Basics of Consulting

1. Basics of Consulting SKIT8 31 March 2010

2. Course Outcome: Ability to understand consultancy activities, opportunities and responsibilities.

3. Overview Who are consultants??? A person who gives professional advice or services in a specialist field. What are consultants??? Consultants are hired by companies/organizations to solve their problems while creating sustainable value

4. Example & Specific Work Done

5. Applicant Background Ph.D. and Masters in all fields could and should apply McKinsey and BCG: most suitable for Ph.D. applicants

6. Major Consulting Firms Top tier McKinsey & Company Boston Consulting Group (BCG) Bain & Company Booz Allen Hamilton Others Monitor Group A.T. Kearney Mercer Management/Human Resource Consulting Accenture (technology consulting) Mercer Oliver Wyman ZS Associates (medical consulting) http://www.vault.com/nr/consulting_rankings/consulting_rankings.jsp?consulting2008=2&ch_id=252http://www.vault.com/nr/consulting_rankings/consulting_rankings.jsp?consulting2008=2&ch_id=252

7. IT consultant: Job description and activities Job description An IT consultant works in partnership with clients, advising them how to use information technology in order to meet their business objectives or overcome problems. Consultants work to improve the structure and efficiency and of an organization's IT systems.

8. IT consultant: Job description and activities IT consultants may be involved in a variety of activities, including feasibility studies, business planning, marketing, project management, client relationship management and systems development. They may also be responsible for user training and feedback. In many companies, these tasks will be carried out by an IT project team. IT consultants are increasingly involved in sales and business development, as well as technical duties.

9. IT consultant: Job description and activities Task typically involve: meeting with clients to determine requirements; working with clients to define the scope of a project; planning timescales and the resources needed; clarifying a client's system specifications, understanding their work practices and the nature of their business; travelling to customer sites; liaising with staff at all levels of a client organisation; defining software, hardware and network requirements; analysing IT requirements within companies and giving independent and objective advice on the use of IT;

10. IT consultant: Job description and activities developing agreed solutions and implementing new systems; presenting solutions in written or oral reports; helping clients with change-management activities; project managing the design and implementation of preferred solutions; purchasing systems where appropriate; designing, testing, installing and monitoring new systems; preparing documentation and presenting progress reports to customers; organizing training for users and other consultants; being involved in sales and support and, where appropriate, maintaining contact with client organizations; identifying potential clients and building and maintaining contacts.

11. Interview Process - McKinsey 3 rounds (after pre-screening) 1. On-Campus (Advanced Problem Solving Test) - Practice version online - 1 hour, multiple choice, 26-30 questions 2. Regional (Chicago office) - 3 interviewers - Chat (2-4 min) - Experience interview (8-12 min) - Case study (30-35 min) 3. Final (office of choice) - Same as round 2

12. Interview Process - McKinsey Experience Interview Recent experiences in Leadership Teamwork Initiative Overcoming a challenge/obstacle Persuasion Preparation tips Prepare stories ahead of time (4-7) Look over your CV/resume (they can ask anything) Answer the question asked (modify stories) Let them know what YOU did

13. Interview Process - McKinsey Case Study 1-on-1 interactive business exercise with interviewer based on real-life situation Types (categories) of business cases Improving profitability (almost all cases) Increasing market share Introducing a new product Entering new market Entering new geographical region Mergers & acquisition Competitive response Practice cases from recommended reading list

14. Interview Process - McKinsey Actual interview Interviewer states the background information and defines problem(s) Interviewee writes outline to solve problem and describe it to the interviewer Potential sources for problem (logic tree) Discuss potential sources with interviewer to pinpoint the source(s) of problem Give conclusion/summary (1-2 minutes) Restate problem What caused the problem Proposed solution to the problem Preparation tips Listen carefully to interviewer, he/she wants to help Interactive process, engage the interviewer Drive the case

15. Interview Process - McKinsey Things they look for 1. Problem-solving skills 2. Leadership ability 3. Achievements: doing a great job! 4. Personal impact: influence those around you!

16. Practice and Recommended Readings General practice tips Practice with different partners to feel different styles (form groups of 4 people) Make every practice count (try to be perfect each time) Practice every kind of case, especially ones you are weak at Join Ross School of Business Consulting club Informative seminars and lectures Many practice books Recommended readings Basic Vault guide Wetfeet guide Advanced Case in point (McKinsey style) Crack the case (Bain style)