Because an earlier article on investment banking versus consulting was so well-received, I decided to write another one on sales & trading (aka S&T).

In general, both S&T and management consulting are great career options. They’re both meritocratic, well-compensated, and have better lifestyles than investment banking.

They both provide optionality if you decide to choose another career.

Two disclaimers:
1. My experience was primarily in equity derivatives trading, so this is a mashup of personal experience, anecdotes, and feedback from friends and former colleagues.
2. There are exceptions to every rule. I’m trying to make a point, not writing a scientific paper

What are the biggest differences?

1. Lifestyle – S&T wins

Sales & trading wins because their hours are fixed, and generally no travel is required. On a sales desk, you can expect to travel a bit to see clients, but it’s not comparable to spending 3 months in Dearborn, Michigan on an insurance turnaround project.

Now to the details.

Location – generally S&T is centered around a few hubs (New York, London, Hong Kong, and San Francisco). When you start a hedge fund, you’re more than welcome to pick any city, but until then, if you’re serious about sales & trading most likely you’ll be in one of those 4 cities. Consultants are located in more cities so you have greater flexibility in where you want to live and where you can relocate while staying in the same industry.

Travel – consultants travel more frequently and for longer durations. While this is all expensed and you’re generally comfortable, it’s a fact of life unless you’re at a boutique like Slalom or are senior enough to pick your engagements (and even this is only partially true).

There is some degree of travel in S&T, particularly if you’re on a sales desk, an international desk, or working at somewhere like a hedge fund or prime brokerage company.

Hours – S&T has better, and more structured, hours. Consultants do not work significantly longer hours, but the nature of it is more unpredictable, there’s more weekend work, and it does not get significantly better over time.

S&T is more similar to investment banking – as you become more senior, your hours can get better because much of the work can be delegated to junior folks.

It is also dependent more or less on market hours – so when the market closes, much of your work is done (especially if you’re market making, flow trading, etc).

This can be a downside, however – you can’t just ask the markets to close for 2 weeks so you can take that Thai beach vacation

2. Compensation – S&T wins

In general, S&T is compensated better over time, particularly at the top. This is because compensation is directly tied to the bottom line – if you’re making your company a ton of money, you can expect to be paid accordingly. The connection in consulting is looser.

S&T is compensated similar to investment banking – a respectable base salary, and a large annual bonus.

As a trader, you can expect to start around the low 6 figures, and hit 7 figures 5-7 years into your tenure (please see disclaimers above). In sales, the timeframe can be longer to hit 7 figures, depending on the type of security you sell (eg, bonds, foreign currency, derivatives) and the type of firm you work at.

While the difference isn’t pronounced in your early years (eg, after college, after MBA), it can be quite substantial as you become more senior. Top traders like Jim Simons (generally, those at hedge funds and prop shops) can make hundreds of millions – your most senior BCG partner won’t even come close.

*The median in both industries is probably comparable – I’m simply noting the outliers

Your perks in consulting (eg, expensed meals, sponsored parties, schwag) are better – but that’s also because you spend more time in the office and more time traveling.

Your benefits in consulting (eg, healthcare, retirement) are also better – for example, I haven’t heard of anyone in S&T getting automatic contributions to their 401(K). I’ve also seen S&T healthcare benefits at Goldman Sachs and McKinsey’s is definitely better.

3. Exit Options – Consulting wins

Consulting comes out the clear winner here – they simply have more flexibility to jump into entirely different industries and career functions (eg, government, non-profit).

I’ve explained exit opportunities from consulting before, but let me cover sales & trading a bit.

From S&T, your most likely exit options will be:

• Hedge fund
• Private equity
• Intra-firm (eg, moving from sales to trading, from market making to proprietary trading, from one security to another)

You may have a few more options if you’re on the sales side of the business – for example, you could join a prime brokerage (basically, a broker for hedge funds).

*This doesn’t include the options available to anyone (eg, business school, starting a company)

4. Skillsets – Consulting wins

Consultants learn more varied skills than S&T.

The incentives are simply different – in S&T, you’re rewarded for becoming an expert on a very specific thing (for example, fixed income interest rates in European countries) and doing that over and over as you make a ton of money.

In consulting, your goal is to acquire a broad set of skills that make you a good business leader (although, in my opinion, lacking on the execution side). This includes everything from content knowledge (eg, knowing the latest developments in the automotive industry) to process knowledge (eg, knowing how to lead teams and influence clients).

In addition, consulting firms provide more formal training (both pre-job and on-the-job) and more educational resources (eg, dedicated communications coaches, online and in-person classes).

S&T has a strong informal on-the-job training ethic, but this is highly dependent on the desk, the firm, and your boss/team culture.

5. Culture and People – Consulting wins

Both #5 and #6 are very subjective and personality-dependent, so I’m appealing to the “average person”.

On average, the people who work in consulting tend to have stronger interpersonal skills and more diverse backgrounds.

On average, the culture at management consulting firms is more employee-friendly, more tolerant of mistakes, and puts more effort into cultivating an enjoyable working atmosphere.

On average, people tend to enjoy working with their colleagues in consulting better and have more positive things to say about their firm culture(s).

6. Type Of Work – Toss-up depending on your personality

This is partially covered in #4.

In consulting, your day can vary widely – there is no easy way to predict a typical consulting day (even though I tried, hah!). Everything from your hours to projects to people you interact with vary on a daily basis.

In S&T, your day is fairly structured – click here for a good rundown of a typical S&T day. Your hours are the same, the people you interact with don’t vary significantly, and the type of work you do is consistent (for a trader, that’s identifying and executing transactions; in sales, that’s building relationships with clients and handling their requests).

Now that you know the major differences, are you more or less interested in consulting?

If you’re a current sales or trader, what’d I miss?

Comment away!

Here’s a checklist that you should run through before any consulting interview. 80% of the advice applies across industries and job functions as well. Happy reading!

Long before the interview…

1) Start case prep NOW. Not tomorrow, not in a week, start it NOW. Remember, the case can be more than 50% of the final “score” that will determine your candidacy. Here’s a general outline of how to prepare:

• Get your hands on as many different cases as you can – both books like Case In Point, websites like www.caseinterview.com, as well as online materials and resources (you’d be amazed at how valuable the websites of university consulting clubs can be).
• Run through them ideally with a consulting-interested friend, but if one isn’t available, practice by yourself. The key to good independent practice is to answer the question first, and THEN look at the real answer. Try to recognize patterns – is your answer always missing an analysis of the company’s internal situation? Do you always forget to discuss strategy in the context of competitors? Then make a mental note NOT to forget that.
• Simulate actual case interviews as much as you can. The timing is critical – both how long your answers are, and how much time you should spend asking questions versus providing responses. Ideally, you’d practice then with a consultant who has experience in this area – but if not, a sharp friend will do. I’d even suggest getting a stopwatch, and looking at the length of your responses. If you’re over a minute, for 99% of answers – you’re too long.

I will be uploading some very valuable, and free, case prep resources that I’ve managed to discover across the internet, and that kind readers have shared with me. Stay tuned!

While some people think that the case can be 100% of the decision – and while this percentage will vary by firm and by office – generally the behavioral component is equally important. Especially because, at the end of the day, the vast majority of people will miss at least SOME part of the case – and when it comes to deciding between all of these people, what do you think the interviewers will base their decision on? Resume. Personality.

2) Setup informational meetings and phone calls with as many current and former consultants as you can. This is invaluable for many reasons:

• It helps with networking. If they’re impressed with you, they will be self-motivated to send a strong recommendation to HR. They may put you in touch with other consultants for more practice and advice. Etc.
• It helps with industry and job familiarization. The more you know about the job, the lingo, the challenges, the pros and cons – the better you will do in the behavioral interview. And the more that you hear about REAL cases and REAL problems, the more you’ll understand about the case interview – and what consultants are truly looking for in responses (hint, it’s all about things that will really move the needle).
• It helps you personally. Many people get into consulting for the wrong reasons, which is a post in and of itself, but meeting consultants will give you a great feel for the types of people you’ll work with, their personalities, and help you make a decision about whether its the right path for you.

Immediately before the interview…

3) Practice in front of a mirror and with friends. Each has its own benefits. The mirror allows you to fix awkward facial expressions, poor body language, etc. The friend gives you live feedback and is closer to the actual interview dynamic. Volume and pace are important – don’t talk too fast (it’s natural when you’re nervous) and don’t compensate by speaking too loudly.

4) DRESS NICELY. Wrinkled shirts = do not think ahead = unable to plan workstreams = poor team member. Misshapen tie-knot = lack of friends able to do you a favor = poor social skills = poor team member. Dress nicely for men typically means a suit with tie and clean dress shoes. Same expectations for women. No cologne for men, very, very light perfume for women.

EXTRA CREDIT if you wear brands that are most closely in line with the firm’s popular dress labels. Some of you may think I’m taking this too far, but ignore the jobless naysayers. For consulting, Brooks Brothers is a great bet. Half the consultants wear it. At the very least, you’ll show up looking professional. It can’t hurt.

5) Do not OVERDRESS. Had a colleague who went to investment banking interviews in an extra-long European-style suit, with a vest and loud tie. It screamed fashion guru, not banking analyst. Wear standard, muted colors – gray, white, and light shades of blue are your friend. Some may think that standing out is a good thing – but don’t push the envelope too far. Ask me if it’s appropriate.

6) Scan the news in the morning. Business consultants (read: your target audience) are very well read on the latest business news, and have a more than cursory understanding of politics and international affairs as well. At the very least, know the key issues of the moment. For example, you’ll look idiotic if you go into an interview today without being able to talk about the subprime and financial crisis for a minute or two.

EXTRA CREDIT if you bring up something interesting you read that morning to kickstart the interview or work it into the conversation:

“I’ve lightly traded a personal portfolio for the last couple years, but recently most of my tech stocks haven’t done well…and I just read today that Apple released the iGod 3000, which has helped me recover some losses I suffered in these last few months’ chaos.“

7) KNOW YOUR RESUME BACK AND FORTH, UP AND DOWN – it is one of the few things that you completely control so know what the heck it says! I remember attending post-interview review sessions where interviewers would recall applicants mixing up the dates for their previous jobs, extracurriculars, and so forth. At best, you look forgetful. At worst, you’re suspected of fabricating your record. So know it well, know what you wrote in it, and be ready to give 30-, 60-, and 2-minute run-throughs of it. Which brings me to my next point…

EXTRA CREDIT if you refer interviewer directly to a line in your resume:

“If you look at my resume under the Company X internship, I increased their billing data accuracy 25% by redesigning their online forms.“

Further reading: 10 key consulting interview preparation tips

During the interview…

8) …have your resume handy, and ask if the interviewer would LIKE A COPY. An interview is not the time to be shy – most people bring their resumes but just keep them hidden in their padfolios. Bring it out and offer them one – it shows you’re proactive, and if they say no, you’ll have it in front of you if you need to refer to it

9) Project great energy. This one is HUGE. I. Cannot. Underestimate. Its. Importance. Most interviewees are nervous, shy, and stone-faced. Would you want to spend upwards of 12 hours a day in a tiny room with someone like that? I think not. You’d want to spend those 12 hours with a person who is upbeat, enthusiastic, cheerful, and has great energy. It’s important not to overdo this, of course – but from my experience that’s not the problem most candidates encounter. How do you do this? Simple – smile a lot. Project when you communicate. Use hand gestures and display great presentation skills. Maintain eye contact, and lean forward just slightly. Laugh a little – at yourself, at a joke – to help you (and the interviewer) relax. Even the most experienced interviewers can be a little tense when asking questions, and realize that they’re in the same boat. Help calm the situation for both of you, and you’ll be way ahead in the game.

10) Prepare and ask smart follow-up questions. 99% of the time, you’ll be allowed 5-10 minutes to ask questions of the interviewers. Have 2-3 good questions ready, and no, “Why did you choose management consulting?” does not count as one. Here are a bunch of great followup questions you can ask:

• What’s been the most difficult client issue you’ve faced?
• Do you consider post-[insert current job here] options and if so, what are they?
• If I got this job, what advice could you give me to help me get off to a fast start?
• If I were interested in (insert industry, geography, function here), how could I really get experience in that area?
• What would you say are the most common mistakes that new hires make?
• Which project has been the most (challenging/exciting/engaging) for you?

There is a lot more DURING THE INTERVIEW content that I will write about in later posts. All business consulting firms have a FIT INTERVIEW (e.g., do you have the right personality traits to be successful at our company) and in consulting, there is also the CASE INTERVIEW (e.g., can you solve problems that are CliffsNotes versions of our actual job).

After the interview…

11) Ask for a business card, ask if you can email them with followup questions, and then ACTUALLY FOLLOW-UP. I’ve found that especially in consulting and corporate (less so in finance), people are eager to talk to you and typically accessible. Ask them for FEEDBACK. Thank them for their TIME. Ask them to point you to others who have more expertise in a particular topic of interest to you (for example, if you’re really interested in non-profit consulting, ask them to point you to someone who could speak to that firm’s non-profit consulting opportunities). This keeps the interviewer engaged with you, and leaves an impression of someone who’s both interested and proactive. Two qualities that definitely HELP in landing a job.

12) Ask your interviewer to give you DETAILED FEEDBACK. Why? Because this feedback – both the pros/cons, strengths/weaknesses – will influence the style and content of your future interviews. If your first interviewer mentions that you had no problems with the fit/personality questions but really struggled with the market sizing calculations, you can bet that the second interviewer will focus on your quantitative chops.

Readers often ask whether you can ask for feedback if you don’t pass the first round. This is typically rare, unless you established a good connection with your first round interviewer. Why? The simple answer is time. There are too many first round interviews, and needing to provide feedback for each would require an enormous undertaking. This is why I highly recommend that you ask for some feedback right after the interview, while you’re still in the same room and the experience is fresh. 9 times out of 10, your interviewer will be happy to help.

13) Remember a few INTERESTING FACTS from your interview. Facts like the interviewer’s name, office, background. Facts like the conclusion of your particular case study, or the setup for a tricky brainteaser. Why? Because when you get your second round interview, it’s GREAT to bring up those facts with your interviewer. Not only is there a chance that they’ll know the first round interviewer, but discussing these things make you look sharper and more familiar with the firm. Establishing a connection with your interviewer OUTSIDE OF THE INTERVIEW ITSELF is a KEY DIFFERENTIATOR in helping you land the offer.

Thirsty for more? Get The Consulting Bible – our 92-page interview guide that helped consulting applicants land offers at BCG, Accenture, and McKinsey in a recession economy.

Click here to buy it now and start landing consulting jobs!

The thought has crossed the minds of almost anyone breaking into consulting:  Should I get an MBA first? Or should I do 2~3 years in consulting and then get an MBA? Is an MBA degree even necessary? If I already have an MBA, how can I leverage that? Is consulting a stepping stone to business school, or is business school a stepping stone to consulting?  We’ll cover these questions, and more, in this and upcoming articles.  (Disclaimer:this article is not meant to criticize the value of  MBA programs; rather, the focus is on evaluating fit for MBA programs given one’s goals)

Breaking into consulting with vs. without an MBA

You’re at a crossroads in your life, and you know you want to take the next step. You know that you’re interested in consulting, but you’re not sure if you can break in with your current credentials, and you think an MBA might help.  What do you do?

For 80% of job-seekers, I would offer the following advice: apply to consulting firms right now. Just as some people mistakenly think consulting/finance is usually necessary for an MBA or alternative program like an MBA online, some people mistakenly assume that a top ten MBA is usually necessary for consulting. Most people with a few years of work experience can find some way to explain how their past accomplishments relate in some way to business or consulting.

Get started by doing the following things:

• Update and perfect your resume and cover letter.
• Create a list of 20-25 consultancies that you’d love to work for, with notes on each one. You can start with a ranking such as the Vault Top 50 Consulting Firms and researching each firm; but keep in mind that rankings aren’t everything.
• Create a 3-column table in Word or Excel for brainstorming.  In the left column of the table, create a list of traits that make good consultants (e.g. leadership, teamwork, analytical skill) Then, in the middle column, write out in specific detail 1-3 accomplishments or experiences that demonstrate each trait, including results and what you learned. Finally, in the right column, write down a potential situation you might encounter as a consultant where you could leverage the experiences described in the middle column.  This brainstorming session may help you convince yourself and recruiters that you are already suitable for consulting, even without an MBA.

Moreover, experience in a certain field (e.g. IT or healthcare) means you can try to join the relevant specialized industry practice of a large consulting firm or even a boutique consulting firm specializing in that industry.  If you have a strong academic or analytical background, consider applying for a research analyst position within a consulting firm to get your foot in the door.

Most large consulting firms like McKinsey and Deloitte have dedicated research groups that support client service teams – while this may not be your ideal job, it can be a good transitional role while gaining exposure to how the industry works. Finally, consulting firms hire people mostly for their demonstrated traits and skills, which are more important than past affiliation with any organization. Have you lead teams and demonstrated success in doing so? Have you pursued challenging problems and shown measurable results? You need to be good at telling your story to reflect those traits and skills.

Another key point: many people don’t realize that they can pursue a high-paying and fulfilling job with great training and advancement opportunities outside of McBain Group.  There are great consulting firms out there looking for people with skills and personality traits like yours, especially if you write a great resume and cover letter and ace the interview process.

If you are still obsessed about prestige, consider that 2 years working at a top 50 consulting firm is an excellent springboard for applying to a top 10 consulting firm. This springboard may be even better than an MBA and you will also be over $200,000 richer than if you had gotten an MBA.

Finally, consulting firms often offer MBA-like training.  McKinsey sends many of its non-MBAs to a 3-4 week mini-MBA boot camp to learn the most important tools and concepts. In 1993, 61% of new McKinsey recruits had MBAs, but that number is now down to less than half, which demonstrates that McKinsey believes it quickly train non-MBAs to be consultants. You should research the training opportunities at a firm if that is important for you.

If you are reading this right now, that means you are likely already more motivated and qualified than most to apply to a consulting job.

The conclusion is simple: in most cases, if you are considering a consulting job, it is best to apply now.

The worst thing that could happen is you use up a few dozen hours and end up being much more knowledgeable about consulting firms. The experience can even help you evaluate your true interest in consulting.  Additionally, assuming you didn’t do anything rude or unprofessional, firms will see your commitment if you re-apply later on.

What would be the other 20% of candidates?

In some cases, it actually may be better to get an MBA first if:

1. You have more important long-term goals besides consulting (e.g. starting an international trade company) and your own assessment shows that you need the MBA to serve those long-term goals.  For many people, however, long-term goals are unclear and therefore not factored into consideration much. How to perform such an assessment is outside the scope of this blog.

2. You are extremely passionate about learning the management theory that an MBA has to offer, whether or not you will use it. (i.e. you love learning for learning’s sake even if it’s really expensive) Many MBAs comment that they only apply a portion of what they learned toward their actual consulting jobs.

3. Your previous experience is utterly removed from the corporate world (e.g. you spent 2 years writing a novel about unicorns)

4. You’ve already applied to 15 consulting firms and got rejected from all of them, even after writing a great resume/CL and properly preparing for interviews. (For the vast majority of our readership, I would be surprised if this happened.)

5. You feel that your past experience would qualify you to get into a top 10 business school but not a top 25 consulting firm. (e.g. you spent 2 years successfully fighting AIDS in Africa and you have a 760 GMAT score)

Getting an MBA is really expensive, and real-world experience usually trumps theory, so you should be very sure you need an MBA before you apply.

MBA admissions and consulting

OK, so let’s say you are still set on getting an MBA. Some people think of the relationship between the top business schools and the top consulting firms as a revolving door, i.e. people from McKinsey get into Harvard Business School, and people from HBS get into McKinsey.  Well, that’s true to an extent, but it’s not quite that simple.

Although business schools see consulting as great work experience, schools also try extremely hard to achieve a balanced, diversified student body.  This means that, even if hypothetically a third of a school’s applicants are consultants, there is no way the school is going to let a third of their study body be ex-consultants, which implies a lower acceptance rate than average applicants for consultants in this situation.

INSEAD (which sends roughly one-fifth of its students into McKinsey, BCG, and Bain every year) has once stated “We’re hoping the [number of students from consulting backgrounds] does not increase any further.” That even a consulting talent powerhouse like INSEAD wants to limit their consulting students shows just how much business schools value diversity.  (As a side note, you can see from the placement statistics that INSEAD and other schools may actually be a better choice than Harvard for breaking into consulting.)

This produces the paradoxical situation of consultants wishing they had some “unique work experiences” and non-consultants wishing they had consulting experience when applying to b-school.  What should you do? Easy: stop worrying.  Focus your time on improving your application and telling your life story better instead of spending time worrying about whether or not you have consulting experience.

It is impossible, and also pointless, to estimate just how many consultants are applying to a school on a given year.  If you are a not a consultant, focus on business experiences and explain how an MBA combined with your past experiences can make you a great business leader in the future.   If you are a consultant, focus on why you are more accomplished and more well-rounded than other consultants.

I’m currently a student with little or no work experience, and I’m interested in consulting.  Is it too early to apply to MBA programs?

The short answer is yes.  It will be extremely hard to get into an MBA program with little work experience (except for the unique Harvard 2+2 program) and you may not have the experience necessary to judge if you really need an MBA. In almost all cases it’s better to get some actual work experience first, whether it’s consulting or not.  If your grades, major, or school reputation makes it hard to enter consulting, try to accumulate specialized knowledge in another field while taking on business responsibilities (like team leadership).

How much of what you learn in business school actually helps in consulting?

This depends a lot on the school/curriculum you choose. Each firm will train you anyway with the management frameworks and tools that you will need, and that training will be more directly relevant.  That being said, if you choose your school and curriculum well, you could develop new perspectives to approaching business problems, and you can also improve your general teamwork/leadership skills, which always helps.  More on this in the next post.

I’m already a consultant. Do I still need an MBA?

If you want to return to your current firm, this answer depends on the firm.  For many firms, no.  How can sitting in a classroom and talking about business problems teach you more than working on those problems directly?  For other firms, an MBA is recommended for most consultants aspiring to more senior positions, since they will benefit from an expanded network and enhanced perspectives on business problems. You should observe the system of promotions in your firm and talk to your colleagues who have done an MBA before. As an example, CapGemini and Booz & Co. promote non-MBAs more readily than Bain and BCG. The answer also varies by region; for example, the Japan and Germany offices of global consultancies tend to have less MBAs among the top ranks.

If you want to change to another consulting firm, an MBA may make sense if you are targeting a firm that is much more selective than your current firm or a firm that places heavy emphasis on MBAs.  Given your previous consulting background, an MBA is usually unnecessary unless you are dead-set on a small number of certain firms.

In our next post, we’ll address how to choose the most suitable MBA program for a consulting career, as well as provide advice for current MBAs to maximize their educational experience and chances of landing the ideal management or strategy consulting job.

About the Author:

The author of this article is a long-time team member of Management Consulted and has extensive experience in consulting and at bulge-bracket investment banks, including interviewing MBA applicants. He has requested anonymity to protect his employer.

People make fun of consultants constantly for their lingo. Whether justified or not (I will restrain from turning this blog into too much of a soapbox), it’s important for anyone interested in the industry to understand SOME of the terms (because as an applicant/interviewee, the last thing you want to happen is for you to mention how much you love consulting and for the interviewer to ask you what being “on the beach” means)

As good coders code and great coders reuse, I came across an excellent post from a fellow blogger, Benjamin Tseng (who currently works at a Big 3). It’s reproduced in near entirety below (see original post), with two tweaks:

#1 I’ve split the terms between those that are “good-to-know” for potential applicants (with my rationale in yellow boxes) and the rest, which are useful only “if-you-have-too-much-time-on-your-hands”

#2 I’ve added links if there are any terms/concepts that relate to previously written posts

As an interesting aside, I once assumed that while consulting lingo existed at every firm, each firm had unique phrases for many of the concept. Thus after reviewing the terms below, I automatically thought Ben was a fellow McKinsey consultant. This was not the case, and it goes to show the degree of commonality in day-to-day that you will encounter regardless of firm. Remember that, prospective consultants!

The “good-to-know”:

boil the ocean: to embark on an apparently impossible, wasteful or fruitless task, usually preceded by an exhortation not to, as in: “Let’s not boil the ocean here, an 80/20 should be enough”; this term suggests that the amount of effort to be expended is not worth the potential payoff

Interviewers may bring this up to suggest that you reduce/focus your analyses – take hint that you’re either thinking about way too many things, or thinking way too broadly about the problem at hand

development opportunity: a weakness, flaw or shortcoming that should be rectified, usually by the subsequent suggestion

Pay close attention when interviewers/recruiters/anyone mentions this phrase and work to correct the problem (eg, “I think one development opportunity for you is to develop more succinct responses to questions about past work experience”)

directionally correct: essentially wrong

Don’t feel encouraged. You’ve got a long way to go in getting the right answer

on the beach (term not included in Ben’s post but added here): a consultant with no dedicated project(s). being “on the beach” rarely indicates free time (much less beach time); rather, being “on the beach” will indicate that for an undetermined period, you will worry constantly about your next long-term project while you’re shuttled from one short-term assignment to the next

Just know what it means. Integrate into comments casually if you want brownie points (eg, “I’ve heard from consulting friends that many have been on the beach recently”)

view from 30,000 feet: a very high-level, preliminary or cursory look at a particular situation, often used to suggest that pertinent details are inappropriately glossed over; however, one never speaks of the view from, say five or six feet, which might be more appropriate given the average height of a human being

Depending on context, interviewer either a) doesn’t have additional details, b) wants you to provide additional details, or c) wants you to provide a summary/high-level answer

The “if-you-have-too-much-time-on-your-hands”:

at the end of the day: a phrase used to attempt summarization, introduce an air of finality and perhaps close off certain avenues of discussion; since most consultants’ days do not end with the setting of the sun, at the end of the day most of them are still working

bandwidth: capacity, free time, ability to do (additional) work; generally used to indicate that speaker cannot or would not prefer to do additional work, as in: “I don’t think I’ll have any bandwidth this Friday”

buckets: categories; this is the extent of this word’s definition, so it remains a mystery why people choose to employ the former term; also used as a transitive verb to mean “categorize”

buttoned-up: to indicate that a particular piece of work or analysis is comprehensive, accurate and capable of withstanding close scrutiny; this is an example of opposite terms with identical meanings

buttoned-down: see buttoned-up

buy-in: agreement, support; it is unclear why “buy-in” has come to supplant these terms, as no actual purchasing occurs

circle back: to follow up with indicated individuals at a later point in time, usually to review progress on the current topic of discussion; this phrase is somewhat redundant, as it is impossible to trace a circle that does not connect back with itself

crisp: an adjective indicating that the referenced work or analysis is thorough and complete, perhaps by gastronomical allusion to food that is fully prepared; it is duly noted that crisp objects, while ostensibly finished, are also far more brittle and prone to shattering

granular: a detailed level of abstraction; often used in the context of increasing the fineness of the analysis, as in: “We need to get more granular here”

hands: often prefaced with “client,” indicates the interpersonal skills of an individual in relation to a particular group of people, as in, “That manager sure has great client hands”

hard stop: used to indicate that after the time indicated, the listeners are on their own, because the person stating that they have a hard stop sure isn’t going to be around to help after then

hope you’re doing well: a generally well-intended but insincere interpolation used at the beginning of most voicemails to replace the standard pleasantries that would be present in verbal communications; use of this phrase does not indicate actual interest in the well-being of the recipient; also found with alarming frequency in electronic mail

key: critical, essential, required, important, central; the key analysis is generally the linchpin; often used as a noun, and with such frequency that its significance has been diluted, since everything is now “key”

let me play this back: said when the listener wants to refract and color the conversation through his or her own perspective, under the pretense of reviewing the transcript of what’s been said; in this manner the listener can pretend he or she is a tape recorder

low-hanging fruit: the initial opportunities, areas of exploration, etc. that are easiest to cover; intended to evoke visual imagery of fruit-laden trees, suggesting that much remains beyond the lowest boughs; syn. quick win

provide color: a directive that translates roughly to “This is perhaps the most boring thing I have ever read, with the possible exception of certain lengthier legal disclaimers, and even then it’s pretty close”; this bit of jargon is nevertheless somewhat of an advance, since, back in the early days of consulting, people were encouraged to provide black and white

push back (verb form) or pushback (noun): formerly the sole domain of airplanes leaving their gates, this term is now used to indicate resistance and/or disagreement, without actually using those terms; this phrase attempts to avoid any negative connotations of controversy

quick question: the answer will be anything but; bizarre since the adjective “quick” is intended, by implication, to be transferred to the answer to said question and does not necessarily have any bearing on the length of the question

rock star: an individual whose performance in a given area or success at specific endeavors is highly impressive, unique and/or admirable; this appellation is generally used sparingly; although the term is sometimes used frivolously to express purportedly extreme gratitude, as in: “Thanks for picking up my mail for me, you’re a rock star”

sea change: in between lake change and ocean change

sniff test: as in evaluating food for rancidity, this term is used when gauging the viability or reasonableness of a particular analysis; var. smell test

space: a market, arena, field of endeavor, or general area, not to be confused with the area beyond Earth’s atmosphere; use of this term usually adds nothing in the way of descriptive value, as in “I don’t think there will be many opportunities in the technology space”

straw man: a humanoid comprised entirely of the dried above-ground stalks of any of a variety of grasses; also, a construct presented purely for the sake of argument, with the implication that it is not designed to withstand repeated attacks

take the lead on: a clever phrase often used by more experienced consultants when they wish to delegate a menial task, as in: “Why don’t you take the lead on putting together this document,” which may translate to, “I’m lazy and probably not smart or energetic enough to work on this, so go do it”; often appears in utterly irrelevant settings, as in, “Why don’t you take the lead on making dinner reservations for the team,” a manifestly silly request, since one is asked to “take the lead on” something which doesn’t require leadership of anyone and on which they will certainly be working solo

takeaway: in other settings a British term referring to carry-out food, here this word has been transmogrified to indicate the salient point that should be retained upon the conclusion of the discussion, often prefaced with key

to be transparent: in indication that what follows will be particularly revelatory, although it often is not especially so; the troubling implication of this usage is that the speaker has heretofore been opaque

value-add: quite simply, that value is added, mashed into a hyphenated noun form

wordsmith: to make trivial or generally unnecessary edits to text that may only subtly change the meaning, if at all; incorrectly implies that one is a craftsman on the order of a blacksmith or goldsmith; sadly, wordsmithing rarely involves the deletion of jargon

I’m sure there are many more – feel free to leave comments below!

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