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Posts tagged ‘Master of Business Administration’

Aug 22

10 Comments

Case Interview Solution, new: Operations Case Video

Operations cases are difficult. Most candidates struggle to generate frameworks and invariable use a trial-and-error approach to find their way through. This is a messy technique which fails most of the time. Yet, the approach to solve operations cases surprisingly sits at the core of solving estimation and IT cases. Therefore, understanding proper operations case techniques is vital.

Moreover, operations consulting is a major part of McKinsey, Bain and BCG’s business as we discussed in this overview of the difference between strategy and operations and this overview of a McKinsey supply chain project. There is a severe shortage of candidates for these practices. Remember, all consultants at the top firms are treated equally, and due to the generalist model, you will be expected to do operations and strategy projects. So entering here makes you as good as any other consultant at these firms.

The video which follows presents an elegant method to solve operations cases. This case expects candidates to have a thorough understanding of some basic operations concepts. Any MBA graduate should easily be able to solve this case. Therein is the challenge. This case does not test any complex ideas. It merely tests the most basic principles of operations, and unless a candidate understands them very well, they will fall short. Operations cases can always be reduced to a 3-step analysis of a supply chain, but this needs to be carefully presented to the interviewer. Moreover, lack of familiarity with the approach will lead to lots of wasted time. Understanding bottlenecks in operations cases is also vital. A related concept to understand is marginal cost analysis. When joined, operations cases and marginal cost cases tend to be very challenging. Operations cases tend to be very long. It is essential the candidate uses guidance from the interviewer to focus on that part which will likely generate the answer.

This case video is animated. Selected screen shots of the video are presented below. Clients will find this video in session 6 of the online case solution library. The video is only available to clients of our case coaching service.

Jan 17

1 Comment

Back In the Hunt

Max (not his real name) is an aspiring consultant who is looking to secure an analyst role with one of the top firms. His interest in management consulting was sparked by a failed McKinsey interview. In this series of blogs, he will be sharing his background, case preparation process, useful resources, and any breakthroughs or setbacks that he experiences.

Well that was an interesting recruiting season! From my last post you guys could probably tell that things were not going well, and I’m sorry to report that I got shut out – zero interviews. I’ve spent the last little while thinking about what happened, and how I should proceed. First, I want to talk about what I think happened. Read more

Jan 11

13 Comments

Experienced IT Executive Trying to Break into BBM

My responses are in italics below within the email sent from a reader:

Thanks for maintaining such superb information at your site and allowing potential consultants to ask questions!

I tried to look if this question was answered in your forum but could not find it hence the question. The question is representative of many experienced professionals from top IT consulting firms who are looking to make a career change. I would like to mention that these firms also derive 5% of there revenues from management consulting example Infosys, TCS, IBM, Cognizant, Wipro. Read more

Dec 28

New Video: Detailed explanation of solving a case interview and differences between using decision trees and hypotheses

This is the number one question we receive from the candidates, right at the start of the coaching problem. They all read about the hypotheses-led approach, and assume it is the only way to solve cases. As many know, we teach both, but highly recommend the decision tree approach. We also know how much candidates struggle to identify the key question to be solved in a case. This detailed video, with rich and detailed drawings, and lasting 76 minutes, explains the differences and provides some added guidance. It is an excellent video to watch when you are mid-way through the more complex stages of the case training, when these questions about decision trees, hypotheses, key questions etc are likely to pop up. Read more

Oct 15

5 Comments

When Things Don’t Go According to Plan

File:Torus Trooper - Game Over.jpg

Max (not his real name) is an aspiring consultant who is looking to secure an analyst role with one of the top firms for the upcoming recruitment cycle in September 2011. His interest in management consulting was sparked by a failed McKinsey interview last year. In this series of blogs, he will be sharing his background, case preparation process, useful resources, and any breakthroughs or setbacks that he experiences.

I hope everyone is still doing well and getting lots of interviews and offers! Unfortunately, I have been dinged without an interview from most of the firms, and I have an aching feeling that the rest of the ding e-mails are a mere formality at this point. The list below contains the firms I applied to, and the current status. Read more

Jan 24

2 Comments

Why consulting case interviews are only half the battle

Rajat Kumar Gupta, Chairman of the Board, The ...

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“I want to join McKinsey because I admire the incredible success of the firm and the opportunities it provides. I also feel that I have a track record of success and will naturally fit into McKinsey. I have furthermore always liked solving complex problems and will be a perfect addition to the firm.”

When we screen resumes for our case training service the above statement paraphrases the responses of 90% of those who write in and answer the questions “Why McKinsey and/or Management Consulting?”

This is a terrible answer. Besides being totally vague, lacking in specifics and showing no understanding of the industry and firm, it also does not promote the applicant. Using the logic presented in this answer, if anyone even admires McKinsey, they should be hired. That’s plain ridiculous. Second, having a track record of success is so clichéd and says nothing about the success you have had. Third, solving complex problems is again clichéd. The interviewer wants to know what types of problems you solved and why you think this is applicable to the type of work you will do at McKinsey. Fourth, if I deleted McKinsey above and replaced this with BCG/Bain or Roland Berger, this statement would still work. That’s the problem; it’s not specific to a firm.

The majority of interviewers admit that they are more than a little shocked when candidates spend hundreds of thousands of dollars on MBA’s or advanced degrees, case training and books, but did not even bother learning about the firm. They want to see that candidates truly understand the firm and can clearly articulate the reasons why they want to join.

Here are some interesting horror stories from McKinsey/Bain/BCG interviewers:

  • The candidate spent a good 10 minutes explaining why he wanted to join McKinsey and learn under a firm led by Rajat Gupta. He clearly had good reasons. However Rajat Gupta no longer led the firm and it showed he had not even bothered to check this fact.
  • Arriving for an interview straight from a vacation in jeans and a t-shirt.
  • Arriving for an interview with orange hair! Apparently the candidate had just graduated and lost a bet. It was a sign of his integrity that he adhered to the terms of the bet even when attending the interview.
  • Arriving at BCG with a copy of a BCG article and explaining to the interviewer why you disagree with the findings!
  • Another candidate offered to take a young female interviewer out to dinner to learn about the firm!
  • One enterprising candidate called back after a rejection and complained that she wanted a management case but was given an economics case!

The bottom line is that you need to do the research and have great answers for why you want to join a top firm.  Second, do not become an example of how not to conduct yourself in an interview. Basic research will show you what not to do.

Oct 26

22 Comments

Do experienced hires have a shot at getting into McKinsey, Bain, BCG or Roland Berger?

Scientists

We received the following query via email. We will answer this in an open forum on the site since we think it is relevant to many of our readers. You can apply our own process to determine your chances.

[To the candidate: We would need to see your résumé to accurately assess your chances.]

“You’ve got a very stimulating website which I’ve been directed to by one of the online “tutorials” on the YouTube site, which I also found exciting and well presented.

However, one small issue seems not to be addressed, as far as I’m aware, and that is the issue of experienced hires without a business/MBA background. I recently attended a McKinsey and Company recruitment event and had the opportunity to speak with a director and a few associates who have strongly encouraged me to submit an application. In fact, I was told that at the present time, they are particularly anxious to recruit “experienced hires” and they were very keen to point out that prior business experience is definitely not required and I got the impression that they would prefer a blank canvass from that point of view. My background is in medicine, dentistry, higher surgical training and [deleted].  As mentioned, I’ve enjoyed the online tutorials available on YouTube but they seem to assume an existing knowledge of the business and financial world.

My first question therefore is do these tutorials represent the type of case interviews administered to all potential applicants to the large management consultancy firms?

I’m also very interested in the online book and would like to know if this, or indeed any other information source you supply, can help someone like me in my potential application to one of these firms or do you think that perhaps the pathway for the experienced hire has yet to be addressed by FirmsConsulting?

Many thanks for your consideration and keep up the good work!”

Given the above, do experienced candidates without an MBA/business background have a reasonable chance of moving up to McKinsey, Bain or the BCG? If so, what does it take?”

Advice for experienced candidates is covered throughout the blog. To save you time I have pulled it all together in this one post. We offer a career coaching service both for experience hires, MBA’s and current consultants. In this post we will show you how we would assess this candidates chances and whether he has a shot at making it.

Step One: Resume check. It is always better to prepare your résumé and then determine your chances. Prepare a one-page resume using the Harvard format. Things look very different when they are committed to paper.

  • What degree does he have? Is it a graduate degree? Did she do well; as in getting an 80% average or more? Having a masters or doctorate will definitely be a bonus. Being a medical doctor could also count in your favour.
  • Where did he study? Is it a good to great school? Most consulting firms have target schools. These are schools from which they regularly recruit. If you are not from a target school it is also not a problem. Great grades are important.
  • Was the degree full-time or part-time? Part-time degrees will not count for much. We have heard of students being recruited with part-time MBA’s and doctorates; however this is the exception and not the norm.
  • Do any of the consulting firms recruit from this school? This is not a decider, but it does influence the decision.
  • What is his experience? Did he enter as a technical specialist and then start managing people or did he always stay in a technical role? No one answer is better than the other. It really depends on the other answers the picture we get when they are viewed together.
  • How old is he? A 30-35 year old candidate without an MBA, but specialising in a technical field is fine. There is still time to teach you business and help you grow into the firm. The older you are, the harder it will be to change. Assuming you are 40 years old, you should be able to show proven excellence in your field, and the ability and willingness to adapt to management consulting.  Therefore age is critical for technical specialists seeking entry to management consulting.
  • What is his experience? Having no business experience is not at all an issue. Consulting firms are hiring you for your problem solving ability and not your business knowledge. They would always pick talented and smart people who can solve problems over someone with some experience in business.
  • Any blue-chip experience? Just because you were in a technical field does not mean you could not have worked for GE, P&G, and Mercedes and so on in R&D. Blue-chip experience is counted.
  • What kind of leadership activities has he been involved in? The more time you spend out of school, the more this becomes important.
  • Does she have a medical degree or similar advanced qualification? Medical degrees do stand out. They take longer to obtain, they usually require much higher qualifying grades and they show an ability to work with people. All other things being equal, a medical degree would be an asset.

So let’s look at some scenarios.

Scenario 1: Let’s assume the candidate is 32; same background as in the question above and has a medical degree from Harvard Medical School and graduated with a 3.4 GPA. He was successful as a doctor and tried to specialise in surgical training but only spent a year in this field. He has a healthy social life and maintains a full list of hobbies. He would have excellent chances on paper.

Scenario 2: If the scenario was the same but he was 40 years, the chances would diminish unless the candidate demonstrated great success his field, could explain why he never considered business before and why he is willing to make the jump now, and can demonstrate the ability to learn business problem solving (this is shown via the ability to solve cases).

Scenario 3: Same as scenario 1 but he was 45 years old. His chances would be very slim.

Scenario 4: Same as scenario 1, however he is 40 years old but has a doctorate in physics from Stanford and only worked in physics labs. This is still tough. Age is a big factor here. It will come down to the candidate’s determination, school and his success in his career. Yet, it is still slim.

So as you can see; lack of a business background becomes more important the older a candidate becomes. That’s because the older he is, the more important it is for him to demonstrate excellence in his technical field, and his excellence raises questions about his reasons for changing careers and his ability to make this jump.

Step 2: Does  the résumé and reality match?

Let’s assume, we looked at the résumé, and the candidate fell into scenario 1 or 2. We would then arrange for a discussion via video-conference to look for the following:

  • How does the candidate dress? Is this someone we could imagine in front of a client?
  • How does the candidate speak? Are they engaging, articulate and presentable?
  • What are the candidate’s values? Is integrity important?
  • Is the candidate worldly? Does he know what is happening in the world? Does he have a considered view-point and can debate topics?
  • Is he confident? Can he stand his ground and intelligently debate?
  • Does he command attention?
  • What is his etiquette?
  • Is he curious about the world?

Many of these things can be taught. So do not worry if you feel you may be weak in some areas. We use video-recording to show you improvement areas. The wonders of technology means we can advise students in Germany, Canada, Chile, India or even Russia.

This is how we rank candidates:

  • He has all the attributes.
  • He does not have all the attributes but she can be coached and taught.
  • He does not have key attributes which cannot be taught.

If you are ranked in the first 2 groups, then its fine and we allow you to join our coaching program. If we think you lack key attributes which cannot be taught, then we would decline, since you would be unlikely to get in even with the best coaching.

Explicitly answering your questions

Yes – McKinsey, Bain and BCG like to hire experienced candidates with graduate degrees in other fields, even if they have no business background. So if you are a particle physicist, medical doctor or ethno biologist, it will be fine, provided you fulfill the criteria above. BCG, in particular, likes specialists from other fields. That is not to say McKinsey or Bain is less friendly to them, we just know BCG tends to more actively seek candidates with other backgrounds.

Typically if you met these criteria and where young, you would slot in at the Associate level which is the same level as all new MBA graduates. Your career path may be a little different but not in any particularly worrying way. You would just need greater exposure to internal business training and you would easily receive this. For interest, Michael Wolf who led McKinsey’s Global Media Practice only possessed a BA in international politics from Columbia. No master’s degree and no business background. That is one prominent example but there are many others.

Assuming you were an extremely talented scientist from Johnson & Johnson and had risen to the senior ranks of the R&D unit, you would not necessarily come in at an Associate levels. Firms do make exceptions and sometimes bring in candidates on accelerated development paths. Sometimes you join as an associate with the intention to be developed rapidly or in other cases you join as an associate manager. However, this applies to exceptional individuals.

Either way, you would need to solve the core problem solving skills so that you could work in any sector. You are not allowed to specialize until later.

The tutorials DO NOT assume knowledge of business. All those concepts we discuss in the tutorials are typically difficult the first time someone with no business background sees them. However, I can assure you that with training and reading the correct material you will be well prepared you for the case interviews. All candidates, business and non-business, are expected to go through the same cases as the ones in our tutorials. They are easy, and fun, once you learn the techniques. So to answer your first question – Yes, all candidates go through these questions.

To get into the leading firms, you will need the following:

  • Excellent cover letter
  • Resume in, preferably, the Harvard format
  • Coaching on the overall experience
  • Ability to answer all five types of case questions.

The first three mean nothing if you fail the cases. McKinsey will, and regularly, turns down even Harvard MBA’s who fail the case interviews. It is all about demonstrated competency. Some lesser firms will be impressed with a great resume, but the top firms want you to prove your problem solving ability.

The first three are relatively easier to do. We can help with this and offer this service, although you can always do it by yourself. The fourth area is more important. You need to learn this. Either join our Case-Athon or sign up for our one-on-one coaching. Alternatively you can choose to practice alone. Either way, you must do well here to get in.

About the book: I would urge you to get it. Simply because it introduces you to a day-in-the-life of a McKinsey consultant through a real project and was written to teach you about all the concepts they use. It is also written in an entertaining format so you can really understand the issues and problems at a client. It has been a very popular book and we are building more around this. We wrote the book because we know we would have appreciated someone giving us a book like this when we worked at BCG and the like. It has proven to be popular and will give you a real-project overview.

To Summarize:

Summary: Yes, you still have a shot; provided your grades are good and you are starting out in your field. However, age is working against you. The more elapsed time since graduate studies equals fewer excuses for not succeeding at your chosen career or notching up more accomplishments. Ironically, the greater your success here raises questions about why you want to leave and your ability to learn the consulting techniques.

Next Steps: Polish your résumé and you need to apply as early as possible. However, if your grades are not good, you may want to consider getting an MBA to improve your chances. You need to really prepare for the case interviews, speak to consultants in these firms and learn the soft skills to impress the interviewer.

Oct 25

39 Comments

“I am a Chartered Accountant (CA). Why am I struggling to get into McKinsey, Bain and BCG?”

This is a great question and surprisingly very common from British, South African and Australian candidates. This posting was prompted by a British graduate who immigrated to the US and is trying to join a consulting firm. We have been asked this question a few times before so it is worth answering it here for all our readers.

The Chartered Accountancy (CA) designation is a prized and much sought after qualification in several of the former British colonies, now Commonwealth countries. The CA designation is mistakenly called a degree when it is actually not. It is not a degree since the candidate needs to obtain a Bachelor’s degree in commerce or accounting and then serve an internship (called articled clerk) before sitting for another exam and finally receiving the CA designation. If you lived in South Africa, Britain and to some extent Australia the CA could be a route to great riches. There is a reason for this.

As much as the British do not like to admit it, they arrived on the MBA scene fairly late. British MBA’s are not held in the same standing as their US, Canadian or even continental European peers. A Harvard, Wharton, Sloan, Stanford, Yale, Columbia, Duke or INSEAD MBA is held in much greater standing. With the exception of LBS, not many of the other British schools are even well known. Even LBS is not well known. Of course, the schools would argue this is not true but a cursory check on Google or a discussion with a pool of prospective MBA candidates would support this view. How many can name and spell Oxford’s business school? .

The late arrival of MBA programs to British universities meant that aspiring CEO’s needed to obtain their training somewhere else. Usually this was via the CA designation. Many British CEOs hold CA’s and served as financial directors before progressing onwards to their current positions. This is slowly changing, but the MBA is still not held in the same regards as it is held in the USA. Of course, management consulting firms originating from the US and operating in London think differently.

If you want to see a perverse example of this, then look no further than South Africa. Due to a host of issues including international isolation, South Africa was very late in developing MBA programmes. A search of the country’s top business executives indicates that over 65% hold the CA designation. Less than 5% hold an MBA. South African MBA’s are also not widely regarded worldwide and only a few even make it into the FT.com rankings. None feature in the Businessweek.com rankings. To get to the top of business in South Africa, it probably helps to have a CA. However, again, it will not necessarily help with the top consulting firms. A quick call to McKinsey’s London and Johannesburg offices confirms this. McKinsey makes no special effort to recruit CA’s and CA’s compromise less than 3% of both offices. Calls to Deloitte’s, E&Y’s, KPMG’s and PWC’s London and Johannesburg offices painted a different picture. They love CA’s. Of course they would; they are auditing firms and not management consulting firms.

A number of reasons have driven this bubble for the CA designation in Britain and South Africa. For one, both countries were really late to embrace the view that management is a science. Both countries felt that understanding the accounting statements made one an expert in business – it does to some extent. If you could read the accounting statements, that was all that was needed. A CA designation is a qualification which trains one to be an auditor. An auditor’s job is to reconcile the accounting statements and make sure everything is as stated. That’s it, nothing more. If it is GAAP compliant, the job is done.

CA’s are not trained to understand business in its entirety. That is a critical point. CA’s are trained to spend years understanding the minutiae of a business. Therefore, in time, they understand a sector in great depth. You are probably wondering why a top consulting firm will not value this. That is because consulting firms value the ability to solve problems rather than having/applying a pre-existing knowledge base. CA’s are linear thinkers who solve linear problems. Applying MECE, decision trees and hypotheses is not a linear process. Most solutions to consulting problems do not lie in the financial statements. The statements outline the symptoms of a problem, but it takes time and effort to find the real issues. Something a CA is not trained to do.

In the US, a certified public accountancy (CPA, and pseudo-CA equivalency) designation will allow you to, at most, serve as the financial controller. It is very unlikely a major US enterprise will allow someone without an MBA to serve as CEO or CFO. A rare person can change this, but all things being equal, the MBA designation is a key stepping stone.

I must add that CA’s are not common in management consulting in the top firms. We have personally never met a CA who served as a partner at McKinsey, Bain or the BCG. I am sure they exist, but they are in the minority. If you think we are kidding about the lack of CA’s in management consulting go to the alumni sites of McKinsey, Bain or the BCG and see how many CA’s are featured; very few if ant. That is not to say that someone with a CA cannot become a management consultant. You can. If you have the correct problem solving skills, right values and attitude then you can make it and be a successful management consultant. However, walking into an interview and assuming a CA designation is a gold standard is not just arrogant, it shows a total lack of understanding of business. You will not go beyond the first round.

McKinsey, Bain and the BCG will still look for talented graduates and MBA’s to join their offices; even in Britain or South Africa. If you have a CA, and are unwilling to learn the proper management consulting techniques or unwilling to retrain then you should consider going into a corporate role in either country or joining an auditing firm. Auditing firms like Deloitte, E&Y, KPMG and PWC usually staff their consulting leadership ranks from the accounting side of the business. The exception is obviously in the US side off the business where this would never work. The consulting leaders usually possess MBA’s.

CA’s do have one slight advantage. The CA designation is uniform. A graduate from any university is treated the same if they have the designation since the CA is administered by the same body. That is why there is no global CA ranking. MBA’s are different. It really matters which school you attended. That said this uniformity will only help a CA if they choose to join the consulting arms of the accounting firms. And then, it will only help if you have no intention of immigrating or working on international assignments. If you transferred from PWC Consulting London to PWC Consulting New York, you had better have an MBA

For those who have a CFA, this entire discussion about the CA is applicable to you. The CFA was designed for financial analysts and not management consultants. It is like a CA but focused more heavily on financial analyses and valuations. It does not teach management/business analyses. There is furthermore a reason why an entry level McKinsey hire is called a business analyst. Analysing a business is the most basic skill you need in a consulting firm. It is not all the skills you need, but the base skills. There is a reason junior consultants must prove themselves with spreadsheet analyses. If you have a CFA, then expect to struggle just as much as the CA to get in. You need to get an MBA or another graduate degree since elite management consulting firms are looking for people who can solve problems.

What would we recommend for a chartered accountant who actually wants to get into management consulting?

  • Accept that your designation is giving you no greater advantage than someone without another graduate degree or no business degree.
  • Understand that your designation may put you at a disadvantage since the interviewer will likely think that you believe you have all the required skills.
  • Be prepared to buckle down and learn the correct way to solve consulting case problems.
  • Accept that you will likely need to study for an MBA to be successful and/or make partner.

If this came across in a direct manner, we apologize. We felt it is important you get the right information and did not want to unnecessarily raise your expectations. You need to know where you stand to make the right career choices. Your future is far too important to rely on inaccurate information. That said; every candidate is different. If you have questions, please do not hesitate to write to us.

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Oct 7

“Do consultants from boutique consulting firms have a reasonable chance of moving up to McKinsey, Bain or the BCG? If so, what does it take?”

Extreme Makeover: Home Edition

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We received the following query through our website. We will answer this in an open forum on the site since we think it is relevant to many of our readers. You can apply our own process to determine your chances.

[To the candidate, We would need to see your resume to properly determine your chances.]

“My first consulting job was with a small boutique firm of performance specialists. Their engagements were geared toward performance improvements. They did not perform any strategy work but guaranteed their performance results. Analyses were a two week ’blitz’. It was a combination of day in the life studies as well as manager and supervisory behavioral observations. The projects were geared toward coaching managers and supervisors to increase hourly output and then reducing headcount (savings) due to lack of work. Due to the guarantee there was great pressure to achieve results. The company was very heavy-handed with staff and turnover was very high (up or out was very much a part of the culture). If you stuck around past 3 years you were pretty good. The company did not have any formal training and most of what was learned was obtained on field projects (on-the-job-training). This approach made it difficult for many employees to survive past 10 months. It was very much a sink-or-swim environment. New staff learned how to identify issues (using gap analyses) and then coach supervisors to resolve these issues. However, learning how to ‘human-engineer’ clients to resolve these issues required a skill many individuals didn’t have and struggled to execute. Yet, for understanding management at the “floor level” it was a great way to get started.

I currently work at small turnaround specialist consulting firm. They deal with small firms with approximately >$1M<$5M in sales. The challenge is most of the clients need a turnaround specialist, so it’s difficult to sustain an engagement for more than a few weeks as many of these firms have major cash flow problems. Sustained solutions tend to take longer to ‘mature’ and the “quick hits” don’t always generate enough cash to even pay the fees. It can be fun to work with these types of businesses but you have to “show value” quickly if you expect to come back the next week. In this environment we look at a company’s financial data (sales, operations, and finance) and then try to sort out the cash flow issues early so we ‘stop the bleeding’. It is very hard not to feel the weight of the world on your shoulders when you work with these types of clients – sometimes the help they require comes in just too late. In total, I spent 5.5 years at both firms.

Given the above, do consultants from boutique consulting firms have a reasonable chance of moving up to McKinsey, Bain or the BCG? If so, what does it take?”

We offer a career coaching service both for MBA’s and current consultants. In this post we will show you how we would assess this candidates chances and whether she has a shot at making it.

Step One: Resume check. Let’s look at the cold hard facts that are important to consulting firms

  • Does she have a degree? Did she do well; as in getting an 80% average or more?
  • Where did she study? Is it a good to great school? Do not read into the hype too much. Tier-1 firms do not just hire from Harvard and Wharton. Great grades from a good school will get you in.
  • Was the degree full-time or part-time? Part-time degrees will not count for much.
  • Do any of the consulting firms recruit from this school? This is not a decider, but it does influence the decision.
  • Does she have a post-graduate degree or MBA?
  • How old is she? A 25-30 year old candidate without an MBA is okay. There is still time to get a degree. The older you are, the more bad habits are ingrained and the less willing and capable you are to work the long hours and learn the management consulting approach. If you are 35 and above, and do not have an MBA or advanced degree, then the question would be what did you do during all this time? Realistically, the earliest you could get into an MBA program would be at the age of 38. That’s too late.
  • What is her experience? The tier-1 firms do not think much of the training of the other firms. So do not think this experience will count for much unless it was at a top boutique firm. The wrong kind of experience in consulting will count against you while the right kind of experience in industry will count in your favor. The worst mistake candidates make is assuming they are doing McKinsey or Bain a favor by bringing this experience to the table AND refusing to be re-taught. She must understand that she needs to go out of her way to explain why she stayed here if it was not ideal, why she understands she needs to learn the correct problem solving skills and most importantly, she actually can learn the right skills.
  • Any blue-chip experience? It would be great if this candidate served some time or an internship at a blue-chip like Coca-Cola, Pepsi, Nestle or GE.
  • What kind of leadership activities has she been involved in? The more time you spend out of school, the more this becomes important.

So let’s look at some scenarios.

Scenario 1: Let’s assume the candidate is 28; same background as described above, has a degree from a good school and graduated with a high GPA (greater than 85% average). She has a track record of being successful, shown leadership and is willing to unlearn all the bad habits picked up, and relearn the case method to get in. In this case, she has an okay chance.

Scenario 2: If the scenario was the same but she had a master’s degree, her chances become good.

Scenario 3: Same as scenario 1 but she was 36 years old. Her chances would be very slim.

Scenario 4: Same as scenario 1, she is 36 years old but has a doctorate. This is still tough. Age is a big factor here. It will come down to the candidate’s determination, school and her success in her career. Yet, it is still slim.

So as you can see; age, experience, willingness to learn, degree, grades and school count for a lot.

Step 2: Does resume and reality match?

Let’s assume, we looked at the resume, and the candidate fell into scenario 1 or 2. We would then arrange for a discussion to look for the following:

  • How does the candidate dress? Is this someone we could imagine in front of a client?
  • How does the candidate speak? Are they engaging, articulate and presentable?
  • What are the candidate’s values? Is integrity important?
  • Is the candidate worldly? Does she know what is happening in the world? Does she have a considered view-point and can debate topics?
  • Is she confident? Can she stand her ground and intelligently debate?
  • Does she command attention?
  • What is her etiquette?
  • Is she curious about the world?

If she does not have the right school, then she needs to minimize every other conceivable reason why she should be rejected. That means looking, acting and speaking like a polished consultant. This can be taught.

This is how we rank candidates:

  • She has all the attributes.
  • She does not have all the attributes but she can be coached and taught.
  • She does not have key attributes which cannot be taught.

If you are ranked in the first 2 groups, then its fine and we allow you to join our coaching program. If we think you lack key attributes which cannot be taught, then we would decline, since you would be unlikely to get in even with the best coaching.

We also want candidates who can be brutally honest with themselves. For example, if we tell you that you need to improve your dressing, speaking style and etiquette, some candidates become upset. However, if you are willing to change these things, you have a shot.

To Summarize:

Summary: Yes, you still have a shot; provided your grades are good and you are in your twenties. However, age is working against you. The more elapsed time since undergraduate studies equals fewer excuses for not getting a MBA, succeeding at your chosen career or notching up more accomplishments. You also learn bad habits which are hard to unlearn. If we knew more about this candidate, we may even advise them to consider Booz or AT Kearney. These are not tier-1 in terms of strategy, but AT Kearney is tier-1 in terms of operations consulting and Booz is as good as the top firms in some geographies and markets.

Next Steps: Polish your resume and you need to apply as early as possible. However, if your grades are not good, you may want to consider getting an MBA to improve your chances. You need to really prepare for the case interviews, speak to consultants in these firms and also learn the soft skills to impress the interviewer.

The reader also sent in the question:

“When consultants leave the tier 1 firms, how are they able to move into top positions with Fortune-500 companies?

Every significant head hunter is scouring Bain, BCG and McKinsey for the right candidates. Therefore, it is partly due to having worked or still working at the firm. Remember, these are training grounds for executives.

Second, you will spend 80% of your time in front of clients who are potential employers. If you are good, they will come to you.

Third, these consulting firms exist to groom future business leaders. It is natural they will end up in a corporate role.

Oct 6

4 Comments

Case Interviews, Case Studies, Brain Teasers and more during the McKinsey/Bain/BCG interview process: Advice from a Placement Coach

QB Robinson + Rich Rodriguez

Image by NHN_2009 via Flickr

There are thousands of eager MBA, graduate and undergraduate students trying to get into consulting firms. We meet them all the time. We currently offer a complete coaching service: resume re-writing, cover letter preparation, case coaching via teleconference, interview coaching, advice on dressing, speaking and so on. This entire coaching service helps those lucky candidates land coveted positions at McKinsey, Bain, BCG and the other major firms.

Today’s post is our observations in helping students and candidates through our coaching programme to land positions at these coveted firms. This is worth reading for anyone trying to land a position at the elite management consulting firms. It will help you understand what is required to get into these firms.

There is a reason we do not have a payment link for this service online. Not everyone can get into a top management consulting firm. If we placed a payment link on this website or Lillilooloo.com, then it means anyone can make payment and enter the coaching programme. It does not work that way. Before we take you into the programme, we need to make sure you have the raw material to get in. Do you have good grades? Do you have the passion and determination to learn the case method? Are you willing to work through the coaching and guidance we will provide? Can you learn to think like a management consultant? Do you have or can you learn the right values?

Remember, we are alumni of top consulting firms. We want suitable and deserving candidates to get. We want to continue building the brand value of these firms, our former employees. And that means helping determined candidates get in.

We only take on 15 potential candidates. We never take more and it is never about the money. We take candidates who we think can get in and make it to partnership. It is a tough process to coach, develop and build candidates to get into these firms. We invest in candidates who will invest in themselves.

So be brutally honest with yourself. Do you have what it takes to get in?  One word of caution is needed. You do not need a Harvard MBA to get in. Good grades from a good school are enough. Good grades with a strong intellect and curious mind are better. Good grades, the right mindset, value system and leadership potential are priceless. So do not sell yourself short. You can get in provided you have these attributes.

Entry into a top management consulting firm is tougher than getting into a top-5 MBA programme. Think about this. Of the 400 or so graduates of the Harvard Business School, not all will get invited to interviews at McKinsey, Bain or the BCG. Of those that are invited, even fewer will receive offers. Getting into the top firms is therefore tougher than getting into the best schools.

Getting into the Harvard, Wharton, INSEAD or Stanford MBA programme will change your life. It will introduce you to an entirely new social network and introduce you to opportunities you never had before. It leads to generational wealth shifts. You benefit, your children benefit and your children’s children benefit. Getting into McKinsey, Bain and BCG can have a greater impact. That means you need to be just as determined to get in and succeed. Remember the effort you made to prepare for the GMAT, prepare your letter and compile your submission. The same effort is required. You need to be willing to learn, be coached, get in and succeed. It’s not enough to get in. You need to prosper. We want to work with those potential candidates who understand the significant and importance of being a true management consultant in every sense of the title. If you have the raw material to get in, are you willing to work to get to the next step?

Do you know how many consultants at McKinsey, Bain and BCG are managed-out? A very big number. Over 80% during a 4 year period. Therefore ,we don’t want candidates to just get a job offer. We want them to get in and succeed all the way to the top or until they chose to leave of their own volition.

Here is our advice for candidates who want to get into the top firms and succeed:

1 – You need to have a good reason for wanting to join the top firms. So many candidates tell us they want to get in because:

  • “Because McKinsey hires the best and smartest people.”
  • “I just want to get in. Help me get in.”
  • “It will be good for my career.”
  • “They are the top recruiters.”

I can assure you these are not good reasons for wanting to get in. Do you know anything about these firms? What about their cultures? Have you taken the time to learn about them and understand why it will be good for McKinsey to hire you? That’s what you need to focus on. All the comments above are about why it is beneficial to you. We want to know how you will add value to Bain or McKinsey. We can help you understand that. But even if you are not being coached, you need to think in this way. What is the benefit to the firm of hiring you?

2 – Be prepared to be coached. Frankly it does not matter if you know a McKinsey consultant, Bain manager or BCG analyst. It does not even matter if you know a partner. There is a reason everyone wants to join these firms. Because you cannot get in based on personal contacts. So having them on your resume means you earned your place. It is a badge of honor. So you need to be prepared to be coached to get in. You will need to learn to think like a consultant, act like a consultant and speak like a consultant.

Having a Ph.D. in physics is not enough. The case analyses method is the only method that counts. If you do not understand hypotheses, decision trees, inductive reasoning, deductive reasoning and their application to business problems, you need to be willing to be taught this.

If you are not a clear thinker, then you need to learn the correct way to structure and understand problems. Do you know how difficult it is to explain your reasoning while working through a case problem in front of two partners? That takes practice and guidance.

3 – Be prepared to learn about problem solving, explaining your thinking and maintaining confidence through this process. During the consulting case process you will come across 5 types of problems to solve:

  • Specific Business Case
    • Usually contains a data set with a list of questions: Using only the data provided, tell us which the best performing company is and why?”
  • General Business Case
    • These are the toughest. It contains a case question and the candidate needs to work their way towards the solution. Sometimes data is provided: “Medtronix is a Los Angeles based healthcare company. Over the last 5 years they have seen margins drop although they have continued to grow. They have appointed the BCG to help them fix the problem.”
  • Group General Business Case
    • Same as the above but you will be required to solve the case in a group setting consisting of 3 or more candidates.
  • Brain Teaser
    • These questions test your ability to develop rational solutions to questions for which you could not possibly prepare. They test your ability to reach approximately accurate conclusions with no data: “How many golf balls are in the air around the world at 12pm EST?”
  • Logic Question
    • These test your ability to observe and explain observable ideas: “Why is a manhole cover round?”

Each of these questions can be solved by using a problem solving framework. To give you an example, let’s look at a general business case question. The other types of questions have their own frameworks, so this example is not applicable to them:

“The British Armed Forces is reducing its budget. To save money the new aircraft carrier programme will need to find a way to cut costs by 20% per a career. McKinsey was approached to do this. What would you do?”

The framework consists of just 4 steps. It looks easy but there are twists and turns which need to be taught. Let’s look at some of these:

  • Step 1 – Confirm the Question
    • Is McKinsey appointed to determine if a 20% cost reduction is possible? Or
    • Is McKinsey appointed, on assumption that 20% cost reduction is possible, and they need to find a way to hit this target?
    • Do you see the difference between these two questions? If you pick the incorrect problem statement you are in for a world of trouble, not to mention an immediate rejection.
  • Step 2 – Develop a Framework
    • Should you develop hypotheses?
    • Should you structure hypotheses? How should you structure them?
    • Should you build a decision tree?
    • What should the branches of the decision tree look like?
    • How do you apply MECE to the decision trees?
  • Step 3 – Analyse the problem using the framework
    • How do you calculate a 20% reduction if you have no numbers?
    • How do you test to ensure you have the correct answers? Are their checks that can be used?
    • How do you build the framework given the limited questions in the problem statement?
    • How do you take the interviewer along in your thought process?
  • Step 4 – Present your summary and recommendations
    • How do you summarise the information?
    • How must recommendations be written?

As this shows, it is difficult to solve these problems. That is why we advise students to take the time to learn the correct problem solving approach. Do not just memorize the answers. There are two reasons for this. First, you may encounter a problem you have never seen before. Second, if you do not understand the approach, you will be quickly exposed if you do get in and managed out very quickly.

4 – There is a world of difference between solving a case quietly in your study hall versus sketching out your solution on a blank sheet, talking the interviewer through the solution and sounding confident. We have seen so many talented candidates able to solve case questions in a calm and comfortable setting. Yet, they struggle and actually fail when needed to do so in a real case environment. You need to practice the ability to simultaneously:

  • Think aloud
  • Sketch out your approach as you proceed
  • Engage with your interviewer to collect information and confirm your answer, and
  • Look and sound confident as you do this.

If you cannot afford a coach, do not worry. You do not need a coach to do this. You can do it by yourself. You just need to be determined and really plan well. You need to be focused and tough on yourself. Be careful of the advice you read on the internet and the thousands of case books circulating the internet. Some are good but most are poorly written. Remember that the case analyses is part of the skills you need. It is the essential but make sure you are focusing on the other areas like speaking, dressing, communication and your overall positioning.

If you chose to prepare by yourself, imagine you have a tough coach pushing you onwards and further. The rewards are more than worth it.

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