University of Chicago Consulting_roadmap
Content
Industry Roadmap -
Management Consulting
Career Advising and Planning Services Caps.uchicago.edu 773.702.7040 August 2007
caps.uchicago.edu
773.702.7040
Information courtesy of The University of Chicago, Graduate School of Business
Industry Roadmap – Consulting
Understand the industry
Within consulting there are many different subcategories including management/strategy consulting, IT consulting, HR consulting, Litigation consulting and Economics consulting. The majority of firms coming to campus will be management/strategy consulting firms, but be prepared to know the differences between them. It is also important to understand the life and schedule of a consultant as many firms require travel as a part of the job. The resources below provide insight into these topics. http://www.careers-in-business.com/consulting/mc.htm Careers In Consulting Overview Good website that includes information such as skills required for each function, various positions, salaries, and links to other resources. Vault Guide to the Top 50 Consulting Firms Management Consulting: A Complete Guide to the Industry Wetfeet Careers in Management Consulting CAPS Library, www.vault.com CAPS Library CAPS Library, www.wetfeet.com
Prepare resumes and cover letters
Develop a resume that highlights a track record of success, demonstrates analytical and problem solving skills, and shows leadership and self-initiative. Be ready to prepare cover letters as well. See additional materials on the CAPS website http://caps.uchicago.edu/
Keep up with the business and economics events, industry news and hone computer skills
1. Read the Wall Street Journal Daily. Learn to read it efficiently, but thoroughly. 2. Read periodicals such as the Economist, Business Week, Forbes and Fortune to keep up-to-date on various industries and the latest ideas in management. 3. A two-month free subscription to Morningstar is available. Morningstar is an excellent tool to learn about the analysis of various companies. 4. For more specific information on consulting, read Strategy + Business and the McKinsey Quarterly. Both have websites and deliver periodic news emails that you can subscribe to for free. 5. Understand how Excel / PowerPoint / Word / Access are used in the workplace. Do you know when a database tool should be used instead of Excel? If not, attend one of the computer workshops sponsored by Networking Services and Information Technology. Class options and class schedules can be found at: https://training.uchicago.edu/categories.cfm?family_id=1. There is no fee to take a class; however, there are varying cancellation fees if you decide not to take a class after registering.
Research companies
Know who the dominant players within the sector are as well as all the consulting companies that are going to participate in on-campus recruiting. First-hand accounts of the company’s culture and philosophy can be best obtained by talking to UofC alum who are working at the firm. A good understanding of the work environment will go a long way in answering “fit” questions during the interview process and will help you differentiate the firms to enable you to pick the ones that best fit your personality. Primary-Source Network with Alumni Network with Classmates
Alumni Careers Network
(https://alumniservices.uchicago.edu/Careers/network_main.asp)
Chicago Student Network
caps.uchicago.edu 773.702.7040
Information courtesy of The University of Chicago, Graduate School of Business
(https://csn.uchicago.edu/login.cfm)
Reference Materials Vault Guide to the Top 50 Consulting Firms WetFeet Top 25 Consulting Firms WetFeet and Vault Company Guides Hoovers CAPS Library, www.vault.com CAPS Library, www.wetfeet.com CAPS Library has many company guides CAPS Library
Prepare for case interviews
The best preparation is to practice taking mock case interviews, and going through lists of potential questions employers may ask. Consulting interviews are unique since many firms will require you to take a case interview. You must also be able to take someone through your resume quickly and concisely while at the same time getting across all of your key strengths and successes. • • Several consulting companies will be offering case interview workshops throughout the recruiting season. Check interviewTRAK for sessions available. CAPS will have mock interview sessions available. Also review the “Walk Me Through Your Resume…” handout, available at the CAPS Resource Center.
You need to be able to: 1) have an understanding of what is entailed in the job. 2) explain why you are suited for the job. 3) explain why you want to work for that company (in particular what makes it so appealing versus its competitors). 4) navigate through a case. A case interview is a way of testing a candidate’s problem solving and analysis skills by presenting a situation and allowing the interviewee to identify the problem and then develop a solution for it. It is an interactive process in which one is expected to ask the interviewer questions and then must demonstrate an ability to solve the problem in a structured manner. There are many different frameworks one can use depending on the situation presented. Although in many cases there is no one way to solve the problem it is important to know the more popular frameworks that should be used. Some of these are listed below: Economic Supply - Demand Industry-Level 3 – C’s (Competitors, Company, Customers) Value Chain Firm-Level SWOT Analysis Marketing STP (Segmenting, Targeting, Positioning) 4 – P’s (Price, Placement, Product, Positioning) 5 – M’s (Mission, Message, Media, Money, Measurement)
Profitability
Core Competencies
Cost Structure (Variable & Fixed Costs, Operating Marginal Cost, Marginal Revenue) Elasticity
Porter’s Five Forces (Read Michael Porter’s Competitive Strategy)
Growth – Share Matrix
Includes Marketing Frameworks
The resources below explain the case interview process, the various frameworks used to solve them, and include many practice examples. Case Guides Case in Point, by Marc Cosentino
CAPS Library
caps.uchicago.edu
773.702.7040
Information courtesy of The University of Chicago, Graduate School of Business
Vault Guide to Case Interview WetFeet Ace Your Case I, II, III Online Interactive Cases from the Firms http://www.bain.com/bainweb/Join_Bain/case_interviews.asp http://www.bcg.com/careers/interview_prep/interview_prep_splash.html http://www.mckinsey.com/aboutus/careers/applyingtomckinsey/
CAPS Library, www.vault.com www.wetfeet.com
Find job opportunities
Participate in the On-Campus Recruiting (OCR) Program as well as attend career fairs. Company websites are great sources of information and many of the larger firms have structured hiring processes for undergraduates along with recruiting schedules.
Additional reading
Consulting Demons By Lewis Pinault, 2000. Consulting Demons tells you a great deal about the life of a consultant, the underbelly of the profession, the dark side of consultancy, and some of the issues a consultant must face. It is informative and entertaining, but it is not a career guide, though. It is above all a personal memoir. The author tells us of his rise through the ranks of several consultancy firms and the various client assignments he went through. At the same time, it is also cynical and disillusioned. The McKinsey Mind By Ethan M. Rasiel, 2001. Explains, step-by-step, how to use McKinsey tools, techniques and strategies to solve an array of core business problems and to make any business venture more successful. Realworld examples, parables, and easy-to-do exercises are designed to get readers up and running. Prospective on Strategy from the Boston Consulting Group By Carl W. Stern and George Stalk, 1998. A collection of thinking from the highly acclaimed management consulting firm. Contains 75 short, to-the-point pieces on topics and issues that challenge every business manager and executive. CAPS Library Book List http://caps.uchicago.edu/resources/materials/books/jss.html#eti
caps.uchicago.edu
773.702.7040
Information courtesy of The University of Chicago, Graduate School of Business
Management Consulting
Career Advising and Planning Services Caps.uchicago.edu 773.702.7040 August 2007
caps.uchicago.edu
773.702.7040
Information courtesy of The University of Chicago, Graduate School of Business
Industry Roadmap – Consulting
Understand the industry
Within consulting there are many different subcategories including management/strategy consulting, IT consulting, HR consulting, Litigation consulting and Economics consulting. The majority of firms coming to campus will be management/strategy consulting firms, but be prepared to know the differences between them. It is also important to understand the life and schedule of a consultant as many firms require travel as a part of the job. The resources below provide insight into these topics. http://www.careers-in-business.com/consulting/mc.htm Careers In Consulting Overview Good website that includes information such as skills required for each function, various positions, salaries, and links to other resources. Vault Guide to the Top 50 Consulting Firms Management Consulting: A Complete Guide to the Industry Wetfeet Careers in Management Consulting CAPS Library, www.vault.com CAPS Library CAPS Library, www.wetfeet.com
Prepare resumes and cover letters
Develop a resume that highlights a track record of success, demonstrates analytical and problem solving skills, and shows leadership and self-initiative. Be ready to prepare cover letters as well. See additional materials on the CAPS website http://caps.uchicago.edu/
Keep up with the business and economics events, industry news and hone computer skills
1. Read the Wall Street Journal Daily. Learn to read it efficiently, but thoroughly. 2. Read periodicals such as the Economist, Business Week, Forbes and Fortune to keep up-to-date on various industries and the latest ideas in management. 3. A two-month free subscription to Morningstar is available. Morningstar is an excellent tool to learn about the analysis of various companies. 4. For more specific information on consulting, read Strategy + Business and the McKinsey Quarterly. Both have websites and deliver periodic news emails that you can subscribe to for free. 5. Understand how Excel / PowerPoint / Word / Access are used in the workplace. Do you know when a database tool should be used instead of Excel? If not, attend one of the computer workshops sponsored by Networking Services and Information Technology. Class options and class schedules can be found at: https://training.uchicago.edu/categories.cfm?family_id=1. There is no fee to take a class; however, there are varying cancellation fees if you decide not to take a class after registering.
Research companies
Know who the dominant players within the sector are as well as all the consulting companies that are going to participate in on-campus recruiting. First-hand accounts of the company’s culture and philosophy can be best obtained by talking to UofC alum who are working at the firm. A good understanding of the work environment will go a long way in answering “fit” questions during the interview process and will help you differentiate the firms to enable you to pick the ones that best fit your personality. Primary-Source Network with Alumni Network with Classmates
Alumni Careers Network
(https://alumniservices.uchicago.edu/Careers/network_main.asp)
Chicago Student Network
caps.uchicago.edu 773.702.7040
Information courtesy of The University of Chicago, Graduate School of Business
(https://csn.uchicago.edu/login.cfm)
Reference Materials Vault Guide to the Top 50 Consulting Firms WetFeet Top 25 Consulting Firms WetFeet and Vault Company Guides Hoovers CAPS Library, www.vault.com CAPS Library, www.wetfeet.com CAPS Library has many company guides CAPS Library
Prepare for case interviews
The best preparation is to practice taking mock case interviews, and going through lists of potential questions employers may ask. Consulting interviews are unique since many firms will require you to take a case interview. You must also be able to take someone through your resume quickly and concisely while at the same time getting across all of your key strengths and successes. • • Several consulting companies will be offering case interview workshops throughout the recruiting season. Check interviewTRAK for sessions available. CAPS will have mock interview sessions available. Also review the “Walk Me Through Your Resume…” handout, available at the CAPS Resource Center.
You need to be able to: 1) have an understanding of what is entailed in the job. 2) explain why you are suited for the job. 3) explain why you want to work for that company (in particular what makes it so appealing versus its competitors). 4) navigate through a case. A case interview is a way of testing a candidate’s problem solving and analysis skills by presenting a situation and allowing the interviewee to identify the problem and then develop a solution for it. It is an interactive process in which one is expected to ask the interviewer questions and then must demonstrate an ability to solve the problem in a structured manner. There are many different frameworks one can use depending on the situation presented. Although in many cases there is no one way to solve the problem it is important to know the more popular frameworks that should be used. Some of these are listed below: Economic Supply - Demand Industry-Level 3 – C’s (Competitors, Company, Customers) Value Chain Firm-Level SWOT Analysis Marketing STP (Segmenting, Targeting, Positioning) 4 – P’s (Price, Placement, Product, Positioning) 5 – M’s (Mission, Message, Media, Money, Measurement)
Profitability
Core Competencies
Cost Structure (Variable & Fixed Costs, Operating Marginal Cost, Marginal Revenue) Elasticity
Porter’s Five Forces (Read Michael Porter’s Competitive Strategy)
Growth – Share Matrix
Includes Marketing Frameworks
The resources below explain the case interview process, the various frameworks used to solve them, and include many practice examples. Case Guides Case in Point, by Marc Cosentino
CAPS Library
caps.uchicago.edu
773.702.7040
Information courtesy of The University of Chicago, Graduate School of Business
Vault Guide to Case Interview WetFeet Ace Your Case I, II, III Online Interactive Cases from the Firms http://www.bain.com/bainweb/Join_Bain/case_interviews.asp http://www.bcg.com/careers/interview_prep/interview_prep_splash.html http://www.mckinsey.com/aboutus/careers/applyingtomckinsey/
CAPS Library, www.vault.com www.wetfeet.com
Find job opportunities
Participate in the On-Campus Recruiting (OCR) Program as well as attend career fairs. Company websites are great sources of information and many of the larger firms have structured hiring processes for undergraduates along with recruiting schedules.
Additional reading
Consulting Demons By Lewis Pinault, 2000. Consulting Demons tells you a great deal about the life of a consultant, the underbelly of the profession, the dark side of consultancy, and some of the issues a consultant must face. It is informative and entertaining, but it is not a career guide, though. It is above all a personal memoir. The author tells us of his rise through the ranks of several consultancy firms and the various client assignments he went through. At the same time, it is also cynical and disillusioned. The McKinsey Mind By Ethan M. Rasiel, 2001. Explains, step-by-step, how to use McKinsey tools, techniques and strategies to solve an array of core business problems and to make any business venture more successful. Realworld examples, parables, and easy-to-do exercises are designed to get readers up and running. Prospective on Strategy from the Boston Consulting Group By Carl W. Stern and George Stalk, 1998. A collection of thinking from the highly acclaimed management consulting firm. Contains 75 short, to-the-point pieces on topics and issues that challenge every business manager and executive. CAPS Library Book List http://caps.uchicago.edu/resources/materials/books/jss.html#eti
caps.uchicago.edu
773.702.7040
Information courtesy of The University of Chicago, Graduate School of Business
