Presentation Kickoff 2013

S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L

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

1

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

Agenda – Jan 22nd, 2013

• 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

2

Consultants serve the client to solve complex business problems

What is consulting?

3

Projects cover a wide range of industries and functions

What is consulting?

Corporate Finance

Marketing

Strategy

Operation

Organization

Risk

Business Innovation Financial Services

Retail and Consumer Goods

Energy and Agriculture

Media & telecommunications

High Tech

Transportation / Travel

Healthcare

Public sector

Functional Practices Industry Practices

4

Consulting firms position their expertise distinctly

What is consulting?

• Functional: e.g. Simon

Kucher & Partners

• Industry: e.g. Frankel

Group

5

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

Agenda – Jan 22nd, 2013

6

Work with a team and the clients

What is it like to work as consultant?

Source: McKinsey presentation

7

Consultants well compensated, compared to post-doc positions

What is it like to work as consultant?

Source: glassdoor.com and managementconsulted.com

0

50000

100000

150000

200000

250000

Consultant Post-Doc

$(U

S)

Position

Starting compensation by position

8

The career path is UP: promoted within the firm

What is it like to work as consultant?

Business Analyst / Associate

Associate / Consultant

Engagement Manager / Project Leader

Principal

Partner JDs, MDs, PhDs

MBAs Undergraduates,

(Some) Master s

Election to Partner in roughly 8 years

9

… or OUT: Open doors in the future

What is it like to work as consultant?

Five years from entering the firm

Consulting

Corporate

Upper

Managment

Entrepreneurship

Private Equity

Non-profit

Asset Management and Equity Research

Hedge Funds

Public sector and Gov

10

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

Agenda – Jan 22nd, 2013

11

Yale Graduate and Professional students are armed with many of

the characteristics consulting firms are looking for.

What are Consulting Firms 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

12

Qualifications are assessed during the interview process.

What are Consulting Firms 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?

… get answered during a typical 40

minute interview!

Q & A

0 10 20 30 35 40 5 15 25

Meet your interviewer

Experience Questions

Case

Can you do the work?

Can I put you in front of the client?

Would I enjoy working with you?

(mins)

13

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

Agenda – Jan 22nd, 2013

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

• Learn about the business world, firms and yourself

• Gain experience (including club activities)

• Prepare for interviews

14

Use the recruiting timeline to manage your preparation

How to 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 firm’s websites.

Internships

Intern

Interviews

McKinsey Insight

/Bridge to BCG

Invited

Full time

Interviews

Apply

Full

time

Full time

Interviews

Apply

Intern

15

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

Agenda – Jan 22nd, 2013

• 7 club members last year received management consulting job offers

− McKinsey

− BCG

− LEK

− Simon-Kucher & Partners

16

YGCC has helped others prepare

Prepare with YGCC

• Events

• Resources

• Leadership opportunities

17

YGCC has many ways to help you prepare

Prepare with YGCC

• 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

18

YGCC events can help you prepare

Prepare with YGCC

• 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

YGCC events can help you prepare

Prepare with YGCC

• 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

YGCC events can help you prepare

Prepare with YGCC

• 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

YGCC events can help you prepare

Prepare with YGCC

• 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

YGCC events can help you prepare

Prepare with YGCC

• 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

23

YGCC events can help you prepare

Prepare with YGCC

• 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

24

YGCC resources can help you prepare

Prepare with YGCC

• 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

25

YGCC Leadership Positions build your experiences

Prepare with YGCC

26

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

Agenda – Jan 22nd, 2013

• Ian Berke, Ph.D. 2005

• McKinsey & Co

− Atlanta Office

27

Introducing YGCC alumni

Q&A Panel

• Mahala Burn, Ph.D. 2013

• L.E.K

− Boston Office

• Dong Chen, Ph.D. 2013

• S.K.P

− Boston Office

• Shiyan Ding, Ph.D. 2013

• McKinsey & Co.

− Shanghai Office

• Amit Kunte, MD/PhD 2006

• McKinsey & Co.

− New York Office

28

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

Agenda – Jan 22ndv, 2013

• Silver Sponsor

• Basic Sponsors

29

With thanks to YGCC Annual Sponsors from 2012

Networking Time

30

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

Agenda – Jan 22nd, 2013

31

32

Useful books

How to prepare yourself?

• How to Get Into the Top Consulting

Firms – by T. Darling

• Case in Point (esp. the cases) – by Marc

P Cosentino

• The Minto Pyramid Principle – by

Barbara Minto

• The McKinsey Way – by Ethan Rasiel

• Say It With Charts – by Gene Zelazny

• The Ten-Day MBA – by Steven A.

Silbiger

• WetFeet Insider Guide to Consulting

for Ph.D.s, Lawyers, and Doctors

Interview Preparation

Consulting Mindsets

Consulting Mindsets

• 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

33

Other useful websites

How to prepare yourself?

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

Management Consulting

34

35

Case Interview Flow

30

min

Introduction

(3-5min)

Structure

(1-2 min)

Analyze

(20-25 min)

Summary

(2-3 min)

Inte

rvie

we

r Pose problem to

be solved with

basic details

Provide data and

context only

when asked

Wrap up interview

within time limit

Inte

rvie

we

e

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

36

Consultant compensation at top firms

Source: Glassdoor.com and managementconsulted.com

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.

Engagement Manager / Project Leader

$175 ~ 250K

Principal

$250K ~ $500K

Partner

$500K+

Additional benefits

• Healthcare, life insurance, etc

• Retirement contributions 4.5% (2009)

• Generous expense/reimbursement

policies, travel perks, etc

37

Yale Graduate and Professional students are armed with many of

the skills consulting firms are looking for.

37

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

38

Yale Graduate and Professional students are armed with many of

the skills consulting firms are looking for.

38

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

39

Yale Graduate and Professional students are armed with many of

the skills consulting firms are looking for.

39

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?