Brian and I have agreed to record a live discussion answering your networking questions.

Here’s how it’ll work:

• Comment below with your most urgent question(s) about networking and the job search process
• Brian and I will choose the top 10-20 questions
• We’ll record a live audio discussion of our answers – tackling both finance and consulting
• We’ll post that mp3 on both sites in about a week (May 11 onwards) along with a text transcript

This means we need your questions! Feel free ask us anything networking and job search-related.

To get you started, here are some hot topics that people have been asking us lately:

• From boutiques to Bain: How to “upgrade your firm” by meeting the right people
• Firm events and mixers: How to stand out and make the right contacts when you only have one shot
• Recruiters and gatekeepers: How to build relationships and make sure your resume gets reviewed
• Backup plans B, C, and D: What to do when recruiting and lateral hiring fails, and how to keep your contacts warm for when the economy improves

Please comment below with your questions. We’d like this session to be a mix of beginner’s and advanced networking topics.

If you have a burning question that is not networking related, go ahead and comment anyway. We’ll probably throw in a few responses to non-networking questions for variety’s sake.

After our recruiting talks from last year, this is our first live discussion.

If all goes well, we’ll expand the format to other topics (eg, conquering interviews, editing resumes, experienced hire recruiting).

Looking forward to it!

*After a recent Q&A answer regarding LinkedIn, many of you emailed to ask for an extended tutorial on how to best use LinkedIn for the job search process. Expect a detailed post (may even publish it as a free ebook!) in the next few weeks and thanks for your continued feedback!

Stay connected:

Most readers of this site have heard of Mergers and Inquisitions (M&I). In fact, many of you probably discovered Management Consulted through it – that’s how big its become.

Why 100,000 readers a month can’t all be wrong

Brian’s the driving force behind M&I, a former investment banker, a fellow Stanford alum, and a good friend.

Since its inception, M&I has become the most informative source on recruiting for and working in banking. Not only does he provide an insider’s perspective on the industry, he clearly knows what he’s talking about. After all, not everyone can explain private equity recruiting in 2,550 words.

Why you should head over to Mergers and Inquisitions after reading

If you’re at all interested in finance, you’ll understand that modeling skills are a critical component of breaking into and surviving the job. To a lesser extent, those same skills (especially the resulting familiarity with Excel) are useful for consultants.

It’s an impossible skill to learn by yourself. You need someone to teach you, and then you actually need to get hands-on experience.

There are many financial modeling courses out there. Wall Street Prep. Training The Street. They’re expensive, boring, and – having been through one myself – you’ll forget what you’ve learned before the day’s over.

Brian’s just developed a training program that will make them all very, very nervous.

It’s not public yet – the official release date is set for April 20. But I’ve had the opportunity to examine the course. I feel guilty saying this, but I was just the slightest bit jealous that he’s built something this sophisticated.

Without giving away too much, the product uses a series of videos to teach critical financial concepts in Excel from the ground up. Brian shows you how to build models, step-by-step, and he knows what he’s doing. The actual Excel files are included for viewers to follow along with each step, and there’s a support system for getting every conceivable question that you have answered.

It’s clearly helpful if you want to break into finance. But it’s also helpful for prospective consultants – because let’s face it, you can’t get very far in management consulting without a comfortable understanding of financial concepts.

Have you heard consultants complaining about their 90-hour weeks? Those are the same consultants that have no idea how to walkthrough a DCF. I guarantee it.

Run, don’t walk, over to M&I and view the videos – you’ll understand

To prepare for the launch, Brian has created a series of videos explaining everything – how it all started, product details, and more. Sign up for the announcement list to access the videos. It’s free and you can unsubscribe at any time.

Click here to check out a demonstration video.

Just a few more days before it launches on April 20. Sign up that week to get a discount – pricing details will be announced tomorrow.

I’ve never promoted a third-party product until today. I wouldn’t be doing so if I didn’t think it’d be worth 100% of your time, and 1000% of the price you’ll pay.

Hint: it’s absurdly low and I’ve told him that repeatedly but lucky for you, the guy won’t listen.

Head over there now. You’ll become a WACC wizard in no time.

Coming soon: What separates great from mediocre consultants; Perks of the management consulting lifestyle

Stay connected:

The key takeaways for lazy people are:

• Networking is everything – focus on a few quality channels and be proactive
• Spread your net wide – you can’t afford to be picky
• Have a Plan B but be careful that you don’t cut off future options

That said, here is an abbreviated version of our talks. Note that some of this content is from Mergers and Inquisitions.

We’re no longer in the boom years of 2004-2007

Consulting hiring has been deeply impacted. From firm-wide hiring freezes and layoffs (eg, Accenture) to reduced hiring at the Big 3, recruiting is not as easy as it used to be.

However, in the words of Jim Cramer – there’s always a bull market somewhere. Consulting firms focused on corporate restructuring are doing well in these times, and big firms such as Bain and BCG are building their expertise in these areas.

In addition, there are significant regional differences in hiring – but I’ll get to that below.

There are several things you can do to set yourself apart and break into consulting

The key here is to be proactive, rather than reactive. To get yourself in front of people, instead of waiting for them to recruit you. Even the strongest candidates with big brand names on their resumes and 3.9 GPAs aren’t guaranteed interviews, much less offers.

There are a few areas to help you standout in consulting recruiting:

1. Spread your net wide – consider all boutique consulting firms that recruit. After all, strategy consulting experience is much better than technology consulting if you want to break into MBB
2. Consider all geographies – large metropolitan markets like New York are always tough, but near impossible in these times. Look to international markets like Dubai and East Asia. If you can overcome language differences and don’t mind the travel, you stand a better chance
3. Consider adjacent jobs in corporate America and even entrepreneurship – particularly if you’re looking at summer internships

Finally, network, network, network. This is an area where few do well. I’m a believer in 80/20 – so look at your primary channels including:

• School alumni networks
• Family and friend networks – be open about what your goal is!
• Work networks

Network skillfully. See here for some more networking tips. Use the Law of Attraction to your advantage by being open about your goals to anyone and everyone.

I, like many of you, used to think networking was annoying. I didn’t do much of it. I thought it was fake and superficial. But it played a huge role in getting me to McKinsey. Don’t overlook it

Some companies have learned lessons from the last recession, but all of them are getting hit by the markets

Remember when the tech bubble burst? It was painful for companies, their employees, and new recruits. Offers were rescinded, people were fired, everything was a mess.

This time around, companies want to avoid those same mistakes. After all – who wants to recruit for a company that took away job offers and summarily fired people without warning?

Some companies have attempted to adopt hiring policies that look beyond this recession. They want to invest in people for the future, and not worry about cyclical drops in demand now that may leave them suffering from a staff shortage in 3 years.

But let’s face it. The vast majority of firms have cut hiring. BearingPoint even filed for bankruptcy protection.

You’ll need backup options.

Have a Plan B, C, and D…but be careful when pulling the trigger

Everyone has different passions – you may think this is the perfect time to go to Japan and teach English, or pickup surfing in Hawaii.

Be careful – too much time off, and you may never get back on the management consulting track if that’s your goal. It’s tough because no one knows when markets will recover – but if we learned anything from the last recession, we know that the pain won’t disappear immediately.

Business school is a bad idea without work experience. Consider a Master’s program at a top institution instead. It buys time, you learn something you’re interested in, and you get another chance at recruiting.

Anecdote: a friend of mine was unsuccessful recruiting for MBB at Stanford. She enrolled in a Yale master’s program, re-recruited, and received offers to all 3. Masters programs can be a great option, but don’t do it for the sake of recruiting alone

Lastly, consider long-term ramifications of your decisions. If you pursue marketing or accounting, it may be difficult to get back on the strategy consulting train. Entrepreneurship is another option – but unless you’re obscenely successful, you may need to go back to school if you want to work at Bain.

I encourage people to think about their 5-year plan. Does management and strategy consulting play a clear role? If not, start pursuing your longer-term dreams now. If it does, then follow my advice above, continue recruiting and networking, and you’ll get your chance. You can also contact me if you need more extensive help

Like what you’re reading? Subscribe to my RSS feed here to learn more about management consulting jobs.

Later today, I’ll post about “How management consultants assess interviews”. For now, here are some quality reads/resources from the consulting blogosphere:

• Considering a career in consulting? Avoid these 5 stupid mistakes – from Ramit’s blog. A few factual errors but points well made
• Why Consultants? – an old post from Bnjammin’s blog that provides insight into the nature of consulting
• Jack Bauer’s Guide to Investment Banking Success – from the Inquisitor’s blog, despite the title, much of the advice applies to consulting as well (especially #2, 3, 6, 7, and 9)
• Plane Etiquette Refresher – from the Crazy Consultant blog
• Booz & Co enters India – no surprise here. Even in times of overall hiring downturns, specific regions are expanding quickly

Finally, I’ve been recommending this site to interview prep clients. It’s written by a former McKinsey consultant, with great FAQs and videos on how to approach and conquer case studies.

Thanks for reading! If you’re new, here are some recommended posts: The Consulting Industry 101; Investment Banking vs Management Consulting; Day in the life of a Management Consultant; Overview of the recruiting process; The Management Consulting Dictionary

Like what you’re reading? Subscribe to my RSS feed here to learn more about management consulting jobs.

I offer resume editing and live interview prep to help people break into management consulting and top business jobs. We’ll prepare you to master the recruiting process, stand out from the 1000’s of other applicants, and land multiple job offers

If you’re interested in finance and investment banking, the best article on this topic can be found here. The Inquisitor does a great job explaining how the sausage is made.

Without reinventing the wheel, this post will shed light on how consultants read resumes. There are some important differences between consulting and finance

Resume screening is identical for summer internships and full-time positions.

So who calls the shots?

With resume review, it’s a team of analysts, associates, and managers. You can bet that:

• There will be a review team of at least 3-5 persons looking through your resume independently and in groups
• Most of this team will be graduates of your school (undergraduate, graduate, and MBA)
• Final decisions are made by committee

Similar to finance, senior folks don’t get involved until interviews and offers. I’d like to think it’s because they have faith in the junior folks, but its mostly a question of time and value.

On your resume, the most respected input comes from someone who shares your background. So if you’re a Columbia engineering undergrad, a fellow Columbia engineering graduate on the review team will be looked to for insight on your GPA, student group involvement, and so forth

How does the process work?

Each member of the review team will get a pack of resumes. This can range from 50-300 resumes per member. Often, consulting cover letters are removed from this pack – yet another reason why you should focus your energies on a top-notch resume.

Consultants spend more time on each resume than bankers. 30 seconds may be par for finance, but you can expect at least a minute in consulting

One minute is still really fast. This places a premium on attention-grabbing bullets; concise, results-oriented experiences; clean formatting and styling.

After reviewing the resumes independently, the team will review each resume as a group, comparing notes and sharing insights. This is when decisions are made.

Specifically what are they looking for in each resume, and if I don’t get an interview, what could be the reasons why?

As mentioned in this post on consulting resume tips, it comes down to 3 buckets:

1. Academic success: good signs include high GPA and standardized test scores, challenging courses of study (eg, multiple majors, technical degrees)
2. Work experience: good signs include brand-name companies, jobs where you took initiative and demonstrated impact, breadth and depth of work experience
3. Leadership and entrepreneurism: good signs include founding companies and campus groups, experience leading teams

The specifics vary by company, and it’s tough to elucidate specific benchmarks or cutoffs. But your resume needs to demonstrate strength in all 3 categories to get an interview at the best firms.

If you don’t get an interview, it’s typically lack of one or more of the 3. Often, low GPA and standardized test scores (this is not an ironclad rule) are the primary factor – particularly if you have solid work experience and leadership/teamwork experience.

On borderline candidates

There are always borderline candidates – those who have one clear Achilles Heel (ahem, Ms. very low GPA), or whose resumes just lack a knockout blow. For these candidates, the group takes a closer look at your resume.

This is where a great consulting resume is the difference between getting an interview and receiving a dreaded denial

Why? Because when review teams apply a microscope, they really look to see what I’ve recommended to readers this entire time: meaningful results in your experiences that show hard-work, initiative-taking, and impact.

If review teams can see #1, your story makes you a fit for consulting, and #2, you demonstrate success in a variety of situations – you’ve got an interview.

Is there a secret waitlist?

The answer is yes and no.

Yes, because specific offices, groups, and departments occasionally need to fill a gap. And to do so, they review applicants from previous recruiting cycles who didn’t make the cut.

No, beacuse this usually happens if you make final round interviews and didn’t receive an offer. It rarely happens at the resume to first round interview bridge. But if 10 first round interviewers from your school fall sick with the flu, you may receive a call.

Click here for more on management consulting resumes

Stay connected:

I offer resume editing and interview prep. Through one-on-one sessions, I’ll help you stand out from 1000’s of other applicants and land consulting jobs