vault guide to management consulting 2010

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4、omized for: Jingjing ()CAREIVAULT CAREERGUIDETOCONSULTING 2007 Vault Inc.Customized for: Jingjing ()Customized for: Jingjing ()CAREIVAULT CAREERGUIDETOCONSULTINGLAURA WALKER CHUNG, ERIC CHUNGAND THE STAFF OF VAULT 2007 Vault Inc.Customized for: Jingjin

5、g ()Copyright 2007 by Vault Inc. All rights reserved.All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or

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7、 this book, contact Vault Inc., 150 W. 22nd St., 5th Floor, New York, NY 10011, (212) 366-4212.Library of Congress CIP Data is available. ISBN 10: 1-58131-531-7ISBN 13: 978-1-58131-531-8Printed in the United States ofAmericaCustomized for: Jingjing ()ACKNOWLEDGMENTSWe are extremely g

8、rateful to Vaults entire staff for all their help in the editorial, production and marketing processes. Vault also would like to acknowledge the support of our investors, clients, employees, family and friends. Thank you!Customized for: Jingjing ()Customized for: Jingjing (jg634corne

9、)Table of ContentsINTRODUCTION1THE SCOOP3The Basics of Consulting5What is Consulting?5Consulting Skill Sets11The Traveling Salesman Problem14Who Hires Consultants, and Why?17Industry History and Trends19Current Trends20Consulting Versus Other Career Paths27Consulting Categories31Types of Consu

10、lting Services31Types of Firms39GETTING HIRED47Targeting Consulting Firms49Researching Companies, the Right Way49Interviewing the Consultants56The Hiring Process59The Recruiting Process: An Overview59Tailoring Your Resume for Consulting60How to Strengthen a Non-Business Resume61Sample Resumes and Co

11、ver Letters64Building and Maintaining a Network72Applying to the Firm74Lateral Hires77The Interview81What to Expect in the Interview81Visit the Vault Consulting Career Channel at /consulting - with insiderfirm profiles, message boards, the Vault Consulting Job Board and more.C A R E E R

12、 L I B R A R YixCustomized for: Jingjing ()Customized for: Jingjing ()Vault Career Guide to ConsultingTable of ContentsThe Resume/Behavioral Interview82Behavioral Questions83Practice Behavioral Interview Questions83The Case Interview85Sample Qualitative Case Questions

13、88Guesstimates92Sample Guesstimate93More Sample Guesstimates94Brainteasers94Sample Brainteasers95Practicing with Your Friends Before the Interview96Questions for the Interviewer99Interview Questions that Never Get Asked99Behavior101Post-Interview: Accepting, Negotiating, Declining 103After the Inter

14、view103Accepting an Offer104Negotiating an Offer105Turning Down an Offer107What to Do When Things Dont Work Out109ON THE JOB113The Project Life Cycle115The Project Life Cycle115Tips for High Performance121Troubleshooting121How to Survive Your First Month on the Job125Getting Staffed131On the Beach13

15、2The Consulting Career Path137Training for Consultants137Consulting Job Descriptions and Career Progression138Visit the Vault Finance Career Channel at /consulting with insider firm profiles, message boards, the Vault Finance Job Board and more.C A R E E R L I B R A R YxiCustomized for:

16、 Jingjing ()Customized for: Jingjing ()Vault Career Guide to ConsultingTable of ContentsMentors: Top-Level Backing148Exit Strategies149Our Survey Says: The Consulting Lifestyle151Diversity Issues in Consulting: State of the Industry159Days in the Life163Associate163Co

17、nsultant Project Manager165MBA-Level Strategy Consultant168IT Strategy Consultant172CONCLUSION175APPENDIX177Industry Buzzwords179About the Authors184Visit the Vault Consulting Career Channel at /consulting - with insiderfirm profiles, message boards, the Vault Consulting Job Board and m

18、ore.C A R E E R L I B R A R YxiiiCustomized for: Jingjing ()IntroductionYour dream job?Love the idea of jetting to locations both exotic and banal and getting paid very well for your intellectual capital? A lot of consultants (current and prospective) do, too.Management consulting co

19、ntinues to rank among the most popular professions for emerging MBAs and college graduates, and for good reason. As one of the better-paid professions for recent graduates, consulting offers lucrative salary packages and the chance to meet elite Fortune 500 managers. Moreover, consultants get to wor

20、k on high-level strategic decisions for their clientscertainly some of the most interesting issues in business management today.But consulting careers are no walk in the park: Pressures are high, travel can be onerous, the interview process can be painful, the work content isnt always glamorous, and

21、 job security is low relative to many other professions. Before setting off on the consulting route too enthusiastically, you need to get a sense of how you might like it. This requires an understanding of where the industry is going, your role in the industry, and how closely it fits with your need

22、s and personality.You may have picked up this guide in an attempt to decide whether or not consulting is for you. We suggest you start your journey by doing a personal inventory of your skills and talents, as well as your interests and sources of intellectual satisfaction. Also, find out about other

23、 professionals experiencesboth the war stories and the rewards. If your network doesnt include other consultants, use the message boards on Vaults consulting channel or join an industry organization for leads. And read this guide to see if consulting really interests you.This book is not meant to pu

24、mp up consulting. Rather, its meant to be a reality check to give you a practical understanding of what consulting is really like. If you decide its for you, the top-notch advice youll find in this guide will give you the best shot of breaking in.Just remember that positions are limited, and competi

25、tion ranks among the highest of many industries. Even if you attended a top-five MBA program or have decades of experience, breaking into consulting requires perseverance and the sharpest of networking and persuasion skills. Furthermore, consulting firms tend to hire disproportionately from the so-c

26、alled top schools. One thirdVisit the Vault Consulting Career Channel at /consulting - with insiderfirm profiles, message boards, the Vault Consulting Job Board and more.C A R E E R L I B R A R Y1Customized for: Jingjing ()Vault Career Guide to ConsultingIntroductionof g

27、rads from the most prestigious MBA programs join a consulting firm, while just a small fraction of those from lower-ranked MBA programs make it into the industry. And, the skew toward higher-ranked schools is equally true for undergraduate institutions.No matter where your school ranks and no matter

28、 where you are in your professional career, this guide will help give you a shot at one of thesecoveted positions. The road rewards, however, are great.toconsultingischallenging;thepotential2C A R E E R L I B R A R Y 2007 Vault Inc.Customized for: Jingjing ()CONRETHE SCOOIDChapter 1:

29、 The Basics of ConsultingChapter 2: Consulting CategoriesCustomized for: Jingjing ()The Basics of Consulting CHAPTER 1What is Consulting?A giant industry, a moving targetConsultants offer skill in assessing and solving business problems, and are hired by companies who need their expe

30、rtise, fresh outside perspective, and/or extra set of hands. Some management consulting firms specialize in giving advice on general business strategy questions, while others are known as technology, marketing, finance, operations or human resources specialists. Some concentrate on a specific indust

31、ry area, like financial services or retail, and still others are more like gigantic one-stop shops with divisions that dispense advice on everything from top-level strategy, to choosing customer account management software, to saving money on paper clips.But consulting firms have one thing in common

32、: they run on the power of their people. The only product consulting firms ultimately have to offer is their employees ability to make problems go away. As a consultant, you are that problem-solver.Not the kind of consulting we meanAs a stand-alone term, “consulting” lacks real meaning. In a sense,

33、everyones a consultant. Have you ever been asked by a friend, “Do I look good in taupe?” Then youve been consulted for your color sense. There are thousands upon thousands of independent consultants who peddle their expertise and advice on everything from retrieving data from computers to house-trai

34、ning your new puppy. There are also fashion consultants, image consultants and wedding consultants.This career guide covers a particular type of advisory work known as “management consulting” (and simply “consulting” as the conventional, but confusing, shorthand). Management consulting involves nont

35、echnical consulting to the senior management of private- and public-sector organizations. We do not include computer programming, systems integration or other kinds of technical outsourcingthis, of course, is also a version ofconsulting (and an extremely large industry graduates), but we wont discus

36、s it in this book.thatemploys many newVisit the Vault Consulting Career Channel at /consultingwith insiderfirm profiles, message boards, the Vault Consulting Job Board and more.C A R E E R L I B R A R Y5Customized for: Jingjing ()Vault Career Guide to ConsultingThe Basic

37、s of ConsultingManagement consulting firms, then, sell business advisory services to the leaders of corporations, governments and nonprofit organizations. Typical functional concentrations in consulting include strategy, information technology (IT), human resources (HR), finance, marketing and opera

38、tions. Types of problems in consulting might include developing an improved service marketing plan, pulling together a strategy for a new product launch, planning for technology investments inside the client firm, valuing external investments from a financial perspective or evaluating the impacts of

39、 a government policy. Consulting firms sell services in virtually any industry, such as pharmaceuticals, consumer packaged goods, heavy manufacturing, high tech or energy.Consulting firms are typically organized or broken up according to industry and type of problem as well. For example, a firm migh

40、t focus on strategy problems only, but in virtually any industry. Bain & Company is an example of one such firm. Another firm might focus on just a specific industry, but advise on nearly any type of issue. Oliver Wyman, which focuses on the financial services industry, is an example of this type of

41、 firm. Many of the larger firms have a “matrix” organization, with both industry practice groups and functional practice groups. And some firms are extremely specialized. For example, a firm might have only two employees, both focusing solely on competitive analysis in the telecommunications industr

42、y. All of these are examples of management consulting.Caveats about consultingAll this might sound great, but before we go on, we should provide a few reality checks regarding the experience of a consulting career:It takes a long time before you are having meetings with CEOs Outsiders sometimes imag

43、ine a 23-year-old hotshot whispering words of wisdom into the eager ear of the chairman of the board. But, this scenario is as ludicrous as it sounds. Consulting does not often provide instant access to super-senior management. You wont be flying solo with your ideas until youre some 10 years post-M

44、BA in the industry, and you may be working in a firm that never consults to C-level executives, but rather to line managers in marketing or operations. Youll be part of a project team of three to six consultants, with a partner in charge, and possibly active team members from the client company as w

45、ell. There will be a clear hierarchy, with seniority- appropriate tasks doled out amongst the players, and an expectation that everyone works transparently and collaboratively. Its through a healthy doseofdown-in-the-ditches research, painstaking analysis and thoughtful6C A R E E R L I B R A R Y 200

46、7 Vault Inc.Customized for: Jingjing ()Vault Career Guide to ConsultingThe Basics of Consultingcommunication that youll persuade your client to change how she does business. Theres no wizard who sits on the CEOs shoulder.Consulting is glamorous only once in a whileConsulting can inde

47、ed be exciting and high profile, but this is the exception, not the rule. Chances are, you wont be sitting across from the CEO at your next project kick-off, and you probably wont be staying in four-star hotels in the coolest cities around the world (though both are indeed possible). Your day-to-day

48、 experience might very well be sleeping in a Travelodge motel, eating at Applebees, and working with a grumpy middle-manager who didnt ask for your firm to be there. But thats OK, because glamour has little to do with how interesting your project is, and most consultants love their jobs for the inte

49、llectual challenge.Consulting is prestigious in only certain circlesConsulting is widely thought of as a prestigious career within business circles, and particularly among MBAs. But you should realize that in contrast to work in investment banking, your work in consulting will probably never get men

50、tioned in The Wall Street Journal. Very few consulting firms are publicly recognized for the help they give, and most “civilians” wont have heard of your firm at all. Furthermore, consulting clients usually require their service providers to sign a confidentiality agreement, and you therefore wont b

51、e able to tell your friends or family which client firm you are working for, or discuss the details of your latest fascinating project.Few people outside of the industry really understand what consulting is, how many tough hours you put into your job, or how much effort and talent is required to sus

52、tain a successful consulting career. In fact, a running joke about consulting is that no one can explain it to outsiders, no matter how hard or how many times one tries. If you want a job you can concretely explain to your grandparents, or one that always generates an approving nod from non- busines

53、s folks, consulting isnt for you.Consulting is unlikely to make you richThe salary looks attractive on paper, but you should understand that its neither easy money nor a truly lucrative income. Divide your salary over the (large) number of hours, and the pay per hour is often well below that of othe

54、r business careers. Many consultants early in their careers calculate that their hourly wages are similar to those in a retail sales or barista position. In other words, unless you make it to a partner position, where income jumps up dramatically, consulting wont make you rich. In any case, we stron

55、gly urge everyone to avoid pursuing any career based on income expectationsthat is a career planning approach likely to lead to dissatisfaction and unhappiness in the end.Visit the Vault Consulting Career Channel at /consultingwith insiderfirm profiles, message boards, the Vault Consult

56、ing Job Board and more.C A R E E R L I B R A R Y7Customized for: Jingjing ()Vault Career Guide to ConsultingThe Basics of ConsultingBeing a good consultant is much harder than you thinkYou might be thinking, “All consultants do is figure out what problems companies have, explain them

57、, and move on.” Thats pretty much never true. Spotting a clients problems is a mere fraction of the battle. Most people with a fair amount of common sense and an outsiders perspective can identify a clients problems. And in many cases, clients also understand where the problems lie.The job of the consultant isnt just about knowing whats wrong. Its about figuring out how to make it right. Even finding the solution and making a