presentation kickoff 2013
TRANSCRIPT
S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L
Introduction to Management
Consulting for J.D, M.D and
Ph.D
Yale Graduate Student Consulting Club (YGCC)
www.yale.edu/consulting
Chair: Alice Qinhua Zhou
Vice-Chair: Anit Raja Banerjee
1
An Introduction to Consulting
What is consulting?
What is it like to work as consultant?
Getting a Consulting Job
What are firms looking for?
How can you prepare yourself?
How can YGCC help you prepare?
Q&A Panel with YGCC Alumni
Networking time
Agenda – Jan 22nd, 2013
• NBC Universal – media conglomerate
− Challenges
○ Content is moving online
○ Younger customers are cutting cable
− Question: How does NBC Universal
manage the transition to online content?
− Hurdles
○ Current execs run current operations
○ Internet is uncharted waters
− Solution: Management Consultants
2
Consultants serve the client to solve complex business problems
What is consulting?
3
Projects cover a wide range of industries and functions
What is consulting?
Corporate Finance
Marketing
Strategy
Operation
Organization
Risk
Business Innovation Financial Services
Retail and Consumer Goods
Energy and Agriculture
Media & telecommunications
High Tech
Transportation / Travel
Healthcare
Public sector
Functional Practices Industry Practices
4
Consulting firms position their expertise distinctly
What is consulting?
• Functional: e.g. Simon
Kucher & Partners
• Industry: e.g. Frankel
Group
5
An Introduction to Consulting
What is consulting?
What is it like to work as consultant?
Getting a Consulting Job
What are firms looking for?
How can you prepare yourself?
How can YGCC help you prepare?
Q&A Panel with YGCC Alumni
Networking time
Agenda – Jan 22nd, 2013
6
Work with a team and the clients
What is it like to work as consultant?
Source: McKinsey presentation
7
Consultants well compensated, compared to post-doc positions
What is it like to work as consultant?
Source: glassdoor.com and managementconsulted.com
0
50000
100000
150000
200000
250000
Consultant Post-Doc
$(U
S)
Position
Starting compensation by position
8
The career path is UP: promoted within the firm
What is it like to work as consultant?
Business Analyst / Associate
Associate / Consultant
Engagement Manager / Project Leader
Principal
Partner JDs, MDs, PhDs
MBAs Undergraduates,
(Some) Master s
Election to Partner in roughly 8 years
9
… or OUT: Open doors in the future
What is it like to work as consultant?
Five years from entering the firm
Consulting
Corporate
Upper
Managment
Entrepreneurship
Private Equity
Non-profit
Asset Management and Equity Research
Hedge Funds
Public sector and Gov
10
An Introduction to Consulting
What is consulting?
What is it like to work as consultant?
Getting a Consulting Job
What are firms looking for?
How can you prepare yourself?
How can YGCC help you prepare?
Q&A Panel with YGCC Alumni
Networking time
Agenda – Jan 22nd, 2013
11
Yale Graduate and Professional students are armed with many of
the characteristics consulting firms are looking for.
What are Consulting Firms Looking For?
• Complex business-problem solving
• Intellectually curious with original thinking
• Quick-learning and analytically efficient
• Energetic and hardworking
• Problem solving in a client-oriented team environment
• Works well with and can influence people
• Can lead the client, the team, and the firm to success
12
Qualifications are assessed during the interview process.
What are Consulting Firms Looking For?
Shall I hire you?
Can you do the work? Can I put you in front of
the client?
Would I enjoy working
with you?
… get answered during a typical 40
minute interview!
Q & A
0 10 20 30 35 40 5 15 25
Meet your interviewer
Experience Questions
Case
Can you do the work?
Can I put you in front of the client?
Would I enjoy working with you?
(mins)
13
An Introduction to Consulting
What is consulting?
What is it like to work as consultant?
Getting a Consulting Job
What are firms looking for?
How can you prepare yourself?
How can YGCC help you prepare?
Q&A Panel with YGCC Alumni
Networking time
Agenda – Jan 22nd, 2013
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
• Learn about the business world, firms and yourself
• Gain experience (including club activities)
• Prepare for interviews
14
Use the recruiting timeline to manage your preparation
How to Prepare for Interviews
Note: Date ranges are historical estimates – some firms may decide to buck the trend and hold their
events outside these windows. So you should be sure to check specific dates of events on firm’s websites.
Internships
Intern
Interviews
McKinsey Insight
/Bridge to BCG
Invited
Full time
Interviews
Apply
Full
time
Full time
Interviews
Apply
Intern
15
An Introduction to Consulting
What is consulting?
What is it like to work as consultant?
Getting a Consulting Job
What are firms looking for?
How can you prepare yourself?
How can YGCC help you prepare?
Q&A Panel with YGCC Alumni
Networking time
Agenda – Jan 22nd, 2013
• 7 club members last year received management consulting job offers
− McKinsey
− BCG
− LEK
− Simon-Kucher & Partners
16
YGCC has helped others prepare
Prepare with YGCC
• Events
• Resources
• Leadership opportunities
17
YGCC has many ways to help you prepare
Prepare with YGCC
• Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
− Resume workshop & peer-editing
− Consulting bootcamp
− Weekly interview practice
− Networking opportunities
− Pro-bono consulting
− Case competition
− Interview competition
18
YGCC events can help you prepare
Prepare with YGCC
• Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
− Resume workshop & peer-editing
− Consulting bootcamp
− Weekly interview practice
− Networking opportunities
− Pro-bono consulting
− Case competition
− Interview competition
19
YGCC events can help you prepare
Prepare with YGCC
• Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
− Resume workshop & peer-editing
− Consulting bootcamp
− Weekly interview practice
− Networking opportunities
− Pro-bono consulting
− Case competition
− Interview competition
20
YGCC events can help you prepare
Prepare with YGCC
• Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
− Resume workshop & peer-editing
− Consulting bootcamp
− Weekly interview practice
− Networking opportunities
− Pro-bono consulting
− Case competition
− Interview competition
21
YGCC events can help you prepare
Prepare with YGCC
• Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
− Resume workshop & peer-editing
− Consulting bootcamp
− Weekly interview practice
− Networking opportunities
− Pro-bono consulting
− Case competition
− Interview competition
22
YGCC events can help you prepare
Prepare with YGCC
• Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
− Resume workshop & peer-editing
− Consulting bootcamp
− Weekly interview practice
− Networking opportunities
− Pro-bono consulting
− Case competition
− Interview competition
23
YGCC events can help you prepare
Prepare with YGCC
• Your central resource for career prep is our website
− www.yale.edu/consulting
− Stay up to date by signing up for our newsletter
○ tinyurl.com/ygccsignup
− Check out the resources available
○ Short guides for each step of the process
○ Links to external resources
○ Advanced resources
24
YGCC resources can help you prepare
Prepare with YGCC
• YGCC Managing Director of Content
− Responsibilities
○ Work with club leadership to develop new training resources
• Develop a new YGCC Casebook
• Develop new YGCC Problem-Solving Exercises
• Contribute new, original ideas
○ Manage the YGCC Website (coding experience not necessary)
− Requirements
○ Passion for a career in consulting
○ Self-motivated and driven to improve the club
− How to apply
○ Email your resume & CV to [email protected]
○ Subject line: [MD of Content application] yourname
25
YGCC Leadership Positions build your experiences
Prepare with YGCC
26
An Introduction to Consulting
What is consulting?
What is it like to work as consultant?
Getting a Consulting Job
What are firms looking for?
How can you prepare yourself?
How can YGCC help you prepare?
Q&A Panel with YGCC Alumni
Networking time
Agenda – Jan 22nd, 2013
• Ian Berke, Ph.D. 2005
• McKinsey & Co
− Atlanta Office
27
Introducing YGCC alumni
Q&A Panel
• Mahala Burn, Ph.D. 2013
• L.E.K
− Boston Office
• Dong Chen, Ph.D. 2013
• S.K.P
− Boston Office
• Shiyan Ding, Ph.D. 2013
• McKinsey & Co.
− Shanghai Office
• Amit Kunte, MD/PhD 2006
• McKinsey & Co.
− New York Office
28
An Introduction to Consulting
What is consulting?
What is it like to work as consultant?
Getting a Consulting Job
What are firms looking for?
How can you prepare yourself?
How can YGCC help you prepare?
Q&A Panel with YGCC Alumni
Networking time
Agenda – Jan 22ndv, 2013
• Silver Sponsor
• Basic Sponsors
29
With thanks to YGCC Annual Sponsors from 2012
Networking Time
30
An Introduction to Consulting
What is consulting?
What is it like to work as consultant?
Getting a Consulting Job
What are firms looking for?
How can you prepare yourself?
How can YGCC help you prepare?
Q&A Panel with YGCC Alumni
Networking time
Agenda – Jan 22nd, 2013
31
32
Useful books
How to prepare yourself?
• How to Get Into the Top Consulting
Firms – by T. Darling
• Case in Point (esp. the cases) – by Marc
P Cosentino
• The Minto Pyramid Principle – by
Barbara Minto
• The McKinsey Way – by Ethan Rasiel
• Say It With Charts – by Gene Zelazny
• The Ten-Day MBA – by Steven A.
Silbiger
• WetFeet Insider Guide to Consulting
for Ph.D.s, Lawyers, and Doctors
Interview Preparation
Consulting Mindsets
Consulting Mindsets
• Case Interview related:
− ConsultingCase101: www.consultingcase101.com
− ManagementConsulted: managementconsulted.com
− ConsultingFact: www.consultingfact.com/
− CaseInterview: www.caseinterview.com/
• Consulting firm reports:
− McKinseyQuarterly: www.mckinseyquarterly.com
− BCG Focus: www.bcg.com/expertise_impact/publications/default.aspx
− Bain Insights: www.bain.com/publications/index.aspx
− ConsultingMagazine: consultingmag.com
• Business News:
− Wall Street Journal: online.wsj.com
− Financial Times: www.ft.com
− Bloomberg: www.bloomberg.com
33
Other useful websites
How to prepare yourself?
• YGCC Mission: To inform you about, and prepare you for, careers in
Management Consulting
34
35
Case Interview Flow
30
min
Introduction
(3-5min)
Structure
(1-2 min)
Analyze
(20-25 min)
Summary
(2-3 min)
Inte
rvie
we
r Pose problem to
be solved with
basic details
Provide data and
context only
when asked
Wrap up interview
within time limit
Inte
rvie
we
e
Clarify your
understanding of
the problem
Layout a
structured list of
related factors
Identify key
drivers
Seek data to test
hypothesis
Interpret data
Drive insights
Recommendation
(actionable)
Reason (with
assumptions to
verify)
Risk
Next step
36
Consultant compensation at top firms
Source: Glassdoor.com and managementconsulted.com
Associate / Consultant
$160-200K
• Base salaries: $110-140K
• Signing bonuses: $20-40K
• Relocation/moving expenses: $10-20K
• Year-end bonus: $20-40K depending on firm.
Engagement Manager / Project Leader
$175 ~ 250K
Principal
$250K ~ $500K
Partner
$500K+
Additional benefits
• Healthcare, life insurance, etc
• Retirement contributions 4.5% (2009)
• Generous expense/reimbursement
policies, travel perks, etc
37
Yale Graduate and Professional students are armed with many of
the skills consulting firms are looking for.
37
Shall I hire you?
Can you do the work? Can I put you in front of
the client?
Would I enjoy working
with you?
• Complex Business-Problem Solving
• Quick-learning and intellectually curious
• Analytically efficient, with original thinking
• Energetic and Hardworking
• Problem solving in a client-oriented team environment
• Works well with and can influence people
• Can lead the client, the team, and the firm to success
38
Yale Graduate and Professional students are armed with many of
the skills consulting firms are looking for.
38
Shall I hire you?
Can you do the work? Can I put you in front of
the client?
Would I enjoy working
with you?
• Can you represent the solution to the client?
• Support your findings in a high-pressure environment
• Leverage your interpersonal skills to convince the client you are right
• Can you represent the firm as a whole to the client
• Your personal brand brings professionalism and respect
• Your personal brand fits with the brand of the firm
39
Yale Graduate and Professional students are armed with many of
the skills consulting firms are looking for.
39
Shall I hire you?
Can you do the work? Can I put you in front of
the client?
Would I enjoy working
with you?
• Who are you?