Preparing for Consulting Interviews

May 2, 2014

Planning for the Summer!

Advanced Professional DegreeConsulting Club

Advanced Professional DegreeConsulting Club

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2APDCC

Agenda

• Presentation:

• Roadmap: now to fall recruiting• The consulting interview• Case frameworks• Effective preparation strategies• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

APDCC

Roadmap 2014 – 2015: MBA Recruiting

April - May June July August September October

Research Firms

Network – Info Interviews

Run 5-10 Cases

Info Interviews over Summer with Target Firms

Run 5-10 Cases per Month (~20 over Summer)

Update Resume + Cover Letters, Draft Apps

Polish Resume + Cover Letters

Info Interviews with Target Firms

Case + Behavioral Interview Prep

Mock Interviews

Applications + Interviews

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APDCC

Roadmap 2014 – 2015: APD Recruiting

April - May June July August September October

Research Firms

Network – Info Interviews

Run 10 -15 Cases

Info Interviews with Target Firms

Run 5-10 Cases per Month (~20 over Summer)

Update Resume + Cover Letters, Draft Apps

Polish Resume + Cover Letters

Mock Interviews

Polish Behavioral/Fit Stories

Applications + Interviews

5

5APDCC

Agenda

• Presentation:

• Roadmap: now to fall recruiting• The consulting interview• Case frameworks• Effective preparation strategies• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

APDCC

The consulting interview: what is it?

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Section Process What they look for

~10 minutes

Intros and Small Talk

1. Wait in common area 2. Greet interviewer, walk to

interview suite, small talkYou’re confident, warm, professional

10-20 minutes

Behavioral / Fit Interview

1. A few questions about your resume and experience

You’re a fit with the firm. “Airport test” – you’re a nice person

20 – 35 minutes Case Interview

1. An ambiguous business problem that you work cooperatively with the interviewer to solve

Confidence and communication, structure, math ability

5 minutes Wrap Up 1. Your opportunity to ask questions

of the interviewer

Good questions, not stock. Opportunity to ask about the interviewer’s background, time at the firm.

APDCC

The consulting interview

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What is it? Questions about your background. Designed to assess your fit with consulting and the specific firm you’re interviewing with.

Mechanics1. Interviewer will ask you a question (first one is usually, “Walk me through your resume”). 2. Take 1 – 2 minutes to respond.3. Interviewer may ask a follow-up question or may move on to next question.

What to do:4. Know your stories (based on your work, school, and other experience) well. 5. Be confident, concise, and structured. Smile and let your personality through.

Sample behavioral/fit questions: 6. Tell me about a time you overcame a challenge when you were working on a team.7. Tell me about a time you had to convince someone when you didn’t have formal authority.8. Tell me about a time when you exhibited leadership.9. Why consulting? 10. Why Carlson / University of Minnesota?

Behavioral / fit interview

~10 minutes

APDCC

The consulting interview

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What is it? An ambiguous business problem that you need to approach with a logical structure and work with your interviewer to solve.

Two common case interview methods:1. “Go with the flow” cases (typical of most firms) – you will determine which areas to explore and

lead the discussion, i.e. drive the case. 2. “Command and control” (typical of McKinsey) – interviewer will guide the discussion. Case typically

has heavy brainstorming components and quantitative work.

Common case types (not comprehensive):3. Profitability4. Market Entry5. Acquisition6. Industry Analysis (incl. non-profit)7. Market Sizing8. Capacity Expansion (incl. outsourcing)9. Investment Decisions

Case interview

~20-30 minutes

APDCC

The consulting interview

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Case interview

Section Process To Do

~1-2 minutes

Prompt andClarification

Interviewer will give you a prompt (usually a few sentences) with limited info about a business problem a company is facing.

1. Confirm the key details.2. Ask 1-3 clarifying questions.3. Ask for a minute to develop

an approach.

~1-2 minutes

Develop Framework

Take 1-2 minutes to write your structured framework/approach on a sheet of paper.

1. Draw a framework (usually 3-5 key areas to explore).

2. Walk interviewer through your plan.

~15-20 minutes Solve Case

Work with interviewer and use your framework to get information and work toward solution.

1. Ask questions following your structure.

2. Listen actively for guidance from interviewer.

~1-2 minutes Conclude Drive case to a conclusion before time

expires. 1. Answer the initial question

and take a definite stand.2. Address risks.

10APDCC

Agenda

• Presentation:

• Roadmap: now to fall recruiting• The consulting interview• Case frameworks• Effective preparation strategies• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

APDCC

Case frameworks

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What is a framework?

A framework is your structured, logical approach to solving a case question. After prompt is read, candidates usually takes ~1-2 minutes to create a structured approach to explore the issue at hand. Representative of actual consultanting work with clients.

Main Issue 1 Main Issue 2 Main Issue 3

Hypothesis: X is the cause of Y

Sub-point 1Sub-point 2Sub-point 3

Sub-point 1Sub-point 2Sub-point 3

Sub-point 1Sub-point 2Sub-point 3

Your hypothesis about the problem drives your structure.

The main issues you explore should be “mutually-exclusive and collectively exhaustive” (MECE)

Sub-points should cover more detailed but still broad questions you want to explore.

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Example case

Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the last 5 years. The brewery has suffered declining profitability in the last few years. Your client has approached you to help him determine how to remedy this situation.

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A MECE framework example

Profit

Revenue

Costs

Price(s)

Volume

Change over time

Fixed

Variable

OK – but is this enough

to answer the client’s question?

Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the last 5 years. The brewery has suffered declining profitability in the last few years. Your client has approached you to help him determine how to remedy this situation.

Source: Fuqua Consulting Club

APDCC

Profit

Revenue

Costs

Price(s)

Volume

Change over time

Fixed

Variable

Getting there – but this approach

is generic and lacks any

customization to the client

1. Context• Maturity?• General economy?• Regulations?• Competition? • Customer behavior? Etc.

Costs/benefitsRisk

A more comprehensive, structured approach

Your client is the owner of a local brewery who has sold craft beer in Minneapolis for the last 5 years. The brewery has suffered declining profitability in the last few years. Your client has approached you to help him determine how to remedy this situation.

2. Isolate Causes

3. Evaluate Solutions• Raise price?• Expand?• Relocate?• Liquidate/close shop?• Other?.

Source: Fuqua Consulting Club

15APDCC

Agenda

• Presentation:

• Roadmap: now to fall recruiting• The consulting interview• Case frameworks• Effective preparation strategies• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

APDCC

Effective preparation strategies for the summer

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Behavioral/fit questions

1 Meet with career center to assess current level and plan leading up to fall recruiting.

2 Research characteristics target firms look for (similar but NOT the exact same at all firms).

3 Spend time reflecting on your motivations, what makes you tick, how that aligns with consulting.

4 Develop the “personal brand” and 3 main points you want to convey. Your personal brand should be 1-2 sentences about what makes you stand out.

5 Develop 5-7 strong stories and 4-5 secondary stories to address the areas your target firms are looking for. Use either STAR format or another similar format.

6Practice your stories for timing (1 – 2 minutes), structure, concision, and polished communication. Start practicing in front of a webcam or on umn.interviewstream.com, then with other students and the career center, then in full mock interviews.

7 Get continual feedback and take advantage of all the resources available to you!

APDCC

Effective preparation strategies for the summer

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Cases

1 Read Marc Cosentino, Victor Cheng, others (see Carlson Consulting Club website).

2 Listen to Victor Cheng’s “Look Over My Shoulder” (LOMS) or find other examples to use as initial models for doing case interviews.

3 Read case books from other MBA programs (Wharton, HBS, others can be found online).

4 Get comfortable with more generic frameworks (Cheng’s, Cosentino’s, others), then incorporate into your own custom frameworks (profitability, new market, M&A, growth, etc.).

5Do as many practice cases as you can and/or feel you need. Practice with other students and career coaches. When feel relatively confident, ask consultants from target firms that you’ve networked with to run a case with you. Also give cases to others (also helpful for you).

6 Build a library of practice cases and frameworks – ID areas you consistently forget to explore.

7 Practice math skills as needed. Victor Cheng’s website has a resource for practicing math.

8 Continue reading case interview-related resources, refining your skills and approach.

18APDCC

Agenda

• Presentation:

• Roadmap: now to fall recruiting• The consulting interview• Case frameworks• Effective preparation strategies• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

APDCC

2014 Recruiting Checklist for Full-Time MBA Candidates

Exploring Applications Interview Prep

April

Research firms as needed (Wetfeet, company websites)

Develop plan for full-time recruiting Develop plan for case and fit/behavioral prep (goals,

journal to track progress, timeline, resources list) Run 2-3 cases

May

Info intervitews wih at least 2 consultants from target firms

Review resume with GBCC

Read “Case in Point,” listen to “Look Over My Shoulder,” watch other Victor Cheng videos available through CCC website

Read other case prep materials (see resources list) Run 5-10 cases with classmates, GBCC Build personal brand, stories for behavioral Qs,

practice answering in STAR format

June

Stay in touch with other 1st years during internships

Info interviews with at least 2 consultants from target firms

Run 5-10 cases with classmates, GBCC. Include 1 fit question at beginning of every case.

Practice fit/behavioral questions with classmates, GBCC

July Info interviews with at least

3 consultants from target firms

Draft cover letters, review with GBCC

Run 5-10 cases with classmates, GBCC. Include 1 fit question at beginning of every case.

Aug Info interviews with at least

3 consultants from target firms

Work with GBCC to polish resumes and cover letters, draft apps

Run 5-10 cases with classmates, GBCC. Include 2 fit questions at beginning of every case.

Mock interviews with GBCC, others at Carlson Mock interviews with firms

Sept

Stay in touch with target firms. Get feedback on interview skills, resume, cover letters from warm contacts at target firms.

Corporate Reception

Applications Due

Mock interviews with GBCC, others at Carlson Mock interviews with firms Interviews

Oct Attend Carlson networking

events Applications

Due Interviews

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APDCC

2014 Recruiting Checklist for APD Candidates

Exploring Applications Interview Prep

April

Research firms as needed (Wetfeet, company websites)

Review resume with career coaches

Develop plan for full-time recruiting Develop plan for case and fit/behavioral prep (goals,

journal to track progress, timeline, resources list) Run 2-3 cases

May

Info intervitews wih at least 2 consultants from target firms

Draft cover letters, review with career coaches

Read “Case in Point,” listen to “Look Over My Shoulder,” watch other Victor Cheng videos available through CCC website

Read other case prep materials (see resources list) Run 5-10 cases with classmates, others Build personal brand, stories for behavioral Qs,

practice answering in STAR format

June

Stay in touch with other 1st years during internships

Info interviews with at least 2 consultants from target firms

Work with career coaches to polish resumes and cover letters, draft apps

Run 10-15 cases with classmates, others. Include 1 fit question at beginning of every case.

Practice fit/behavioral questions with classmates, career coaches

July

Stay in touch with target firms. Get feedback on interview skills, resume, cover letters from warm contacts at target firms

Applications due - McKinsey

Run 5-10 cases with classmates, others. Include 1 fit question at beginning of every case.

Aug Stay in touch with target

firms. Get feedback from warm contacts.

Applications due – BCG, others

Interviews – McKinsey, others Mock interviews with classmates, career coaches Mock interviews with firms

Sept

Interviews – McKinsey, others Mock interviews with career coaches, firms

Oct Interviews21

21APDCC

Recruiting dates approaching for APD students

Application Deadlines:

McKinsey: July 20

BCG: August 10

Others: reach out to the firms you’re interested in

Interviews:

McKinsey: August

BCG: “Bridge to BCG” workshop – June, interviews Aug & Sept

Others: Aug – Sept

Bottom line: APD recruiting can be flexible and complicated – do your homework

22APDCC

Agenda

• Presentation:

• Roadmap: now to fall recruiting• The consulting interview• Case frameworks• Effective preparation strategies• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

APDCC

Panelists:

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2nd-Year MBADeloitte

Jake Titus

1st-Year MBAMcKinsey

Katie Williams

1st-Year MBAGallup

Alyssa Callister

APDMcKinsey

Andy Luo

24APDCC

Agenda

• Presentation:

• Roadmap: now to fall recruiting• The consulting interview• Case frameworks• Effective preparation strategies• Creating your own timeline and prep plan

• Panel Discussion

• Organize case study small groups, networking social hour

APDCC

Organize case study small groups, networking social hour

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Questions to ask others to form small groups to practice cases:

1) What are your goals2) What firms are you interested in? 3) What time availability do you have? How much and when do you want to practice this

summer?

Optional Google doc to sign up for case interview small groups:

http://bit.ly/1mWgSCC

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Contact Info

Graduate Business Career CenterAshley Bowes Johnson abowes@umn.eduMichelle Moylan moyl0002@umn.edu

2014 – 2015 Carlson Consulting ClubLuke Wilcox, President wilco250@umn.eduAmit Aggarwal, Vice President aggar036@umn.eduMike Jennings, Vice President jenn0147@umn.edu Dhruv Suhag, Vice President suhag003@umn.edu

https://sites.google.com/a/umn.edu/carlson-consulting-club/useful/

2014 – 2015 Advanced Professional Degree Consulting ClubTim Pearce pearc081@umn.eduNic Kramer krame489@umn.edu

http://www.umnapdcc.com/resource-page/

Thanks to Victor Cheng, Marc Cosentino, the Fuqua Consulting Club, and the Wharton Consulting Club for providing inspiration and ideas for the content of this presentation.