnersellwork,heorshewillalreadyknowthatyouarefamiliarwiththe available foryou,theyverylikelycoulduseyourhelpelsewhere.Ifyou and offer yourassistance. While theymaynotalwayshavealiveproject Be suretoaskyourcontactsaboveiftheyneedhelponsalesandmarketing, might beputtoworkonadraftoftheactualproposal. issues theyarefacingthatmightrequirethehelpofaconsultancy. Oryou might createadeckofslidesonpotentialclientandcomeupwithpossible might writeupanindustryoverviewanddoacompetitiveassessment. You want helpdoingso.Suchwillusuallybeintheformofresearch. You acquiring them. You canguaranteethatthepartnerssellingworkwillalways When firmsaren’t executingconsultingengagements,theyareworkingon Marketing work L C I A B R R A E E R R Y Harvard BusinessReview Tips forHighPerformance Vault CareerGuidetoConsulting article. © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat your firm’s energy expertstopicktheirbrains. Spend thetimereadingtradejournals,takingnotesandschedulingwith external opportunities.)Doyouwanttogainexpertiseintheenergy field? (Keep theextratwohourstocontinuenetworkforotherinternaland www.vault.com/consulting— Tips forHighPerformance Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 135 Customized for: Kirsten ([email protected]) visited lately? job boardshaveyou How manyconsulting criteria ande-mailthemdirectly toyourinbox. and more.We’llmatch job listingswithyourinterestsand and customizeyoursearchbyareaofconsulting, experience Vault takesmatch-makingtothenextlevel:postyour resume VaultMatch ResumeDatabase openings thatyouwant.Nosurfingrequired. consulting, function,andexperiencelevel,find thejob consulting professionals.Targetyoursearch by areaof The mostcomprehensiveandconvenientjob board for Vault ConsultingJobBoard professionals. job searchtoolsforconsulting Use theInternet’smosttargeted (Thought so.) Customized for: Kirsten ([email protected]) Career Path The Consulting insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Training forConsultants CHAPTER 9 as clients,attending lectures,learningExcel, mocking upPowerPointslides most oftheirdaysworkinginteams, meetingwithfirmexecutiveswhopose Orientation trainingisnotoriously rigorousandexhausting.Newhiresspend to fourweeks,dependingonthe firm. from aroundtheworld,theybegin aprogramthatwilllastanywherefromone a welcomemeetingandspendsometimegettingtoknowtheir “classmates” massive trainingcampus.Oncetheycheckintotheirassigned rooms,attend of paperworkattheirhomeoffice, theyboardaplaneandflytothefirm’s actually occursinacentralized,distantlocation;afternewhires filloutreams resource representatives.Inlarge firms,mostoftheorientationtraining begins soonafternewhireswalkinthedoorandgreettheirassigned human categories oftraining:orientationandongoingtraining.Orientation training Over thecourseoftheircareers,consultantswillencounter twogeneral Orientation training people whohavespentconsiderabletimedevelopingtheirskills. much trainingconsultantsreceive,andtheyarewillingtopaytopdollarfor valuable. HeadhuntersandrecruitersforFortune500companiesrealizehow ongoing skilldevelopmentnotonlytobepersonallysatisfying,butalso employees whohailfromtop-rankedschoolsandprestigiousfirmsfindthe The trainingrequirementsinconsultingare,byanymeasure,extensive,and performance onthejob. programs (CBTs), andstudyingindustry-relatedliterature to improvetheir per yearattendingfirm-sponsoredclasses,takingcomputer-based training the benefits.Itisnotuncommonforaconsultanttospendfoureightweeks percent oftheirrevenuetointernaltrainingprograms,andconsultantsreap overhead) istraining.Everyyear, consultingfirmsallocate asmuch20 the consultingindustry’s largest expenditure(apartfromstaff salariesand funnel investmentdollarsintoproductdesignandresearchdevelopment, industries suchasconsumerproductsorpharmaceuticals,wherecompanies important tojobseekersastheamountoftrainingtheywillreceive.Unlike careerinconsultingisattractiveformanyreasons,butfewoftheseareas A www.vault.com/consulting— with L C I A B R R A E E R R Y 137 Customized for: Kirsten ([email protected]) 138 Career Progression Consulting JobDescriptions and at selectedfirms). Commonentry-leveltitlesfor recentcollegegradsinclude Consulting titlesvarybyfirm(see figurebelowforjusthowmuchtheyvary analyst andanewassociateare lesspronounced. involve different skillsets.However, thedifferences betweenasecond-year Initially, theanalyst(collegegraduates)and associate(post-MBA)roles specialization, geographicdifferences andthemanyroleswithinaproject. their careers. The individualexperienceofaconsultantvariesbyfirmstyle, however, findthemselvesattemptingtoexplain theirjobtopeoplethroughout professions—lawyer, doctor, accountant—thetitlesaysitall.Consultants, Trying to define anddescribetheroleofaconsultantisfarfromeasy. Inother rise throughtheranks,makemoremoneyandhavegreaterresponsibility. only dotheyhopetobecomebetterconsultants,butwantverymuch two-part incentiveforcompletingtheirongoingtrainingrequirements.Not required curriculumforthatparticularyear. Consultants,therefore,havea many firmswillnotpromoteanemployeeunlesshefirstcompletesthe functions asatooltogaugehowreadyemployeesareforpromotion.Indeed, Aside frommakingconsultantsbetteratwhattheydo,ongoingtrainingalso training programsdesignedtocomplementon-the-joblearning. industry-specific seminars,managementworkshopsandahostofother year, experiencedconsultantscompleteacurriculumofanalyticaltraining, training requirementsreemerge aspartof theirongoingdevelopment.Every Once consultantsgetacclimatedtolivinginhotelsandworkingwithclients, Ongoing training and bepaidlarge sumsofmoneytoattend class? graduates workwithpeoplefromaroundtheworld,buildlastingfriendships be arudeawakening,butitoffers manyperks. Where elsecanrecentcollege end ofeachday, findtheexperienceverygratifying.Orientationtrainingmay learning. Regardless,mostnewconsultants,despitefeelingwornoutatthe time palesincomparisontothehardworkandcountlesshoursofteam-based can be.Consultingfirmsdobudgetintimeforrestandrelaxation,butsuch the endoftraining,employeesunderstandjusthowstrenuousconsulting to preparenewhiresfortheirfirstfewprojectsandtheymakesurethat,by and completingCBTs. Consultingfirmsspendmillionsofdollarseachyear L C I A B R R A E E R R Y The ConsultingCareerPath Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat to confirmthetitleprogressionforanygivenfirmbeforeyoumaketoo manyassumptions. years ago.Althoughthetitlesingraphabovewereaccurateatpress time,youwillwant fairly frequently.Forinstance,BCGpartnerswereknownasvicepresidents justacoupleof Adding totheconfusionisfactthatindividualfirmschangetheir positionnomenclature his late30sandfarmoreseniorintheorganization. Accenture managermightbe32yearsoldorso,whileaBain mightverywellbein but aMcKinseyassociatecanbeuptothreeyearsoutofbusiness school.Similarly,an structure oftheparticularfirminquestion.Forexample,BCGassociatesdon’thaveanMBA, Titles intheconsultingworlddon’tmeanallthatmuchunlessyouarefamiliarwith BCG Consultant Associate Principal Partner Project leader prepare forthenext. director/partner-level. The primarypurposeofeach roleinyourcareeristo (associate),management-level(manager)andthe mid-level/MBA across firmsareremarkably similar: entry-level/undergraduate (analyst), While jobtitlesatconsultingfirmsdiffer, thelevelsandpromotionpath vice president. senior partner, managingpartner, partner-in-charge, vicepresident,andsenior manager, director, seniordirector, managingdirector, partner, principal, between managementtitlesexistaswell—forexample,manager, senior MBAs includeassociate,seniorassociateandconsultant.Distinctions associate, consultantandanalyst. Typical titlesforexperiencedhiresorpost- McKinsey Job TitleVariationAcrossFirms Engagement Associate Associate Business Partner manager Principal analyst www.vault.com/consulting— Consultant consultant associate Manager Business Partner Bain analyst Senior The ConsultingCareerPath Vault CareerGuidetoConsulting Consultant consultant Booz Associate associate Partner Principal Senior Senior with Accenture Consultant Consultant Associate Manager Business manager Partner partner analyst Senior Senior Entry p L C new PhDs new MBAs new BAs I A B R R A E E R oints: R Y 139 Customized for: Kirsten ([email protected]) 140 review meetings. phases andstructures(andoccasionally delivers)presentationsatclient day-to-day clientrelationships. Sheorhegenerateshypotheses,analyzes the associatemanagesteam’s work(clientmembersandanalysts) yearorsolater, however, track; otherwise,thefirstyearcanlookidentical. A role mightdiffer fromtheanalyst’s ifthe associateisonanacceleratedcareer the confidenceofamoreseniorconsultant. At the beginning,theassociate’s The associateroleevolvesrapidlyastheconsultantgetsupto speed andearns The associaterole(post-MBA) such circumstancesasyouropportunitytoshine. also managetheclient’s workontheteamtosomeextent. Take advantageof When clientmembersareinvolvedintheteam,anadvanced analystmight the firmastheygainexperience. learning occursonthejob. Analysts cometoplaymoreimportantroleswithin experience. Mostconsultingfirmsoffer trainingprograms,butthemain willingness tolearn,ratherthananyspecificindustryorfunctional Analysts areselectedforinquiringminds,quantitativeaptitudeand consultant’s areaofspecialization. maybeencouragedordiscouraged,dependingonthe pursuit ofanMBA isnotnecessarilyaprerequisiteforpromotion.Infact,the practices, anMBA consulting associate aftertwotothreeyears. Among theBigFour’s IT other firms(e.g.,Booz Allen Hamilton),analystsroutinelywinpromotionsto sterling analystisgiventheoptionofpromotionwithoutbusinessschool.In path includesbusinessschoolbeforepromotiontoassociate.Inrarecases,a consulting firms(Bain,BCGandMcKinsey, forinstance)thetypicalanalyst promote leadinganalystsdirectlytotheassociatelevel. At someofthetop orabandoningthefieldaltogether. Someconsultingfirmsnow an MBA Analysts typicallyspendtwotothreeyearsatconsultingfirmsbeforegetting quick. They alsostarttounderstandwhat areasofspecializationtheyprefer. They starttobuildreputationsforbeingreliable,spectacular, insightfulor They joinprojectsthatspanmultipleindustries,functionsandtechnologies. Analysts spendtheirfirsttwoorthreeyearslearningtheconsultingropes. insert theirresultsintothe“stories”teampresentstoclient. Analysts gatherandanalyzedata,drawconclusionsfromtheiranalyses The analystrole(pre-MBA) L C I A B R R A E E R R Y The ConsultingCareerPath Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat business aswellthefirm’s fortunes. Beingapartnerrequiresbuildingand overwhelmingly tiedtoboththeir individualperformanceindrummingup significant equitystakein the firm.Compensationforpartnersis partners beinginthe legalsenseoftheword,eachowninga principal) position.Mostconsulting firmsareLLPsorLLCs,withthe The ultimateaspirationofacareerconsultantistoachieve thepartner(or The partnerrole business youareabletobuild. worthiness. Also, alarge partofpartnership statusdependsontheamountof eventually asktheirotherlinesofbusinesstoevaluateyour partnership level. Networkingatthislevelisespeciallyimportant,since manyfirms senior managerisalsogivenabroaderrangeofprojectstooversee atahigher relationships withclientsandprospectingfornewbusiness. At thisstage,the by firm),wheretheconsultantbeginsdevelopingmoreoff-engagement Following managercomestheseniorposition(again,alltitlesvary major issuesandmakekeydecisions. associate whomanagesthetangibles,managersoverseeteam,resolve to stepbackfromthedetailsmoreoftenandmanagestaff. Unlikethe activities inanofficial capacity. The keydifferences inthisrolearetheneed day relationshipswithkeyclientpersonnel. They alsomanagetheteam’s manager position.Consultantsatthislevelmanageanddeveloptheday-to- After twotofouryearsasanassociate,theconsultantispromoteda alone toruntheday-to-dayoperationsofanengagement. progressed beyondtheentrylevel,butnottolevelwheretheycanbeleft associate foracoupleofyears. This role recognizestheassociateashaving Sometimes there’s aseniorassociateroleafterconsultanthasbeenan another consultingfirmforthesameclient). team,orworkingwith teams (e.g.,areengineeringteamworkingwithanIT important, becauseassociateswilloftenhavetoworkwithotherconsulting Networking—both withinandoutsidethefirm—becomesincreasingly are responsibleformanagingtheteam’s resultsandactivitieshands-on. During thisperiod,associatesalsobegintolearnmanagementskills,asthey to beinga“generalist”forlittlewhilebeforechoosingspecificfocus. consultantsareencouragedforthemostparttostick career; nownewMBA years. Ten yearsago,specializationwasencouragedearlieroninone’s firm focusontheirdesiredspecialization(usuallyindustry)aftertwotothree More oftenthannot,associateconsultantsinalarge, diversifiedconsulting www.vault.com/consulting— The ConsultingCareerPath Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 141 Customized for: Kirsten ([email protected]) 142 career. at partnerlevelthatpeoplereferto when theytalkaboutthefinancialrewardsofaconsulting available bythetimeyou’reupforpromotion tothatlevel.Rememberit’stheincomejump out. Theoddsarebetterthanthatinagrowingfirm,becausetherewill bemorepartnerslots you’ve gotsomethinglikea5:1shotofbothavoidingterminationand being willingtostickit The potentialtomakepartnervariesenormouslyfromfirmfirm.As ageneralguideline, illustrates typicaloddsofbecomingaconsultingpartner: to reducetheburdenofconsultingontheirfamilylife). The followingexhibit are eitherletgofromtheirfirmsorleavetopursueotheropportunities(often Few consultantswhoenterthefieldevermakeittopartner, asmostofthem associate partner.) partnership, butsharesthesameresponsibilities.(Thispositionisknownas director normallydeclinestakingtherisksandrewardsassociatedwith Some partnershipsalsohavetheequivalentofadirectorposition. The among partners. new work,thoughitalsocreateslotsofpressureandsometimescompetition much thepartnersells. This createsastrongincentiveforthepartnertosell basesalariesandtyingcompensationmoredirectlytohow their partners’ directly tothefirm’s profits.Manyfirmshaveuppedtheantebylowering normally involvesaheftyincreaseincompensation,aspartnerscontribute promotiontopartner firm. Mostconsultanciesoperateaspartnerships. A maintaining clientrelationshipsanddevelopingtheintellectualcapitalof voluntarily, therewasa32%chancetomakeitpartner. Note: Inthisexample,ofthoseconsultantswhodidn’tleave L C I A B R R The LongRoadtoPartnership A E E R R Y 0nwMAconsultants 50 newMBA 35 managers partners 8 The ConsultingCareerPath Vault CareerGuidetoConsulting 12 fired 15 quit 5 fired 10 quit © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat firm onafull-timebasisafter graduation. programs, thehighestperforming internsaregivenanoffertojointhe the studentagreatinsidetrack toafull-timeoffer.Inmostinternship a numberofreasons.Thebiggest advantageisthataninternshipgives That said,theinternshipisafantasticopportunityfor employeefor bear thefullcostofintern.) out theinterntoclientatzerocost—thismakes consultingfirm much valuetotheclientasafull-timer,consulting firm usuallybills permanent hire.(Notethatbecausetheinterndoesn’t contributeas consultant forasummerischeaperthefirmthan bringingona less permonththanwouldthefirst-yearanalyst.Inaddition, hiringa first-year analystforasummer,sheorhewouldprobably getpaidalittle equivalents. Eventhoughanundergradinternmightdo theworkofa firm. Forinstance,internsoftenarepaidlessthan theirfull-time In addition,consultinginternsareasourceofcost-efficientlaborforthe firm isandwhytheyshouldworkthere. firm, youwillnodoubttellallofyourclassmatesabouthowgreatthe form ofword-of-mouthadvertising.Ifyouhaveagoodexperienceatthe work-life balance,andculture.Finally,internsareanincrediblyeffective extended opportunityforthefirmtosellyouonitsinterestingprojects, before choosingtoextendyouafull-timeoffer.Itisalsogolden, chance forthefirmtoevaluateyouacoupleofmonthsonjob form ofrecruitingforeveryoneinvolved.Asummerinternshipisa program. Onereasonisthatsummerinternshipsareahighlyeffective Most ofthelargeconsultingfirmshaveanannualsummerinternship Why internshipsexist there areafewdistinctionsworthnotingtoapplicants. entry-level consultingyouwouldgetafterearnyourdegree.Still, For themostpart,aconsultinginternshipisn’tallthatdifferentfrom internships occurduringthesummermonths. bulk ofstudentsdonottakeclassesduringthesummer,mostconsulting addition, becausesomanyoftheinternsaretypicallystudents,and hire studentsandotheremployeesforaspecifiedperiodoftime.In Simply put,aninternshipisatemporaryposition,whereconsultingfirms degree program.Inthesecases,youwillbelookingforaninternship. a first-yearMBAorgraduatestudentwithmorethanyearleftinyour Many ofyouarereadingthisguideasasophomoreorjuniorincollege, Internships inconsulting www.vault.com/consulting— The ConsultingCareerPath Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 143 Customized for: Kirsten ([email protected]) 144 meal ortwoduringthesummer, regardless. perks considerablyforcost reasons, butinternswillprobablygetanice attaches andconcerts.Inrecent years,firmshavescaledbackthese be winedanddined.Perks includefreefinedining,baseballgames, Finally, sinceasaninternyouarestilltechnicallyarecruit, youwilllikely planned aspartofyourinternship,beproactiveinasking forone. his orherworkbeforeoffersaremade.Ifyoudon’thave aformalreview well. Thiscanbehelpfulbecauseitgivestheinternachance toimprove the endofsummer.Someprogramshaveamidsummer reviewas Many internshipprogramsinvolveatleastoneperformance review,at Job” sectionofthisguideforadescriptiontypicaltasks.) such asmoreextensivefinancialmodeling.(Pleaserefer tothe“On PowerPoint slides.MBAinternsmighttakeonadditional responsibility, competitors, asmallmarket-sizingspreadsheetmodelor aspecificsetof clearly segmentableprojectwork,likethesecondaryresearchof15 actual projectcompletion.So,byandlarge,internswillbeassigned completed withinadefinedperiodoftimethatmaynotcoincidewiththe because theinternisatemporaryhire,hisorherworkneedstobe similar tothatofthefirst-yearassociate.Themaindifferenceis those ofthefirst-yearanalyst,andjobMBAsummerinternis Typical tasksfortheundergraduateinternarenotthatdifferentfrom kickoff, soyoureallycouldjointheprojectatanytime. an intern,yourstartdateprobablywon’tcoincidewiththeproject The projectsare,forthemostpart,realengagements.Becauseyouare the firsttwoweeks. because theyareapriorityinthestaffingqueue,moststaffedwithin with theinterns’interests.Notallinternsarestaffedimmediately,but each oftheinterns,attemptingtomatchavailablesupplyprojects During thefirstweek,anHRprofessionalatfirmwillattempttostaff instead. along theselines.Thesmallerfirmswilloftentrainyouonthejob will probablyhavesomesortofformalizedinteractiveclassroomtraining presentation skills.Ifyouareinterningwithalargeconsultingfirm, and systemsprogrammingtoolsfortechnologyconsultants) technology training(PowerPointandExcelformanagementconsultants, typical topicsincludefirmhistoryandvalues,problemsolving, of summerinternshipprogramsstartwithaweektrainingtostart; Most consultingsummerinternshipslasteightto12weeks.Anumber A typicalsummerinternship L C I A B R R A E E R R Y The ConsultingCareerPath Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat making themostoutofyoursummerinternship: you aregunningforafull-timeoffer,werecommend youfocuson nobody intheinternclasswillreceiveanoffer.Regardless ofwhether economic climate.Incontrast,duringadownturn,it’sprobablethat Full-time offersforsummerinternsarealmostagiveningood Tips onbeinganeffectivesummerintern see ifyoucanworkpart-timeduringasemester. fewer studentscompetingforscarceinternshipspots.Ifthefirmislocal, if youcanworkduringthespringorfallinstead,whentherewillbe hiring interns.Also,ifyouhaveflexibilityinyourcampusschedule,see Do theresearchonfirmsandcontactyourtargetstoseeiftheyare Treat theconsultinginternshipjobsearchlikeanoff-campussearch. majority offull-timehiresfromtheirinternshipclasses. more competitivethanpermanentjobs.Somefirmsarehiringthevast back theiron-campusrecruitingefforts.Keepinmindthatinternshipsare summer internships.Atthesametime,firmsaresignificantlyscaling and wehaveareducedincentiveforfirmstotakeonfullloadof any partoftheyear.Combinethiswithoveralleconomicslowdown, summer monthstypicallyresultinthelowestspendingonconsultantsof A compoundingaffectistheseasonalityofconsultingindustry.The available internshipsforundergraduatesandMBAsthaninrecentyears. Be warnedthattoday,duetotheeconomicslowdown,therearefewer with yourschool’scareerofficefortimingandprocedures. firms hireforfull-timeinthefallfollowingfall.Besuretocheck recruiting cycletypicallystartsinJanuary,whereasoftenconsulting time offers.Theonlydifferenceistiming.summerinternship The recruitingprocessforsummerinternshipsisidenticaltothatfull- Landing asummerinternshipinconsulting • Collect businesscards.Youwillbemeetinglotsof Ask tobeputonanengagementwithtravel.Youreallywant • have afewtidbitstoremind themwhoyouare. on theback.Infuture,you cantouchbasewiththemand grab theirbusinesscardatsome pointandmakeafewnotes consultants, anditwilldifficult torememberthemall.Try exception, notthenorm). realistic pictureofconsulting(sincethatwouldbe the try togetonaprojectwithnotravel,youwillnothave a to makesureyouwilllikeconsulting,sopushyourself. If you www.vault.com/consulting— The ConsultingCareerPath Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 145 Customized for: Kirsten ([email protected]) 146 gets younoticed. from yourpeers.Inshort,going theextramileinallaspectsofyourcareer in school,makepublictheinitiatives youintroducedtodifferentiate yourself share theinformationwithyour colleagues.Justasyoudidextracreditwork your industryorserviceline, and (justoutofthegoodnessyourheart) “expert.” Conductresearchandanalysisstudiesonlittle-known fieldswithin Train yourself inareasofinteresttoyouandletitbeknownthatarean your clientsforlettersofgratitudeorrecommendation personnelfile. every successorinstanceinwhichyouexcelledbeyondexpectations. Solicit To ensurethatyoufallnearthetopoflist,documentandself-promote readiness forpromotion. lineup, managementdeterminesyoursalaryincreaseand evaluates your measure yourperformanceagainstpeers.Basedonwhere youfallinthe several days. While eachfirm’s practices vary, mostgenerallyusethistimeto annual basis.Managementgoesoff-site and/or holdsmeetingsthatcanlast Most firmsconductofficial reviewsofall consultantsonanannualorsemi- needs youmighthave. The reviewsaredesignedtoevaluateyourprogressandanydevelopment exact figurediffers byfirm.)Somefirms requireself-assessmentsaswell. definitions, a“larger” projectinvolvesa minimumof80hours,thoughthe reviews yourperformanceattheendofprojectorphase.(Bymost firm’s success.Usually, someoneonelevelaboveyouon“larger” projects Performance assessmentisacriticaltoolforyourcareerdevelopmentandthe Performance assessment • Set upFridayone-on-onemeetings.Again,youarebuilding • Attend asmanysocialeventspossible.Treatthesummer get theinsidescooponfirm. Fridays. Grabcoffeewithsomeofthenewerconsultantsto because consultantstendtobeintheirhomeofficeon consultants, includingpartners.Fridayisagreatdayforthis, your network.Trytomeetupwithawiderangeof touch withtheotherinternsyoumeet. consultants ofalllevelsatfirm,andyouwillwanttostayin as onelongnetworkingevent.Youwanttomeetmany L C I A B R R A E E R R Y The ConsultingCareerPath Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat on eibeo ro naeet.Mroe,cins needssometimes found reliable on priorengagements.Moreover, clients’ in thearea,anddirectorsoften requestspecificconsultantswhomtheyhave partners prefertostaff projectswithconsultantswhohavesomeexperience to different industriesandprojecttypes.Ontheotherhand,bothclients and the onehand,firmwantsassociates andanalyststogainbroadexposure Project staffing addressesconflictingneedsfromvariousconstituencies. On probability ofvisibility. means lessprobabilityofbeingpigeonholedunwillingly, andagreater can makeorbreakyourconsultingexperience.Gettingonchoice assignments best ofthem—afterall,yourprojectsandthedirectorsforwhom youwork Understand theunofficial processfromthestartandplaygamewith leaders oftheirdesiredengagementsdirectly. projects bytheirdirectors,orwhereconsultantsnetworkand approachthe market, anunofficial systemwhereconsultantsareeitherchosendirectlyfor consultant atthefirm.However, allconsultingfirmshaveaparallelblack on projects. This maybedonethroughacentralstaffing office orbyasenior Consulting firmsallhaveanofficial process bywhichconsultantsarestaffed staffed onengagements. politically charged aspectoftheconsulting lifeisthecompetitiontobe downplay office politicsintheconsulting environment.Perhapsthemost reliance onteamworkandtherelativelackofhierarchicalfrillsallhelp industries inthisregard.Frequentreviewsandperformanceassessments,a consulting industryisnoworse,andinmanywaysbetter, thanother Office politicsisafactoflifeinany corporate environment,thoughthe Office politics your developmentneeds,organize yourtraining andsetyourgoals. matching yourperceptionsofperformancewithmanagers’,address skills andclientrelationshipcapabilities,includingyourabilitytosell. While progress, theevaluationemphasisshiftstowardyourpeoplemanagement you—analytical andquantitativeskills,teamworkleadership. As you Your performanceismeasured bycriteriasimilartothosefirstusedhire standards ofexcellencebeknowntoyoursuperiors. for itself.Ifso,findsomeotherwaytoletyourcompetenceandhigh uncomfortable aboutboasting,orfeeladamantlythatyourworkshouldspeak An enthusiasticattitudecanonlyworkforyou,yetyoumightfeel overlooked ifhisorherpeersarenotasshyaboutshowcasingtheirbestwork. Your imagecanhelporhurtyou. The mostcompetentconsultant canbe www.vault.com/consulting— The ConsultingCareerPath Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 147 Customized for: Kirsten ([email protected]) 148 Mentors: Top-levelBacking usually wanttohelpyou. excellent soundingboards,generally havemoretimethanmanagersand offer less insight becauseoftheirlimitedworkexperience,theymake sheet. Often,thesebuddiesare goodfirst-linementors. While theymight available toassistwithday-to-day details,likehowtofilloutanexpense slightly moreexperiencedthanyou(oftenayearorso advanced)and In additiontomentors,manyfirmsoffer “buddies”—professionalswhoare champion, spy, ally andbouncerwithinyourfirm. others inthefirmperceiveyou. Think ofyourmentoralternatelyas management. Heorsherelaysimpressionsofyourperformance andhow also actsasaninformalcommunicationchannelwith you andother aspirations, assignmentpreferencesanddevelopmentneeds. Your mentor your development,sospeakcandidlywithhimorherabout yourcareer usefulness ofthisrelationshipfromthestart. Your mentorisresponsiblefor Your mentorisresponsible foryoursuccesswithinthefirm.Recognize Soon afterorientationatyourfirm,expecttobeassignedaformalmentor. proportionally. value toclientsalsoincreases,whichmeansyournegotiatingpowerincreases gain valuableskillsandknowledge. As yourvaluetothefirmincreases, industry, volunteeringexposesyoutoseniorconsultants. Additionally, you consultants involved.Inadditiontodevelopingyourunderstandingofthe constantly searchforadditionalhelpandjumpatthechancetogetwilling capital workbeingdonewithinyourfirm.Practicedevelopmentleaders You canalsovolunteerto helpwithknowledgedevelopmentorintellectual does notguaranteeyouaposition,itcertainlyhelps. remember youasanenthusiasticteammember. While rememberingyou about yourareasofinterest. When arelevant studycomesup,askthemto an interestupfronttotheseseniorpeople. Tell asmanypeopleyoucan Learn aboutprojectsthatyouwouldpotentiallywanttoworkon,andexpress management (fromeitheryourcurrentorpreviousstudies)mentor. information aboutupcomingprojects. The bestsourceofinformationis To stacktheassignmentcardsinyourfavor, tapunofficial sourcesof client, whichmeansthatyourpersonalneedsaresometimesoverlooked. results inelaboratecompromisesbetweenyourfirm’s managementandthe take precedence,dependingonmarketdemands. This complicatedsituation L C I A B R R A E E R R Y The ConsultingCareerPath Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Exit Strategies the formofadifferent brandnameorafasterpromotiontobettertitle. many ofthemmovetootherconsulting firmsinanattemptto“tradeup,” clients. Notallassociateswholeave theirfirmsabandonconsulting,however; marketing orbusinessdevelopment. Somefindemploymentwithformer lotofassociateswholeavetheirfirmstakepositionsincorporate strategy, A in yourfavoritecollegesubject. wouldn’t bemoreinterestedinlawschool,ateachingcertificationorPhD obvious thing,becauseitmostdefinitelyis.Simplymake surethatyou program. Itiseasytogetcaughtupinthinkingthatbusinessschool isthenext school, takethetimetoconsiderpossibilityofadifferent graduate firms orevenchangecareers.Ifyou’reananalystinterested ingraduate (the luckyonesgettuitionpaidfor),whileothersmovetoother consulting school orabandonthefieldaltogether. Someofthemreturntotheiremployer As wementionedbefore,manyanalystsinconsultingmove ontobusiness What youmightdolater the timeasaconsultingpartner, youwilleventuallybeleavingconsulting. Indeed, ifyouarenotexcitedabouttheideaofsellingwork100percent Bain oftencallsitsconsultingpositionsa“springboard”toanexcitingcareer. the newconsultantfirednextday. Becareful. strictly inconfidence,shareditwithotherseniormembersofthefirm,andgot also heardofstorieswherethementortookinformationthatwastobeheld mentor hasindeedbecomeatrustedadvisortothenewconsultant,andwe’ve relationship’s capacitystrictlyofficial. We’ve heardofstorieswherethe professional friendships,andyoumightfeelitisbettertokeepthe some prefertokeepmentoringrelationshipsseparatefrompersonaland/or Just rememberthatyourmentor/buddyisnotnecessarilyfriend.Indeed, with whomyoufindcommunication,rapportandunderstandingtobenatural. an areaofinteresttoyouorsharesomeothercommonality. Seekoutthose corner.) Developaninformalmentornetworkwiththosewhospecializein resentment ornegativity. (It onlyhelpsyoutohavemorepeopleinyour mentor/buddy relationship,unlessyourchemistryleadstounbearable for you,considerseekingothermentors.Still, maintainan“official” assigned If bothyourassignedmentorandbuddylacktime,informationorattention www.vault.com/consulting— The ConsultingCareerPath Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 149 Customized for: Kirsten ([email protected]) 150 on yourformeremployerasareference. having takenthesmallstepstoexitwithgrace,youwillalwaysbeablecall You maynevergobackto yourformeremployeragain,andthat’s fine.But or sotostart. your oldfirm. Try tokeepintouchbyphoneore-mailonceeverysixmonths destination, sendyourupdatedcontactinformationtokeysponsorsat you wanttomakesurepeoplerememberyou. When yougettoyournew couple ofkeyone-on-onelunches.Evenifyouareexcitedtoleavethefirm, that person’s generosityandguidance. The weekyouleave,trytoschedulea are fortheopportunitiesyouhavehadatyourcurrentfirm,andespecially new opportunityandwhyyouhavechosenit. Then, explainhowgratefulyou that meansomethingtoyou.Iftheydon’t knowalready, tellthemaboutyour individually toyourofficial andunofficial mentorsinthefirm—allofthem When youhavesecuredyournewpositionoradmissiontoschool,speak employer? recession? What ifyouneedareference—or evenajob—fromyourold programina when yougraduate?SupposegraduatefromtheMBA return toyouroldfirm? What ifthemarketfornewPhDsinEnglishfizzles are toleave. What ifyournewjobturnsouttobeadisasterandyouwant to burnyourbridges,nomatterhowbitteryoumaybeoranxious firm, beitanotherconsultingfirmorgraduateschool,younever, everwant Whatever youchoosetodofollowyourdaysatcurrentconsulting Leaving gracefully L C I A B R R A E E R R Y The ConsultingCareerPath Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) Consulting Lifestyle Our SurveySays:The insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat HPE 10 CHAPTER for arudimentarysalarycomparison.) most consultantsdonotgoontobecomeapartner. (Seethefollowingexhibit salaries ofinvestmentbankers,corporatelawyersandmanydoctors,since generally higherthanforstandardinternalcorporatejobs,butwellbelowthe attractive. Buttheyaren’t asattractive asyoumightthink. They are Relative tomanyotherbusinesscareerpaths,consultingsalariesarefairly Salary andbenefits Fortune 500companiesandatickettoseetheworld. to makealiving,greattraininggroundforseniormanagementpositionsin much topassup.Consultingmaybeagrind,butitremainsprestigiousway frequent flyermilesandthechancetoworkwithnewprojectteamsaretoo however, thethrillofconstantlychangingbusinessenvironments, living outofsuitcasesareenoughtodrivemanyjobseekersaway. Forothers, the lifestyle. The demandsofheavytravel, longworkdaysandmonthsof For peopleconsideringacareerinconsulting,fewfactorsmatterasmuch www.vault.com/consulting— with L C I A B R R A E E R R Y 151 Customized for: Kirsten ([email protected]) 152 way togetrich. other businessroles,butwithinthebroadercontextofpossibleprofessions, itisnotthebest The pointisthatmanagementconsultingindeedhandsomelyremunerated relativetomany banking as“managingdirector”)isreached. climb dramaticallyhigherthanmostanyotherbusinessjoboncethepartnerlevel(knownin salaries startescalatingwellabovetheconsultantpayscalesoonafterbusinessschool,and substantially higher,buttheygetthosehighsalariesatayoungerage.Investmentbanking not needingworkexperiencetogetintograduateschool—notonlyaretheirsalaries behind. Corporatelawyersstartpracticingatamuchearlieragethandoconsultants,dueto management consultant,butmostspecialtiessoonleavetheconsultingincomelevelfar Just afterbusinessschool,doctorsarestillintrainingandmakeslightlylessthanthetypical until theconsultantmakespartner,whichmayornothappen. who gothecorporateroute.However,asubstantialdivergenceinsalarydoesn’treallyoccur Management consultantshavethepotentialtomakemuchhigherincomesthanbusinesspeople Typical gross compensation pushing basesalaryoffers tonewlymintedMBAsintothe$120,000range, downturn, big-namefirmslike McKinsey, BCG and Accenture hadbeen hiresarealwaysinflux. Untilthe2001-2003economic Salaries forMBA candidates. time signingbonusofafew thousanddollarstocompeteforthetop In yearswhenfirmsarehiringinlarger numbers,theymayalsooffer aone- plus atarget individualorfirm-basedperformancebonusof10to20percent. undergraduates rangebetween$45,000to$60,000,dependingonthefirm, But onanabsolutebasis,salariesareprettydarngood.Starting salariesfor $100,000 $200,000 $500,000 $50,000 L Comparative IncomeTrajectories C 22 I A B R R A E E R R Y 26 residency Medical school Business 30 lawyer Corporate Employee age 438 34 Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting banker Investment Partnership 42 businessperson Corporate Cardiologist consultant Management 46 © 2007Vault Inc. 50 Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat have yousubmitindividualreceipts for(possible)reimbursement. up theslackforyouonthesetasks intheformofaperdiem,whileothersjust to performsimpletaskslikedoing yourlaundry. Someconsultingfirmspick hours attheclientsite,forcing youtoeatoutallthetime,andmakingithard than wouldbenormal.Out-of-townprojectsrequirethat you spendlong when aconsultantisawayonassignment,cost-of-livingfactors arehigher while staffed onanout-of-townassignment.Consultingfirmsrealizethat Per diemsarecost-of-livingpaymentsthatconsultantsinsome firmsreceive Per diemsmakeadifference and twotothreefloatingholidaysaccommodatemultiplereligions. off whenyoufirststartisthreeweekspaidvacation,nineto11 paidholidays, and fewerbellswhistlesinyourbenefitspackage.Standard farefortime smaller firms,youaremorelikelytoreceivepartially-subsidizedinsurance, museum entry, movieticketsandevenprocessinghomemortgages. At discounts onahostofothergoodies:gymmemberships,newcarpurchases, policy, andfully-matched401(k)plan.Icingonthecakecouldinclude benefits packagealsoincludesagenerousandeasy-to-exerciseparentalleave good paid, top-notchmedical,dental,lifeanddisabilityinsuranceplans. A compelling. At thelarge firms,it’s completelyreasonabletoexpectfully- The benefitpackagesvaryfromfirmtofirm,butaregenerallypretty programs, year-end bonusesorovertimepay, dependingonthefirm. for highperformers.Consultantsalsostandtobenefitfromprofit-sharing start inthe8to10percentrangeandescalateinto1520 year andconsiderannualraises. At topconsultingfirms,standardraisesoften Consulting salariesbecomereallyattractivewhenyoulookbeyondthefirst you actuallyinterviewforafirmyourself. Expect thesenumberstocontinuefluctuatingandbedifferent bythetime target performancebonusof$20,000(i.e., totalfirst-yearcompof$150K). part-way backtorightaround$110,000 withasigningbonusof$20,000and correction. In2008,themedianbasesalaryfora“top-tier”firmhasbounced $115K). That downcycleturnedouttobeasemi-permanentsalary performance bonusandnosigning(i.e.,first-yeartotalcompof downturn, basesalariessankdowntoabout$100,000plusa$15,000 all themoneythrownatthemondayone. Then, duringthe2001-2003 candidates havegottentheirentirebusinessschooltuitionpaidfor—ontopof $30,000 (i.e.,first-yeartotalcompof$170-180K).Insomecases,MBA with sign-onbonusesashigh$20,000to$30,000andtarget bonusesnear www.vault.com/consulting— Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 153 Customized for: Kirsten ([email protected]) 154 oriented consultantyouaretrying tocreate. walk tothedelimakesyoustrange, creatingonechipintheimageofteam- gross income),butbringingyour ownbaglunchandeschewingthegroup sandwich anddrinkdayin out($2,500peryear, orabout$4,000of your likely eatingitattheircomputers)—youmightfeelthatyoucan’t afford a$10 colleagues willlikelybegoingouttograbasandwichat lunchtime (and who isoutandaboutatevents.Forexample,inmostenvironments, your involves dinnersout,drinksathappyhourandgenerallybeing asocialperson people, havingthemlikeyouandcontinuingtonetworkall thetime—this In addition,yourcareertrajectoryishighlydependentonknowing theright somewhere, youprobablyskippublictransitandtakeacab. anything, beitclothes,giftsorhouseholditems.Ifyou needtogo packages arrivingattheirfrontdoors—theysimplynevergo shoppingfor need tobuyit.Mostconsultantsweknowhaveasteady stream ofUPS will benousingthepubliclibraryforyou—ifyouwanttoreadabook, of eatingoutbecauseyouarehometoolatetogroceryshoporcook. There the late-nightdrycleaningpick-upsbecauseyou’reworkinglate,andcost the clothesyouneedtowearandcoifmustmaintainahighstandard, to functioninyourrole. The samegoesfor theperiodicalsyouneedtoread, own high-speedInternetathome,whichisarequirementforyoutobeable and mayornotbesubsidizedbyyouremployer. You likelypayforyour the reimbursableprojectexpenses. Your cellphonebillwillbeenormous, career. There arelotsofhiddencostsbeingaconsultantoverandabove expensive tomaintainthelifestylenecessarysucceedinaconsulting because itisn’t quiteasgooditsounds. Why? The factisthatit’s rather All thissaid,don’t findyourselfsucked intoconsultingstrictlyformoney, A realitycheck HR accountantstounderstandnotonlywhatthepoliciesare. Not allfirmsusetheperdiemapproach,sobesuretocheckwithyourfirm’s working farfromhome. by morethan$10,000—anicewayforfirmstoplacateconsultantswhoare to yourbottomline.Overthecourseofayear, youreffective salarycangrow eat andmaintainyourlifeawayfromhome,partofthatfeelslikeextramoney few hundreddollars;totheextentthatitactuallycostsyoulessthanthis the courseofatwo-weekperiod,anallotmentperdiemscanaddupto $20 to$50perday, dependingonthefirmandyourproject’s location.Over Per diemsaregiventoyouaspartofyourpaycheck,andtheycanrangefrom L C I A B R R A E E R R Y Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat in choosingahotel: discounts. Ifyouhaveachoice,though,herearesomenominalconsiderations of eitherapricecaporpreferredhotelbasedonclientconsultingfirm managers usuallyprovideguidanceonwheretheteamwillstayinform to yourprojectexperience,dependingonvaluesystem.Project But thechoiceofhoteliseithercompletelyarbitraryoruttercrucialrelative point programs. restaurants. Workout facilities.Foodquality. And (lestweforget) loyalty capabilities andlocationofelectricaloutlets(foryourlaptop).In-house stations.Fax you everexpected.Sizeoftheroom.Sittingarea. TV in thehotel,everydetail,beginstotakeonamuchgreaterimportancethan for sleeping,showeringandchangingyourclothes.Nonetheless,everything becomes aplacewhereyouspendverylittletime;it’llbasicallyberefuge guaranteed.) Generally, becauseyou’remostlyonclientsite,yourhotelroom sure tohaveyourassistantbookhotelroomwithlatecheck-in site, you’llprobablyfirstsetfootinyourhotelattheendofday. (Sobe Because youtendtoflyintoacityinthemorningandgostraightclient quickly. consultants endupinhotelroomswherethequalityoflifecangrowstalevery Needless tosay, experiencedconsultantsareexpertsathotelliving.Butmost Marriott, sweetMarriott • Are you a memberofanyloyaltypointprogramsforhotels?Obviously • Do youhaveapriceguidelinepernight? Ask yourprojectleaderfor Is itimportantthatyoustayclosetotheclientsite?Reasons forthismight • this willfactor into yourdecisions. You’ll behappyiftheclient hasa client! having tojustifystayingatthe FourSeasonstoyourfrugalHouston want tobeverycarefulaboutnot overdoingitonthehotelstars—imagine less than$200foramidsizedcityand$300large city. You on pricespernightoutthere:lessthan$100forasmallcityor ruralarea, guidance onthis. Without betterinformation,thereareunwrittenceilings minutes thathastherightcombinationofservicesandamenities foryou. for anextendedperiodoftime,youmightaswellpickthehotel within20 be closetotheclientsiteandyou’regoingona engagement site isnotalwaysthemostimportantthing.Ifyoudon’t alwaysneedto discount forguestsaffiliated withtheclient.Staying closetotheclient conglomeration ofrestaurantsandbarsneartheclientsite;asolid be: lotsofearlymorningmeetings;latenights;good www.vault.com/consulting— Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 155 Customized for: Kirsten ([email protected]) 156 quality oflifeonce youreachtheclientsite. You mayhavetosharearental to carpoolwithotherproject teammembers? These issuesimpact your Will youneedarentalcar? Will youtravelto the sitebytrain?Doyouhave Another concernishowyouwill commutetotheclientsiteonceyouarrive. default tothissystemintheabsence ofbetterinformation. economy domesticallyandbusinessclass(notfirst)forinternational flights; commononeisflying for guidanceifyourfirmdoesn’t haveapolicy. A What classofairlineseatshouldyoubook? Ask thepartneronyourproject failure, becauseitmeansyou’retravelingwaytoomuch. too. Forsome,though,havingthatstatusonallthoseairlines isasignof probably havethestatustoflywithfirstclassupgradesfora couple ofyears, personal tripthatyoutakeduringyouremploymentasaconsultant. You’ll a fewyearsinconsulting,andthemilesyouearnwillcover nearlyevery Of course,frequentflyerandhotelloyaltypointscaneasethe burden.Spend facilities aroundtheworld. a clientsite,homeagainafterlongweekindistantcity, ortotraining Friday atthehomeoffice. Evenso,consulting isstillabouttravel,whetherto minimum, mostfirmsnowpracticallyguaranteethatconsultantswillspend attractive work/lifebalanceismuchfiercerthanitwas10yearsago;ata away fromthehomeoffice, butthecompetition tooffer newhiresan Not allconsultingfirmshavescaledbackthetimetheiremployeesspend Planes, trainsandautomobiles choices thatthefrontdeskcangiveyou. expensive andit’s goodtomixupyourdiningoptionswithsomedelivery feel badaboutrelyingonroomservice—justkeepinmindthatitcanbepretty hand, ifyou’rethetypethatneedstorecharge hisorherbatteriessolo,don’t you areliving.Changeofscenerycanmakeabigdifference. Ontheother Generally speaking,trytogetoutside,takeadriveandseethelocaleinwhich only seetheclientsiteandinsideofyourhotelroom,itcanwearonyou. at nightaregreatwaystoenhancethelifeofaconsultingengagement.Ifyou Getting outofthehotel,venturingtonewrestaurantsandtryingthings they eat. The gregarioustypestrytoavoidroomservicewheneverpossible. When theyhavetimeatnight,consultantstendtobeverypickyaboutwhat after thefirsttwoabove. favorite loyaltyprogram.Butthisneedstobeasecondaryconsideration because you’llprobablywindupwithoneofthembelongingtoyour couple ofchoicesforyouintermspreferredhotelswithdiscounts, L C I A B R R A E E R R Y Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat slacker. confident thatyou’vebuiltupenough ofagoodreputationtonotseemlike unless it’s clearthatthere’s no possiblewayyoucouldbeneeded,andare or stayingatacheaphotelwithout Wi-Fi) duringavacationisnotadvisable e-mail andvoicemail—say, forexample,bygoing campinginthemountains, activities aroundsomebitsofworkhereandthere.“Goingblack” (beingoff keep yourcellphoneonwhileyou’reawayandbereceptiveto adjustingyour a keyroleinproject,youshouldexpecttotakeyourlaptop, stayonline, Regarding thequalityofyourvacationwhenyoudotakeit:If youareplaying culture becomesextremelyimportanttoyourabilityenjoy yourjob. to takethesacrificeinstride—thisisjustoneofmanyareas wherefirm reimburse youfortheresultingcostsincurred,andotherswill justexpectyou delayed, shortenedorflatoutcancelledduetoprojectneeds. Some firmswill Even so,thereareplentyofstoriesconsultantswhose vacationwas possible. “blackout days”toeachotherandagreeingadherethemasbest confusion. It’s agoodideatostarteveryprojectcommunicatingeveryone’s advance andremindpeopleofyourapproachingvacationtoavoidany want totakeavacationintheconsultingindustry, youneedtoplanitfarin your projectmanagerneedstimetofillspotwhileyouaregone.If expect it.Planningavacationonshortnoticeusuallywon’t work,because a lifeoftheirown,andprojectmanagersneedkeyresourceswhenyouleast Actually schedulingavacationisanotherstory. Consultingprojectscanhave ideally, youshouldgetsomegoodtimeeachyeartodecompress. Most firmsunderstandhowdemandingthejobcanbe,andtheyknowthat, to sparetheadditionaltimeawayfromfirm. However, atthatpoint,you’llbeclosetopartnerlevel,andunlikelyable most firmswillgrantfourweeks,andeventuallymoveyouuptosixweeks. MBAs andnewBAsaretypicallyinthesameboat. After acoupleyears, doled outbasedontenurewiththecompany, ratherthanseniority, sonew three weeksofpaidvacationperyearwhenyoustart. Vacation isusually may bedifficult toactuallytakethatvacation time. You cantypicallyexpect Consulting offers similarvacationpackages asotherbusinessjobs—butit Take alongvacation guidance onthis. other projectteammembers). Again, askthepartneronyourprojectfor car tokeepcostsdown(andaccordinglyhavestayatthesamehotelas www.vault.com/consulting— Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 157 Customized for: Kirsten ([email protected]) 158 unexpected crises,theschedulecanbepredictable.Soplanahead! take responsibilityforkeepingclosetolovedones. While consultinghasits That said,ifyouaregoingtomakethiscareerworkforyou, willneedto are awayfromhomethreenightsaweek. maintain arelationshipwithsignificantother, letaloneafamily, whenyou result, youcanlosetouchwithyourfriends.Moreover, itcanbeveryhardto unable toscheduletimeforapersonalcallfriendduring theweek. As a with yourfriends,butthenyoufindyourselfexhaustedonthe weekendsand friendships andpersonalrelationshipsfromtheroad. You vowtostayintouch Many newconsultantsarenotpreparedforthedifficulty ofmaintaining Maintaining apersonallifefromafar sleep willtaketheirtoll. breather fromtimetotime,becausetoomanynightswithjustfourhoursof consulting firmandyouwillreapthesocialperks.Justremembertotakea of theexperience,andconsultants(partnersincluded)partyalot.Join long-lasting relationships.Partyingwithyourpeersandcolleaguesisallpart Consulting firmsare,byandlarge, very friendlyplaceswherepeopleform enjoyment. your projectdoesn’t havealotoffunmoney, yourfirmoftenchipsinfor your sometimes lavish.Butdon’t worrytoomuch abouttheprojectbudgets.If services orpharmaceuticals,however, andthebudgets aremuchbetter, dinners tobemiddle-of-the-road,infrequentandnofun. Work infinancial type ofclient.Governmentclientsaren’t bigspenders.Expecttheproject your partners.Generally, youcantellhowbigthefunbudgetwillbeby work yourpartnerssell,thepriceofandnegotiatingskills That said,yourproject’s entertainmentbudgetwilldependonhowmuch and consultantsplayveryhard. their revenuegrowth.Consultingisallaboutworkinghardandplayinghard, Reputable firmssparenoexpenseforthehardworkingemployeeswhodrive Work hard,playhard • EveryMonday, forexample,schedulewhatfunorintimateeventyouare for Thursday, FridayorSaturday, whatever youhaveavailable. Monday, pickoneortwofriendsandcallthem thateveningtomakeplans going tohavewithyourspouse, significantotherorfamily. Also on L C I A B R R A E E R R Y Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat the Industry Diversity IssuesinConsulting:Stateof a happyconsultant. happy, fulfillingpersonallifemakes it isalltooeasytoletlifeslipaway. A Sounds tooregimented? Take itfromafewcurrentandformerconsultants— painfully slowto changeovertime,andthere’s littleroomforemployeeswho assessment of“fit.” As aresult, thecharacterofconsultingworkforceis adequately, atwhichpointthehiringprocesscomes downtothesubjective intelligent peoplewhoprepare abitcansolvecaseinterviewquestions “fit” interviewapproachthat dominates consulting.Mostwell-educated, hire peoplewhoarelikethemselves. This phenomenonisexacerbatedby the Consulting isnotsodifferent fromotherbusinessjobs,inthatpeopletendto Didn’t Iseeyouatthepolomatchlast weekend? diversity ofideasarewereallyachieving? people pointoutthatthediversitytendstobevisualinnature—how much firms, justasinotherareasofthebusinessworld. At thesametime,many Cultural andgenderdiversitycontinuestoincreaseinmanagement consulting • Need balance? Why notsignupforaweekendartormusicprogram? • Another lifesaverisonlinebillpaymentservices.Check withyourbank • Also, ifyouhaven’t already, getusedtorelyingonyourcellphoneas • You mightwanttoconsidersettingupastandingappointmentwithset Maybe youcanattendaweekendclassatlocalinstitution. time withthepeopleinyourlife. allow youtospendlesstimeontheweekendsdoingpaperworkandmore to seeifyoucanautomateasmanymonthlybillspossible. This will make yourcalls. 10 minutestospeakwithpeople.Duringthenextflightdelayyouhave, client, duringlunchorrightafterdinner. Rememberthatyouonlyneed your cellphone.Goodtimesinclude:inthecardrivingtoandfrom family everyday. Carveoutbitsoftimehereandtheretocallthemon that youwanttostayintouchwith,orprioritizespeakingwithyour true sourceofconnectionwithothers.Perhapsyouhavelotsfriends closest friendseverythirdSundayofthemonthforbrunch? of friends,tomakesureyoukeepintouch.Howaboutmeetingwithyour www.vault.com/consulting— Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 159 Customized for: Kirsten ([email protected]) 160 subsequently tomaintainyourjob. important totrulyfitinafirm’s culturetogethiredinthefirstplace,and consulting recruitinglimitstheprogressinachievingtrue diversity. It’s visually pleasingpeople. Yet thefigurative“beautycontest” elementof employers seektofillthatrolewithcharismatic,approachable, articulate, presenting toverysenior, illustriousexecutives. It’s understandablethat Even earlyintheircareers,consultantshavehigh-profilerolessellingand than anything. in termsofpersonality—acharacteristicthatreflectstheapplicantpoolmore (which areforthemostpartcomposedofMBAs)windupone-dimensional and ENTJ,ifyou’recurious.)Consequently, managementconsultingfirms graduatesturnouttobeoneofjusttwopersonalitytypes!(ENTP their MBA distinct personalitytypesidentifiedbyMeyersandBriggs,fully75percentof reports that,whiletheU.S.populationisfairlyevenlydistributedover16 indicator test,andkeepstrackofaggregatestatsovertheyears. The school all ofitsmatriculatingstudentstaketheMeyers-Briggspersonalitytype programhas controversial astatementasyoumightthink.Onetop-fiveMBA quickly discoverauniformityinpersonalityaswell. This isnotas as awhole. Though it’s lessobvioustothecasualobserver, jobcandidates taller, moreathletic,whiter, moremaleandblonderthantheU.S.population the hallsofanamebrandfirm,youarelikelytoseegroupthatisthinner, Here’s thebottomline:It’s awell-knownphenomenonthat,walkingthrough foster andthentoutanexplicitlygay-friendlyenvironment. there stillisnotenoughsocialpressureforthesefirmstofeelcompelled providing welcomingenvironmentsforopenlygayandlesbianemployees— much ofthebusinessworldingeneral)havebeenlessprogressiveis economic status.Inaddition,oneareawheremanyconsultingfirms(and pointing todiversityinacademicbackground,lifeexperienceorsocio- numbers ofethnicminoritiesandwomenup,buttheyhaveahardertime to havingmadesomeimportant(thoughinsufficient) stridesingettingtheir fall toofarfromthetreeonanygivendimension.Consultingfirmscanpoint • Another consultingfirmwasfoundedbysciencePhDs fromaleading • We knowofonemainstreamU.S.firm,for example, thatwasfoundedby research university. The firm nowhiresamixtureofMBAs,PhDsand employees, nowomenpartners andnoworkingmothers. boot. Consultantsreportthat this fairlylarge firmhasnoopenlygay 10 times,andmostofthemare fromoneparticularIndianethnicgroupto employees areoverrepresentedrelativetotheU.S.population bynearly a nativeofIndia;despitehavinggrownintotop-20sizedfirm, itsIndian L C I A B R R A E E R R Y Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat litigation supportboutiquerefuses toprovidealactationroom,resultinginthe Firms varydramaticallyinthe benefits andflexibilityoffered toparents.One positions. or backedintosuchcornersthat theyleave“voluntarily”formoreflexible with familyobligationsforallbuttheverywealthy, womenendupforcedout our society, and giventhatthetraditionalconsultingscheduleisincompatible guilty ofthelatter. Women stillbearthebruntofchildcareandelderin out” debateinthemedia,itseemsclearthatconsulting world hasbeen roles likeHRandmarketing).Despitetheongoing“optout” versus“pushed women partnersandseniormanagers(ortheyhaveafew womenin a difference. The numbers stillrevealthatmostfirmshavepainfullyfew retain women—yetonewondershowmuchisPRversusreal effort tomake see improvement.Manyfirmsnowhavemarqueeprograms toattractand The problemsfacedbywomeninconsultinghavebeenparticularly slowto Mommy-tracking, evenifyou’renotamommy consultant mold. earlier) maypresentbetteroddsifyousomehowdon’t fittheprototypical smaller, lower-profile firms(e.g.,manyofthespecialtyboutiquesweprofiled well-known globalstrategyfirms—whichmeansthat,ontheflipside, That said,thenarrowly-definedfitmoldisfarmoremarkedamonglarge, the longterm. these thingswillhelpgetyouhired,andthenstayonthejobover and single-malts,seemdecentlywell-traveledwell-read. All of tennis, beconversantinthelatestbusinessandsportsnews,knowyourwines speaking, levelofseriousnessandoveralldemeanor. Learntoplaygolfor case frameworks:Mirrortheinterviewer’s bodylanguage,toneandpaceof Tried-and-true fitinterviewtechniquesarejustasimportanttomasteryour be thefirstofawavenewbloodthatultimatelychangesenvironment. realistically youneedtoslotrightintotheexistingenvironment,nothope The bottomlineisthatifyouwanttoworkandsucceedinconsulting, applicants likethemselves,keepingthegendermixstatic? applicant pool?Ordoestheinterviewerpoolsubconsciouslygravitateto of ethnicminorities.Doesthissituationreflectself-selectioninthe flex-time, embracingopenlygayemployeesandemployingahealthymix femaleconsultants—yetisprogressiveinoffering generous post-MBA culture. That firmhasbutonefemalepartneramongdozens,andjusttwo quantitatively-oriented BAs,andisknownforhavingafriendlyyetnerdy www.vault.com/consulting— Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 161 Customized for: Kirsten ([email protected]) 162 and forging aheadwithyourbestwork. to acceptwomenintotheleadershipfold,andthenputtingyour headdown firms whosemanagementteamcompositionappearstoreflect awillingness There’s notmuchyoucandotomitigatethisreality, apartfromseekingout overcome thesubconsciousissueamalesupervisormay have withyou. amount ofcleverExcelmodelingandcreativePowerPoint structuring can It boilsdownagainto“fit”—ifyoudon’t havethatcertainsomething,no few inagivensituationtheconsultingworld. likes theoddpersonout,andwomenstilloftenfindthemselvestobeoneof baseball talkandafter-work baseballgames. At theendofday, nobody resign afterrubbingthe(male)teamwrongwaybynotjoininginon place becausetheirageimpliedtheymightbea“babyrisk,”oraskedto dismissed aftercomplainingaboutsexualharassment,nothiredinthefirst of recentsituationsinwell-regardedfirmswherewomenfelttheywere to beingsettledbeforetheyreachthecourts. We’ve heardfirsthandreports management consultingworld—fewofthem,course,makethepressdue Gender discriminationlawsuitsaresadlystillfairlyfrequentinthe achieved andareabletomaintaina50/50genderratio. analyst level,mostmanagementconsultancieswithanycriticalmasshave women attheseniorassociate/managerlevelandabove—atbusiness were dismissedwithoutcauseanyway. This isanunfortunaterealityfor work, receivedgoodperformancereviewsandgotaccoladesfromclients,but a greatextent.Stories aboundofwomenwhothoughttheyweredoinggood clubsto being female.Consultingfirmmanagementteamsremainoldboys’ But beingamotherisnottheonlyissuethatholdswomenback—it’s alsojust a goodfitfromtheget-go. situation willonlyholdbackyourcareerinthelongrun,comparedtofinding Getting hiredbyafirmthatsimplywon’t accommodateyourpersonal comfortable askingaboutafirm’s policiesupfrontintheinterviewprocess. family obligations.Iftheseissuesmattertoyou,youshouldfeelvery day careandno-strings-attachedflex-timeduringthetomeetlast-minute offices. At thesametime,onelarge strategyfirmoffers on-sitesubsidized humiliation ofwomenpumpingastheyhunchbehindtheirdesksinglass L C I A B R R A E E R R Y Our SurveySays:TheConsultingLifestyle Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) Days intheLife insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Associate HPE 11 CHAPTER 7:30 a.m.: last team. looking forinformationaboutwhatit’s liketoworkwiththepartnerfrommy co-workeris knowledge-building documentonmanaginghypergrowth. A 7:15 a.m.: having aprojectinMiami. and wehobbleoutforajog. At leastit’s warm out—anotheradvantageof times perweek”intotheteamcharter. Imeetanothermemberoftheteam, 6:15 a.m.: noting thatnodayatanyconsultingfirmcanbecalledtypical. consulting firm.Hekindlyagreed toshare a“typical”workdaywithVault, Greg Schneideris an associateattheBostonofficeofatopstrategy levels andatdifferent typesofconsultingfirms.Isthislifestyleforyou? done that.Here,webringyourealdaysinthelifeofconsultantsatdifferent It’s toughtovisualizeyourselfasaconsultantifyouhaven’t beenthereand forms. looking foradivisional VP. Mywiferemindingmetomailoff theinsurance headhunter for dinnerandwantstomeet to discusstheprogressreview. A Harvard BusinessSchoolhell weekend. The partnerwillbearrivingin time 10:53 a.m.: begin thedebateoncontent. data isnotyetavailable. We electtogowithacomputer-based slideshowand been workingon. The discussioniscomplicatedbythefactthatsomekey have troublestayingoff tangentsaboutthevariousanalysesthatwe’veall concerns whatkindofpresentationwouldbemosteffective, althoughwe assess themarketpotentialofanemerging technology. Today’s meeting with theCEOnextweek,sothere’s alotgoingon. We’re helpingtheclient to 9:00 a.m.: We thenheadouttotheclient. morning meetingwehavewiththeclientteam(notnecessarilyinthatorder). Meet withtheclientteam. We’ve gotanimportantprogressreview Alarm goesoff. Iwakeupaskingmyself whyIput“runthree Breakfast withtheteam. We discusssports, Check voicemail. The office islookingforaninterviewerthe Check voicemail.SomeoneinLondonwantsacopyofmy www.vault.com/consulting— with Letterman L C I A B R R A E E R R Y and a 163 Customized for: Kirsten ([email protected]) 164 client’s stockdid. from thecompanydatabase, check theRedSoxscore,andseehow had achanceallday. While I’mloggedin,Idownloadtwodocumentsneed 9:15 p.m.: presentation toreadafterdinner. with theCFO,whomshe’s knownforyears.Shetakesacopyofourdraft the newdata,addshertakeonourdebatesandagreestoraise acoupleissues client teamandotherareasofinterest.Shesuggestssomeadditional usesfor our plansfortheprogressreview, thenewdata,what’s goingonwiththe at therestaurantandhaveaproductive(andcaloric)mealworking through 7:15 p.m.: forms. weekend tripto Vermont. Apologize forforgetting tomail theinsurance 6:35 p.m.: leave avoicemailwiththedetails. quickpolldeterminesthatItalianfoodwins—we to dinnerwiththepartner. A to checkprogressonvariousfrontsanddebatesomeissuespriorheading 6:00 p.m.: search. 3:00 p.m.: the dataisgreat.Igetacouple“a-ha”s—alwaysgoodfeeling. attack withtheengagementmanager, Idivein.It’s averybusyafternoon,but 2:04 p.m.: avoid takingonanyadditionalresponsibility. building projectI’mworkingonforthemarketingpractice.Isuccessfully 1:30 p.m.: production andhowmuchitcouldcost. perspectives aboutthedifficulties inmovingthetechnologyintofull given mesomeinformationfor, andintheprocess I getsomeinteresting with grabsmeandweheadtolunch.Hewanteddiscussananalysishe’d 12:28 p.m.: data thatweneed. The badnewsis,nowwehavetofigureoutwhatitmeans. many ofourhypotheses. The womanisamazing—weluckoutandgetsome looking at. As thisisthelastinterviewweplantodo,areablecheck and, inparticular, whattheprospectsarefortypeoftechnologywe’re industry expert(aprofessorfromalocaluniversity)todiscusstrends 11:00 a.m.: L C I A B R R Short callwithsomeonefromLegaltogetanupdateonthepatent Return tohotel.Plugincomputer andchecke-mail,sinceIhadn’t Team meeting. The engagementmanagerpullstheteamtogether The teampacksupandheadsouttodinner. We meetthepartner I jumponaquickconferencecallaboutaninternalknowledge- A Begin toworkthroughnewdata. After discussingtheplanof E As Iwalkbackintotheclient,adivisionheadI’vebeenworking Call homeandcheckinwiththefamily. Confirmplansfor I departwithmyteammateforaninterview. We meetwithan E R R Y Days intheLife Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Consultant ProjectManager home instead. Also, Iprobablywouldn’t havewatched have substitutedaconferencecallforthedinnermeeting,sowecouldgo different: Iwouldn’t haverunwithanothermemberofmyteam,andwe’d Note: probably should. relationship, cannot maketheafternoonmeeting. Notadisaster—itisvery tells methatGerhard,the director responsiblefortheoverallclient presentation documentwithDaniel, theotherconsultantonmyteam.Jason 10:00 a.m.: getting tothefrontoftaxiqueue inzerotime. an expertonfindingthefastestroutethroughcustoms/immigration and reasonable travelexpenses,whichmakeslifemoreenjoyable. And I’mnow better weatherthantheRuhrgebiet [theRuhr Valley]. Mycompanycovers traveling tovisitfriendsorfamily, orsimplyfindingaspotonthemapwith much spendeveryweekendoutoftown,eitherathome inNew York, that wespendatleastMondaythrough Thursday ontheclientsite,Ipretty 9:30 a.m.: just returnedfromholiday, wasunawareofourmeeting,buthecanmakeit. no importantmessages.Icheckmyvoicemailmessagesandlearn thatJason, member incharge ofourworkstream[in planningourschedule].Otherwise presentation documentforourafternoonmeetingwiththeclientboard primarily responsiblefortheproject,leftamessagethathewantedtosee around 10.Richard,afirst-yearconsultant,tellsmethatJason,thedirector 8:15 a.m.: working onaprojectforthepastfivemonths. girlfriend. Ihavetocatcha8:30flightDüsseldorf,whereI’vebeen remember thatI’minLyon, whereI’vejustspentaterrificweekendwithmy 6:00 a.m.: workday withVault. Hans Helbekkmoisaproject manager. Hekindlyagreed toshare a“typical” 10:30 p.m.: down foranhourtomorrownight. looking foroneoftheappendices,sincehelosthiscopy. The serverwillbe 10:10 p.m.: Had thisbeenanin-townstudy, thefollowingthingswouldhavebeen Land inDüsseldorfandjumpacab. While ourprojectrequires After checkingin,IphoneupmyteamandtellthemI’llbein Alarm goesoff, Mondaymorning.I take afewsecondsto Watch r-le oc alcek clientfromapreviousstudyis Pre-sleep voicemailcheck. A Arrive atwork.Jason’s already inandisdiscussingthe SportsCenter www.vault.com/consulting— instead ofgoingrighttosleep,asIknow Days intheLife Vault CareerGuidetoConsulting with SportsCenter. L C I A B R R A E E R R Y 165 Customized for: Kirsten ([email protected]) 166 knowledge base,whileourclients haveamuchmorepracticalbackground. especially sincewetendtohave averystronganalyticalandtheoretical sometimes difficult toadaptthecomprehensionlevelofourclients, particular demandsofourjob intermsofclientcommunication.Itis who’s workedinacademiafor awhiletoneedsometimeadjustthe finance andhasjuststartedworkingforus.Itellhimitistypical forsomeone improving hiscommunicationandprocessskills.Richard hasaPhDin mentioned thatIhadn’t alreadydiscussedwithhim.Hewastoldtofocuson review went,andhesayhe’s happywithit—no surprises,nothingnewwas I takeRichardtotheItaliancafeacrossstreet.askhow hismidyear 12:00 p.m.: is drafted.FornowIjustwanttomakesurewe’reallonthe same track. review oncealltheinterviewsandanalysisaredone finaldocument makes myjobbothchallengingandrewarding. We willhavea more detailed recommendations andexecutingtheprojectonaday-to-daybasis,which Directors typicallygivetheprojectteamfullresponsibilityfordeveloping and hedoesnothaveanyfurthersuggestions. proposed initiatives.Jasonagreeswiththemaincontentsandlevelofdetail, and likelyoutcomes,soourclientcanconvincethefullboardtoapprove bank is,butweneedtoputtogetheradetailedexplanationoftheimplications comprehensive strategicreview. Itisveryclearwhattherightsolutionfor left, andIwanttogetJason’s input. We areworkingtowardaquite an outlineforourfinalpresentationwithJason. We havelessthanonemonth 11:00 a.m.: about itlater. Richard alreadyhadhisreviewonFriday, soImakeanoteoftalkingtohim to discussDaniel’s midyearreview, soIputthisintomy“to-do”list. asset/liability managementandliquiditymanagement.Gerhardsayshewants colleaguewantstopickmybrainson mostly personalorprocess-related. A 10:30 a.m.: down thedocumentabittokeepit“shortandsweet.” same pointsmoreconvincingly. We decidetogowiththenewslides,andcut couple ofourcharts.Danielshowsusanalternativeanalysisthatmakesthe happy withwhatwe’veputtogether, buthehassomedetailedquestionsona 10:15 a.m.: bringing justonedirectoralong. hard toschedulemeetingswithaboard-levelclient,andI’mperfectlyhappy L C I A B R R A E While Danielisworkingonthedocumentchanges,Igothrough Finally timetocheckmye-mail.Ihaveabout20newmessages, Time for lunch—Jason andDanieldecidetograbasandwich,so I changeintoasuitandcatchupontheconversation.Jasonis E R R Y Days intheLife Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat stranded, sowe decidenottobringthemalong. the meetingislikelytobeconducted inGerman,whichwouldleaveDaniel possible andgivethemanopportunity topresenttheirownresults.However, to themeeting. We usuallyinvolvejuniorstaff inasmanydiscussions 5:15 p.m.: weekend. 3:45 p.m.: while theclientreallyremainsexpertoninternalpolitics. recommendations. After all,itisourmainjobtoprovidecontentandinsight, need totrusthisjudgementonhowaggressivelyweshould formulateour this. The topicswe’redealing withhavestrongpoliticalimplications,andwe rather trytoinvitediscussionandgetasenseofwherehewants togowith We decidenottodrawtoomanyconclusionswhendiscussingtheslides,but likely tohaveabout45minutes,andheprobablywon’t havemanyquestions. 3:00 p.m.: time. It’s aconvincing“story”andhastherightlevelofdetail. 2:30 p.m.: version ofthedocument. that weshouldmeetoutsidetheclient’s office at5:30.Imailhimthelatest make surewe’reontrackforthemeeting.Iconfirmthateverything’s fineand 2:00 p.m.: unreasonable deliverables. ground withclientsandprojectdirectors,makingsurenottocommit complied with. This requirescarefulplanning andoccasionallystandingmy to avoidinglonghours,anditislargely myresponsibilitytomakesurethisis client caneasilyresultin18-hourdays.Ourcompanyisstronglycommitted than 50to55hoursaweek,buttheoccasionalcrunchorhiccupfrom That’s thenatureofthisjob—whenthingsgoasplanned,werarelydomore providing uswithdata,sotheresultislikelytobesomelatehoursnextweek. about ourprogress. The systemspeople havebeenpredictablyslowin a coupleofweekstogetthereportingupandrunning,soI’mbitworried find asolutionthatdoesn’t produceundue additionalworkload. We onlyhave deliver. Iaskhimtodiscussthiswiththeclient’s systemspeopleandtryto need togetacoupleofextradatafieldsproducethereportswewant been doingoverthepastcoupleofdays. We’re broadlyontrack,thoughwe 1:00 p.m.: performance. In anycase,I’mhappythatRichardagreeswithourassessmentofhis Daniel hasfinishedtheedits. We gothroughthedocumentonelast I sitdownwithRichardtogetanupdateonthedatabaseworkhe’s Jason andIsitdowntoplanthemeeting. The board-levelclientis Jason andIdiscusswhetherwe shouldbringRichardandDaniel I phoneupmytravelagenttoconfirmtripNew York next Jean-Pierre, ourmainday-to-dayclientcontact,phonesmeto www.vault.com/consulting— Days intheLife Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 167 Customized for: Kirsten ([email protected]) 168 MBA-level StrategyConsultant ABC PharmaceuticalsinCleveland. The requestisforclarification on a shaving, Ilookthroughane-mail fromRolph,myengagementmanagerat 6:10 a.m.: time. Airport securitydelays[post9/11] havebeenterrible,soItoallowmore important clientmeetingat1p.m.nearCleveland,anda7:30 a.m.departure. calculate theamountoftimeIhavetogetairport. Ihaveavery 5:45 a.m.: Boston andworksinthepharmaceuticalindustrygroup atthefirm. management foralarge healthcare provider. Presently, Danresides in consultancies worldwide.Before businessschool,Danworkedinoperations Boston andworksforafirmgenerallyregarded asoneofthetopstrategic Dan isa28-year-old recent graduateofatopbusinessschool.Danlives in 11:00 p.m.: 10:00 p.m.: during evenings,apolicyI’veadaptedfrommypreviousjobmanagers. computers andthelatestNickHornbynovel.Shoptalkisstrictlyoff-limits meanders throughtheMexicanelection,U.S.drugpolicy, quantum and wepickourfavoritetocelebrateasuccessfulday. The conversation for dinner. Düsseldorfhasalarge selectionofterrificJapaneserestaurants, 7:00 p.m.: due creditfortheirgoodwork. 6:30 p.m.: 6:15 p.m.: within twomonths. the otherboardmembers.Hesayshewilltrytogetadecisiononourstrategy findings andrecommendationsveryclearly, althoughthismayupsetsomeof after all.Heagreeswiththemainmessagesandsaysweshouldstateour time. Iquicklytalktheboard-levelclientthroughdocument—inEnglish 5:30 p.m.: finally putsmetosleep. five pagesmusingonthereligiousjustificationforhissinfuldesires—which German, readanotherchapterof L C I A B R R Quick debriefwithJean-PierreandJason. Jason jumpsonatrainbacktoFrankfurt,andItakemyteamout Jason andImeetupwithJean-Pierre,themeetingstartson I summarizethemeetingforDanielandRichardgivethem A E The alarmclockrings—it’s Mondaymorning,andIinstantly We moveontothe Altstadt forafewdrinks. I gohometomyflat,watchthelasthalf-hourof Checking e-mailfrommylaptop dial-upconnectionwhile E R R Y The NameofRose Days intheLife Vault CareerGuidetoConsulting , where Adso spends © 2007Vault Inc. Poltergeist in Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat but nowI’mregrettingmydecision. elected tostayattheclientsite toworkthroughtheweekend.Iwenthome, the pastweekend.Mytwocolleagues ontheengagement,RolphandJorge, wearing off, Ifeeldrowsy. Eyesshut,Ipondermydecisiontogohomeover 9:57 a.m.: 45 minutes. site by11 a.m.Justgettingtothecarrentalpickuplocationcouldeasilytake option. Icountbacktheminutesfrom1p.m. With luck,Icanbeattheclient client headquartersisinafar-off suburbofCleveland,ataxitripisnotan and confirmmyschedulefortherestofday. Unfortunately, sincethe wrap upmyworkandtakeafewmomentstocheckcarrental reservations 9:15 a.m.: off potentialambiguities. model—making changestohelpclarifythestatementofcash flowsandhead the 90-minuteflighttogglingbackandforthonpivottableinExcel open thelaptop. Time togetfocusedontheday’s work.Ispendthebodyof 7:45 a.m.: waving andkeptthedooropenafewmomentslonger. how eerilyquietthegateareawas.Luckily, aflightattendantsawmyfrantic 7:16 a.m.: check-in station. You mustalwaysusetheselfcheck-instation. 7:05 a.m.: messages thismorning. That’s nottoobadforaMondaymorning. ground againoff thesubway, Icheckmycellphonevoicemail—seven for the10-minutetransferto Terminal A. I’mreallycuttingitclose. Above 6:57 a.m.: the Marlboroughstation. cup ofcoffee fromanunderground vendorjustasthetrolleycarpullsinto isalittleslower, butalot morepredictable.Igeta is justtoorisky. The T I havelearnedfromhardexperiencethatthepotentialvarianceontraffic jams ride wouldbebettersinceIcouldopenupmylaptopanddosomework,but minute ridetoLoganairportfrommyBackBayapartment.Normally, ataxi 6:28 a.m.: it couldmakememissmyflight. statement ofcashflows. The e-mailonlytakesafewminutes,butI’mworried suitcase, Idashoff afewsentencestoexplainkeyassumptionsinthe section ofthefinancialmodelIcreatedoverweekend. While packingmy e nteT[Boston’s subwaysystem]forwhat’s normallya35- I getonthe T Whew—close one.RunninguptoGate47,Iwasdistressedsee “We arebeginningourinitialdescentintotheClevelandarea.”I h pullsuptothetransferstop—Iscurryontoshuttlebus The T Airborne afteraslightairtraffic delay, Iseizeachancetocrack On thecarrentalshuttlebuswith myearly-morningadrenaline Rushing into Terminal A, Imakeabeelineto American’s self www.vault.com/consulting— Days intheLife Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 169 Customized for: Kirsten ([email protected]) 170 photocopying. deck. Isendthedeckto assigned executiveassistantforprintingand passing outagendas.Icutand paste thelastsectionofslidesintomymaster Rolph andJorge arealreadyinthemeetingroom,gettingthingsstarted and 1:00 p.m.: minutes perslideformodifications. the largest sectionofslides—30intotal,andamproudtosetapacethree “divide andconquer”toplowthroughthemodificationstheydiscussed. Itake 11:30 a.m.: appendix intheback.“JustwhatIwasthinking,”Rolphnods. beginning andmovingmostofthemainbodypresentation toan outline aplantorevisethepresentation,addingbriefnew sectioninthe major sectionsandcontentofindividualslides.Suddenly, anideahitsme.I throughout themorning,IflipthroughPowerPointdeck,reviewing plan.” ListeningintentlyasRolphrecapsthedozenconversationshe’s had hashadachangeofheart—weneedtoadjusttherestructuring division VP a majoroverhaul,”heannounces.Jorge andIexchangeglances.“The 11:20 a.m.: final editsandincorporatingtheupdatedExcelspreadsheets. PowerPoint presentationthattheyaresettoreviewat1p.m.beginmaking 11:17 a.m.: working onispartofabroaderplantospinoff thebusinessunit. division werequestioningwhethertheorganizational restructuringthatwe’re rumorssurfacedintheindustry, andnowkeymanagersintheoperating M&A manager, attemptingtokeeptheprojectontrack. Apparently, lastweek, learn thatRolphhasspentthemorningshuttlingfromclientmanagerto 11:12 a.m.: line, Igatherthatthemorninghasnotgonewell. have materialized.Fromthenumberofmessageswith“urgent” inthesubject Logging intotheclient’s network,Iseetomydismaythat23newe-mails typing feverishlyonhiscomputer—hedoesn’t evennoticemeenter. In thecorner, Jorge, theBA-levelresearchanalystassignedtothisproject,is room 52 A, thetemporarylocationIhaveoccupiedforpastfewweeks. 11:07 a.m.: pickup atNational’s Emerald Aisle. 10:12 a.m.: L C I A B R R The 90minuteshaveflownby, butthepiecesarecomingtogether. A E Moments later, Rolphstridesin,lookingexasperated.“We need Having dividedthe58slidesintothreeparts,Rolph,Jorge andI Almost fivehoursafterleavinghome,Iwalkintoconference Finally gettingJorge’s attentionandaskingwhereRolphis,I Finally ontheroadto ABC Pharmaceuticalsafteraquickcar E R Still wonderingwhereRolphis,Iopenupthe58-slide R Y Days intheLife Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat dozen othere-mails tocolleaguescoordinate onothermatters. dedicated researchertoanalyze aclient’s surveyresults.Ialsosendabouta Research Networkin Washington, followinguponanearlierrequestfora Cleveland projectandrequesting adviceonnextsteps.Ithene-mailthefirm’s 4:30 p.m.: to Atlanta tonightandreschedulingfor Thursday. 4:20 p.m.: ourselves tocheckmessagesone-mailandvoicemail. 4:15 p.m.: be inClevelandforatleastanothertwodaysthisweek. with themanagerformyotherprojectin Atlanta ASAP. ItlookslikeIwill the week.Nomajorcrisispoints,fortunately—buthewillneed togetintouch Palm Pilottobeginidentifytherippleeffect onmyschedulefortherestof project objectives,stakeholders,structureandtimetable.Idiscretely openmy of theprojecthaschanged—notjustspecificsdeliverable,but 3:55 p.m.: next door, Rolphscrawlsanewagendawithmagicmarker. the fronttorelieveme. After directingJorge tograbaflipchartfromtheroom 1:38 p.m.: only looktoRolph. with anincreasingpaceofclientobjectionsandnewinformation,Ican deliverable” meetinghasbecomeahighlycontentiousworksession.Faced meeting finallybogsdown—whatwasintendedasa“summaryof material andclientfacilitationskillslearnedinthepastfewmonths, 1:37 p.m.: interrupts toquestionthedeliverable. 1:23 p.m.: deliverable. directs Jorge’s efforts—I amthe“pointperson”forchangestoactual consultant whotranslatesRolph’s directionintoactionandthepersonwho the presentationslides.Danisprimary“owner”ofdeliverable. As the 1:17 p.m.: distributes thephotocopiedhandoutstogroup. time. Iplugmylaptopintotheoverheadprojectorjustasassistant of thegroupfor10minutes,givinganoverviewcurrentstatusandbuying table withthe15clientmanagersseatedbeforethem.Rolphhasbeeninfront 1:15 p.m.: I e-mailthe Atlanta projectmanager, explainingthechangesto Pushing throughthepresentationwithadetailedknowledgeof Stepping tothefrontofroom,Istartmydetaileddiscussion I getonthephonewithfirm’s traveldesk,cancelingtheflight I stepintotheconferenceroom,joiningRolphatheadof By now, allparticipantsintheroomrealizethatentirescope Recognizing thechangedclimateofmeeting,Rolphstepsto The meetingconcludes,andRolph,Jorge andIquicklyexcuse Six minutesintomypresentation,thefirstclientmanager www.vault.com/consulting— Days intheLife Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 171 Customized for: Kirsten ([email protected]) 172 IT StrategyConsultant to sleep. 11:00 p.m.: and drivethefivemilestohotel. 10:15 p.m.: spraying Lysol onthedesks.Igetaheadachebutcontinuetowork. 9:30 p.m.: project materialsforthe Atlanta project. staying at.Ikeepworking,nowturningmyattentiontoreviewingdataand and IchatbrieflyabouttheweekendhotelRolphJorge areboth 9:00 p.m.: in theweek. an e-mailfromtheSCGtraveldesk,confirmingreservationsforlater providing achoiceofseveralassistantsforthe Atlanta project. There isalso last projectmanager. There isareplyfromtheResearchNetworkgroup, last project—anopportunitytoprovide360degree(upward)feedbackonmy the reliefoflookingatsomethingnew. There’s arequestforfeedbackonmy day. Havingpreviouslyignoredthem,Iopenupthemessagespartiallyfor several administrativeitemshavepoppedupovertheweekendandduring under controlforthetimebeing,Ichecke-mailagainandmessagesagain— 7:30 p.m.: financial modelonmylaptop. day arrivesatabout6:15p.m.—IpickthelomeinabsentlyasIstare proposal withafinancialservicesfirmlocatedthere. The firstrealmealofthe for aflighttoNew York, toassistapartneronbusinessdevelopment 5:30 p.m.: deliverables andprioritizingnextsteps. of themeeting,discussingnecessarychangestoprojecttimelineand from Rolph’s flipcharts. The nexttwohoursarespentreviewingtheoutcome 4:40 p.m.: telecommunications company. Thecompanyisrevamping salestraining.Her been withthecompanyforfour years.She’s recently beenstaffedatalarge inbusinessadministrationandhas engagements. Shegraduatedwith aBA consulting Kristine isaconsultantatmajor consultingfirmwithmanyIT L C I A B R R Jorge getsuptopackthelaptopandgo backtothehotel.Jorge Rolph suggestsorderingsomefood.Heneedstogettheairport Back inconferenceroom52A,Jorge isalreadytypingupoutput Feeling likethepharmaceuticalclientproject’s deliverablesare A E I callmygirlfriend,setthealarmfor6:00a.m.tomorrowand go The cleaningcrewstopsby, emptyingthewastebasketsand Feeling verytirednow, Iopttopackitin.gettherentalcar, E R R Y Days intheLife Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat eatery. Mineisturkeyandcheddar. 12:00 p.m.: outlines forthetrainingmodules. on time—Ihaveameetingdowntownat3:15p.m.Istarttoreview thecontent 11:15 a.m.: feedback onthetrainingmaterialbynoontomorrow. member’s clientreviewer. The revieweragreestosendmetheteammember 11:00 a.m.: good news. that hestillhasn’t receivedfeedbackfromhisclientreviewer. That’s not laptop totheclientLANconnection,oneofmyteammembers informsme 10:30 a.m.: consultants totheprojectsite. 9:30 a.m.: Street Journal 8:00 a.m.: the frontofairplane. 7:00 a.m.: premier fliers—oneoftheperksbeingafrequenttraveler. every weekonthisMondaymorningflight.Iboardearlyalongwiththeother three othermembersofmyprojectandcheckoutthepassengersIsee 6:35 a.m.: tray. Imovethroughsecurityquickly. Noalarmsbeep. 6:25 a.m.: pass andheaddowntothesecurityline,laptopsmallcarry-oninhand. 6:10 a.m.: NPR. anything thatcouldhavebeenforgotten. Iaskthecabbietotuneradio 5:30 a.m.: shower thisMondaymorning—suchluxury! 4:30 a.m.: modules. Shehasfiveanalystsonherteam. role isteamleadofthedesignanddeveloperforeightweb-basedtraining At theairportIgouptoselfcheck-inkiosk.takeboarding The beveragecartwakesmeup.Iaskforcoffee andscan The flightdepartsontime. Yay! Irelishmywindowseatcloseto After aquickstopatStarbucks, Iarriveatthegate.sayhelloto At security, Iremovemylaptopfrombagandplaceitonthe I aminacabonthewaytoairport,makingmentallistof It’s Mondaymorning. Time towakeup. There’s timefora I remindtheteamof1p.m.statusmeeting.I’vegottostart it I scurry, alongwithtwoteammates,togetsandwiches atanearby I arriveatmydestinationandsharearidewithfellow At theprojectsite. As Icrawlunderneathmydesk tohookmy After checkingandrespondingtoe-mail,Icallmyteam as Idrink. www.vault.com/consulting— Days intheLife Vault CareerGuidetoConsulting with L C I A B R R A E E R R The Wall Y 173 Customized for: Kirsten ([email protected]) 174 10:30 p.m.: closet. The alarmclockissetto6:30a.m. 9:15 p.m.: 8:30 p.m.: back tothehotel.Istopbyalocaldinerforquickdinner. 7:00 p.m.: the clientandmymanagerforreview. 5:45 p.m.: mail. 4:45 p.m.: project. We allsketchoutthecoursestructureonawhiteboard. could becoveredinthemodulesthathavebeenagreedtoscopeof training modules.Ipolitelysuggestthatpartoftheadditionalsubjectmatter should beorganized. The associatewantstoaddseveralmoreweb-based courses. Hecallsinacloseassociatewhohasopinionsonhowthecourses 3:15 p.m.: 2:40 p.m.: downtown. 2:00 p.m.: on howtoobtainthefeedback. difficulty obtainingfeedbackfromtheirclient reviewers. We allbrainstorm he orsheexpectstocompletethatweek. Two otherteammembersarehaving project manager. Eachmemberdiscusseswhathasbeencompletedand 1:00 p.m.: the organization. be sensitivetohowthetrainingchangesmayaffect thetrainingpositionsin department arenervousabouttheirjobsecurityandasksthattheentireteam working ataclientsiteinanotherstate.Hetellsmethatclientsthetraining 12:20 p.m.: L C I A B R R I havereviewed50percentofthecourseoutlines.It’s timetohead I completeadraftofthecourseflowinPowerPointandsenditto Back attheprojectsite.Icheckinwithmyteammembersviae- Time for a workoutinthehotelgym. Off tothe3:15p.m.meeting. I meettheheadoftrainingdepartmenttodiscuss The teamholdsastatusmeeting.Ipassonthemessagefrom I’m readyforbed.Clothesthenextdayarehangingin the A E I gotosleep. Back atmydesk,Igetacallfromtheprojectmanager, whois I finishupthemeetingandgetdirectionstomy E R R Y Days intheLife Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Conclusion management consulting.Enjoytheride! your waythroughthesometimescrazybutrewarding career thatis your nightstand,andpossiblyin Tuesday nighthotelroomasyoumake We hopethisguidebookbecomesawell-wornresourceinyourbriefcase,by yourself withafulfilling,excitingjobthatcouldlastyoumanyyears. frameworks thatwillserveyouwellinyourbusinesscareer. At best,youfind fits you,butyou'vespentsomevaluablehourspracticingcaseinterviewswith recruiting process,theworstcasescenarioisthatyoudon'tfindaposition once youactuallyhaveajoboffer infrontofyou. After goingthroughthe path itself,soyou'llhavemoreclarityaboutyourinterestlevelinconsulting The applicationprocessturnsouttobeagreatwaylearnaboutthecareer you powerfullytogoafteranotherjobthatdesperatelywantlateron. Consulting jobsopenuplotsofdoorsforpost-consultingjobs,positioning the fenceaboutjoiningworldofconsulting,erronsidegoingforit. that consultingcertainlyisn'tforeveryone.Oursuggestionisifyou'reon These prosandconstradeoff differently fordifferent people,whichistosay career move. right role,youcanpositionyourselfwellforgraduateschooloryournext and benefitsaregenerousrelativetomanyotherbusinessjobs. And withthe with someextremelybright,inquisitive,andenergetic colleagues. The salary likely morethanyoucouldinanyotherfield. As aconsultant,youwillwork general business,analytical,andindustryknowledgeinjustafewyears— field togetinto.Ontheotherhand,youcangainanincredibleamountof within ashortperiodoftimecanbegrueling. And it'sanotoriouslydifficult wear youdown. The pressureofproducingtop-notch,error-free deliverables Management consultingcaninvolvedemanding,longhours. The travelcan www.vault.com/consulting— Days intheLife Vault CareerGuidetoConsulting with L C I A B R R A E E R R Y 175 Customized for: Kirsten ([email protected]) GUIDE CARE CONS insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat APPENDIX www.vault.com/consulting— with Customized for: Kirsten ([email protected]) Customized for: Kirsten ([email protected]) Industry Buzzwords insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat large amount ofdata. Boiling theocean: asked tosolvealogicproblem. Brainteaser: it). presentation (calledblankbecauseitdoesnotincludedatauntil analystsinput Blank slide: against thoseofothercompaniesintheindustry. Benchmarking: Consulting Group. Also calledagrowth-sharematrix. matrix: BCG employed, or“ROCE”[pronounced“roachy”].) (The typicalmeasureofprofitabilityforthisgraphisreturnoncapital graph showsthatthehighermarketshare,profitability. Bananagram: learning andgrowth. four perspectives:financial,customer, internalbusiness processes,and organization’s visionintoasetofperformanceindicatorsdistributedamong Balanced scorecard: B2C: B2B: computers. access toapplicationsthatwouldotherwisebelocatedintheirown (ASP): Application serviceprovider APD: around: Here isashortrundownofsomethosewordsthatconsultantsliketothrow were unawaretheyevenpossessa“skillset”(thoseareaswhereyouexcel). their lingowhileconversingwiththelayman,imposingpaniconthosewho The consultingindustryusesmanybuzzwords.Consultantseasilylapseinto Business-to-business. Business-to-consumer. Advanced professionaldegree(e.g.,JD,PhDorMD). consultinginterviewquestioninwhich thejobseekeris A Initial sketchonpaperforaslidetobeusedincase graphshowingprofitabilityvs.relativemarketshare. The A portfolioassessmenttooldevelopedby The Boston A Measuring avalue,practiceorotherquantity(suchascosts) When aprojectteamfindsitself facedwithanimpossibly www.vault.com/consulting— conceptualframeworkfortranslatingan A companythatoffers itsclientsonline A with L C I A B R R A E E R R Y 179 Customized for: Kirsten ([email protected]) 180 called a“case”or“project.” Engagement: Chairman OritGadiesh.) favorite ofBain other 80percentofyourtime mightnotbeworthit.(A 80/20 rule: from ahigh-level(big-picture)view. Drilldown: team. Also knownasa“deliverable.” Deck: DCF: field serviceandmarketingautomation. CRM usuallyfocusesonsalesforceautomation,customerservice/call center, gathering methodsusedtocollectinformationaboutaclient’s customers. relationship management(CRM): Customer important atthetime. consulting language,thetermreferstoonlythoseworktasksthataremost order toproducethedesiredresult. This isthecriticalpath.Ineveryday eliminate thesetasks,thereremainsthecoresetoftasksthatmustoccurin away, theydonotdirectlyimpacttheendresultofbusinessprocess.Ifyou maintenance oftheprocessoradministrativeandbookkeepingissues. Taken process consistsofaseriestasks.Somethesetasksarerelatedto Critical path: competencies. believe acompanyshouldenteronlythosebusinessesthatarepartofitscore Core competencies: word haspickedupcurrencyintheUnitedStates. Consultancy: a periodofsignificantchange(suchasmerger, downsizingorrestructuring). Change management: analysts. composed ofonepartner(ordirector),consultantandtwoormore Case team: then implementingtheleaner, moreefficient process. business processes,eliminatingunneededor“nonvalue-added”tasks,and Business process reengineering (BPR): Discounted cashflow. The presentvalueofafuturecash flow. reportdetailingclientissuesandrecommendations fromtheproject A L C I A B R R A Getting 80percentoftheanswer in20percentofyourtime. The E Asking questionstogathermoredetailaboutasituation,usually E teamworkingonaconsultingprojectforclient;usually A R R Y typicallyEuropeantermfor“consultingfirm,”though the A consulting assignmentreceivedbyaconsultingfirm;also A termfromoperationsmanagementtheory. Everybusiness A The areasinwhichacompanyexcels.Consultants servicewherethefirmhelpsacompanycopewith A Appendix: IndustryBuzzwords Vault CareerGuidetoConsulting The processofreviewingaclient’s termthatreferstothedata- A © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat expect. consulting teamwillfocusits efforts andwhatresults the clientshould ofproposal (LOP): ofintent(LOI)/letter ofengagement(LOE)/letter Letter thing. steepcurveisagood information orindustryknowledgeneededforacase. A Learning curve: space, Internetconnections,supportstaff). development ofnewcompaniesbyprovidingcertainservices (e.g.,office Incubator: advice itgivestoaclientcompanyisenacted. Implementation: investment exceedsthehurdlerate,companyshouldmake theinvestment. Hurdle rate: a desk. know theyneedtoworkonsite,calluptheoffice nearestthemtorequest assigned permanentoffices—just avoice mailextension. Whenever they on site.Consultantsmovearoundsomuchthatinsomefirmstheyarenot Hoteling/hot desking: “helicoptering.” situation ingeneraltermsorasanoverviewofasituation. Also knownas High-level view: market foraparticularproductorservice)usingbasiccalculations. job seekerstomakeaneducatedestimateofsomething(oftenthesize Guesstimate: over timebytheocean. a granularlevel,itisbitsofrockandshellmatterreducedtofinegranules Imagine ahandfulofsand. At ahighlevel,itissimplyhandfulofsand. At Granularity: 100th unit’s cost). production (e.g.,acompany’s 200thunitofaproductcosts75percentthe company’s costsdeclinebyroughly25percentforeverydoublingin production increases.Oneassumptionusedbyconsultantsisthata Experience curve: streamline departmentsordivisionsofacompany. Enterprise resource planning(ERP): salespitchtoapotentialclientthatlaysouthowand on whata A placeorsituationthatencouragestheformationand A Refers tothebasicelementsthatmakeupabusinessproblem. company’s costofcapital.Ingeneral,ifthereturn onan A typeofconsultinginterviewquestion.Guesstimatesrequire A Also referredtoasa“50,000-footview.” Itdescribesa The processbywhichaconsultingfirmensuresthatthe The rateatwhichaconsultantacquiresbackground The principlethatacompany’s costdeclinesasits www.vault.com/consulting— systemusedtoassignspaceconsultantsworking A Appendix: IndustryBuzzwords Vault CareerGuidetoConsulting with Processes orsoftwarethathelp L C I A B R R A E E R R Y 181 Customized for: Kirsten ([email protected]) 182 ideal. metric shouldneverbemorethan sixstandarddeviations(sigmas)fromthe performance. The termcomesfromthenotionthatacompany’s performance Six Sigma: organization attheexpenseofhorizontal(interdepartmental,etc.)ones. Silo: shareholder value. primary goalofconsultantsinundertakingmostengagements istomaximize value: Shareholder aspects ofaproject. Scope creep: financial elementsandoffice locations. to headcountreductions,butcanapplyplants,processes,technology, restructuring theelementsofacompany. This ismostoftenusedinreference Rightsizing: operations andpractices. a completeoverhaul(andusuallydownsizing)ofcompany’s strategies, Reengineering: consulting frameworkknownasPorter’s FiveForces. Porter, Michael: Pigeonholing: recruitment, accountinganddocumentprocessing. processes commonlyoutsourcedincludepayroll,dataprocessing, within acompany, oftenatalowercostandwithbetterresults.Examplesof Outsourcing: Out-of-the-box thinking: usually declinesignificantly. This expressionoriginatedatMcKinsey. On thebeach: stuck overnightwiththispersonatO’Hare Airport, wouldIhavefun?” O’Hare test: investment orundertakingaproject. most commonmetricusedtoassesstheprofitabilityforaclientofmakingan Net present value: The tendencyofafirmtoemphasizeverticalrelationships within the L C I A B R R A E E R Also knownas“downsizing”—justakinder, gentlertermfor testusedbyinterviewerstoassesspersonalityfit.“IfIwere A processusedbyconsultants tomeasureacompany’s A R Y Hiring anoutsidevendortoperformatasknormallyperformed When clientsfindthemselvesoverlyinvolvedintangential Usually referstoaconsultant’s becomingoverspecialized. h iebtenasgmns hncnutns workhours The timebetweenassignments,whenconsultants’ largely discreditedfadoftheearly1990s,whichadvocates A foundingprincipalofMonitorGroupandthefather A The sumofaseriesdiscountedcashflows. This isthe The totalnetwealthofacompany’s stockholders. The Creativity. Appendix: IndustryBuzzwords Vault CareerGuidetoConsulting © 2007Vault Inc. Customized for: Kirsten ([email protected]) insider firm profiles, messageboards, theVaultConsulting Job Boardandmore. Visit theVaultConsulting CareerChannelat Writing adeck new geographicmarket). a newproductline,licensinganexistingbrandortechnology, orenteringa an areainwhichitcurrentlygenerateszerorevenue(forexample, launching White spaceopportunity: White paper: Work plan: venture. held businesses)wherethefundedentityisanew, early-stagebusiness Venture capital: value toapreexistingproductorwayofdoingthings. Value-added: obsolete businessmodelstonew, moreeffective designs. Value migration: increase shareholdervaluefortheclient. Value-based management: known as“sinkorswim.” promoted withinacertainperiodoftime(usuallytwotothreeyears). Also out: Up or defects. producing aproductorserviceofthehighestquality, withzerotolerancefor Total qualitymanagement(TQM): consumer. Supply chain: creditors oremployees. situation. Mostcommonly, thestakeholdersinacaseareshareholders, Stakeholder: promotionpolicythatrequiresconsultantstoleaveafirmifnot A scheduleforcompletingaconsultingengagement. A reportwhosegoalistoeducateconsumersonamajorissue. A personwhohasastakeintheoutcomeofparticular A Used todefineaserviceorproductinmarketplacethatadds The meansandprocessofphysicallydistributinggoodstothe : Preparingslidesforpresentationstoclients. particularformofprivateequity(i.e.,inprivately- A The flowofeconomicandshareholdervalueawayfrom www.vault.com/consulting— An opportunityforacompanytomakemoneyin consulting strategywhoseultimategoalisto A Appendix: IndustryBuzzwords Vault CareerGuidetoConsulting with Management withthepurposeof L C I A B R R A E E R R Y 183 Customized for: Kirsten ([email protected]) 184 About theAuthors of ChicagoGraduateSchoolBusiness. is a1996graduateofHarvardCollegeand2001theUniversity also theco-authorof The methodologies. Inhissparetime,heisanactivesinger/songwriter. Ericis problems forU.S.andinternationalclientsusingdecisionanalysis consultancy basedinPalo Alto, California.Hespecializesinsolvingstrategy thrilling runmanagingprojectswithStrategic DecisionsGroup,aboutique to acareerinmanagementconsulting.Ericcontinuesenjoylongand theoretical physicsmajorincollege,Ericisnowapplyinghisanalyticalskills Eric Chung: Chicago GraduateSchoolofBusiness. graduate ofDartmouthCollegeanda2001theUniversity consulting skillsinthestartupworld.Lauraisa1995summacumlaude and EriccurrentlyliveinPortland,Oregon,whereLauraisapplyingher is alsotheauthorof The person energy economicsboutiqueanda 50,000-person generalistfirm.She consulting experienceina500-personhealthcarestrategyboutique,100- science applicationsforthelifesciencesindustry. Previously, shegained management consultingfirminBoston,whereshespecializedmarketing Chung: Laura Walker L C I A B R R A E E R R Y Having spenthischildhoodasaquantjockandlater Vault Career GuidetotheEnergy Industry. Vault GuidetotheConsultingCaseInterview. Laura wasformerlyapartnerinboutique © 2007Vault Inc. Laura He