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IBSG - Consulting Consortium

IBSG - Consulting Consortium. Introduction to Management Consulting. Outline. What is Management Consulting? History Major Consulting Firms Commercial vs. Government Why Consulting? What it takes Ivy League vs. UNM Case Interviews Mock Market Sizing Question Skill Development

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IBSG - Consulting Consortium

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  1. IBSG - Consulting Consortium Introduction to Management Consulting

  2. Outline • What is Management Consulting? • History • Major Consulting Firms • Commercial vs. Government • Why Consulting? • What it takes • Ivy League vs. UNM • Case Interviews • Mock Market Sizing Question • Skill Development • Next Steps • Questions?

  3. What is Management Consulting? • Management consulting indicates both the industry and practice of helping organizations improve their performance primarily through the analysis of existing organizational problems and development of plans for improvement. • Organizations hire the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and access to the consultants' specialized expertise. • Because of their exposure to and relationships with numerous organizations, consulting firms are also said to be aware of industry "best practices", although the transferability of such practices from one organization to another may be problematic depending on the situation under consideration. • Source - Wikipedia

  4. History • Arthur D. Little – 1886 • Booz Allen Hamilton – 1914 • Glass-Steagall Banking Act - 1933 • 1950’s - Present

  5. Major Consulting Firms

  6. Commercial vs. Government Government • 40-60 hours/week • Lower salary • Job security • Work/Life Balance Commercial • 70+ hours/week • Higher salary • Upward or out • Executive training

  7. Why Consulting? • You’ll work and learn from very intelligent and articulate people. • You’ll develop a vast array of marketable skills in a prestigious environment. • The learning curve never ends. • You’ll receive exposure to the corporate elite. • You’ll be exposed to many industries. • You’ll work as part of a team. • You’ll solve problems. • You’ll make organizations more efficient. • You’ll work on multiple projects. • You’ll travel. • You’ll improve your chances of being accepted into a top business school. • It will always look great on your resume. • The money’s good.

  8. What it Takes • Strong Resume • Case Interviews • Interpersonal Skills • Analytical Strength • Logical Thinking • Confidence • Desire and Motivation

  9. Ivy League vs. UNM • No active recruiting at UNM • Easier to enter as Undergraduate than MBA • Networking is necessary • Massive Preparation

  10. Case Interviews • Major difference between consulting industry and other job interviews. • Still need to practice behavioral interviewing • Usually two 45-minute case questions in each round. • Final interviews are with partners in the firm • Market-sizing, brain teasers, group cases, etc…

  11. Mock Market Sizing Question Volunteer?

  12. Question • How many Netflix DVDs get lost in the mail each year?

  13. Question I’ve Been Asked • My friend is looking to open a shop to sell bride’s maid dresses. What is the market for these dresses in downtown Dallas? • These questions are usually from cases they’ve worked before or personal experiences. This question was from a friend looking for pro bono help in starting a business.

  14. Skill Development • Case in Point Books • Frameworks • Deck Creation • Weekly or Bi-Weekly Group Case Studies • 20+ Case Studies • Creative Changes as Necessary

  15. Next Steps • Reading Assignments in “Case in Point” book. • Scheduling Group Meetings • Consulting Firm Outreach • Create Schedule and Budget • Etc…

  16. Questions???

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