Capture Consulting Offers Consulting Prep Workshops Session 2: Consulting Industry Overview February 21, 2017 1 Capture Consulting Offers – Workshop Dates Session Date Topic / Outline Consulting Preparation Kickoff • Interview preparation roadmap 1 Jan 31 • Case preparation • Experience interview preparation Consulting Industry Overview and Engagement TODAY • Firm overviews 2 • Networking + Elevator Pitch Feb 21 • Business Etiquette Get the Interview: Resume Deep Dive • Fine-tuned resumes for consulting McKinsey Insight and 3 Mar 7 • Best-in-Class resume elements Bridge to BCG • Resume evaluation applications typically Get the Interview: Key Messages, Essays, and Cover Letters due EARLY APRIL • Key messages 4 Mar 21 • Big 3 Questions • Essays / Cover letters (Tailored to PhD/post docs) Get the Offer: Experience Interview Deep Dive • Resume walkthrough Apr 4 • Story matrix 6 • Telling powerful consulting stories (SOAR) • Key consulting interview questions 7 Apr 18 Executing Successfully: Bring all Pieces Together (and Wrap0p) Case Workshop • Case solving approach, key business theory, solving frameworks ✪ TBD • Case practice • Ongoing case preparation 2 REMINDER Find Workshop Materials at: www.archcareerpartners.com/uchicagogcc 3 Today’s Agenda ① Importance of Firm Knowledge ② Universe of Consulting Firms ③ Firm Deep Dives ④ Networking + Elevator Pitch + Business Etiquette ⑤ Wrap-up / Q&A 4 Firm Deep Dives Why is learning about te background of te firms important? ① Targeting: Job Search Strategy ② Interview Prep: ¤ Why consulting ¤ Why you ¤ Why firm ¤ Experience Questions 5 Importance of Firm Knowledge Job Search Strategy 1 Consulting vs. Consulting “only if” 2 3 4 Firms Positioning Geography • Generalist vs. • Consulting only or specialty also industry roles • Office choice • Industry, function • Plan A/B/C Firms • U.S. vs. • Align/position to International • Focus vs. broad firm organization 6 Importance of Firm Knowledge Interview Preparation To get an To get an offer interview Networking Case Study Interaction Experience Resume Contribute to Questions Cover Letter Fit One word: Essay RIGOROUS Questions Other Firm (other firm- Specific specific elements) 7 Importance of Firm Knowledge Interview Preparation (cont.) Firm Research Case Preparation Experience Preparation Mocks Phase 3 Phase 2 Phase 1 Strategy / Positioning à B3Q’s 8 Capture Consulting Offers Universe of Consulting Firms 9 Universe of Consulting Firms Many More Firms To Explore The universe of consulting firms is large! • Accenture • Clerestory • Infosys • Samsung Global • AlixPartners • The Chartis • KPMG Strategy • Altman Vilandrie Group • The Keystone Group • Schlumberger • Aon Hewitt • Civic Consulting • Kurt Salmon Business Consulting Consulting Alliance • LEK Consulting • Siemens • Arthur D. Little • Crowe Horwath • Marakon Management • AT Kearney • Deloitte • Mars & Co Consulting • Bain & Company • Edelman • McKinsey & Co • Simon-Kucher and • Blue Ridge Partners Management • Mercer Partners • Booz Allen Consulting • Monitor Deloitte • Slalom Consulting Hamilton • Ernst & Young • Navigant • Stax • Boston Consulting • Fidelity Business • Ocean Tomo LLC • Strategy& (now Group Consulting • Oliver Wyman PwC) • Blue Ridge Partners • First Annapolis • The Parthenon • Waterstone • Bridge Strategy Consulting Group (now E&Y) Management • BTS • Genpact • Point B Group • CapGemini • Gillum Strategy • Promontory • West Monroe • Campbell Alliance Partners • Prophet Partners • Capitol Consulting • IBM • PwC (includes • Wipro • Clarion • IDEO Diamond/PRTM) • ZS Associates • Claro Group • IMS Consulting • Roland Berger …and there are many more out there. 10 Universe of Consulting Firms Analysis of Chicago Booth Hiring (2016) 8 Consulting Firms make the majority of FT hires – 80%+ Prior Year Firm FT Difference Intern McKinsey 35 26 9 BCG 23 21 2 Bain 15 10 5 Accenture 13 8 5 PwC Strategy& 10 6 4 Deloitte Consulting 9 14 (5) AT Kearney 5 9 (4) Cornerstone Research 4 N/A ~4 Subtotal 114 94 20 84% 61% Total Consulting 135 154 11 Universe of Consulting Firms: Overview Groups Firms “Pure” Strategists Large: Boutique: • AT • McKinsey • Arthur D. Little • LEK • MonitorDeloitte Kearney • PwC/Strategy& • BTS Consulting • The Parthenon • Bain • Roland Berger • Bridge • Marakon Group (E&Y) • BCG Strategy • Mars & Co • Stax • Gillum • Keystone Internal Consultants • Fidelity Business Consulting • Siemens Management Consulting • Samsung Global Strategy Diversified Services Business: Technology- • Deloitte • Oliver Wyman base: • IBM • E&Y • PWC • Accenture • Slalom Consulting • KPMG • CapGemini • West Monroe Partners • Genpact • Wipro • Infosys Functional Specialty • Aon Hewitt Consulting (HR) • Mercer (HR) • Blue Ridge Partners (Revenue) • Navigant (Expert services) • Cambridge Group (Growth) • Prophet (Marketing, Brand, Innovation) • Edelman (Brand, Org, Corp) • Simon-Kucher (Marketing, Sales) • IDEO (Innovation, Design) • ZS Associates (Marketing, Sales) Industry Specialty • Altman & Villandrie (Tech) • Kurt Salmon (Fin Services, Retail, Healthcare) • Booz Allen Hamilton (Gov) • IMS Consulting (Life sciences) • Capitol/Civic Consulting (Gov) • Promontory (Fin Services) • Clarion | Chartis (Healthcare) • Slumberger Consulting (Energy) • First Annapolis (Payments) • Waterstone Management Group (Tech) Experience-based • AlixPartners • Point B • Crowe Horwath 12 Universe of Consulting Firms: Your Focus Hypothesis: MBA hiring is the dominant focus for consulting firms OR IS IT?? ¤ More than half of the consultants at McKinsey & Company do not have a Master of Business Administration degree, a share that is up sharply from a decade ago. Some 20 percent of Boston Consulting's new hires in the United States fall into the same category this year -- four times the level in 1995. Other firms are following suit. -New York Times, October 2000 ¤ A consultant who helped oversee MBA recruitment at his firm agreed: “95 percent of our intake is from the top-five business schools. –HBR, October 2015 13 Do Your Homework! Each Firm is Different. 14 Capture Consulting Offers Firm Deep Dives 15 Firm Deep Dives Group: “Pure” Strategists (Large) Firms Bain & Co BCG McKinsey & Co Their work • Help clients make • Customized • Trusted advisor better decisions solutions • World-shaping • Create results • Create lasting client impact • Pragmatic, competitive • Network of leaders holistic, enduring advantage • Management • “Our clients • Agents of change – insights outperform the business and • Shape the world market 4:1” society • Distinctive, lasting, • Private Equity • Innovation substantial • Delivering value improvements • Make clients more • Governments capable • Non-profit Key • Passion • Curiosity • Achieving characteristics • Problem solving • Path finding • Problem solving to shape TMAY/ • Results delivery • Impact • Personal impact Big 3Q’s/EQ’s • Ability to Lead • Leadership • Leadership • Entrepreneurial Drive 16 Firm Deep Dives: Compare/Contrast Firm Leadership Definition Bain & Co • Looking for all-rounders — independent thinkers who thrive as part of a team. • Works with, and develops, some of the worlds' top leaders with the capacity not only to contribute to teams, but to lead them and our clients' organizations to change. • Demonstrated leadership, whether through work, school or extracurricular activities, frames your application in a favorable light. Boston • A path is useless unless you can lead others to it. Can you persuade with facts Consulting and with empathy? Can you bring traffic to the road less traveled? Group • We see teams as a means not only to solve problems but to lead. • Enjoy intense interaction among junior BCGers, senior partners, and clients. Here leadership is not tied to hierarchy or experience. • Your voice and ideas are valued regardless of your tenure. And your reward for arguing and implementing your ideas? The leader you become in the process. McKinsey & Co • The ability to take people forward and act as a catalyst for productive teamwork • Recognize that different people lead in different ways; appreciate diversity of gifts that make some people capable of inspiring others to rally behind them. • We help create positive change within client organizations—and our own. • Some say we are a leadership factory based on the CEOs, entrepreneurs, politicians, and social-change agents we develop. (Cite 300+ CEOs are alumni) 17 Firm Deep Dives Group: Diversified Services (Business) Featured Firms Deloitte Oliver Wyman PwC Their work • World’s largest • Part of Marsh & • Combination of PWC, management consulting McLennan and affiliated Diamond, PRTM – now firm with Mercer Booz & Co • Areas: Human capital, • Optimize business, • Help organizations works strategy and operations, improve operations and smarter and grow faster and technology risk profile, accelerate • End-to-end services • Disciplined improvement organization • Turn strategic insights initiatives marked by performance into operational realities powerful leaps and • Specialized industry and by bringing a mix of breakthroughs functional expertise strategic, functional and • Acquired Monitor • Rigorous methodologies technical professionals • Agenda-setting research • Leverage deep industry • Non-profit fellowships – expertise offer externship with Kiva • Practical approach (micro-lending organization) • ~3,500 consultants What they look • Know about Deloitte • Ability to hold a • Embrace a challenge • Can look at business conversation • Comfort in ambiguity for problems from all angles • Appreciate healthy