Capture Consulting Offers Consulting Industry Overview Session 2

Capture Consulting Offers Consulting Industry Overview Session 2 | February 13, 2018 1

TO ACCESS SESSION MATERIALS AND RESOURCES GO TO www. archcareerpartners. com/uchicagogcc-2018 2

Session 1 Date Jan 30 WE ARE HERE 2 3 4 5 Topic / Outline Consulting Preparation Kickoff • Interview preparation roadmap • Case preparation • Experience interview preparation TODAY Feb 13 Consulting Industry Overview and Engagement • Firm overviews • Networking + Elevator Pitch • Business Etiquette Feb 20 Get the Interview: Resume Deep Dive • Fine-tuned resumes for consulting • Best-in-Class resume elements • Resume evaluation Mar 6 Mar 27 Get the Interview: Cover Letter Deep Dive • Key messages • Big 3 Questions • Cover letters (Tailored to Advanced Degree Candidates) • Essays – short discussion Get the Offer: Experience Interview Deep Dive • Resume walkthrough • Story matrix • Telling powerful consulting stories (SOAR) • Key consulting interview questions Mc. Kinsey Insight and Bridge to BCG applications typically due EARLY APRIL 3

Interview Preparation Elements • • 1 2 3 4 5 Network Research Prep Cases Build knowledge and advocacy Know distinctions between firms Build Job Search Tools Prep Experience Interview Primary research to learn about firms more deeply Create relationships that become advocates to support interview invitations • • Create target firms Answer “Why do you want to work for our firm? ” Practice 50+ cases (Quality > Quantity) Showcase your background • • Resume Cover letter Linked. In profile Introduction (Elevator Pitch) • • • Business issue variety Show structure and insights Practice firm styles Excel at this area • • Why Consulting Why this firm Resume questions Behavioral & experience questions Firm specific questions Questions to ask Closing the interview Focus of today 4

Purpose of this discussion Context & Content 1 Consulting as an Industry 2 Universe of Consulting Firms 3 Firm Knowledge in Your Job Search 5

History 101: Consulting Industry 6

The rise of the “knowledge” profession James O. Mc. Kinsey Management Consulting • 1926: Founded the firm that bears his name • Left his academic career as a professor of accounting at the University of Chicago to build a firm that provided finance and budgeting services • Mc. Kinsey quickly gained a reputation for providing advice on organization and management issues. • 1930: Business. Week introduced readers to a new professional service: Management Consulting 7

Establishing the modern role of consultants Marvin Bower • 1939: Marvin Bower re-founded Mc. Kinsey & Company and the professional management consultant was born • Father of modern management consulting Bower’s Core Principles • • Client interests placed before the firm Only do projects when client value > fees Ownership is a partnership Consultants are professionals trained and motivated to do outstanding work Still “guide” consulting firms today 8

Consulting’s evolving role and impact 1920 s-30 s • Involved in reorganizing many of the US industry titans GM, Swift, US Steel, and Sears • Spread the multidivisional corporate form 1940 s-50 s • Added government and nonprofit clients • Expanded internationally • Connected private, public, and nonprofit 1960 s Evolution • Brought “American” management to Europe • Focus on decentralizations and long-range planning • Primary, original role: Dissemination of ideas, to drive organizational innovation • Demonstrated entrepreneurship and growth Mc. Kenna, C. (2001). The World's Newest Profession: Management Consulting in the Twentieth Century. Enterprise & Society, 2(4), 673 -679. 9

Consulting’s Family Tree: The “Founders” 1973 1963 1909 2013 1992 2008 1917 1947 1926 10

Consulting’s Family Tree: Accounting’s Evolution 11

12 Consultant • HIGH IMPACT job that is a role often sought by many business-focused professionals, especially MBAs • “Someone who either advises a client (another person or organization) on the desirability of taking some action… • or who assists the client in making a decision and then assists the client in planning or implementing action as determined by the client. ” Source: “The Basic Principles of Effective Consulting” – Stroh and Johnson 12

A job with several attributes 1 2 3 4 Clients Goals Influence Expertise Serves others – called Helps clients achieve Influence decision-making by virtue Provides a specialized skill or clients, along with goals that the client, of knowledge and expertise, but, expertise that the client or working for your firm not the consultant, have little power or authority to client’s organization is unable identify make changes to provide on its own 13

Value consultants bring to companies • Trusted advisors to executives • Tackle business problems and provide solutions • Hired when problems require expertise not held within the company • Executives wish to have a “fresh” perspective • ”Rent-a-brain” 14

A career in consulting: MORE INSIGHTS Talk | Attend Grad. Ucon (by UChicago Grad) UChicago students (inc. Booth students) Firm events Alumni Firm representatives 15

Focus: Industry Overview Present Day 16

Universe of Consulting Firms The universe of consulting firms is large! And there are more than just these firms. • • • • • Accenture Alix. Partners Altman Vilandrie Aon Hewitt Consulting Arthur D. Little AT Kearney Bain & Company Blue Ridge Partners Booz Allen Hamilton Boston Consulting Group Blue Ridge Partners Bridge Strategy Bridgespan BTS Cap. Gemini Campbell Alliance Capitol Consulting Clarion Claro Group • • • • Clerestory The Chartis Group Civic Consulting Alliance Crowe Horwath Deloitte Edelman Management Consulting Ernst & Young Fidelity Business Consulting First Annapolis Consulting Genpact Gillum Strategy Partners IBM IDEO IMS Consulting • • • • Infosys KPMG The Keystone Group Kurt Salmon LEK Consulting Marakon Mars & Co Mc. Kinsey & Co Mercer Monitor Deloitte Navigant Ocean Tomo LLC Oliver Wyman The Parthenon Group (now E&Y) • Point B • Promontory • Prophet • Pw. C (includes Diamond/PRTM) • Re. D Associates • Roland Berger • Samsung Global Strategy • Schlumberger Business Consulting • Siemens Management Consulting • Simon-Kucher and Partners • Slalom Consulting • Stax • Strategy& (now Pw. C) • Waterstone Management Group • West Monroe Partners • Wipro • ZS Associates 17

What is the meaning of the Universe 18

Universe of Consulting Firms: Breakdown Groups “PURE” STRATEGIST INTERNAL CONSULTANTS Firms Large: • AT Kearney • Bain • BCG • • • Mc. Kinsey Pw. C/Strategy& Roland Berger Fidelity Business Consulting Samsung Global Strategy Boutique: • Arthur D. Little • BTS • Bridge Strategy • Gillum • • • Keystone LEK Consulting Marakon Mars & Co Technology-base: • Accenture • Cap. Gemini • Genpact • Infosys DIVERSIFIED SERVICES FUNCTIONAL SPECIALISTS • • • Aon Hewitt Consulting (HR) Blue Ridge Partners (Revenue) Cambridge Group (Growth) Edelman (Brand, Org, Corp) IDEO (Innovation, Design) • • • Mercer (HR) Navigant (Expert services) Prophet (Marketing, Brand, Innovation) Simon-Kucher (Marketing, Sales) ZS Associates (Marketing, Sales) INDUSTRY SPECIALISTS • • • Altman & Villandrie (Tech) Booz Allen Hamilton (Gov) Bridgespan (Nonprofits/Philanthropy) Civic Consulting Alliance (Gov) Clarion | Chartis (Healthcare) • • Gothan Consulting Partners (Private Equity) IMS Consulting (Life sciences) Promontory (Fin Services) Slumberger Consulting (Energy) Waterstone Management Group (Tech) Alix. Partners • Point B EXPERIENCE-BASED • Oliver Wyman PWC • Monitor. Deloitte The Parthenon Group (E&Y) Stax Siemens Management Consulting Business: • Deloitte • E&Y • KPMG • • IBM Slalom Consulting West Monroe Partners Wipro 19

Consulting Industry: Dynamic AND Consistent MBA Date: Chicago Booth Employment Statistics/Trends - 2001/2016 Comparison Firms Hiring 4+ Students Typically, 30 -35 consulting firms are hiring partners Offers by Top Hiring Firms Mc. Kinsey, BCG, Bain, Accenture, Deloitte, Strategy&, AT Kearney Total Consulting Hiring (Function) 2001 2016 11 8 112 110 134 135 Increase of 16 FT over interns 154 Summer Internships in Prior Year (Class of 2016 internship in Sumer 2015) 94 with Top Hiring Firms 20

Focus: Firm Research & Networking 21

Research & Networking: Primary Research 1 Research and networking: Same goals 2 “Primary Research” 3 4 Integrate research into networking, use networking for research Networking: LEARNING vs. SELLING 22

Research and Networking Primary Research Build Knowledge Secure Interview Achieve Offer 23

Networking and Research Goals 1 2 LEARN SHARE Learn about the firm Share interest • Tailor your resume • Build into cover letter • Incorporate into interviews 3 CONNECT Connect you to consulting 4 DEMONSTRATE Demonstrate skills Convey Provide a few points of Demonstrate the critical interest via information about your skills and presence deeper capabilities relevant necessary to be a consultant knowledge consulting/the firm 24

Firm-level Knowledge Building Knowledge to Obtain • Overview of Firm • Philosophy | Mission | Approach • Organizations of Firm ² Industries ² Service Offerings ² Groups (Generalist, Industry, Function) • Firm Terminology • Candidate Profiles (most typical) • Consulting Model • Point of View | Recent Perspectives • Projects – type, problems, scope of work • Culture | Consultant Experience • Professional Development – Staffing, Performance Management, Transfers, International Assignments, etc. • Exit Considerations • Interview styles | Case structure | Priorities Actions to Build Knowledge READING: • Firm website • Vault | Wet Feet Guide • Firm publications • Glassdoor. com • Internship profiles from second-year MBAs • Linked. In • Resumes from prior first and second-year MBAs • Publications – Consulting Magazine, Working Mother • Books (ex: The Mc. Kinsey Mind) RESOURCES: ²Career Services – Consulting Roadmap ²Second years who interned at firms ²First years from consulting firms ²Alumni ²Friends, family, others in your network 25

Firm Research: Starting Point Firms provide a wealth of information valuable to the interview process SERVICES • Gain knowledge of consulting work & language • Identify how firms are organized • What is strategy? Operations? Technology? CASE STUDIES PUBLICATIONS • Understand the work and tie to areas which align with your background • Obtain terminology and lexicon to use • Great for case preparation • Valuable for defining your positioning, networking discussion • Helps map your experience and stories for behavioral/fit interviews CAREER INFORMATION • Interview preparation, sample cases, videos, interview tips • Key application information – events, application dates, contacts 26

Firm Research & Networking: Synthesis BUILD A SYSTEM • Create: System of organizing notes from research and networking • Track: Key information, contacts made, questions to investigation • Dynamic: Make your system easy to update • Focus: Answer behavioral/fit questions and “Why do you want to work for our firm? ” 27

Before you begin networking. . . 1. Who are you: Name, affiliation(s) 2. What are you studying and why: “Non-technical” | What are you investigating 3. Why are you interested in consulting: Clear thesis 28

"You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you. ” - Dale Carnegie 29

Actions to Build Advocacy 1. SHOW PERSONAL INTEREST 2. GIVE BACK ADVOCACY 3. ASK QUESTIONS 4. DEMONSTRATE VALUE 30 30

Business Etiquette “Making others comfortable” Present Yourself Display Confidence Present client skills Leave an Impression Engage with Others 31

ü Confirm logistics of any event: § Time § Location § Attire ü Practice greeting and brief introduction ü Have “stock questions” ready ü Research current information about the company or firm: § Stock price § Press releases § Key business activities ü Gather your supplies: § Business cards and 1 -2 pens § Notebook (professional) § Ladies - consider a small purse for the essentials ü Get your game plan ready ü Turn off the mobile phone ringer Go, enjoy, and leave that lasting impression! 32 32

Final Step: Gratitude q Thank you note – email, handwritten q Gift – dependent on situation q Sharing with others q Award nomination q Invitation, referral q Update q Pay it forward 33

Wrap-Up 34

• Key component of your Summary game plan: which firms are right for YOU • Clarity about “Why Firm” is a recruiting advantage CONSI DERATIONS Brand name Established International Generalist Industry Structure Long-term Diversity Consult vs. Boutique Emerging Locally-based Specialist Function Ambiguity Short-term Strong culture Manage/firm build 35

Next Steps 1 2 3 READ Select 1 -2 consulting firm websites and review. Then, go in batches of 2 per week. TALK TO STUDENTS Speak to UChicago Ph. D/post-doc, Chicago Booth, UChicago Law, and Harris Students REACH OUT Contact alumni and firm recruiters to begin conversations 36

Excel in Consulting and Case Interviews Presented by: Pam Schilling Capture Consulting Offers www. archcareerpartners. com 37