Up or Out Policy in Consulting – 6 Insights to Help You Get Promoted

Do you want to discover how to navigate the up or out policy in management consulting? When I started my journey in consulting, my answer to this question would have been, “Yes, a million times yes!”. Michael asked me to write about my experiences at consulting firms, how I navigated the up or out policy and managed to get promoted so quickly, well ahead of the normal schedule in both consulting and banking. Up or out policy in management consulting As I was embarking on my management consulting journey, I was quite concerned hearing so many stories of my acquaintances getting managed out after less than 2 years in consulting. I was determined to go up, not out. After all, I did my second undegraduate degree just so I could get into consulting. I studied like crazy to get all As, while working multiple jobs, and there were rivers of blood and sweat leading to that very desired consulting offer. So there was no chance in hell I was going to be one of those people to be labeled a “hiring mistake”. Not on my watch!   If you are not very familiar with consulting jargon you may be wondering, “what is exactly…

Consulting Application Process

Consulting vs banking: 4 key differences

Consulting vs Banking: 4 Key Differences Many FC members, especially those currently completing an MBA, are considering consulting vs banking. I had a privilege to work in both fields so I can compare the pros and cons of both based on my own experience. Below are some key differences I noticed in being exposed to both environments. Four key differences when comparing consulting vs banking Asset vs resource: The number one difference for me when comparing consulting vs banking is what I call asset vs resource. In consulting a lot is invested in your development and you are treated as a valuable asset to the company. People are the most important asset for consulting firms and while there is the up or out policy pressure, you do have to compete with only top performers on a daily basis, you do feel very clearly that YOU are important and your development as a professional is important for the firm. In banking, you are a resource. Your development is, to a large degree, not important. If you deliver results they will promote you. If you don't they will push you out, or to the side. I have seen VPs being demoted, senior…

Group Case Interview

Consulting Group Case Interview: What to Expect and How to Prepare

Consulting Group Case Interview: What to Expect and How to Prepare As you probably know, the leading consulting firms use case interviews to evaluate job applicants before extending offers. Some consulting firms use a group case interview as part of the evaluation process. If you have a group case interview coming up you are probably thinking, “How can I set myself up to do well?” In this article, we provide some advice on how to succeed in a group case interview. What is a group case interview? A group case interview includes a few candidates being interviewed simultaneously within the same room, with the same interview and with the same case problem. Candidates are usually given copies of the case to read. A group case interview usually takes place after initial 1-on-1 evaluations are completed, like resume screening and the PST. So only the best candidates would generally be attending a group case interview. For example, if you are going through consulting case interview recruitment process during an MBA, consulting firms will usually do first-round interviews on campus. This will allow firms to select the best few candidates to invite for second-round interviews, which may include a group case interview.…

Consulting Application Process

Defensive case study interview techniques – McKinsey, BCG, Bain, etc.

Consulting Application Process

How to design a consulting career around immigration needs

How to design a consulting career around immigration needs Immigration has always been a big topic for our clients. It determines what clients will study, when they can apply for consulting firms and where they will apply. Today, I will offer some perspective based on some of the issues our clients raise. I will focus on the US since that is the most popular destination. Hopefully, this email can spark your creativity based on the ways we have helped clients. Immigration at a consulting partner level For foreign executives who are trying to join McKinsey USA as a principal/partner we advise them against it. At the partner level one needs to have a network of clients in the US and understand US culture. That is hard to do for a McKinsey Australia partner transferring to McKinsey NYC, and almost impossible for an executive from Sony Japan, for example. This is because the partnership is a lot more about sales than it is about the problem-solving process. It is better to take the steps to build a client network before trying to join McKinsey in the USA as a direct-hire partner. In this situation, clients often have an option to consider…

Networking

The Anatomy of a McKinsey Networking Event (Consulting Recruitment)

The Anatomy of a McKinsey Networking Event A client was particularly interested in the mechanics and anatomy of a McKinsey networking session, so today we're going to discuss and focus on what to do when you network in a group setting as part of your consulting case interview recruitment process. We will primarily focus on McKinsey networking but the information is also applicable to other consulting firms' networking events, like BCG, Bain, Deloitte, PwC, KPMG, etc. The group type of McKinsey networking is one of the most uncomfortable situations during the case interview recruitment process. The general etiquette is not really well known or easily found on the Internet since McKinsey, as well as BCG and other top firms, host and invite only a small number of people. Four types of McKinsey networking events (consulting) First, it's important that you understand what kinds of McKinsey group networking or other consulting firm (e.g. BCG, Bain, Deloitte, etc.) networking sessions you may be attending as part of the case interview recruitment process. There are 4 major types. The first two are where you will not receive a personal invite. Let's assume that you belong to a major university like the University of…

Client Testimonials

Thai experienced-hire to Bain

Question: "Is it weird if a candidate has to pay the travel expense? I got an interview invite for an in-person interview in a foreign office (my top choice). They informed me that I would need to pay all travel expenses myself. With international flights, hotels, taxis, and food, it is a lot. I am glad, though, to get this invite as I am applying from a non-target school, and my grades are good but not great. My fear was I would not get any invites, and I had to network heavily using the approach Michael taught in The Consulting Offer to land this interview invite in the first place. But should I try my luck and ask them to pay for at least the air tickets or a portion of the expense, or should I not look into the teeth of a gifted horse and be glad they invited me? I don't want to affect my chances of getting this job, but it is a lot of money for me." Today, we will answer a question concerning whether you should incur costs when going through management consulting recruitment. A similar logic will be applicable to many senior jobs in other industries. This is something I…

Client Testimonials

Motivating a Wharton MBA through Christmas

I think it is a swell idea of your team to collect the best moments with clients. I hope you will publish some of these stories. You will probably not recall this moment but it was a turning point for me. I was alone at Wharton, no family in the U.S., I had no money to fly home, all my friends were away for Christmas and I was planning my applications. I sent you a message at 6:15pm EST on Christmas day and never expected a reply. You sent me a message on Skype and offered to call me. That was a pretty amazing response to take your clients so seriously. We had a short call but you told me something which placed my situation in perspective and gave me the energy to push through. You said that great people are never happy. “They are extremes with no friends. They have sharp edges and they have no friends. They see things others cannot see and are ridiculed for it until they can make their ideas work. One of the great myths of the media is that successful people are happy. No successful person is happy. Successful people are flawed – deeply so.” You…

Client Testimonials

IESE MBA preparing for McKinsey interviews

My Michael Moment was the collective screening rounds to get into the program. I was blown away by the time, energy and cost to screen people and find just a few clients. I applied with a class colleague and we went through the same process. When I received the 5 page feedback letter my admiration for Michael only grew. He provided very detailed advice on what I needed to do. Sadly, my class mate was unsuccessful but this impressed me more. To think that Michael went through all that trouble and provided a feedback letter made me realize Michael was serious about his intent. I am still in the program and loving every minute of it. I learn new things every day and feel I am growing professionally and ready to take on MBB come March 2013. We have published the most useful client feedback. Our commitment to confidentiality prevents us from disclosing the identity of our clients and other confidential information, and we may alter details to prevent such disclosure. Some client feedback may be lightly edited for grammar, spelling or prose, though we never alter or remove any information. Clients in our consultants coaching program are forbidden from…