Capture Consulting Offers Insights and Preparation Session 3

Capture Consulting Offers: Insights and Preparation Session 3 | April 8, 2018 1

materials and resources www. archcareerpartners. com/mainbcc-cco 2

CASE WORKSHOP Sunday, Apr 29 10 am-4: 30 pm $50 registration fee Morning: Solving approach Afternoon: Practice 3

AGENDA CCO Session 3 Fit u Assessment u Path forward Consulting Firms u Who are they u Your targets Strategy/Focus u Why consulting u Recruiting strategy 4

Fit 5

www. archcareerpartners. com/mainbcc-cco Scroll down to Session 3 Online Self-Assessment 10 questions 2 minutes 6

Consulting Fit Assessment 70% 60% 50% 80% 90% 7

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? 88

Establish your mindset Optimism = Greater chance of success Attitude = Positive + OPENESS TO LEARNING/FEEDBACK/CRITIQUE 9

STAIRWAY TO SUCCESS Commitment Presence Empirical data highlights common characteristics of candidates who receive consulting offers Quick Calculator Ability to Apply Theory 1+ Blue Ribbons High Drama Stories “Business” Orientation Well-rounded Experience Blue Chip Companies Academic Strength When a step on the stairway is “squeaky”, it must be re-enforced or another factor showcased…that is the focus of our workshops 10

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 11

Resume Iterations Target Companies (A/B/C) Advocates Per Firm WORK TO ALIGN EFFORT AND OUTCOMES Cases Practiced Stories Practiced 12

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 13 13

Consulting Firms 14

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 15

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 16

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. 17

Consulting’s Family Tree: The “Founders” 1973 1963 1909 2013 1992 2008 1917 1947 1926 18

Consulting’s Family Tree: Accounting’s Evolution 19

20 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 20

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 21

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” 22

A career in consulting: MORE INSIGHTS Talk| Attend | Watch BCC Symposium Firm events Alumni Firm representatives Career Services website/mediasite 23

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 24

What is the meaning of the Universe 25

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 26

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 27

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 28

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 29

Firm Target List Group A Group B Investigate Non-Consulting 30

Strategy 31

Formulating Your Strategy BUILDING BLOCKS Your Spark Your Strengths Your Career Goals 32

Strategy: Leverage Your Sparks REFLECTION What motivated you to study X What has been your proudest accomplishment What experience generated your interest in business (or consulting specifically) 33

Strategy: Draft – Why Consulting LEVERAGE YOUR SPARKS 34

Strategy: 4 Elements 1 2 Firms • Consulting only or also industry roles • Plan A/B/C Firms • Focus vs. broad Consulting vs. Consulting “only if” 3 Positioning 4 Geography • Generalist vs. specialty • Industry, function • Office choice • Align/position to firm organization • U. S. vs. International 35

Strategy: Data Collection/Focus 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 technology/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) 36

Strategy: Data Collection/Focus Element OCR / Job Search Strategy Academic Overview Professional Overview Why Consulting Target Organizations (Ex) Key Skills/Value Blue Ribbon(s) 37

Wrap-up 38

Next Steps 1 2 3 MARK YOUR CALENDAR Carve out time for events and plan ahead to ensure time and prioritization WATCH YOUR EMAIL Many messages will come. Try to review and follow-up as needed. ASSESS FIT AND COMMITMENT • Where do you stand vs. the hiring credentials? • How motivated are you to work at the Olympic-level to get an offer? 39

Q&A THANK YOU! 40

Capture Consulting Offers Presented by: Pam Schilling www. archcareerpartners. com 41