McGill Consulting Workshop - Jan 2011 - hosted by Khaled Kteily

© Khaled Kteily, 2011. Contact: [email protected]

This PPT is © Khaled Kteily, 2011Please do not modify without permission

Consulting Week: Breaking into the Big Leagues

By Khaled Kteily


Part 1: Consulting Overview Part 2: Getting the interview Part 3: Nailing the first round Part 4: Getting the Offer!

Overview of Workshop

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1. OCR Summer recruitment2. OCR Full-time recruitment3. Tools for success4. Build the McGill consulting brand

Purpose of Workshop




Part 1: Consulting

Overview


1. Who am I?2. What is Consulting3. What do Consultants do?4. Being a Consultant5. Consulting Career Path6. Trends in the industry

Agenda


Who am I?

1. Bachelor of Commerce (Finance, IS, OB)2. Prior experience (ICBC, JDC, OBCC, MMICC)3. Consulting recruitment:

Attempt #3

9 first-round invites 6 first-rounds 6 final-rounds

Attempt #23 first-rounds 1 final round 1 offer

Attempt #13 first-rounds 1 final-round


So what changed?

Who am I?

PRACTICE


What is Consulting?

1. A consulting firm provides business advisory services to its clients– Long-term expansion strategy– New product launch– IT system implementation– Post-merger integration

2. Why does a firm hire consultants?1. Industry and function-specific expertise2. Analytical horsepower3. Fresh perspective4. Political justification



What does a Consultant do?

Pitching

Research

Analysis

Reporting

Implementation

1. Pitching– Helping to sell and market the firm– Preparing RFP’s



Pitching

Research

Analysis

Reporting

Implementation

2. Research– Conducting analysis using company info databases– Reading industry reports– Interviewing client and customers– Researching past projects– Facilitating weekly team meetings



Pitching

Research

Analysis

Reporting

Implementation

3. Analysis– Organizing, analyzing, and summarizing data– Building financial models in excel– Discussing data with team and client– Generating insights and recommendations



Pitching

Research

Analysis

Reporting

Implementation

4. Reporting– Preparing interim and final presentations– Presenting findings to team and client



Pitching

Research

Analysis

Reporting

Implementation

5. Implementation– Acting as project leader for implementation phase– Documenting proposed processes– Recording and filing work done by your team


Why should you be a Consultant?

Learning Learning curve never ends

Challenge New projects, new industries

Environment Work with the best and brightest

Networking Forget LinkedIn

Prestige In the business world

Travel Exotic (London, UK) and not (London, ON)

Salary It’s not bad


Why should you NOT be a Consultant?

Challenge No comfort zone

Environment Constant relationship management

Hours 60-80 hours a week; unpredictability

Lifestyle “I have nothing to eat but tuna”

Prestige “Consulting? Um, like what’s that?”

Salary 70 hours/week for 50 weeks = $20/hour


1. Leadership & Impact– Prove that you take on a project and improve it

2. Teamwork + =3. Problem Solving & Analysis– Prove that you can find answers to difficult questions

4. Communication– Can you convincingly convey your recommendations?

Characteristics of success



Areas to target

1. Poor focus– Analysis requires long hours and focus

2. Not energized by people– You will be working with colleagues, bosses and

clients

3. Big talk, poor action– You are responsible for your own workstream

4. Uncomfortable with numbers– Lots of number-crunching involved


There is none!

Consulting Entrepreneurship

The “Typical” Career Path

Consulting MBA/MSc/etc. Consulting

Consulting Industry


1. Trends towards specialization Does specialization provide more value?

2. Change in type of work Cost cutting Talent Management Technology in FS

3. Regional growth High demand in Latin America and Middle East LT Potential for Asia Pacific

Trends in the Consulting Industry


Trends in the Consulting Industry

4. Mergers & Consolidation HR Consulting (Aon-Hewitt, Towers-Watson, etc.) IT Consulting (Top 20 = 60%)

5. Focus on implementation Recommendations aren’t good enough Accenture, Deloitte, etc.


So now what?

Your Life



Part 2: Getting the

interview


Agenda

1. The 3 steps to getting an interview2. Preliminary work3. Your 3 main documents4. Non-business students5. Information Sessions6. The Networking Process


So how do I get the first interview?

There are 3 steps to securing an interview:

1. Preliminary work

2. Putting together your application

3. Getting your application in the right pile


1. Get organized.

Organize


Seriously, be organized.I’m not kidding. Be organized!


Seriously…organize!

Get your subscriptions ready Sign up for Google Alerts Sign up for blog newsletters Sign up for NYT or WSJ newsletters

Use your resources Create search agents Download ‘Case Maestro’ Prepare your LinkedIn Get to know your career advisor!


Failing to plan is planning to fail

Do your research and use your resources.

I like McKinsey because they’ve expanded into the growing Latin American market and capitalized on their strength in IT to help top-tier banks revitalize

their legacy IT systems

…………I like McKinsey

because they’re the best!!!

Oh….


Creating your application

Your application is comprised of 3 documents: 1. Resume2. Cover letter3. Unofficial transcript

These 3 documents are your ONLY representation. Don’t forget this!


Your Consulting Resume

What does a firm want to see on your resume?1. Demonstrated academic ability– 3.5 GPA or above (3.7 preferred)

2. Leadership roles3. Challenging work experience4. Well-roundedness and internationalism


Your Consulting Resume

The ideal resume says the following:

“I have maintained a 3.9 CGPA while being President of the MUS, VP Finance of the

International Student’s network, feeding the homeless, and wrestling alligators in my free time”

You are not that person.


So what should I do?

1. Show that you are interested in Consulting

– Case competitions, strategy concentration, etc.

2. Put your best foot forward

– Include a “Major GPA”, “Year GPA”, etc.

– List your best accomplishments first

– Capitalize on brand names

3. Show that you have depth & personality

– You do, right?


So what should I do?

4. Demonstrate transferrable skills

– Excel modeling, leadership, research projects, etc.

5. Quantify your achievements

– Specify GPA percentile

– Prove added value

6. Be specific

– Size of team, hours worked, etc.



Your resume review

How does it work?1. Team of 3-5 consultants; McGill alumni2. Primarily analysts and associates3. 1 minute for resume, 1 minute for cover letter


Cover letter

What does a cover letter represent?1. Why you would be a good consultant2. Why you would be a good consultant FOR THEM3. Your ability to write concisely and coherently4. Your “story”


Writing your cover letter

Points to remember:1. No more than 1 page2. At least 3 paragraphs, 4 preferred, no more than 53. LIST THE RIGHT NAME AND COMPANY4. Don’t repeat your resume5. Refer to your connections; do it well6. Relate a key experience to consulting7. Add a personal signature


I’m not a business student – Help!

It doesn’t matter.

You need to show 2 things:1. Demonstrated interest in Consulting2. Transferrable skills


I’m not a business student – Help!

Engineers: Emphasize leadership and teamwork Brush up on the business world Leverage your synergies before we touch base

Arts: Emphasize your interest in business Startup experience is a huge asset Demonstrate comfort with numbers


Your application’s done!

Good job!

You’re only getting started.


Information Sessions

Why should I go?1. Collect information2. Find networking opportunities3. Learn about the firm culture4. Get to know your peers


Information Sessions

How should I act?1. Dress Code – clean suit, tie, shined shoes2. Timing – 15 minutes early, 1 hour late3. Eating – stick to drinks4. Questions; during and after5. Consultants – quantity, not quality


Approaching a consultant

Don’t:1. Don’t focus on HR2. Don’t focus on senior consultants3. Don’t spend more than 10-15 min. per consultant4. Don’t be aggressive or condescending5. Don’t ask stupid questions


Approaching a consultant

Do:1. Prepare memorable questions2. Smile, introduce yourself, and shake hands firmly3. Find areas of ‘connection’4. Ask for a business card5. Stay until the end of the cocktail6. Send a personalized thank-you e-mail


Networking

Creating your consulting network:(Remember: This is a long-term process)1. Build your LinkedIn2. Create a list of existing contacts– Business cards, McGill alumni, friends of friends

3. Find new contacts– Existing contacts, information sessions, social media

“Great networkers build relationships before they need them”


Networking

So how do I start?

1. Get in touch with your contact

– Level 1: Thank You e-mail

– Level 2: E-mail with questions

– Level 3: Ask for recruitment advice

– Level 4: Ask for preparation help

2. Follow up if needed


Networking

So now what?

3. Stay in touch with your contact

– Level 1: Short, professional e-mail

– Level 2: Follow up with additional questions

– Level 3: Ask to meet for coffee

– Level 4: Ask to meet for interview prep


Networking

I got the help I needed!

4. Maintain contact

– By e-mail (Birthdays, holidays, etc.)

– By e-mail (Personal updates)

– In person (Coffee, lunch, etc.)

This is the most difficult part. Software helps - Boomerang, contact management, etc.


Networking

A few last points:1. Keep your e-mails short2. Always re-read your e-mails3. If you’re calling, leave a voicemail4. Always offer to call them5. Only reschedule in case of emergency



Part 3: Nailing the first

round


Agenda

1. The interview process2. The dreaded ‘Case Interview’3. Approaching a case4. Types of cases to expect5. Case cracking methodology6. McKinsey PST & McKinsey Challenge


Interview process overview

How does a first-round interview work?

1. 2 interviews with Associates/Team Leads2. 15 minutes behavioural3. 30-45 minutes case4. 5 minutes for questions5. Test of Consulting IQ and EQ

Practice is the key to passing the first round.


What is a case interview?

• Hypothetical business problem faced by client• Generally based on real-world experience

Designed to test the following:1. Analytical Ability2. Structured thought process3. Tolerance for ambiguity4. Communication ability5. Ability to ask the right questions6. Poise under pressure; energy level


Is a case interview accurate?

Is it an accurate assessment?

1. Similar to real-world problems2. False negatives > false positives

3. How do you feel during a case?

“The mind is wondrous. It starts working from the second you’re born and doesn’t stop until you get a case question”

– Marc Cosentino

For Them

For You


Questions answered without being asked

1. The ‘Airplane Test’2. Is this person excited about consulting?3. “Would I feel comfortable putting this person in

front of a client?”


Sample Case Question

Your client is a retail bank in the US. In the last 3 years,

your profit margins have dropped substantially. The

CEO of the bank comes to you with 2 questions:

1. Why is this happening?

2. What should I do about it?


So what should you do?

RELAX!PANIC!


How should I approach a case?

1. Listen carefully

2. Take organized notes

3. Restate the facts

4. Verify your objective

5. Ask clarifying questions


How should I approach a case?

6. Ask for a minute (or two); TAKE IT

7. Set out your structure; explain it

8. Derive a hypothesis; try to confirm or deny

Don’t be afraid to ask

9. Develop recommendation

Mention risks

10.Summarize the case


Types of cases to expect, Part 1

Type of Case Example

Profitability “Declining profits since last year” – includes Revenue & Cost

Growth “How do we continue to grow?”

Market Entry “Looking to enter into the Asian market”

Industry Analysis “What is going to happen to this industry?”

Competition “How should we respond to a competitor’s move?”


Types of cases to expect, Part 2

Note: A case is rarely just one of the above

Type of Case Example

Product launch “How do we launch this new product?”

Product Pricing “How should we price this new or existing product?”

New Business “What should I consider before setting up a business”

M&A “Should we merge? What are the implications?”

Valuation “How much is this business worth?”


Using a framework

What is the point of a framework?1. To START your case and develop a structure2. To help you derive a hypothesis3. To help you when you’re stuck

Why don’t interviewers like popular frameworks?4. Ability to think vs. ability to memorize5. Poor performance in open-ended cases

Never tell your interview that you are using a framework!


Structure in a case interview

“Tell them what you’re going to tell them, tell

them, then tell them what you’ve told them”

– Winston Churchill


Developing your own framework

Create “building blocks”

WHY?Industry AnalysisCompany AnalysisCompetitor AnalysisCustomer AnalysisProduct AnalysisProduct Pricing

Market entry (GFV, JV, M)SynergiesProfitabilityAlternativesImplementation Risk MitigationWOW factors


But please remember…

You Should

Build Your

Own!

By creating your own building blocks, you ensure that you are never following a scripted framework


WHY – a closer look

Why is the firm looking to do this?1. Maximizing profit2. Growth for growth’s sake3. Reaching a new market

Customers or locations

4. Pre-empting the competition5. Achieving synergies

Revenue or cost

Determine specific objectives and timelines.


Industry Analysis – A closer look

What does the industry look like?1. Market Size2. Market growth3. Alternatives4. Barriers to entry5. Competitors6. Consolidation7. Competitive landscape changes


Profit – A closer Look

So what is the ‘Profit’ block composed of?Revenues

• You should have been at the workshop!

Costs

• You should have been at the workshop!


Synergies – A closer look

Can any synergies be achieved?1. Revenue synergies

Can we cross-sell our products? Can we increase the impact of our marketing?

2. Cost synergies Can we utilize unused production capacity? Can we use the same distribution channels? Can we combine overhead costs? Will we get better deals on our supplies?


Your client is a retail bank in the US. In the last 3 years,

your profit margins have dropped substantially. The

CEO of the bank comes to you with 2 questions:

1. Why is this happening?

2. What should I do about it?

Your client is a retail bank in the US. In the last 3 years, your profit margins have dropped substantially. The CEO of the bank comes to you with 2 questions:1. Why is this happening?2. What should I do about it?

Sample Case approach

Why?

Ask for 1 minute

Clarify

Verify objective

Restate facts

Profitability

Industry Analysis

Summarize

Implementation & Risk Mitigation

Recommend

The Basics Analyze Recommend


The McKinsey PST

1 man, 1 desire… 60 minutes, 26 questions

• Designed to assess your ability to problem solve, employ shortcuts, and manage time.

• Combination of text, graphs, and charts• No ‘business savvy’ required• Can be taken in French or English (Think carefully)

http://www.caseinterview.com/mckinsey-problem-solving-test/


The McKinsey Challenge

So what is the McKinsey Challenge?• Full day designed to test your teamwork,

leadership, communication, and motivation

It helps you answer the following questions:• Is Consulting for you?• Are you right for McKinsey? • Is McKinsey right for you?


The McKinsey Challenge

So what can I do to succeed?1. Find your role 2. Communicate consistently3. Use McKinsey’s MECE method4. Show off your quants5. Focus on the objective6. Present with passion7. Don’t be afraid to try out new ideas!


What else?

Listen to what your mother told you.

BE YOURSELF!



Part 4: Getting the

offer!


Agenda

1. First-round vs. Final round2. Behavioural Questions3. Questions to ask your interviewer4. Stress Interviews5. From good to great6. Dressing for success7. What else?


How are the two rounds different?1. Similar structure, different emphasis2. Measure of consistency3. Expect open-ended questions4. Firm-specific differences5. Why does Fit matter?

First-round vs. Final round


Questions to expect

Your chance to shine:1. Tell me about yourself2. Why Consulting?3. Why this firm?4. Why should I hire you?5. What does a Consultant do?


Questions to Expect

Tell me about a time you…• Were a leader• Took initiative• Handled conflict in a group• Overcame resistance from another person• Used data to convince someone• Failed at something• Took a risk


The behavioural questions

1. Structure is everything. – “There are three things that I’d really like to touch on….”

2. Use the STAR-L approach– Situation– Task– Action– Response– Learning

3. Always use anecdotes. People remember a good story4. Be energetic!5. Always have a set of examples ready


Questions to ask your interviewer

Sample questions to ask:1. As a recent university graduate…2. Successful vs. unsuccessful analysts3. Memorable client experience or project4. Least favourite aspect of consulting5. Misperceptions about consulting6. I’m really interested in _____. What do you

know about this area at your firm?7. Why _____?


Questions to ask your interviewer


Stress interviews

What is a stress interview?1. Rude and aggressive responses2. The silent treatmentWhat should you do?3. Don’t take it personally!4. See it as an opportunity5. Maintain your structure6. Clarify your case objective


Reading Charts

I just got a graph or chart. Uh oh.1. Approach it like a case

Ask for a minute and lay out your structure

2. Read the axes carefully3. Round numbers if needed4. What does the chart tell you?5. So what are the implications?


Reading Charts


From good to great

How do you go from good to great?1. Asking for information: Question + Hypothesis2. Relate to personal experience3. Notice non-verbal communication4. Draw graphs or charts5. Use your environment6. Practice your mental math7. Market-sizing wow factors8. “Go down the hallway”


Wow! Factors

A few ‘Wow!’ factors: Government regulations Cultural factors Unions New technology Organizational culture Industry knowledge


Dress CodeMen:• Suit: Black, navy blue, or charcoal grey• Don’t mix more than 2 patterns• Clean-shaven, groomed hair, trimmed nails• Shine your shoes!Women:• Solid color, conservative suit• Minimal makeup and jewelry• Moderate shoes


Dress Code

Dress like you’ve got the job. 1. Wrinkled shirts = do not think ahead = unable to

plan workstreams = poor team member.2. Misshapen tie-knot = lack of friends able to do

you a favor = poor social skills = poor team member


1. Interview time selection2. Interview body language – ‘mirroring’3. Your handshake4. Work visa concerns5. Firm reimbursement6. Monitor your Facebook

What else should you know?


What happens if you don’t get it?

Hey, neither did I.

• Don’t lose hope!• Get feedback and listen carefully• Use the summer to network• Keep reading about Consulting• Prepare your full-time applications in advance


1. Committed to being a Consultant2. Has put in the practice (min. 50 cases)3. Has built up the network4. Demonstrates passion for consulting5. Shows enthusiasm and personality6. Is the right ‘fit’ for a firm

Characteristics of students who get offers



End of Part 4


Personal note

I hope you enjoyed reading through the slides, and that they have helped you:A. Decide if Consulting is youB. Given you the tools you need to succeed

A number of slides have been removed, either to preserve privacy or to ensure that the workshop will continue to add value!


For the Fall Semester, you can expect:1. A similar workshop, broken down into 3 parts:– Part 1 for students new to Consulting– Parts 2 & 3 for students who are focused on interview

prep

2. Updates to the workshop based on your feedback3. A new section on market-sizing

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4. Another guest speaker (possibly more), along with a networking session

5. Your chance to be included in the Consulting resume booklet, sent out to firms

6. One-on-one case prep and application review for some workshop attendees

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GOOD LUCK!

Please don’t hesitate to reach out to me if you need help or have questions.

E-mail: [email protected] LinkedIn: http://ca.linkedin.com/in/khaledkteily

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mailto:[email protected]

http://ca.linkedin.com/in/khaledkteily

http://ca.linkedin.com/in/khaledkteily


Kevin Gao, of www.managementconsulted.com Victor Cheng, of www.caseinterview.com Authors of www.simplythecase.com Vault Inc., the Vault Guides and Vault Rankings Mathieu Prévost Julia Riscaldino

Special Mention

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http://www.managementconsulted.com/

http://www.caseinterview.com/

http://www.simplythecase.com/


Legal Disclaimer:Any views or opinions presented in this presentation are solely those of the author and do not necessarily represent those of McGill University, the Desautels Faculty of Management, or Oliver Wyman.All materials included in this presentation, including copy, graphics and customized code are the intellectual property of Khaled Kteily, unless otherwise noted or attributed. Text excerpts, diagrams, logos or other information may be quoted within the content of this presentation, and the respective copyright holders retain their rights to this material.Extracts of the information in the presentation may be reviewed, reproduced or translated for research or private study but not for sale or for use in conjunction with commercial purposes. Any use of information in the presentation should be accompanied by an acknowledgment of Khaled Kteily as the author. Reproduction or translation of substantial portions of the presentation, or any use other than for educational or other non-commercial purposes, require explicit, prior authorization in writing. © Khaled Kteily, 2011

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