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Introduction to Management Consulting for J.D, M.D and Ph.D


Yale Graduate Student Consulting Club (YGCC) www.yale.edu/consulting
Chair: Alice Qinhua Zhou alice.zhou@yale.edu Vice-Chair: Anit Raja Banerjee anit.banerjee@yale.edu

Agenda Jan 22nd, 2013

An Introduction to Consulting What is consulting? What is it like to work as consultant? Getting a Consulting Job What are firms looking for? How can you prepare yourself? How can YGCC help you prepare?

Q&A Panel with YGCC Alumni


Networking time
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What is consulting?

Consultants serve the client to solve complex business problems


NBC Universal media conglomerate
Challenges

Content is moving online Younger customers are cutting cable

Question: How does NBC Universal manage the transition to online content? Hurdles

Current execs run current operations Internet is uncharted waters

Solution: Management Consultants

What is consulting?

Projects cover a wide range of industries and functions


Functional Practices
Business Innovation

Industry Practices
Financial Services Retail and Consumer Goods

Corporate Finance
Strategy Organization Operation Marketing

Energy and Agriculture


Media & telecommunications

Public sector
Transportation / Travel

Risk

Healthcare
High Tech

What is consulting?

Consulting firms position their expertise distinctly


Functional: e.g. Simon Kucher & Partners Industry: e.g. Frankel Group

Agenda Jan 22nd, 2013

An Introduction to Consulting What is consulting? What is it like to work as consultant? Getting a Consulting Job What are firms looking for? How can you prepare yourself? How can YGCC help you prepare?

Q&A Panel with YGCC Alumni


Networking time
5

What is it like to work as consultant?

Work with a team and the clients

Source: McKinsey presentation

What is it like to work as consultant?

Consultants well compensated, compared to post-doc positions


Starting compensation by position
250000 200000 $(US) 150000 100000 50000 0 Consultant Position Post-Doc

Source: glassdoor.com and managementconsulted.com

What is it like to work as consultant?

The career path is UP: promoted within the firm

JDs, MDs, PhDs Undergraduates, (Some) Master s MBAs Principal

Partner

Engagement Manager / Project Leader Associate / Consultant

Business Analyst / Associate

Election to Partner in roughly 8 years

What is it like to work as consultant?

or OUT: Open doors in the future

Five years from entering the firm


Public sector and Gov Hedge Funds Asset Management and Equity Research

Non-profit Private Equity Entrepreneurship Corporate Upper Managment Consulting


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Agenda Jan 22nd, 2013

An Introduction to Consulting What is consulting? What is it like to work as consultant? Getting a Consulting Job What are firms looking for? How can you prepare yourself? How can YGCC help you prepare?

Q&A Panel with YGCC Alumni


Networking time
10

What are Consulting Firms Looking For?

Yale Graduate and Professional students are armed with many of the characteristics consulting firms are looking for.
Complex business-problem solving
Intellectually curious with original thinking Quick-learning and analytically efficient Energetic and hardworking

Problem solving in a client-oriented team environment


Works well with and can influence people Can lead the client, the team, and the firm to success

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What are Consulting Firms Looking For?

Qualifications are assessed during the interview process.


Shall I hire you?

Can you do the work?

Can I put you in front of the client?

Would I enjoy working with you?

get answered during a typical 40 minute interview!


0
Meet your interviewer

5
Experience Questions

10

15

20
Case

25

30

35
Q&A

40
(mins)

Can you do the work? Can I put you in front of the client?

Would I enjoy working with you?

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Agenda Jan 22nd, 2013

An Introduction to Consulting What is consulting? What is it like to work as consultant? Getting a Consulting Job What are firms looking for? How can you prepare yourself? How can YGCC help you prepare?

Q&A Panel with YGCC Alumni


Networking time
13

How to Prepare for Interviews

Use the recruiting timeline to manage your preparation


Jan Feb Mar Apr May Jun
McKinsey Insight /Bridge to BCG Internships

Jul

Aug Sep
Invited Full time Interviews Apply Full time

Oct

Nov Dec
Apply Intern

Intern Interviews

Full time Interviews

Learn about the business world, firms and yourself Gain experience (including club activities) Prepare for interviews

Note: Date ranges are historical estimates some firms may decide to buck the trend and hold their events outside these windows. So you should be sure to check specific dates of events on firms websites.

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Agenda Jan 22nd, 2013

An Introduction to Consulting What is consulting? What is it like to work as consultant? Getting a Consulting Job What are firms looking for? How can you prepare yourself? How can YGCC help you prepare?

Q&A Panel with YGCC Alumni


Networking time
15

Prepare with YGCC

YGCC has helped others prepare


7 club members last year received management consulting job offers
McKinsey BCG LEK Simon-Kucher & Partners

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Prepare with YGCC

YGCC has many ways to help you prepare


Events Resources Leadership opportunities

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Prepare with YGCC

YGCC events can help you prepare


Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
Resume workshop & peer-editing Consulting bootcamp Weekly interview practice Networking opportunities Pro-bono consulting Case competition Interview competition

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Prepare with YGCC

YGCC events can help you prepare


Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
Resume workshop & peer-editing Consulting bootcamp Weekly interview practice Networking opportunities Pro-bono consulting Case competition Interview competition

19

Prepare with YGCC

YGCC events can help you prepare


Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
Resume workshop & peer-editing Consulting bootcamp Weekly interview practice Networking opportunities Pro-bono consulting Case competition Interview competition

20

Prepare with YGCC

YGCC events can help you prepare


Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
Resume workshop & peer-editing Consulting bootcamp Weekly interview practice Networking opportunities Pro-bono consulting Case competition Interview competition

21

Prepare with YGCC

YGCC events can help you prepare


Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
Resume workshop & peer-editing Consulting bootcamp Weekly interview practice Networking opportunities Pro-bono consulting Case competition Interview competition

22

Prepare with YGCC

YGCC events can help you prepare


Stay up to date by signing up our newsletter: tinyurl.com/ygccsignup
Resume workshop & peer-editing Consulting bootcamp Weekly interview practice Networking opportunities Pro-bono consulting Case competition Interview competition

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Prepare with YGCC

YGCC resources can help you prepare


Your central resource for career prep is our website
www.yale.edu/consulting Stay up to date by signing up for our newsletter

tinyurl.com/ygccsignup

Check out the resources available

Short guides for each step of the process Links to external resources Advanced resources

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Prepare with YGCC

YGCC Leadership Positions build your experiences


YGCC Managing Director of Content
Responsibilities

Work with club leadership to develop new training resources


Develop a new YGCC Casebook Develop new YGCC Problem-Solving Exercises Contribute new, original ideas

Manage the YGCC Website (coding experience not necessary)

Requirements

Passion for a career in consulting Self-motivated and driven to improve the club

How to apply

Email your resume & CV to yale.grad.consulting@gmail.com Subject line: [MD of Content application] yourname

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Agenda Jan 22nd, 2013

An Introduction to Consulting What is consulting? What is it like to work as consultant? Getting a Consulting Job What are firms looking for? How can you prepare yourself? How can YGCC help you prepare?

Q&A Panel with YGCC Alumni


Networking time
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Q&A Panel

Introducing YGCC alumni


Ian Berke, Ph.D. 2005 McKinsey & Co
Atlanta Office

Shiyan Ding, Ph.D. 2013 McKinsey & Co.


Shanghai Office

Mahala Burn, Ph.D. 2013 L.E.K


Boston Office

Amit Kunte, MD/PhD 2006 McKinsey & Co.


New York Office

Dong Chen, Ph.D. 2013 S.K.P


Boston Office

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Agenda Jan 22ndv, 2013

An Introduction to Consulting What is consulting? What is it like to work as consultant? Getting a Consulting Job What are firms looking for? How can you prepare yourself? How can YGCC help you prepare?

Q&A Panel with YGCC Alumni


Networking time
28

Networking Time

With thanks to YGCC Annual Sponsors from 2012


Silver Sponsor

Basic Sponsors

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Agenda Jan 22nd, 2013

An Introduction to Consulting What is consulting? What is it like to work as consultant? Getting a Consulting Job What are firms looking for? How can you prepare yourself? How can YGCC help you prepare?

Q&A Panel with YGCC Alumni


Networking time
30

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How to prepare yourself?

Useful books
Consulting Mindsets

The Ten-Day MBA by Steven A. Silbiger WetFeet Insider Guide to Consulting for Ph.D.s, Lawyers, and Doctors
Consulting Mindsets

The Minto Pyramid Principle by Barbara Minto The McKinsey Way by Ethan Rasiel Say It With Charts by Gene Zelazny
Interview Preparation

How to Get Into the Top Consulting Firms by T. Darling Case in Point (esp. the cases) by Marc P Cosentino

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How to prepare yourself?

Other useful websites


Case Interview related:
ConsultingCase101: www.consultingcase101.com ManagementConsulted: managementconsulted.com ConsultingFact: www.consultingfact.com/ CaseInterview: www.caseinterview.com/ Consulting firm reports: McKinseyQuarterly: www.mckinseyquarterly.com BCG Focus: www.bcg.com/expertise_impact/publications/default.aspx Bain Insights: www.bain.com/publications/index.aspx ConsultingMagazine: consultingmag.com Business News: Wall Street Journal: online.wsj.com Financial Times: www.ft.com Bloomberg: www.bloomberg.com

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YGCC Mission: To inform you about, and prepare you for, careers in
Management Consulting

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Case Interview Flow


30 min Introduction (3-5min)
Pose problem to be solved with basic details

Structure (1-2 min)

Analyze (20-25 min)


Provide data and context only when asked

Summary (2-3 min)


Wrap up interview within time limit

Interviewer

Interviewee

Clarify your understanding of the problem

Layout a structured list of related factors Identify key drivers

Seek data to test hypothesis Interpret data Drive insights

Recommendation (actionable) Reason (with assumptions to verify) Risk Next step

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Consultant compensation at top firms


Additional benefits Healthcare, life insurance, etc Retirement contributions 4.5% (2009) Generous expense/reimbursement policies, travel perks, etc

Partner $500K+

Principal $250K ~ $500K Engagement Manager / Project Leader $175 ~ 250K Associate / Consultant $160-200K Base salaries: $110-140K Signing bonuses: $20-40K Relocation/moving expenses: $10-20K Year-end bonus: $20-40K depending on firm.

Source: Glassdoor.com and managementconsulted.com

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Yale Graduate and Professional students are armed with many of the skills consulting firms are looking for.
Shall I hire you?

Can you do the work?

Can I put you in front of the client?

Would I enjoy working with you?

Complex Business-Problem Solving


Quick-learning and intellectually curious Analytically efficient, with original thinking Energetic and Hardworking Problem solving in a client-oriented team environment Works well with and can influence people Can lead the client, the team, and the firm to success

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Yale Graduate and Professional students are armed with many of the skills consulting firms are looking for.
Shall I hire you?

Can you do the work?

Can I put you in front of the client?

Would I enjoy working with you?

Can you represent the solution to the client?


Support your findings in a high-pressure environment Leverage your interpersonal skills to convince the client you are right Can you represent the firm as a whole to the client Your personal brand brings professionalism and respect Your personal brand fits with the brand of the firm

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Yale Graduate and Professional students are armed with many of the skills consulting firms are looking for.
Shall I hire you?

Can you do the work?

Can I put you in front of the client?

Would I enjoy working with you?

Who are you?

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