Insider's Guide to Management Consulting: Application, Interviews, and Networking Tips
"Get an insider's scoop on the world of management consulting with tips on applications, interview preparation, and networking strategies. Learn about the purpose of the St. Olaf Management Consulting Group, application requirements, resume writing, networking essentials, interview processes, and cracking case studies. Equip yourself with valuable insights for a successful career in consulting."
Download Presentation
Please find below an Image/Link to download the presentation.
The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.
E N D
Presentation Transcript
St. Olaf Management Consulting Group September 9, 2013 Info Session
Agenda Unpack Management Consulting Purpose of the group Uncover the application & interview process Case Interviews Meeting Schedule & Resources Assign prep-work
What is Management Consulting? Building the capabilities of clients Adding value to the client s business through strategy development & problem-solving Develop your own answer to this question
Purpose of this group Drive awareness of careers in consulting Prepare students for case interviews Provide networking opportunities See Piper calendar for recruiting events
Applications Know when applications are due!!!! Review your resume with the Piper center Requirements to apply GPA > 3.7 Any and all types of majors What the recruiters look for Demonstration of leadership Analytical skills Teamwork
Well-written Resumes Active language Managed, created, led, developed, organized, formed Well-organized Tailored towards business Quantify success E.g. Led a team of 6 members to develop a marketing strategy for product X
Networking Networking needed for your resume to be read Develop contacts through recruiting events Follow-up with an email Set-up a phone call Be assertive!
Interviews Process Two first round interviews Two final round interviews Structure Diagnostic Prepare stories to draw from Research firm Case
Cracking the Case: Structure Interviewer presents case scenario Identify the type of scenario e.g. profit & loss, cost reduction, merger & acquisition Outline strategy Materials provided by interviewer throughout the case e.g. graphs, profit & loss sheet, data set Solution/Summarize the case
Cracking the Case: Steps to Succeed PRACTICE Develop your own strategy/routine for each case scenario Build confidence Keep a Case Journal Review what you learned , mistakes, areas you would have done differently Review business terms Be confident with math skills Utilize resources Case in Point Additional materials
Cracking the Case: Practice Schedule Schedule practice cases with peers Sign-up for a time slot with me Schedule one practice case with an associate or consultant from a firm
Tips for Successful Case Practices Receiving case Provide interviewer with case ahead of time Review strategies for all case scenarios Interviewer Look through the case ahead of time Let the interviewee drive the case if they get stuck, offer some guidance to steer them on course At the end of the case, ask them to summarize the case Give the interviewee feedback strengths & areas for improvement
Prep-work Get a copy of Case in Point Read a couple of cases to familiarize yourself with structure Practice ALOUD the case starts Memorize strategies See appendix
Appendix: Case Strategies Top 5 Improve Bottom Line: Profits Reduce Costs Entering New Market M&A (merger & acquisition) Growth Strategies
Case Strategies Remainder Developing New Product Increasing Sales Pricing Strategy Competitive Response Turnarounds Industry Analysis
Improve Bottom Line E = (P = R-C)M Economy = (Profit = Revenue cost)*Market Start big & work in is this an economy or market wide problem? If no, move in to the revenue & cost structure Price Identify major streams Revenue Volume Change in % of total revenue over time Profit Identify major costs Costs Benchmark agst. competitors
Reduce Costs Solutions Internal cost analysis External cost analysis Assessment Labor Cross-train workers Across the board pay cuts Change to 4, 10 hour work days Economy wide problem? Union wages Cost breakdown any irregularities? Production Invest in technology Consolidate production space to gain scale Flexible product lines Suppliers Interest rates Benchmark agst. competitor s Raw materials Gov t regulations Just in time manufacturing reduce inventories Outsource Renegotiate with suppliers Import parts Economies of scale Transport/shippin g strikes
Entering a New Market Assessment Current market Decision to enter: CBA State of current market Major players market share Start from scratch Product differentiation Acquisition Investigate new market Barriers to entry? Joint venture
Growth Strategies Assessment Strategies Increase distribution channels Industry Growing? Increase product line Competition Prices in relation to comp. Invest in major marketing campaign Diversify products/services Identify segment of business with highest growth potential Acquire competition
Merger & Acquisition Acquisition costs Due Objective Diligence/Risks Shape of economy Boost Brand image Fair Price? Market leader? Pre-empt competition Profit margins How will it be financed? ***Synergies Cost savings Distribution channel expansion Competitive response
Developing New Product Market Strategy Product Customers Finance What s Does it affect product line? **Canibalize an existing product? special/proprietary about it? Best allocation of funds Target customers? How to reach them? Similar/substitutes available? Competitive Response Adv./Disadv. How do we retain them? Enter a new market? Fit in with product line?
