Consulting 101

Consulting 101

Duke MBA Consulting Club (DMCC)10 September 2012

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Our goals for this Consulting 101 session

• We do not want to scare you but we do want to be honest• We want to make sure you come out of the session understanding:

• The different types of consulting and spectrum of consulting firms• What the recruiting process looks like• How the DMCC will support you

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Stani GrozdevaCo-President

Laura Newman Co-President

Thomas DoerdelmannRoadmap, Mock Interview Week

James DagonasSymposium, Case

Competitions

Whitney Arnold

Symposium, Communications

Kevin ByrneSymposium,

Website

Kaberi Chowdhury

Casebook, Mock Interview Week

Tony ToussaintInternational

Recruiting, Diversity

Liz Carroll Roadmap, WIC

Dustin MoriartyRoadmap, WIC

Lou DiMassaDeloitte Case Competition,

Social

Francisco ArrudaCasebook, Newsletter

Lluis VivasOff-campus recruiting,

International Recruiting

2012-13 DMCC SY Officers

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Sponsor Categories Firms

Platinum

Gold

Silver

Resource

DMCC 2012-2013 Sponsors

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Agenda

Academic opportunities

Consulting “fit”

Consulting landscape

Recruiting overview

Closing thoughts/Q&A

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Agenda




Recruiting overview


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There are a number of academic opportunities that will help improve your consulting skill set

• Pay attention during your core classes• The concepts will be important in case interviews!

• Take advantage of opportunities to use ppt and Excel

• Take advantage of mentored studies

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Pino’s recommended electives

Mentored Study in Mentored Study in EntrepreneurshipEntrepreneurship

Part-time internships during the school Part-time internships during the school year for course credityear for course credit

Management 754Management 754

Mentored Study in EntrepreneurshipMentored Study in Entrepreneurship

Types of internships (117 last yr Types of internships (117 last yr ’’11-11-’’12):12):

• Entrepreneurial companiesEntrepreneurial companies• Venture capital firmsVenture capital firms• Asset management firmsAsset management firms• Real estate developersReal estate developers• Non-profitsNon-profits


• Earn a credential and work experienceEarn a credential and work experience

along your targeted career pathalong your targeted career path• Satisfies one elective requirement for mostSatisfies one elective requirement for most

concentrationsconcentrations• Potential follow-on paid summerPotential follow-on paid summer

internships and permanent job offersinternships and permanent job offers


PrerequisitePrerequisite

Attend an information session to learn the Attend an information session to learn the structure and expectationsstructure and expectations


There are more than four dozen local marketing, There are more than four dozen local marketing, promotions, advertising and/or consulting promotions, advertising and/or consulting firms that are potential mentor organizations firms that are potential mentor organizations for internships. At least sixteen of them have for internships. At least sixteen of them have participated previously in the program by participated previously in the program by sponsoring Fuqua interns. You choose sponsoring Fuqua interns. You choose where you would like to work.where you would like to work.


Examples of local consulting firms which have participated previously:Examples of local consulting firms which have participated previously:

Ascendient Healthcare Advisors Imprint LearningAscendient Healthcare Advisors Imprint Learning

Best PracticesBest Practices Leadership Edge Leadership Edge

BioPharma StrategiesBioPharma Strategies Lorelli & Co. Lorelli & Co.

Brightleaf ConsultingBrightleaf Consulting ProDecisions ProDecisions

Campbell AllianceCampbell Alliance RTI International RTI International

Clear Green AdvisorsClear Green Advisors Southeast TechInventures Southeast TechInventures

Drake ConsultingDrake Consulting


Information sessions:Information sessions:(***Attend only one***)(***Attend only one***)

Sept. 19 – Wed.Sept. 19 – Wed. 6:30 pm6:30 pm

Rand ClassroomRand Classroom

Sept. 21 – Fri.Sept. 21 – Fri. 4:00 pm4:00 pm

Rand ClassroomRand Classroom

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Agenda




Recruiting overview


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Reflect on whether the role is a good fit

Disclaimer: These are broad generalizations but overall, it is important to ask the appropriate questions to understand your personal preferences on these spectrums and where the various types of consulting and consulting firms fit.

• Tangible product

• Delivering and executing on recommendations

• Delving into all the details before drawing any conclusions

• Working in silence

• Collaborating across functions

• Separating work and personal life

• Traveling infrequently

• Service-oriented; client-dependent

• Delivering recommendations and trusting others to execute

• “80/20” thinking (strategically prioritizing areas of importance)

• “Constant” interruptions by team members

• Collaborating with a few team members

• Frequently socializing in/outside the office

• Traveling weekly

Consulting

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Honestly evaluate your skill set

Client/service focus?

“People” skills?

Process focused?

Desire to work hard?

Stamina?

Creativity?

Team player?

Problem solving?

Analytical?

Quantitative ability?

Articulate?

Ability to listen?

Structured/logical thinking?

“80/20” high-level thinking?

Consulting Skill Set

Try to think of these skills as not only important in getting the job, but also in being successful once you’re in the job.

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Weigh the pros and cons

• High degree of change

• Strategic projects

• Teamwork

• Social environment

• Prestige/$

• Professional development

• Exit opportunities

• Long hours

• Travel

• Inflexibility/reliance on client

• “Cog in the wheel”

• Difficulty seeing outcomes/results

• Hierarchical environment

• Competition/recruiting process!

What some people dislikeWhat some people like

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Agenda




Recruiting overview


• What is consulting?

• What do consultants do?

• What are the different

types of firms?

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Consultants perform many functions, across many different industries

• Automotive & Assembly• Media & Entertainment• Public Sector / Social Sector• Chemicals • Metals & Mining • Consumer Packaged Goods / Retail• Payor/Provider • Electric Power & Natural Gas/Petroleum• Financial Services • Pharmaceuticals & Medical Products• Telecommunications• High Tech • Private Equity

• Finance & Performance Management• Process & Innovation Performance• Talent & Organization Performance• Strategy • Customer Relationship Management• Supply Chain Management• IT System Development• Private Equity Due Diligence• Sales-force Optimization • Change Management• Merger & Acquisition Advisory Services• Operations Strategy• Hospital Billing Optimization

Industries Capabilities

Consultants work in many capacities across all industries

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Agenda




Recruiting overview





types of firms?

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Consultant use many tools to solve problems

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Agenda




Recruiting overview





types of firms?

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Consulting firms differ in their structure and operating norms

Staffing pool • (Inter)national (Deloitte) vs. Local/Regional (Bain)

Industry focus • Generalist vs. industry focused

Size • Boutique (<200 consultants) vs. megafirms (>50,000 employees)

Promotion policy • “Up or Out” vs. “Perform and Stay”

Corporate shareholders

• LLP (partner model) vs. publicly traded (officer model)

Travel • No travel vs. 100% travel

Area Differences

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Consulting Firms

Pure Strategy • McKinsey, Bain, BCG

One-Stop-Shop • Deloitte, Accenture, PwC, IBM, Capgemini

Niche/boutique • Mercer (HR), LEK, ZS (Pharma), IMS (Pharma), Monitor, ATKearney, Kurt Salmon, Booz Allen, Schlumberger (Energy), Gallup, The Pathenon Group, Alvarez & Marsal

In-House Consulting (former MBB)

• Georgia Pacific, Samsung, Microsoft, Google, etc.

Type of Consulting Example

Use on-campus resources, your network, Fuqua Alums, your classmates’ network!

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Firms differ in the services they offer

Strategy • Help clients develop new solutions to unsolved problems

Healthcare Pharma

• Leverage healthcare domain expertise to help pharmaceutical/healthcare companies better serve their customers

• Help improve efficiency for payors/providers

Human capital / Change Management

• Consult to senior HR executives on staffing models, benefits, and salaries

• Ensure smooth transitions when merging personnel in M&As

IT • Develop IT systems to improve business operations

• Use IT systems to connect with clients and provide new services

Service Type Description

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Firms differ in the services they offer

Operations • Improve logistics and manufacturing networks/processes

• Expand and develop supply chains

Private equity / Due Diligence

• Assist private equity companies with target evaluation

• Manage 100 plans for PE acquisitions

Public sector • Assist the government in launching new programs

• Leverage business thinking to help reshape policy

Social Impact • Help foundations, nonprofits, corporations, school systems, and governmental organizations achieve greater social impact.

Service type Description

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Agenda




Recruiting overview


• The recruiting calendar

• Getting on the “close list”

• Succeeding in the interview

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The internship interview process is a half year process that lasts until early February

Sep Oct Nov Dec Jan Feb

Presentations

Networking events

Resume drops

Interviews

Presentations • Companies will come to campus for official presentations: career fairs, corporate presentations, etc…

• Opportunity for students to learn about the firm and meet firm reps

Networking events

• Office hours, mock cases, dinners, case around the keg, & case presentations• Opportunity for students to further get to pass the “airport test”• NOTE: some events will be “invite only” and will not be announced to the whole class.

Not getting invited is not a reason to panic as there is no correlation between early invites and job placement

Resume drops • Companies will allow for anyone to drop their resume• Close lists will be announced soon after• Bidding process

Event type Description

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Agenda




Recruiting overview



• Getting on the “closed list”


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Getting on the Closed List

Networking • Most people who get on a closed list have at least 1 advocate in the firm. • Conduct informational interviews: with Senior Consultants/Associates and sometimes

managers. Don’t contact too many people! • Fine line between networking and being too pushy. Use good judgment.• Keep track of your networking within different firms. This will come handy when writing

your cover letters. • Week-in-Cities• Mock interview week

Office Preference • Choose your office of preference based on personal reasons and your network within the firm.

• Some people are allowed to transfer offices/countries between summer internship and full-time if they have support within the firm.

• In many cases, students are required to recruit again if they need to change the office although they have an offer.

Event type Description

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Agenda




Recruiting overview



• Getting on the “close list”


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Consulting interviews generally comprise of a behavioral and a case portion

Duration • ~10 min • ~35 min

Format • Question and answers• “Working interview” where an

applicant solves a business problem

Focus• Evaluating teamwork, leadership,

initiative, ability to deliver results, and personal successes

• Evaluating structured problem solving abilities

Ideal Response Characteristics

• Clear & concise answers that demonstrate key consulting competencies (analytics, leadership, teamwork, etc…)

• Structured response• Comfort with ambiguity (Composure)• Use of numbers/analytics • Confidence

Behavioral Interview Case Interview

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Case preparation is a personal process, but the DMCC is here to help

• Understand the case interview process

• Develop a flexible case approach

• Integrate key concepts from the first year core (Econ, Accounting, etc…)

• Stand out from students at other schools

• 101 & Introductory sessions• Online case library• Mock interviews• DMCC case preparation

program (“Roadmap”)

• Books: Crack the Case, Case and Point, etc…

• Other schools’ casebooks• Coursework• SYs• Professors• Recruiting liaisons at target

firms• Alumni

No case prep method fits everyone’s needs;

You need to figure out what works for you

Your Responsibility How the DMCC can help Other Sources of Help

* We recommend focusing on self study before contacting firms and alumni for case advice, as they will be made available through the recruiting process

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Agenda




Recruiting overview


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Experiences from SYs

It’s hard to admit but I think I was unconsciously arrogant during the

recruiting process. I only wanted to work for the Big Three and so I didn’t network with any other firms. As a result, I didn’t

get on any other closed lists and didn’t get a consulting internship this summer.

I kept hearing from Second Years that it’s not a good idea to over-case. I wanted to stay fresh so I think I over-compensated and didn’t case enough. The interviews

were much harder than I thought.

I was certain I wanted to do consulting so I didn’t think about applying to any other internships until it was

too late. I applied to a number of corporate strategy positions in the end, but I wasn’t prepared

and hadn’t networked so I didn’t get on the close lists. I didn’t realize networking was important to those

firms as well.

I “didn’t have time” to reach out to off-campus firms and I regret it now. I missed out on these opportunities.

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Closing thoughts

1. Reflect on your skills and goals – be honest with yourself!

2. Don’t limit yourself to consulting; seek out opportunities in parallel

3. Be proactive – the DMCC will support you and share our experiences but don’t expect us to spoon feed you; it is important for you to conduct your own search

Note: Please do not yet reach out to Second Year students, as we are in our own recruiting cycle (resume drops are due end of September and interviews begin early October!)

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Remember that you represent the Duke brand

Pop Quiz

In our first Consulting event, the Consulting Career Intensive Day, did we observe these behaviors?

True of False:•30 students RSVP’d but did not show up for the event•Large number of students entering and leaving a presentation, interrupting the presenter•Leaving half-way through the day•Using phones during presentations•Taking photos of the materials after being told that Deloitte would not distribute the slides!

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Remember that you represent the Duke brand

Pop Quiz

In our first Consulting event, the Consulting Career Intensive Day, did we observe these behaviors?

True of False:•30 students RSVP’d but did not show up for the event•Large number of students entering and leaving a presentation, interrupting the presenter•Leaving half-way through the day•Using phones during presentations•Taking photos of the materials after being told that Deloitte would not distribute the slides!

All are true!•Do you think Deloitte noticed these and pointed them out to us? Yes they did!•How do you think that reflects on Duke? Poorly!

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Sign up and attend upcoming DMCC events

• Bain: What I Wish I Knew as a FY (September 11)• Consulting Symposium (September 12)• Introducing Off-Campus Recruiting (September 13)• DMCC FY Club Info-Session (September 18)• Introducing International Consulting (September 19)

Sign up via Campus Groups; check the DMCC newsletter every Sunday

Agenda•12-1pm FY Networking Lunch•1-2pm BCG Keynote Speaker•2-5pm Panel Discussions on:

Industry Trends Long-Term Career Planning Women in Consulting Internal Consulting Health Care Consulting Social Impact Consulting

Important Note:

This is an educational event, not a recruiting event. Treat yourself. Use this opportunity to ask good questions about

the job, not how to get the job.

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Thank you for your attention!

Q&A

Documents

Consulting 101