Welcome All Future Management Consultants – Favorite Posts, Link Roundup, and Reader Questions

We hit 900 subscribers today – thanks everyone! I wanted to take this time to welcome new readers, share a few of my favorite consulting-specific reads from around the web, and answer a few reader questions.

The second part of the live networking podcast with Brian from Mergers and Inqusitions will be coming shortly. While we didn’t get much feedback on the first session, what we did hear from readers and commenters was positive. If you have any questions, don’t hesitate to contact me directly!

Favorite recent posts

International Management Consulting 101 – we discuss what it’s like to work in an overseas management consulting office. Everything from recruiting to lifestyle, daily work to client relationships.

Points and Per Se: Management Consulting Perks – discover the non-salary benefits of a life in strategy consulting, including laptops, expense accounts, and Starwood points.

Berkeley undergrad who received Navigant and FTI Consulting offers – our interviewee shares insights on recruiting from a large public university, and his thoughts on the relative merits of Navigant Consulting and FTI Consulting

10 Steps to Sizing and Estimation Questions – an oldie but goodie. From my interview sessions these days, it’s apparent that many of you are uncomfortable with sizing/estimation questions and the assumptions-based arithmetic in tackling these problems. Read closely if you’re interested in breaking in!

Great reads from around the consulting blogosphere

The new Booz & Co to acquire Katzenbach – I distributed this via Twitter several weeks ago. Originally reported in ConsultingMag.com. Pretty big news in the strategy consulting space!

From Consultant Insider – thoughts on why you should go to business school. I think #1 and #2 are particularly high on my list!

From the Killer Consultant – a 2-part series on how you should manage client relationships. Critical reading for new consultants. Part 1 here. Part 2 here.

Mentioned in Marquis’ Weblog – a link to a great post on LinkedIn and how to use it to find jobs. Original source here. My own guide to doing this is still in the works.

From Steve Shu’s blog – a crash course reading list for new consultants. Rain Making is on my reading list.

A few reader questions

“I’m a recent graduate (have been in industry for 2 years). Is there a bias in recruiting, if I can still do the standard on-campus recruiting, against people who have already graduated as opposed to current students?”

In short, not really. Several years of work experience – assuming you’re comfortable looking for the same analyst/associate-level positions – is generally a plus during the recruiting process.

Recruiters and consultants will wonder two things:

1. Why you wish to do strategy consulting now – what changed your mind over the last several years

2. Did you produce good work in your most recent job – what results did you show, what skills did you develop, what responsibilities did you handle

It can be possible to be pigeonholed as “unsuitable” for consulting if you have extensive work experience in niche/non-relevant areas (eg, accounting), but generally speaking, a few years of work experience post-undergrad will only serve to help you in the campus recruiting process.

“I’ve been in strategy consulting for a West Coast boutique consulting firm for 3 years now, and an contemplating a move into corporate strategy (for a Fortune 500 consumer goods company). Any thoughts on the respective differences between the two?”

This is a great question – something I’d like to write a full post on eventually.

Off the top of my head, here are some key differences:

1. In corporate strategy, you serve one client (the CEO and his/her C-level team). In strategy consulting, you serve multiple clients in multiple industries

2. In corporate strategy, you work with the same team (as is true of most corporate environments). There are pros and cons to rotating teams in strategy consulting, but I really enjoyed that diversity

3. In corporate strategy, you’ll have a thinner talent pool. You may be lucky to work with a strong strategy team, but you can bet that the operating/finance/administrative folks you interface with will be much more variable along the capability scale.

4. In corporate strategy, travel is reduced. There are exceptions, of course – but travel should be no more than 25% of your day-to-day unlike management consulting travel.

5. In corporate strategy, you’ll have more clearly defined daily and long-term responsibilities. This depends on the company and the particulars of your position, but corporate strategy folks are often responsible for both project-based and recurring work (eg, setting benchmarks and doing performance analytics). Strategy consulting work is inherently more variable – each project is a completely new beginning.

Stay connected:

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Tagged as: consulting links, consulting news, management consultants, reader questions

http://filiplempa.tk FL

Keep up the great work Kevin! I’m ready for new helpful posts!
Kevin

FL – thanks! Look for part 2 of our networking podcast this week, and I have a few posts in the works.
Traveler

I think there’s a nuance to the first question, whether there’s a bias against ppl with 2 years of experience. There are two types of firms. Some smaller firms hire only experienced people because they don’t run big training programs and/or don’t have the brand name to get top talent through on-campus hiring. These folks welcome consultants with ~2 years of experience.

The top-tier firms are likely to tell you to go back and get an MBA and apply through on-campus recruiting them. They occasionally make exceptions, like for ppl who did Teach for America, but there definitely is a bias since they assume they saw you on campus 2 years ago.
Kevin

Traveler – that’s a great point. It definitely varies by firm size, and even by specific firm.
http://thematurationofshane.wordpress.com/ Shane

Hey Kevin -

Good to see that you’re working hard on the blog. I’ve been away for the past few months but I’m catching up on old posts now.

I had one question for you. How early should one start on the case interview questions? I have the opportunity to start working on practicing the case questions this semester but I am targeting firms for Summer 2011. Are the cases something I should be practicing for a lengthy period of time, or should I dedicate one month to an all out case review?
Kevin

Shane – great to hear from you! Hope all is well on your end, too.

The easy answer here is: never too early. The harder answer is: at least 2-3 months before the interview window.

It’s never too early because the more case setups that you see, the more hypothetical responses that you practice, the more comfortable you will be in recognizing patterns, appropriate answers, the right questions to ask, and so forth.

Email me directly if you have any questions about this, I’m happy to help.
Jason

Kevin

Your website is a great resource. Keep up the good work.

I graduated with a BS in Engineering in 2008. During recruiting season, I discovered management consulting. However I was unable to progress in on campus recruiting because of my 3.2 GPA.

Part of the reason I didn’t perform well partly at school was that I did not have a particular goal in mind. That’s different now. I have been working in my technical field for a year, however I find myself often thinking about consulting.

My plan is to go to for an MBA to make that transition. However, given my GPA and inadequate work experience I’d have razor thin chances at my dream schools. I’ve been itching to go to back to school. Could you please give me some ideas about some non-MBA master’s programs that have decent placement in consulting?

[I've thought about going for an MS in engineering or engineering management from an ivy or ivy-like. I've also considered economics and public policy which would give me breadth.]

What do you think? Thanks in advance.
James

Kevin, keep the posts coming!

This summer I’m interning at one of the ‘highly sought after’ (as recruiters say) offices of MBB. I have questions that relate specifically to my experience, and any advice is greatly appreciated!

1. In terms of hours worked per week, what is the most / average / lowest one should be expected to encounter at MBB (including traveling time) for a full time BA/AC? As interns the work week has been relatively manageable – no more than say 12 hours a day, and most days it’s about 10 and no weekends. I wonder how realistic this is.

2. As much as I like the type of work / environment of the office I’m at, I am sure that I would like to try a different office (also a flagship office in high demand) in the US for full time. Do you have any advice on how I should approach recruiters / supervisors with this topic? I have personal and professional reasons but not sure how direct I should be. I plan on having the conversation after the internship, is this the right plan of action?

3. Recruiters from the other MBB firms have kept in touch with me – what are good ways to keep the relationship going throughout the summer? If I get an offer from my current firm, I have heard from those a year ahead of me that the other MBB may expedite the fall recruiting process to accommodate an exploding offer of sorts.

Thank you!
Kevin

Jason, I would focus on the quality of the institution. If you can get into an Ivy League school, access to their on-campus recruiting can make all the difference. Beyond that, I have no specific recs re: non-MBA grad programs. Good luck!
Kevin

1. It varies by project and office. Expect 60-65 with fluctuation up to 80 for short periods.

2. That’s a good approach.

3. Email them midway through to update them on your thoughts, and also as the internship is wrapping up to “begin the process” if you’re still interested in a potential transfer
J

Kevin,

I bought the Consulting Bible and thoroughly enjoy it. Good work! Worth every single penny I have spent.

Quick question: I am an undergraduate, looking at Bain’s practice case 1 and they seem very foreign to me even though I can handle Cosentino’s CIP with relatively ease. Is this a sign of big trouble?
Kevin

J, thanks for your comment. As for Bain’s practice cases, they can seem very challenging (similar to McKinsey, BCG, etc). What you really need to worry about is that you have the right approach to each question (think frameworks, think structure, think asking the right questions) and the right attitude when attempting to solve the case. Try not to worry too much about the actual content of each case, because there is simply too much variation out there to be able to prepare for each “type” of case. Hope that helps, feel free to email me if you have any other questions.
justaconsultingreject

I applied for a McKinsey & Company summer associate position. They turned me down, with the line “Unfortunately, we do not have a position available that would best match your experience and training with our needs. Should the situation change, we will contact you.”

I have two questions 1) does anyone ever get contacted later on when their “needs change?” (or is just being polite?) 2) what does this mean for apply to consulting companies–especially McKinsey–in the future. Does anyone ever get hired for a full-time position without getting a summer associate position? What typically needs to change in the credentials for that to happen??