Capture Consulting Offers Consulting Prep Workshops Session 1

Capture Consulting Offers Consulting Prep Workshops Session 1: Kickoff January 30, 2018

Annually: 100+ Coaching Appts Dozens of Resume Reviews 100+ Mock Interviews Introduction Business School Faculty Career Advisor Recruiter/Hiring Manager § § § Finance Leadership Program Finance Project Manager Value Management Director – Sales Finance Director – Business Planning Chief of Staff Finance/Consulting Professional Interviewee Multi-faceted experience has shaped my perspective and guidance 2

THANK YOU 3

TO ACCESS SESSION MATERIALS AND RESOURCES GO TO www. archcareerpartners. com/uchicagogcc-2018 4

Goals for the CCO Workshops If you want to be a consultant: think, look, act, and speak like a consultant 3. Define and execute your interview 2. Get a clear preparation strategy and plan (more than you of attack think you need!) 1. Know the Consulting “bar” and the lay of the land Your Goal: Create your COMPETITIVE ADVANTAGE as a candidate 5

Capture Consulting Offers – Workshop Dates Session Date 1 TODAY Jan 30 2 3 4 5 Topic / Outline Consulting Preparation Kickoff • Interview preparation roadmap • Case preparation • Experience interview preparation 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 Diive • 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 6

Today’s Agenda ① Big Picture: Landing a consulting job ② Job Search Strategy ③ Interview Preparation: Roadmap/Timeline ④ Case Prep Highlights ⑤ Wrap-up / Q&A 7

Capture Consulting Offers Kickoff 1 Big Picture – Landing a Consulting Job 8

Big Picture What kind of candidates do consulting firms seek? Olympic- level general athletes 9

Big Picture: Landing a Consulting Job ECONOMICS OF CONSULTING HIRING FOR MBAs 5 # of students 25 2 -6+ 19 -25+ 3 Client Skills Target FT Offers New FT Offers Accept FT Offer Decline FT Offer Project Mgmt No FT Offer Interns hired 17 During FT recruiting, incremental offers vary based on internship class outcomes and hiring needs 10

Big Picture: Landing a Consulting Job As Reference: 2017 Top Consulting Hirers at Chicago Booth (FT student data ) Firm FT Prior Year Intern Difference Mc. Kinsey 48 25 23 BCG 26 19 7 Bain 22 14 8 Accenture 13 6 7 Pw. C Strategy& 5 3 2 Deloitte Consulting 6 10 (4) AT Kearney 7 12 (5) LEK Consulting 7 <4 3 134 (84%) ~92 (80%) ~42 160 115 45 Subtotal Total Consulting 11

Different Economics: Advanced Degree Candidates 12

Establish your mindset Optimism = Greater chance of success Attitude = Positive + OPENESS TO LEARNING/FEEDBACK/CRITIQUE

Big Picture: What Firms Look For Presence Impact Thinking Focus Multiple tests to determine/demonstrate: Networking, resume, cover letter, experience questions, case solving CONSULTANT HIRING Presence: • People skills • Communication skills • “Look” Thinking: • Academic performance • Internship experience • Volunteer experience • Problem solving Impact: • Leadership • Accomplishments Focus (Fit): • Passion • Goals • Knowledge of consulting 14

Big Picture: Consulting’s Essential Skills Communications Problem Solving Project Mgmt Client Skills 15

Big Picture: Consulting’s Essential Skills CASE Client requests an approach to answering a new question CEO asks “what would the margin be if…” EXPERIENCE QUESTIONS (PRIORITIZATION) Client has asked for several deliverables all in the same time period – you must determine how to direct the team RESUME WALKTHROUGH Introduced to client and they ask, “what is your background? ” Communications EXPERIENCE QUESTIONS (INFLUENCE) You develop recommendations and client is adamant things “can’t be changed” Problem Solving Project Mgmt Client Skills 16

Big Picture: Range of Skills to Demonstrate Consulting Firms Seek Job-related skills • • Leadership Initiative Accomplishments Problem-solving Analytics Multi-tasking Communication Fit Skills • Presence • Business issues understanding • Broad/global knowledge • Industry / firm / culture / role knowledge Firm/Unique Skills • • • Industry knowledge Research skills Technical skills Technology skills Language skills Other Team work Each consulting firm may be somewhat unique. There is a common set of characteristics to know. 17

Big Picture: Landing a Consulting Job Preparing for consulting interviews can look like a long, uphill journey Getting an offer is possible You want to avoid the “false negative of interviewing”: Not getting an offer because of preparation not capability Key: Be methodical and prepare 18

Big Picture: Stairway to Success Commitment Empirical data highlights common characteristics of candidates who receive consulting offers Presence Quick Calculator Ability to Apply Theory 1+ Blue Ribbons High Drama Stories “Business” Orientation Well-rounded Experience Blue Chip Companies When a step on the stairway is “squeaky”, it must be re-enforced…that is the focus of our workshops Academic Strength 19

Big Picture: Offer Share Matrix High The Pace Setter One and Done The Natural Level of Preparation and Focus The Workhorse Low Robustness of Business & Consulting-Like Experience High 20

Big Picture: Back to the Beginning ① IS CONSULTING RIGHT FOR YOU ? ② ARE YOU WILLING TO INVEST THE EFFORT/TIME/FOCUS TO BE SUCCESSFUL? ③ ARE YOU OPEN TO LEARNING AND FEEDBACK TO BE BETTER THAN YOU THINK YOU NEED TO BE? 21

Capture Consulting Offers Kickoff 2 Job Search Strategy: Plan to get from here to there 22

Job Search Strategy 1 Consulting vs. Consulting “only if” 2 3 Firms • Consulting only or also industry roles • Plan A/B/C Firms • Focus vs. broad 4 Positioning • Generalist vs. specialty • Industry, function • Align/position to firm organization Geography • Office choice • U. S. vs. International 23

Job Search Strategy: Plan/Positioning Element OCR / Job Search Strategy (Example) Academic Overview • Top Tier School, Ph. D, Neuroscience • Liberal Arts College, B. S. Biology, GPA: 3. 9 Professional Overview • • Why Consulting 1) Broaden knowledge and experience beyond academia and research by joining a generalist firm. 2) I specifically love the growth and strategy work, which gets at my natural entrepreneurial spirit. 3) Love thinking about ways to drive innovation in healthcare and policy considerations that enable/stifle growth and new ideas. Target Organizations (Ex) Consulting-only: • Bain & Company • Booz & Company • BCG Key Skills/Value • Leadership of teams overseeing complex products, with large business impact. • Creativity and problem-solving to assess market/business needs, changes to formulation or process, and define technolgy/product/manufacturing requirements. • Excel at understanding and communicating science/technical information with big picture understanding. • Innate ability to break down a problem, identify the big goal, set a plan, and drive results. Blue Ribbon(s) • Prestigious fellowship • Received Award for Excellence by NIH 2 years of “professional” experience Post-doc, promoted to senior role, manage team of 6 Applied research with pharma companies and hospitals focused on patient therapy Co-founder of biotech startup looking to commercialize academic research • Deloitte • IMS Consulting • LEK • Mc. Kinsey • Oliver Wyman • ZS Associates • Corporate roles in biotech, pharma, med tech • Published X in top science journal • Co-founder of X (business description) 24

Job Search Strategy: Planning/Options Considerations Internship • Few candidates • Interview experience is valuable • Non-consulting work is valuable too Summer Programs Full-time • Mc. Kinsey Insight • Bridge to BCG • Interviews happen early September • HIGH value • Opportunity to test market • Huge opportunity to network and learn • Plan for applications by end of July/early August • Networking critical 25

Capture Consulting Offers Kickoff 3 Interview Preparation: Roadmap/Timeline 26

Consulting Interview Elements To get an interview One word: RIGOROUS Networking Interaction To get an offer Case Study Resume Experience Questions Cover Letter Interpersonal Interactions Essay Questions (other firmspecific elements) Other Firm Specific 27

Consulting Interview Elements Main elements different in Advanced Degree Interviews: High bar for networking Depth of business knowledge in case interviews Essays Problem-solving Test (GMAT/GRE Quant-like) Focus on team leadership 28

29 Interview Preparation Roadmap Network Research Build Job Search Tools Prep Cases Demonstrate commitment and people skills Know distinctions between firms Showcase your background Practice 50+ cases (Quality > Quantity) Excel at presenting your strengths and alignment to consulting • Alumni • Consultants at the firms • Recruiting Managers • Ex-consultants • Family and Friends who work with consultants • Methodology/ approach • Recent publications • Specific terminology • Culture • Priorities • Hiring criteria • Type of project work • Structured and unstructured cases • Cases by type • Problem frameworks • Instinctive case solving • Interviewer interaction • Asking questions • Resume walkthrough • Why consulting • Why this firm • Resume questions • Key stories • Experience questions • Firm specific questions • Asking questions • Closing the interview • Linked. In profile • Resume • Cover letter • Essays • Introduction (Elevator Pitch) Prep Experience Interview 29

Capture Consulting Offers Kickoff 3 Case Prep Highlights 30

Case Prep: Metrics The average undergraduate at Harvard prepares about 100 cases for consulting interviews Candidates who obtain consulting offers on average, prepare 120 cases during interview preparation (60 practiced + 60 delivered) – the range is 30 -250 CASE PRACTICE + QUALITY PRACTICE + DELIVERY 31

Case Prep: Fast Five ① Like world-class athletes striving for the top of his/her sport… Practice is essential ② Additionally, most top athletes crosstrain ③ Quality of practice is key ④ Leverage groups/partners, but, ensure they are like-minded ⑤ Solve case studies as if you were really solving for a client (not just doing an interview) 32

Case Prep: Firm Resources Bain Video tips: http: //www. joinbain. com/apply-to-bain/interview-preparation/default. asp Practice cases Personal Care Co: http: //www. joinbain. com/apply-to-bain/interview-preparation/practice-case 1 -quest 1. asp Office Vending Services: http: //www. joinbain. com/apply-to-bain/interview-preparation/practice-case 2 -quest 1. asp BCG Practice cases Airline / Drug cases / Other guided cases: http: //careers. bcg. com/join/practice_cases. aspx Deloitte Tips: http: //mycareer. deloitte. com/iu/en/students/gettingthejob/caseinterviewtips Practice cases – Strategy & Operations http: //public. deloitte. com/media/caseinterviews/strategy-operations-mba-advanced-degree-program-interactivecase-interview-preparation-tool. html LEK Video tips: http: //www. lek. com/videos/preparing-for-the-consulting-case-interview Practice cases Brainteaser: http: //www. lek. com/join-lek/how-to-apply/case-studies/brainteaser Brwery Profits: http: //www. lek. com/join-lek/how-to-apply/case-studies/brewery-profits Mc. Kinsey Video tips: http: //www. mckinsey. com/careers/join_us/interview_prep Practice cases Diconsa: http: //www. mckinsey. com/careers/join_us/interview_prep/diconsa_practice_case_study Electro-Light: http: //www. mckinsey. com/careers/join_us/interview_prep/electro-light_practice_case_study Global. Pharm: http: //www. mckinsey. com/careers/join_us/interview_prep/globapharm_practice_case_study Transform National. Ed: http: //www. mckinsey. com/careers/join_us/interview_prep/loravia_practice_case_study 33

Case Prep: Diversification Partner Practice Solo Practice Case Topics Case Styles Case “Practice” “Mock” Case Your preparation plan should consider: Work to a plan based on the above dimensions Begin focused, grow to broad Start simple, add complexity Focus on structure, avoid “framework” Practice clunky, refine over time Create variation: Case type and topic, industry, case style 34

Capture Consulting Offers Kickoff 4 Wrap-Up / Q&A 35

Wrap-Up Success in Interviews comes from: PREPARATION You are an expert at one subject for sure: YOUR BACKGROUND Preparation creates CONFIDENCE and leads to success 36

Remember: Your End Goal 37

Wrap-Up / Discussion “Practice isn't the thing you do once you're good. It's the thing you do that makes you good. ” ― Malcolm Gladwell, Outliers: The Story of Success Thank you and see you next session! Pam Schilling 38