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Introduction. 06About Inside Buzz. 07Part 1: Consulting explainedWhat is Consulting?.Types of Consulting Firms.Choosing the Right Firm.Is Consulting Right for You?.Part 2: Getting hiredTailoring your CV to Consulting.Consulting Applications and Interviews.A Closer Look at Case Interviews.Case Interviews: What’s the Point?.Tips for the Case Interview.Case Frameworks.Analysing Financial art 3: On the JobCopyright 2012-2013 Inside Buzz Ltd. All rights reserved.No part of this publication may be reproduced or transmitted by any form or by any means, electronic ormechanical, for any purpose, without the express written permission of Inside Buzz Ltd.Whilst every care has been taken in the compilation of this publication, Inside Buzz Ltd. makes no claimsas to the accuracy and reliability of the information contained within and disclaims all warranties.Inside Buzz, and the Inside Buzz logo are trademarks of Inside Buzz Ltd.For information about permission to reproduce sections from this book, contact:Inside Buzz Ltd,14 Bateman Street, London, W1D 3AG 44 (0)20 7434 3600Info@insidebuzz.co.ukwww.insidebuzz.co.ukWhat Do Consultants Do?. 41Consulting Job Descriptions. 44Types of Consulting Projects. 46Q&A With an Associate at BCG - Sam. 49Q&A With an Associate at BCG - Tyler. 51A Day in Life of an Associate at BCG - Marta. 54Life at BCG - Andrew, Associate. 56Life at BCG - Georgia, Associate. 57Life at BCG - Hortense, Associate. 58Life at BCG - Nicola, Junior Consultant. 59Life at BCG - Lucia, Junior Consultant. 60Part 4: what comes nextConsulting Exit Options. 62GlossaryA Guide to Consulting Buzzwords. 64Acknowledgements. 69Printed in the UK45
ABOUT INSIDE BUZZSo you think you may be interested in becoming a consultant. but how well do you really understandthe industry? Do you want to work in strategy, operations or technology consulting? Is a career inconsulting the right choice for you? Do you know how to tackle a case interview? And do you think youhave the necessary skills and attributes to become a successful consultant?Inside Buzz is a careers information company that puts a fresh twist on the way graduates andprofessionals research companies and careers.It can all be a bit overwhelming, especially if you don’t know where to start. That’s where we comein! This guide will tell you everything you need to know about consulting: from the ins and outs of theindustry, to the different types of consulting, to what the everyday work of a consultant involves, andpractical tips and advice for consulting applications and case interviews.We’ve compiled all of these juicy bits in one handy place so that you can make sure a job in consultingis right for you, and also ensure that you only apply to jobs that you want. Securing a job in consultingis not easy, but with a little help from Inside Buzz you’ll have all the tools necessary to wow in yourinterview and land the job you’re after.Good luck!The Inside Buzz editorial teamYear on year, Inside Buzz independently surveys thousands of employees to find out what they reallythink of their job and the company they work for. This extensive surveying allows us to get the real scoopon everything from company culture and hours, to training, perks and salaries. Most importantly forgraduates and job seekers, each company’s interview and selection process is revealed for all to see.Our workplace reviews are renowned for providing an authentic inside look at what life is like at some ofthe UK’s leading employers. At Inside Buzz, our foremost priority is ensuring that job seekers have all thefacts: the good, the bad, and everything in between.INTRODUCTION/ABOUT INSIDE BUZZINTRODUCTIONAn authority on all things careers, Inside Buzz provides graduates and professionals with hundreds ofconstantly updated employer profiles featuring rankings, quotes and a comprehensive interview advicesection. Additionally, Inside Buzz brings job seekers the latest career advice and industry news in ourpopular article and advice section.Inside Buzz also publishes print and digital career guides. These guides are updated every year beforebeing distributed for free to eager university students across the UK.Our 2012-2013 Career Guides include:This guide is brought to you in conjunction with:An Inside Look at Graduate EmployersAn Inside Look at Law FirmsAn Inside Look at Investment Banking EmployersAn Inside Look at Investment BankingAn Inside Look at AccountingAn Inside Look at ConsultingBased in Soho, Central London’s vibrant media district, Inside Buzz has been a privately owned andindependently run company since it was founded in January 2010.67
1,000s of authenticemployee reviews Company specificinterview advice Free 2013 careerguides forinvestment banking,accounting, law,consulting andmore.8100s of in-depth companyprofiles and salary info on:Accenture, Apple, Bain & Co, BancoSantander, BBC, BCG, BNP Paribas,Booz & Co, Citi, Clifford Chance,Credit Suisse, Deloitte, Ernst & Young,Freshfields, FSA, Goldman Sachs,Google, HSBC, John Lewis Partnership,J.P. Morgan, L’Oreal, KPMG, McKinsey& Co, Morgan Stanley, Nomura, PwC,RBS, Slaughter and May, Unilever andmore.WHAT IS CONSULTING?www.insidebuzz.co.ukPart 1:consulting explainedWhat is consulting?If you were to stop Joe Bloggs in the street and ask himwhat a consultant is, you’re unlikely to receive a clear,accurate and comprehensive answer. In fact, relativelyfew people outside the consulting industry couldconvey what a consultant is, let alone what they do.“Anyone who’s ever given their twocents worth on any issue has, in fact,acted as a consultant.”Most of the uncertainty can be attributed to theambiguity of the term consultant. To take this issue todizzyingly pedantic heights, anyone who’s ever beenconsulted on any issue has, in fact, acted as a consultant– whether this be giving your two cents worth in ameeting or warning a friend against the purchase ofa skin-tight, leopard-print onesie. In the professionaldomain though, consultants are problem solvers whoare hired by companies for their expertise and outsideperspective; this includes fashion consultants, ITconsultants, design consultants, etc. With a whole slewof different professions and industries adopting theterm, it’s unsurprising poor old Joe Bloggs can’t giveus a straight answer! While there are a wide varietyof consultants operating in a number of differentfields, the kind of consultants normally referred to inthe context of graduate recruitment can broadly bedescribed as management consultants.Management consultants provide advice for a fee.In layman’s terms: consultants are problem solversfor hire. Companies are often too busy (or unable) tosolve their business problems on their own. In thesecases they may seek the expertise and impartiality ofa management consulting firm.“Management consultants provice advicefor a fee: they work as problem solversfor hire.”Consulting firms sell business advisory services toall kinds of corporations, governments and nonprofit organisations. A firm may be called in to offeradvice on pricing, marketing, new product strategy,IT implementation and government policy as wellas to provide a number of other problem solvingservices. The typical client of a consultant is a senior9
Consultancies vary in focus: they can be structured bytopic, type of problem or industry, with specialisationsranging from the relatively broad to the extremelyniche. Some consulting firms specialise in giving adviceon management and strategy, while others, such asAccenture, are known as technology specialists. Somefirms concentrate on a specific industry area, such asfinancial services or retail, while others, such as BCG,are more like gigantic one-stop shops with divisionsthat dispense advice on everything from top-levelstrategy to saving money on staples and paper clips.“Identifying problems is often theeasy part. The tricky bit is finding thesolutions, and a cost effective way ofimplementing them.”Many strategy consulting firms are consideredgeneralist as they offer services in a range of differentdisciplines, such as human resources, informationtechnology (IT) and outsourcing. They offer adviceto companies on specific projects, using experts inthe field to deliver benefits. In the UK, these includecompanies such as BCG, McKinsey and Bain &Company. There are also smaller boutique or nichefirms that specialise in one or a few very particularareas of consulting.However, putting size and type of firm aside, allconsultancies have one thing in common: they run onthe power of their people and are always looking foranalytical problem solvers to add to their ranks.If consulting sounds like the career for you, then great!But don’t start filling out your online applications justyet. Like most things, consulting is easier said thandone. Identifying the problem is often the easy part– the companies themselves will most likely knowwhere their shortfalls lie. The tricky bit is findingsolutions to these problems as well as a cost effectiveway of implementing them, practically and with aslittle disruption to the client as possible.Still interested? Well you’re not alone. Managementconsulting is one of the most popular career choicesfor graduates and this is hardly surprising consideringthe industry’s reputation for high salaries, jet-settingand five-star hotels.However the reality of consulting is actually somewhatdifferent and, for those who subscribe to theaforementioned ‘Hollywood’ version of consulting,the truth of the matter, that the life of a consultantis a little less glamorous, may come as a bit of adisappointment.But don’t be discouraged! Consulting still offersnumerous benefits to graduates such as interesting,varied and challenging work, the opportunity to workwith highly creative and intelligent people and someof the highest salaries around.And remember, for those who put in the work,champagne, exciting assignments and five-star hotelsare always a possibility further down the line.TYPES OF CONSULTING FIRMSThe term ‘consulting’ is an umbrella that spans awide array of different operations and activities.As such, firms operating under this umbrella canbe broadly categorised into one of a handful offirm-types. Each classification has its own distinctcharacteristics and offers differing work andcareer prospects. Some firms are a little harder toclassify than others, but broadly speaking, everyconsultancy will fall into one of the followingcategories:Strategy ConsultingWorking with a client’s senior management,strategy consultants help create and develop acompany’s strategy and long-term plans. Morethan just pointing fingers and identifying strategicproblems, strategy consulting firms aim to providepractical and cost effective solutions that cangenerate bottom-line results and improve a client’scompetitiveness. In addition, once a problem isidentified, strategy consultancies don’t just take themoney and run, they assist in the implementationof their suggestio
practical tips and advice for consulting applications and case interviews. We’ve compiled all of these juicy bits in one handy place so that you can make sure a job in consulting is right for you, and also ensure that you only apply to jobs that you want. Securing a job in consulting
