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Introductions Consulting Case Practice Bain Debrief Deliverables Case Workshop Program – Meeting 2

by Leland Char and Wilson Kyi

USC Consulting Club

Introductions Consulting Case Practice Bain Debrief Deliverables

Agenda

1. Introductions (25 min) 1. Ice Breaker – Resume exchange

2. E-Board

2. Consulting Overview (20 min) 1. Video

2. Talk About Consulting and Recruiting

3. Case Practice (60 min) 1. How to Case

2. Case Interview

3. Walk Through Case

4. Bain Debrief (10 min)

5. Deliverables for Next Week (5 min)


Icebreaker

• Get into groups of 6 with people you do not know • Trade your resume with someone in the group

• Get to know each other and edit each other’s resume (10 minutes)

• Introduce each other to the rest of the group and say one interesting thing and one resume improvement

(20 minutes)

Ice Breaker + Resume Edit


E-Board

Shen-Shen Wu

Senior Vice

President

Zhenni Liu Vice President of

Recruiting

Steven Boiko Vice

President of Technology

Ashley Yu Vice President of Operations


Success Measures - Web Hits


Bankers Versus Consultants

http://www.youtube.com/watch?v=ROlDmux7Tk4


Let’s Dissect the Video

• Blackberry’s four years old – consultants are issued new blackberry's when starting work

• Banker is at “the tanning salon” – UV rays causes skin cancer

• “One shitty idea then take six months just to make it” – most engagements are about 3 months

• “Dow is still bigger than your bonus” – on a per hour worked basis consultants make more than bankers, bankers bonuses are getting crushed

• “No discernible skill” – Presentation, PowerPoint, teamwork, analyzing and critical thinking skills (from Google search)

• “KEEP YOUR F#$*ING WORK-LIFE BALANCE” – work life balance is actually a positive to most sane people

• “Take this mouse and get back to making $60K a year” – it’s actually around 70K which is equivalent to banker starting salaries


What Is Consulting?

Management consultants provide advice to business leaders about their companies’ most challenging business issues. It generally divides into four categories: strategy, human capital, operations, and technology.

Overview

Strategy New market entry

Growth strategy

Industry / company due diligence for private equity

Product and pricing analysis

Human Capital Employee rewards and

incentives programs

Mergers & acquisitions

Retirement

Workforce communications

Operations Efficiency improvements

Production cost minimization

Inventory management

Outsourcing versus in-house strategies

Technology Implementing ERP

Upgrading existing technologies

Decision support systems (business intelligence)

Data center operations

Major firms: Bain & Company

Booz & Company

Boston Consulting Group

McKinsey & Company

Major firms: Aon Corp

Deloitte Consulting

Mercer, LLC

PricewaterhouseCoopers

Watson Wyatt

Major firms: Accenture

A.T. Kearney

Deloitte Consulting

KPMG

PRTM

Major firms: Accenture

Booz Allen Hamilton

Capgemini

Deloitte Consulting

IBM Global Services


Challenges

Work-life balance

On-call

Travel

High attrition

Typically 50 - 75 hours per week

Hours vary based on deadlines, client needs, and project type

Late hours and tight deadlines are common

Weekend work, while not the norm, is not uncommon and is

expected when the need arises

Varies considerably by firm, industry, office and project

Typical schedule is “5 - 4 - 3”: five day workweek, four days at the

client site, three nights spent away

Major consulting companies have an “up or out” policy

Consultants are often solicited for other jobs and many take these

opportunities

Consulting is not for everybody, it is a high-intensity, stressful environment …


Rewards

Learning curve

Accelerated career path

Challenges

Pure strategy

Exposure to top management at a young age

Consultants learn a LOT about various industries and functions

quickly

Extensive exit opportunities

Three years in consulting can provide opportunities that require

much more than three years of industry experience

A new, different project every few weeks or months

Something new every day

Consultants are challenged to stretch in new ways

High-level corporate strategy

Projects that shape business strategy and organization

However, consulting offers opportunities not found elsewhere …


Sample Career Path

Bain

Booz

BCG

McKinsey

Consultant

Associate

Consultant

Associate

Partner

Partner

Partner

Partner

Associate Consultant

Consultant

Associate

Business Analyst

Time at position

1 - 3 years 2 - 3 years 3 - 4 years 7+ years after MBA

Est. total comp. (1)

$60 - $100K $120 - $225K $250 - $400K $500K - $1mm+

Duties Perform analysis Manage

workstream Manage project Business dev.

Undergraduate entry point Graduate entry point

Time at position and duties are similar across firms, while compensation differs across firms

Manager

Principal

Principal

Assoc. Principal


Recruiting Numbers

150 - 200

résumés

40 - 80

interviewed

10 - 15

interviewed 3 - 8 offers

Résumé Drop Round 1 Round 2 Offer

Firm’s Perspective


Recruiting Numbers

15 - 20 résumés 3 - 5 interviews 1 - 3 interviews 0 - 2 offers

Résumé Drop Round 1 Round 2 Offer

Student’s Perspective


Plan B (and C and D … )

There are more people interested in consulting and corporate strategy jobs than available internships

… HOWEVER, there are more full-time positions available, it’s okay. – This is less the case in harder economic times, when firms tend to fill full-time positions

from the summer internship pool.

– Plenty of students work “in industry” over the summer and turn it in to a full-time consulting job.

As a result, having a Plan B is critical (and if Plan B is competitive, have a Plan C and Plan D)

Two large factors in deciding on a Plan B: – Quality of experience: will I enjoy and learn from the experience?

– Transferability to consulting: how will the internship help me pitch myself to consulting firms?

Start early! Many Plan B’s recruit at the same time as consulting interviews.


Plan B (and C and D … )

There are more people interested in consulting and corporate strategy jobs than available internships

… HOWEVER, there are more full-time positions available, it’s okay. – This is less the case in harder economic times, when firms tend to fill full-time positions

from the summer internship pool.

– Plenty of students work “in industry” over the summer and turn it in to a full-time consulting job.

As a result, having a Plan B is critical (and if Plan B is competitive, have a Plan C and Plan D)

Two large factors in deciding on a Plan B: – Quality of experience: will I enjoy and learn from the experience?

– Transferability to consulting: how will the internship help me pitch myself to consulting firms?

Start early! Many Plan B’s recruit at the same time as consulting interviews.

Remember the bigger picture: the consulting job search is a full-year process!


How to Case


Case Interview Timeline

1 minute Introduction

Set the agenda

5-10 minutes Open “resume” discussion (education, employment history, motivations, style)

20-25 minutes Introduce, or “set up”, the case

Discuss relevant aspects of the case

Wrap up the case

4-5 minutes General questions and answers

0-1 minutes Discuss next steps


Types of Cases

How many toilets are in the United States?

Market Sizing

Business Case

Target has seen a decline in revenues over the past five years; what should it think about?


Types of Business Cases

Business Case


Case Structure


Case Frameworks - Profit


Case Frameworks – Three C’s


Case Frameworks – The Four P’s


Concluding the Case

• Summarize your analysis

• Provide a clear

recommendation

• Highlight any additional

information you need

• Identify any implications

• Forget to conclude

• Waffle or be indecisive

• Ask for feedback

• Forget the original

question

Do’s Don’ts


XX


Market Sizing: Two Approaches


Try This Case

Open a Coffee Shop Become a Consultant

Problem statement: You are thinking

about either opening a coffee shop in

the downstairs of the CAA building or

working as a consultant at McKinsey.

Which one would you choose to do?


Relevant Information • There are some food shops downstairs but no other coffee shops

• The CAA building has two towers connected by an over bridge

• The building is about 12 floors high

• Each floor on an individual side holds about 100 employees

• McKinsey is only on the 8th floor of the left side and are in the office only on Friday

• The CAA staff occupies the entire right side of the building

• CAA is a talent agency that has regular clients visiting the agents in the building

• McKinsey consultants make ~$70,000 in year 1, ~80,000 in year 2, 0 in year 3 and 4 (due to business school), ~120,000 in year 5 as an associate, and this will grow at a rate of 15%

• All other information should be based on reasonable assumptions


Bain Debrief


Deliverables for Next Week

1. Finish Final Copy of Resume

2. Apply to all OCR companies and online companies on the recruiting tracker

– All members must contribute twice to the recruiting tracker spreadsheet

3. Highly Recommended: Give two cases and receive two cases this week with an individual in program

4. Finish reading or skimming over Case and Point


Dinner at the Lab Tonight

Introductions Consulting Case Practice Bain Debrief Deliverables Case Workshop Program – Meeting 2

by Leland Char and Wilson Kyi

USC Consulting Club

usc consulting club€¦ · introductions case practiceconsulting bain debrief deliverables...

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