Capture Consulting Offers

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Consulting Prep Workshops Session 2: Consulting Industry Overview February 21, 2017

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Session Date Topic / Outline

1 Jan 31 Consulting Preparation Kickoff •  Interview preparation roadmap •  Case preparation •  Experience interview preparation

2 TODAY Feb 21

Consulting Industry Overview and Engagement •  Firm overviews •  Networking + Elevator Pitch •  Business Etiquette

3 Mar 7 Get the Interview: Resume Deep Dive •  Fine-tuned resumes for consulting •  Best-in-Class resume elements •  Resume evaluation

4 Mar 21 Get the Interview: Key Messages, Essays, and Cover Letters •  Key messages •  Big 3 Questions •  Essays / Cover letters (Tailored to PhD/post docs)

6 Apr 4

Get the Offer: Experience Interview Deep Dive •  Resume walkthrough •  Story matrix •  Telling powerful consulting stories (SOAR) •  Key consulting interview questions

7 Apr 18 Executing Successfully: Bring all Pieces Together (and Wrap0p)

✪ TBD Case Workshop •  Case solving approach, key business theory, solving frameworks •  Case practice •  Ongoing case preparation

Capture Consulting Offers – Workshop Dates

McKinsey Insight and Bridge to BCG

applications typically due EARLY APRIL

REMINDER

Find Workshop Materials at:

www.archcareerpartners.com/uchicagogcc

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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

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Firm Deep Dives

Why is learning about the background of the firms

important?①  Targeting: Job Search

Strategy

②  Interview Prep: ¤  Why consulting

¤  Why you

¤  Why firm

¤  Experience Questions

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•  Consulting only or also industry roles

•  Plan A/B/C Firms

•  Focus vs. broad

•  Generalist vs. specialty

•  Industry, function

•  Align/position to firm organization

•  Office choice

•  U.S. vs. International

Importance of Firm Knowledge Job Search Strategy

Firms Positioning Geography

Consulting vs. Consulting “only if” 1

2 3 4

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Importance of Firm Knowledge Interview Preparation

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Networking Interaction

Resume

Cover Letter

Essay Questions (other firm-

specific elements)

To get an interview

Case Study

Experience Questions

Fit

Other Firm Specific

To get an offer

One word: RIGOROUS

Contribute to

Importance of Firm Knowledge Interview Preparation (cont.)

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Strategy / Positioning à B3Q’s

Firm Research Case Preparation Experience Preparation

Phase 2

Phase 3

Mocks

Phase 1

Capture Consulting Offers Universe of Consulting Firms

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Universe of Consulting Firms

Many More Firms To Explore

The universe of consulting firms is large!

…and there are many more out there. 10

•  Accenture •  AlixPartners •  Altman Vilandrie •  Aon Hewitt

Consulting •  Arthur D. Little •  AT Kearney •  Bain & Company •  Blue Ridge Partners •  Booz Allen

Hamilton •  Boston Consulting

Group •  Blue Ridge Partners •  Bridge Strategy •  BTS •  CapGemini •  Campbell Alliance •  Capitol Consulting •  Clarion •  Claro Group

•  Clerestory •  The Chartis

Group •  Civic Consulting

Alliance •  Crowe Horwath •  Deloitte •  Edelman

Management Consulting

•  Ernst & Young •  Fidelity Business

Consulting •  First Annapolis

Consulting •  Genpact •  Gillum Strategy

Partners •  IBM •  IDEO •  IMS Consulting

•  Infosys •  KPMG •  The Keystone Group •  Kurt Salmon •  LEK Consulting •  Marakon •  Mars & Co •  McKinsey & Co •  Mercer •  Monitor Deloitte •  Navigant •  Ocean Tomo LLC •  Oliver Wyman •  The Parthenon

Group (now E&Y) •  Point B •  Promontory •  Prophet •  PwC (includes

Diamond/PRTM) •  Roland Berger

•  Samsung Global Strategy

•  Schlumberger Business Consulting

•  Siemens Management Consulting

•  Simon-Kucher and Partners

•  Slalom Consulting •  Stax •  Strategy& (now

PwC) •  Waterstone

Management Group

•  West Monroe Partners

•  Wipro •  ZS Associates

Universe of Consulting Firms

Analysis of Chicago Booth Hiring (2016)

8 Consulting Firms make the majority of FT hires – 80%+

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Firm FT Prior Year Intern Difference

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 84%

94 61% 20

Total Consulting 135 154

Universe of Consulting Firms: Overview

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Groups Firms

� “Pure” Strategists Large: •  AT

Kearney •  Bain •  BCG

•  McKinsey •  PwC/Strategy& •  Roland Berger

Boutique: •  Arthur D. Little •  BTS •  Bridge

Strategy •  Gillum •  Keystone

•  LEK Consulting •  Marakon •  Mars & Co

•  MonitorDeloitte •  The Parthenon

Group (E&Y) •  Stax

� Internal Consultants •  Fidelity Business Consulting •  Samsung Global Strategy

•  Siemens Management Consulting

� Diversified Services Business: •  Deloitte •  E&Y •  KPMG

•  Oliver Wyman •  PWC

Technology-base: •  Accenture •  CapGemini •  Genpact •  Infosys

•  IBM •  Slalom Consulting •  West Monroe Partners •  Wipro

� Functional Specialty •  Aon Hewitt Consulting (HR) •  Blue Ridge Partners (Revenue) •  Cambridge Group (Growth) •  Edelman (Brand, Org, Corp) •  IDEO (Innovation, Design)

•  Mercer (HR) •  Navigant (Expert services) •  Prophet (Marketing, Brand, Innovation) •  Simon-Kucher (Marketing, Sales) •  ZS Associates (Marketing, Sales)

� Industry Specialty •  Altman & Villandrie (Tech) •  Booz Allen Hamilton (Gov) •  Capitol/Civic Consulting (Gov) •  Clarion | Chartis (Healthcare) •  First Annapolis (Payments)

•  Kurt Salmon (Fin Services, Retail, Healthcare) •  IMS Consulting (Life sciences) •  Promontory (Fin Services) •  Slumberger Consulting (Energy) •  Waterstone Management Group (Tech)

� Experience-based •  AlixPartners •  Crowe Horwath

•  Point B

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

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Do Your Homework! Each Firm is Different.

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Capture Consulting Offers

Firm Deep Dives

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Firm Deep Dives

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Group: � “Pure” Strategists (Large)

Firms Bain & Co BCG McKinsey & Co

Their work • Help clients make better decisions • Create results • Pragmatic,

holistic, enduring • “Our clients

outperform the market 4:1” • Private Equity

• Customized solutions • Create lasting

competitive advantage • Agents of change –

business and society •  Innovation • Delivering value • Make clients more

capable • Non-profit

• Trusted advisor • World-shaping

client impact • Network of leaders • Management

insights • Shape the world • Distinctive, lasting,

substantial improvements • Governments

Key characteristics to shape TMAY/ Big 3Q’s/EQ’s

• Passion • Problem solving • Results delivery • Ability to Lead

• Curiosity • Path finding • Impact • Leadership

• Achieving • Problem solving • Personal impact • Leadership • Entrepreneurial

Drive

Firm Deep Dives: Compare/Contrast

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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 Consulting Group

•  A path is useless unless you can lead others to it. Can you persuade with facts and with empathy? Can you bring traffic to the road less traveled?

•  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)

Firm Deep Dives

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Group: � Diversified Services (Business)

Featured Firms Deloitte Oliver Wyman PwC

Their work •  World’s largest management consulting firm •  Areas: Human capital,

strategy and operations, and technology •  Disciplined improvement

initiatives marked by powerful leaps and breakthroughs •  Acquired Monitor

•  Part of Marsh & McLennan and affiliated with Mercer •  Optimize business,

improve operations and risk profile, accelerate organization performance •  Specialized industry and

functional expertise •  Rigorous methodologies •  Agenda-setting research •  Non-profit fellowships –

offer externship with Kiva (micro-lending organization) •  ~3,500 consultants

•  Combination of PWC, Diamond, PRTM – now Booz & Co •  Help organizations works

smarter and grow faster •  End-to-end services •  Turn strategic insights

into operational realities by bringing a mix of strategic, functional and technical professionals •  Leverage deep industry

expertise •  Practical approach

What they look for

•  Know about Deloitte •  Can look at business

problems from all angles •  Dress like an executive •  Ability to sell yourself •  Solid personal

experiences •  Display intellectual

curiosity •  Passion to make

personal impact

•  Ability to hold a conversation •  Appreciate healthy

exchange of ideas •  Strong aptitude and

interest in research

•  Embrace a challenge •  Comfort in ambiguity

and recurring change •  Believe in the

opportunity •  Value relationships •  Eager to learn •  Well-balanced

Firm Deep Dives

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Group: � Functional Specialty

Featured Firms The Cambridge Group ZS Associates

Their work •  Owned by Nielsen •  Demand Strategy – find or create

demand as a market maker •  Believe demand should be placed

before supply •  Firm led by economists and business

leaders •  Entrepreneurial •  Quantitative •  Chicago office only •  ~115 professionals

•  Create customer demand via sales and marketing •  Focus on: -  Customer insight -  Product development -  Sales and marketing strategies -  Sales compensation planning •  Data-driven strategies •  Large base of clients in pharmaceuticals,

biotechnology, and medical products •  Typically office-based work model, travel

to client as needed •  ~2,000 professionals

What they look for

•  Problem solving •  Impact •  Leadership •  Creativity •  Curiosity •  Analytics/mathematical skills

•  High motivation, good work ethic, maturity, and professional initiative •  Attention to detail •  Creative and innovation-oriented •  Primary and secondary market research

skills •  Client service orientation •  Communication skills that will enable

personal impact with executives

Capture Consulting Offers Networking + Elevator Pitch + Business Etiquette

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Universe of Consulting Firms

How to Target Firms and Position

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Firm Characteristics

Your Characteristics

Success comes with finding the right match

(and having great interviews!)

Focus of Information Gathering

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Knowledge to Obtain Actions to Obtain Overview of Firm

READING: •  Firm website •  Vault/Wet Feet Guide •  Firm publications •  Glassdoor.com •  Internship profiles from second-year MBAs •  LinkedIn •  Resumes from prior first and second-year MBAs •  Publications – Consulting Magazine, Working Mother •  Books (Ex: The McKinsey Mind) Ü Career Services has an excellent list – reference this

Philosophy / Mission / Approach

Organization of Firm •  Industries •  Service Offerings •  Groups (Generalist, Industry, Function

Firm Terminology

Candidate Profiles (most typical)

Consulting Model

NETWORKING: •  Firm recruiter •  Second-year MBAs with consulting internships •  Former consulting analysts now in business school •  Recent alumni (who went through OCR last year) •  Recent alumni (1-2 post-graduation) •  Consultants at your company •  Consultants referred to by friends/family •  Consultants with similar backgrounds •  Former consultants (exited the firm) Ü 1-1, coffee chats, networking events, symposium

Point of View / Recent Perspectives

Projects – type, problems, scope of work

Culture / Consultant Experience

Professional Development – Staffing, Performance Manage, Transfers, International Assignments, etc.

Exit Considerations

Interview styles / Case structure / Priorities

Networking and Research Goals

①  Learn further information about the firm – to incorporate into cover letter and interviews

② Share your interest in the firm

③ Provide a few points of information about your capabilities relevant to consulting/the firm

④ Demonstrate the critical skills and presence necessary to be a consultant

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Networking and Research Goals (cont.)

①  Learn further information about the firm – to incorporate into cover letter and interviews

② Share your interest in the firm

③ Provide a few points of information about your capabilities relevant to consulting/the firm

④ Demonstrate the critical skills and presence necessary to be a consultant

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Big Picture

Research/Networking results in: a) Selection for interview b) Getting an offer because of

your knowledge of the firm!

Networking’s Dual Purpose and Emphasis

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Knowledge Acquisition

(KA)

Selling (S)

Networking

Today Offer Accepted

BCC

Sym

po

sium

Firm Eve

nts C

NN

s

Intervie

ws

Offe

r Re

ce

ived

Level of Emphasis S: KA:

Low High

Synthesis of Information

¤  For each firm, it may be valuable to build a brief or system of organizing notes from research and networking

¤  Keep track of key information, contacts made, questions to investigation

¤  This is a dynamic process

¤  Focus on directing your efforts and synthesis to answer the Big 3 Questions

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1. Why Consulting

2. Why You

3. Why Firm

What You Are Preparing to Answer

“Big 3” Questions (B3Q’s)

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Elevator Pitch: Phase 1

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My name is Elizabeth.

I am a PhD student at The University of Chicago, studying the evolution of culture in organizations.

I chose this area of study because am fascinated by how organizational culture evolves, the impact on decision-making and the resulting change in market value of firms.

I will graduate in Spring 2017 and am looking to roles in business.

I’m exploring consulting because I see an opportunity to apply the analysis of reviewing and identifying patterns which is the focus of anthropology to the type of business problems that consultants tackle.

I’m talking to a variety of consultants to understand your work more and see how my capabilities and interests would align, and particularly within your firm.

Starting Point: SPARKS

REFLECTION

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What motivated you to study

X

What has been your proudest

accomplishment

What experience generated your

interest in business

Capture Consulting Offers

Wrap-Up / Q&A

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Wrap-Up / Summary

¤  Key component of your game plan: Which firm(s) are right for YOU – your career, lifestyle, personality

¤  Clarity about “Why Firm” is a recruiting advantage

¤  Considerations:

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Brand name Boutique

Established Emerging

International Locally-based

Generalist Specialist

Industry Function

Structure Ambiguity

Long-term Short-term

Diversity Strong culture

Consult Manage/firm build

VS.

Remember: Your End Goal

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Wrap-Up / Discussion

Pam Schilling

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“The very essence of politeness is to take care that by our words and actions we make other people pleased with us as well as with themselves.”

― Jean de La Bruyère

Appendix FIRM DEEP DIVES

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Firm Deep Dives

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Group: � “Pure” Strategists (Boutique)

Featured Firms LEK Consulting Marakon

Their work •  Help business leaders make informed decisions •  Produce practical, high-impact

results – quickly •  Strategy, Shareholder Value

Management, Mergers & Acquisitions support, Operations & Organization and Marketing & Sales. •  Philosophy of evidence, not opinion •  ~900 professionals

•  Value creation via aligning direction •  Challenge, collaborate, catalyst,

conviction •  “The Marakon Way” •  Senior leaders on the ground •  Teams combine deep sector experience

and functional knowledge •  Considered generalists •  Strong professional development •  Offices only in Chicago, NY, Boston, and

London •  <500 employees •  Division of Charles River Associates

What they look for

•  Honest, diligent, personable •  Like to deep dive •  Want big responsibility as an

Associate •  Great camaraderie

•  Genuine interest in business •  Analytic and creative •  Confidence with humility •  Independent thinking with collaborative

skills •  Understand issues facing CEOs and

general management •  Achievement oriented •  Possess common sense •  Desire to build and grow the practice •  “Clear interest in Marakon”

Firm Deep Dives

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Group: � “Pure” Strategists (Large)

Featured Firms AT Kearney Strategy& (PwC)

Their work •  One of McKinsey’s original founders – firm split and Chicago office became ATK •  Previously, part of EDS – now

independent though management buyout •  Foundation in operations and

manufacturing •  Focus on “CEO’s agenda” •  Apprenticeship model •  Collaborative •  Diversity of thought •  Global Business Policy Council •  AT Kearney Global Prize Competition •  ~3,300 employees

•  Founded in 1914 (one of the originals) – famous for creating the NFL •  Formerly Booz Allen Hamilton: -  2008 – Split with USG business -  2009 – Merged with Katzenbach (Org

Perf) -  2012 – Merged with Axom Advisory

Partners (Digital bus) -  2013 – Merged with Management

Engineers (Bus strat) •  Capabilities-driven strategy •  Tough challenges, side-by-side with clients •  Align consultants to industries and/or

functions (IT, Ops, Org/Leadership) •  Become famous for something, build

personal brand •  ~3,300 employees

What they look for

•  Strong academic record •  Robust analytical and quantitative

skills •  Superior problem-solving skills •  Often use team case/presentation in

final round •  Recruit Dec graduates to start Jan

•  Thought leadership •  Analytics/problem solving •  Personal leadership •  Big picture view •  Motivation – done something very hard

very well, satisfaction to excel in the quest

Firm Deep Dives

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Group: � Diversified Services (Business)

Featured Firms Ernst & Young KPMG

Their work •  Roots in accounting and tax •  Global organization, wide footprint •  Evolving consulting services (re-

building) •  Opportunity to grow fast •  Lot’s of infrastructure due to large

scale of firm

•  Similar to E&Y

•  Desire to cut through complexity •  Flexible work environment

What they look for

•  Experience •  Achievement oriented •  Energy •  Thrive on challenges •  Integrity

•  Someone “technically brilliant” •  Quality focus •  Team player •  Ambition •  Integrity •  Problem solver •  Global mindset •  Insightful

Firm Deep Dives

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Group: � Diversified Services (Tech-base)

Featured Firms Accenture CapGemini

Their work •  Consulting, technology and outsourcing •  Do it all (“comprehensive” services) •  Go deep, go broad •  Stimulating, challenging, cutting

edge

•  Consulting, technology and outsourcing •  Focus on transformation •  Identify, build, and carry through

transformation programs to improve growth and sharpen competitive edge •  Diverse capabilities •  Collaborative Business Experience •  ~3,600 professionals

What they look for

•  Interest in building a career with deep skills •  Oriented to industry and/or function •  Value the resources of Accenture •  Down-to-earth •  Wide array of background and

interests

•  Boldness •  Entrepreneurial •  Executive presence

Firm Deep Dives

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Group: � Diversified Services (Tech-base)

Featured Firms IBM West Monroe Partners

Their work •  Consulting, technology and outsourcing •  Do it all (“comprehensive” services) •  Go deep, go broad •  Stimulating, challenging, cutting

edge •  Emphasis on innovation •  Global footprint and mindset •  Large scale transformation •  Strive to be first

•  Entrepreneurial in nature •  Evolving firm •  People first emphasis •  Growing rapidly – can invent the firm •  Focus more on middle market clients •  Broad industry focus •  Somewhat of a technology and process

orientation •  ~400 consultants

What they look for

•  Dedication •  Team-oriented •  Relationship builder •  Diverse talents •  Strong academics •  Continual learner •  Forward thinker •  Change focused

•  Commitment •  Potential for growth •  Integrity •  Achievement •  Diversity of thought •  Problem solving capabilities

Firm Deep Dives

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Group: � Experience-based

Featured Firms Alix Partners Crowe Horwath Point B

Their work •  Improve corporate financial and operational performance •  Experience and

knowledge •  Built on foundation of

corporate turnaround work •  Actionable, fact-based,

result-oriented solutions •  Low leverage model

•  Large public accounting firm with advisory services •  Financial advisory

services and performance improvement consulting •  Focus: Financial services,

manufacturing and distribution, healthcare, government, PE

•  Sought for industry and functional expertise, and ability to execute •  Focus on driving impact •  Serve start-ups to

Fortunate 100s •  Work to minimize travel

with local staffing •  Drive ownership of the

business by all professionals •  Values include “Choice”

What they look for

•  EVERYTHING – very tough interview process •  Dynamic •  Driven •  Intellectually

experienced •  Demonstrated ability to

get results •  Experience from

professional services or industry

•  Willing to work from specific locations •  Prior consulting

experience •  Industry experience •  Work well with structure •  Conservative approach

•  Experienced consultants •  Self-driven leaders •  Expertise in project

management and technology implementation •  Experience working in

multiple industries and business areas